Gold price

After dropping as low as US$4,400 per ounce on February 2, this past week gold has taken another run well above the key psychological US$5,000 mark; albeit still hundreds of dollars away from its record high of close to US$5,600 reached on January 28.

After trading in a tight range of US$4,985 to US$5,000 for much of Thursday (February 19), the price of gold managed to rise as high as US$5,107 on Friday. That upward climb continued on Monday (February 23) to an intraday high of US$5,248 — a level gold hasn’t seen in a month.

The yellow metal lost that steam by Tuesday’s close with the precious metal trading back down at US$5,143. By Wednesday morning, gold was once again making a run at the US$5,200 level to reach an intraday high of US$5,217.58 at 9:10 a.m. PST. However, it couldn’t hang on for long, sinking back down to US$5,166.25 as of 1:40pm PST on profit-taking and a stronger dollar.

Gold price chart, February 18, 2026 to February 25, 2026.

Here are the primary drivers for gold this past week:

• Dips this week were brought on by slight downward pressure due to profit-taking and a stronger US dollar.

In other gold news, JPMorgan Chase (NYSE:JPM) raised its gold forecast to US$6,300 by the end of 2026, citing a ‘reserve currency paradigm shift’ as countries diversify away from the dollar, and ‘significant investor diversification’.

Looking at major events in the gold mining sector, Kinross Gold’s (TSX:K,NYSE:KGC) Great Bear development in the Red Lake district of Ontario, Canada, has been designated for a reduced permitting timeline under the provincial government’s One Project, One Process (1P1P) framework. 1P1P is a streamlined approval system aimed at reducing government review times by 50 percent. The high-grade, combined open-pit and underground operation is expected to produce more than 500,000 ounces of gold annually during its peak years.

Silver price

The price of silver is still well below its all-time high of more than US$120 per ounce it reached on January 29, 2026. For the most part, the white metal continued to track the same trends as gold this week.

Like gold, silver traded sideways Thursday (February 19) in the US$77.50 to US$78.50 range, and then surged the following day to an intraday high of US$84.61.

For most of Monday (February 23), silver continued higher but at a much slower pace, to reach as high as US$88.96. Tuesday brought another day of tight trading in the US$86.70 to US$88.10; however, by Wednesday morning the silver price had managed to break through the US$90 level on the same safe-haven demand forces pushing gold prices higher this week.

The price of silver hit an intraday high of US$91.15 at 11:55am PST before sliding back down below US$89 in the afternoon session.

Silver price chart, February 18, 2026 to February 25, 2026.

Silver may still not be back into the triple digits, but its showing strong support despite a slump in artificial intelligence (AI) tech stocks. Silver, the most electrically and thermally conductive metal on the planet, is considered a key material for AI tech, particularly in data centers and high-performance computing. Silver is also in a structural supply deficit which continues to provide upward pressure on silver prices

In silver mining news, Lundin Gold (TSX:LUG,OTCQX:LUGDF) announced a US$670 million silver stream deal with LunR Royalties (TSXV:LUNR) on its Fruta del Norte mine.

Platinum price

Platinum continues to be one of the top performing metals, reaching a 12-year high in recent weeks. This past week it has gained more than 8 percent. Sideways trading on Thursday (February 19) turned into an upward climb on Friday with prices for platinum rising from a low of US$2,060.10 to a high of US$2,117.40 per ounce.

The first few days of this new week were marked by volatility with wider price swings. The platinum price reached a three week high of US$2,226.30 in late day trading Tuesday. The jump was driven by a combination of geopolitical tensions, trade uncertainty, and structural supply constraints.

Platinum continued its ascent in overnight trading, reaching as high as US$2,360.50 in early morning trading, and managed to finish off the day just below the US$2,300 level.

Platinum price chart, February 18, 2026 to February 25, 2026.

Platinum prices are benefitting from renewed tariff jitters, geopolitical safe-haven demand, and persistent supply tightness from major producer South Africa.

The emerging hydrogen economy is also adding to demand for the metal on top of robust demand from the auto sector. Consumers are shifting back toward internal combustion engine and diesel vehicles as hurdles to EV adoption remain challenging. This is highly supportive of demand for platinum as its primary use is in automotive catalysts.

On the supply side, global platinum reserves remain critically low, especially as the world’s biggest producer South Africa continues to be plagued by power shortages and operational disruptions.

In platinum mining news, Valterra Platinum declared a dividend of 45 rand a share for a total 2025 payout of 12 billion rand (US$757 million) after its net income more than doubled to 15.4 billion rand. Bloomberg reported that the size of the dividend “smashed analyst expectations as earnings jumped last year on soaring metals prices”.

Palladium price

Palladium has been the black sheep of the precious metals family for the past few years, remaining well below its March 2022 all-time record of US$3,440.76 per ounce.

On Thursday (February 19), unlike its sister metals, palladium rallied 4.8 percent to an intraday high of US$1,767.50. The metal closed out last week with another nearly 3.9 percent gain to US$1,836.

On Monday, palladium lost some of that ground to close out the day at US$1,820. After dipping to a low of US$1,763 in early morning trading on Tuesday, the price of the metal regained those losses and more by the end of the trading day reaching as high as US$1,843.

Wednesday (February 25) morning brought a spike in palladium prices to US$1,935 as the metal went along for the same ride as platinum, before falling back to the US$1,860 level in afternoon trading.

Palladium price chart, February 18, 2026 to February 25, 2026.

As is the case with platinum, demand for palladium is getting support from the auto sector. Rising prices for platinum are leading automakers to make the swap to palladium.

The US Department of Commerce’s preliminary statement of support for anti-dumping duties of approximately 133 percent on unwrought Russian palladium imports is still shaping the outlook for palladium on the supply side. This follows a petition from Sibanye-Stillwater (NYSE:SBSW) over allegations that Russian metal is being sold in the US at less than fair value. A final decision is expected in the case by June of this year.

Dubbed a “central bottleneck of the electrified future,” copper demand is expected to far exceed supply. A recent outlook from S&P Global projects the market could face a shortfall of up to 10 million metric tons by 2040.

Against this backdrop, Domestic Metals (TSXV:DMCU) offers a timely opportunity for investors. Listed on TSX Venture Exchange, OTCQB and Frankfurt Stock Exchange, the company is advancing its flagship Smart Creek Project in Montana, targeting discovery of a porphyry system and a carbonate replacement deposit (CRD).

Smart Creek’s potential is further bolstered by its proximity to significant discoveries like Ivanhoe Electric’s (NYSEAmerican:IE,TSX:IE) Hog Heaven project, which announced the intersection of a porphyry copper-gold-molybdenum system within a large, deep anomaly.

Company Highlights

• Exceptional Surface Grades: The 2025 field campaign returned high-grade samples, highlighted by 102 g/t gold, 23.1 percent copper, and 3,810 g/t silver.
• World-Class Team: Dr. Peter Megaw, a globally recognized authority on Carbonate Replacement Deposits (CRDs) and discoverer of MAG Silver’s Juanicipio, has joined the team to guide exploration, together with President & CEO Gordon Neal who has had a successful track record building MAG Silver and New Pacific Metals
• Mining-Friendly Jurisdiction: Operations are focused in Montana, USA, a mining-friendly state ranked 6th in 2024 by the Fraser Institute for investment attractiveness, with a legacy of massive production at the nearby Butte Mine.

This Domestic Metals profile is part of a paid investor education campaign.*

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1. BHP (ASX:BHP,NYSE:BHP,LSE:BHP)

Copper production: 1.5 million metric tons

BHP is one of the world’s largest mining companies, and its global portfolio of assets includes significant copper mining operations in Chile, Australia and Peru.

According to the company’s quarterly operational review data, the mining giant’s attributable copper production totaled 1.5 million metric tons across the calendar year 2024.

Its most significant copper asset is the Escondida mine, the world’s largest copper mine. BHP holds a 57.5 percent stake in the Chilean operation, which produced 1.24 million metric tons of copper in 2024, of which 713,805 was attributable to BHP. Its other Chilean copper operation is its wholly owned Pampa Norte mine, which produced 313,600 metric tons of copper in 2024.

BHP also owns the Olympic Dam polymetallic mine, the largest mine in Australia. The South Australian mine hosts one of the world’s largest copper deposits as well as the largest uranium deposit. In 2023, BHP expanded its portfolio in the state with its acquisition of OZ Minerals and its Prominent Hill and Carrapateena copper operations.

In January, BHP announced its acquisition of Filo Mining and its Filo del Sol project located Argentina. As part of the announcement, BHP said it had formed a joint venture company with Lundin Mining Corporation (TSX:LUN,OTC Pink:LUNMF) to combine Filo del Sol with Lundin’s Josemaria project in the Vicuna mining district, with each company owning a 50 percent stake.

2. Codelco

Copper production: 1.44 million metric tons

The Chilean state-owned Codelco is the world’s third-largest producer with copper production of 1.44 million metric tons in 2024. According to its 2024 annual report, its copper output increased 1.2 percent from 1.42 million metric tons in 2023.

Its largest asset is the Chuquicamata mine located in Northern Chile, between 2017 and 2021 annual production was in the 700 million to 850 million pound range. However, lower grades in recent years have led to production falling below 600 million pounds. In 2024, Chuquicamata increased slightly to 637 million pounds.

The mine transitioned from an open pit to an underground mine beginning in 2019. In its operational report for the quarter ending September 30, the company stated that Phase 1 of its continuity infrastructure project had reached 85 percent completion. It added that feasibility studies were underway for potential expansion of the current mine level, as were prefeasibility studies assessing ‘the development of a potential deeper mine level.’

The company’s other significant Chilean mines include El Teniente, Quebrada Blanca and Andina.

3. Freeport-McMoRan (NYSE:FCX)

Copper production: 1.26 million metric tons

Freeport-McMoRan is consistently ranked among the world’s top copper producers, and its share of copper production from its mines totaled 1.26 million metric tons of copper in 2024. The company reported producing 4.21 billion pounds, or 1.9 million metric tons, of the red metal, calculated on a 100 percent basis for all operations except its Morenci joint venture.

The largest contributor to its output is the Grasberg copper-gold mine in Indonesia. The mine itself is a joint venture between Freeport and state-owned Indonesia Asahan Aluminum, with the entities holding interests of 48.76 percent and 51.24 percent respectively. According to MDO, copper output for the mine in 2024 totaled 1.8 billion pounds.

Grasberg has undergone a transition from an open pit to an underground block cave, and expansion work continues at the site. As of the close of 2024, the mine had 469 open drawbells.

In September, the main Grasberg Block Cave suffered an ingress of wet material that killed seven workers and forced the closure of the operation. While Freeport stated that unaffected portions of Grasberg would open by the end of 2025, the Grasberg Block Cave would see a phased restart beginning in the second quarter of 2026, and increasing through the end of the year and into 2027.

Additionally, Freeport holds a 55 percent stake in the Cerro Verde copper-molybdenum complex in Peru. The mine routinely produces between 800 million and 1 billion pounds of copper and is expected to be in operation until 2052.

Its largest US based operation is its 72 percent owned Morenci mine in Arizona, which produced 700 million pounds in 2024. It also owns the Safford and Sierrita mines in the same state.

4. Glencore (LSE:GLEN,OTC Pink:GLCNF)

Copper production: 951,600 metric tons

Mining major Glencore copper production dipped by 6 percent in 2024 to 951,600 metric tons from the 1.01 million metric tons produced in 2023. The company’s 2024 annual report attributed the decline to lower planned production at its Antapaccay and Collahuasi mines due to factors including lower grades, water constraints and geotechnical challenges.

Located along Chile’s coast, Collahuasi is the company’s largest operation, a 44/44/12 joint operation between Glencore, Anglo American (LSE:AAL,OTCQX:NGLOY) and Japan’s Mitsui & Co. (OTC Pink:MITSF,TSE:8031). The mine produced 558,600 metric tons of copper in 2024.

The partners are working to build a large-scale desalination plant designed to help overcome water shortage issues. In Glencore’s third-quarter production report, it indicated that water restrictions at Collahuasi have eased since the staged commissioning started, with further improvements through Q4. Once open, it will provide 1,050 liters of desalinated water per second to the mine via a 194 kilometer pipeline.

Other significant copper-producing assets in the company’s portfolio include Antamina in Peru, Mount Isa in Australia and the Katanga Complex in the Democratic Republic of the Congo.

5. Southern Copper (NYSE:SCCO)

Copper production: 883,462 metric tons

A majority-owned, indirect subsidiary of Grupo Mexico (OTC Pink:GMBXF), Southern Copper recorded 883,462 metric tons of total copper production for 2024, a 6.9 percent increase over 2023. In the company’s 2024 results, the company attributed the increase to higher production across all operations, with a 10.7 percent increase from its Peruvian assets and a 4.3 percent increase from Mexican production.

The company operates major copper mines in Peru and Mexico and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.

Its largest copper-producing asset is the Buenavista mine in Northern Mexico, which sits atop one of the world’s largest porphyry copper deposits. According to MDO, the site produces approximately 700 billion to 750 billion pounds of copper per year.

Its other copper operations include the Cuajone and Toquepala mines in Peru and the La Caridad mine in Mexico.

6. Anglo American (LSE:AAL,OTCQX:NGLOY)

Copper production: 772,700 metric tons

British miner Anglo American reported a 6.5 percent decrease in copper production to 772,700 metric tons from 826,200 metric tons in 2023.

The company attributed the decline to lower recovery and grades at the Collahuasi and Los Bronces operations in Chile, noting that the planned closure of the Los Bronces processing plant also impacted production. The company holds a 44 percent stake in Collahuasi and 50 percent in Los Bronces.

In addition to Collahuasi, the company also owns a 60 percent stake in the Quellaveco mine in Peru, with Mitsubishi owning the remaining 40 percent. The open pit mine started operating in 2022 and, according to MDO, produced 675 million pounds of copper in 2024.

It also owns a 50 percent stake in the El Soldado mine in Chile, which it operates in partnership with Mitsui, which holds a 30 percent stake, and Mitsubishi Materials (OTC Pink:MIMTF), which holds the remaining 20 percent. Data from MDO shows that the mine produced 48,200 metric tons of copper in 2024.

On September 9, Anglo American announced plans to combine with Canadian mining giant Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) in a ‘merger of equals’ to form Anglo Teck, which would be headquartered in Canada. The merged company would focus on critical minerals and become a top-five global copper producer.

7. KGHM Polska Miedz (FWB:KGHA.F)

Copper production: 729,700 metric tons

Poland’s KGHM Polska Miedz has operations in Europe, North America and South America, and says that it controls over 40 million metric tons of copper ore resources worldwide. In 2024, KGHM produced 729,700 metric tons of copper, a slight increase from the 710,900 metric tons of copper produced in 2023.

According to MDO, KGHM’s largest operation is the Polkowice-Sieroszowice mine in Western Poland. The mine has been in operation since 1968 and produces approximately 430 million to 440 million pounds of copper annually.

The company’s Polish operations also include the Rudna mine, which produced 338 million pounds of copper last year, and the Lubin mine, which produced 156 million pounds.

Other options under the KGHM banner include the Robinson mine in Nevada, United States, and the 55 percent owned Sierra Gorda mine in Chile.

8. CMOC Group (OTC Pink:CMCLF,HKEX:3993)

Copper production: ~502,600 metric tons

CMOC Group is a new addition to the top 10 after its copper production jumped significantly in 2024, with its share of production from its joint venture copper-cobalt mines in the Democratic Republic of the Congo totaling approximately 502,600 metric tons. On a 100 percent basis, the company reported annual copper production of 650,161 metric tons.

The majority of CMOC’s copper production came from its Tenke Fungurume copper-cobalt mine, an 80/20 joint venture with the state-owned mining firm Gecamines. According to MDO data, the mine has experienced significant growth over the past few years, ramping up from 400 million pounds of copper in 2020 to 618 million pounds in 2023. In 2024, Tenke Fungurume’s copper production soared to 992 million pounds, or 450,138 metric tons.

Its other DRC mine is Kisanfu, a 71/24/5 joint venture with Chinese battery manufacturer Contemporary Amperex Technology (SZSE:300750) and the DRC government. The mine produced 200,013 metric tons of copper cathode in 2024, up substantially from 114,000 in 2023.

9. Antofagasta (LSE:ANTO,OTC Pink:ANFGF)

Copper production: 448,800 metric tons

Antofagasta’s share of copper production from its four joint venture operations in Chile totaled 448,800 metric tons in 2024.

The company’s largest operation is its 60 percent owned Los Pelambres mine, a joint venture with Mitsubishi. According to MDO, Los Pelambres’ copper production totaled 320,000 metric tons in 2024, up from 300,000 the previous year.

Its Centinela mine is another significant producer, with 224,000 metric tons of copper mined in 2024. The company is constructing a second concentrator at Centinela that, once it comes online in 2027, should add 144,000 metric tons of copper production annually and extend Centinela’s mine life by 15 years to 2051.

The company’s other Chilean joint ventures are the Antucoya and Zaldivar mines.

10. Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK)

Copper production: 358,910 metric tons

Rounding out the top 10 is Canada’s Teck Resources, which increased consolidated copper production by 50 percent in 2024, reaching 446,000 metric tons. On an attributable basis, the copper company’s production totaled 358,910 metric tons in 2024.

Much of the gain came from the ramp-up of the Quebrada Blanca mine in Chile. The mine started production in 2023 and produced just 122 million pounds of copper that year. 2024 saw a significant advancement, with the mine producing 458 million pounds of the red metal.

Teck holds a 60 percent ownership stake in the mine, while Japan’s Sumitomo (OTC Pink:SSUMF,TSE:8053) controls a 30 percent stake and Chile’s state-run Codelco owns the final 10 percent.

Teck also owns the Highland Valley mine in British Columbia, Canada. The mine is one of the largest open pit mines in Canada and produced 226 million pounds of copper in 2024.

Other copper operations in the Teck portfolio include Antamina in Peru and Carmen de Andacollo in Chile.

On September 8, Teck announced a planned merger of equals with Anglo American to focus on critical minerals and copper production. The combined company is set to be called Anglo Teck and will be headquartered in Canada. The merger is expected to take 12 to 18 months to be completed.

Investor Insight

Domestic Metals is advancing the Smart Creek Project in Montana, leveraging an option agreement with Rio Tinto and a newly expanded technical team to target world-class copper and gold discoveries.

Overview

Touted as a ‘central bottleneck of the electrified future’, copper is facing great demand outpacing supply. In a recent outlook, S&P Global estimates the market could potentially face as much as 10 million metric tons by 2040 in copper shortfall.

This gap strategically positions Domestic Metals as an opportunity for investors.

Domestic Metals (TSXV:DMCU,OTCQB:DMCUF,FSE:03E) is an exploration company focused on its flagship Smart Creek Project in Montana, where it aims to discover an underlying porphyry system and Carbonate Replacement Deposit (CRD).

Located in the premier mining-friendly jurisdiction of Montana, the state hosts world-class assets including the Butte Mine, which has produced over 22 billion pounds of copper, and Sandfire Resources’ (ASX:SFR) Black Butte project, containing an updated measured and indicated mineral resource of 18.9 million tonnes at 2.4 percent copper. Smart Creek’s potential is further bolstered by its proximity to significant discoveries like Ivanhoe Electric’s (NYSEAmerican:IE,TSX:IE) Hog Heaven project, which announced the intersection of a porphyry copper-gold-molybdenum system within a large, deep anomaly.

Rio Tinto previously drilled 26 out of 40 permitted sites at Smart Creek over 2.5 years, drilling towards a porphyry centre. The best hole returned 109.73 metres at 0.75 percent copper, which included 89 metres of 0.97 percent copper.

Further to the geology, Domestic Metals is led by a management and technical team with a distinguished track record in mine discovery, development, and multi-million-dollar financings. By leveraging relationships with industry majors and technical expertise in porphyry and CRD systems, Domestic Metals is rapidly advancing its targets toward discovery. This momentum is backed by a proactive approach to the current global critical metal demand and US government mandates prioritizing domestic base metal production.

Company Highlights

• Exceptional Surface Grades: The 2025 field campaign returned high-grade samples, highlighted by 102 g/t gold, 23.1 percent copper, and 3,810 g/t silver.
• World-Class Team: Dr. Peter Megaw, a globally recognized authority on Carbonate Replacement Deposits (CRDs) and discoverer of MAG Silver’s Juanicipio, has joined the team to guide exploration, together with President & CEO Gordon Neal who has had a successful track record building MAG Silver and New Pacific Metals
• Mining-Friendly Jurisdiction: Operations are focused in Montana, USA, a mining-friendly state ranked 6th in 2024 by the Fraser Institute for investment attractiveness, with a legacy of massive production at the nearby Butte Mine.

Key Project

Smart Creek Project – Montana, USA

The Smart Creek Project is strategically located 100 km southeast of Missoula and 20 km north of Philipsburg, Montana, and has year-round accessibility via a network of highways and gravel roads. The project hosts four compelling exploration targets including porphyry copper, epithermal gold, replacement, and exotic copper. It encompasses 4,187 hectares and features the same geological trend and age as the Butte Mine which has produced over 2.5 billion pounds of copper since 1985, with a projected 32 years of production ahead remaining.

The Smart Creek project is highly prospective for high-grade CRD, copper-gold porphyry systems, and epithermal gold deposits. Domestic Metals has identified four primary targets at Smart Creek:

• Smart Creek Target: Joint venture partner Rio Tinto previously intersected 109.73m at 0.75 percent copper.
• Sunrise Mine: A historical producer of high-grade gold-copper replacement mineralization, now showing potential for an underlying porphyry.
• Radio Tower: A large alteration footprint (1,000m x 1,300m) with coincident copper-in-soil anomalies and IP chargeability features.
• Smart Creek Exotic: A copper-gold porphyry target identified at depth.

Following a successful 2025 field campaign that significantly increased the mineralized footprint, the company is initiating a 27 line-kilometer electrical geophysics program to refine targets for a 10,000-meter diamond drill program commencing in Q1 2026.

Management Team

Gordon Neal – President, CEO & Director

A founding member of MAG Silver, Neal previously served as VP Corporate Development for Silvercorp Metals and President of New Pacific Metals. He has raised over $750M in the resource sector and has a proven history of building shareholder value through economic discoveries.

Dr. Peter Megaw, Ph.D., C.P.G. – Technical Advisor

Dr. Megaw is a world-renowned CRD expert with over 30 years of experience. He was instrumental in discovering the Juanicipio and Cinco de Mayo properties for MAG Silver, receiving the PDAC Thayer Lindsley Award in 2016 for these achievements.

Dan MacNeil, MSc PGeo – Technical Advisor

A copper and gold specialist with 25+ years of experience, MacNeil contributed significantly to discoveries at Eskay Creek and Donlin Creek. He provides essential technical oversight as a Qualified Person.

Dr. Alan Wainwright, PhD PGeo – Technical Advisor

With 25+ years in mineral exploration, Dr. Wainwright was a member of the Coffee Gold discovery team and completed his PhD research with Ivanhoe Mines at the world-class Oyu Tolgoi mine in Mongolia.

Stuart Ross – CFO

Stuart Ross has served as a senior officer and director for multiple public companies listed on the NASDAQ and TSXV, with extensive experience in the mining and merchant banking sectors.

Patricio Varas – Chairman of the Board

The former CEO of Western Potash, Varas was part of the discovery team for the Diavik Diamond Mine and held executive roles with Far West Mining.