Core Viewpoint - The global LNG industry is expected to enter a period of oversupply, with a consensus that supply will exceed demand in the medium term, leading to downward pressure on prices. However, recent positive signals from the demand side and self-adjustment from the supply side suggest a potential stabilization in prices before a decline [1][3][6]. Group 1: Supply and Demand Dynamics - The global LNG market is projected to experience a significant increase in supply, with approximately 160 million tons of LNG capacity expected to come online from 2025 to 2027, primarily from the US and Qatar [1][5]. - The medium-term outlook indicates that LNG spot prices may decline to below $8/MMBtu, with the average spot price in Northeast Asia expected to be $9, $8, and $7 for the years 2026, 2027, and 2028 respectively [1][3]. - The current supply structure is deemed reasonable, and market participants are adjusting their supply release schedules, which may lead to a "stabilization before decline" scenario for LNG prices [1][3][6]. Group 2: China's Natural Gas Demand - China's natural gas demand is expected to grow by 3% year-on-year in 2026, driven primarily by transportation and power generation, despite a potential downward adjustment in wholesale prices [2][21]. - From 2027 onwards, as international LNG supply increases, previously suppressed demand in China may begin to recover, with growth rates potentially revised upward to 5-7% [2][11]. - The reduction in LNG prices to around $8/MMBtu could enhance the competitiveness of natural gas against coal and biomass, potentially improving heating demand in rural areas [12][20]. Group 3: European and Global Demand Trends - The EU's LNG demand is expected to face upward adjustments due to the anticipated exit of Russian gas supplies, with a need for approximately 40 billion cubic meters of non-Russian LNG by 2025 [8][11]. - The carbon market in Europe has seen significant price increases, which may suppress gas demand in high-energy-consuming industries [8][11]. - In addition to Europe, countries like India and Southeast Asian nations are projected to increase their LNG imports significantly, with India's demand expected to rise by over 100% compared to 2025 levels [13][11]. Group 4: Price Support Mechanisms - The linkage of LNG long-term contracts to oil prices may provide a floor for LNG spot prices, with expectations that Brent crude prices will rise, thereby supporting LNG prices [14][19]. - The US natural gas market is also expected to see a stabilization in prices, which could further support LNG pricing dynamics [18][19]. - The cost structure for US LNG exports is anticipated to rise, which may help maintain price levels in the global market [19][20].

Summary of LNG Market Conference Call Industry Overview - The conference call focused on the global Liquefied Natural Gas (LNG) market, highlighting a significant supply wave expected to last seven years, starting in 2025 and peaking around 2030 [4][25]. Key Points Supply Dynamics - 2025 is projected to be the first year of the largest global LNG supply wave, with supply expected to average 431 million tonnes per annum (mtpa), slightly below the previous expectation of 433 mtpa [4][5]. - The U.S. is anticipated to lead the supply growth, with a notable ramp-up at the Plaquemines facility contributing to the overall supply despite some disruptions and delays in other regions [4][29]. - Global LNG supply growth from 2025 to 2030 is expected to increase by 193 mtpa, which is 45% of the 2025 global supply, significantly outpacing Asia's demand growth of 144 mtpa [4][7]. Price Forecasts - A bearish cycle for European natural gas prices (TTF) and LNG (JKM) is anticipated, with forecasts suggesting prices could drop below $5/mmBtu by 2028/29, more than 50% lower than current prices [4][66]. - The JKM-TTF spread has turned negative, indicating that JKM prices have not fully adjusted to the recent TTF price rally [12][20]. Demand Insights - Asia's LNG demand is expected to rise by 14 mtpa in 2026, driven by a 5 mtpa increase in China and a 7 mtpa rise in Southeast Asia [41][43]. - The demand response to low gas prices is estimated to be over 40 mtpa from China alone, indicating a potential shift in consumption patterns [4]. Regional Supply Challenges - Structural supply losses are anticipated from Algeria and Indonesia due to rising domestic energy demands, with Algeria's export forecast lowered by 1 mtpa for future years [4][34]. - Delays in export capacity starts in the U.S., Canada, Congo, and Australia have led to a slower start for global LNG supply in 2026, although recovery is expected by the second half of the year [4][10]. Future Projects - All but one of the supply projects in the forecast through 2029 have reached a Final Investment Decision (FID), indicating strong commitment to future supply growth [4][3]. - Upcoming liquefaction projects are expected to increase global LNG supply by approximately 50% relative to 2024 by 2030 [4][36]. Additional Insights - The U.S. LNG export contracts are projected to remain profitable only through 2027, with significant implications for future export strategies [22][24]. - The conference highlighted the importance of monitoring the timing of liquefaction projects, as they are critical to balancing supply and demand in the LNG market [4][66]. This summary encapsulates the key insights and projections discussed during the conference call, providing a comprehensive overview of the current and future state of the LNG market.

Core Insights - U.S. LNG exports surged 24% to a record 14.6 Bcf/d in 2025, driven by new capacity and infrastructure projects, despite facing headwinds in 4Q25 due to tightening spreads between global LNG prices and U.S. benchmarks [1][2] U.S. LNG Capacity Expansion - 2025 marked a historic year for U.S. LNG, with exports reaching new highs and approximately 9 Bcf/d of new capacity beginning construction, including major projects from Venture Global, Woodside Energy, and Sempra Infrastructure [1] - LNG exports increased by 26% year-over-year, primarily due to the ramp-up of Venture Global's Plaquemines facility and the completion of Cheniere Energy's Corpus Christi Stage 3 [1] - An additional ~2.4 Bcf/d of capacity is expected to come online in 2026, driven by expansions from VG and Exxon [1] - The only Final Investment Decision (FID) in 4Q25 was for NextDecade's Rio Grande Train 5, while Energy Transfer suspended its Lake Charles LNG project [1] Global Market Headwinds - LNG-related stocks faced pressure in 4Q25, with liquefaction being the worst-performing subsector in the Alerian Midstream Energy Select Index [1] - The spread between European and Asian LNG markers and the U.S. Henry Hub benchmark compressed to multi-year lows of $4-$6 per million British thermal unit (MMBtu) by December [1] - Cheniere Energy, with over 90% of its production contracted long-term, remained insulated from spot price volatility, while Venture Global faced challenges due to its strategy of delaying commercial operations [1] - Cold weather forecasts and declining gas inventories in early 2026 have led to a rebound in global benchmarks, improving margins for LNG exporters [1] Potential Near-Term FIDs - Three LNG projects that were expected to reach FID by the end of 2025 have now pushed their targets into the first half of 2026, including Delfin FLNG, Commonwealth LNG, and Texas LNG [2] - Glenfarne signed a definitive sales and purchase agreement for its Texas LNG project, fully subscribing the project and targeting completion of financing and FID in early 2026 [2] Bottom Line - LNG export projects under construction are set to double U.S. export capacity by 2031, with more projects potentially starting construction soon [2] - While oversupply concerns impacted the market in 4Q25, fundamentals have shown improvement heading into 2026 [2]

(Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1880768 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) As filed with the U.S. Securities and Exchange Commission on January 9, 2026. Registration No. 333-292320 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Legato Merger Corp. IV (I.R.S. Employer Iden ...

Core Viewpoint - NextSource Materials Inc. has successfully received the first shipment of equipment for its proposed Battery Anode Facility in Abu Dhabi, marking a significant step in its downstream value-add strategy [1] Group 1: Company Developments - The shipment includes long-lead items for anode processing that the company had previously procured [1]

Core Insights - The year 2025 saw client portfolios achieving double-digit gains for the third consecutive year, reflecting resilience in corporations and consumers despite economic challenges [2] - The Federal Reserve's rate cuts aimed at achieving a "soft landing" for the economy contributed to a favorable environment for both stocks and bonds [2] - Gold emerged as a standout performer, rising 70%, while cryptocurrencies struggled, with Bitcoin experiencing significant volatility [11][12] Equities Performance - Equities experienced volatility in 2025, with initial sell-offs due to tariff announcements, particularly affecting companies with exposure to China and Vietnam [3] - Strong corporate earnings in the latter half of the year led to a rebound in stock prices, although some stocks, like Oracle, faced corrections after initial surges [4] - The technology sector, while still dominant, is showing signs of waning momentum, with a shift in focus from AI producers to users [26][28] Fixed Income - Bond yields declined throughout 2025, with the 10-year Treasury falling from 4.57% to 4.11%, benefiting client portfolios [8] - The investment strategy includes a focus on high-grade bonds and tax-free municipal debt, which are viewed as attractive in the current market [9][23] Commodities - Commodities had a strong year, with gold significantly outperforming the stock market, while cryptocurrencies faced declines [11][40] - The demand for energy is increasing, driven by factors such as data centers and electric vehicles, with companies like GE Vernova and Constellation Energy positioned to benefit [33][37] Economic Outlook - The economy is projected to grow by 2% in 2026, with consumer spending expected to increase by 2% and private investment by 2.3%, largely driven by AI-related developments [17] - Concerns about a "K-shaped economy" highlight disparities in asset appreciation, with wealth concentration among asset holders [12][13] Investment Strategy - The investment strategy for 2026 is less aggressive, with a focus on underweighting stocks and overweighting fixed income due to premium valuations and peaking earnings growth [20] - The portfolio includes a mix of traditional and alternative investments, with gold remaining a core holding as a hedge against market volatility [40]

Company Overview - NextDecade Corporation is an energy infrastructure developer focusing on LNG export and carbon capture solutions, leveraging its Rio Grande LNG terminal to meet the increasing global demand for cleaner energy and emissions reduction [7][11]. Recent Transaction - Hanwha Aerospace Co. Ltd. acquired 1,651,971 shares of NextDecade Corporation on December 11 and 12, 2025, for a total of $9,399,378.49 at an average price of $5.69 per share, representing 3.90% of Hanwha's total holdings prior to the trade [5][8]. - This acquisition accounted for 6.67% of Hanwha Aerospace's direct holdings before the transaction, indicating a strategic investment into direct ownership [2]. Ownership Structure - Post-transaction, Hanwha Aerospace's direct holdings increased to 26,420,222 shares, while indirect holdings through Hanwha Ocean LLC remained at 17,536,369 shares, maintaining a diversified ownership profile [3]. Market Context - The acquisition occurred when NextDecade shares were priced at $5.69, close to a recent low of $5.46, with the stock down 16.46% over the past year, suggesting an opportunistic investment amid market weakness [1]. Strategic Implications - The recent share purchase appears to be more about securing a potential LNG supply rather than anticipating immediate stock price appreciation, as NextDecade has not reported any revenue and incurred $180 million in operating expenses in the first nine months of 2025 [9][10].

As filed with the U.S. Securities and Exchange Commission on December 19, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Legato Merger Corp. IV (Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1880768 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Legato Merger Corp. IV 777 Third Avenue, 37 ...

Core Insights - Hanwha Aerospace Co. Ltd. has increased its direct holdings in NextDecade Corporation by purchasing 932,598 shares, raising its ownership percentage to 9.356% of shares outstanding after the transaction [2][3][6] - The weighted average purchase price for these shares was approximately $6.16, which is 4.8% above the closing price of $5.88 on December 10, 2025, and 12.8% above the price of $5.46 on December 14, 2025 [4][6] - NextDecade's stock has experienced a significant decline of over 50% since mid-July, presenting a buying opportunity for investors [6][7] Company Overview - NextDecade Corporation is focused on developing liquefied natural gas (LNG) export infrastructure and carbon capture and storage (CCS) projects, particularly the Rio Grande LNG terminal in Texas [1][6] - The Rio Grande LNG facility is projected to have a total capacity of 48 million tonnes per annum, with 85% of its estimated LNG production already sold under long-term contracts with major energy companies [8][9] Market Context - The global demand for LNG is expected to rise by nearly 60% by 2040, positioning the Rio Grande terminal as a potential major player in the LNG export market [9] - Hanwha Aerospace's investment in NextDecade is strategically aligned with South Korea's focus on securing energy resources, particularly LNG from the U.S. [9]

Core Insights - Insiders are actively purchasing natural gas stocks due to the critical role of natural gas in greenification and global energy security, with demand surges expected to benefit middleman operators like Kinder Morgan and NextDecade [2] Company Insights - Kinder Morgan and NextDecade are positioned to capitalize on a growing number of long-term contracts that ensure revenue growth, cash flow, and capital returns, indicating potential for rising share prices by 2026 [3] - Kinder Morgan insiders own approximately 12% of the stock and have shown significant buying activity, particularly in Q4, where Richard D. Kinder purchased over $26 million worth of shares, adding 1 million shares to his existing 245.2 million [4] - The recent insider buying coincided with a positive earnings release from Kinder Morgan, which affirmed a robust outlook and a project pipeline exceeding $9.3 billion, including numerous LNG projects [4] - Institutional ownership of Kinder Morgan exceeds 60%, with consistent buying activity observed throughout the year [5] - NextDecade is emerging as a notable LNG liquefaction company that may attract acquisition interest once its primary projects become operational [5]