Directory

approximately 400 people (in 2017)

The Nova Operation comprises two orebodies, Nova and Bollinger, which are now recognised as a single continuous deposit known as Nova-Bollinger. The mineralisation is dominated by pyrrhotite, with pentlandite and chalcopyrite. Cobalt is strongly correlated with nickel and is found concentrated in pentlandite.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

conventional crushing, grinding, flotation, and filtration processes to produce separate nickel and copper concentrates

conventional crushing, grinding, flotation, and filtration processes; 1.5 million tonnes per year processing plant; sub-level open stoping with paste fill; longhole echelon retreat stoping

30 to 35 people during the project's exploration phase

The Libby Exploration Project, formerly known as Montanore, is an underground silver and copper exploration project located in Lincoln County, Montana, United States. It is operated by Montanore Minerals Corporation, a wholly-owned subsidiary of Hecla Mining Company. The project is currently in the exploration phase, with activities planned over approximately 16 years to collect data on the feasibility of a potential mine. As of December 2024, it had an inferred resource of 112.2 million tonnes grading 1.6 oz/t silver and 0.7% copper.

Production overview - 2024: silver 183000000 oz, copper 1500000000 lbs.

The Platreef PGM-Nickel Mine is an underground operation in Limpopo Province, South Africa, which commenced production and produced its first concentrate on November 18, 2025. It is currently in a production ramp-up phase, with a Phase 1 concentrator milling capacity of 770,000 tonnes per annum. The mine is undergoing phased expansion, with Phase 2 targeted for completion in Q4 2027, aiming to significantly increase production of platinum, palladium, rhodium, gold, nickel, and copper.

The mine officially opened and produced its first batch of concentrate on 18 November 2025. The first sale of concentrate was completed in late fourth quarter 2025 to Northam Platinum.

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum. Construction of the Phase 1 concentrator was completed in the third quarter of 2024, with first concentrate produced on 18 November 2025. The concentrator is initially processing lower-grade development ore and is expected to switch to higher-grade production ore in the second quarter of 2026.

The mine is accessed via shafts. Shaft 1 is complete. Shaft #3 is expected to be operational by April 2026, which will increase the mine's hoisting capacity five-fold to 5 million tonnes per annum. Shaft #2 is being widened to support future expansion. Primary mining methods are longhole stoping and drift-and-fill.

A phased expansion is underway. Phase 2 development is in progress and is targeted for completion in the fourth quarter of 2027; it is expected to increase production to approximately 450,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus about 9,000 tonnes of nickel and 6,000 tonnes of copper annually. The total combined processing capacity of Phase 1 and 2 will be 4.1 million tonnes per annum. A future Phase 3 expansion is being assessed which would increase processing capacity to 10.7 million tonnes per annum and more than double production to over 1 million ounces of 3PE+Au, approximately 22,000 tonnes of nickel and 13,000 tonnes of copper annually.

approximately 6,000

Production overview - 2022: copper 333497 t.

The complex utilises multi-phase concentrator plants for flotation of copper ore. The total design processing capacity, with the completion of the Phase 3 concentrator, is 14.2 million tonnes per annum. The Phase 1 and 2 concentrators' copper recovery rate is approximately 87%, with "Project 95" underway to increase this to around 95%. A new on-site direct-to-blister flash smelter with a capacity of 500,000 tonnes per annum commenced operations in late 2025, producing 99.7%-pure copper anodes. The smelter also produces high-strength sulphuric acid as a by-product.

The underground mining operations are highly mechanised. Equipment includes underground mobile mining equipment from Sandvik, Epiroc, and Normet Oy. Specific models include Epiroc's Minetruck MT65 S haulers (65-tonne payload), Scooptram ST18 S loaders (18-tonne payload), Boomer 282 face drilling rigs, and Simba E70 S production drilling rigs.

The Phase 3 concentrator was completed ahead of schedule and began producing concentrate on 10 June 2024, reaching commercial production in the third quarter of 2024. This increases the total processing capacity to 14.2 million tonnes per annum and is expected to boost annual copper production to over 600,000 tonnes. A March 2026 technical report revised production guidance to between 290,000 and 330,000 tonnes of copper anodes in 2026, and 380,000 to 420,000 tonnes in 2027. This revision is due to a renewed focus on developing long-term infrastructure. The company targets annualised copper anode or blister production to be over 500,000 tonnes from 2028 onwards. A potential Phase 4 expansion is being studied, which would further increase processing capacity.

The Yeneena project is a large-scale copper-cobalt project that spans more than 1450 square kilometres in the Paterson Province of Western Australia. It is situated 60 kilometres southwest of the Telfer copper-gold mine. The project is considered to be in a highly prospective region for copper and gold, hosting major deposits such as Rio Tinto's Winu, Greatland's Havieron, and Antipa Minerals' Minyari Dome. Exploration at Yeneena targets sediment-hosted copper-cobalt mineralisation. Following the withdrawal of IGO Limited, Encounter Resources regained 100% ownership of the project in May 2025. The company is assessing the extensive technical data generated during the farm-in agreement to prioritise the next phase of exploration. An initial evaluation of the Yeneena Project has confirmed a substantial copper system, and Encounter Resources announced its first Copper Oxide Inferred Mineral Resource Estimate at the Tyrell Prospect in September 2025.

The project is not in production. Exploration work has yielded several notable copper intercepts, including 20m at 2.0% copper from 22m, 10m at 6.8% copper from 32m, and 18m at 3.2% copper from 32m. Aircore drilling at the BM5 prospect in 2023 intersected anomalous copper, silver, and base metal values. One hole recorded 15m @ 21.8 g/t Ag, 1729ppm Cu, 1342ppm Pb, 452ppm Zn, and 350ppm Co from 69m to the end of the hole.

IGO Limited invested approximately A$15 million in exploration at Yeneena over the life of the farm-in agreement. After regaining full ownership, Encounter Resources is focusing on advancing the high-grade BM1 copper zone and drill testing a large copper leakage anomaly at the BM5 prospect. A six-hole RC drill program was scheduled for the BM5 prospect in October 2025. In November 2025, a nine-hole reverse circulation drilling program at the Haddon Prospect revealed extensive copper and silver anomalism over a 700m x 700m area. A follow-up diamond drilling program at the Haddon Prospect is planned for April 2026 to test for primary copper sulphide mineralisation. Further drilling is also planned for 2026 to explore high-grade zones within the Parbo copper system, which spans over 8 kilometres.

over 160 employees (2019)

The Nova Operation is an underground mine that produces nickel, copper, and cobalt concentrates. It is located in the Fraser Range, approximately 160km east-northeast of Norseman in Western Australia. The Ngadju People are the Traditional Owners of the land. The deposit was discovered in July 2012, and commercial production began in July 2017. The operation comprises two orebodies, Nova and Bollinger.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

The operation has a processing plant that produces saleable concentrates containing nickel, copper, and cobalt.

IGO is planning for the mine's closure. A final Mine Closure Plan is anticipated to be submitted to the Western Australian government in mid-2026.

Hecla Mining Company acquired the Rock Creek project in June 2015. The project is located approximately five miles northeast of Noxon in Sanders County, Montana. As of early 2026, Hecla is not currently engaged in permitting activities for the Rock Creek mine due to ongoing legal challenges. A 2021 U.S. District Court ruling invalidated the approval of the mine's Phase I evaluation adit, ruling that the U.S. Forest Service and the U.S. Fish & Wildlife Service had violated the Endangered Species Act. Consequently, the Rock Creek mine currently has no federal authorisation to proceed. The company's focus has shifted to obtaining permits for underground exploration at its nearby Libby Exploration Project (formerly known as the Montanore project). The U.S. Forest Service issued a final decision notice for the Libby Exploration Project in October 2025, allowing exploration and data collection to proceed. As of 31 December 2025, the inferred mineral resource at Rock Creek was reported as 99,258,000 tons, with a silver grade of 1.49 oz/ton and a copper grade of 0.66%. This resource is reported at a minimum thickness of 15 feet and a Net Smelter Return (NSR) cut-off value of $35.10 per ton, with metallurgical recoveries of 88% for silver and 92% for copper. These resources are adjusted based on mining restrictions defined by the U.S. Forest Service in the June 2003 'Record of Decision, Rock Creek Project'.

No production has occurred. The figures for 2025 represent inferred mineral resources, not production.

30-35 (expected for the exploration phase)

The Libby Exploration Project, 100% owned by Hecla Mining Company, is located south of Libby, Montana. The USFS authorized the Plan of Operations in October 2025 for underground exploration, though a lawsuit was filed in March 2026. The exploration phase is expected to last 16 years, involving dewatering and extending an existing adit. As of December 2024, it had an Inferred Resource of 112.2 million tons, containing over 1.5 billion pounds of copper and 183 million ounces of silver.

The Kinskuch property is an exploration and development stage project located in the Golden Triangle of British Columbia. It is contiguous to the east and south of Dolly Varden Silver's Kitsault Valley Project and is now a part of this larger project. The property is considered prospective for silver, gold, and copper mineralisation. It includes the "Illiance trend," which is interpreted to be part of a district-scale sub-basin of the Eskay Rift period. The Illiance trend has seen limited modern exploration.

Dolly Varden Silver Corporation acquired the Kinskuch property in May 2025, which increased the Kitsault Valley Project's size to approximately 77,000 hectares. This acquisition is part of a broader consolidation strategy in the region. For 2025, a minimum of 35,000 metres of diamond drilling was planned for the consolidated Kitsault Valley Project. The exploration program for the entire project was later increased to 55,000 metres. As of October 2025, 56,131 metres of diamond drilling in 84 holes had been completed across the Kitsault Valley Project.

30 to 35 people

The Libby Exploration Project, formerly known as the Montanore project, is located in the Cabinet Mountains, approximately 20 to 23 miles south of Libby in Lincoln County, Montana, United States. Hecla Mining Company holds 100% ownership of the project, which it acquired in September 2016 through the acquisition of Mines Management Inc. The project is currently in the exploration and evaluation phase, and is not an operating mine. It is focused on a stratabound sediment-hosted silver-copper deposit.

Production overview - 2024: silver 183000000 oz, copper 1500000000 lbs.

no processing plant on site

extending the adit by nearly a mile (approximately 4,200 to 6,300 feet of lateral shafts) to conduct underground mineral exploration from about 25 drill stations

The Connaught project is considered to have potential for copper-molybdenum-gold porphyry style mineralisation, as well as high-grade silver-lead-zinc-copper-gold veins. The project is a substantial land package with identified gold, silver, and base metal mineralisation. As a result of previous exploration investment by ATAC, Hecla is not obligated to make significant expenditures to maintain control of the land package for the next decade.

Hecla Mining acquired the Connaught project through its acquisition of ATAC Resources Ltd. in a deal that was finalised in July 2023.

The Western Foreland Exploration Project is located adjacent to the Kamoa-Kakula Copper Complex, covering 2,393 square kilometres. Exploration began in July 2017, focusing on discovering new sedimentary copper deposits and defining the high-grade Makoko, Kiala, and Kitoko copper discoveries. The Makoko mineralised district has a strike length of over 13 kilometres.

No current production as the project is in the exploration phase.

On-site preparation laboratory for core samples; future plans consider producing copper concentrates for the nearby Kakula smelter or toll treatment.

diamond drilling, reverse circulation (RC) drilling, 11 drill rigs, all-season access roads and bridges, camp facilities

Preliminary Economic Assessment (PEA) for Makoko and Kiala mining areas planned, additional updated Mineral Resource Estimate targeted in Q2 2026, 2025 exploration budget of $50 million

The Copper Wolf Project is an exploration-stage project located in Yavapai County, Arizona, in the United States. The project is situated in a highly endowed porphyry copper belt in the southwest USA and northern Mexico. IGO Limited holds 100% ownership of the central Copper Wolf area, which covers approximately 12.5 square kilometres. The project is focused on exploring a large, Laramide-age porphyry copper-molybdenum system, targeting high-grade, underground bulk mineable mineralisation.

More than 2,000 people

The first batch of platinum-palladium-nickel-rhodium-gold-copper concentrate was produced on November 18, 2025. The first sale of concentrate was made to Northam Platinum in the fourth quarter of 2025. The Phase 1 concentrator is ramping up and is expected to reach about 80% of its nameplate capacity by mid-2026.

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum (ktpa). The Phase 2 expansion includes a new 3.3-million-tonnes-per-annum (Mtpa) concentrator module, bringing total processing capacity to 4.1 Mtpa. A potential Phase 3 expansion would increase total processing capacity to 10.7 Mtpa.

The mine utilises multiple shafts. Shaft #1 is used for hoisting development rock. Shaft #3 is expected to be operational by April 2026, increasing the mine's hoisting capacity five-fold to 5 million tonnes per annum. Shaft #2 is planned for the Phase 3 expansion and is expected to be available for hoisting in 2029.

Development on the Phase 2 expansion is underway, with completion targeted for the fourth quarter of 2027. The Phase 2 expansion is expected to increase average annual production to approximately 450,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au), plus over 30 million pounds of nickel and copper. A Preliminary Economic Assessment (PEA) has been completed for a Phase 3 expansion which could further increase annual production to over 1 million ounces of 3PE+Au, approximately 25,000 tonnes of nickel and 15,000 tonnes of copper.

Over 6,800 full-time employees as of February 2026.

Production overview - 2025: copper 388838 t; 2024: copper 437061 t.

The complex operates multiple concentrators. The Phase 1 and 2 concentrators have a combined design processing capacity of 9.2 million tonnes per annum. The Phase 3 concentrator, which began commercial production in Q3 2024, adds a capacity of 5 million tonnes per annum, bringing the total design processing capacity to 14.2 million tonnes per annum. The processing includes HIGmill regrind mills, Larox PF 60 Series concentrate filters, and TankCell flotation cells. A 500,000-tonne-per-annum direct-to-blister copper smelter, the largest in Africa, was commissioned, with the first heat-up on 21 November 2025 and first copper anodes produced on 29 December 2025. The smelter also produces high-strength sulphuric acid as a byproduct.

The underground mining operations utilise a fleet of heavy mobile equipment, including 65-tonne payload Minetruck MT65 S haulers, 18-tonne payload Scooptram ST18 S loaders, Boomer 282 face drilling rigs, and Simba E70 S production drilling rigs, supplied by Epiroc.

The Phase 3 concentrator was completed ahead of schedule and on budget, with first ore introduced in May 2024. An updated life-of-mine integrated development plan is expected by the end of the first quarter of 2026, which will incorporate the Phase 3 expansion, the new smelter, and a planned Phase 4 expansion. The mine life is supported by a mineral reserve that underpins a multi-decade operation, with the current concentrator operations planned for approximately 25 years.

processing facility that produces saleable nickel, copper, and cobalt concentrates

between 30 and 35 people

The Libby Exploration Project, formerly known as the Montanore Project, is operated by Hecla Mining Company. Located in Lincoln County, Montana, USA, approximately 20-23 miles south of Libby. The project targets a stratabound, sediment-hosted silver-copper deposit. It is currently in the exploration phase, with authorized underground exploration and evaluation activities to determine economic viability.

For the exploration phase, processing involves analysing samples to obtain geological and metallurgical data. For potential future mining, processing would involve crushing the ore on the surface and using flotation to separate silver and copper.

The Kinskuch property is located in the Golden Triangle of British Columbia and is now part of Dolly Varden Silver's expanded Kitsault Valley Project. The acquisition increased the Kitsault Valley Project's size to approximately 77,000 hectares, consolidating a district-scale, contiguous claim package. The property is considered underexplored but prospective for silver, gold, and copper mineralisation. It is situated on the same favourable Jurassic-age Hazelton-group volcanic rocks that host other significant deposits in the region. The Kinskuch property includes the past-producing Esperanza Mine, which was active around 1910. The property is covered by a five-year Exploration Permit on both Nisga'a and Gitanyow Traditional Lands. Following the acquisition, Dolly Varden's 2025 exploration program for the broader Kitsault Valley Project was expanded from a planned 35,000 metres to 55,000 metres, and was completed in October 2025 with a total of 56,131 metres drilled in 84 holes. This program aimed to expand resources at other deposits within the Kitsault Valley Project, such as Wolf and Homestake Silver, and test new exploration targets. In December 2025, Dolly Varden announced a merger-of-equals with Contango ORE, Inc.

over 160 employees

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

The Nova Operation has a processing plant that produces nickel and copper concentrates, which also contain cobalt. The concentrator has a capacity of 1.8 million tonnes per annum.

The underground mining fleet includes loaders and trucks. A Sandvik LH517 loader was part of a remote operation trial. A Safescape Bortana Battery Electric Light Vehicle (BELV) has also been trialled at the site. The processing plant includes single-stage crushing and a concentrator.

IGO announced in March 2025 that the Nova mine is expected to reach its end of life by late 2026. The company is now focused on managing the remaining life of the mine with a focus on safety, stable production, and managing costs. A final Mine Closure Plan is scheduled for submission in mid-2026. The mining services contract with Barminco has been extended for 29 months from 1 July 2024. The operation has an expanded solar farm and battery installation, allowing it to run on 100% renewable power for significant periods.

The Medicine Springs Project is located in the Ruby Mountains Valley in northeastern Nevada. The mineralisation is described as being hosted within various systems, including carbonate replacement deposits, porphyry, and skarn. Historical exploration has identified silver-lead-zinc mineralisation, and more recent work has continued to target these commodities with additional potential for copper and gold.

The Gryphon project is an early-stage exploration property located at the southern end of the Carlin Trend in Nevada, USA. Torex Gold Resources Inc. acquired the project through its acquisition of Reyna Silver, which was completed in August 2025. The project is at the target definition stage. The property covers more than 12,000 hectares and is situated in the Diablo Range, between the Carlin and Eureka-Battle Trends in north-central Nevada. Exploration by previous operators has identified the potential for silver, lead, and zinc mineralisation within a carbonate replacement deposit system, as well as the potential for epithermal gold mineralisation. Historic exploration has also indicated the presence of copper and nickel.

Media Luna North is designed for a mining capacity of up to 2,300 tonnes per day. Ore from Media Luna North will be processed at the recently upgraded processing plant, which has a nameplate capacity of 10,600 tonnes per day. The plant has added copper and iron-sulphide flotation circuits to handle higher copper levels from the Media Luna deposits. The primary products will be a precious metal rich copper concentrate and gold/silver doré.

First production is expected by late 2026. Media Luna North is designed for a mining capacity of up to 2,300 tonnes per day.

Ore from Media Luna North will be processed at the recently upgraded processing plant, which has a nameplate capacity of 10,600 tonnes per day. The plant has added copper and iron-sulphide flotation circuits to handle higher copper levels from the Media Luna deposits. The primary products will be a precious metal rich copper concentrate and gold/silver doré.

Media Luna North was formerly known as EPO. It is part of the Morelos Complex. The development of the main access ramp continued to track well in Q4 2025, with 1,135 metres completed.

more than 360 employees

The Media Luna mine, part of Torex Gold's Morelos Complex in Guerrero, Mexico, is an underground operation primarily extracting gold, copper, and silver. Commercial production began on May 1, 2025, with a target of 7,500 tonnes per day by mid-2026. Mine life is expected through at least 2033.

Production overview - 2024: gold 1946000 oz, silver 19788000 oz, copper 467000000 lbs.

Ore is processed at the upgraded ELG processing plant, which includes flotation circuits to produce copper concentrate. A paste backfill plant was commissioned in Q3 2025.

6.5 km underground conveyor system, battery-electric vehicle fleet, paste backfill plant

An inaugural Inferred Resource was declared at the nearby Media Luna West target in March 2026. Development of the EPO deposit, now known as Media Luna North, is also underway, with first production anticipated in late 2026.