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]

Loulo-Gounkoto gold mining complex. Credit: Barrick Barrick Mining (NYSE: B; TSX: ABX) says it has reached an agreement with Mali’s government to end their dispute, removing uncertainty surrounding the operation of its Loulo-Gounkoto complex in the African nation. Its stock surged.In a press release Monday, the Toronto-based gold miner confirmed that the Malian state has dropped all charges against the company and its affiliates and return operational control of Loulo-Gounkoto to Barrick. The government wil ...

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]

Key Takeaways B's Q3 gold production fell 12% year over year to 829,000 ounces, pressuring sales volumes and unit costs.The company now sees full-year 2025 output tracking near the low end of its 3.15-3.5M-ounce range.Barrick expects Q4 to be its highest-producing quarter, though Hemlo and Tongon divestments will weigh.Barrick Mining Corporation (B) saw a 12% year-over-year decline in third-quarter 2025 gold production to 829,000 ounces. This follows a roughly 16% year-over-year decline in the prior quarter ...

Core Viewpoint - Activist investor Elliott Management has acquired a significant stake in Barrick Mining, prompting the company to evaluate the potential for splitting its operations [1] Company Summary - Elliott Management is pressuring Barrick Mining, a producer of gold and copper, to consider a strategic separation of its business segments [1]

Core Insights - Gold prices have surged to over $4,000 per ounce in October, marking a 144% increase since 2022, driven by geopolitical tensions and demand for safe-haven assets [1] - Barrick Mining Corporation's share price has increased over 140% year-to-date, supported by a strong balance sheet and solid North American assets [1][5] - Elliott Management has acquired a stake of at least $700 million in Barrick, indicating significant interest in the company's operations and potential restructuring [2][3] Company Performance - Barrick Mining, a major gold and copper producer, has seen its stock rise by 112% over the last year, with a 143% increase since January, reflecting renewed investor interest [5] - The company trades at a forward price-to-earnings (P/E) ratio of 16.60x, slightly above the sector average of 15.54x, indicating investor willingness to pay a premium for its growth prospects [6] Dividend Strategy - Barrick has increased its base quarterly dividend by 25% to $0.125 per share, with an additional performance dividend of $0.05, totaling $0.175 per share quarterly [7] - The annual yield stands at 1.22%, and the forward payout ratio is just 24.17%, suggesting potential for continued dividend growth without hindering other projects [8]