Group 1 - The core viewpoint is that European copper mining stocks are poised for their best annual performance since 2016, driven by rising U.S. copper futures prices and the potential for continued growth in 2026 [1] - Citigroup analysts favor Glencore Plc as their top stock pick for 2026, expecting a 15% increase in the stock price over the next 12 months due to the company's efforts to boost copper production [1] - Oddo BHF highlights Rio Tinto Group's attractive development roadmap in copper, particularly with the ramp-up of its Simandou project in Guinea, which is expected to enhance iron ore production [1] Group 2 - Oddo mining analyst Maxime Kogge maintains a bullish outlook on mining stocks for next year, emphasizing that a significant slowdown in the Asian economy could negatively impact market sentiment [2] - Citic Construction's report indicates that gold and silver performed strongly last week, while other risk assets were weaker, with precious metals expected to dominate the market in 2025 [2] - The report outlines three phases for precious metals in 2025, influenced by factors such as tariffs and Federal Reserve policies, suggesting that copper will be the next major commodity to watch after gold and silver [2] Group 3 - Key copper mining stocks in the Hong Kong market include Luoyang Molybdenum (03993), Zijin Mining (02899), Minmetals Resources (01208), Jiangxi Copper (00358), China Nonferrous Mining (01258), and China Metallurgical Group (01618) [3] - Key players in the copper-clad board sector include Kingboard Laminates (01888) and Kingboard Chemical Holdings (00148) [3]

Core Viewpoint - CMOC Limited, a subsidiary of Luoyang Molybdenum Co., Ltd., plans to acquire 100% equity of Leagold LatAm Holdings B.V. and Luna Gold Corp. from Equinox Gold Corp. for a total of $1.015 billion, which includes $900 million in cash at closing and up to $115 million in contingent cash payments based on sales performance after one year [1] Group 1: Acquisition Details - The acquisition will provide CMOC Limited with full ownership of the Aurizona gold mine, RDM gold mine, and Bahia integrated mining area [1] - The total consideration for the acquisition is structured as $900 million in cash at closing and a contingent payment of up to $115 million based on sales performance [1] Group 2: Aurizona Gold Mine - Aurizona gold mine is located in Maranhão State, Brazil, near Godofredo Viana, less than 3 kilometers from the Atlantic Ocean [2] - The expected gold production for Aurizona in 2025 is between 70,000 to 90,000 ounces, with potential to extend the mine's life to 11 years and peak annual production exceeding 160,000 ounces [2] Group 3: RDM Gold Mine - RDM gold mine is situated in Minas Gerais State, Brazil, approximately 560 kilometers north of Belo Horizonte [3] - The expected gold production for RDM in 2025 is between 50,000 to 60,000 ounces [3] Group 4: Bahia Integrated Mining Area - The Bahia integrated mining area consists of Fazenda and Santa Luz gold mines, located within 55 kilometers of each other in Bahia State [4] - The combined gold production guidance for the Bahia integrated mining area in 2025 is between 125,000 to 145,000 ounces, with total gold resources of 5.013 million ounces and reserves of 3.873 million ounces [4]

证券代码：603993 证券简称：洛阳钼业 公告编号：2025-068 洛阳栾川钼业集团股份有限公司 关于收购金矿项目的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 洛阳栾川钼业集团股份有限公司（以下简称"公司"）控股子公司洛阳钼 业控股有限公司（以下简称"CMOC Limited"）及其下属新设全资子公司 17536682 Canada Inc.于北京时间 2025 年 12 月 14 日与加拿大上市公司 Equinox Gold Corp. （以下简称"EQX"）及其全资子公司 Leagold Mining Corporation 签署协议， CMOC Limited 拟以 10.15 亿美元（包括：交割时支付 9 亿美元现金，以及在交 割一年后与销量挂钩的最高 1.15 亿美元的或有现金支付），通过收购 EQX 旗下 Leagold LatAm Holdings B.V.（以下简称"LatAm"）和 Luna Gold Corp.(以下 简称"LGC")100%股权，获得 Aurizona 金矿、 ...

股票代码：603993 股票简称：洛阳钼业 编号：2025—069 洛阳栾川钼业集团股份有限公司 第七届董事会第八次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 洛阳栾川钼业集团股份有限公司（以下简称"本公司"或"公司"） 第七届董事会第八次临时会议通知于 2025 年 12 月 14 日以电子邮件 方式发出，会议于 2025 年 12 月 14 日以现场结合通讯方式召开。全 体董事一致同意豁免会议通知时限。会议应参加董事 9 名，实际参加 董事 9 名。本次会议的召集、召开符合相关法律法规和本公司《公司 章程》及有关规定，会议决议合法、有效。会议审议通过如下议案： 一、审议通过关于收购金矿项目的议案。 董事会同意公司控股子公司 CMOC Limited 及其下属新设全资子 公司 17536682 Canada Inc.与加拿大上市公司 Equinox Gold Corp. （以下简称"EQX"）及其全资子公司 Leagold Mining Corporation 1 二零二五年十二月十五日 2 签 ...

Core Viewpoint - CMOC Limited, a subsidiary of Luoyang Molybdenum Co., Ltd., has signed an agreement to acquire 100% equity in Leagold LatAm Holdings B.V. and Luna Gold Corp. from Equinox Gold Corp. for a total consideration of $1.015 billion, which includes $900 million in cash at closing and up to $115 million in contingent cash payments based on sales performance after one year [1] Group 1 - The acquisition involves obtaining full ownership of the Aurizona Gold Mine, RDM Gold Mine, and Bahia integrated mining complex [1] - The deal is structured with an initial cash payment and a contingent payment linked to sales, indicating a performance-based component to the acquisition [1] - The transaction is expected to enhance CMOC Limited's portfolio in the gold mining sector, expanding its operational footprint in Latin America [1]

智通财经APP讯，洛阳钼业(03993)发布公告，洛阳栾川钼业集团股份有限公司(以下简称"公司")控股子 公司洛阳钼业控股有限公司(以下简称"CMOC Limited")及其下属新设全资子公司17536682 Canada Inc.于 北京时间 2025 年 12 月 14 日与加拿大上市公司 Equinox Gold Corp.(以下简称"EQX") 及其全资子公司 Leagold Mining Corporation签署协议。 CMOC Limited 拟以 10.15 亿美元(包括：交割时支付9亿美元现金，以及在交割一年后与销量挂钩的最 高1.15亿美元的或有现金支付)，通过收购EQX旗下Leagold LatAm Holdings B.V.(以下简称"LatAm") 和 Luna Gold Corp.(以下简称"LGC")100%股权，获得Aurizona金矿、RDM金矿、Bahia综合矿区100% 权 益。 Aurizona 金矿位于巴西东北部马拉尼昂州(Maranhão State)戈多弗雷多・维亚纳镇(Godofredo Viana)附 近，距离大西洋入海口不足 3 公里。目前，该金矿的采矿作业 ...

Core Viewpoint - The company has approved a proposal to acquire gold mining projects for $1.015 billion, enhancing its asset portfolio in the mining sector [1] Group 1: Acquisition Details - The company’s subsidiary CMOC Limited and its newly established wholly-owned subsidiary plan to acquire 100% equity of Leagold LatAm Holdings B.V. and Luna Gold Corp. from Equinox Gold Corp. [1] - The acquisition includes full ownership of the Aurizona gold mine, RDM gold mine, and Bahia integrated mining area [1] - The payment structure involves $900 million in cash at closing, with up to $115 million in cash contingent on sales, payable one year after closing [1] Group 2: Board Approval - The proposal was approved with a unanimous vote of 9 in favor, with no votes against or abstentions [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 CMOC Group Limited* （ 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：03993） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 以下為洛陽欒川鉬業集團股份有限公司（「本公司」）於上海證券交易所網站 (www.sse.com.cn)所發佈《洛陽欒川鉬業集團股份有限公司關於收購金礦項目的公告》 以及《洛陽欒川鉬業集團股份有限公司第七屆董事會第八次臨時會議決議公告》。 承董事會命 洛陽欒川鉬業集團股份有限公司 劉建鋒 董事長 中華人民共和國河南省洛陽市， 二零二五年十二月十五日 於本公告日期，執行董事為劉建鋒先生、彭旭輝先生及闕朝陽先生（職工董事）； 非執行董事為林久新先生、蔣理先生及馬飛先生；及獨立非執行董事為王開國先生、 顧紅雨女士及程鈺先生。 * 僅供識別 证券代码：603993 证券简称：洛阳钼业 公告编号：2025-068 洛阳 ...

Core Insights - The report maintains a "Buy" rating for the non-ferrous metals sector, with copper prices stabilizing at $11,000 per ton, indicating a positive outlook for the industry [2][3] - The report highlights the expected slight decline in industrial metal prices due to the Federal Reserve's interest rate cut, while maintaining a medium-term upward trend for copper prices [6] Industrial Metals and Steel - The Federal Reserve's interest rate cut is anticipated to lead to a slight decline in industrial metal prices. Copper prices reached a historical high of $11,800 per ton on December 11, 2025, with COMEX copper inventories hitting a record 410,000 tons [6] - The report notes a balanced supply-demand situation in the steel market, with a 1% decrease in rebar procurement in Shanghai and a 1.5 percentage point drop in blast furnace operating rates [6] - Key companies to watch include Jiangxi Copper, Tongling Nonferrous Metals, and China Molybdenum [6] Gold - The Federal Reserve's interest rate cut is expected to solidify the long-term upward trend in gold prices. Initial jobless claims in the U.S. rose to 236,000, exceeding expectations [6] - Companies of interest in the gold sector include Zhaojin Mining and Zhongjin Gold [6] Minor Metals - The report expresses optimism regarding cobalt prices, with a slight decrease in electrolytic cobalt prices to 410,000 yuan per ton. The supply-demand gap is expected to widen following the implementation of new export quotas from the Democratic Republic of Congo [6] - Companies to monitor include Huayou Cobalt and Tianqi Lithium [6] Company Valuation and Financial Analysis - The report provides a detailed valuation and financial analysis of key companies in the sector, with several companies rated as "Buy" based on their expected performance over the next 12 months. For instance, Luoyang Molybdenum is rated with a target price of 19.74 yuan per share, while China Aluminum is rated with a target price of 13.02 yuan per share [7]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]