Sumitomo Metal Mining Co., Ltd.

Kenorland Minerals Ltd. announced complete assay results from 20 exploration drill holes totalling 14,980 metres at the Frotet Project in northern Quebec, the first drilling since the cut-off date for the Regnault deposit's maiden Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 million ounces of gold. The 2025 fall and 2026 winter programs focused on step-outs along known mineralised structures and targeted infill drilling, with six intercepts returning greater than 100 grade x width, of which four were step-out holes outside the current mineral resource estimate, one was within the 100 metre crown pillar, and one was infill along the R6 trend. Highlights include hole 25RDD269 returning 2.35m at 71.89 g/t Au including 0.65m at 252.00 g/t Au, a 105 metre step-out east along the R11 vein sets, and hole 26RDD273 returning 73.42m at 2.24 g/t Au including 3.42m at 8.73 g/t Au, a 60 metre step-out east from hole 23RDD172. Hole 26RDD287 returned 14.25m at 9.72 g/t Au including 2.00m at 55.24 g/t Au and 4.85m at 17.34 g/t Au including 1.92m at 31.04 g/t Au along the R6 trend, while hole 25RDD270A returned 15.40m at 8.19 g/t Au including 4.40m at 26.43 g/t Au, a 65 metre step-out east along R6. Kenorland holds a 4% NSR royalty across the entire Frotet Project, which is 100% owned and operated by Sumitomo Metal Mining Canada Ltd.

Rio Tinto has secured consent from the Nyangumarta people for the development of the Winu copper and gold project in Western Australia, with the company aiming to bring the mine into production by 2030. The Winu project is located about 300 kilometres south of Broome, in the Great Sandy Desert, and is Rio Tinto's most advanced new copper mine project, as well as a key part of the company's copper expansion strategy. Rio Tinto and the Nyangumarta Warrarn Aboriginal Corporation have signed a project agreement that sets out how the Nyangumarta people will take part in planning and developing the project, including measures to protect the environment and Indigenous cultural heritage. However, the project still requires regulatory and other approvals, as well as a final investment decision. Rio Tinto will develop and operate the Winu mine, holding a 70% stake in the joint venture, while Japan's Sumitomo Metal Mining holds the remaining 30%.

Sumitomo Metal Mining announced on the 10th that it has revised upward its consolidated net profit forecast for the fiscal year ending March 2027, from the previous 139 billion yen to 216 billion yen, an increase of 51.9 percent. The company expects demand for materials used in electronic components, particularly for data centers, to continue expanding amid the wider adoption of generative AI. As for copper supply and demand, it sees an overall surplus persisting due to increased supply from the restoration of a copper mine in Indonesia and slowing demand caused by the situation in the Middle East. The company also reported first-quarter consolidated net profit of 87.9 billion yen, 3.2 times the figure from a year earlier.