ab 12 January 2026 Global Research Copper Copper capex cycle reinforces supply challenge Limited project approvals -> conviction of supply challenges from 2026 For the past 10yrs medium-term consensus on copper has been bullish but the supply side has found a way to bring enough copper to market to prevent physical shortages. What is different now? Despite increasingly bullish long-term views on copper from the big miners and generally robust returns on new copper projects, project approvals (FIDs) in 2023- ...

Core Insights - SSR Mining Inc. (SSRM) stock has appreciated 216.1% in a year, significantly outperforming the industry growth of 46.3% and the Zacks Basic Materials sector and S&P 500 gains of 38.3% and 20.5%, respectively [1][6] - The company has surpassed gold mining peers such as Hudbay Minerals Inc. (HBM) and Wheaton Precious Metals Corp. (WPM), which have seen stock increases of 149% and 122.4% respectively this year [3][6] Stock Performance - SSR Mining's stock surged 216% in a year, driven by a sharp rally in gold and silver prices [6] - The company is now the third-largest gold producer in the U.S. following the acquisition of the Cripple Creek & Victor (CC&V) mine [10][11] Gold and Silver Prices - Gold prices have increased by 67.7% year-over-year, currently trading above $4,465 per ounce, influenced by safe-haven demand and geopolitical risks [8] - Silver prices have surged 163.4% year-over-year, trading above $70 per ounce, driven by strong industrial demand [9] Production Growth - SSR Mining reported an 18% year-over-year increase in gold equivalent production for the first nine months of 2025, totaling 326,940 ounces [12] - The company maintained its 2025 gold production guidance at 410,000-480,000 gold equivalent ounces [12] Earnings Estimates - The Zacks Consensus Estimate for 2025 earnings is $1.85 per share, indicating a year-over-year surge of 560% [17] - The estimate for 2026 is $3.58 per share, suggesting an increase of 93.3% [17] Valuation - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 6.29, which is a discount to the industry average of 16.87 [19] - The stock is cheaper than Hudbay Minerals and Wheaton Precious Metals, which are trading at 16.31 and 38.18 respectively [20] Long-Term Growth Prospects - SSR Mining invested $17.1 million in its Hod Maden project, focusing on engineering and early-stage site development [23] - The gold production profile at Marigold is expected to increase to over 270,000 ounces annually by 2027, with an 18% CAGR over 2024 [24] Strategic Acquisition - The acquisition of the CC&V Mine is expected to enhance SSR Mining's production profile and key metrics, positioning the company for growth [26]

Group 1 - Zijin Mining (02899) rose nearly 3% after announcing the completion of the main construction and core equipment installation for the second phase of the Xizang Julong Copper Mine, marking a key step before production [1] - Asia Pacific Satellite (01045) increased over 5.4%, with a cumulative rise of nearly 30% over the past five trading days, as it operates multiple satellites under China Satcom [1] - Zhaoyan New Drug (06127) fell over 6% following an announcement that its actual controller plans to reduce holdings by up to 14.98 million shares, representing 20.0466% of his holdings and 1.99873% of the company's total share capital [1] - Zhongwei New Materials (02579) surged nearly 7% after signing a strategic cooperation framework agreement with Xinwanda for solid-state batteries [1] Group 2 - Dongyue Group (00189) rose nearly 5% as the long-term contract prices for refrigerants were confirmed, with R32 priced at 61,200 yuan/ton (+1,000 yuan) and R410A at 55,100 yuan/ton (+1,900 yuan) [2] - MicroPort Scientific Corporation (02252) increased over 1.2%, reporting that its core products' cumulative order volume exceeded 230 units [2] - Oil stocks saw gains, with CNOOC (00883) up 4.17%, PetroChina (00857) up 2.91%, and Sinopec (00386) up 1.31%, driven by a rise in international crude oil prices due to geopolitical tensions [2] - Baidu Group (09888) rose nearly 7% after announcing a partnership with Uber and Lyft to launch a robotaxi pilot project in the UK by 2026 [2] Group 3 - NIO (09866) rose over 2.4% after announcing that it successfully delivered over 40,000 units of its new ES8 model within 100 days of the official delivery start [3] - Damai Entertainment (01060) increased nearly 5%, with the total box office for the 2025 New Year’s season reaching 5.245 billion yuan as of December 28 [3] Group 4 - Copper mining stocks collectively declined, with Hudbay Minerals (HBM.US) down 4.01%, Taseko Mines (TGB.US) down 3.1%, and Ero Copper (ERO.US) down 1.64%, as international copper futures fell over 4% [5] - Some cryptocurrency-related stocks fell, with IREN Ltd (IREN.US) down 2.21% and Circle (CRCL.US) down 0.94% [5] - NIO (NIO.US) rose 4.71% in the US market, echoing its performance in Hong Kong [6] - The Nasdaq Golden Dragon Index fell nearly 1%, with major Chinese concept stocks declining, including Alibaba (BABA.US) down 2.46% and Xpeng Motors (XPEV.US) down 1.35% [6]

Group 1 - The copper mining sector experienced a collective decline, with Hudbay Minerals (HBM.US) falling over 5%, Taseko Mines (TGB.US) dropping more than 4%, and Ero Copper (ERO.US) and Southern Copper (SCCO.US) decreasing by over 3% [1] - The international copper futures contract saw a significant drop of over 4%, trading at 86,120 yuan per ton [1]

Group 1: Copper Market Overview - Copper prices reached an all-time high above $12,000 per tonne in London and $5.60 per pound in Chicago, marking a year of significant production outages and bullish predictions for the metal [1] - The copper market is on track for its largest annual gain since 2009, amidst extreme volatility and competition from gold [1] Group 2: Mining Developments - The Escondida mine in Chile remains the largest copper mine globally, producing 1.28 million tonnes, with BHP-Rio Tinto's operations increasing output significantly [3] - The Morenci mine in Arizona has approximately 10 million tonnes of copper in waste piles, with Freeport-McMoRan targeting 400,000 tonnes extraction by 2030 through advanced sulfide leaching [4] - The Resolution Copper project in Arizona, which could supply a quarter of US demand, has faced delays due to permitting issues and opposition from local tribes [6] Group 3: Industry Challenges and Changes - Glencore is considering shutting down its Horne Smelter in Quebec due to over $200 million in environmental upgrade costs, which could impact over 1,000 jobs and 300,000 tonnes of annual output [9] - The US Geological Survey added copper and silver to its critical minerals list, which may support capital investments and permitting reforms [10] Group 4: Price Forecasts and Market Predictions - Goldman Sachs predicts copper prices will be constrained to $10,000 - $11,000 per tonne in 2026 due to a projected surplus of 160,000 tonnes [13] - Bank of America raised its copper price forecast to an average of $11,313 per tonne in 2026, citing mine disruptions and strong demand [16] - BloombergNEF forecasts a structural deficit in copper starting from 2026, with a potential shortfall of 19 million tonnes by 2050 if new mines are not developed [21] Group 5: Mergers and Acquisitions - Anglo American and Teck Resources are planning a $53 billion merger that could create the world's largest copper mine, surpassing Escondida [26] - Anglo American and Arc Minerals ended their joint venture in Zambia, with Arc regaining control of assets valued at $800,000 [25]

智通财经APP获悉，受经济压力和地缘政治紧张局势的双重影响，黄金和白银价格在12月均创下新高。 周二，黄金价格飙升至每盎司4499.94元的历史新高，较去年同期上涨超过71%。然而，白银价格涨幅 更为强劲，年初至今的涨幅超过了黄金价格。周二，白银价格突破70美元大关，较年初上涨约140%， 也创下这种贵金属的历史新高。 专家表示，这可能与这两种金属之间独特的关系有关。Orrell Capital Management 和 OCM Gold Fund 的 副总裁兼投资组合经理 Steven Orrell 表示："从历史数据来看，在贵金属牛市期间，白银价格通常会落 后于黄金，随后出现大幅上涨，就像我们看到的那样。过去五年，白银的表现一直落后于黄金，直到上 个月才出现大幅飙升。考虑到黄金今年的表现堪称历史性，白银与黄金作为贵金属的紧密联系无疑是推 动其价格上涨的重要因素。" 尽管金银价格都在飙升，但白银的表现远超黄金。从金银比(即一盎司黄金的价格与多少盎司白银的价 格相等)来看，两者之间的差距已经大幅缩小。今年4月，该比率为104比1，而如今已降至64比1。 专家认为，白银价格涨幅超过黄金的原因可能有多种。 Orr ...

Core Insights - Canada One Mining Corp. has made significant progress in 2025 at its Copper Dome Project, including the granting of a five-year drilling permit and strategic property expansion to over 12,800 hectares, indicating strong discovery potential for copper mineralization [2][3][10] Project Highlights - The five-year exploration drilling permit allows for a structured multi-year exploration plan, reducing risks associated with future exploration timelines [3] - The project footprint has been expanded to 12,833 hectares through strategic staking and acquisition, consolidating land for exploration [4][10] - Fieldwork in the fall established 53 documented field stations and identified copper sulphide mineralization, reinforcing the potential for porphyry-style mineralization [4][10] Upcoming Catalysts - Rock sample assay results are expected in Q1 2026, with additional events such as the Vancouver Resource Investment Conference and AME Roundup 2026 scheduled for January 2026 [5] - Further exploration activities are planned to commence in Q2 2026 [5] Geological Context - The Copper Dome Project is situated in the lower Quesnel Trough porphyry belt, adjacent to Hudbay Minerals Inc.'s Copper Mountain Mine, which has proven and probable reserves of 702 million tonnes grading 0.24% Cu, 0.09 g/t Au, and 0.72 g/t Ag [5][10] - Historical drilling has confirmed high-grade copper associated with structures similar to those at Copper Mountain, enhancing the project's attractiveness [5][10] Technical Work Completed - The exploration program included 51 km of induced polarization (IP) and airborne magnetic and electromagnetic coverage over approximately 50% of the property [11] - A total of 2,253 soil samples and 378 rock samples were collected, along with over 8,900 meters of diamond drilling and more than 1 km of trenching [11]

Windward Bio and Qyuns Therapeutics announce licensing agreement for WIN027, a highly potent, long-acting bispecific antibody with best-in-disease potential in respiratory and dermatologyWIN027 blocks 2 well-validated and synergistic drivers of inflammation — TSLP and IL‑13 — that play integral roles in respiratory and dermatology diseasesWIN027 deepens the company’s immunology pipeline and is currently in Phase 1 BASEL, Switzerland, Dec. 21, 2025 (GLOBE NEWSWIRE) -- Windward Bio AG, a private, clinical-sta ...

Core Viewpoint - Evolve Royalties Ltd. has commenced trading on the Canadian Securities Exchange under the ticker symbol "EVR," marking a significant milestone for the company as it aims to enhance its acquisition strategy and deliver long-term value for shareholders [2]. Company Overview - Evolve Royalties Ltd. is a royalty company focused on applying the royalty and streaming model to strategic mines, particularly in the low-carbon and digital economy [3]. - The company's portfolio includes royalties from major copper operations such as Highland Valley Copper and Copper Mountain, as well as the McIlvenna Bay Project, which is anticipated to be a significant copper producer in Canada [2][3]. Financial Strategy - The company has assembled a copper-focused royalty portfolio that includes net profit interests and net smelter returns from various mining operations, positioning itself for immediate cash flow and growth [2][3]. - Evolve aims to leverage its public listing to improve its profile and access to capital, facilitating its acquisition strategy [2].

Core Viewpoint - Osisko Metals Incorporated has successfully completed a non-brokered private placement, raising approximately $32.48 million through the issuance of 67,666,666 common shares at $0.48 each, with strategic investments from Hudbay Minerals and Agnico Eagle Mines [1][2][4]. Group 1: Private Placement Details - The private placement resulted in Hudbay owning 29,166,666 common shares, equating to about 4.3% of the total shares on a non-diluted basis [2]. - Agnico Eagle Mines holds 67,210,000 common shares and 20,605,000 warrants, representing approximately 9.85% ownership on a non-diluted basis and 12.49% on a partially-diluted basis [2]. - The proceeds from the private placement will be utilized to advance the Gaspé Copper project and for general corporate purposes [4]. Group 2: Investor Rights Agreements - An investor rights agreement was established between the Company and Hudbay, granting Hudbay top-up rights and participation rights in future offerings once its ownership reaches 9.9% [3]. - The existing investor rights agreement with Agnico was amended to allow Agnico to increase its ownership interest to approximately 12.49% [3]. Group 3: Project Focus - The Gaspé Copper project, acquired from Glencore Canada in July 2023, is a key focus for the Company, with indicated mineral resources of 824 million tonnes at a grade of 0.34% CuEq and inferred resources of 670 million tonnes at 0.38% CuEq [6]. - The Company is also advancing the Pine Point project, which has indicated resources of 49.5 million tonnes at 5.52% ZnEq and inferred resources of 8.3 million tonnes at 5.64% ZnEq [8].