In Q4 2025, the Caraiba Operations processed a record 1.2 million tonnes of ore, delivering 36,035 tonnes of copper at C1 cash costs of $2.22 per pound. The ongoing external shaft construction is designed to access deeper zones, shorten haul distances and personnel travel, boost mining rates and reduce unit costs as debottlenecking efforts progress.

The Tucuma open-pit mine declared commercial production on July 1, 2025, and produced 28,272 tonnes of copper at C1 cash costs of $1.75 per pound, with Q4 output of 9,275 tonnes. The Xavantina Operations delivered 37,291 ounces of gold at a C1 cost of $976 per ounce, generating significant by-product credits that offset copper costs.

The Furnas earn-in project PEA outlines initial capital of $1.3 billion to develop an IOCG deposit with annual output of 70,000 tonnes of copper and 111,000 ounces of gold over the first 15 years. At $4.60 per pound copper and $3,300 per ounce gold, the plan delivers a $2 billion after-tax NPV and a 27% IRR, placing Furnas in the first quartile of the global cost curve.