WhiteHawk Energy Funding, Investors & Competitors

Rio Tinto is a global diversified miner. Iron ore is its major commodity, with lesser contributions from copper and aluminum. Lithium, diamonds, gold, and industrial minerals are more minor contributors. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore US oil and gas assets were sold in 2018, and the remaining Petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and half of the Vicuna copper joint venture in fiscal 2025. It is entering the potash market through the development of its Jansen project in Canada. However, due to low prices, BHP placed its nickel business on care and maintenance in 2024.

Southern Copper Corp is an integrated producer of copper and other minerals and operates the mining, smelting, and refining facilities in Peru and Mexico. Its production includes copper, molybdenum, zinc, and silver. The company operates through the following segments: Peruvian operations, Mexican open-pit operations, and Mexican underground mining operations. It generates the majority of its revenue from the sale of copper and the rest from the sale of non-copper products, such as molybdenum, silver, zinc, lead, and gold. The company's geographical segments are The Americas, Europe, and Asia.

Rio Tinto is a global diversified miner. Iron ore is its major commodity, with lesser contributions from copper and aluminum. Lithium, diamonds, gold, and industrial minerals are more minor contributors. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity, with shareholders in each company having equivalent economic and voting rights. Major assets included the Pilbara iron ore operations, a 30% stake in the Escondida copper mine, 66%-ownership of the Oyu Tolgoi copper mine in Mongolia, the Weipa and Gove bauxite mines in Australia, and six hydro-powered aluminum smelters in Canada.

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 11 mines and interests in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea. The company is expected to sell roughly 5.6 million ounces of gold in 2025 from its core mines after selling six higher-cost, smaller mines following the Newcrest acquisition. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves, along with significant byproduct reserves at the end of December 2024.

Zijin Mining Group Co Ltd is focusing on the exploration and development of gold and copper and other metal mineral resources. The company's operating segment includes mining products segment; refined products segment; trading; and others. It generates maximum revenue from the Refined products segment. The products of refined products segment are refined copper, refined, processed gold and silver, refined zinc bullion, and sulphuric acid. Geographically, the majority is derived from Mainland China.

Agnico Eagle is a gold miner with mines in Canada, Mexico, Finland, and Australia. Agnico operated just one mine, LaRonde, as recently as 2008 before bringing its other mines online in rapid succession in the following years. It merged with Kirkland Lake Gold in 2022, acquiring the Detour Lake and Macassa mines in Canada along with the high-grade, low-cost Fosterville mine in Australia. It sold around 3.4 million gold ounces in 2025 and had about 15 years of gold reserves at end 2025. Agnico Eagle is focused on increasing gold production in lower-risk jurisdictions and bought the remaining 50% of its Canadian Malartic mine along with the Wasamac project and other assets from Yamana Gold in 2023.

Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.1 million metric tons of copper (its share) in 2025, making it the one of the world’s largest copper miners by volume. It also sold about 530,000 ounces of gold, mostly from Grasberg, and 74 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2025. We expect it to sell about 1.3 million metric tons of copper and 610,000 ounces of gold midcycle in 2030.

Grupo Mexico SAB de CV is a holding company that operates in the mining-metallurgic industry, the exploration, exploitation, and benefit of metallic and non-metallic ores, multimodal freight railroad service, and infrastructure development. The majority of the group's revenue is generated from mining.

Howmet Aerospace Inc offers engineered solutions for the aerospace and transportation industries. The company's products and solutions include investment castings for jet engines and industrial gas turbines; seamless rolled rings for jet engines; fastening systems for aerospace, industrial and commercial transportation applications; forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts; and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors. It has four reportable segments: Engine Products, which derives key revenue, Fastening Systems, Engineered Structures, and Forged Wheels. Geographically, the company derives maximum revenue from the USA, followed by France, Japan, Germany, and other markets.

Glencore is one of the world’s largest commodities traders, active in markets for metals and minerals, and energy products. Its marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. Its mining or industrials business produces thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners who are generally reducing their exposure to coal, it plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. We agree. It also expanded its coking coal exposure via the purchase of 77% of Teck's metallurgical coal business in July 2024.

Wheaton Precious Metals Corp is a precious metal streaming company. Its reportable segment includes: Gold, Silver, Palladium, Platinum, Cobalt, and Other. It generates its revenue from the sale of precious metals (gold, silver and palladium) and cobalt.

Saudi Arabian Mining Co, along with its subsidiaries, is involved in the development of mineral resources in Saudi Arabia. Its activities include the mining of gold, phosphate rock, bauxite, low-grade bauxite, kaolin, and magnesite. It carries out its mining activities at Mahd Ad-Dahab, Bulghah, Al-Amar, Sukhaybarat, As Suq, Ad Duwayhi, Al-Jalamid, Al-Khabra, Az Zabirah, Al-Ghazallah, and Al-Ba'itha mines. It operates through various segments such as phosphate, aluminum, precious & Base Metals and New Minerals, and All other. Its geographical segments are Europe, Spain, and the Indian Subcontinent.

Vale is a large global miner and the world’s largest producer of iron ore and pellets. In recent years the company has sold noncore assets such as its fertilizer, coal, and steel operations to concentrate on iron ore, nickel, and copper. Earnings are dominated by its iron ore business. The base metals division is much smaller, consisting of nickel mines and smelters along with copper mines producing copper in concentrate. In 2024, Vale sold a minority 10% stake in its base metals business, likely the first step in separating base metals and iron ore.

Xiamen Golden Egret Special Alloy is a Xiamen-based manufacturer producing tungsten powders and related products. Through gesac.com.cn, it supplies cemented carbide materials, thermal spray powders, and precision tools to global industries including mining, aerospace, and machining.

Lingbao Wason Copper Foil is a Chinese manufacturer of high-performance copper foil for lithium-ion batteries in electric vehicles, personal computers, and electronic equipment. Operating from Henan province, it supplies major battery producers with ultra-thin foils meeting stringent conductivity and flexibility standards.

Alcoa Saudi Arabia is a joint venture between Alcoa and the Ma'aden Mining Company operating a bauxite mine in central Saudi Arabia. Launched in 2014, it supplies raw materials to aluminum smelters as part of a fully integrated complex.

Copper World is an Arizona-based developer of the Copper World Project near Dudleyville. The open-pit mine targets 44 million tonnes of ore grading 0.54 percent copper, producing 400 million pounds annually via flotation and oxide leaching. Feasibility studies completed in 2022 support a 22-year mine life.