Core Viewpoint - Safe-haven traders are focusing on a bill vote that could fund the U.S. government through January, leading to an increase in December-dated gold futures, which are up 2.3% at $4,213.10 [1] Company Summaries Newmont Corporation (NEM) - NEM shares are up 3.8% at $93.44, marking a sixth consecutive daily gain and approaching the record high of $98.58 reached on October 16 [2] - The stock has been on a long-term uptrend, supported by the ascending 80-day moving average [2] Harmony Gold Mining Company Ltd (HMY) - HMY shares have increased by 6.1%, trading at $18.97, and are set for a fourth consecutive rise [4] - The stock has shown a remarkable 131% year-to-date gain and is in recovery after a decline from the October 16 record peak of $22.25, having bounced off the 180-day trendline earlier this month [4]

Group 1 - Tactile Systems Technology, Inc. (TCMD) has seen a 29% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Harmony Gold Mining Company Limited (HMY) has experienced a 12.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Robinhood Markets, Inc. (HOOD) has reported a 21.9% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Fabrinet (FN) has seen an 8.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - TE Connectivity plc (TEL) has experienced a 7.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Core Insights - The argument for adding emerging-market stocks to investment portfolios has strengthened in 2025, particularly due to the U.S. dollar's poor performance against other currencies, leading to international stocks outperforming domestic ones [2][3] Group 1: Emerging Market Stocks - The MSCI EM index increased by 7% in September, marking its seventh consecutive monthly gain, with Goldman Sachs raising its projected outlook for emerging markets in 2026 [3] - LG Display Co., Ltd. has a market cap of $5 billion and generates significant revenue from Asia, the U.S., and Europe, with shares up over 60% year-to-date [4][6] - Taiwan Semiconductor Manufacturing Co., Ltd. controls over 50% of the foundry chip market and reported a 10% revenue growth quarter-over-quarter and 40% year-over-year, with a net profit margin increase to 45.7% [7][9] - ICICI Bank Ltd. is a major player in India's financial sector, with most revenue from domestic clients, and is positioned well due to favorable demographics and reshoring trends [10][12] - Harmony Gold Mining Co., Ltd. has a market cap exceeding $10 billion and has seen its shares nearly double the price of gold, which has risen over 50% year-to-date [13][15]

Currency and Economic Risks - The company has implemented a currency hedging strategy covering up to 25% of its estimated foreign exchange exposure to mitigate risks from fluctuations in the Rand and other non-US currencies [320]. - South African inflation has remained within the 3% - 6% range set by the SARB, but prolonged inflation could negatively impact profitability if not offset by rising gold prices [323]. - Geopolitical risks, including conflicts in Ukraine and the Middle East, may disrupt supply chains and increase operational costs due to rising oil and energy prices [324]. - The ongoing geopolitical tensions could escalate global security concerns, adversely affecting the company's business and financial performance [331]. - The company faces liquidity risk on the JSE Limited, where trading volumes have historically been low compared to other major markets [326]. Cybersecurity and IT Infrastructure - The company is migrating its IT infrastructure to the cloud, which may lead to increased operational costs and exposure to cybersecurity threats [335]. - Cybersecurity threats are increasing, with potential impacts on operational continuity and financial losses due to breaches or ransomware attacks [347]. - The company is adopting AI technologies, which may introduce security risks and compliance challenges with evolving regulatory standards [338]. - Non-compliance with various international data protection laws could result in substantial costs and adverse operational consequences [343]. Financial Performance and Capital Expenditures - Revenue for fiscal 2025 amounted to R73,896 million, with R75,240 million from gold sales, a significant increase from R61,379 million in fiscal 2024 [363]. - The average dollar gold price received increased by 31.1%, rising from US$1,999/oz in fiscal 2024 to US$2,620/oz in fiscal 2025 [363]. - Capital expenditures for fiscal 2025 totaled R10,998 million, up from R8,327 million in fiscal 2024, with 22% allocated to Moab Khotsong and 19% to Mponeng [367]. - The company budgeted approximately R12,927 million for operational capital expenditures in fiscal 2026, excluding renewables and international projects [370]. - A drawdown of US$875 million (R15.21 billion) was made from a US$1.25 billion bridge facility on 22 October 2025 to settle cash consideration of US$1.01 billion (R17.52 billion) for the acquisition of MAC [361]. - The hedging loss for fiscal 2025 was R4,594 million, compared to R1,265 million in fiscal 2024, linked to increased gold prices [364]. Mining Rights and Compliance - The company has secured all "old order" mining rights and validated existing mining authorizations in compliance with the MPRDA [378]. - Mining companies must achieve a minimum representation of HDPs in management positions: 50% on the Board (20% women), 50% in executive roles (20% women), 60% in senior management (25% women), 60% in middle management (25% women), 70% in junior management (30% women), and 60% in core and critical skills [393]. - Mining Charter III requires a minimum of 30% BEE shareholding for new mining rights, with specific allocations for employees, host communities, and BEE entrepreneurs [394]. - Companies are required to procure a minimum of 70% of total mining goods from South African manufactured goods and 80% of total services from South African companies [394]. - The DMPR is in the process of drafting amendments to the MPRDA to address deficiencies and align with international best practices [380]. - The first annual reporting for compliance with Mining Charter III was due by 31 March 2020, with an extension to 1 June 2020 due to COVID-19 [392]. - The 2018 Judgment clarified that mining companies are not required to re-empower themselves after HDP shareholders sell out, provided they maintained 26% HDP ownership [391]. - The MCSA filed a judicial review against certain provisions of Mining Charter III, arguing it does not fully recognize previous empowerment transactions [395]. - The Amended Charter required mining companies to achieve 26% HDP ownership by the end of 2014, with various compliance measures [383]. - The South African government aims to significantly increase HDP participation in the mining industry through the MPRDA and related charters [382]. Environmental Regulations and Compliance - The Financial Provision Regulations, 2015 impose stringent obligations on mining rights holders, requiring financial provision for environmental rehabilitation [476]. - Non-compliance with the NEMA can result in fines up to R10 million and/or imprisonment for up to 10 years [481]. - The Waste Act mandates compliance with norms and standards for waste management activities, with penalties for violations similar to those under the NEMA [487]. - The NWA regulates water use and pollution, ensuring sustainability of water resources for all users [488]. - The DMPR is responsible for implementing and enforcing environmental law related to mining activities, including issuing environmental authorisations [471]. - The company is required to maintain valid Atmospheric Emission Licenses (AELs) for applicable sites in South Africa, ensuring compliance with minimum emission standards and periodic emissions monitoring [497]. - The Carbon Tax Act, effective from June 1, 2019, aims to reduce greenhouse gas (GHG) emissions, impacting the company's operational costs [498]. - The Climate Change Act, signed into law on July 23, 2024, will set stringent GHG emission thresholds and require companies to submit GHG mitigation plans [501]. - The Safeguard Mechanism under the NGER Act mandates that facilities with scope 1 emissions over 100,000 tonnes of CO2-e per year must keep emissions at or below specified baselines, with targets of 43% reduction below 2005 levels by 2030 [514]. - The company must comply with the Queensland EP Act, which requires environmental impact studies for resource activities and the issuance of Environmental Authorities [505]. PNG Mining Regulations and Developments - The PNG Mining Act stipulates that all minerals are owned by the PNG Government, with mining tenements subject to various conditions and potential penalties for breaches [421][427]. - Mining companies in PNG must pay royalties to the PNG Government based on production, in addition to standard corporate taxes [430]. - The PNG Government's proposed revisions to the Mining Act include an increase in the royalty rate and a development levy, with royalties potentially rising between 5% and 10% [436][446]. - The PNG Government intends to acquire a 30% equity stake in mining projects at no cost, requiring proof of financial capacity for project development [446]. - The PNG Organic Law proposed transferring mineral ownership to a state-owned entity, which would not be subject to the PNG Mining Act, but this law has not progressed [437]. - A National Gold Corporation Bill was withdrawn in June 2024 after public resistance, which aimed to establish a monopoly over gold refining in PNG [438]. - The PNG Department of Commerce and Industry launched the National Content Policy for Resource Sectors 2023-2027 to enhance national participation in resource development [446]. - The PNG Government has initiated an independent economic assessment of the proposed revisions to the Mining Act following the introduction of the Draft Mining Bill 2025 [446]. - The MHSA Amendment Bill 2024, if enacted, could impose stricter liabilities and increase fines for non-compliance, potentially affecting operational costs [450]. - The PNG mining regime review has escalated since May 2019, advocating for increased government share in mining proceeds and landholder equity participation [434]. - The PNG Government's resource nationalism policy, "Take Back PNG," aims to restructure resource laws to enhance local participation in mining projects [434]. - The maximum penalty for safety and health obligations breaches leading to multiple deaths is 30,000 penalty units for corporations, equating to approximately A$4.839 million [456]. - Civil penalties for contraventions under the MQSH Act range from 500 to 1,000 penalty units, translating to A$80,650 to A$161,300 [456]. - The PNG Mining (Safety) Act is under comprehensive review, which may lead to increased fines and stricter liability for non-compliance [461].

Core Insights - Ten large-cap stocks experienced significant declines last week, raising concerns for investors regarding their portfolio holdings [2] Company Performance Summary - Oklo Inc. (NYSE:OKLO) lost 15.15% this week [2] - Rigetti Computing, Inc. (NASDAQ:RGTI) fell 17.94% amid reports of the Trump administration negotiating with U.S. quantum computing firms for federal funding [2] - STMicroelectronics (NYSE:STM) declined 17.17% after providing fourth-quarter revenue guidance below analyst expectations [2] - D-Wave Quantum Inc. (NYSE:QBTS) dropped 17.57% this week [2] - NuScale Power Corporation (NYSE:SMR) fell 18.53% following a downgrade from Citigroup, which lowered its price target from $46 to $37.50 [2] - Deckers Outdoor Corporation (NYSE:DECK) decreased by 13.33% after issuing fiscal year 2026 sales guidance below expectations, leading to multiple analyst price forecast reductions [2] - Fermi Inc. (NASDAQ:FRMI) saw a decline of 14.71% this week [2] - Harmony Gold Mining Company (NYSE:HMY) fell 13.16% as precious metals stocks declined due to a pullback in gold and silver prices [2] - MP Materials Corp. (NYSE:MP) dropped 11.75% as rare earth mineral-related stocks traded lower following a U.S.-Australia deal to boost supplies of critical metals [2] - AST SpaceMobile, Inc. (NASDAQ:ASTS) fell 14.75% after announcing a proposed private offering [2]

Group 1 - Newmont Mining (NEM.US) experienced a decline of 6.8% [1] - Coeur Mining (CDE.US) saw a drop of 4.5% [1] - Other companies such as Kinross Gold (KGC.US), Gold Fields (GFI.US), Harmony Gold (HMY.US), and Barrick Gold (GOLD.US) all fell by over 2% [1]

Core Insights - Harmony Gold Mining Co. Ltd. (NYSE:HMY) experienced a significant decline of 10.99% on Tuesday, closing at $17.98, as investors reacted to a sharp drop in gold and silver prices [1][2] - The prices of gold and silver fell by 6.3% and 8.7%, respectively, marking their largest single-day drop since 2013, as investors took profits from previous record highs [1][2] - The decline in precious metal prices has negatively impacted mining stocks, including Harmony Gold, Anglogold Ashanti, and Hecla Mining [2] Company Developments - Harmony Gold Mining Co. Ltd. successfully acquired MAC Copper through its Australian subsidiary for AU$1.08 billion [3] - Investors are closely monitoring the upcoming Federal Open Market Committee meeting, anticipating a potential interest rate cut, which could positively influence precious metal prices [2][3] Market Context - Lower interest rates typically support precious metal prices by weakening the US dollar, making gold cheaper for foreign investors [3]

Group 1 - Gold-related stocks collectively declined on Wednesday, with Harmony Gold (HMY.US) down over 4.5%, Gold Fields (GFI.US) down over 1.4%, Kinross Gold (KGC.US) down 0.68%, Newmont Corporation (NEM.US) down over 1.6%, and Coeur Mining (CDE.US) down over 1.7% [1] - Spot gold continued its downward trend from the previous day, currently down over 2.6%, priced at $4016 [1]

Core Viewpoint - Spot gold experienced a significant decline of 5.4%, marking the largest drop since August 2020, which has negatively impacted gold-related stocks [1] Company Performance - Coeur Mining (CDE.US) saw a nearly 17% drop in its stock price [1] - Harmony Gold (HMY.US) experienced an 11% decline [1] - Newmont Corporation (NEM.US) fell by over 9% [1] - Barrick Gold (B.US) also dropped nearly 9% [1]

Core Viewpoint - Gold and silver prices have experienced significant declines, leading to pre-market drops in U.S. gold-related stocks [1] Company Summary - Coeur Mining (CDE.US), Harmony Gold (HMY.US), and Pan American Silver (PAAS.US) saw a decline of 4% in pre-market trading [1] - Newmont Corporation (NEM) experienced a decrease of 2.9% [1]