Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Copper: Last week, copper prices rose and then fell, with the open interest continuously decreasing and strong willingness of long - position holders to close their positions. The decline was mainly due to the cooling macro - atmosphere, a rebound in the overseas US dollar index, and an increase in domestic market regulation expectations. In the industrial aspect, the near - month spread weakened, electrolytic copper stocks continued to accumulate, and the downstream showed a strong wait - and - see attitude. As copper prices dropped to the 100,000 - yuan mark, some industries' willingness to replenish inventory increased, potentially providing support. It is advisable to continuously monitor the long - short game at the 100,000 - yuan mark [5][62]. - Aluminum: Last week, aluminum prices also rose and then fell. The main futures price once exceeded the 2021 high, reaching the 25,000 - yuan mark, but then dropped back to the 24,000 - yuan mark due to the weakening macro - atmosphere. The industrial end still resisted high aluminum prices, and the social inventory of electrolytic aluminum continued to rise. As aluminum prices declined, the downstream's willingness to replenish inventory increased, providing support. Technically, attention should be paid to the long - short game at the 24,000 - yuan mark [6][62]. 3. Summary by Directory 3.1 Macro Factors - Last week, the macro - atmosphere cooled, causing most commodities to rise and then fall, which was a major reason for the decline in copper and aluminum prices. Overseas, the US dollar index continued to rise, pressuring overseas - priced commodities; domestically, short - term market regulation increased, and market risk appetite declined [10]. 3.2 Copper - **Quantity and Price Trends**: Copper prices rose and then fell last week, with the open interest continuously decreasing, indicating strong willingness of long - position holders to close their positions [5][62]. - **Copper Ore Shortage**: First Quantum Minerals Ltd. released its 2025 preliminary production data and 2026 - 2028 production, cost, and capital expenditure guidance. It slightly lowered the copper and gold production guidance for 2026 - 2027, mainly due to higher maintenance requirements at Sentinel and lower ore grades at Kansanshi. The 2026 capital expenditure guidance was raised [25]. - **Continuous Accumulation of Electrolytic Copper Stocks**: On January 15, Mysteel's electrolytic copper social inventory was 327,500 tons, a weekly increase of 42,800 tons; on January 8, the overseas futures inventory (COMEX + LME) was 679,800 tons, a weekly increase of 23,800 tons [27]. - **Downstream Primary Sector**: After the holiday, domestic major refined copper rod enterprises resumed production. With a slight decline in copper prices during the week, enterprises' willingness to purchase raw materials increased, and the raw material inventory increased by 2.02% week - on - week. However, downstream enterprises still adopted a cautious wait - and - see attitude, and the finished - product inventory increased by 5.77% week - on - week [29]. 3.3 Aluminum - **Quantity and Price Trends**: Aluminum prices rose and then fell last week. The main futures price once exceeded the 2021 high, reaching the 25,000 - yuan mark, but then dropped back to the 24,000 - yuan mark [6][62]. - **Upstream Industry Chain**: On January 16, the bauxite port inventory was 24.1076 million tons, an increase of 988,400 tons from the previous week and 6.2076 million tons higher than the same period in 2025. Last week, due to the cooling macro - atmosphere, alumina and aluminum prices both declined, and the overall profit of electrolytic aluminum decreased [44][45]. - **Low Inventory of Electrolytic Aluminum**: On January 15, Mysteel's electrolytic aluminum social inventory was 749,000 tons, an increase of 31,000 tons from before the holiday; on January 8, the overseas electrolytic aluminum inventory was 496,400 tons, a decrease of 7,800 tons from the previous week. The overseas and domestic electrolytic aluminum inventories continued to diverge last week [50]. - **Downstream Primary Sector**: As aluminum prices fell from their highs last week, the replenishment willingness of some downstream industries increased, and the processing fees of aluminum rods in some areas rebounded. On January 8, the aluminum rod inventory was 121,600 tons, an increase of 7,500 tons from the previous week. The aluminum rod inventory is about to enter the seasonal accumulation period, and high aluminum prices may suppress downstream demand [56][58]. 3.4 Conclusion - Copper: The decline in copper prices was mainly due to the cooling macro - atmosphere and increased short - term capital closing - out willingness. As copper prices dropped to the 100,000 - yuan mark, some industries' replenishment willingness increased, potentially providing support. Monitor the long - short game at the 100,000 - yuan mark [5][62]. - Aluminum: The decline in aluminum prices was due to the weakening macro - atmosphere. The industrial end resisted high aluminum prices, but as prices declined, downstream replenishment willingness increased, providing support. Monitor the long - short game at the 24,000 - yuan mark [6][62].

Core Viewpoint - First Quantum Minerals Ltd. is a significant player in the mining sector, focusing on copper, nickel, and gold production, with strong operational performance reported in Zambia and a maintained "Sector Perform" rating by Scotiabank [1][2][5] Group 1: Company Performance - First Quantum achieved commercial production of the Kansanshi S3 Expansion, completing it under budget, which demonstrates the company's project development expertise [2] - The company has a market capitalization of approximately $23.69 billion and has experienced a trading volume of 6,503 shares on the OTC exchange [4] Group 2: Stock Performance - The stock price of First Quantum decreased by approximately 3.19%, changing by $0.94, with daily fluctuations between $28.32 and $28.90 [3] - Despite the decrease in stock price, Scotiabank raised the price target for First Quantum to C$42 from C$41, indicating confidence in the company's future prospects [3][5] Group 3: Market Context - The stock has seen a 52-week high of $30.06 and a low of $10.18, highlighting its volatility in the market [4] - Updates on the Cobre Panamá mine and Taca Taca project are also significant for investors [4]

Core Viewpoint - First Quantum Minerals Ltd. announced preliminary production results for Q4 and the full year 2025, along with guidance for production, capital expenditures, and costs for 2026 to 2028, highlighting strong operational performance and updates on key projects like Cobre Panamá and Taca Taca [1][2]. Production Highlights - Annual copper production for 2025 was 396 thousand tonnes, within the revised guidance range of 390 to 410 thousand tonnes, but 35 thousand tonnes lower than 2024 [5][7]. - Gold production for 2025 reached 152 thousand ounces, exceeding the top end of the revised guidance range of 140 to 150 thousand ounces, and was 13 thousand ounces higher than 2024 [11]. - Nickel production for 2025 was 23.2 thousand tonnes, surpassing the revised guidance range of 18 to 23 thousand tonnes [12]. Project Updates - The Kansanshi S3 Expansion achieved commercial production at the end of 2025, contributing approximately 25 thousand tonnes of copper production for the year [2]. - At Cobre Panamá, the Government of Panama approved the removal and processing of stockpiled ore, which is expected to create 700 direct jobs and generate royalties for the country [2][34]. - An updated Technical Report for the Taca Taca project is expected in Q1 2026, with environmental and water permit applications anticipated to be approved in the first half of 2026 [6][38]. Future Guidance - Copper production guidance for 2026 and 2027 has been slightly lowered due to maintenance and ore hardness issues, with 2026 guidance set at 375 to 435 thousand tonnes [19][22]. - Gold production guidance for 2026 and 2027 has also been reduced due to lower grades at Kansanshi [21]. - Total capital expenditure guidance for 2026 is now projected to be between $1 billion and $1.15 billion, reflecting some expenditures moving from 2025 to 2026 [28]. Cost Projections - Total copper C1 cash cost guidance for 2026 is set at $1.95 to $2.20 per pound, with AISC guidance at $3.25 to $3.55 per pound [25]. - The increase in cost guidance is attributed to lower production forecasts and changes in methodology regarding by-product credits [25][26]. Environmental and Sustainability Initiatives - The company is investing approximately $600 million in sustainability-related projects over the next three years, aimed at improving cost structure and productivity [29]. - Ongoing initiatives include optimizing water quality management and enhancing tailings storage facilities to ensure responsible waste management [36].

Core Viewpoint - First Quantum Minerals Ltd. announced preliminary production results for 2025 and provided guidance for production, capital expenditure, and costs for 2026 to 2028, highlighting strong operational performance and ongoing projects like Cobre Panamá and Taca Taca [1][2]. Production Highlights - Annual copper production for 2025 was 396 thousand tonnes, within the revised guidance range of 390 to 410 thousand tonnes, but 35 thousand tonnes lower than 2024 [4][7]. - Gold production for 2025 reached 152 thousand ounces, exceeding the top end of the revised guidance range of 140 to 150 thousand ounces [4][11]. - Nickel production for 2025 was 23.2 thousand tonnes, surpassing the revised guidance range of 18 to 23 thousand tonnes [4][12]. Cobre Panamá Update - The Government of Panama will approve the removal and processing of low-grade ore stockpiles, creating 700 direct jobs and generating royalties for the country [2][33]. - Processing of stockpiles is expected to produce approximately 70 thousand tonnes of copper and will not constitute a mine reopening [35][34]. Taca Taca Update - An updated Technical Report for Taca Taca is expected in Q1 2026, with approvals for the Environmental and Social Impact Assessment and water permit applications anticipated in the first half of 2026 [6][40]. Three-Year Guidance - Copper production guidance for 2026 is set at 375 to 435 thousand tonnes, with a slight decrease in Kansanshi output due to increased ore hardness [18][19]. - Gold production guidance for 2026 is lowered due to lower grades at Kansanshi, while nickel production guidance remains unchanged [18][21]. Capital Expenditure - Total capital expenditure guidance for 2026 is increased to $1,000 to $1,150 million, reflecting expenditures originally scheduled for 2025 [30][31]. - Approximately $600 million of the three-year capital expenditure is related to sustainability projects aimed at improving cost structure and productivity [31][32]. Cost Guidance - Total copper C1 cash cost and AISC unit cost ranges have increased due to lower production forecasts and changes in methodology [24][26]. - AISC trends are expected to decrease in outer years as production increases and sustaining capital reduces [27].

Group 1 - First Quantum Minerals Ltd. will release its fourth quarter and year-end 2025 financial and operating results on February 10, 2026, after the close of the Toronto Stock Exchange [1] - The company will also provide preliminary production and three-year guidance on January 15, 2026, after the close of the TSX [2] - A conference call and webcast to discuss the results will take place on February 11, 2026, at 9:00 am (ET) [1][3] Group 2 - First Quantum is involved in the production of copper, nickel, and gold, with operating mines in Zambia, Türkiye, and Mauritania [4] - The Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023, and the Ravensthorpe mine entered a care and maintenance process in May 2024 [4] - The company is advancing the Taca Taca copper-gold-molybdenum project in Argentina and exploring the La Granja and Haquira copper deposits in Peru [4]

在赞比亚的中国矿企开始以人民币支付特许权使用费和税款，标志着人民币在非洲大陆的接受度进一步 提升，凸显中国在非洲金融领域的影响力扩大。 美东时间31日周三，据媒体报道，赞比亚央行在回复电邮提问时表示，使用人民币进行相关支付始于10 月。非洲第二大铜生产国赞比亚成为非洲首个确认接受以人民币缴纳矿业税费的政府。 这一变化反映了人民币国际化方面取得的实质性进展。新的支付机制将帮助赞比亚实现外汇储备多元 化，同时以更具成本效益的方式偿还对华债务。 赞比亚储备多元化推动政策调整 中国矿企加大投资力度 矿企现在可以选择向赞比亚央行出售美元或人民币来缴税。Dentons当地分支机构高级合伙人Joseph Jalasi表示，"人民币的实际接受程度将取决于赞比亚央行的储备管理政策、定价机制和对市场的操作指 导"。 2024年，加拿大矿企First Quantum Minerals Ltd.和Barrick Mining Corp.在赞比亚的铜产量约占该国总产 量的三分之二。而中国有色矿业集团等中国运营商正投入数十亿美元提升铜产量。中资企业扩大投资恰 逢2025年全球铜价大涨。伦铜全年涨超40%，创2009年以来最大年度涨幅。 ...

Core Viewpoint - First Quantum Minerals Ltd. has announced a binding agreement to sell its Las Cruces mine in Spain for up to $190 million, including a profitability-linked earn-out provision, to Global Panduro, paving the way for the development of a polymetallic primary sulphide project [1][2] Transaction Summary - The transaction includes $45 million in cash at closing, a loan note of approximately $65 million, and up to $80 million in deferred payments tied to project development milestones [2] - Additionally, there is a contingent deferred earn-out payment tied to exit and liquidity events, amounting to 10% of proceeds above an agreed internal rate of return threshold [2] Regulatory and Closing Information - The transaction is subject to customary conditions and regulatory approvals, with an expected closing during the first half of 2026 [3] About Las Cruces - The Las Cruces site, located approximately 20 kilometers northwest of Seville, produced copper cathodes from 2009 to 2021 and completed tailings reprocessing from 2021 to 2023 [4] - An updated NI 43-101 Technical Report published in February 2024 outlines plans for a next-phase redevelopment via a new underground mine to produce copper, zinc, lead, and silver [4] About Resource Capital Funds - Resource Capital Funds is a group of private equity funds established in 1998, focusing on mining sector investments across various commodities and regions [5] - RCF has supported over 235 mining companies with projects in more than 55 countries [5] Advisors - BMO Capital Markets acted as the financial advisor, while Simmons & Simmons served as the legal advisor for First Quantum in this transaction [6] - Norton Rose Fulbright provided legal advisory services to Resource Capital Funds [6]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The economic data growth in November continued to slow down, and the stock market adjusted accordingly. Weak economic data may prompt the acceleration of policy introduction, and attention should be paid to policy changes [2][23]. - The gold price fluctuated slightly and rose, approaching the previous high, with increased intraday volatility. The market is concerned about the upcoming US November non - farm payroll data, and the interest rate cut expectation is fully priced. The overall tone of the Fed officials' speeches is neutral [15]. - The US stock market is expected to fluctuate at a high level in the short term, with internal differences among Fed officials and concerns about the Fed's independence [21]. - The bond market is dominated by institutional behavior, and it is recommended to focus on the right - side long - buying opportunities [28]. - For various commodities, different trends and investment suggestions are presented based on their respective fundamentals, such as the supply and demand situation, production data, and policy factors [32][41][48]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - Trump believes the peace agreement is closer than ever. Gold price fluctuated slightly up, approaching the previous high, with increased intraday volatility. The market focuses on the US November non - farm payroll data, and the interest rate cut expectation is fully priced. Fed officials' speeches are neutral. It is not recommended to chase the high [14][15][16]. 3.1.2 Macro Strategy (US Stock Index Futures) - There are variables in the selection of the new Fed chairman, and internal differences among Fed officials are large. The US stock market is expected to fluctuate at a high level in the short term [17][21]. 3.1.3 Macro Strategy (Stock Index Futures) - The economic data in November continued to weaken, and the stock market adjusted. High - valuation and high - expectation stocks face upward pressure. It is recommended to evenly allocate long positions in various stock indexes [22][23][24]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The economic data in November was weak. The bond market decline was dominated by institutional behavior. It is recommended to focus on the right - side long - buying opportunities [25][27][28]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - The inventory of soybean meal in oil mills decreased. NOPA's crushing data was lower than expected, and the CBOT soybean was weak. Brazilian exports increased, and the sowing was basically completed. It is recommended to continue to pay attention to China's soybean procurement, state reserve trends, and South American weather [29][32]. 3.2.2 Agricultural Products (Corn Starch) - The theoretical profit of starch enterprises remained in a good state, and the CS - C futures spread strengthened slightly. It is expected that the rice - flour spread will continue to fluctuate [33][34]. 3.2.3 Agricultural Products (Corn) - The spot price was generally stable, and the futures price first fluctuated narrowly and then dived. It is recommended to short 03 and 05 contracts on rallies in the short and medium term and pay attention to the long - buying opportunities for 07 and 09 contracts at low prices in the long term [35][36]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The steel price fluctuated. The building materials demand was weak, but it was not far beyond expectations. The manufacturing demand remained resilient. It is recommended to treat the steel price with a fluctuating mindset [37][41][42]. 3.2.5 Black Metals (Coking Coal/Coke) - The coking coal price in the Linfen market was weakly stable. The supply decreased, and the demand was weak. It is necessary to pay attention to whether subsequent replenishment can support the market [43][44][45]. 3.2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The export of Malaysian palm oil from December 1 - 15 decreased. The supply pressure of palm oil was obvious. It is recommended to wait for the supply pressure to ease and then consider long - buying [46][47][48]. 3.2.7 Non - Ferrous Metals (Alumina) - A large - scale mining enterprise in Guinea will resume production. The downstream inventory is high, and the supply surplus pressure remains. It is recommended to wait and see [49][50]. 3.2.8 Non - Ferrous Metals (Polysilicon) - The polysilicon capacity integration and acquisition platform was officially launched. It is expected that the spot price is difficult to fall. It is recommended to pay attention to the long - buying opportunities after the futures price is at a discount to the spot price [52][54]. 3.2.9 Non - Ferrous Metals (Industrial Silicon) - The power price in Yunnan in 2026 was announced. The inventory increased slightly. It is recommended to pay attention to the short - selling opportunities on rallies [55][56][57]. 3.2.10 Non - Ferrous Metals (Lead) - The LME lead price and the Shanghai lead price fluctuated and declined. The social inventory increased slightly. It is recommended to short on rallies in the short term [58][59]. 3.2.11 Non - Ferrous Metals (Zinc) - The LME zinc price fluctuated and declined. The domestic zinc demand increased, and the inventory decreased. It is recommended to buy on pullbacks, hold long - spread positions, and maintain the long - domestic and short - overseas strategy [60][63]. 3.2.12 Non - Ferrous Metals (Nickel) - The supply surplus of nickel is expected to increase. The short - term disk is expected to be weak at a low level. It is not recommended to chase the short. It is necessary to pay attention to the supply changes in Indonesia [64][66]. 3.2.13 Non - Ferrous Metals (Lithium Carbonate) - The price of lithium iron phosphate increased. The supply may increase after the resumption of production, and the demand may decline in the off - season. It is recommended to buy on pullbacks in the long term [67][69]. 3.2.14 Non - Ferrous Metals (Copper) - The macro - mid - term support for copper remains, but the short - term expected difference is significant. The short - term spot premium is expected to be under pressure. It is recommended to wait and see in the short term and buy on pullbacks in the mid - term [70][72]. 3.2.15 Non - Ferrous Metals (Tin) - The inventory of tin increased at home and abroad. The supply increased, and the demand was weak. It is expected that the tin price will fluctuate at a high level in the short term [74][75]. 3.2.16 Energy Chemicals (Crude Oil) - The oil price continued to decline. The concern about oversupply depressed the oil price. It is expected to be weakly fluctuating in the short term [76][77]. 3.2.17 Energy Chemicals (Asphalt) - The refinery inventory of asphalt increased, and the social inventory decreased. The supply increased, and the demand weakened. It is expected to be weakly fluctuating in the short term [78][79][80]. 3.2.18 Energy Chemicals (Methanol) - Two methanol plants in Iran stopped production. The short - term opportunity for methanol is limited, and it is recommended to wait and see [80][81]. 3.2.19 Energy Chemicals (PTA) - The PTA spot market negotiation was average, and the basis was strong. The supply - demand pattern improved in the medium - and long - term. It is recommended to buy on pullbacks in the medium - term [82][83]. 3.2.20 Energy Chemicals (Urea) - The urea price fluctuated weakly. It is necessary to pay attention to the demand for spring plowing and the new export quota policy [86][87]. 3.2.21 Energy Chemicals (Styrene) - The inventory of pure benzene in East China ports was stable. The pure benzene was in a bottom - grinding stage. It is recommended to pay attention to the long - buying opportunities for far - month contracts on panic selling [88][90]. 3.2.22 Energy Chemicals (PVC) - The PVC price rebounded. The supply remained high, and the demand was weak. It is necessary to pay attention to the supply - demand changes in 2026 [91][92].

Core Viewpoint - The illegal mining activities at Newmont Corp.'s Minas Conga project in northern Peru are causing significant concerns, as they threaten both the environment and the progress of legal mining operations [1][3]. Group 1: Company Impact - Newmont Corp.'s Minas Conga project, valued at an estimated $4.8 billion, has been stalled since 2010 due to environmental concerns and local opposition, leading to illegal mining encroachment [3]. - The presence of illegal miners is delaying progress for Newmont and other companies like Southern Copper Corp., First Quantum Minerals Ltd., and MMG Ltd., as they face similar challenges with informal mining operations on their concessions [2]. Group 2: Industry Context - The surge in illegal mining in Peru is attributed to near-record gold prices, which incentivize informal diggers in impoverished rural areas [2]. - The Peruvian government is struggling to manage the rise in illegal mining, with controversial permits like Reinfo allowing informal operations under loose regulations, which has faced opposition from the mining industry chamber SNMPE [4]. - Environmental degradation is a significant concern, as illegal mining is contaminating local rivers with mercury, exacerbating the situation for communities that initially opposed the Conga project in favor of agriculture [5].

Core Insights - Metalla Royalty & Streaming Ltd. reported a record operating and financial quarter for Q3 2025, achieving revenue of $4.0 million, cash flow from operations of $2.6 million, and Adjusted EBITDA of $2.9 million, along with its first positive net income of $0.6 million [2][3][4] Financial Performance - Revenue from royalty interests for Q3 2025 was $4.0 million, compared to $1.622 million in Q3 2024, marking a significant increase [4] - Net income for Q3 2025 was $629 thousand, a turnaround from a loss of $1.169 million in Q3 2024 [4] - Adjusted EBITDA for Q3 2025 was $2.902 million, up from $930 thousand in Q3 2024 [4] - Total attributable Gold Equivalent Ounces (GEOs) for Q3 2025 were 1,155, compared to 648 in Q3 2024 [4] Asset Updates - Metalla acquired an additional 0.15% interest in the Net Smelter Returns (NSR) royalty on the Côté gold mine and Gosselin project for C$3.4 million, increasing its total ownership to 1.50% [3][21] - Rehabilitation activities at La Parrilla mine complex have restarted, with plans for a sulphide circuit expansion to 1,250 tonnes per day [3][26] - Sierra Madre Gold & Silver Ltd. plans a two-stage expansion at La Guitarra, increasing processing capacity from 500 tonnes per day to approximately 750-800 tonnes per day by Q2 2026 [3][17] - Hudbay Minerals announced a $600 million strategic investment from Mitsubishi for a 30% joint venture interest in Copper World [3][38] - Castle Mountain's Phase 2 project has been accepted into the FAST-41 program, which is expected to streamline the permitting process [3][35] Production Metrics - Average realized price per attributable GEO for Q3 2025 was $3,451, compared to $2,481 in Q3 2024 [4] - Average cash cost per attributable GEO for Q3 2025 was $8, down from $9 in Q3 2024 [4] - Operating cash margin per attributable GEO for Q3 2025 was $3,443, compared to $2,472 in Q3 2024 [4] Future Outlook - The company anticipates sustained long-term growth and compounding cash flow as its assets progress through development and into production [2]