Core Insights - Silver's performance has significantly outpaced gold, with a return of 145% in 2025 compared to gold's 64% rise, and it has continued this trend into 2026 with a 25% return in the first two weeks while gold rose 6% [1] Group 1: Interest Rates - The U.S. Federal Reserve cut interest rates three times in 2025, with a forecasted over 60% likelihood of another rate cut by June 2026 [2] - Lower interest rates enhance the attractiveness of precious metals like gold and silver, as they are non-yielding assets compared to dividend stocks or bonds [3] Group 2: Industrial Demand for Silver - Industrial demand for silver is increasing, driven by its applications in electric vehicles, solar panels, and semiconductors, among other technologies [4][5] - The rise of solar panels, which require significant amounts of silver, is a major catalyst for increasing silver demand, especially as major economies focus on decarbonization [5] Group 3: Supply Constraints - Silver's supply cannot be easily increased, which may lead to further price momentum as demand continues to rise [6] - U.S. solar capacity is projected to grow by 70 gigawatts in 2026 and 2027, translating to a 49% increase from late 2025 levels, potentially consuming an additional 143 million ounces of silver [7] - The global energy transition, particularly in countries like China, is expected to drive hundreds of millions of ounces in new silver demand in 2026 [8]

FCX Conference Call 4 th Quarter and Year Ended 2025 Results January 22, 2026 fcx.com Cautionary Statement This presentation contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; repair and remediation efforts, and phased restart and ramp-up of production an ...

Core Viewpoint - Duke Energy is preparing for Winter Storm Fern, which may lead to significant power outages across the Carolinas, and is urging customers to take safety precautions and prepare for potential disruptions [1][6][7]. What Duke Energy is Doing - The company is mobilizing over 18,000 workers, including lineworkers and tree crews, to respond to the storm as soon as conditions are safe [6]. - Duke Energy is staging equipment in key areas and setting up mobile command centers to ensure a rapid response [6]. - The company is coordinating with local and state emergency management officials to enhance preparedness [6]. What Customers Should Do Right Now - Customers are advised to prepare an emergency kit, charge phones, and gather essential items like flashlights and batteries [6]. - The enhanced American Red Cross Emergency app is recommended for emergency checklists and weather alerts [6]. - Customers should download or update the Duke Energy smartphone app and confirm their account login information to receive outage alerts [6]. What Customers Should Expect - Winter Storm Fern could bring hazardous conditions, including snow, sleet, and freezing rain, leading to potential power outages [6]. - Restoration efforts may be delayed due to hazardous travel conditions and blocked roads [6]. - Despite grid improvements, severe weather can still cause extended outages, particularly in areas with downed trees or debris [6]. Company Overview - Duke Energy serves approximately 4.7 million electric customers in the Carolinas, with about 3.8 million in North Carolina and nearly 860,000 in South Carolina [6]. - The company is one of America's largest energy holding companies, serving 8.6 million customers across multiple states and owning 55,100 megawatts of energy capacity [8]. - Duke Energy is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources [9].

Core Viewpoint - General Fusion Inc. has entered into a definitive business combination agreement with Spring Valley Acquisition Corp. III, which is expected to lead to General Fusion's listing on Nasdaq under the ticker symbol "GFUZ" [1][2]. Group 1: Proposed Business Combination - The business combination is anticipated to be completed in mid-2026, subject to regulatory and shareholder approvals [2]. - The proposed combination implies a pro-forma equity value of approximately US$1 billion, including US$100 million from committed financing and US$230 million from SVAC's trust capital [2]. - If completed, the net asset value (NAV) of Pender Growth Fund Inc. (PTF) is expected to increase by approximately CAD$27.3 million, translating to about CAD$3.93 per PTF share [2]. Group 2: General Fusion's Technology and Goals - General Fusion has developed a large-scale Magnetized Target Fusion (MTF) demonstration machine, Lawson Machine 26 (LM26), which positions the company at the forefront of fusion technology [3]. - The company plans to use the proceeds from the transaction with SVAC to advance the LM26 program and achieve key technical milestones towards commercial fusion [3]. - General Fusion aims to provide a practical solution for clean and cost-effective energy, anticipating a 40% to 50% increase in energy demands by 2035 according to the International Energy Agency [3]. Group 3: Industry Perspective - The long-term potential of nuclear fusion is viewed as critical for future industrial infrastructure, aligning with investment themes of energy transition and the demands of artificial intelligence and digital infrastructure [4]. - As the energy requirements of the digital economy grow, fusion is expected to become essential infrastructure for energy security and the broader energy transition [5].

Core Insights - Homerun Resources Inc. has signed a Letter of Intent with Nikolaus Sorg GmbH & Co. KG for a 1,000 tonne per day solar glass manufacturing plant in Brazil, marking a significant milestone for the company [2][10] Project Overview - The Solar Glass Project will utilize state-of-the-art technology for solar glass manufacturing, including an electric boosting system for enhanced energy efficiency and a production process that will yield antimony-free solar glass [3][10] - The plant is expected to be the first dedicated solar glass manufacturing facility in Latin America, focusing on next-generation photovoltaic applications [10] Responsibilities and Financing - Homerun's role includes local content capitalization, permit planning, civil works, utilities, and installation as specified by SORG [5] - The project financing will involve cooperation with German banks for export credit, supported by Euler Hermes guarantees, alongside interest from Banco Nacional de Desenvolvimento Econômico e Social for Brazilian government project financing [6][10] Strategic Partnerships - Homerun has engaged DTEC, a German engineering company, to assist with the Bankable Feasibility Study, ensuring all necessary documentation for project financing is prepared [7] - The collaboration with SORG is based on their extensive experience and successful track record in glass manufacturing technology [15] Company Background - Homerun Resources Inc. focuses on building a silica-powered backbone for the energy transition across multiple verticals, including solar and energy storage, leveraging a unique high-purity low-iron silica resource in Bahia, Brazil [16][18]

Core Viewpoint - Stantec, a leader in sustainable design and engineering, is set to release its fourth quarter and full year 2025 financial results on February 25, 2026, followed by a conference call on February 26, 2026, to discuss the company's performance [1]. Group 1: Financial Results Announcement - Stantec will announce its financial results for Q4 and the full year 2025 after market close on February 25, 2026 [1]. - A webcast and conference call will be held on February 26, 2026, at 7:00 AM Mountain Time (9:00 AM Eastern Time) to discuss the results [2]. Group 2: Company Overview - Stantec is recognized as a global leader in sustainable architecture, engineering, and environmental consulting, providing expertise to address challenges such as aging infrastructure and energy transition [4]. - The company emphasizes the importance of community engagement, considering diverse perspectives to tackle critical issues like climate change and digital transformation [5]. - Stantec's professionals include designers, engineers, scientists, and project managers who work collaboratively to innovate and redefine possibilities for communities [6].

Core Insights - OX2 has completed the construction of the Lestijärvi wind farm in Finland, which consists of 69 turbines and has a total capacity of 455.4MW, contributing over 1.3 terawatt-hours to Finland's electricity generation in 2024, approximately 1.6% of the country's total production [1][2][3] Group 1: Project Overview - The Lestijärvi wind farm has been handed over to a consortium of energy companies including Oulun Energia, Kymppivoima, and Kuopion Energia [1] - The project is expected to generate around €2.4 million ($2.8 million) annually in real estate tax revenue for the hosting municipality [2] - OX2 will continue to manage the technical and financial aspects of the wind farm post-completion [2] Group 2: Strategic Importance - The completion of the Lestijärvi wind farm is seen as a milestone for Finland's energy transition and is part of a €650 million investment aimed at enhancing the country's energy independence [3] - OX2 is currently developing five additional wind power projects in Finland, with a combined capacity of approximately 750MW [3] Group 3: Company Portfolio - OX2's portfolio includes projects in onshore and offshore wind, solar power, and energy storage, totaling around 33GW across various stages of development, construction, asset management, and operations [4] - The company is also involved in initiatives related to other renewable technologies, such as hydrogen [4] - OX2 has secured an asset management agreement for four wind farms in Sweden, with a total capacity of 550MW [5]

Core Insights - BHP Group Limited and Vale S.A. are major competitors in the global metals and mining sector, both poised to benefit from increasing infrastructure investments and long-term demand for essential minerals [2][22] BHP Group Limited - BHP achieved a record iron ore production of 263 million tons (Mt) in fiscal 2025, a 1% increase year over year, with Western Australia Iron Ore (WAIO) producing a record 257 Mt [4] - In the first half of fiscal 2026, BHP's iron ore production rose 2% year over year to 134 Mt, with WAIO contributing 130 Mt [5] - BHP is focusing on commodities like copper and potash, allocating nearly 70% of its medium-term capital expenditure to these areas, with copper production reaching a record 2,017 kilotons (kt) in fiscal 2025 [6] - The Jansen Stage 1 potash project is 75% complete and expected to produce 4.15 million tons of potash annually starting mid-2027, with Stage 2 projected to double production capacity by the end of the decade [8][9] - BHP's fiscal 2026 earnings estimates indicate a year-over-year rise of 23.1%, with upward revisions over the past 60 days [16] Vale S.A. - Vale's iron ore production for 2025 was around 335 Mt, meeting the high end of its target, with copper output at 370 kt and nickel output at 175 kt [10] - Vale is investing $1.6 billion in base metals in 2026, with copper production expected to reach 350-380 kt in 2026 and 700 kt by 2035, promising a 7% compound annual growth rate (CAGR) from 2024 to 2035 [12][14] - The Bacaba project will contribute an average annual copper output of 50 kt over eight years starting in 2028, while other projects will enhance Vale's copper production capacity [13] - Vale's nickel production is projected to be between 175 kt and 200 kt in 2026, with expectations of 210-250 kt by 2030 [15] - Vale's earnings estimates for 2025 and 2026 indicate year-over-year growth of 13.7% and 0.4%, respectively, with upward revisions in the past 60 days [17] Comparative Analysis - BHP's stock has appreciated 36.7% over the past year, while Vale's stock has gained 92.2% [22] - BHP trades at a forward price-to-sales multiple of 3.17X, compared to Vale's 1.63X [20] - Both companies are well-positioned for long-term growth, but Vale's attractive valuation and stronger one-year price performance make it a more favorable investment option at this time [22][23]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Energy Services** sector in **Europe**, highlighting a selective investment approach amid a softer macroeconomic environment [1][6] - The oil market is currently absorbing increased supply from OPEC+ and non-OPEC sources, while the LNG market is expected to see a significant ramp-up in new liquefaction capacity [10] Company-Specific Insights SBM Offshore NV (SBMO.AS) - **Price Target Change**: Increased from €30.00 to €32.50, reflecting expectations for new orders and rising shareholder payouts [1][42] - **Investment Thesis**: Considered a top pick due to its strong cash flow profile, potential for new orders, and trading at an unwarranted discount [9][21] - **Financials**: Projected 2026 free cash flow yield exceeds 20%, with expectations for increased shareholder payouts acting as a catalyst for share price [21] Technip Energies NV (TE.PA) - **Price Target Change**: Decreased from €35.00 to €32.20 due to lower order intake expectations following the suspension of the Lake Charles LNG project [1][42] - **Valuation**: Currently trading at approximately 7x NTM EV/EBITDA, in line with historical peer levels but with limited upside potential [39] Subsea7 and Saipem - Both companies are rated **Overweight** and are expected to perform well in the coming quarters, with solid order intake and strong dividend potential [22][19] - Subsea7 is preferred over Saipem based on relative valuation, trading at a ~5% discount to Saipem [22] Vallourec - Minor adjustments in financial projections, with revenue and EBITDA estimates slightly modified for 2025 and 2026 [50] GTT - Exposed to LNG market dynamics, facing challenges due to delays in new LNG plant start-ups, contributing to an oversupplied LNG carrier market [37][39] Market Dynamics - Energy producers are expected to tighten budgets, impacting discretionary spending and shareholder distributions [11] - Long-cycle projects, particularly in offshore, are anticipated to be more resilient during this downturn, with the Middle East expected to continue investments despite macro challenges [13][27] Regional Insights - The **Middle East** is highlighted as a resilient area, with ADNOC committing to invest $150 billion over 2026-2030 and Saudi Arabia reactivating rigs [28][30] - A new OPEC+ framework for assessing production capacity may incentivize higher spending among members, benefiting companies like Arabian Drilling and Saipem [29][30] Conclusion - The report emphasizes a selective investment strategy within the energy services sector, favoring offshore-exposed companies like SBM Offshore, Subsea7, and Saipem while avoiding LNG-exposed stocks due to valuation concerns [9][19][35]

Group 1 - HD Hyundai Chairman Chung Kisun attended the 2026 World Economic Forum (WEF) Annual Meeting in Davos, Switzerland, discussing the future of artificial intelligence (AI) and the energy industry [1][3][7] - The forum's theme this year is "A Spirit of Dialogue," and it runs from January 19 to 23, bringing together leaders from government, business, and academia to address global challenges [2][3] - Chairman Chung participated in discussions on industry transformation driven by AI, the importance of accessibility and resilience in the energy transition, and strategies to address global growth slowdown risks amid geopolitical shifts [3][4] Group 2 - Chairman Chung is scheduled to attend the Oil & Gas Governors meeting to discuss changes in the global energy market, energy security, and technological innovation [4] - HD Hyundai plans to expand its strategic partnership with Palantir Technologies, enhancing collaboration across its affiliates, including HD Hyundai Electric, HD Hyundai Robotics, and HD Hyundai Marine Solution [5][6] - The partnership aims to establish a Center of Excellence with Palantir to embed advanced data analytics and AI capabilities across the organization, supporting AI-driven innovation and sustainable growth [6][7]