Group 1 - Barrick Mining Corporation announced the resignation of Ben van Beurden as a Director and Lead Independent Director, with Loreto Silva appointed as his successor [1] - John Thornton, Chairman of the Board, expressed gratitude for Ben's contributions and emphasized the Board's commitment to delivering long-term value for shareholders [2] - Barrick is recognized as a leading global mining company with a significant portfolio of gold and copper assets, including six Tier One gold mines, operating in 18 countries across five continents [2]

Core Insights - The First Eagle Overseas Equity ETF achieved a return of 7.27% in the third quarter of 2025, indicating strong performance across all regions [3]. Performance Summary - North America and emerging markets were significant contributors to the ETF's performance during the quarter [3].

Core Viewpoint - Copper prices are expected to rise further in 2026 due to tightening supply, increasing market deficits, and mine disruptions, with UBS upgrading its yearly outlook significantly [1][3]. Price Forecasts - UBS raised its March 2026 copper target by $750 per metric ton to $11,500, and increased its June and September forecasts by $1,000 each to $12,000 and $12,500 respectively [2]. - A new December 2026 target of $13,000 per ton has also been introduced [3]. Supply and Demand Dynamics - UBS projects a 230,000-ton shortfall in copper supply for 2025 and a 407,000-ton deficit for 2026, significantly higher than previous estimates, as refined output growth is expected to slow to 1.2% and 2.2% for the two years [3]. - Global copper consumption is anticipated to grow by 2.8% in both 2025 and 2026, driven by sectors such as electric vehicles, renewable energy, grid upgrades, and data center construction [6]. Mine Disruptions - Multiple mine disruptions have been noted, including lower-than-expected recoveries in Chile and ongoing unrest in Peru, alongside operational issues at Freeport-McMoRan's Grasberg complex in Indonesia [4]. - Freeport-McMoRan is recovering from a September mudflow incident at the Grasberg Block Cave, which halted operations and resulted in a production target reduction from 700,000 tons to 478,000 tons for 2026 [5]. Strategic Importance and Government Policy - The strategic importance of copper is reshaping government policy, with the U.S. government prioritizing the securing of copper and other critical minerals as a matter of national security [8]. - The U.S. Export-Import Bank (EXIM) plans to invest $100 billion to reduce dependence on China and Russia, with significant funding already allocated to projects like Barrick's Reko Diq in Pakistan [9].

Core Insights - The First Eagle Global Equity ETF achieved a return of 1.80% in Q3 2025, indicating positive performance across all regions [2] Performance Summary - North America contributed significantly to the overall performance of the Global Equity ETF [2]

Core Viewpoint - Barrick Mining has reached an agreement with the Malian government, ending a two-year dispute that halted operations at its key gold mine, resulting in a significant rise in its stock price to a thirteen-year high [1][2]. Group 1: Agreement Details - Barrick will regain operational control of the Loulo-Gounkoto mine and withdraw its arbitration request against Mali, while Mali will drop its accusations against Barrick and take legal steps to release four employees previously detained [1][2]. - The agreement includes Barrick's acceptance of Mali's 2023 mining code, which was previously resisted, and a settlement payment, with the Loulo mining license expected to be renewed for ten years [1][2]. - Mali's Finance Minister stated that the new agreement and the 2023 mining code are expected to generate approximately 90 billion West African francs (about $159 million) annually for the government, in addition to royalties and equity shares [1]. Group 2: Impact on Operations and Stock - Following the announcement, Barrick's stock price surged by 8.2% to $39.54, marking the highest level since October 2012 [2]. - The dispute had severely impacted Barrick's stock performance, preventing the company from fully benefiting from record-high gold prices this year [2]. - The Loulo-Gounkoto mine is one of Barrick's most important assets, producing 723,000 ounces of gold last year, accounting for approximately 18% of the company's annual gold output [2]. Group 3: Future Outlook - The West Africa Director of Barrick indicated that the mine could resume operations by the end of the year [3]. - Analysts believe the agreement may enhance market perception of Barrick's asset quality and investor confidence, which is crucial for narrowing the valuation gap with peers [3]. - Following the dispute and the sudden departure of the former CEO, Barrick aims to refocus its operations on North America, particularly its Nevada gold mines and the Pueblo Viejo mine in the Dominican Republic [4].

Core Insights - Gold prices are stabilizing and showing an upward trend following an initial decline attributed to the tech-driven AI downturn [1] Group 1 - The initial upset in gold prices was linked to a broader decline in technology stocks driven by AI developments [1] - Current trends indicate that gold is recovering and gaining strength in the market [1]

Core Viewpoint - Barrick Mining has reached an agreement with the Malian government to resolve a dispute, restoring operational control of the Loulo-Gounkoto gold mining complex and leading to a surge in its stock price [1][2]. Group 1: Agreement Details - The Malian government has dropped all charges against Barrick and its affiliates, allowing the company to regain operational control of the Loulo-Gounkoto complex [1][2]. - In exchange for the release of four Barrick employees detained for a year, Barrick will withdraw its arbitration case against Mali [2]. - This agreement officially concludes a two-year dispute over one of Africa's largest mining assets [3]. Group 2: Operational Impact - The Loulo-Gounkoto complex produced 723,000 ounces of gold last year, ranking among the top 10 global producers [3]. - Barrick holds an 80% ownership stake in the mine, with Mali retaining 20% [3]. Group 3: Financial Performance - Following the announcement of the dispute resolution, Barrick's shares reached a new 52-week high of $39.02, with a market capitalization nearing $62 billion [4]. - Year-to-date, Barrick's stock has increased over 143%, outperforming competitors Newmont and Agnico Eagle Mines [4]. Group 4: Historical Context - The dispute originated in 2023 when Mali imposed a new mining code and demanded significant economic benefits and taxes from Barrick [5]. - The situation escalated when the Malian state seized Barrick's gold, leading to a suspension of operations and provisional administration [5]. - Barrick had to write off $1 billion in revenue from the Malian operation and experienced a leadership change with the departure of former CEO Mark Bristow [6].

Core Insights - The US Export-Import Bank (EXIM) plans to invest $100 billion to support the Trump administration's strategy for achieving global energy dominance [1] - The investment aims to reduce the West's reliance on supplies from China and Russia, which is viewed as unfair [2] Investment Focus - The first tranche of investments will target Egypt, Pakistan, and Europe, including $4 billion in natural gas to Egypt and a $1.25 billion loan for the Reko Diq copper mine in Pakistan [3] - EXIM is finalizing several larger deals related to critical minerals, indicating readiness to engage in pacts with allies like Australia [4] Energy Security Initiatives - There is a heightened emphasis on energy security, with ongoing discussions about nuclear projects in southeast Europe involving US companies [5] - Last year, EXIM supported $1.6 billion in green energy projects, marking a 74% increase compared to 2023 [5] LNG Developments - EXIM has received requests for support in LNG from Europe, Africa, and Asia, with potential announcements of multibillion-dollar LNG supply deals forthcoming [6]

Core Insights - Barrick Mining Corporation has reached an agreement with the Government of Mali to resolve all disputes related to the Loulo and Gounkoto mines, leading to the dropping of all charges against the company and its employees [1] - The provisional administration of the Loulo-Gounkoto complex will be terminated, allowing Barrick to regain operational control [1] - As part of the settlement, Barrick's subsidiaries will withdraw arbitration claims pending before the International Centre for Settlement of Investment Disputes (ICSID) [1] Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets, including six Tier One gold mines [2] - The company operates in 18 countries across five continents and is the largest gold producer in the United States [2] - Barrick aims to create long-term value for stakeholders through responsible mining practices and strong partnerships [2]

Core Insights - Wall Street experienced a rebound on November 21, 2025, with all three major stock indices rising nearly 1% due to investor optimism about a potential rate cut in December following dovish comments from John Williams, president of the Federal Reserve Bank of New York [1] Market Conditions - Despite the rebound, concerns over overvalued AI stocks persist, which could lead to a sell-off in the broader market at any time [2] Investment Strategy - In the current unstable environment, equity investors are advised to avoid high-priced stocks and consider dividend-growth stocks, as these companies typically exhibit strong financial health and provide a defensive hedge against economic uncertainty [3][5] - Dividend-growth stocks are characterized by a history of increasing dividends, which offers downside protection and potential for capital appreciation [5][6] Selected Dividend Growth Stocks - Five dividend growth stocks identified as solid choices include: - **Cardinal Health (CAH)**: Expected fiscal 2026 revenue growth of 16.2%, long-term earnings growth rate of 13.9%, and an annual dividend yield of 0.98% [12][13] - **Barrick Mining (B)**: Projected 2025 revenue growth of 21.5%, long-term earnings growth rate of 38.4%, and an annual dividend yield of 1.64% [14] - **NetEase (NTES)**: Anticipated 2025 revenue growth of 10.4%, long-term earnings growth rate of 9.9%, and an annual dividend yield of 1.70% [15] - **Lam Research (LRCX)**: Expected fiscal 2026 revenue growth of 14.1%, long-term earnings growth rate of 20.3%, and an annual dividend yield of 0.73% [16] - **Enersys (ENS)**: Projected fiscal 2026 revenue growth of 4%, long-term earnings growth rate of 15%, and an annual dividend yield of 0.76% [17] Selection Criteria - The selection of these stocks is based on criteria such as multi-year growth in dividends, sales, earnings per share (EPS), and undervaluation metrics [10][11] - Stocks selected have shown historical growth in dividends, sales, and EPS, indicating strong fundamentals and potential for sustained dividend payments [8][9]