Core Viewpoint - Luda Technology Group Limited reported strong performance in its strategic equity investment portfolio for the eleven months ended November 30, 2025, contributing positively to the Company's earnings and financial position [1][2]. Investment Portfolio Performance - The unaudited performance of the equity investment portfolio, which includes publicly listed securities on various stock exchanges, recorded significant realized gains, indicating successful capital allocation and investment strategy [2]. - Realized gains amounted to approximately US$2.4 million for the eleven months ended November 30, 2025, derived from the disposal of publicly listed securities and dividend incomes [5]. - The portfolio achieved a return of approximately 57.8% with an initial investment of about US$4.1 million [5]. Strategic Rationale - The performance of the investment portfolio validates the Company's strategy of investing surplus cash in high-grade securities to generate alternative income while maintaining a risk-managed portfolio [5]. - The investment strategy serves as a complementary buffer against market cyclicality in the Company's primary business, with a medium-to-long-term investment horizon [5]. Company Overview - Luda Technology Group Limited is a manufacturer and trader of stainless steel and carbon steel flanges and pipe fittings, headquartered in Hong Kong with production facilities in Taian, Shandong Province, China [6]. - The Company began its operations in 2004 and has expanded its business to include manufacturing and trading of various steel products, serving a diverse customer base across multiple regions [6].

Core Insights - Agnico Eagle Mines Limited (AEM) has acquired 5 million subscription receipts from a fully-owned subsidiary of Fuerte Metals Corporation for C$8.25 million, aligning with its strategy of investing in projects with high geological potential [1][8] - Following the acquisition, AEM will own approximately 8.12% of Fuerte Metals' common shares on a non-diluted basis and around 11.65% on a partially-diluted basis [2][8] - AEM continues to focus on its internal growth projects while seeking strategic positions in high-potential opportunities, including key projects like Odyssey, Detour Lake, and Hope Bay [3] Company Developments - Fuerte Metals is set to acquire the Coffee Gold Project from Newmont Corporation for up to $150 million, which is expected to significantly transform Fuerte Metals [4] - AEM's peers, such as Barrick Mining Corporation and Kinross Gold Corporation, are also advancing their high-return growth projects, indicating a competitive landscape in the mining sector [5][6] Market Performance - AEM's shares have increased by 118.9% year-to-date, slightly trailing the Zacks Mining – Gold industry's rise of 124.7%, driven by high gold prices [7] - AEM is currently trading at a forward 12-month earnings multiple of 23.12, which is a 39.6% premium to the industry average of 16.56 [9] - The Zacks Consensus Estimate for AEM's earnings in 2025 and 2026 indicates a year-over-year increase of 69.3% and 6.4%, respectively, with EPS estimates trending higher [11]