1. Report Industry Investment Rating - Zinc: Oscillation; Lead: Oscillation [6] 2. Core Viewpoints of the Report - Overseas zinc mine production supply continues to be released, while lead mine production is slightly lower than expected. The total zinc concentrate output of overseas sample mining enterprises in Q3 2025 was 1.357 million metal tons, a year - on - year increase of 123,000 metal tons (YoY + 9.9%); the lead concentrate output was 309,000 metal tons, a year - on - year decrease of 6,000 metal tons (YoY - 2%) [2][12]. - The production guidance has increased marginally, and the TC of lead and zinc mines is under pressure. The total production guidance of sample enterprises in Q3 2025 has increased marginally, with the year - on - year growth rate of production guidance slightly increasing from 4% to 4.1% (accounting for 31.5% of overseas mine production) [3]. - For investment suggestions, in terms of zinc, from a unilateral perspective, zinc prices have stronger upward elasticity, but the opening of the upward space needs further improvement in fundamentals. In terms of arbitrage, short - term spreads are strengthening, and long - spread positions can be held; the logic of short - term internal - external reverse arbitrage is smooth, but inventory risks should be watched out for. In terms of lead, from a unilateral perspective, short positions can continue to be held, and attention should be paid to the opportunity of stopping profits at low levels. In terms of arbitrage, it is recommended to wait and see for spreads, and internal - external long - spread arbitrage has a more appropriate profit - loss ratio, but domestic warehouse receipt risks should be watched out for [4][57]. 3. Summary by Relevant Catalogs 3.1 Event Overview Recently, overseas leading mining enterprises have basically announced their production and operation in Q3 2025. Only a few mining enterprises have adjusted their production guidance for 2025. This report statistically analyzes the lead and zinc concentrate output and production guidance of 31 overseas leading mining enterprises and forecasts future changes in overseas mines [11]. 3.2 Zinc Mineral Supply Continues to Be Released, and Lead Mine Production Is Slightly Lower Than Expected - Zinc concentrate: The output of overseas sample zinc concentrate in Q3 2025 was 1.357 million metal tons, a year - on - year increase of 123,000 metal tons (YoY + 9.9%) and a quarter - on - quarter decrease of 15,000 metal tons (QoQ - 1.1%). The global zinc concentrate output in Q3 2025 was 3.241 million tons, a year - on - year increase of 290,000 metal tons (YoY + 9.8%) [12]. - Lead concentrate: The output of overseas sample lead concentrate in Q3 2025 was 309,000 metal tons, a year - on - year decrease of 6,000 metal tons (YoY - 2%) and a quarter - on - quarter decrease of 1,000 metal tons (QoQ - 0.3%). The global lead concentrate output in Q3 2025 was 1.158 million tons, a year - on - year slight decrease of 4,000 metal tons (YoY - 0.4%) [12][14]. - Comparison of different statistical calibers: For zinc, the year - on - year increase in global zinc concentrate output in Q3 2025 mainly comes from overseas leading mining enterprises, and the output of small and medium - sized mining enterprises outside the statistical sample continues to increase, while the reduction in China has expanded. For lead, the year - on - year marginal increase in global lead concentrate output in Q3 2025 mainly comes from China, and the output of overseas samples is basically flat year - on - year [22]. 3.3 Q3 2025 Sub - Mining Enterprise Output Changes and Factor Analysis - Zinc concentrate: The top five companies with year - on - year output increments are Ivanhoe, Vedanta, Glencore, Group Mexico, and Boliden. The top five companies with year - on - year output decreases are Peñoles, HudBay, Teck, South 32, and Volcan [25]. - Lead concentrate: The main sources of year - on - year increments are Newmont, Aurelia Metals, Lundin Mining, Hecla, and South 32. The main sources of year - on - year decrements are Vedanta, Glencore, Teck, Gatos silver, and Peñoles [25]. - Reasons for output growth: Project restart or production increase, improvement in ore grade and recovery rate, and low - base effect of some projects [28]. - Reasons for output decline: Ore grade decline, external force majeure factors, and decline in project operation efficiency [35]. - Smelting: The cumulative year - on - year and quarter - on - quarter zinc ingot output of key overseas smelting projects in Q3 2025 has decreased, and there is still no obvious sign of restart of overseas smelters in the third quarter [47]. 3.4 Annual Zinc Concentrate Production Guidance Increases Marginally The total production guidance of 13 leading mining enterprises in 2025 has increased slightly, with the total output in 2025 ranging from 2.822 million to 3.08 million metal tons (accounting for about 32% of overseas mine production). The year - on - year growth rate of the annual zinc concentrate output of sample enterprises has slightly increased from 4% to 4.1%. The zinc concentrate output in the fourth quarter is expected to increase quarter - on - quarter but decline year - on - year [52][53]. 3.5 TC Views and Investment Suggestions - Zinc concentrate TC: Since August, domestic zinc concentrate TC quotes have gradually decreased. Before the end of the year, TC is more likely to decline with limited space and then tend to oscillate. In the medium term, it is difficult to determine the direction of TC before the Benchmark negotiation next year [55]. - Lead concentrate TC: The rebound space of TC is limited, and in the medium term, the TC of lead concentrate may continue to be under pressure [3][56]. - Investment suggestions: For zinc, pay attention to macro - risks in the short term, and hold long - spread and internal - external reverse - spread positions. For lead, hold short positions in the short term, wait and see for spreads, and pay attention to domestic warehouse receipt risks for internal - external long - spread arbitrage [4][57].

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Views of the Report - The supply of electrolytic lead and recycled lead is expected to increase in November, with electrolytic lead supply rising to 33.47 tons and recycled refined lead supply increasing to 28.58 tons. However, the import window for lead ingots is closed, and battery consumption remains resilient. As a result, social inventory is expected to rise slightly, and the lead price is likely to remain in a high - level oscillatory pattern in November [2][70] Group 3: Summary by Directory I. Lead Market Review - In October, the main contract price of Shanghai lead futures fluctuated strongly, reaching a mid - month high of 17,660 yuan/ton and finally closing at 17,390 yuan/ton, with a monthly increase of 2.66%. London lead continued to oscillate widely, closing at 2,025 US dollars/ton at the end of October, with a monthly increase of 1.96% [7] II. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to August 2025, the global lead concentrate output was 295.6 tons, with a cumulative year - on - year increase of 1.29%. It is predicted that global lead mine supply will grow by 0.7% to 457 tons in 2025 and 2.2% to 467 tons in 2026. In China, the lead concentrate output from January to September was 124.91 tons, with a cumulative year - on - year increase of 11.54%. With the cold weather, the monthly output is expected to decline month - on - month but remain positive year - on - year [10][11] - **Lead concentrate processing fees remain low, and silver concentrate imports decline month - on - month**: In November, the average domestic lead concentrate processing fee was 350 yuan/metal ton, down 50 yuan/metal ton month - on - month. The average import processing fee decreased as well. In September, lead concentrate imports increased month - on - month but decreased year - on - year. Silver concentrate imports in September decreased both year - on - year and month - on - month, and future imports are expected to be under pressure [17][18] 2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to August 2025, global refined lead output was 881.3 tons, with a cumulative year - on - year increase of 2.31%. It is predicted that global refined lead output will increase by 2% to 1,334 tons in 2025 and 0.98% to 1,347.2 tons in 2026 [22] - **Refineries are in a state of reduction and resumption, and the monthly supply of electrolytic lead continues to rise**: In October, electrolytic lead output was 32.6 tons. In November, with the resumption of production in multiple regions, the output is expected to increase to 33.47 tons [27] - **The price of waste batteries is stable with a slight increase, and the supply of recycled lead increases marginally**: In October, the average price of waste batteries increased slightly. The output of recycled refined lead in October was 27.29 tons. In November, with the resumption of production of refineries and the output of new capacities, the output is expected to increase to 28.58 tons [33][34] 2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to August 2025, global refined lead consumption was 875.6 tons, with a cumulative year - on - year increase of 2.2%. It is predicted that global refined lead demand will grow by 1.8% to 1,325 tons in 2025 and 0.9% to 1,337 tons in 2026. The overseas lead - acid battery market has some resilience but is difficult to improve significantly [45][46] - **At the end of the month, battery enterprises cut production, and the operating rate of lead - acid battery enterprises declined**: In October, the operating rate of battery enterprises first rose and then fell. In November, it is expected to rise slightly but not significantly [48][49] - **The Shanghai - London ratio is favorable for lead product imports, and high overseas tariffs and anti - dumping measures put pressure on battery exports**: In September, lead exports decreased month - on - month, and imports increased. Battery exports decreased. It is expected that lead exports will remain low in October, and imports will increase significantly [50][51] - **Terminal growth is slow, and energy storage performs well**: In the automotive sector, production and sales are growing well. In the electric bicycle sector, the new national standard is expected to increase lead consumption. The energy storage battery market continues to grow [58][60] 2.4 Global Visible Inventory Drops from High Levels - In October, LME inventory first increased and then decreased, and the end - of - year high - inventory pressure is difficult to relieve significantly. Social inventory continued to decline in October and is expected to stop falling and rise in November [64] III. Summary and Future Outlook - The supply of electrolytic lead and recycled lead is expected to increase in November, but the import window for lead ingots is closed. Battery consumption remains resilient. Social inventory is expected to rise slightly, and the lead price is likely to remain in a high - level oscillatory pattern in November [70]

Report Industry Investment Rating - The rating for Shanghai Lead is "Volatility", with a price range of [16,500, 17,800], featuring narrow - range fluctuations and occasional small - to medium - scale market movements [3]. Core Viewpoints of the Report - In Q4 2025, the shortage of lead concentrates and waste batteries will intensify. Domestic demand is expected to improve periodically under the background of policy - boosted consumption, while export demand may continue to be under pressure. The oscillation center of Shanghai Lead may move up, and there may be small - to medium - scale upward trends as consumption improves. The volatility may increase compared to Q3, and it is safer to take long positions at low prices. Attention should be paid to the production strategies of large enterprises [3]. Summary by Relevant Catalogs 1. Q3 2025 Lead Price Review - In July, lead prices rose first and then fell. Shanghai Lead increased significantly due to anti - cut - throat competition sentiment and pre - trading of improved demand, but domestic demand was later disproven, and anti - cut - throat competition had limited impact on basic non - ferrous commodities. LME Lead was pressured by a stronger US dollar, and both domestic and overseas lead prices dropped back to pre - increase levels [6]. - In August, the 0 - 3 cash of the outer market remained deeply in contango. The domestic lead market had weak supply and demand. Falling lead prices and tight raw materials intensified the pressure on the operating rate of secondary smelters, and demand was even weaker. With low capital attention, both domestic and overseas lead prices fluctuated at low levels [6]. - In September, the bottom - building of lead prices ended. As the traditional peak season approached, the raw material and finished - product inventories of downstream battery factories continued to decline, and lead prices rose slightly in advance. With the approaching of the double - festival holiday, downstream enterprises stocked up in advance, and market transactions improved as lead prices rose. The fundamental support pushed the operating center of lead prices up from 16,800 yuan/ton to 17,000 yuan/ton [6]. 2. Lead Concentrate Supply Overseas - In Q3 2025, overseas lead concentrate production was lower than expected. Although project profits were sufficient, factors such as lower - than - expected output from sample mining enterprises, irreversible decline in mine grades, long - term impact of geological factors, time required for equipment renewal, and increased probability of La Nina led to the annual overseas lead concentrate increment dropping from 700,000 to 0 tons. There is no obvious expectation of improvement in Q4 [7][11]. Domestic - From January to August, the cumulative domestic lead concentrate output was 1.098 million tons, a year - on - year increase of 11.7%, mainly due to the output release of new projects such as Yinzhushan and Kangjiawan. The main reasons for the decline in TC were the high operating rate of primary smelters, the reflection of the supply - demand relationship of high - grade concentrates in TC, and the weak bargaining power in spot transactions due to fewer long - term contracts signed by smelters. In Q4, Huoshaoyun may release marginal increments, and the domestic mine increment in 2025 is expected to reach +1.2 million tons. The import of Red Dog lead concentrate will share tariff costs equally between domestic and foreign parties, and the import of lead concentrates may decline seasonally in Q4. With primary smelters maintaining a relatively high operating rate, TC may continue to be under pressure [20]. 3. Primary Lead Production Overseas - From January to August, the cumulative overseas primary lead output was 864,000 tons (YoY - 1.4%). Due to tight raw materials, the reduction in overseas primary lead production increased. There was a significant reduction in Kazzinc 3rd Party under Glencore, and the incremental production from restarted and ramping - up projects was not obvious [24]. Domestic - From January to August, the cumulative domestic primary lead output was 2.542 million tons (YoY + 8.2%), mainly due to the restoration of raw material supply, the widening of the price difference between refined and secondary lead, and the increase in production profits (including by - products such as small metals). The operating rate of primary lead in Q3 was generally at a high level. Overall, the domestic surplus (+193,000 tons) can still cover the overseas reduction (-13,000 tons). However, smelting profits are approaching the break - even point and declining, and with the downward pressure on TC in the future, smelting profits may be under pressure. The production of primary lead in Q4 may decline quarter - on - quarter [24]. 4. Secondary Lead Production - From January to August, the cumulative secondary refined lead output was 2.08 million tons (YoY - 3%), and the operating rate of secondary lead remained at a low level of 30%, which may drop below 25% in September. The production cuts of secondary lead smelters mostly follow the raw material consumption rhythm rather than profit changes. The scrap battery scrap volume in Q3 did not improve significantly. Although recyclers sold off stocks multiple times during the lead price decline, it had limited effect on replenishing smelters' raw material inventories. As lead prices rebounded, the profits of secondary lead smelters in October were restored, and the operating rate may increase [44]. - The operating rate of secondary lead smelters in Q4 may increase quarter - on - quarter but will still be highly volatile. The replacement demand may be stimulated by trade - in subsidies, new national standards, and consumer festivals after October, but the annual output is expected to be lower than expected, and the year - on - year growth rate is revised down to - 2%. After years of continuous losses, the cash flow of many secondary lead plants has been under pressure for two and a half years, and attention should be paid to the possible exit of secondary lead production capacity [44]. 5. Initial Demand - In Q3, lead demand was generally weak. In the battery field, the demand for new automotive batteries was neutral to weak, and the replacement demand was significantly lower than expected. The traditional peak seasons for electric two - wheelers and tricycles did not materialize. The export demand for batteries was also weakened by tariffs and anti - dumping measures, while the demand in the energy storage field continued to perform well [46]. - The participation of large enterprises in the futures market has decreased, and there is a phenomenon of buying on rising prices. The finished - product inventory of large enterprises has been transferred to dealers, and the finished - product inventory has undergone a round of destocking. The production orders of lead - carbon battery manufacturers in the energy storage field are abundant [48]. 6. Terminal Demand Electric Two - Wheelers - From January to August, the cumulative production of electric bicycles in Jiangsu and Tianjin increased by 101.5% and 14.7% year - on - year respectively, and the growth rate expanded compared to the first half of the year. The cumulative production of two - wheeled and three - wheeled motorcycles increased by 10.6% and 4.4% year - on - year respectively, and the growth rate narrowed compared to the first half of the year. The replacement demand in Q3 was weak. In Q4, the replacement demand is expected to strengthen periodically due to factors such as trade - in policies, upcoming Double Eleven promotions, and the implementation of new national standards [54]. Automobiles - From January to August, the domestic automobile production was 21.027 million vehicles (YoY + 12.6%), with new energy vehicles increasing by 37.1% and fuel vehicles decreasing by 2%. The export increased by 13.8% year - on - year, but the export growth rate may slow down in Q4. Considering the impact of lithium substitution for lead, the annual lead consumption growth rate in the automotive field is revised down to - 1.8% [59]. Energy Storage - Lead - carbon batteries are still irreplaceable in the data center energy storage field. As of the end of September, the production schedules of some energy storage manufacturers have reached March next year, and the demand for lead - carbon batteries continues to grow strongly. The lead consumption growth rate in this sector is revised up from 8% to 10% [59]. 7. Export Demand - From 2020 - 2023, the average annual compound growth rate of lead battery exports was 10%. From January to August, the export of starting - type batteries increased by 0.2% year - on - year, while the export of other types decreased by 11.5% year - on - year, and the decline further expanded. The main reasons are price ratio suppression, anti - dumping measures, and weak non - automotive demand (destocking) [64]. - There is no obvious driver for the recovery of overseas lead consumption, and the domestic secondary production cost support is still strong. The internal - external price ratio is difficult to repair significantly. With the influence of trade protectionism and battery manufacturers going global, exports may still be under pressure, and the annual export demand growth rate is revised down from flat to - 1% [64]. 8. Inventory - The LME lead inventory is still at a seasonal high even after destocking, and the 0 - 3 spot has been in deep contango for a long time [69]. - In Q3, the lead elements concentrated in the initial downstream and terminal consumption fields were slowly consumed, and the lead elements in the intermediate links of the industrial chain have decreased. However, the medium - to - long - term trend still depends on future demand. Before the double - festivals, downstream enterprises stocked up normally, and potential delivery risks should be警惕 under low inventory levels [69]. - The import window for lead ingots may open intermittently in Q4. Based on this expectation, it is recommended to pay attention to the range - trading opportunities of the internal - external price ratio [69]. 9. Supply - Demand Balance - The revised balance sheet shows that the annual shortage level has decreased. The supply of primary lead may face a marginal tightening of imported ores in Q4, and TC has downward pressure, with a possibility of limited production cuts by smelters. The replacement demand in the secondary lead sector may improve periodically in Q4, but waste batteries will still be in short supply. The operating rate of secondary lead smelters may improve quarter - on - quarter but will remain highly volatile [71]. - The annual terminal demand growth rate is expected to turn negative, mainly due to the possible over - expected lithium substitution for lead, the pressure on both domestic sales and exports of automobiles, the dependence of electric vehicle replacement demand on policy stimuli, the strong consumption in the energy storage field, and the continued pressure on exports. The demand in Q4 may improve periodically [72].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The lead market is in a wide - range shock. The supply and demand of lead concentrate and waste batteries continue to have gaps, processing fees are under pressure to decline, and the cost side still has support. Refinery overhauls increase, the supply pressure of electrolytic lead and secondary lead weakens marginally, and demand is affected by both the boost of the new national standard and the pressure of battery exports. The supply - demand maintains a weak pattern, and the lead price should be treated with a shock mindset. It is necessary to continuously monitor the implementation of refinery overhauls and the fulfillment of demand [2][76]. 3. Summary According to the Directory 3.1 Lead Market Review - In August, the main contract price of Shanghai lead showed a narrow - range weak shock. At the beginning of the month, the lead price rebounded to around 17,000 yuan/ton due to factors such as the Fed's interest - rate cut expectation, good domestic import - export data, and supply - side disturbances. After the optimistic sentiment faded, the lead price oscillated downward due to the non - fulfillment of the consumption peak season and the increase in social inventory. It then rebounded at the end of the month, with a monthly increase of 0.87% to 16,880 yuan/ton. - LME lead showed a convergent shock trend. On one hand, the weakening US dollar boosted the lead price; on the other hand, the high LME inventory and short - selling enthusiasm of speculative funds pressured the price. It closed at 1,997 US dollars/ton at the end of the month, with a monthly increase of 1.4% [7]. 3.2 Lead Fundamental Analysis 3.2.1 Lead Ore Supply Situation - **Global lead concentrate supply is slowly recovering**: From January to June 2025, the global cumulative lead concentrate output was 220.4 million tons, with a cumulative year - on - year increase of 2.16%. Overseas output was 127.4 million tons, a year - on - year increase of 1.15%, and China's output was 93 million tons, a year - on - year increase of 3.56%. It is expected that the overseas lead concentrate increment will reach about 10 million tons this year, and the domestic increment will be around 7 million tons [8][10]. - **Lead concentrate processing fees remain low, and the demand for silver concentrate imports is increasing**: In September, the average domestic lead concentrate processing fee was 450 yuan/metal ton, a month - on - month decrease of 50 yuan/metal ton; the import processing fee was - 90 US dollars/dry ton, a month - on - month decrease of 30 US dollars/dry ton. The supply of lead concentrate is tight, and it is expected that the processing fees will continue to decline. In July, the lead concentrate import volume was 122,000 tons, a year - on - year increase of 28.35%; the silver concentrate import volume was 154,200 tons, a year - on - year increase of 24.62%. It is expected that the silver concentrate import will remain at the current level [18][19]. 3.2.2 Refined Lead Supply Situation - **Global refined lead supply growth is slow**: From January to June 2025, the global refined lead output was 6.57 million tons, a cumulative year - on - year increase of 1.56%. It is predicted that the global refined lead output in 2025 will be 13.272 million tons, a year - on - year increase of 0.6% [24]. - **Refinery overhauls increase, and the electrolytic lead output in September is expected to decline**: In August, the electrolytic lead output was 324,700 tons, slightly lower than expected. It is expected that the output in September will be 320,500 tons, a month - on - month decrease of 4.24% [29]. - **The price of waste batteries is slowly falling, and secondary lead refineries are reducing production**: In August, the average price of waste batteries was 10,100 yuan/ton, a monthly decrease of 1.5%. The secondary lead output in August was 248,800 tons, lower than expected. It is expected that the output in September will be 209,900 tons, a month - on - month decrease of 16.8% [34][35]. 3.2.3 Refined Lead Demand Situation - **Global refined lead demand situation**: From January to June 2025, the global refined lead consumption was 6.549 million tons, a cumulative year - on - year increase of 2.5%. It is expected that the global refined lead demand in 2025 will increase by 1.5% to 13.19 million tons, and the supply will exceed the demand by 82,000 tons. The short - term recovery of the European and American automobile markets has uncertainty, and the boost to lead battery consumption is cautiously optimistic [48][49]. - **The peak season of lead battery production is not prosperous, and there are mixed factors in September**: In August, the lead battery production peak season did not meet expectations. In September, the new national standard for electric bicycles is implemented, which is expected to improve the demand, but the export to some Middle - Eastern countries is facing tariff increases. It is expected that the battery enterprise production will remain cautious [53]. - **The Shanghai - London ratio is not conducive to lead product imports, and the tariff increase in the Middle East is negative for starting battery exports**: In July, the refined lead export volume decreased month - on - month, and the import volume increased month - on - month. It is expected that the import volume will decline in August, and the export will remain stable. The battery export is affected by the tax increase in the Middle East, and the export volume is expected to decline [54][55]. - **Policy guidance improves the lead battery consumption outlook marginally**: In the automotive sector, the demand for lead batteries is expected to increase with the growth of vehicle ownership and the implementation of subsidy policies. In the electric bicycle sector, the new national standard and the old - for - new policy are expected to increase the lead battery demand. In the energy - storage sector, the lead battery demand also has growth potential [64][67][68]. 3.2.4 LME Maintains High Inventory, and Domestic Inventory is Mildly Reduced - In August, the LME lead inventory remained high, and it is expected to continue to increase, which will pressure the lead price. The domestic social inventory decreased slightly, and it is expected to continue to decline slowly in September [73]. 3.3 Summary and Future Outlook - The supply - demand of lead concentrate and waste batteries has gaps, and the cost side has support. The supply pressure of electrolytic lead and secondary lead is weakening, and the demand is affected by both positive and negative factors. The lead price is expected to fluctuate, and attention should be paid to the refinery overhauls and demand fulfillment [76].

Financial Data and Key Metrics Changes - The company achieved record quarterly revenue of $4.4 million, a nearly 50% increase in adjusted EBITDA to $2.4 million compared to the previous quarter [7][9] - Positive free cash flow was reported for the quarter, with cash balances slightly above $5 million, including undrawn revolver capacity [20][21] - The average gold price during the quarter was $3,279 per ounce, contributing to strong cash flows [9] Business Line Data and Key Metrics Changes - Cote mine achieved nameplate throughput with revenue exceeding $1 million in the quarter [11] - Bobrema mine contributed $1.2 million in revenue, maintaining guidance of 33,000 to 40,000 ounces of gold produced for 2025 [12][14] - Revenue from Ignico Eagle's Canadian Malartic mine was reported at $18,000, viewed as a temporary issue due to mine sequencing [13] Market Data and Key Metrics Changes - The company maintains its full-year guidance of 5,700 to 7,000 gold equivalent ounces (GEO) for 2025, despite a guidance cut at Verus mine [14] - The company expects a five-year outlook of 23,000 to 28,000 GEO, primarily from mature and brownfield operations [14] Company Strategy and Development Direction - The company is focused on debt reduction while considering capital returns to shareholders and pursuing strategic growth opportunities [4][5] - There is an expectation of accelerated consolidation in the royalty sector, driven by new strategic capital and recent mergers [5][29] - The company aims to create a mid-tier royalty company with organic growth and sufficient scale to attract global institutional equity investors [5][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a five-year period of pronounced gold equivalent production growth across its portfolio [6] - The company plans to use excess cash to repay outstanding debt, aiming to be effectively debt-free by 2026 [10][36] - Management emphasized the importance of maintaining a disciplined approach to capital allocation and potential acquisitions [16][29] Other Important Information - The company has approximately 20 million outstanding share purchase warrants, exercisable at $2.25 per share [17] - The company is exploring opportunities in safe jurisdictions, primarily in Canada and the US, while also considering investments in Brazil and Australia [35] Q&A Session Summary Question: How was the free cash flow from Q2 2025 handled? - The company generated positive free cash flow and aims to maintain a cash balance above $5 million, with plans to evaluate repayment of the revolver in the coming quarters [20][21] Question: Can you elaborate on Jared Canyon's revenues and expectations? - Revenues from Jared Canyon were related to a settlement, and no further revenues are expected until the mine restarts [22][23] Question: What is the company's stance on the merger landscape? - The company anticipates accelerated consolidation in the royalty space, with a focus on becoming a consolidator in the future [26][29] Question: How far out does the company typically look for acquisitions? - The company focuses on assets with a clear path to cash flow, typically within a five-year window [32] Question: At what point would the company consider reinstating dividends? - The company plans to discuss returning capital to shareholders after achieving a net debt-free position and steady free cash flow generation [36]

Core Insights - Gold Royalty Corp. has achieved positive free cash flow for both the second quarter and the first half of 2025, alongside record revenues and cash margins, indicating growth in production and profitability within its asset portfolio [2][11][12] Financial Performance - For the second quarter of 2025, the company reported revenue of $3.8 million, a significant increase from $1.8 million in the same period of 2024, while total revenue including land agreement proceeds and interest reached $4.4 million, up from $2.2 million [6][11] - The net loss for the second quarter was $829,000, an improvement from a net loss of $2.2 million in Q2 2024, with adjusted net loss also showing improvement [6][11] - Adjusted EBITDA for the second quarter was $2.4 million, compared to $740,000 in the same quarter of 2024, reflecting enhanced operational efficiency [6][11] Production and Guidance - The company reported 1,346 gold equivalent ounces (GEOs) produced in Q2 2025, up from 947 GEOs in Q2 2024, and maintained its 2025 guidance of 5,700-7,000 GEOs, expecting production to be more heavily weighted in the second half of the year [6][11][20] - The company also targets a production outlook of 23,000-29,000 GEOs by 2029, demonstrating confidence in its asset portfolio's growth potential [2][11] Portfolio Updates - The Borborema project is on track for commercial production in Q3 2025, with expected production of 33,000 to 40,000 ounces of gold in 2025 [9] - The Côté Gold mine has reached its nameplate capacity of 36,000 tonnes per day, indicating strong operational performance [15] - The Vareš mine achieved commercial production on July 1, 2025, although production guidance for the year has been revised down due to operational challenges [20] Royalty Generator Model - The royalty generator model has added two new royalties in the first half of 2025, contributing to a total of 50 royalties since the acquisition of Ely Gold Royalties Inc. in 2021 [22] - The company currently has 33 properties under land agreements and six properties generating land agreement proceeds, maintaining low operating costs [23]

Report Industry Investment Rating No information provided in the given content. Core Views of the Report - Domestically, the long - awaited parenting subsidy policy has been officially implemented, which will increase residents' income and boost consumption, especially in low - income areas. It also breaks the household registration limit. Although more supporting policies are needed to enhance fertility willingness, this policy is a step in the right direction. Meanwhile, the Sino - US trade negotiation has achieved phased results, and the Politburo meeting and the Fed's interest rate decision should be focused on [2]. - Overseas, the market generally expects the Fed to keep the benchmark interest rate unchanged. The key points of the decision are the expected guidance on future interest rate cuts and the Fed's statements on subsequent price trends and economic data [2]. - For the RMB exchange rate, the US dollar index continues to rebound. Without major event shocks, the spot exchange rate of the US dollar against the RMB is expected to fluctuate in the range of 7.15 - 7.20 [3]. - For the stock index, the Sino - US negotiation results are out, and it is expected to maintain an upward trend. The small and medium - cap stock indexes are stronger, and the new Sino - US negotiation results may further drive the stock index up [4][5]. - For treasury bonds, wait for the uncertainties to land. Temporarily, trading positions should be on the sidelines [5][6]. - For container shipping, the opening quotes of Maersk continue to decline. The EC is expected to be slightly volatile and decline, but beware of the impact of event factors and capital [6][7]. - For precious metals, focus on the Fed's FOMC. The medium - and long - term trend may be bullish, but the short - term London gold may fluctuate greatly. Maintain the idea of buying on dips [8][10]. - For zinc, the short - term trading logic remains unchanged, and it is appropriate to sell on rallies [13]. - For nickel and stainless steel, the short - term may continue to fluctuate, and the long - term trend is bearish [13]. - For lithium carbonate, there are still disturbances, and pay attention to position risks [14][16]. - For industrial silicon and polysilicon, the market is likely to remain volatile and slightly strong in the short term. For polysilicon, pay attention to the emotional fluctuations caused by the downstream component price transmission [16][17]. - For lead, it is expected to fluctuate in the short term. Wait for the arrival of the peak season and observe the macro and downstream buying sentiment [18]. - For rebar and hot - rolled coil, the market has upward momentum, and focus on the actual demand for steel and the implementation details of the "anti - involution" policy [19]. - For iron ore, it is expected to be strong in the short term [20]. - For coking coal and coke, the upward trend remains unchanged in the short term. Pay attention to the Politburo meeting and Sino - US trade negotiation progress, and beware of the callback risk caused by insufficient macro - policies [21][22]. - For ferrosilicon and ferromanganese, beware of the risks of chasing high in the short term. Pay attention to the implementation of policy expectations and control risks [22]. - For crude oil, the geopolitical risk event has a short - term impact on the oil price and cannot reverse the overall trend. Focus on the OPEC+ meeting on August 3 [24][25]. - For LPG, the supply - demand structure remains loose, and the marginal improvement in chemical demand is difficult to reverse the overall pressure [25][26]. - For PX - PTA, the current fundamental driving force is limited. The short - term may see PTA production cuts to support prices, and do long the processing margin on dips [27][28]. - For MEG - bottle chips, maintain a wait - and - see attitude before the "anti - involution" policy is implemented. For bottle chips, operate the processing margin within the range [30][31]. - For methanol, wait for the macro - policy to land. Temporarily, take a wait - and - see attitude [31][32]. - For PP, the supply - demand pressure is not fundamentally alleviated, and the upward space is limited. Continue to pay attention to the downstream demand and macro - policy changes [33][34]. - For PE, the short - term pressure is large, but the downward space in the future is limited. Pay attention to the downstream demand and macro - policy [36][37]. - For PVC, the trading is difficult at present. Temporarily, take a wait - and - see attitude [38][39]. - For pure benzene, wait for the important meetings to end. Temporarily, take a wait - and - see attitude [40]. - For styrene, the short - term is affected by macro - emotions. After the important meetings, evaluate the impact of policies on the industry and then make decisions [42]. - For fuel oil, the short - term driving force is downward [43]. - For low - sulfur fuel oil, take a wait - and - see attitude [44]. - For asphalt, the short - term is in an oscillating trend. The peak season is still worth looking forward to in the medium - and long - term [45][46]. - For urea, the 09 contract is expected to fluctuate weakly [47]. - For soda ash and glass, pay attention to the policy implementation. The supply of soda ash is strong and the demand is weak, while the glass is in a weak balance [47][49]. - For logs, the market is flat. Consider selling the lg2509 - p - 800 contract at an appropriate time [50]. - For pulp, the fundamental is weak. Technically, buy lightly on the support [51]. - For caustic soda, pay attention to the delivery logic and the policy implementation. The short - term focuses on the downstream demand improvement [52]. - For live pigs, sell on rallies and appropriately arrange reverse spreads [53]. - For oilseeds, allocate long positions in the far - month contracts [54][55]. - For corn and starch, they are expected to fluctuate weakly. Pay attention to the growth of new - crop corn [55][56]. - For cotton, the upside space is limited, but the tight domestic inventory before the new - cotton listing will support the price. Pay attention to the import quota policy and Sino - US trade agreement adjustment [57]. - For sugar, the recent pattern is strong domestically and weak overseas [59]. - For eggs, the medium - and long - term capacity is loose. Appropriate reverse spreads can be arranged [60]. - For apples, the price has a significant reverse effect [60]. Summaries According to Relevant Catalogs Financial Futures - **Macro**: Sino - US economic and trade negotiations have made new progress. The suspended 24% of the US reciprocal tariffs and China's counter - measures will be extended for 90 days. The US "reciprocal tariffs" face the risk of cancellation. The US JOLTS job openings in June were 7.437 million, less than expected [1][3]. - **Stock Index**: The stock index is expected to maintain an upward trend. The small and medium - cap stock indexes are stronger, and the new Sino - US negotiation results may further drive the stock index up [4][5]. - **Treasury Bonds**: Wait for the uncertainties to land. Temporarily, trading positions should be on the sidelines [5][6]. - **Container Shipping**: The opening quotes of Maersk continue to decline. The EC is expected to be slightly volatile and decline, but beware of the impact of event factors and capital [6][7]. Commodities Non - ferrous Metals - **Gold & Silver**: Stop falling and oscillate. Focus on the Fed's FOMC. The medium - and long - term trend may be bullish, but the short - term London gold may fluctuate greatly. Maintain the idea of buying on dips [8][10]. - **Zinc**: The short - term trading logic remains unchanged, and it is appropriate to sell on rallies [13]. - **Nickel & Stainless Steel**: The short - term may continue to fluctuate, and the long - term trend is bearish [13]. - **Lithium Carbonate**: There are still disturbances, and pay attention to position risks [14][16]. - **Industrial Silicon & Polysilicon**: The market is likely to remain volatile and slightly strong in the short term. For polysilicon, pay attention to the emotional fluctuations caused by the downstream component price transmission [16][17]. - **Lead**: It is expected to fluctuate in the short term. Wait for the arrival of the peak season and observe the macro and downstream buying sentiment [18]. Black Metals - **Rebar & Hot - Rolled Coil**: The market has upward momentum, and focus on the actual demand for steel and the implementation details of the "anti - involution" policy [19]. - **Iron Ore**: It is expected to be strong in the short term [20]. - **Coking Coal & Coke**: The upward trend remains unchanged in the short term. Pay attention to the Politburo meeting and Sino - US trade negotiation progress, and beware of the callback risk caused by insufficient macro - policies [21][22]. - **Ferrosilicon & Ferromanganese**: Beware of the risks of chasing high in the short term. Pay attention to the implementation of policy expectations and control risks [22]. Energy and Chemicals - **Crude Oil**: The geopolitical risk event has a short - term impact on the oil price and cannot reverse the overall trend. Focus on the OPEC+ meeting on August 3 [24][25]. - **LPG**: The supply - demand structure remains loose, and the marginal improvement in chemical demand is difficult to reverse the overall pressure [25][26]. - **PX - PTA**: The current fundamental driving force is limited. The short - term may see PTA production cuts to support prices, and do long the processing margin on dips [27][28]. - **MEG - Bottle Chips**: Maintain a wait - and - see attitude before the "anti - involution" policy is implemented. For bottle chips, operate the processing margin within the range [30][31]. - **Methanol**: Wait for the macro - policy to land. Temporarily, take a wait - and - see attitude [31][32]. - **PP**: The supply - demand pressure is not fundamentally alleviated, and the upward space is limited. Continue to pay attention to the downstream demand and macro - policy changes [33][34]. - **PE**: The short - term pressure is large, but the downward space in the future is limited. Pay attention to the downstream demand and macro - policy [36][37]. - **PVC**: The trading is difficult at present. Temporarily, take a wait - and - see attitude [38][39]. - **Pure Benzene**: Wait for the important meetings to end. Temporarily, take a wait - and - see attitude [40]. - **Styrene**: The short - term is affected by macro - emotions. After the important meetings, evaluate the impact of policies on the industry and then make decisions [42]. - **Fuel Oil**: The short - term driving force is downward [43]. - **Low - Sulfur Fuel Oil**: Take a wait - and - see attitude [44]. - **Asphalt**: The short - term is in an oscillating trend. The peak season is still worth looking forward to in the medium - and long - term [45][46]. - **Urea**: The 09 contract is expected to fluctuate weakly [47]. - **Soda Ash & Glass**: Pay attention to the policy implementation. The supply of soda ash is strong and the demand is weak, while the glass is in a weak balance [47][49]. Others - **Logs**: The market is flat. Consider selling the lg2509 - p - 800 contract at an appropriate time [50]. - **Pulp**: The fundamental is weak. Technically, buy lightly on the support [51]. - **Caustic Soda**: Pay attention to the delivery logic and the policy implementation. The short - term focuses on the downstream demand improvement [52]. Agricultural Products - **Live Pigs**: Sell on rallies and appropriately arrange reverse spreads [53]. - **Oilseeds**: Allocate long positions in the far - month contracts [54][55]. - **Corn & Starch**: They are expected to fluctuate weakly. Pay attention to the growth of new - crop corn [55][56]. - **Cotton**: The upside space is limited, but the tight domestic inventory before the new - cotton listing will support the price. Pay attention to the import quota policy and Sino - US trade agreement adjustment [57]. - **Sugar**: The recent pattern is strong domestically and weak overseas [59]. - **Eggs**: The medium - and long - term capacity is loose. Appropriate reverse spreads can be arranged [60]. - **Apples**: The price has a significant reverse effect [60].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the second half of the year, the lead market will show a pattern of increasing supply and demand. The supply of primary lead and recycled lead has new capacity plans, but the rigid constraints of raw material supply will limit the supply growth rate, with more prominent constraints for recycled lead. On the demand side, although there is an expectation of seasonal recovery, the consumption front - loading driven by policies may slow down the growth rate. It is expected that the inventory will remain at a neutral level, and the lead price is expected to range from 16,800 to 18,000 yuan/ton, with the center moving up. During the seasonal consumption recovery period, the price may show strong upward momentum [3]. Group 3: Summary by Relevant Catalogs I. Lead Market Review - In the first half of 2025, the main contract price of Shanghai lead futures fluctuated widely around the bottom area, ranging from 16,165 to 17,805 yuan/ton. By the end of June, the price closed at 17,200 yuan/ton, up 2.23% from the beginning of the year. LME lead fluctuated strongly in the first quarter and first declined then rose in the second quarter. By the end of June, it closed at 2,041.5 US dollars/ton, up 5.59% from the beginning of the year [8][9]. II. Lead Fundamental Analysis 2.1 Lead Ore Supply Situation - **2.1.1 Global Lead Concentrate Supply Recovering Slowly**: From January to April 2025, the global cumulative lead concentrate production was 1.4324 million tons, a year - on - year increase of 3.5%. From January to May 2025, the domestic cumulative lead concentrate production was 633,900 tons, a year - on - year increase of 12.61%. It is expected that the overseas increment will be 100,000 tons and the domestic increment will be around 70,000 tons, with a global lead mine production growth rate of 2.3% to 4.62 million tons [10][12]. - **2.1.2 Lead Concentrate Processing Fees Remaining Low, Silver Concentrate Import Demand Increasing**: As of June 2025, the average domestic and foreign lead concentrate processing fees were 600 yuan/metal ton and - 30 US dollars/dry ton respectively. In the second half of the year, the processing fees are expected to stabilize and may rise slightly in the fourth quarter. From January to May 2025, the cumulative lead concentrate import volume was 552,500 tons, a year - on - year increase of 40%. It is expected that the monthly import volume in the second half of the year will be between 130,000 and 150,000 tons. The import demand for silver concentrate is expected to remain high [20][21]. 2.2 Refined Lead Supply Situation - **2.2.1 Global Refined Lead Supply Growth Rate Moderate**: From January to April 2025, the global cumulative refined lead production was 4.3915 million tons, a year - on - year increase of 1.4%. It is predicted that the global refined lead production in 2025 will be 13.272 million tons, a year - on - year increase of 0.6% [26][28]. - **2.2.2 Stable Electrolytic Lead Production, Focus on New Project Commissioning in the Second Half of the Year**: From January to June 2025, the cumulative electrolytic lead production was 1.8902 million tons, a year - on - year increase of 9.5%. It is expected that the annual electrolytic lead production will increase by 5.6% year - on - year to 3.8 million tons [31][32]. - **2.2.3 Profit and Raw Material Shortage Restraining Production, High Production Interference Rate in the Second Half of the Year**: From January to June 2025, the cumulative recycled refined lead production was 1.5734 million tons, a year - on - year decrease of 4.35%. It is expected that the annual recycled refined lead production will be 3.1 million tons, a year - on - year decrease of 2% [37][39]. 2.3 Refined Lead Demand Situation - **2.3.1 Global Refined Lead Demand Situation**: From January to April 2025, the global cumulative refined lead consumption was 4.3697 million tons, a year - on - year increase of 2.66%. It is expected that the global refined lead demand in 2025 will increase by 1.5% to 13.19 million tons [44]. - **2.3.2 High Lead Battery Inventory, Focus on the Realization of the Traditional Consumption Peak Season in the Third Quarter**: In the first half of 2025, the lead battery enterprise start - up rate was slightly lower than the same period last year, and the finished product inventory and dealer inventory were at relatively high levels. In the second half of the year, the start - up rate is expected to improve in the third quarter, and the battery replacement demand will increase in the fourth quarter [51][57]. - **3.2.1 Unfavorable Shanghai - London Ratio for Lead Ingot and Battery Exports, Imports Supplementing Raw Material Ratio**: From January to May 2025, the cumulative net import volume of refined lead and lead products was 33,611 tons. In the second half of the year, the import volume is expected to rise in the third quarter and decline in the fourth quarter. The lead battery export volume decreased by 3.5% year - on - year from January to May 2025, and the decline is expected to narrow in the second half of the year [58][59]. - **2.3.2.2 Policy - Guided Marginal Improvement in Lead Battery Consumption Prospect**: In the automotive sector, the replacement demand for lead batteries is stable, and the new demand is growing. In the electric bicycle sector, the replacement demand is strong, and the new standard implementation and subsidy policy will boost consumption. In the energy storage sector, the demand for lead batteries has growth potential [64][69]. 2.4 High Overseas Inventory, Neutral Domestic Inventory - In the first half of 2025, the LME lead inventory was at a high level, and the domestic inventory was at a neutral level. In the second half of the year, the overseas inventory is expected to remain high, and the domestic inventory is expected to rise, but the inventory accumulation pressure will be relieved by the constraints on recycled lead production [77]. III. Summary and Outlook for the Future - In the second half of the year, the lead market will show a pattern of increasing supply and demand. The supply of primary lead and recycled lead has new capacity plans, but the rigid constraints of raw material supply will limit the supply growth rate, with more prominent constraints for recycled lead. The consumption side has seasonal recovery expectations, but the consumption front - loading may slow down the growth rate. It is expected that the inventory will remain at a neutral level, and the lead price is expected to range from 16,800 to 18,000 yuan/ton, with the center moving up [80].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The financial data in May is reasonably matched with the real - economy operation. The growth rates of social financing scale, M2, and RMB loans are significantly higher than the nominal GDP growth rate, and the overall financial support for the real economy remains stable. Fiscal and industrial policies work together with monetary policy to promote economic recovery [2][14]. - The real - estate market continues to consolidate its stabilization and recovery trend. The State Council Executive Meeting proposes to optimize policies and promote the real - estate market to stop falling and recover [13]. - The conflict between Iran and Israel intensifies, impacting the global market. Global funds are flowing into the crude - oil market, and the trading volume of US crude - oil options has soared [6]. - In the bond market, the Chinese bond market shows a slightly strong and volatile trend. The yields of most major interest - rate bonds in the inter - bank market decline, and the yields of European and US bonds generally rise [20][23][24]. - In the stock market, short - term events may provide investment opportunities. After sentiment recovery, internal factors will determine the market trend. The pan - technology direction and Hong Kong stocks are favored [30]. 3. Summary by Directory 3.1 Macro Data Quick View - GDP in Q1 2025 had a year - on - year growth rate of 5.4%, the same as the previous quarter and slightly higher than the same period last year. - In May 2025, the manufacturing PMI was 49.5%, up from the previous month but the same as the same period last year; the non - manufacturing PMI for business activities was 50.3%, slightly down from the previous month and lower than the same period last year. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 1.5%, and 8.0% respectively, with M0 and M2 increasing compared to the previous month and the same period last year, while M1 decreased slightly compared to the previous month but increased compared to the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The financial data in May is reasonably matched with the real - economy operation, and the financial support for the real economy remains stable [2]. - The CSRC solicits public opinions on the "Regulations on the Classification and Evaluation of Futures Companies (Draft for Comment)", optimizing the evaluation criteria and process [2]. - The Shanghai International Energy Exchange reminds investors to prevent risks and maintain market stability [2]. 3.2.2 Metals - Since 2025, the international gold price has risen rapidly. In May, the price fluctuated greatly, and recently it has risen again due to geopolitical tensions. The domestic gold - jewelry price has also started to rise [3]. - In May 2025, global physical gold ETFs had an outflow of about $1.8 billion, ending five consecutive months of inflows [3]. - As of June 12, the inventories of various metals on the London Metal Exchange, such as tin, copper, and aluminum, decreased to varying degrees [3][4]. - Goldman Sachs predicts that central - bank gold purchases will drive the gold price to reach $3,700 per ounce by the end of 2025 and $4,000 per ounce by mid - 2026 [4]. 3.2.3 Coal, Coke, Steel, and Minerals - As of early June 2025, the circulation - field price of coke and rebar decreased month - on - month, with the coke price hitting a record low [5]. - Dundee Precious Metals will acquire silver - mine producer Adriatic Metals for about $1.251 billion [5]. 3.2.4 Energy and Chemicals - Kuwait sets different prices for its crude oil sold to different regions in July [6]. - The conflict between Iran and Israel intensifies, and global funds are flowing into the crude - oil market. The trading volume of US crude - oil options has soared [6]. 3.2.5 Agricultural Products - As of June 15, the sales volume and price of live pigs of some listed breeding companies decreased month - on - month and year - on - year [8]. - The national summer - sown grain progress is over half, faster than in previous years [8]. - As of early June 2025, most agricultural - product prices in the national circulation field decreased, with the price of soybean meal hitting a new low since July 2020, while the price of soybeans increased [8][9]. 3.3 Financial News Compilation 3.3.1 Open Market - This week, 858.2 billion yuan of reverse repurchases and 182 billion yuan of MLFs will mature. Last week, the central bank conducted 858.2 billion yuan of reverse - repurchase operations, with a net withdrawal of 7.27 billion yuan in the open market [10][11]. - On June 13, the central bank conducted 202.5 billion yuan of 7 - day reverse - repurchase operations, with a net injection of 6.75 billion yuan [11]. 3.3.2 Important News - The article by General Secretary Xi Jinping emphasizes the importance of formulating and implementing medium - and long - term plans for economic and social development [12]. - The real - estate market continues to consolidate its stabilization and recovery trend. The State Council Executive Meeting proposes to optimize policies to promote the real - estate market to stop falling and recover [13]. - The central bank will conduct 40 billion yuan of outright reverse - repurchases on June 16, providing medium - term liquidity support [15]. - Iran and Israel launch a new round of military strikes against each other, and China urges both sides to resolve disputes through dialogue [15][16]. - The central bank renews the bilateral local - currency swap agreement with the Central Bank of Turkey, and the total scale of swap agreements with other countries and regions reaches about 4.5 trillion yuan [16]. - Shanghai encourages state - owned and private enterprises to cooperate and develop a mixed - ownership economy [17]. - Hong Kong has become a safe haven for international funds, and the Hong Kong dollar will maintain the linked - exchange - rate system [18]. - Guangzhou proposes to reduce consumption restrictions and optimize real - estate policies [18]. 3.3.3 Bond Market Summary - The Chinese bond market shows a slightly strong and volatile trend. The yields of most major interest - rate bonds in the inter - bank market decline, and the yields of European and US bonds generally rise [20][23][24]. - The prices of some bonds in the exchange - bond market rise and fall, and the convertible - bond index generally declines [21]. - The yields of national bonds and policy - bank bonds in the primary market are determined, and the repurchase - fixed - rate in the inter - bank market mostly rises [22]. 3.3.4 Foreign - Exchange Market Express - The on - shore RMB against the US dollar rises, and the central parity rate of the RMB against the US dollar is raised. The US dollar index rises, and most non - US currencies fall [25]. 3.3.5 Research Report Highlights - Huachuang Securities believes that the short - end bond market may be boosted by the growth of wealth - management scale in July. After the cross - quarter period, the CD pricing may approach 1.60% [26]. - Huafu Securities points out that factors such as large CD maturities and positive results of Sino - US trade negotiations may lead to an increase in bond yields, but the adjustment range is limited [26][27]. 3.4 Stock - Market Important News - On June 16, the regular adjustment of A - share indexes takes effect, involving multiple Shanghai, Shenzhen, and cross - market indexes [29]. - The Shanghai Stock Exchange will implement the "Eight Measures for the Science and Technology Innovation Board" and support the development of science - and technology enterprises [30]. - The short - term decline caused by geopolitical events may provide investment opportunities. After sentiment recovery, the pan - technology direction and Hong Kong stocks are favored [30]. - Shenzhen may pilot the secondary listing of red - chip stocks, providing a more convenient listing channel for science - and technology enterprises [30]. - Brokerages focus on the valuation repair of Chinese assets in the A - share market in the second half of the year and are generally optimistic about the Hong Kong - stock market, especially the technology sector [31].

Company Overview - Terra Balcanica Resources Corp. is focused on the Western Tethyan Metallogenic Belt, targeting critical metals such as Sb, Zn, Ag, and Au to meet the demands of the European economy [2][3] - The company holds a 90% interest in the Viogor-Zanik Project located in eastern Bosnia and Herzegovina, which is currently advancing through its drilling campaigns [16] Recent Developments - The acquisition of Adriatic Metals by Dundee Precious Metals for C$1.3 billion underscores the geological potential of Bosnia and Herzegovina, where Terra is also operating [1] - Terra plans to initiate its Phase III drilling campaign at the Viogor-Zanik project within the next two weeks, aiming to confirm the size potential of the Brezani Sb-Ag mineralization [1][2] Geological Context - Bosnia and Herzegovina is part of an ancient European mining belt with significant advantages for exploring metals essential for energy transition markets [3] - The Western Tethyan Belt is recognized for its rich deposits of precious and base metals, comparable to major mining regions like the Andes [6] Regulatory and Economic Environment - Bosnia and Herzegovina is a stable democracy with EU candidate status, working to align its legal frameworks with European standards, which benefits the mining sector [4] - The country has a supportive population towards mining, a skilled workforce, and favorable mining codes, including a corporate tax rate of 10% [5] Project Specifics - The Viogor-Zanik project encompasses 168 km and features high-grade polymetallic targets, with the potential for open-pit or shallow underground mining operations [9] - Recent drilling at the Chumavichi target confirmed high-grade Ag-Sb-Pb-Zn-Au mineralizations across a 2 km strike [10] - At the Brezani target, a 20-meter wide antimony-silver mineralization grading 436 g/t Ag Eq was intercepted, indicating significant resource potential [11][14]