16 July 2025 | 4:20PM HKT China Musings FAQs about Hong Kong IPO resurgence Hong Kong's IPO market has experienced a resurgence, with 51 companies listed raising HK$124bn in capital year-to-date, and over 200 companies in the pipeline. We summarize the key investor questions: Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com Goldman Sachs (Asia) L.L.C. Kinger Lau, CFA +852-2978-1224 | kinger.lau@gs.com Goldman Sachs (Asia) L.L.C. Timothy Moe, CFA +65-6889-1199 | timothy.moe@gs.com Goldman Sachs (Singapore) Pte Kev ...

Company Overview - Maxus Mining Inc. is a mineral exploration company focused on locating, acquiring, and developing economic mineral properties in premier jurisdictions [3] - The company is currently progressing its Penny Copper Project and evaluating future opportunities to expand operations [3] Recent Developments - Maxus Mining's common shares are now trading on the Frankfurt Stock Exchange under the symbol "R7V", providing international exposure to Canadian and European investors [1][2] - The dual listing is expected to enhance visibility to a broader pool of investors and increase liquidity for current shareholders [2][3] Penny Copper Project Details - The Penny Copper Project spans approximately 3,122 hectares and has a history of exploration activity over the last 100+ years [4] - Recent exploration work included rock sampling, with notable copper values recorded: 1,046 ppm Cu, 1,808 ppm Cu, and 2,388 ppm Cu from grab samples [4]

Core Viewpoint - Orion Group Holdings, Inc. has announced the dual listing of its common stock on NYSE Texas, maintaining its primary listing on the New York Stock Exchange with the same ticker symbol "ORN" [1] Group 1: Company Overview - Orion Group Holdings is a leading specialty construction company serving the infrastructure, industrial, and building sectors [3] - The company provides services both on and off the water across the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin [3] - Orion's marine segment offers construction and dredging services related to marine transportation facility construction, marine pipeline construction, and environmental dredging [3] - The concrete segment provides turnkey concrete construction services for large commercial and structural projects [3] Group 2: Leadership Commentary - The CEO of Orion expressed pride in being among the founding members listed on NYSE Texas, highlighting the company's long-standing roots in Texas and its alignment with pro-growth values [2] - The Chief Development Officer of the NYSE Group welcomed Orion to NYSE Texas, emphasizing the state's business-friendly climate as a compelling platform for forward-looking companies [2]

Core Viewpoint - Brazil Potash Corp. has successfully launched its Brazilian Depositary Receipts (BDRs) on the B3 stock exchange, allowing Brazilian investors to participate in the ownership of the company and its Autazes Potash Project, which aims to reduce Brazil's fertilizer import dependence [1][2][3] Group 1: BDR Launch and Impact - The BDRs will begin trading on May 26, 2025, under the ticker symbol GROP31, enhancing the company's visibility in both North American and Brazilian capital markets [1][3] - The BDR program aligns with Brazil's National Fertilizer Plan, which targets reducing fertilizer import dependence from 85% to 45% by 2050 [2] - Each BDR represents one common share of Brazil Potash, which continues to trade on the NYSE American under the ticker symbol GRO [3] Group 2: Project Significance and Production - The Autazes Project aims to supply sustainable fertilizers to Brazil, a major agricultural exporter, which imported over 95% of its potash fertilizer in 2021 [5] - Brazil Potash plans to produce up to 2.4 million tons of potash annually, potentially meeting approximately 20% of Brazil's current potash demand [5] - The project is expected to mitigate around 1.4 million tons of greenhouse gas emissions per year by reducing reliance on imported potash [5] Group 3: Strategic Partnerships and Logistics - The potash produced will be transported primarily using low-cost river barges in partnership with Amaggi, a significant player in Brazil's agricultural logistics [5] - Banco Bradesco S.A. will act as the depositary institution for the BDR program, which is governed by relevant regulations [4]