Kodiak Copper, Teck Subsidiary, to Create U.S.-Focused Copper Exploration Company

-- Kodiak Copper (KDK.V) on Wednesday signed a non-binding letter of intent (LOI) with Teck Resources (TECK-B.TO) unit Teck American, and privately-held Kay Copper to form a new copper-exploration company.

Kodiak is selling its Mohave project, and Teck, its Copper Hill project, both in Arizona, into a subsidiary of Kay Copper to create a U.S.-focused copper-exploration company that would list on the TSX Venture Exchange. Kodiak Copper and Teck would each have a 28% equity stake in the company, a statement said.

The new company also intends to raise $4.0 million through a subscription receipt financing at $0.25 per share. Proceeds will fund exploration work to materially advance both projects in 2026.

The company will be led by Adam Schatzker as chief executive officer. Schatzker was most recently vice president, corporate development at Canada Nickel Company (CNC.V).

Kodiak Copper shares were last seen up $0.01 to $0.91 on the TSX Venture Exchange.

Price: $0.91, Change: $+0.01, Percent Change: +1.11%

RBC Maintains First Quantum's Outperform Rating, C$45 Price Target

RBC Capital Markets maintained its outperform, speculative risk, rating on the shares of First Quantum Minerals (FM.TO)' and its C$45.00 price target following the company's first-quarter results.RBC expects a modest negative reaction to the results, given a headline miss on EBITDA and adjusted earnings per share.The company reported a first-quarter EBITDA of US$326 million, below RBC's forecast of US$461 million and the consensus estimate of US$448 million.Adjusted loss of US$0.18 per share also missed RBC's EPS forecast of US$0.01 per share and the consensus estimate of US$0.06 per share.First Quantum's financial results were impacted by US$144 million of losses on hedges and from lower sales due to timing and inventory replenishment.Price: $33.64, Change: $-0.65, Percent Change: -1.90%

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US Equity Indexes Fall as Iran War Deadlock Sends Crude Oil, Treasury Yields Sharply Higher

US equity indexes traded lower around midday Wednesday as crude oil futures and government bond yields rose amid concern that Iran's blockade will be extended to force Tehran into a peace deal.The Dow Jones Industrial Average fell 0.7% to 48,789.2, with the S&P 500 down 0.2% to 7,122.9. The Nasdaq Composite was 0.2% lower at 24,620.7.President Donald Trump has instructed aides to prepare for an extended blockade of Iran, US officials told The Wall Street Journal. In recent meetings, including a Monday discussion in the Situation Room, Trump opted to continue squeezing Iran's economy and oil exports by preventing shipping to and from its ports, the WSJ said.Trump assessed with his aides that the other options open to him -- resume bombing or walk away from the conflict -- carried more risk than maintaining the country's blockade, the officials told the WSJ."Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Trump said in a Truth Social post Wednesday.Meanwhile, West Texas Intermediate crude oil futures jumped 4.9% to $104.86, and Brent crude futures surged 5% to $116.85 amid concern that Trump's policy will prolong disruption in the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.

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Kodiak Copper, Teck Subsidiary, to Create U.S.-Focused Copper Exploration Company

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