Copper

Cyprium Metals has achieved key commissioning milestones at its Nifty Copper Complex in Western Australia as it advances heap leach operations and prepares for first copper cathode production. Executive chairman Matt Fifield said commissioning is progressing across the heap leach operation while pre-commissioning work on the solvent extraction and electrowinning plant nears completion, with targeted injection flow rates reached through direct injection leaching after more than a year of trials. Early results showed copper recovery responding quickly to acid injection, with copper-to-acid ratios performing better than initially anticipated, and grade control drilling reconciled within approximately 5% of the existing mineral resource block model. The company has established 212 production and monitoring wells, providing access to approximately 1.7 million tonnes of material and supporting an estimated six to eight months of planned production under conservative recovery assumptions. Remaining milestones before wet commissioning include installation of programmable logic controller controls and energisation of the SXEW plant, following the introduction of high-voltage power to the plant infrastructure.

Getty Copper Inc. has closed its previously announced brokered and concurrent non-brokered private placement of flow-through common shares, raising aggregate gross proceeds of C$15,023,478.78. Under the brokered offering, the company issued 7,352,566 BC Charity FT Shares at C$1.395 each and 2,117,434 Charity FT Shares at C$1.305 each, for aggregate gross proceeds of C$13,020,080.94, through Velocity Capital Partners and Clarus Securities Inc. as co-lead agents and joint bookrunners alongside Raymond James Ltd. The non-brokered offering added 1,854,998 FT Shares at C$1.080 each for gross proceeds of C$2,003,397.84, with no commission payable. The company paid the agents a 6% cash commission on the brokered offering and issued 568,200 compensation warrants at C$0.97 per share for 16 months, and separately paid Velocity Capital Partners and Clarus Securities Inc. a flat advisory fee of C$105,000 plus 110,000 advisory warrants at C$0.97 for 16 months. Insiders subscribed for 483,000 FT Shares in the non-brokered offering for proceeds of C$521,640, a related party transaction under MI 61-101. Proceeds will fund eligible Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures on the company's British Columbia projects on or before December 31, 2027, with renunciation to subscribers effective no later than December 31, 2026; the offering remains subject to final acceptance of the TSX Venture Exchange.

Largo Inc. announced that Instituto do Meio Ambiente e Recursos Hídricos of State of Bahia, Brazil, known as INEMA, has issued the environmental permit for development of the Gulçari A Norte, or GAN, pit and associated infrastructure at its Maracás Menchen Mine. The permit, issued under INEMA Portaria No. 35,482, includes a four-year license for implementation and operation of the GAN pit, along with a new waste rock stockpile, calcined tailings facility, expansion of the Dry Mag low grade dry magnetic ore stockpile, access roads and operational support areas, plus authorizations for vegetation suppression and fauna management. GAN is the second open pit in Largo's proposed mining sequence, adjacent to the north of the Campbell open pit, which has been the sole source of Largo's vanadium production since its start up 12 years ago, and the company said the new pit should extend production for multiple years, optimize mining plans, add operating flexibility and reduce operating risks by diversifying ore sources. The GAN deposit also contains copper, gold and platinum group metals, similar to the Campbell open pit, which began producing those metals as by-products in August 2026. GAN is one of five open pits in Largo's Maracás Menchen portfolio, which the company says has a resource base with potential to last more than 30 years at current production rates, and it is one of the deposits incorporated into the current 31-year life-of-mine plan. Executive Chairman and Co-CEO Alberto Arias called the approval strategically important as the Western World seeks additional sources of vanadium, copper and PGM, while Co-CEO James Bannantine said the permit strengthens the long-term fundamentals of the Maracás Menchen Mine and provides greater certainty around future mining areas.

Ivanhoe Mines announced third-quarter 2026 production results, with the Kamoa-Kakula Copper Complex in the DRC producing 76,401 tonnes of copper in saleable products. That total includes 61,506 tonnes of copper in anode from the on-site smelter, 2,347 tonnes of toll-treated copper in blister at the nearby Lualaba Copper Smelter, 5,645 tonnes of copper in slag concentrate and 6,904 tonnes of copper fines designated for sale. The company kept its 2026 production guidance range at 290,000 to 310,000 tonnes of copper in saleable products, with output trending toward the lower end of that range. The Kipushi Mine produced a record 77,147 tonnes of zinc in concentrate in the quarter, a 10% increase from the prior quarter, keeping it on track for the upper end of its 2026 guidance of 240,000 to 290,000 tonnes and cementing its place as the world's third-largest zinc mine in 2026. Kamoa-Kakula's new 60-MW on-site hybrid solar facility ramped up in September, cutting on-site diesel generator consumption by 40%, and power purchase agreements have been signed to double on-site hybrid solar capacity to 120 MW within 18 months. Ivanhoe will issue its Q3 2026 financial results after market close on November 3 and host an investor conference call on November 4.

K92 Mining Inc. reported Q3 2026 production of 49,776 ounces gold equivalent from its Kainantu Gold Mine in Papua New Guinea, its second-highest quarterly result to date, comprising 46,063 oz gold, 1,948,951 lbs copper and 55,746 oz silver. The quarter also marked one million AuEq ounces produced since commercial production was declared in February 2018, and set records for ore processed at 250,042 tonnes, ore mined at 252,744 tonnes, total material mined at 485,812 tonnes and mine development at 3,486 metres. The company reiterated its 2026 production guidance of 190,000 to 225,000 oz AuEq and said output is expected to be strongest in Q4 on a planned higher-grade stoping sequence and the ramp-up of the second and third mining fronts. As at September 30, 2026, 98% of Stage 3 Expansion growth capital had been spent or committed, with the expansion remaining on budget. Chief Executive Officer David Medilek said the Phase 4 Primary Ventilation Upgrade, remaining haul road upgrades and deployment of new 60-tonne surface trucks position K92 for its strongest production quarter of the year.

Arras Minerals Corp. reported additional drill results from its ongoing 40,000-metre diamond drill program at the Elemes Project in Pavlodar Region, Kazakhstan, including a broad copper-gold intercept at Berezski Central and high-grade gold at the newly defined K-Ozek epithermal target. Hole EL26042 intersected 574m grading 0.40% CuEq from 98 m, including a higher-grade zone returning 0.57% CuEq over 211m from 433m depth, while hole EL26041 returned 707m grading 0.26% CuEq from 4m, including 271m grading 0.31% CuEq from 492m to 709m depth. At K-Ozek, hole EL26039 drilled 22.8m grading 5.37 g/t Au from 124.2m, including 13.8m grading 8.84 g/t Au and 6.1m grading 17.0 g/t Au, and hole EL26029 intersected 229m grading 0.30 g/t Au from 2m with a higher-grade core of 25m grading 1.11 g/t Au from 174m. CEO Tim Barry said the K-Ozek results show a preserved high-level epithermal system in a down-dropped block between Berezski Central and Berezski North, raising the possibility of another porphyry system preserved at depth beneath it, an exploration concept not yet confirmed by drilling. The company also announced the grant of 5,605,000 stock options to directors, officers, employees and advisors at an exercise price of C$1.33 per share for a five-year term, vesting over three years.

Eldorado Gold has secured permanent connection of its Skouries mine in northern Greece to the national power grid after final approval from the Greek transmission authority. The grid link provides long-term electricity supply for Skouries and supports ongoing processing and mining work as the operation moves toward planned commercial production in the fourth quarter of 2026. The company's shares last closed at CA$54.78, down 8.0% over the past month after a 90-day gain of about 30.2%, with a one-year total shareholder return of roughly 35.7%. Commissioning of the Skouries copper-gold project is slated for the first quarter of 2026 and remains on schedule, with the most followed analyst narrative pegging fair value at about CA$71.91, implying the stock is 24% undervalued.

Zangge Mining announced on the evening of October 7 that the company recently received a dividend payment of 1.539 billion yuan from its associate company Tibet Julong Copper Co., Ltd. According to a resolution of Julong Copper's shareholders' meeting, part of its undistributed profits will be distributed to all shareholders, and Zangge Mining received the corresponding cash dividend based on its 30.78% shareholding. The dividend funds mainly come from Julong Copper's current operating performance. In the first half of 2026, Julong Copper achieved mineral copper production of 134,000 tonnes and sales of 133,500 tonnes, with operating revenue of 15.004 billion yuan and net profit of 9.223 billion yuan. In the first half of 2026, Zangge Mining recognized investment income from Julong Copper of 2.839 billion yuan. As of the disclosure date of the announcement, the company has cumulatively received cash dividends from Julong Copper of 4.617 billion yuan this year. Zangge Mining stated that this dividend effectively strengthens the company's monetary capital reserves, significantly improves cash flow levels, and enhances its ability to support project advancement.

Metalero Mining Corp. has provided an update on its option to acquire a 100% undivided interest in the 166 square kilometre Benson copper-gold property in central British Columbia. Under the letter of intent dated January 17, 2025, Metalero can exercise the option by paying the vendor $100,000 in cash and issuing 2,000,000 common shares in installments. As of the news release, the company has paid an aggregate of $40,000 and has yet to issue any consideration shares, with the remaining $60,000 due on or before January 17, 2027, and the 2,000,000 shares to be issued upon approval of the TSX Venture Exchange at a deemed price equal to the market price on the date of the release, subject to a mandatory $0.05 minimum floor price. The company and the vendor will not enter into a definitive agreement for the option grant, and the option and acquisition remain subject to TSXV approval. Metalero also said it has completed exploration work aggregating $279,698.23 on the property as of the date of the release.

Freeport-McMoRan is positioned to potentially beat earnings estimates again when it reports on October 27, 2026, according to Zacks Investment Research. The mining company has beaten estimates in each of its last two quarters, with an average surprise of 20.32%. In the last reported quarter, Freeport-McMoRan earned $0.74 per share versus the Zacks Consensus Estimate of $0.62, a surprise of 19.35%, while the prior quarter delivered earnings of $0.57 per share against an expected $0.47, a surprise of 21.28%. The stock currently carries a Zacks Earnings ESP of +6.90% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time.

Specialist mining fund Nebari has invested $2 million in Critical Mineral Resources PLC for a 15.2% stake, CEO Charles Long told Proactive. Long said the backing brings credibility, technical and financial support, and could help with future project financing, describing it as "money with help, with support." Nebari also holds a right of first refusal on construction finance for the company's copper-silver project in Morocco, which Long said is significant on commercial market terms. A maiden JORC mineral resource estimate is expected in the fourth quarter, based on drilling that has covered just 5 to 6% of the project area, with the goal of demonstrating sufficient resources to move toward initial mine development. Long said some Zone One intersections are more than twice the original 2-meter true width assumption, which could help build tonnage quickly and improve mining economics through a reduced strip ratio. Work toward a feasibility study and eventual construction decision includes environmental and water permitting, mine scheduling, processing work and hiring a technical manager to coordinate the study.

Land and Houses Fund Management, or LH Fund, has opened the initial public offering of the LH Critical Materials open-ended fund (LHCRITMAT) from October 6 to 14, 2026, with a risk level of 7. The fund invests in the master fund, the Sprott Critical Materials ETF (SETM), at an average of no less than 80% of net asset value per fiscal year. Monarat Padungsit, Managing Director of LH Fund, said critical minerals are becoming a strategic raw material for the modern world, driven by their necessity for energy production, transmission and storage, as well as the defense and aerospace industries. The master fund is passively managed, tracking the Nasdaq Sprott Critical Materials Index, which selects stocks that derive at least 50% of revenue or assets from the critical minerals business, caps each security's weight at no more than 4.75%, and reviews index constituents every six months. Its key highlight is diversification across nine critical mineral groups through a single fund, with copper at 26.6% and uranium at 25.2%, followed by lithium, silver and rare earths, as of June 30, 2026. The master fund's portfolio has more than 77% combined exposure to companies listed in Canada, Australia and the United States, in line with the trend of supply chain diversification away from China. The master fund returned 60.33% over the past year and an average of 18.36% per year since inception, as of August 31, 2026. On the demand side, China accounts for as much as 90% of global rare earth processing and refining, while Japan relied on imports from China for 63% of its rare earths in 2024. The United States Geological Survey announced its 2025 national critical minerals list of 60 items, 10 more than the previous list. The IEA estimates global power grid investment in 2026 at about 550 billion US dollars, up nearly 20% from the previous year, with nuclear power capacity under construction totaling 78 gigawatts across 15 countries. NATO members aim to raise defense budgets to 5% of GDP by 2035. On the supply side, constraints remain: capital spending by critical minerals mining companies fell 9% in 2025 and exploration budgets dropped 10%. The IEA estimates that by 2035, mines worldwide may produce 30% less copper than needed and 40% less lithium, requiring about 500 billion US dollars in new mine investment by 2040.

ATERRA Metals Inc. has amended its agreement with Research Capital Corporation, as lead agent and sole bookrunner, to increase the size of its previously announced brokered, best-efforts listed issuer financing exemption private placement offering of common shares to a minimum of $4,000,000 and a maximum of $8,355,000 in aggregate gross proceeds, at a price of $0.06 per common share. Research Capital leads a syndicate that includes Desjardins Capital Markets. The company intends to use the net proceeds to advance the Phase II exploration program at its Totora Copper-Gold Project in the Dos Amigos Mining District in Region III, Chile, and for general working capital and corporate purposes. On September 24, 2026, ATERRA announced a maiden Inferred Mineral Resource estimate for Totora of 159.8 million tonnes grading 0.51% copper equivalent, comprising 0.30% copper and 0.15 grams per tonne gold, based on a 0.2% copper cutoff grade. The Phase II program is expected to include infill drilling to increase confidence in the current Inferred Mineral Resource, resource expansion drilling, evaluation of grassroots exploration targets using geophysics and, where warranted, diamond drilling, and preliminary metallurgical test work. Closing is expected on or about October 14, 2026, subject to receipt of all necessary regulatory approvals, including conditional approval of the Canadian Securities Exchange. The agents will receive a cash commission of 6.0% of aggregate gross proceeds up to $6,900,000, reduced to 1.0% on gross proceeds above that amount, plus broker warrants equal to 6.0% of the common shares sold under the offering up to $6,900,000 in gross proceeds, in each case subject to reduction to 3.0% for certain subscribers on a president's list.

Lion Copper Corp. has appointed John Banning, its President and Chief Executive Officer, to its Board of Directors, effective September 29, 2026. Banning has held senior executive roles with Lion since 2024, first as Chief Operating Officer and then as CEO, leading advancement of the Yerington Copper Project and the broader Yerington copper portfolio. Under his leadership the company completed the Pre-Feasibility Study for the Yerington Copper Project, moved the project into definitive feasibility study and permitting, and secured approximately US$30 million in Stage 3 investment from Nuton, a Rio Tinto venture. The company also advanced the Bear Deposit through its maiden Mineral Resource Estimate, defining an Indicated Resource of 6.71 billion pounds of contained copper and an Inferred Resource of 8.77 billion pounds of contained copper. Co-Chair Tom Patton said Banning's operational, project development and corporate leadership experience and detailed knowledge of the company and its assets will be valuable additions to the Board as Yerington advances toward development.

Lundin Mining's fair value estimate has been raised to CA$42.54 from CA$41.45, with fresh analyst price targets clustering in the low to mid CA$40s. Scotiabank lifted its target to C$44 from C$42 while keeping an Outperform rating, and Barclays moved to C$43 from C$42 with an Equal Weight rating. Morgan Stanley adjusted its target to C$39.90 from C$38.20, maintaining Equal Weight, while TD Securities set a C$42 target, trimmed from C$43, but reiterated a Buy rating. On the bearish side, JPMorgan carries an Underweight rating with a SEK 209 target, revised from SEK 215, and a C$32 target, while Canaccord shifted to Hold from Buy with a C$39 target, adjusted from C$40. The updated fair value model uses revenue growth of 80.08% versus the earlier 70.86%, a net profit margin of 24.63% versus 24.32%, a future P/E of 26.92x versus 27.29x, and a discount rate of 7.93% versus 7.84%.

Rio2 Limited launched a two-phase surface drilling and district-scale exploration program at its Condestable Copper Mine in Peru while suspending drilling at the Fenix Gold Mine in Chile, according to a September 2026 company-wide exploration update. The Condestable campaign covers 33,870 metres across two phases and is designed to better understand and potentially convert both breccia-hosted and vein-hosted copper-gold-silver mineralization based on a refined geological model. The program sits on top of the August 2026 approval of the MEIA modification for Condestable, which supports expansion to 10,000 tonnes per day and dry stack tailings. Rio2 said the Fenix suspension stemmed from adverse weather, safety concerns and contractor standby costs, leaving extreme weather as the key near-term operational risk. The company's narrative projects $691.3 million in revenue and $250.6 million in earnings by 2029, requiring 59.3% yearly revenue growth and roughly a $192 million earnings increase from $58.2 million today.

Impulsa Mendoza has awarded Public Tender No. 2/2026 to Cerro Quebrado S.A., a BHP Group company, granting it an exploration contract with a purchase option for the El Seguro copper project in Argentina's Malargüe Western Mining District. The award gives BHP a second route into the district alongside its alliance with Kobrea Exploration, deepening its copper exploration exposure in a single emerging Andean jurisdiction. The contract sits alongside BHP's recent production and guidance updates, in which copper output in FY2026 fell 3% year on year to 1,952.8 kt and 2027 copper guidance was set below 2026 levels. BHP's narrative projects $56.1 billion in revenue and $13.3 billion in earnings by 2029, with a fair value of A$61.02, while some of the lowest ranked analysts assumed revenue would fall to about US$52.5 billion by 2029 even as earnings rose to roughly US$11.7 billion.

Viridian Metals Inc. reported that all eight successfully drilled step-out holes along a roughly 3-kilometre southern extension of the Kraken Main Zone in Labrador intersected visually identified sulphides, including the same patchy net-textured and semi-massive styles seen in the established Main Zone. The company said VKS26-063 intersected 47.3 metres of patchy net-textured sulphides, VKS26-065 intersected 41.8 metres, VKS26-062 intersected 33.2 metres and VKS26-059 intersected 28.0 metres, while VKS26-062 and VKS26-060 returned 7.7 metres and 6.7 metres of semi-massive sulphides respectively. Seven holes encountered patchy net-textured sulphides from the top of bedrock and five ended in that material, though laboratory assays are still required to determine metal grades. Viridian also said it engaged Toronto-based Oak Hill Financial Inc. for business and capital markets advisory, marketing and investor relations services effective September 16, 2026, on an initial two-month term at a monthly advisory fee of C$12,000, and that its common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company.

BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.