Summary of the Conference Call Industry Overview - **Industry**: Metals and Commodities - **Company**: Morgan Stanley Research Key Points and Arguments Macro Environment - A supportive macro backdrop is driving a positive outlook for metals, characterized by a falling USD, rate cuts, and low inventories [1][2] - The DXY is forecasted to reach 89 by 4Q 2026, indicating a continuation of the current USD Bear Regime, which is associated with above-average commodity returns [2] - China's demand indicators, excluding property, have shown positive surprises, supported by exports and consumption measures [2] Commodity Outlook - **Gold**: Remains the top pick with a projected 15% upside by 3Q26, driven by strong physical buying and support from lower rates and a weaker USD [3] - **Uranium**: Expected to rise due to strong spot market activity and improving contracting as uncertainties resolve [3] - **Copper**: Supported by macro and micro factors, with supply disruptions pushing the market into a larger deficit in 2026 [3] - **Cobalt**: Market tightening due to limited export quotas from the DRC [3] - **Aluminium**: Capped output in China but increasing volumes from Indonesia [3] - **Zinc**: Faces challenges from strong output in China, which may lead to increased exports [3] - **Iron Ore**: Considered overdone with stretched positioning and anticipated blast furnace cuts [3] Long-term Outlook - Gold is expected to see the largest uplift in long-term forecasts, with adjustments made to consider above-ground stocks as "supply" [4] - Silver and PGM estimates have also increased, while copper and aluminium see minor increases [4] Price Forecasts - Significant upward revisions in price forecasts for gold, with a new estimate of $4,400 per ounce for 2026, reflecting a 26% increase from consensus [11][16] - Copper is forecasted at $10,650 per ton for 2026, a 9% increase from consensus [16] - Cobalt prices are expected to rise to $23.0 per pound, a 35% increase from consensus [16] Risks and Considerations - Demand risks remain, particularly with indications of price sensitivity in China as metals rally [2] - The impact of US tariffs and front-loading may still affect the market [2] - Geopolitical tensions and local opposition could hinder supply projects and lead to mine disruptions [25] Additional Insights - The report emphasizes the importance of real assets benefiting from macroeconomic conditions, including inflation and low inventories [2] - The potential for extreme weather to increase electricity demand and costs for smelters is noted [25] This summary encapsulates the key insights from the conference call, focusing on the macroeconomic environment, commodity-specific forecasts, and potential risks that could impact the metals and commodities market.

Group 1 - First Phosphate welcomed Canada's Minister of Energy and Natural Resources, highlighting its commitment to supporting Canada's energy transition [1] - The company is developing a phosphoric acid plant in Port Sakin, Quebec, which is significant for establishing a sustainable North American supply chain for lithium iron phosphate batteries [2] - First Phosphate's flagship property in Quebec is noted for its high purity phosphate resources, which have minimal impurities, making it one of North America's rare ignous phosphate resources [2] Group 2 - AS Space Mobile has signed a commercial agreement with Verizon to provide direct to cellular satellite service, enhancing coverage in remote areas [3] - The partnership will integrate Verizon's terrestrial network with AS Space Mobile's low Earth orbit technology, allowing seamless smartphone connectivity without the need for special equipment [3] Group 3 - Masimo Group launched the Sentinel 570 HVAC UTV, the first in its premium Sentinel series, which features advanced comfort and performance attributes [4] - Power Bank has initiated a 6.9% megawatt DC ground mount solar project in New York, expected to qualify for incentives under the New York Sun Solar Program [4] - The solar project will operate as a community initiative, providing local residents with access to clean energy and monthly electricity bill credits without requiring rooftop installations [5]

Core Viewpoint - The copper industry is experiencing a significant demand surge driven by factors such as population growth, economic expansion, and the energy transition, with expectations of demand growth up to 70% by 2050 [3] Group 1: Copper Demand and Supply - The demand for copper is being fueled by traditional growth drivers and new sectors like AI data centers and electric vehicles, leading to a compounding effect on demand [3] - BHP, as the world's largest copper producer, is well-positioned to capitalize on this demand due to its scale and resources [3][8] - The company is optimistic about its growth options, particularly a project in Arizona that could supply 25% of the US's copper demand for decades [4] Group 2: Project Development and Challenges - The Resolution Mine project in Arizona has faced court challenges but is progressing, with hopes for resolution soon to enable significant investment decisions [5][6] - The permitting process in the US is a major challenge for new mining projects, and BHP is advocating for policy reforms to expedite this process [9][11] Group 3: Government Involvement and Policy - The US government is taking measures to secure critical mineral supply chains, including potential equity stakes in smaller mining companies, which BHP views as a complex but necessary approach [10][14] - BHP believes that while it can operate independently, government support is crucial for addressing the supply chain challenges in the mining sector [12][14] Group 4: Global Market Dynamics - China's economic growth remains strong, with expectations to meet a 5% growth target, sustaining demand for metals like copper and iron ore [18][19] - BHP does not focus on gold as a primary growth area but benefits from gold as a byproduct of copper production, which enhances overall revenue [20][21] Group 5: Future Investments - BHP is investing upwards of $12 billion in Canada to become one of the world's largest potash producers by 2027, indicating a strategic diversification in its growth commodities [22]

Apollo is focusing its search for potential investment opportunities in Spain on the energy transition, data centers and infrastructure https://t.co/TlMBElbMuE ...

Core Insights - A global benchmark of clean energy stocks is outperforming major equity indexes and gold due to rising demand for renewables driven by the growth of artificial intelligence [1][2] - The S&P Global Clean Energy Transition Index has increased nearly 50% since April 2023, compared to a 35% gain in both the S&P 500 Index and gold [1][3] Clean Energy Market Dynamics - Investors are increasingly optimistic about green stocks as the energy required for AI cannot be met without renewable sources, despite the Trump administration's attempts to reduce green policies [2] - Lower US interest rates are benefiting capital-intensive green sectors, with a rebound in green shares in China and Hong Kong as the government addresses overcapacity in solar components [3] Performance Comparisons - The S&P clean energy index has outperformed the S&P Global Oil Index since early April and is leading all major country equity indexes globally, except for South Korea [3] - Notable companies like Bloom Energy Corp and Goldwind Science & Technology Co have seen significant share price increases, with triple-digit percentage gains this year [5] Future Outlook - Clean energy indexes show little correlation with the broader market, making them suitable for tactical allocations when catalysts arise, such as the anticipated doubling of AI-driven energy demand by 2028 [4] - The current rebound in clean energy investments is still only half of its peak level from 2021, indicating potential for further growth as sustainability efforts accelerate [6]

October 7th, 2025 – TheNewswire - MONTREAL, QUEBEC - Scandium Canada Ltd. (TSX-V: SCD) (the “Company”) is pleased to announce its participation in the Asia 2025 Economic Mission organized by the Ministère des Ressources naturelles et des Forêts (MRNF) and Investissement Québec (IQ), focused on the development of critical and strategic minerals (CM). Launched on September 29 in South Korea, this mission aims to strengthen international partnerships in the CM sector and promote Quebec's leadership in the glo ...

Charlotte, North Carolina-based Honeywell International Inc. (HON) operates in the aerospace technologies, industrial automation, building automation, and energy and sustainability solutions sectors. Valued at $132.7 billion by market cap, its business is aligned with three powerful megatrends - automation, the future of aviation and energy transition, underpinned by its Honeywell Accelerator operating system and Honeywell Forge IoT platform. The diversified industrial conglomerate is expected to announce ...

Core Viewpoint - EDF has completed its tender offer for two series of outstanding hybrid notes, indicating a strategic move to manage its debt and optimize its capital structure [1][2]. Summary by Relevant Sections Tender Offer Details - The tender offer was launched on 29 September 2025 to purchase all outstanding hybrid notes, specifically €1,000,000,000 reset perpetual subordinated notes (ISIN: FR0011697028) with €501,300,000 outstanding and £1,250,000,000 reset perpetual subordinated notes (ISIN: FR0011401728) with £628,700,000 outstanding [1]. - The settlement date for the accepted notes is expected to occur on 9 October 2025 [2]. Results of the Tender Offer - For the €1,000,000,000 reset perpetual subordinated notes, €218,500,000 was tendered and accepted for purchase at a tender price of 100.850%, leaving €282,800,000 immediately outstanding [2]. - For the £1,250,000,000 reset perpetual subordinated notes, £469,100,000 was tendered and accepted for purchase at a tender price of 100.550%, leaving £159,600,000 immediately outstanding [2]. Company Overview - EDF is a key player in the energy transition, engaged in all aspects of the energy business, including power generation, distribution, trading, energy sales, and energy services [11]. - The company is a world leader in low-carbon energy, with an output of 520 TWh, 94% of which is decarbonized, and a carbon intensity of 30 gCO2/kWh in 2024 [11]. - EDF serves approximately 41.5 million customers and generated consolidated sales of €118.7 billion in 2024 [11].

Core Insights - Brookfield has successfully closed its flagship energy transition strategy, the Brookfield Global Transition Fund II (BGTF II), raising $20 billion in commitments, making it the largest private fund focused on clean energy transition globally [1][2] - The Fund has attracted a diverse range of institutional investors, including new participants, and has secured approximately $3.5 billion in co-investment, bringing total capital raised to approximately $23.5 billion [2][3] - Over $5 billion has already been deployed in high-quality transition investments, with a focus on technologies that support clean and low-cost energy solutions [3] Fund Details - BGTF II exceeded its initial target and surpassed the previous fund's record, BGTF I, which raised $15 billion [2] - Notable commitments include $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management [2] - The Fund's strategy emphasizes an "any and all" approach to energy investment, driven by increasing energy demand from sectors like artificial intelligence and electrification [3] Investment Focus - The previous BGTF I invested in various energy technologies, including renewables, carbon capture, sustainable aviation fuel, and battery storage [3] - Recent agreements include significant energy supply deals with Microsoft and Google, marking the largest contracts in wind/solar and hydroelectricity [3] Company Overview - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across various sectors, including infrastructure and renewable power [4]

Core Insights - Brookfield has successfully closed its flagship energy transition strategy, the Brookfield Global Transition Fund II (BGTF II), raising $20 billion in commitments, making it the largest private fund focused on clean energy transition globally [1][2] - The Fund has attracted a diverse range of institutional investors, including new participants, and has secured approximately $3.5 billion in co-investment, bringing total capital raised to approximately $23.5 billion [2][3] - Over $5 billion has already been deployed in high-quality transition investments, with a focus on technologies that support clean and low-cost energy solutions [3] Fund Details - BGTF II exceeded its initial target and surpassed the previous fund's record, BGTF I, which raised $15 billion [2] - Notable commitments include $2 billion from ALTÉRRA and $1.5 billion from Norges Bank Investment Management [2] - The Fund's strategy emphasizes an "any and all" approach to energy investment, driven by increasing energy demand from sectors like artificial intelligence and electrification [3] Investment Focus - The Fund's investments span various energy technologies, including renewables, carbon capture, sustainable aviation fuel, battery storage, and nuclear services [3] - Brookfield has established significant energy supply agreements with major companies like Microsoft and Google, marking the largest deals in wind/solar and hydroelectricity [3] Company Overview - Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion in assets under management across various sectors, including infrastructure and renewable power [4] - The company focuses on long-term investments in real assets and essential service businesses that are critical to the global economy [4]