Core Viewpoint - Emerita Resources Corp. is poised for significant growth in 2026, focusing on advancing its exploration and development plans in Spain, particularly the Iberian Belt West project, supported by a strong financial position with $26 million in equity financing and $50 million secured [1]. Group 1: Project Development - The company is completing engineering studies for a high-grade mining operation at the IBW project, with an updated NI 43-101 Mineral Resource Estimate expected soon to support the Prefeasibility Study (PFS) [2]. - Metallurgical testing has shown gold recoveries exceeding 80%, indicating favorable processing characteristics for producing copper, zinc, and lead concentrates, with ongoing optimization tests to finalize plant design inputs [2]. - The PFS is scheduled for completion by the end of Q2 2026 [2]. Group 2: Permitting and Regulatory Progress - Permitting for the IBW project is progressing, with the Declaration of Strategic Interest (DSI) panel collaborating effectively with the company, and a public comment period expected to begin in Q1 2026 [3]. - The Unified Environmental Authorization (AAU) will analyze potential environmental impacts and outline solutions, marking a critical step in securing mining permits [3]. Group 3: Exploration Initiatives - An airborne survey over the IBW regional area was completed in December, with results under review to guide exploration in the San Antonio project area, which has not been systematically explored [4]. - The company plans to drill the Nuevo Tintillo project in 2026, which has shown promising surface sampling results of up to 3.37 g/t gold and 165 g/t silver [4]. Group 4: Community Engagement - Emerita has established the Emerita Foundation to enhance community engagement and participation in economic and societal opportunities related to the IBW project and future initiatives [6]. Group 5: Leadership Insights - The CEO of Emerita anticipates a transformative year as the company transitions from exploration to mine development, emphasizing the strategic importance of the IBW project and the potential for new discoveries [7].

Core Viewpoint - Osisko Metals Incorporated has announced a bought deal private placement financing for 11,812,000 flow-through shares at a price of C$1.27 per share, aiming to raise gross proceeds of C$15,001,240 to fund Canadian exploration expenses related to its projects [1][2]. Group 1: Financing Details - The financing will involve the issuance of flow-through shares, which are designed to allow the company to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures [2]. - The offering is expected to close around February 3, 2026, pending approval from the Toronto Stock Exchange and other conditions [3]. - A cash commission of 5% of the gross proceeds will be paid to the underwriters for their services [4]. Group 2: Company Overview - Osisko Metals is focused on the critical metals sector, particularly copper and zinc, and has acquired a 100% interest in the Gaspé Copper mine, which is the largest undeveloped copper resource in eastern North America [6]. - The Gaspé Copper project has current indicated mineral resources of 824 million tonnes grading 0.34% CuEq and inferred mineral resources of 670 million tonnes grading 0.38% CuEq [6]. - The company is also advancing the Pine Point project, which has indicated mineral resources of 49.5 million tonnes at 5.52% ZnEq and inferred resources of 8.3 million tonnes at 5.64% ZnEq [7].

Market Performance - Wall Street's major equity averages ended positively, with the S&P 500 reaching a new record high [1] - Data storage companies saw significant gains, with Sandisk (SNDK) up over +12% and Seagate Technology Holdings (STX) rising more than +6% [1] - Chip stocks advanced, led by Intel (INTC) which surged over +10% following supportive comments from President Trump [1] - Vistra (VST) and Oklo (OKLO) also experienced notable increases of over +10% and +7% respectively after securing power supply agreements with Meta Platforms [1] - Qualcomm (QCOM) faced a decline of over -2% after a downgrade by Mizuho [1] Economic Indicators - The U.S. Labor Department reported a nonfarm payroll increase of 50K in December, below the expected 66K, while the unemployment rate fell to 4.4%, better than the anticipated 4.5% [4] - Average hourly earnings rose by +0.3% month-over-month and +3.8% year-over-year, surpassing expectations [4] - The University of Michigan's preliminary consumer sentiment index improved to 54.0 in January, exceeding expectations of 53.5 [4] Federal Reserve Insights - Richmond Fed President Tom Barkin noted modest job growth and a low-hiring environment, emphasizing the need for vigilance regarding unemployment and inflation risks [5] - San Francisco Fed President Mary Daly described the current phase as "fine-tuning" rather than making large policy changes [5] - U.S. rate futures indicate a 94.3% probability of no rate change and a 5.7% chance of a 25 basis point rate cut at the upcoming Fed meeting [5] Upcoming Economic Data - The U.S. consumer inflation report for December is anticipated to influence expectations for future rate cuts by the Fed [6] - Other significant data releases include U.S. retail sales for November and various indices related to manufacturing and job claims [6] Corporate Earnings - The fourth-quarter earnings season is set to begin, with major banks like JPMorgan Chase (JPM), Bank of America (BAC), and Wells Fargo (WFC) reporting this week [8] - Other notable companies scheduled to report include Morgan Stanley (MS), Goldman Sachs (GS), and Delta Air Lines (DAL) [8] International Market Developments - The Euro Stoxx 50 Index declined by -0.18% amid concerns over Fed independence and President Trump's proposed cap on credit card interest rates [10] - The Eurozone's Sentix Investor Confidence Index improved to -1.8, better than the expected -5.1 [11] - China's Shanghai Composite Index reached a new 10-year high, driven by advancements in AI and expectations of policy support [12]

Core Viewpoint - Lundin Mining has successfully completed the sale of its subsidiary Lundin Mining US, which owned the Eagle mine and Humboldt mill, to Talon Metals for $127 million (C$176.21 million) [1] Group 1: Transaction Details - The definitive share purchase agreement for the sale was signed in December 2025, marking the transfer of assets to Talon Metals [1] - Lundin Mining received approximately 275.1 million common shares in Talon Metals as compensation, which represents about 18.61% of Talon Metals' issued and outstanding shares on a non-diluted basis [3][4] - Following the transaction, Lundin Mining's stake in Talon Metals increased to approximately 19.86%, totaling 293.7 million shares [2][4] Group 2: Company Statements - Talon Metals CEO Darby Stacey expressed gratitude to Lundin Mining for their support over the past 13 years and expressed excitement for future collaboration [3] - Lundin Mining's president and CEO Jack Lundin stated confidence in the transaction's potential to generate sustained value for stakeholders and expressed eagerness to support Talon Metals [6] Group 3: Strategic Positioning - With the completion of this transaction, Lundin Mining is positioned as a pure-play copper company, focusing on growth to become a top-ten global copper producer through the development of the Vicuña District [7] - Prior to this transaction, Lundin Mining held 18.5 million shares in Talon Metals, accounting for approximately 1.57% of the issued shares [4] Group 4: Additional Agreements - An investor rights agreement was signed, granting Lundin Mining certain director nomination and anti-dilution rights [4] - A lock-up agreement restricts Lundin Mining from acquiring or selling Talon Metals' shares for up to 24 months [5]

Market Overview - The sharemarket opened positively, influenced by an upbeat Wall Street session and higher oil prices, with gains led by financials, consumer discretionary, and energy stocks [1] - The S&P/ASX 200 index rose 0.8% to 8,785.90 points, recovering from a 0.1% decline last week [2] Sector Performance - Financials advanced by 1.2%, recovering from a 2.5% decline the previous week due to concerns over potential rate hikes and market competition [2][8] - Consumer discretionary was the best-performing sector, gaining 2.12% and 3.01% over the past five days [7][10] - Energy stocks increased by 1.2%, driven by higher oil prices amid geopolitical tensions [8] Top Gainers - Light & Wonder Inc. (LNW) led the top performers, closing at $182.500, up $27.800, a gain of 17.970% [3][9] - Catapult Sports Ltd (CAT) rose to $4.410, gaining $0.270 or 6.521% [3][9] - Other notable gainers included Ramelius Resources Limited (RMS), Newmont Corporation (NEM), and Pantoro Gold Limited (PNR) [9] Notable Declines - Mesoblast Limited (MSB) was among the weakest performers, closing at $2.850, down $0.220 or 7.167% [5][10] - Super Retail Group Limited (SUL) fell to $14.890, down $0.830 or 5.280% [5][10] - Additional losses were seen in DroneShield Limited (DRO), Insurance Australia Group Limited (IAG), and BHP Group Limited (BHP) [6][10] Mining Sector - The mining sector slipped by 0.1%, impacted by a 1% decline in BHP due to rising iron ore inventories at Chinese ports [9][10]

FOLLOWING COMPLETION OF EXPANSION CONCEPT STUDIES HYPROMAG USA ADVANCES EXPANSION TO THREE STATES SUPPORTING A PATH TO TRIPLE U.S. RARE EARTH MAGNET CAPACITY BY 2029 Completed concept studies for expansion of South Carolina and Nevada hubs, increasing total HyProMag USA magnet and alloy production from 1,552 metric tons NdFeB to 4,656 metric tons NdFeB per annum, supporting scalable U.S. manufacturing strategy and reinforcing momentum towards a planned U.S. public listing Greater than $2 billion post-tax NP ...

Group 1 - The U.S. labor market is showing signs of weakness, with only 50,000 jobs added in December 2025 and a total of 584,000 jobs for the year, a significant drop from the 2 million jobs added in 2024, marking the lowest record for non-recession periods since the early 2000s [2] - The introduction of tariff policies in April 2025 has been identified as a core factor affecting the labor market, leading to job losses in manufacturing and other sectors, creating survival pressures for ordinary workers [3] - The healthcare and social services sectors are among the few industries maintaining stable hiring, driven by aging population demands and the service-oriented nature of the work, which is less likely to be replaced by artificial intelligence [4] Group 2 - The uncertainty in policies and economic outlook has made job stability the primary consideration for young job seekers, with many preferring stable employment in healthcare over high-paying opportunities in tech [4] - A Supreme Court ruling declaring certain tariffs illegal could provide market certainty, alleviating business pressures and potentially boosting hiring demand [5] - Even if tariffs are ruled illegal, the impact on global trade and U.S. employment may not be fully resolved, as other tariffs imposed by the previous administration could still remain in effect [5]

Core Viewpoint - The recent downgrade of Glencore to Neutral prompts a reevaluation of Rio Tinto, highlighting the increasing correlation between the two companies [1]. Group 1: Company Analysis - Glencore has been downgraded to a Neutral rating, indicating a shift in investment sentiment [1]. - The relationship between Glencore and Rio Tinto is emphasized, suggesting that developments in one may impact the other [1]. Group 2: Market Context - The analysis reflects a broader trend among buy-side hedge professionals who are focusing on fundamental, income-oriented, long-term analysis across various sectors in developed markets [1].

Investment Opportunities in Venezuela's Oil Industry - President Trump's initiative aims to attract billions of dollars from US energy companies to revitalize Venezuela's oil sector, which is believed to have the world's largest oil reserves [1][4] - The plan includes US companies potentially rebuilding Venezuela's oil infrastructure and reviving production, with an initial offer of up to 50 million barrels of oil valued at approximately $3 billion [5][6] Challenges and Risks - Significant questions remain regarding the timeline and costs associated with increasing energy production, with concerns that the political will in both the US and Venezuela may wane over time [2] - The current global oil market is characterized by oversupply, with declining capital spending in oil due to abundant supply and lower-than-expected demand [3] - Experts estimate that restoring Venezuela's oil production could require investments of up to $100 billion over the next decade, raising doubts about the feasibility of such a turnaround [9] Major Players and Market Dynamics - Chevron is currently the only major US oil producer operating in Venezuela, with the potential to increase its cash flow by up to $700 million annually if production levels are restored [7] - Previous operators like Exxon Mobil and ConocoPhillips face challenges in recovering assets worth over $9 billion due to past seizures, complicating their return to the market [8] Refining and Related Opportunities - US refiners are already seeing increased interest, with about 140 million barrels of Venezuelan crude processed in 2025, representing 0.8% of total US throughput [11] - Companies like Valero Energy and PBF Energy could benefit from increased Venezuelan crude flows, while Phillips 66 may see upside from the need for imported diluent [12] Broader Investment Themes - The potential for increased tanker operations could benefit companies like DHT Holdings and Frontline, especially if Chevron charters compliant vessels to replace those circumventing US sanctions [13] - Beyond oil, Venezuela's rich mineral deposits present opportunities for mining companies, although the current state of the industry poses significant challenges [16][17] Infrastructure and Long-Term Investments - Rebuilding Venezuela's infrastructure is viewed as a long-term opportunity, with historical precedents suggesting that recovery in post-crisis markets can take years [18] - Investors are advised to consider high-quality regional companies with indirect exposure to Venezuela, treating direct investments as long-dated options [19] Defense and Food Sector Implications - Increased geopolitical uncertainty may benefit defense companies, with potential gains for firms like Lockheed Martin and Northrop Grumman [20] - Opportunities in food exports may arise if Venezuela's economy recovers, with companies like Bunge Global and Archer-Daniels-Midland positioned to benefit [21] Debt and Macro Considerations - The removal of Maduro has sparked interest in Venezuela's defaulted debt, with potential for higher recovery values as part of a debt restructuring [22][23] - The geopolitical shakeup could influence macro-oriented investments, with implications for oil prices and consumer confidence [24][25]

2026年1月11日 博弈。 镍铁抬升震荡重心。 盘面博弈印度 投资咨询从业资格号:Z0021479 张再宇 zhangzaiyu@gtht.com 本轮资金面对線与不锈钢的关注度提高,本质在于消息面的变化,主要包括:印尼镍矿配额的 2.5 亿 吨目标，以及考虑将伴生矿物，如钻，纳入计价和征税体系，以及违规开采银矿罚款，具体来看: 1 公安期货研 行情观点: 沪镍:产业与二级市场资金对垒,银价宽幅震荡运行、'银的现实基本面确实偏弱,过剩压力与低成本 的湿法投产预期共振,盘面多次增仓试探性地找寻供需再平衡的估值位置,但是二级市场对商品的关注度 明显提高,商品资金流动性充足,印尼消息面的犹动给予了资金轮动的补涨情绪。在产业角度,认为印尼 政策在往年多次的灵活调整,以及一季度配额过渡期的现实,对配额政策仍保有观望情绪,同时,基本面 角度,利润修复增加供应端复产、进口利润回到正区间,以及盘面较镍铁溢价丰厚,套保和套利资金对線 价的弹性形成了约束。在二级市场角度,以长线逢低多的路径思考,更加关注低价矿吸引冶炼投资的"红 利"周期结束,政策在未来或出现周期性转变,同时,印尼多项政策的组合拳共振,进一步明确了印尼希 望挺价 ...