Commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) has published an operational review for the half year of 2025, highlighting celebratory results at its copper and iron ore operations, including Australia.

BHP Chief Executive Officer Mike Henry attributed the positive price environment while recognising the company’s achievements, citing that copper was up 32 percent while iron ore was 4 percent higher.

Escondida, BHP’s flagship copper operation located in the Atacama Desert in Northern Chile, was said to have achieved record concentrator throughput.

The Chilean project is regarded as the world’s largest copper concentrate and cathodes producer, displaying a production record of 644,000 kilotonnes.

“Antamina has also lifted its production guidance, and Spence and Copper South Australia are tracking to plan, with Copper South Australia achieving record refined gold output,” Henry added.

The company’s South Australian copper assets include the Olympic Dam, Carrapateena, and Prominent Hill projects, which were recently highlighted in a copper outlook and review by the South Australian Government.

“BHP is the largest producer of copper in the world, and we expect to grow our copper base from 1.7 million tonnes to around 2.5 million tonnes per annum,” said BHP COO Edgar Basto in an October 2025 statement.

For iron ore, BHP reported that it achieved record first half production and shipments at its Western Australia Iron Ore (WAIO) operation.

WAIO’s production rose 1 percent compared to its previous record of the same period, having a total of 146.6 million tonnes of iron ore in the half-year to December 31.

Volumes from BHP’s 50-50 Brazilian joint venture Samarco were also highlighted, rising as a result of strong operational performance at the second concentrator following its restart at the end of H1 FY25.

Main dam commissioning at Samarco is advanced and scheduled for completion by 2029.

In a separate announcement, BHP updated its cost estimate for Stage 1 of its Jansen potash project, which is said to be on track for production in mid-2027.

From the previously estimated range of US$7.0 billion, the cost now stands at US$7.4 billion (including contingencies). The initial estimate of the investment cost in August 2021 was US$5.7 billion.

“As announced in July 2025, these cost increases have been driven by inflationary and real cost escalation pressures, design development and scope changes and lower productivity outcomes,” BHP said.

The mining giant said that it is entering the second half of financial year 2026 “with strong operating momentum.”

Half-year financial results of BHP are scheduled to come out on February 17.

“We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to approximately 2 million tonnes of attributable copper production in the 2030s.”

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

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Valereum Plc (the ‘Company’ or ‘Valereum’) is delighted to announce that, further to the announcements on 25 November 2025 and 2 December 2025, it has signed a Share Subscription Agreement (the ‘Agreement’) with Quorium Global Photonics SPC (‘QGP’) acting on behalf of and for Valereum Quorium Global Photonics SPC (‘V-QGP’), a segregated portfolio company of QGP. The transaction materially strengthens the Company’s balance sheet, delivers immediate recurring income, and positions Valereum as a cash-flow positive, asset-backed financial technology platform.

The key terms of the Agreement are:

• Long Term Strategic Partner – QGP has committed to being a long-term partner and strategic investor and will subscribe for 243,478,438 ordinary shares of £0.001 in the Company (the ‘Subscription Shares’). As per the announcement on 2 December 2025, application has been made for 12,595,437 ordinary shares (‘Initial Subscription Shares’). A further application will be made for 230,883,001 ordinary shares (‘Further Subscription Shares’). QGP will be subject to a ‘no sale’ lock-in agreement until the Company is listed on Nasdaq Stock Exchange or New York Stock Exchange, except that each month up to 1.44% of such shares held by QGP may be sold, transferred, or disposed of or pledged.
• Valereum receives $200,000,000 of medium term notes – In consideration for the Subscription Shares, QGP will transfer $200,000,000 of QMTN2601001 medium term notes (‘QMTN’) from V-QGP to the Company. These will generate an annual coupon of 7.95% on the outstanding principal, which shall be paid in USD or USDC quarterly from 29 March 2026 until its maturity on 31 December 2030. Valereum will therefore receive contracted income equivalent to USD 15.9 million per annum for the next 5 years.
• Agreement in principle for a further USD 1 billion – The Agreement includes a provision for QGP to provide the Company with up to a USD $1 billion facility to support future growth initiatives and operational expansion.

Further Terms of the Agreement

• Board Representation: Subject to satisfactory due diligence, QGP will appoint two executive directors to the Board, a further announcement will follow.
• Fees: the Company agree to pay USD 100,000 to the subscriber on signing and a further USD 100,000 to be offset against first payment receivable by the Company from the QMTN.
• Performance Warrants: QGP will participate in Company’s existing Long-Term Incentive Plan (‘LTIP’), which permits the granting up to 30% of warrants over outstanding shares immediately vesting in equal instalments at 20p, 40p, 60p, 80p and £1.00, with the pool equally split between existing performance warrant holders, Company senior executives, and QGP together with its senior executives.
• Issue of Warrants: In addition to the Performance Warrants, the Company will issue warrants over 10 million ordinary shares each to Pieter Scholtz, Managing Director of QGP, and Illiquid Assets Solutions Limited with an exercise price of £0.001 and an expiry period of 5 years.

Related Party Transaction – Rule 4.6 Statement

The issue of warrants to Illiquid Assets Solutions Limited (‘IASL’) is a related party transaction as Gary Cottle and Grant Gischen, Directors of the Company, have an option to acquire 36% of the issued share capital of IASL (Guernsey). The Directors (excluding Gary Cottle and Grant Gischen) confirm that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable as far as the shareholders of the issuer are concerned.

Application for admission of the Further Subscription Shares to trading on Aquis

Application will be made for the 230,883,001 Further Subscription Shares, which will rank pari passu with the existing ordinary shares in issue, to be admitted to trading on the Aquis Growth Market (‘Admission’). Dealings are expected to commence on or around 23 January 2026.

Conditional on Admission of the 230,883,001 Further Subscription Shares, the Company’s issued ordinary share capital will be 487,932,742 ordinary shares of £0.001 each, all carrying voting rights. This figure may be used by shareholders as the denominator for determining whether they are required to notify the Company of an interest in, or a change to their interest in, the Company’s securities pursuant to the Company’s Articles.

Appointment of Aquis Corporate Adviser

The Company also announces the appointment of Guild Financial Advisory Limited as the Company’s Aquis Corporate Adviser with immediate effect and that the Ordinary Shares in the Company will be restored to trading on the Apex Segment of the AQSE Growth Market with effect from 08:00 a.m. on 21st January 2026.

Gary Cottle, Group CEO of Valereum Plc, commented:

‘Today marks a fundamental turning point for Valereum. With this transaction, we’re not just announcing a deal; we are activating an engine for growth. We have strategically swapped 49.9% of our company for $200m of fully verified asset backed notes, as well as $79.5m of cash ($15.9m for 5yrs). This transforms our financial foundation overnight. Valereum is now a cash-flow positive company with a robust balance sheet. This complete recapitalisation removes funding risk and provides the stable, recurring capital we need to relentlessly execute our vision for AI-driven Tokenisation, and the digital asset ecosystem, where we will accelerate our partnerships, and build substantial, lasting value.’

James Bannon, Chair of Valereum Plc, adds:

‘I’d like to personally thank my team, in particular Gary and Pieter, for their tireless work on this transformative deal. We’ve arrived at a position where we are de-risked and have removed the burden of ongoing fundraising. My main focus is now towards the US-listing and supporting the team as we continue to change the face of fintech.’

Pieter Scholz, Managing Director of QGP, comments:

‘Our extensive due diligence confirmed our conviction in Valereum’s vision and team. We’re committing as a long-term partner because we see a clear path to market leadership. We are not just investors in this transaction; we are providing the financial architecture to power what will be a momentous journey ahead, fully aligned with every shareholder.’

For further information, please contact:

The Directors of the Company accept responsibility for the contents of this announcement.

Please visit the Company’s website at www.vlrm.com

For more information, and the chance to have your questions directly answered by the management team, please head to our interactive investor hub via: Investor Hub.

IMPORTANT NOTICES

The Company holds cryptocurrencies or crypto assets in its treasury. Whilst the Board of Directors of the Company considers holding cryptocurrencies to be in the best interests of the Company, the Board remains aware that the financial regulator in the UK (the Financial Conduct Authority or FCA) considers investment in cryptocurrencies to be high risk. At the outset, it is important to note that an investment in the Company is not an investment in cryptocurrencies, either directly or by proxy and shareholders will have no direct access to the Company’s holdings. However, the Board of Directors consider cryptocurrencies to be an appropriate store of value and potential growth and therefore appropriate for the Company. Accordingly, the Company is and intends to continue to be materially exposed to cryptocurrencies.

The Company is neither authorised nor regulated by the FCA, and the purchase of certain cryptocurrencies are generally unregulated in the UK. As with most other investments, the value of cryptocurrencies can go down as well as up, and therefore the value of the Company’s cryptocurrencies holdings can fluctuate. The Company may not be able to realise its cryptocurrencies holdings for the same as it paid to acquire them or even for the value the Company currently ascribes to its cryptocurrencies positions due to market movements. Neither the Company nor investors in the Company’s shares are protected by the UK’s Financial Ombudsman Service or the Financial Services Compensation Scheme.

Cryptocurrencies may present special risks to the Company’s financial position. These risks include (but are not limited to): (i) the value of cryptocurrencies can be highly volatile, with value dropping as quickly as it can rise. Investors in cryptocurrencies must be prepared to lose all money invested in cryptocurrencies; (ii) the cryptocurrencies market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and counterparty failure; (iii) the Company may not be able to sell its cryptocurrencies at will. The ability to sell cryptocurrencies depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks and commingling of funds could cause unwanted delay; and (iv) crypto assets are characterised in some quarters by high degrees of fraud, money laundering and financial crime. Prospective investors in the Company are encouraged to do their own research before investing.

Source

Sankamap Metals Inc. (CSE: SCU) (‘Sankamap‘ or the ‘Company‘) is pleased to provide an exploration update from its 4,500-hectare (‘Ha’) Kuma property (‘Kuma’) located approximately 37 kilometers (‘km’) southeast of Honiara in south-central Guadalcanal, Solomon Islands.

In preparation for its inaugural drill program, the Company has mobilized a field crew to advance camp construction, complete drill pad development, and conduct rock sampling, while integrating existing data to refine and prioritize high-potential targets.

The Kuma Property is strategically located along a highly prospective trend that hosts several major deposits including Lihir1 and Panguna2, both sharing geological similarities to the Kuma property.

1 Lihir containing 71 Moz Au1 (310 Mt containing 23 Moz Au at 2.3 g/t Proven+Probable (‘P&P’), 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)

2 Panguna containing 19.3 Moz Au + 5.3 Mt Cu2 (1.5 Mt containing 16.1 Moz Au at 0.33 g/t and 4.6 Mt Cu at 0.3 % Indicated, 300 Mt containing 3.2 Moz Au 0.4 g/t and 0.7 Mt Cu Inferred)

CEO John Florek commented:

‘We are excited to launch our inaugural drill program at Kuma. With ongoing field work, including camp and drill pad development, rock sampling, and a drill rig on route to the property we are well-positioned to advance high-potential targets. The team is focused on efficiently progressing the program in this highly prospective region, with drilling on track to begin in February 2026.

Kuma benefits from established in-country support, located approximately 15 km south of the producing Gold Ridge Mine3. Compelling historical and recent exploration results indicate the presence of a significant mineralized system, interpreted to be analogous to porphyry-style copper-gold systems. Notably, historical boulder sampling has returned values of up to 13.5 g/t Au and 11.7% Cu, underscoring the exceptional exploration potential.’

3Goldridge containing 8.4 Moz Au (23 Mt containing 0.86 Moz Au at 1.15 g/t measured, 79 Mt containing 3.1 Moz Au at 1.2 g/t indicated, 89 Mt containing 3.3 Moz Au at 1.14 g/t inferred (191 Mt containing 7.2 Moz Au at 1.17 g/t) 13.4 Mt containing 0.59 Moz Au at 1.28 g/t Proven, 14.3 Mt containing 0.6 Moz au at 1.30 Probable (P&P 27.7 Mt containing 1.2 Moz Au at 1.29 g/t))

Highlights

• Drill pad construction at Kuma completed to support the upcoming program.
• Field crew mobilized to advance camp construction and rock sampling.
• Reconnaissance sampling near the drill pad ongoing to refine target confidence.
• Additional downstream sampling conducted to expand the target area.
• Drill rig dispatched to Guadalcanal to begin operations.
• Exploration program focused on discovering new mineralization and prioritizing future drill targets based on alteration, copper (Cu) and gold (Au) geochemical anomalies, and coincident geophysical responses.
• Timing remains on track to commence drilling at Kuma in February 2026.

Field Program Update – Kuma Property

Field activities at the Kuma Property are focused on preparing for the planned inaugural drill program, including pad and camp construction, as well as prospecting and sampling. Initial drill pad construction has been completed, establishing the groundwork for safe and efficient drilling operations. Camp construction is underway and expected to be completed in the coming weeks (Figure 1).

The Company has completed an initial phase of surface rock sampling, with 44 samples collected and shipped to Australia for geochemical analysis and hyperspectral characterization (Figure 2). Sampling was conducted to complement historical datasets, refine the geological understanding, and support ongoing drill targeting. Additional surface rock sampling is planned across other prospective areas of the property, including near numerous additional geophysical anomalies, as field activities continue.

Encouraging cross-cutting relationships observed in the field indicate multiple phases of veining and mineralization, consistent with a long-lived hydrothermal system. Recent sampling highlights early-stage stockwork quartz veining that is overprinted by later, cross-cutting quartz-sulfide veins containing abundant pyrite (Figure 3).

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Quality Assurance and Control Procedures

Sample preparation and analysis were completed at the ALS Global facility in Brisbane, Australia, which is accredited by the National Association of Testing Authorities (NATA) and compliant with international standard ISO/IEC 17025. Samples were analyzed using four-acid digestion methods on 34 elements, including HF-HNO3-HClO4 digestion, HCl leach, and ICP-AES. Gold was analyzed by fire assay using a 50-gram sample under ALS analytical code Au-AA26. Hyperspectral analysis was conducted on all samples using ALS analytical code TRSPEC-20, which uses a TerraSpec® 4 HR spectrometer. A secure chain-of-custody procedure was maintained during sample storage and transportation. Sankamap uses industry standards for collecting samples taken on the Kuma property, internal quality assurance and quality control (QAQC) procedures were followed by ALS.

About Sankamap Metals Inc.

Sankamap Metals Inc. (CSE: SCU) is a Canadian mineral exploration company dedicated to the discovery and development of high-grade copper and gold deposits through its flagship Oceania Project, located in the South Pacific. The Company’s fully permitted assets are strategically positioned in the Solomon Islands, along a prolific geological trend that hosts major copper-gold deposits; including Newmont’s Lihir Mine, with a resource of 71.9 million ounces of gold¹ (310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred).

Exploration is actively advancing at both the Kuma and Fauro properties, part of Sankamap’s Oceania Project in the Solomon Islands. Historical work has already highlighted the mineral potential of both sites, which lie along a highly prospective copper and gold-bearing trend, suggesting the possibility of further, yet-to-be-discovered deposits.

At Kuma, the property is believed to host an underexplored and largely untested porphyry copper-gold (Cu-Au) system. Historical rock chip sampling has returned consistently elevated gold values above 0.5 g/t Au, including a standout sample assaying 11.7% Cu and 13.5 g/t Au4; underscoring the area’s significant potential.

At Fauro, particularly at the Meriguna Target, historical trenching has returned highly encouraging results, including 8.0 meters at 27.95 g/t Au and 14.0 meters at 8.94 g/t Au5. Complementing these results are exceptional grab sample assays, including historical values of up to 173 g/t Au5, along with recent sampling by Sankamap at the Kiovakase Target, which returned numerous high-grade copper values, reaching up to 4.09% Cu. In addition, limited historical shallow drilling intersected 35.0 meters at 2.08 g/t Au5, further underscoring the property’s strong mineral potential and the merit for continued exploration. With a commitment to systematic exploration and a team of experienced professionals, Sankamap aims to unlock the untapped potential of underexplored regions and create substantial value for its shareholders. For more information, please refer to SEDAR+ (www.sedarplus.ca), under Sankamap’s profile.

1. Newcrest Technical Report, 2020 (Lihir: 310 Mt containing 23 Moz Au at 2.3 g/t P+P, 520 Mt containing 39 Moz Au at 2.3 g/t indicated, 81 Mt containing 5 Moz Au at 1.9 g/t measured, 61 Mt containing 4.9 Moz Au at 2.3 g/t Inferred)
2. Bougainville Copper Ltd. Annual Report, 2016 (1.5 Mt containing 16.1 Moz Au at 0.33 g/t and 4.6 Mt Cu at 0.3 % Indicated, 300 Mt containing 3.2 Moz Au 0.4 g/t and 0.7 Mt Cu Inferred)
3. Wanguo International Mining Group Limited Annual Results Announcement, 2024 (23 Mt containing 0.86 Moz Au at 1.15 g/t measured, 79 Mt containing 3.1 Moz Au at 1.2 g/t indicated, 89 Mt containing 3.3 Moz Au at 1.14 g/t inferred (191 Mt containing 7.2 Moz Au at 1.17 g/t) 13.4 Mt containing 0.59 Moz Au at 1.28 g/t Proven, 14.3 Mt containing 0.6 Moz au at 1.30 Probable (P&P 27.7 Mt containing 1.2 Moz Au at 1.29 g/t))
4. Historical grab, soil and BLEG samples from SolGold Kuma Review June 2015, and SolGold plc Annual Report 2013/2012
5. September 2010-June 2012 press releases from Solomon Gold Ltd. and SolGold Fauro Island Summary Technical Info 2012

QP Disclosure

The technical content for the Oceania Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person in accordance with CIM guidelines. Mr. John Florek is in good standing with the Professional Geoscientists of Ontario (Member ID:1228) and a director and officer of the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ ‘John Florek’
John Florek, M.Sc., P.Geol
Chief Executive Officer
Sankamap Metals Inc.

Contact:
John Florek,
Chief Executive Officer
T: (807) 228-3531
E: johnf@sankamap.com

Krystle Adair,
Vice President, Exploration
T: (778) 558-3635
E: krystlea@sankamap.com

The Canadian Securities Exchange has not approved nor disapproved this press release.

Forward-Looking Statements

Forward-Looking Statements Certain statements in this release constitute ‘forward-looking statements’ or ‘forward-looking information’ within the meaning of applicable securities laws including, without limitation, the timing, nature, scope and details regarding the Company’s exploration plans and results at its projects. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as ‘may’, ‘would’, ‘could’, ‘will’, ‘intend’, ‘expect’, ‘believe’, ‘plan’, ‘anticipate’, ‘estimate’, ‘scheduled’, ‘forecast’, ‘predict’ and other similar terminology, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.

Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

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Source

The gold price reached new highs yet again, driven higher by safe-haven demand as US President Donald Trump escalates trade tensions with Europe, and the US dollar weakens.

The spot price of gold hit US$4,888.80 per ounce in early trading on Wednesday (January 21) ahead of the World Economic Forum in Davos where Trump is expected to face pushback against his bid for Greenland.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.