Key Takeaways from Zijin Mining Group Conference Call Company Overview - **Company**: Zijin Mining Group (Ticker: 2899.HK) - **Industry**: Greater China Materials - **Market Cap**: US$107.861 billion as of November 20, 2025 - **Current Stock Price**: HK$31.12 - **Price Target**: HK$46.10, representing a 48% upside potential [5][5][5] Copper Production Insights - **2025 Copper Output**: Expected to be approximately 1.1 million tons, revised down from earlier guidance of 1.15 million tons, primarily due to reduced output from the KK mine [4][7][7] - **Production Costs**: Anticipated to remain between Rmb21,000-23,000 per ton in the coming years, with a reported cost of Rmb22,100 per ton in Q3 2025 [2][2][2] - **Julong Copper Mine Phase II**: Set to commence production by the end of 2025, with an additional output of 100,000 tons expected in 2026 [1][1][1] - **Serbia Copper Complex Expansion**: Completion expected around 2027, slightly delayed due to the new block caving method requiring longer approval times [1][1][1] Lithium Production Insights - **Lakkor Tso Production**: Started in early 2025, expected to deliver 10,000 tons of Lithium Carbonate Equivalent (LCE) in 2025 and 20,000 tons in 2026, with production costs around Rmb35,000-40,000 per ton LCE [3][3][3] - **3Q Project**: Began production in September 2025, with an estimated output of 20,000-30,000 tons LCE in 2026 and a unit cost of Rmb60,000 per ton LCE [3][3][3] - **Xiangyuan Project**: Expected to start production by the end of 2025, with a capacity of 40,000 tons LCE and an expected output of 30,000 tons in 2026 at a unit cost of Rmb50,000-55,000 per ton LCE [3][3][3] - **Future Plans**: Zijin aims to achieve 250,000-300,000 tons per year of LCE lithium production by 2028 [3][3][3] Financial Performance Metrics - **Revenue Projections**: Expected net revenue for 2025 is Rmb354.239 billion, increasing to Rmb411.130 billion in 2026 [5][5][5] - **Earnings Per Share (EPS)**: Projected EPS for 2025 is Rmb1.97, with further growth expected in subsequent years [5][5][5] - **Return on Equity (ROE)**: Expected to be 37.5% in 2025, indicating strong profitability [5][5][5] Risks and Opportunities - **Upside Risks**: Stronger copper prices due to robust demand or supply disruptions in key copper-producing countries, along with volume increases from project ramp-ups [11][11][11] - **Downside Risks**: Weaker copper prices driven by economic downturns, project execution misses, and geopolitical risks affecting production [11][11][11] Conclusion Zijin Mining Group is positioned for growth in both copper and lithium production, with strategic expansions and cost management in place. However, the company faces potential risks from market fluctuations and geopolitical factors that could impact its operations and profitability.

Financial Data and Key Metrics Changes - The third quarter results showed significant improvement over the previous two quarters, with copper production just under 28 million pounds and adjusted EBITDA of CAD 62 million [4][5][12] - Total revenue for the quarter was CAD 174 million, a 50% increase quarter over quarter, driven by higher sales volume and strong copper pricing [12][13] - The average realized copper price was just shy of $4.50 per pound US, in line with the LME average [12] Business Line Data and Key Metrics Changes - Copper sales for the quarter were 26 million pounds, including 900,000 pounds of cathode, slightly below production due to shipment timing [12] - Molybdenum production increased to 560,000 pounds, reflecting higher moly grades [5] - Operating costs at Florence were CAD 8 million for the quarter, expected to increase as operations ramp up [15] Market Data and Key Metrics Changes - The COMEX price for copper has been trading at a premium to the LME, recently at about 4% premium or roughly $0.20 a pound [10] - The U.S. government plans to revisit tariffs in mid-next year, with potential tariffs on cathode increasing to 15% by the end of 2026 [10] Company Strategy and Development Direction - The company is focused on ramping up production at the Florence project, with expectations to produce copper early in the new year [8][9] - The company plans to advance work at the Yellowhead project, viewing it as an important long-term growth opportunity [11] - The recent equity offering has strengthened the balance sheet, allowing for additional working capital support ahead of the Florence ramp-up [11][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ramp-up at Florence and the potential for increased production next year [20] - The early results from the wellfield operations are positive, indicating a good start for the project [8][20] - The company is monitoring market dynamics closely, especially regarding potential future tariffs and their impact on copper pricing [10] Other Important Information - The company achieved substantial completion of the SXEW plant at Florence, marking a significant milestone [7][14] - The company ended the quarter with CAD 91 million in cash, positioning it well for future operations [15] Q&A Session Summary Question: Benefits of accelerating wellfield drilling - Management indicated that the key is to open additional wells to increase solution flows, which is crucial for ramp-up [18] Question: Production guidance for next year - Management refrained from providing specific production guidance but expressed optimism based on current conditions [20] Question: Milestones for declaring commercial production - Management stated that the focus will be on operating profit and cash flow rather than traditional metrics for declaring commercial production [26][28] Question: Accounting for revenues and costs - Revenue will be recognized once cathode is sold, and some costs will be capitalized until the plant is fully operational [29] Question: Status of initial capital spend - Management confirmed that the initial capital spend is effectively complete, with only minor commissioning costs expected in Q4 [30]

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Core Insights - Peru's copper production in June increased by 7.1% year-on-year, reaching 228,932 tons [1] - The Las Bambas mine, controlled by MMG, saw a production increase of 63.5% in June, while Chinalco's output more than doubled [1] - A decline in Las Bambas' production is expected in July due to a two-week blockade of a major road used for copper transportation, caused by protests from informal miners [1] - For the first six months of 2025, Peru's copper production is approximately 1.34 million tons, reflecting a year-on-year growth of 3.5% [1] - Peru ranks as the third-largest copper producer globally [1] Production Data - June's major metal production data from Peru is sourced from the Ministry of Energy and Mines [1]

Company Overview - Hillgrove's market capitalization is $99 million with shares priced at $0.038 as of July 22, 2025[9] - The company has $11 million in cash and an enterprise value of $88 million[9] - Hillgrove has $282 million in income tax losses carried forward as of December 31, 2024[9, 12] Production and Cost Metrics - Kanmantoo processed 669kt of ore with a grade of 0.88% in the first half of 2025[25] - Copper production reached 5,545 tonnes, and gold production was 1,285 ounces[25] - Payable copper sold amounted to 5,481 tonnes at an average realized price of A$14,232 per tonne[25] - C1 costs were A$4.68 per pound, and all-in costs excluding Nugent development were US$4.10 per pound[25] Growth and Exploration - The company plans approximately 20 km of drilling in 2025 targeting resource expansion[32] - Kanmantoo's 2024 Mineral Resources are 19.3Mt grading 0.77% Cu and 0.14g/t Au, containing 150kt Cu and 82koz Au, representing a 96% increase in contained copper compared to the 2022 MRE[31, 32] - The 2024 Maiden Ore Reserve is 2.8Mt grading 0.91% Cu and 0.15g/t Au, containing 26kt Cu and 14koz Au[31] Future Outlook - The company aims to achieve a 1.7-1.8Mtpa run rate in 2026 by accelerating the development of Nugent[21] - Nugent development is expected to reduce mining and processing unit costs by approximately 15-20%[23] - The company is on track to deliver 12-14kt Cu production with All-In Costs of US$3.40-3.90/lb for CY25[20]

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