District Metals Conference Summary Company Overview - **Company Name**: District Metals - **Stock Symbols**: OTCQX: DMXCF, TSXV: DMX - **Industry**: Mineral exploration and development, focusing on uranium and base metals in Sweden Key Points and Arguments Industry Context - The Swedish government lifted the uranium ban effective January 1, 2026, allowing exploration and mining to proceed [2][12] - A proposed inquiry into alum shale mining is seen as politically motivated due to the upcoming elections in Sweden [3][32] - The Geological Survey of Sweden is reviewing the Viken Deposit as a deposit of national interest, which could override municipal vetoes [4] Company Strategy and Projects - District Metals has five uranium projects and two base metal polymetallic projects in Sweden [4] - The flagship Viken Project is noted as the largest undeveloped uranium deposit globally, with significant resources of vanadium, potash, molybdenum, nickel, copper, and zinc [5][6] - The company is also exploring alum shale properties, aiming to discover additional deposits similar to Viken [6][19] Financial Position - The company has approximately CAD 8.5 million in treasury, fully funding its plans for the year [10][11] - The share structure includes significant institutional and high-net-worth investors, indicating strong support [10] Exploration and Development Plans - A preliminary economic assessment (PEA) for the Viken Deposit is expected in Q2 2026, followed by an Economic Impact Study in Q3 [27][28] - Drilling is anticipated to commence in Q2, with results expected in Q3 and Q4 [28] Market Position and Valuation - The current enterprise value per inferred resource is at $0.04, significantly lower than peers, indicating a potential investment opportunity [22] - The company emphasizes the value of its diverse resource base, including potash, which is critical for the EU's agricultural needs [33] Additional Important Information - The alum shale is not considered more environmentally risky than other mineral deposits, based on previous inquiries [31][34] - The company plans to assay for rare earth elements in future drilling, which could enhance the value of the Viken Deposit [35][36] - The permitting process in Sweden is described as straightforward, with strong governmental support for mining activities [11] Conclusion District Metals is positioned to capitalize on the lifting of the uranium ban in Sweden, with a strong portfolio of projects and a solid financial foundation. The political landscape and regulatory environment are favorable, although potential risks related to municipal vetoes and market fluctuations remain. The company's focus on diverse resources, including potash and rare earth elements, adds to its attractiveness as an investment opportunity.

新能源及有色金属日报 | 2026-02-05 供需双弱格局延续 铜价暂陷震荡格局 市场要闻与重要数据 冶炼及进口方面，2月4日讯，中国有色金属工业协会在最新发布会上宣布，国内已叫停超过200万吨新建或拟建铜 冶炼项目，标志着行业自发的产能治理与"反内卷"政策取得关键性实质进展，过快增长的产能势头已得到有效抑 制。协会副秘书长段绍甫表示，未来将继续配合国家部门严格管控新增矿铜冶炼项目，旨在从源头扭转原料（铜 精矿）外采比例逐年提升的被动局面。此外，协会正推动完善铜资源储备体系，除扩大国家战略储备规模外，拟 探索建立商业储备机制，通过财政贴息等方式由国有骨干企业试行，储备标的除精炼铜外，亦研究将易于变现的 铜精矿纳入范围。协会副会长陈学森指出，针对铜、氧化铝等产品的"反内卷"政策已基本出台，其效果预计将在 未来两到三年内逐步显现。市场分析认为，此举直接针对近年来因冶炼产能无序扩张导致的加工费（TC/RC）极 度低迷和行业利润恶化的核心矛盾，旨在提升中国在全球铜产业链中的议价能力和长期健康发展。 消费方面，2026年1月铜材终端消费呈现节前抢跑但具体板块有所分化的特征。电力领域，国网订单成为核心支撑， 阶段性补库 ...

商品日报 20260205 联系人 李婷、黄蕾 电子邮箱 jytzzx@jyqh.com.cn 投资咨询业务资格 沪证监许可[2015]84 号 主要品种观点 宏观：美国 1 月 ADP 就业偏弱，A 股延续缩量反弹 海外方面，美国年初就业有所降温，1 月 ADP 仅增 2.2 万人，低于预期 4.5 万人，就业 增量高度集中于教育和医疗，制造业与专业服务收缩，结构性疲弱清晰。1 月 ISM 服务业 PMI 升至 53.8，但就业几乎停滞、价格回升，显示需求修复未能转化为用工扩张，"高价格、 弱就业"的分化格局延续。全球资源品博弈加剧，美、欧、日以"供应链韧性"为名加速制 度化结盟，旨在弱化中国在关键工业原料上的主导权。海外市场风险偏好较弱，美股科技又 因 AI 泡沫担忧下挫，美元指数抬升至 97.7，金价在 5000 美元上方震荡，铜价收跌 3%，油 价收涨，关注周五非农就业数据。 国内方面，A 股周三延续反弹，上证指数重回 4100 点，红利风格领涨，煤炭、光伏、 航空等板块领涨，两市成交额小回落至 2.5 万亿元、逾 3200 只收涨，赚钱效应边际转弱， 宽基指数 ETF 转为净流出，两融余额继续边际回 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The US labor market shows a weakening trend, with the January ADP employment falling short of expectations, leading to a weakening of market risk appetite and a strengthening of the US dollar. The short - term outlook for the US economy is mixed, with the employment market cooling while the service sector shows mild expansion and inflation pressure remaining [2][18]. - Gold prices fluctuate and close higher. The inflow of bottom - fishing funds lacks sustainability. Geopolitical risks persist, and the progress of the US - Iran negotiation falls short of expectations, increasing the long - short game in the gold market [3][14]. - The bond market has many potential negative factors, and the probability of weakening after a sideways movement is high. It is recommended to moderately focus on shorting T [4][27]. - In the sugar market, the production and sales pressure of sugar mills in Guangxi is large, and the sales pressure is expected to further increase in the later stage of the crushing season. The domestic sugar market is facing seasonal supply pressure, and Zhengzhou sugar is expected to oscillate at a low level in the short term [5][42]. - After a significant macro - level cooling, zinc prices may enter an oscillatory adjustment stage [6]. - The US propane inventory has decreased significantly, and the de - stocking amplitude is expected to narrow next week [7]. Summary by Relevant Catalogs 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Key points: The cancellation of the US - Iran negotiation on Friday, the inflow of bottom - fishing funds in the gold market with limited sustainability, the repeated short - term geopolitical situation, and the increase in the long - short game. It is recommended to wait for the volatility to decline before making allocations [3][14][15]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Key points: The Fed decides to keep the capital requirements of large - scale banks unchanged in 2026. The January ADP employment in the US is lower than expected, the labor market weakens, the market risk appetite weakens, and the US dollar rebounds in the short term [16][18][19]. 1.3 Macro Strategy (US Stock Index Futures) - Key points: The performance guidance of AMD is lower than expected, the Q4 revenue of Google's cloud business grows by 48%, but the large - scale capital expenditure in the future causes stock price fluctuations. During the earnings season, the US stock market is expected to maintain high - level oscillations [20][22][23]. 1.4 Macro Strategy (Stock Index Futures) - Key points: The Shanghai Composite Index recovers and returns to 4100 points. Affected by news, coal stocks drive the pro - cyclical blue - chip sector to recover. It is recommended to hold long positions in stock index futures and evenly allocate the three major stock indexes [24][25]. 1.5 Macro Strategy (Treasury Bond Futures) - Key points: The central bank conducts a 75 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 302.5 billion yuan on the day. The bond market is likely to weaken after a sideways movement, and it is recommended to moderately focus on shorting T [26][27]. 2. Commodity News and Comments 2.1 Black Metal (Steam Coal) - Key points: Some Indonesian coal mines suspend offering due to production quota issues. The Indonesian side has a clear demand for production cut and price protection, and the bottom of coal prices is more solid, but the upward elasticity needs to be observed [28]. 2.2 Black Metal (Iron Ore) - Key points: The iron ore project of Atlas Iron is approved by the government. The iron ore price maintains a weak oscillation. The downstream restocking is completed, and the supply is at a high level. The price is expected to maintain a weak oscillation [30]. 2.3 Black Metal (Rebar/Hot - Rolled Coil) - Key points: Brazil imposes anti - dumping duties on Chinese and Indian color - coated sheets. The steel price continues to oscillate. The steel price is less affected by the rise in coal prices, and it is recommended to treat the steel price with an oscillatory mindset [31][33][34]. 2.4 Black Metal (Coking Coal/Coke) - Key points: The coking coal price in the Linfen market is weakly stable. The supply may shrink during the Spring Festival. The downstream demand is weak, and the market sentiment is affected by the Indonesian event, showing a strong oscillation [36][37]. 2.5 Agricultural Products (Sugar) - Key points: India's sugar production increases, and the sugar production in Guangxi decreases. The production and sales rate is at a low level, and the sugar mill's sales pressure is expected to increase. The domestic sugar market is under seasonal supply pressure, and Zhengzhou sugar is expected to oscillate at a low level [38][40][42]. 2.6 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Key points: Malaysia's palm oil inventory may decline in January. The US Treasury Department issues the 45Z proposed rule. It is recommended to focus on relevant data and conferences and consider going long on dips [43][45][46]. 2.7 Non - ferrous Metals (Lithium Carbonate) - Key points: Sigma Lithium resumes mining operations, and Fulin Jinggong and CATL increase capital in Jiangxi Shenghua. The production and demand of lithium carbonate decline in February, and the price is expected to be easy to rise and difficult to fall. It is recommended to go long on dips after the position and volatility stabilize [47][49][51]. 2.8 Non - ferrous Metals (Lead) - Key points: The LME lead shows a discount. The lead market has a situation of weak supply and demand. The lead price is expected to oscillate weakly, and it is recommended to pay attention to medium - term long positions [52]. 2.9 Non - ferrous Metals (Zinc) - Key points: The LME zinc shows a discount, and Boliden's zinc concentrate production in Q4 2025 decreases by 15% quarter - on - quarter. Zinc prices may enter an oscillatory adjustment stage, and it is recommended to wait and see [53][54][55]. 2.10 Non - ferrous Metals (Copper) - Key points: Chile releases a key mineral strategy, and the EU proposes a key mineral partnership with the US. The macro - sentiment supports copper prices, but the short - term spot structure is loose. It is recommended to wait and see [56][57][58]. 2.11 Non - ferrous Metals (Tin) - Key points: The LME tin shows a discount. The supply of tin is expected to ease, but the demand is weak. The price is expected to oscillate, and attention should be paid to the supply recovery and consumption improvement [59][60][61]. 2.12 Energy and Chemicals (Liquefied Petroleum Gas) - Key points: The US propane inventory decreases significantly, but the supply is still abundant. It is recommended to wait and see due to various disturbances [62]. 2.13 Energy and Chemicals (Asphalt) - Key points: The capacity utilization rate of domestic asphalt refineries decreases. The asphalt market shows a situation of weak supply and demand, and the short - term price fluctuates greatly [62][63][65]. 2.14 Energy and Chemicals (LLDPE) - Key points: The inventory of Chinese polyethylene production enterprises increases. The LLDPE price may oscillate strongly driven by cost, but the upward space is limited. It is recommended to wait and see before the Spring Festival [66]. 2.15 Energy and Chemicals (Methanol) - Key points: The inventory of Chinese methanol ports decreases. Due to the increasing geopolitical risks, the previous short - selling strategy is no longer valid, and it is recommended to close short positions and wait and see [67]. 2.16 Shipping Index (Container Freight Rate) - Key points: Ports in the Mediterranean and Chittagong go on strike. The Middle - East geopolitical situation supports the high - level oscillation of the market. The downward space of the spot price is limited [68][69][70].

Core Viewpoint - The U.S. dollar is experiencing significant volatility due to unpredictable government policies and concerns over Federal Reserve independence, leading to potential capital flight and a reassessment of U.S. assets by global investors [1]. Group 1: Dollar Volatility and Market Impact - The dollar has seen a decline of almost 2% in one week in January, reaching four-year lows, before rebounding sharply, which has caused turmoil in the metals market [1]. - Gold prices fell by 5% following the dollar's rebound, marking its largest daily drop since the early 1980s, while silver and copper also experienced significant declines from recent peaks [1]. - The global currency market, valued at nearly $10 trillion a day, has become more volatile, with the euro/dollar exchange rate volatility reaching its highest level since July [1]. Group 2: Investor Sentiment and Asset Management - Foreign investors hold approximately $70 trillion in U.S. assets, having more than doubled their holdings over the past decade, but are now reassessing their exposure due to the dollar's instability [1]. - A disorderly decline of the dollar, defined as a 5% monthly loss, could lead to a drastic sell-off of long-dated Treasuries and tighten U.S. financial conditions significantly [1]. - Investment managers are shifting towards a neutral stance, reducing exposure to stocks and gold, and employing options strategies to hedge against uncertainty in Treasury yields [1].

Core Insights - GT Resources Inc. is advancing its Läntinen Koillismaa Copper-Nickel-Palladium-Platinum Project in Finland, focusing on an extensive assay infill and re-assay program to better define mineralization in the Kaukua Zone [2][4]. Group 1: Project Overview - The LK Project is the most advanced project of the company, featuring a NI 43-101 compliant resource estimate primarily consisting of palladium, platinum, and copper [3][4]. - The project is strategically positioned to supply critical minerals to the European Union, which heavily relies on imports for these resources [4]. Group 2: Assay Program Details - An extensive program has commenced to analyze over 5,000 samples from the Kaukua Zone, aimed at preparing for a potential resource update and preliminary economic assessment [2][5]. - The current infill and re-assay program focuses on historic drilling data from the Kaukua Zone, which did not sample 100% of the drill core, indicating potential for identifying additional resources [5][6]. Group 3: Resource Estimates - Indicated resources include 1.1 million ounces of total precious metals (TMP), 111 million pounds of copper, and 92 million pounds of nickel, contained in 38.2 million tonnes [7]. - Inferred resources are estimated at 1.1 million ounces of TMP, 173 million pounds of copper, and 152 million pounds of nickel, contained in 49.7 million tonnes [7]. Group 4: Expansion Potential - The 17-kilometer long Haukiaho trend presents significant near-term expansion potential, with historic drilling indicating the presence of platinum and palladium grades that were previously under-sampled [9].

Core Viewpoint - Lundin Mining has successfully completed the sale of its subsidiary Lundin Mining US, which owned the Eagle mine and Humboldt mill, to Talon Metals for $127 million (C$176.21 million) [1] Group 1: Transaction Details - The definitive share purchase agreement for the sale was signed in December 2025, marking the transfer of assets to Talon Metals [1] - Lundin Mining received approximately 275.1 million common shares in Talon Metals as compensation, which represents about 18.61% of Talon Metals' issued and outstanding shares on a non-diluted basis [3][4] - Following the transaction, Lundin Mining's stake in Talon Metals increased to approximately 19.86%, totaling 293.7 million shares [2][4] Group 2: Company Statements - Talon Metals CEO Darby Stacey expressed gratitude to Lundin Mining for their support over the past 13 years and expressed excitement for future collaboration [3] - Lundin Mining's president and CEO Jack Lundin stated confidence in the transaction's potential to generate sustained value for stakeholders and expressed eagerness to support Talon Metals [6] Group 3: Strategic Positioning - With the completion of this transaction, Lundin Mining is positioned as a pure-play copper company, focusing on growth to become a top-ten global copper producer through the development of the Vicuña District [7] - Prior to this transaction, Lundin Mining held 18.5 million shares in Talon Metals, accounting for approximately 1.57% of the issued shares [4] Group 4: Additional Agreements - An investor rights agreement was signed, granting Lundin Mining certain director nomination and anti-dilution rights [4] - A lock-up agreement restricts Lundin Mining from acquiring or selling Talon Metals' shares for up to 24 months [5]

Core Viewpoint - Golden Sky Minerals Corp. has received a second drill permit for the Gnome and Semlin Target zones on the Rayfield-Gjoll Copper-Gold Property, marking a significant milestone for the company as it prepares for an active exploration season in 2026 [3]. Company Overview - Golden Sky Minerals Corp. is a junior grassroots explorer focused on acquiring, assessing, exploring, and developing mineral properties in highly prospective areas [10][11]. - The company was incorporated in 2018 and is headquartered in Vancouver, British Columbia, Canada [11]. Exploration Details - The Rayfield-Gjoll Property spans 87,660 hectares and is located in the Quesnel Trough, a prominent porphyry copper belt in Canada [2]. - The first phase of the exploration program will begin in early 2026, starting with an Induced Polarization (IP) geophysical survey to identify geochemical and geophysical anomalies [1]. - Phase 2 will involve up to 3,000 meters of diamond drilling based on the results from the IP survey [1]. Target Zones - The Gnome Target features a large-scale geochemical anomaly measuring approximately 1.8 km x 1.5 km, with historical surface sample assays showing up to 0.22% Cu and 1.02 g/t Au [6]. - The Semlin Target has a geochemical soil anomaly of about 1.4 km x 0.9 km, with surface samples indicating potential for a mineralized copper-gold porphyry system [6]. Industry Context - The Quesnel Trough is characterized by significant metal endowment and a well-established production history, hosting major mining operations such as Teck's Highland Valley Copper Mine and Taseko's Gibraltar Mine [2]. - The region remains underexplored by modern methodologies, presenting opportunities for new discoveries [2].

Group 1: Nuclear Energy Outlook - Global nuclear capacity could reach 1,428 GWe by 2050, exceeding the 1,200-GWe target, driven by extended operation of existing reactors and new units under construction [1] - Nuclear generation reached a record 2,667 TWh in 2024, with 50 countries planning nuclear projects for 2050, including major players like China, France, India, Russia, and the U.S. [1] - Realizing the projected capacity will require accelerated licensing, expanded supply chains, and clear policy frameworks, with support from industrial giants and financial institutions [1] Group 2: Swedish Nuclear Development - Vattenfall and Industrikraft i Sverige AB signed an agreement to co-invest in new small modular reactors (SMRs) at the Ringhals site, with Industrikraft taking a 20% stake and investing SEK 400 million ($42.2 million) [2] - The project aims to ensure Swedish technology's competitiveness in the European supply chain, with Vattenfall considering GE Vernova's BWRX-300 and Rolls-Royce SMR for a 1,500 MW project [2] - The partnership aligns with Sweden's state-aid act, which facilitates loans for new units at existing nuclear sites [2] Group 3: California Battery Storage Expansion - California's battery storage capacity reached a record 16,942 MW, achieving about one-third of the state's 2045 target, with a 2,100% increase since 2019 [3] - The state has more battery capacity than any jurisdiction except China, with significant contributions from utility-scale projects and residential installations [3] - California's strategy aims for 100% clean electricity by 2045, with renewables currently supplying nearly 67% of in-state retail electricity sales [3] Group 4: TotalEnergies and Google Partnership - TotalEnergies signed a 15-year power purchase agreement (PPA) with Google to supply 1.5 TWh of renewable electricity from its Montpelier solar farm in Ohio [4] - The PPA supports Google's strategy for carbon-free energy and aligns with TotalEnergies' goal to meet the growing demand from the digital sector [4] - TotalEnergies is deploying a 10-GW U.S. portfolio of renewable projects, aiming for 35 GW of installed capacity by the end of 2025 [5] Group 5: China's Nuclear Advancements - Unit 2 of China's Zhangzhou nuclear power project connected to the grid, marking both Hualong One units operational for the first time [6] - The project is set to provide over 60 TWh of clean electricity annually, meeting 75% of demand for Xiamen and Zhangzhou cities [6] - Hualong One represents China's self-developed third-generation reactor technology, with six units planned at the site [6]

Core Viewpoint - The rise of district-scale mining is becoming a prominent strategy in the mining industry, particularly in regions like Nevada and Peru, as companies seek to optimize resource extraction from multiple smaller deposits rather than relying on single large deposits [3][4][5][23]. Group 1: District-Scale Mining Strategy - District-scale mining is an exploration and development approach that aims to discover multiple deposits within a mineralized district, servicing them from a central processing hub [4][11]. - This strategy allows companies to mitigate initial capital expenditure challenges by developing smaller deposits that can be brought into production more quickly [2][11]. - The approach has gained traction due to rising exploration costs and a decline in large-scale, commercially viable mining deposits [5][23]. Group 2: Case Studies and Examples - i-80 Gold and Fortitude Gold are examples of companies in Nevada utilizing district-scale mining by processing gold oxide mineralization locally [1]. - Silver X is leveraging a district-scale model in Peru, with 230 mining concessions and plans for significant silver production, aiming for 6–8 million silver-equivalent ounces annually [7][10]. - Bluelake Mineral is developing a cross-border district-scale mining project in Norway and Sweden, focusing on copper and zinc deposits, with a central processing hub planned [13][15]. Group 3: Operational Considerations - The district model can be more cost-effective per tonne due to reduced duplication of processing plants and infrastructure [11][12]. - Companies must ensure that different ore bodies can be processed effectively in a single plant, which may require blending or adjustments to processing methods [17][19]. - Planning and permitting are critical challenges, especially when operating across borders, as seen in Bluelake's project [20][21]. Group 4: Future Outlook - The district-scale mining approach is expected to increase, particularly among junior miners focused on growth and value creation [22][23]. - This model is seen as essential for meeting the growing demand for critical minerals in a responsible and economically viable manner [24].