Summary of Mining Equities Conference Call Industry Overview - **Sector Performance**: In 2025, mining equities outperformed equity benchmarks, primarily driven by gold and copper, while ferrous metals and energy remained flat or declined [1][15] - **2026 Outlook**: Expectations for copper, aluminium, and lithium to outperform due to supply constraints and energy transition, with a cautious view on traditional end markets in developed economies [2][15] Key Commodities Insights Copper - **Market Dynamics**: The medium-term outlook for copper remains bullish, with expectations of market tightness in 2026 due to limited growth in global mine output and a deficit in refined output [3][4] - **Investment Opportunities**: Freeport is highlighted as a top pick due to its discounted valuation and expected production recovery at the Grasberg mine [4][23] Aluminium - **Demand vs Supply**: The outlook for aluminium is mixed; while demand holds up, supply constraints are expected, particularly from China and developed markets [5][24] - **Investment Recommendation**: A buy recommendation for Norsk Hydro is reiterated, with expectations of stable operations and potential cash returns [8][24] Gold - **Market Sentiment**: Gold remains a consensus macro trade, with equities delivering strong returns in 2025. However, valuations are less compelling than at the start of the year [9][22] - **Top Picks**: Barrick and Newmont are identified as top picks, with potential for further catalysts in 2026 [10][22] Iron Ore - **Price Forecast**: The medium-term outlook for iron ore is bearish, with prices expected to stabilize around $100/t in the short term and decline to $90/t by 2027 due to increased supply from Simandou [11][20] Coal - **Market Conditions**: Met coal prices have risen above $200/t due to demand and supply disruptions, while thermal coal remains stable at $110/t [12][20] Diversified Miners - **Performance Comparison**: Vale outperformed in the bulks sector, while RIO and BHP performed in line with benchmarks. A preference for RIO over Vale and BHP is noted due to better growth prospects [13][25] Earnings and Price Target Changes - **Adjustments**: Earnings estimates and price targets have been adjusted based on commodity price forecasts, with notable upgrades for copper miners like FCX and KGHM [28][29] Conclusion - **Investment Strategy**: The report emphasizes a selective investment approach in mining equities, focusing on commodities with strong fundamentals and potential for price gains, particularly copper, aluminium, and gold [2][15][22]

Mali has restored control of the Loulo-Gounkoto mine to Barrick and will return three tons of gold to the company after the two sides resolved a years-long dispute last month https://t.co/rsrBe3vCpM ...

Core Viewpoint - Gold.com has shown strong stock performance recently, outperforming major indices, and is expected to report positive earnings growth in the upcoming earnings disclosure [1][2]. Company Performance - Gold.com closed at $31.72, with a +1.08% increase from the previous day, while the S&P 500, Dow, and Nasdaq experienced losses of 1.07%, 0.51%, and 1.69% respectively [1]. - The stock has risen by 23.4% over the past month, significantly outperforming the Finance sector's gain of 2.46% and the S&P 500's gain of 0.94% [1]. Earnings Expectations - The company is expected to report an EPS of $0.7, reflecting a 27.27% increase from the same quarter last year [2]. - Revenue is forecasted to be $2.73 billion, indicating a 0.52% decline compared to the prior year [2]. Full Year Projections - For the full year, earnings are projected at $2.8 per share, representing a +29.03% change from the previous year, with revenue expected to reach $12.01 billion, showing a +9.37% increase [3]. Analyst Estimates - Recent changes to analyst estimates for Gold.com are important, as positive revisions are seen as a good sign for the business outlook [3]. - The Zacks Consensus EPS estimate has remained unchanged over the last 30 days, and Gold.com currently holds a Zacks Rank of 5 (Strong Sell) [5]. Valuation Metrics - Gold.com is trading at a Forward P/E ratio of 11.21, which is lower than the industry average Forward P/E of 12.42 [6]. - The Financial - Miscellaneous Services industry, to which Gold.com belongs, holds a Zacks Industry Rank of 85, placing it in the top 35% of over 250 industries [6].

Group 1 - The company, Gold Strategy Inc., has completed a non-brokered private placement offering of 5,225,000 common shares at a price of $0.05625 per share, resulting in total gross proceeds of $293,906.25 [1][2] - The proceeds from the offering are intended for working capital and general corporate purposes [1] - No finders' fees or commissions were paid in connection with the offering, and all securities issued are subject to resale restrictions until April 11, 2026 [2]

Core Viewpoint - The main macro factors supporting gold prices in 2025 are expected to continue into 2026, including global de-dollarization, U.S. fiscal pressures, overall macro uncertainty, central bank gold purchases, physical gold ETF demand, and Tether's procurement of gold [1] Group 1: Gold Market Outlook - Despite limited room for real interest rate declines, gold remains the only true safe-haven asset in the market [1] - Gold prices are projected to maintain a range-bound pattern in 2026, which is still positive for the industry [1] Group 2: Mining Stocks Analysis - The firm maintains an optimistic outlook for gold mining stocks in 2026, anticipating that mining companies will expand profit margins and generate higher annual free cash flow [1] - There is currently no significant cost inflation pressure observed in the mining sector [1] Group 3: Preferred Mining Companies - Barrick Gold Corporation is identified as the top pick among large-cap gold mining stocks [1] - Alamos Gold is viewed as having significant upside potential, possessing the highest quality asset portfolio among mid-cap miners [1] - Royal Gold is considered undervalued, with potential for valuation recovery in the future [1]

Core Viewpoint - The main macro factors supporting gold prices in 2025 are expected to continue into 2026, including global de-dollarization trends, U.S. fiscal pressures, overall macro uncertainty, central bank gold purchases, physical gold ETF demand, and Tether's procurement of gold [1] Group 1: Market Outlook - Despite limited room for real interest rate declines, gold remains the only true safe-haven asset in the market [1] - Gold prices are projected to maintain a range-bound consolidation in 2026, which is still positive for the industry [1] Group 2: Mining Stocks - The firm maintains an optimistic outlook for gold mining stocks in 2026, citing attractive valuations and expectations for increased profit margins and higher annual free cash flow from mining companies [1] - Currently, there is no significant cost inflation pressure observed in the industry [1] Group 3: Company Recommendations - Barrick Gold Corporation is identified as the top pick among large-cap gold mining stocks [1] - Alamos Gold is viewed as having significant upside potential, possessing the highest quality asset portfolio among mid-cap miners [1] - Royal Gold is considered undervalued, with expectations for a price correction in the future [1]

Core Viewpoint - Gold Royalty Corp. has announced an agreement to acquire a royalty on the Pedra Branca mine for $70 million in cash, which is expected to enhance the company's cash flows and asset portfolio significantly [1][5][6]. Transaction Details - The acquisition involves a payment of $70 million to BlackRock World Mining Trust plc for the royalty on the Pedra Branca mine, which is currently operated by BHP Group Limited [1][5]. - The completion of the acquisition is subject to customary closing conditions, and Gold Royalty has the necessary resources to fund the purchase [5] - After the closing, Gold Royalty will receive all payments related to production from the royalty for periods ending after December 31, 2025 [5]. Financial Impact - For the 12 months ending June 30, 2025, the royalty expense recorded by the previous holder was approximately $7.9 million, equivalent to about 2,800 gold equivalent ounces (GEOs) at an average gold price of $2,811 per ounce [6]. - The acquisition is expected to add significant cash flow to Gold Royalty, particularly due to the current favorable gold pricing environment [6]. Royalty Structure - The royalty includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper produced from the Pedra Branca mine, enhancing Gold Royalty's exposure to both gold and copper [6][7]. - The royalty covers the Pedra Branca East and West deposits and does not include any step-down options, providing full exposure to the asset's long-term potential [6]. Asset Quality - The Pedra Branca mine is a high-quality asset located in Brazil's Carajás region, known for its rich mineral deposits [6][8]. - The mine achieved first production in 2020 and has a mining rate of approximately 800 ktpa, with BHP continuing to extend its mine life and report increases in mineral resources and reserves [6][9][10]. Operator Background - The mine was constructed by OZ Minerals and is currently operated by BHP, which has a strong operational track record [6][9]. - BHP announced the sale of Pedra Branca to CoreX Holding BV, a diversified industrial conglomerate, which is expected to complete the transaction upon satisfying customary conditions [11]. Geographic Context - Pedra Branca is situated in a prolific mining region in Brazil's Pará state, which is home to world-class deposits of various minerals, including iron ore, copper, and gold [6][8].

Core Insights - Barrick Mining has completed the divestiture of its interests in the Tongon gold mine and selected exploration assets in Côte d'Ivoire to Atlantic Group for a total consideration of up to $305 million [1][2] - The transaction includes an initial cash payment of $192 million, which consists of a $23 million repayment of a shareholder loan [1][2] - Barrick is eligible for additional contingent cash payments of up to $113 million based on gold prices and resource conversion over specified time frames [2] Financial Implications - The proceeds from the sale are intended to strengthen Barrick's financial position and enhance shareholder returns [3] - The mine, which began production in 2010, had its closure initially planned for 2020 but was extended through exploration activities [3] Strategic Developments - Atlantic Group, now the owner of the Tongon mine, has diversified interests across agriculture, financial services, and industry in 15 African countries [4] - The transfer of ownership to an Ivorian partner marks a new phase of local management for the Tongon mine [4]

Core Insights - Gold.com, formerly A-Mark Precious Metals, has officially changed its name and commenced trading on the NYSE under the ticker symbol "GOLD" [1][3] - The company plans to launch a co-branded Gold.com credit card that offers cashback rewards on purchases, initially targeting JM Bullion's customer base [2] - The CEO emphasized the rebranding as a strategic move to align with the evolving alternative assets market focused on precious metals and collectibles [3][4] Company Developments - Gold.com will ring the NYSE Opening Bell on January 27, 2026, to celebrate its new listing [1] - The company has introduced a new corporate website that enhances investor resources and provides educational content about alternative assets [4] - JM Bullion is selling gold and silver bullion bars featuring the new Gold.com branding to commemorate the transition [5] Market Positioning - The move to the NYSE is expected to enhance Gold.com's brand visibility and attract new investors interested in precious metals [4] - Gold.com operates a vertically integrated platform that includes market expertise in various precious metals and collectibles, serving a global clientele [6][7] - The company has a direct-to-consumer marketplace supported by flagship brands, which has served millions of customers [7]

Core Viewpoint - Barrick Mining's Board of Directors has authorized management to explore an initial public offering (IPO) for a new subsidiary, NewCo, which will hold the company's premier North American gold assets [1][2] Group 1: IPO Exploration - NewCo will be linked to Barrick's joint venture interests in Nevada Gold Mines and Pueblo Viejo, along with its fully owned Fourmile gold discovery in Nevada [1] - The plan envisions listing NewCo through an IPO of a small minority stake, while Barrick would retain a significant controlling majority interest in NewCo post-IPO [2][5] - The board has authorized management to explore this potential value creation measure through early next year [4] Group 2: Strategic Focus - Barrick's actions align with the board's ongoing operational review and commitment to maximizing shareholder value across its portfolio, particularly focusing on North America [2] - The company aims to provide new and existing shareholders with more options around jurisdiction in a pure gold company with growth potential [4] Group 3: Operational Insights - Barrick's gold operations in Nevada and the Dominican Republic are highlighted as among the best globally, with the Fourmile project being one of the century's most significant gold discoveries [3] - The company is focused on driving improved performance and shareholder value with the right teams in place to deliver on commitments [3] Group 4: Market Updates - Barrick will update the market on its progress regarding the IPO during its full year 2025 results, scheduled for release in February next year [5] - Any decision to proceed with the IPO will depend on Board approval, fulfillment of customary requirements, and prevailing market conditions [5] Group 5: Recent Developments - Last month, Barrick completed the sale of the Hemlo Gold Mine in Canada to Carcetti Capital, which plans to rename the asset Hemlo Mining Corporation [6] - Barrick signed an agreement with the Government of Mali to resolve disputes associated with the Loulo and Gounkoto mines, marking a significant development in the Barrick-Mali mining dispute resolution [6]