Base Metals

Lundin Mining Corporation Logo (CNW Group/Lundin Mining Corporation)

 (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has decreased by 2,717,585 to 736,347,295 common shares with voting rights as at June 30, 2021 . The decrease in the number of issued and outstanding shares from June 1, 2021 to date is a result of the Company purchasing share under the existing normal course issuer bid (the "NCIB"), partially offset by the exercise of employee stock options or the vesting of employee share units. All shares purchased under the NCIB were cancelled.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on June 30, 2021 at 17:00 Eastern Time .

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

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Hot Chili

Hot Chili Gets Electric

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or “Company”) is pleased to announce that Chile´s Central Authority Electrical Regulator has approved the Company’s application for connection to the Maitencillo sub-electrical power station, located 17 km from the centre of its Costa Fuego senior copper development in Chile.

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MAX Resource Corp.

MAX Resource Corp.

MAX Resource Corp is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. Its Cesar project sits along with the Colombian portion of the largest producing copper belt (Andean belt), with infrastructure and the presence of global majors (Glencore and Chevron). The company holds a 100% interest in the RT Gold project in Peru.

copper pipe

VIDEO — Byron King: Copper Supply Can't Meet Future Demand, Here's How to Position

Byron King: Copper Supply Can't Meet Future Demand, Here's How to Positionyoutu.be

Copper is down from its all-time high earlier this year, but its long-term outlook remains strong.

Speaking to the Investing News Network at the Rule Symposium, Byron King said investors who follow the copper market know that the red metal's supply/demand outlook creates a positive picture.

"If you follow the fundamentals of copper you know that if you forecast it out … there's not enough copper," he said, noting that many large mines focused on the base metal are in "terminal decline," with not nearly enough new discoveries and development projects in the pipeline.

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Ambler Metals, Trilogy Metals' JV Company, Hosts Site Visit for Doyon Region Tribal Chiefs and NANA Region Tribal Presidents

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy", "Trilogy Metals" or "the Company") announces that on August 12, 2022 Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by Trilogy and South32 Limited (ASX: S32) (LSE: S32) (JSE: S32) (ADR: SOUHY) ("South32"), hosted a site visit for Chiefs from the Doyon region and NANA region tribal leadership.

Ambler Metals' full news release is below.

News Provided by Canada Newswire via QuoteMedia

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SailingStone Applauds Turquoise Hill Response to Rio Tinto's Offer

Second Open Letter to TRQ Independent Directors Focuses on Unjust Business Dealings by Rio Tinto and Long-Time Concerns of Minority Owners

SailingStone Capital logo

SailingStone Capital Partners, a long-time owner of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ), has delivered the attached letter to the Turquoise Hill Independent Directors:

Dear Independent Directors of Turquoise Hill Resources Ltd.,

SailingStone Capital Partners applauds the decision of the Turquoise Hill Resources Special Committee to reject Rio Tinto's opportunistic offer to acquire the minorities' stake in TRQ for C$34 /share.

As one of the largest, lowest cost, and longest duration copper/gold assets ever discovered, Oyu Tolgoi is a crown jewel. The proposed acquisition price is nowhere near the intrinsic value of Oyu Tolgoi, as it values the Company at less than 35% of capital invested to date and represents a 60% discount to Rio Tinto's own cost basis in TRQ, a position that Rio acquired over a decade ago when the net present value was far lower and the risks far greater than today. In the next few months, the underground mine will achieve sustainable first production, unlocking billions of dollars in annual free cash flow for decades into the future even before the impact of potential expansions. Tier 1 copper assets with brownfield growth options are increasingly rare and therefore increasingly valuable, particularly given how critical copper is in the race to decarbonize and expand the world's energy systems. Rio Tinto's opportunistic bid did not compensate TRQ minority shareholders adequately for any of these realities.

In addition, we appreciate that "Rio Tinto welcomes the continued investment by Turquoise Hill minority shareholders and their pro rata sharing of future risks and funding obligations." Unfortunately, most of the risks and funding obligations "shared" over the last several years have come as the result of Rio's incompetence, including the incremental equity raise which now must be addressed. However, we welcome Rio's continued participation as mine developer and operator and trust that they have addressed their internal shortcomings so that all Oyu Tolgoi stakeholders can benefit from the mine's incredible employment, business development, and free cash flow potential.

Lastly, we note the following from Rio Tinto's press release.
As previously disclosed, Rio Tinto is not interested in pursuing any alternative transaction, including any such transaction which would result in the sale of Rio Tinto's interest in Turquoise Hill or the acquisition by a third party of Turquoise Hill or Oyu Tolgoi in partnership with or independent of Rio Tinto.

Apparently, Rio Tinto isn't interested in selling their stake in TRQ, even at a price which it claims represents "compelling value" for the seller. More importantly, this statement clearly is intended to preempt any price discovery process which might allow minority owners to be fairly compensated for their 49.2% stake in the Company. While we appreciate that Rio Tinto has certain rights, it cannot and should not preclude potentially interested parties from approaching Turquoise Hill, nor can it preclude the independent directors from considering a combination or transaction from any party which might crystalize the true value of Oyu Tolgoi. In other words, if Rio wants complete control, they can acquire it for a price. The Special Committee has determined that price is meaningfully higher than C$34 /share, and we agree with that conclusion.

Best regards,

SailingStone Capital Partners LLC

ABOUT SAILINGSTONE CAPITAL PARTNERS LLC

SailingStone Capital Partners , a division of Pickering Energy Partners, provides investment solutions in the global natural resource space with a specific focus on the industrial businesses, commodities and infrastructure assets which will enable the energy transition. SailingStone manages concentrated, long-only equity portfolios for institutional investors.

For media inquiries:

Petree Partners LLC
Jennifer Petree / Tina Tallant
713.269.3776

For investor inquiries:

SailingStone
MacKenzie Davis
ir@sailingstonecapital.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/sailingstone-applauds-turquoise-hill-response-to-rio-tintos-offer-301606287.html

SOURCE SailingStone Capital Partners

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Flem Conductors & Mineralised Gossans Define High Priority Targets, Drilling Underway

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