Core Insights - The world's largest mining companies have experienced stock losses nearing 30% since the onset of the war, with copper entering a bear market, silver down 40% from its peak, and gold facing its worst week in decades [1][2] Market Performance - Gold futures fell by $225 an ounce, closing at $4,492, marking a 3.5% decline for the day and over 11% for the week [1] - Silver dropped to $67.81, a 6.9% decrease from the start of trading on Friday [1] - Copper ended the day down 4.0% at $5.30 per pound ($11,690 per tonne), with a weekly decline of 7.4% [2] Company-Specific Impacts - Newmont's stock is down 26.3% since the war began, trading at a market cap of $104 billion, down from $143 billion [3][4] - Barrick Mining has seen a 26.8% decline, with a market cap of $62 billion, down $27 billion since late January [4] - Teck Resources holds a royalty on Barrick's Fourmile gold project, which could significantly impact Barrick's valuation [5] Other Mining Companies - AngloGold Ashanti's shares have plummeted 37.4% in March, resulting in a market value of $40 billion, while Gold Fields lost 33.6% to $35 billion [5] - Wheaton Precious Metals has fallen nearly 30% since the conflict began, now valued at $52 billion [6] - Fresnillo's shares are down 31.3% in March, reducing its market cap to $30 billion [7] Broader Industry Trends - BHP's shares have decreased by 20.0%, with a market cap of $168.58 billion, despite record profits [8] - Glencore has only lost 4.3% since the start of the conflict, now valued at $81 billion, making it the best performer among major mining companies year-to-date [18] - Vale's stock has declined by 18.2%, with a market cap of $61 billion, positioning it as one of the better-performing large-cap miners [20]

点击蓝字，关注我们 今日上午港股 1. 珠光控股(01176)盘中跌超33%，截至发稿，跌25.64% 。消息面上，3月19日，珠光控股发布公告， 于本公告日期，本公司独立估值师及核数师未能完成彼等各自于2025财政年度的估值及审计工作，包 括但不限于以下方面：投资物业、发展中物业及完成待售物业；贸易应收款项及其他应收款项的预期 信贷亏损评估；投资于一间联营公司(即银建国际控股集团有限公司，其股份于联交所主板上市，股 份代号：0171)；及本集团综合财务报表所载若干重大项目的审计确认书。 2 . 部分黄金股回暖，截至发稿， 紫金黄金国际(02259)涨6.89%，灵宝黄金(03330)涨7.31%，中国黄金 国际(02099)涨2.59%，中国白银集团(00815)涨2.11% 。消息面上，贵金属市场在遭遇暴跌后反弹，现 货黄金一度回升至4700美元上方。 3 . 派格生物医药-B(02565)涨超6% 。消息面上，派格生物医药公布，近日与上海腾瑞制药股份有限公 司就公司核心产品派达康在中国大陆地区的商业化合作签署战略合作协议。 4. 晶苑国际(02232)绩后跌超4%，截至发稿，跌2.03% 。消息面上，3 ...

Core Viewpoint - Leocor Mining Inc. is planning a VTEM Survey at its Baie Verte gold-copper exploration project to generate critical data for assessing primary drilling targets following the discovery of a VMS style mineralizing system [1][2][3]. Group 1: Project Overview - The Baie Verte project covers an area of 2,002 hectares and is located on the north central coast of Newfoundland, Canada [1]. - The project is part of a contiguous exploration corridor that includes several other projects such as Dorset, Dorset Extension, Copper Creek, and Five Mile Brook [11]. Group 2: Survey Details - The VTEM Survey will cover the entire project area and is expected to provide essential data for follow-up drilling [2]. - The survey aims to utilize electromagnetic methods to identify the strong conductivity contrast between massive sulphide mineralization and surrounding host rocks [2][5]. Group 3: Mineralization Insights - Last summer's drill program identified a VMS style mineralizing system within the Copper Creek section of the Baie Verte project [2]. - VMS deposits are characterized by high concentrations of sulphide minerals and are formed through hydrothermal discharge in submarine volcanic environments [4]. Group 4: Technology and Methodology - The VTEM system operates on the principle of time-domain electromagnetic induction, using a helicopter to generate a primary electromagnetic field [6]. - The system measures the time rate of change of the secondary magnetic field induced by eddy currents in conductive bodies, such as massive sulphide lenses [6].

Core Insights - BGFBeauce Gold Fields reports positive analytical results from apatite rock samples at the CH-98 Phosphate Property, confirming the presence of high-grade phosphate values [1][2][5] - The company aims to enhance North America's phosphate supply chain through its Québec Phosphate strategy, focusing on near-surface targets [2][18] Analytical Results - Apatite rock samples from the CH-98-61 outcrop showed significant P₂O₅ values, with the highest sample yielding 8.07% P₂O₅, consistent with historical data [5][6] - COREM's metallurgical tests indicated that apatite can be upgraded to a high-grade concentrate, achieving grades up to 38.9% P₂O₅ with a recovery rate of 93.4% [8][10] Next Steps - The company plans to advance exploration activities, including detailed mapping, channel sampling, and further metallurgical evaluations to assess the scale of apatite mineralization [9][19]

Core Viewpoint - Gold Fields (GFI) has experienced a downtrend, losing 14.4% over the past week, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure, suggesting that bulls may be gaining control [2][5]. - A hammer pattern forms when there is a small difference between opening and closing prices, with a long lower wick, indicating that the stock found support after hitting a new low during a downtrend [4][5]. - This pattern can occur across various timeframes and is utilized by both short-term and long-term investors [5]. Fundamental Analysis - Recent upward revisions in earnings estimates for GFI are a bullish indicator, as they correlate strongly with near-term stock price movements [7]. - Over the last 30 days, the consensus EPS estimate for GFI has increased by 8.7%, indicating that analysts expect better earnings than previously predicted [8]. - GFI holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10].

Core Insights - Gold Fields Limited (NYSE:GFI) is recognized as one of the best gold stocks to buy according to analysts, showcasing strong financial and operational performance in 2025 [2][8]. Financial Performance - The company reported an adjusted free cash flow increase to $2.97 billion in 2025, up from $605 million in 2024 [3]. - Normalized profit surged by 119% to $2.68 billion or $3 per share in 2025, compared to $1.23 billion or $1.37 per share in 2024 [3]. Dividend Policy - Gold Fields declared a final dividend of R18.50 per share, which is 164% higher than the previous year's final dividend. The total dividend for the year amounts to R25.50 per share (approximately US$1.60 per share), representing 35% of free cash flow before discretionary investments [4]. Operational Overview - The company operates nine mines and major projects across multiple countries, including Australia, South Africa, Ghana, Peru, and Chile, producing roughly 2 million gold-equivalent ounces annually [5]. - Gold Fields is focused on enhancing the quality of its production base through asset acquisitions and has disposed of a 19.5% stake in Galliano Gold, along with agreements for the sale of a portfolio of royalties for US$167 million in cash [4].

Summary of EEMEA Equity Strategy Conference Call Industry Overview - The analysis focuses on the EEMEA (Eastern Europe, Middle East, and Africa) equities, particularly in the context of geopolitical tensions in the Middle East over the past three years [1][2][11]. Key Insights Sensitive and Resilient Equities - **Sensitive Equities**: Egypt and Turkey are identified as the most sensitive equities due to their proximity to conflicts and economic dependencies. Egypt is a net oil importer and relies heavily on tourism and the Suez Canal [3][19]. - **Resilient Equities**: South African gold miners and Central and Eastern European (CEE) refiners are noted as resilient sectors. The resilience is attributed to a global flight to safety and tighter refining product markets [4][11]. Market Performance During Geopolitical Tensions - Historical data indicates that MENA equity drawdowns during geopolitical tensions average around 5% in both absolute and relative terms compared to emerging markets (EM). Markets typically recover within 1-3 weeks [5][15]. - Recent declines since the US-Israel-Iran situation began include: Saudi Arabia (-2.1%), Egypt (-5.6%), Qatar (-4.3%), and Kuwait (-2.1%) [5][21]. Sector Performance - The most resilient sectors identified include Energy, Petrochemicals, Consumer Staples, Telecommunications, and Utilities. However, Energy and Petrochemicals remain vulnerable to disruptions in the Strait of Hormuz [3][4]. Stock Performance Analysis - A detailed stock screen was conducted, identifying the top 40 most sensitive and resilient stocks in EEMEA. The analysis included performance metrics such as market capitalization and average daily trading volume [12][14]. - For instance, Talaat Moustafa Group (Egypt) and Jabal Omar (Saudi Arabia) are among the most sensitive stocks, with performance declines of -16% and -15% respectively since February 19, 2026 [12]. Historical Context - The Gulf War (1990-91) saw a significant decline of approximately 13% in Middle Eastern equities, which remained range-bound until the conflict resolution. Current sell-offs are noted to be less severe and more contained [5][15]. Additional Important Points - The UAE equity markets are set to reopen on March 4, 2026, and are particularly exposed to potential de-risking flows due to their status as the most owned MENA market among global emerging market funds [3]. - The analysis emphasizes that while the recent past provides insights, the fluid nature of geopolitical conditions means that risks may not be fully captured by historical data [2]. Conclusion - The EEMEA equity landscape is significantly influenced by geopolitical tensions, with varying impacts on different countries and sectors. Investors are advised to consider both sensitive and resilient stocks when navigating this complex environment.

Industry Overview - Gold stocks have experienced significant growth, with gold prices surpassing $5,500 per ounce, driven by geopolitical tensions and central bank buying [1] - Gold rallied approximately 65% in 2025, with analysts suggesting further potential gains due to its historical performance during credit tightening periods [2] - Deutsche Bank indicates that the conditions for gold prices do not suggest a sustained reversal, contrasting current circumstances with past weaknesses [3] - Barclays strategists highlight the resilience of gold demand despite high prices, attributing it to geopolitical tensions and policy uncertainties [4] - Factors such as Federal Reserve easing and de-dollarization trends are expected to sustain gold demand into 2026 [5] Company Highlights Gold Fields Limited (NYSE:GFI) - Gold Fields reported strong 2025 results, with production at the upper end of guidance and costs within expected ranges [9] - The company’s adjusted free cash flow increased to $2.97 billion from $605 million in 2024, with normalized profit rising 119% to $2.68 billion [10] - A final dividend of R18.50 per share was declared, representing a 164% increase from the previous year, aligning with the company's policy to return 35% of free cash flow to shareholders [11] - Gold Fields operates nine mines globally, producing approximately 2 million gold-equivalent ounces annually [12] Centerra Gold Inc. (NYSE:CGAU) - Centerra Gold's board approved a quarterly dividend of C$0.07 per share, amounting to about $10.2 million, to be paid in March 2026 [13] - The company reported a 33% increase in fourth-quarter revenue to $401.6 million, with full-year revenue up 14% to $1.38 billion [15] - Adjusted net earnings surged 127% in the fourth quarter and 50% for the full year, with gold production expected to range between 250,000 and 280,000 ounces in 2026 [15][16] - Centerra Gold focuses on stable operating performance and disciplined cost management to enhance margins and generate strong cash flow [16]

Group 1 - Ghana's new mineral resource tax system will double the current royalty rates, with a proposed tiered tax rate ranging from 5% to 12% based on gold prices, which have recently exceeded $5,100 per ounce [1] - Gold Fields, a major mining company, is projected to pay nearly $240 million in royalties annually under the new tax regime, significantly higher than the $9.88 million paid in 2025 when gold prices were around $2,300 per ounce [2] - The Ghana Chamber of Mines has expressed concerns over the heavy tax burden on mining companies, which currently includes a 5% royalty and a 35% corporate tax, advocating for a narrower tax range of 4% to 8% [2] Group 2 - The new tax regulations coincide with critical periods for major mining companies, as Newmont Mining's stability agreement will expire in December 2025, and other companies will transition to the new royalty framework by 2027 [3] - The government could potentially gain an additional $800 million to $1.2 billion annually from the increased mineral resource tax, depending on whether mining companies can maintain production levels and attract investment [3]

Core Viewpoint - Au Gold Corp has filed a National Instrument 43-101 Technical Report related to its acquisition of a 100% interest in the Havelock Gold-Antimony Project, located in the Victorian gold fields of Australia, with the transaction expected to close around March 4, 2026 [1] Group 1: Acquisition Details - The Havelock Gold-Antimony Project spans 11,663 hectares and is situated between Bendigo and Ballarat in Australia [1] - The acquisition agreement was made with Leviathan Gold Australia, a subsidiary of Leviathan Metals Corp, and has received conditional approval from the TSX Venture Exchange [1] - The company plans to conduct follow-up exploration work after the acquisition is finalized [2] Group 2: Technical Report Findings - During the preparation of the Technical Report, seven rock samples were collected, with gold assays ranging from below detection to 12.2 g/t gold [2] - One notable sample returned 12.20 g/t gold and 0.18% antimony, located approximately 1,300 meters northwest of the McFarlane Shaft, where historical gold-antimony was documented [2] Group 3: Investor Relations Services - The company has engaged David Jan Consulting for investor relations services at a monthly rate of less than $3,000, with the agreement dated February 24, 2026 [3] - Additionally, an agreement with Northern Venture Group Inc. for investor relations services, including market research and digital marketing, has been established, with a monthly fee of $2,000 for a term expiring on July 31, 2026 [5] Group 4: Company Overview - Au Gold Corp is focused on advancing its flagship Havelock gold-antimony project and the Ponderosa gold project in British Columbia, Canada [7]