Core Viewpoint - Emerita Resources Corp. reports ongoing drilling results from the El Cura deposit, part of its Iberian Belt West project, which includes three Volcanogenic Massive Sulfide deposits currently undergoing Prefeasibility Studies [1][15]. Drilling Results - Recent drilling at El Cura has shown significant mineralization, with true widths ranging from 84% to 98% of intercept widths, except for hole EC089, which had a true width of 64% [4]. - Drill hole EC094 reported 9.2 meters grading 1.4% copper, 0.4% lead, 1.3% zinc, 0.41 g/t gold, and 21.48 g/t silver [6][12]. - Drill hole EC089 showed 2.8 meters grading 0.6% copper, 0.5% lead, 1.6% zinc, 1.71 g/t gold, and 30.95 g/t silver [6][11]. - Drill hole EC093 returned 5.6 meters grading 1.2% copper, 0.6% lead, 1.3% zinc, 0.82 g/t gold, and 28.00 g/t silver, marking the thickest intercept in the vicinity [6][13]. - Drill hole EC090 completed the definition of the upper edge of the deposit, with 3.0 meters grading 0.3% copper, 0.7% lead, 2.2% zinc, 0.36 g/t gold, and 24.00 g/t silver [6][14]. Geological Context - The drilling program spanned approximately 420 meters along strike and 460 meters down-dip, indicating a substantial exploration area [9]. - The results from the current drilling program will contribute to a significant increase in the drill hole database for the upcoming NI 43-101 Mineral Resource Estimate, which will be used in the Prefeasibility Study [15]. Company Overview - Emerita Resources Corp. is focused on the acquisition, exploration, and development of mineral properties in Europe, particularly in Spain, with its corporate office in Sevilla and an administrative office in Toronto [24].

Core Viewpoint - Leading Edge Materials Corp. has entered into a Memorandum of Understanding (MoU) with Ascension Earth Resources to evaluate the recovery of heavy rare earth elements (HREE) from the Norra Kärr eudialyte deposit in Sweden, aiming to enhance sustainable production in Europe [2][4][6]. Project Evaluation - The MoU stipulates that Leading Edge Materials' subsidiary, Greenna Mineral AB, will provide eudialyte samples from the Norra Kärr deposit for Ascension to conduct laboratory analyses and processing tests using its proprietary technology [3][7]. - The Evaluation Project will focus on assessing the technical and commercial feasibility of rare earth extraction from the HREE-bearing eudialyte mineralization [3][8]. Future Collaboration - Should the evaluation phase yield successful results, both parties are committed to negotiating a definitive collaboration agreement for a larger-scale pilot project [3][7]. Strategic Importance - Norra Kärr is recognized as a strategically significant European rare earth resource, which is crucial for developing a resilient supply chain for critical minerals in Europe [6][10]. Technological Innovation - Ascension Earth Resources is a UK-based company that is developing proprietary technology for rare earth element analysis and recovery, focusing on sustainable practices [11].

Investment Rating - The report indicates a strong positive outlook for global M&A activity, with expectations for continued momentum into 2026, driven by favorable market conditions and investor confidence [10][17]. Core Insights - Global M&A activity reached record levels in 2025, with 50,810 deals totaling nearly $5 trillion, marking a 12.4% increase in deal count and a 37% increase in deal value year-over-year [10][11]. - The surge in megadeals, defined as transactions of $1 billion or more, significantly contributed to this growth, with 617 megadeals accounting for 56.6% of total M&A value [11][16]. - The report highlights the importance of technology and AI in driving M&A activity, with investors seeking businesses that leverage data and technology for competitive advantage [60][62]. Overview - Global M&A activity saw unprecedented growth in 2025, surpassing previous records in both deal count and value, with a notable recovery from macroeconomic disruptions [10][17]. - The report emphasizes the role of private equity (PE) in the M&A landscape, with PE's share of total European M&A value rising to 50.7% in 2025 [72]. Valuation Metrics - The median enterprise value (EV)/EBITDA multiple for M&A transactions in 2025 improved to 10.1x, reflecting a recovery in valuations compared to previous years [26][30]. - North American valuations remain higher than European counterparts, with the median EV/EBITDA multiple at 11.2x in the US compared to 9.6x in Europe [30]. Deal Metrics - North American M&A activity achieved a record deal value of nearly $3 trillion in 2025, with corporate acquirers accounting for 63.2% of the region's M&A value [77][80]. - The IT sector emerged as the largest contributor to North American M&A value, surpassing B2B, with significant growth observed in healthcare and B2C sectors in Q4 [81]. Sector Metrics - The report identifies technology and AI-linked businesses as key drivers of M&A activity, alongside infrastructure assets that provide predictable revenue streams [62]. - Healthcare continues to attract significant interest, particularly in markets where private-sector provision is expanding [63]. Geographic Insights - The report notes a mixed performance in cross-border M&A, with North America attracting more nondomestic capital, particularly in larger deal sizes [20][24]. - European M&A activity reached a record high in 2025, with nearly 21,000 transactions and $1.3 trillion in deal value, driven by capital inflows from North America [70][72].

Group 1 - Zambia's mining sector has attracted approximately US$10 billion in investments over the past four years, indicating significant growth [1] - President Hakainde Hichilema is attending the 2026 Mining Indaba in Cape Town to secure more investments for job creation in Zambia [1] - Minister Paul Kabuswe emphasized the revival of major mining operations, including Konkola Copper, during the Investing in African Mining Indaba [1]

Zijin Mining, China’s biggest metal miner, raised its targeted gold output nearly a third by 2028, as prices of the precious metal remain elevated https://t.co/gEDcEWPyaU ...

巴西矿业协会（Ibram）最新数据显示，巴西矿业行业2025年实现营业收入约 2988亿雷亚尔（约合569 亿美元），同比增长 约10.3%，主要受国际贵金属价格大幅上涨带动。 尽管铁矿石仍是行业的主要收入来源，占总收入的约52.6%，但其营收略有下降，但贵金属和基本金属 表现强劲。数据显示，黄金收入同比大增64.8%至约393亿雷亚尔（约75亿美元），铜收入同比增长 50.1%至约304亿雷亚尔（约58亿美元）。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 行业分析指出，价格因素是黄金和铜收入大幅提升的关键。国际贵金属价格在2025年持续上涨，其中黄 金价格一度超过每盎司4000美元，全年平均收于4289美元附近，显著高于上年水平。这一价格走势提升 了相关矿产品的出口收益和企业利润水平。 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源 ...

Core Viewpoint - Zijin Mining (601899)(02899) has announced its strategic plan for the next three years (2026-2028) and a long-term vision for 2035, aiming to become a "green, high-tech, top-tier international mining group" [1] Group 1: Production and Financial Goals - The company plans to enhance its resource reserves, main mineral product output, sales revenue, asset scale, and profit rankings by 2028 [1] - Copper and gold production is targeted to rank within the top three globally [1] Group 2: Operational and Sustainability Framework - Zijin Mining aims to establish a highly adaptive global operational management system and an ESG sustainable development framework that reflects its unique characteristics [1] - The company strives for significant growth in key indicators by 2035, with some metrics expected to reach a global leading position compared to 2025 [1]

紫金矿业2月9日早间公告，2026年2月8日，公司召开第九届董事会2026年第4次临时会议，会议审议通 过《公司三年（2026-2028年）主要矿产品产量规划和2035年远景目标纲要》，明确未来三年主要矿产 品产量规划指标，并提出至2035年全面建成"绿色高技术超一流国际矿业集团"的远景目标。其中，矿产 金2026年105吨，2028年130-140吨。 | | | 2025 年 | 2026 年 | 2028 年 | | --- | --- | --- | --- | --- | | 矿产金 | 中 | 90 | 105 | 130-140 | | 矿产铜 | 万吨 | 109 | 120 | 150-160 | | 矿产银 | 庫 | 437 | 520 | 600-700 | | 矿产锌/铅 | 万吨 | 40 | 40 | 40-45 | | 当量碳酸锂 | 万吨 | 2. 5 | 12 | 27-32 | | 矿产铝 | 万吨 | 1. 1 | 1.5 | 2.5-3.5 | ...

Core Viewpoint - The current commodities cycle is characterized by a significant supply shortage, differing from the previous cycle driven by China's growth. Precious metals like silver, platinum, and palladium are experiencing unique dynamics due to their supply-demand fundamentals and geopolitical factors [2][3]. Supply and Demand Dynamics - The average mine takes over 15 years to develop from discovery to production, leading to long cycles in commodities. Current supply deficits for silver and platinum have persisted for five and three years, respectively, indicating strong demand [2][3]. - Precious metals have shown resilience amid geopolitical uncertainties, with silver, platinum, and palladium outperforming gold in the previous year before experiencing a recent selloff [3]. Investment Strategies - Financial advisors recommend that gold should form the foundation of precious metal investments, comprising at least 50% of the allocation, with silver, platinum, and palladium added in smaller amounts based on risk tolerance [8][11]. - The volatility of silver, platinum, and palladium necessitates closer monitoring and rebalancing of portfolios compared to gold, which is viewed as a more stable investment [6][12]. Market Characteristics - Silver is often referred to as "poor man's gold" and has industrial applications that influence its price, while platinum and palladium are primarily used in industrial applications like catalytic converters [5]. - The markets for silver, platinum, and palladium are smaller and more prone to price swings, making them more volatile than gold [6]. Investment Vehicles - Most advisors prefer using exchange-traded funds (ETFs) for precious metals investments due to compliance risks associated with physical metals. However, some clients opt for physical metals for peace of mind [13]. - Investing in gold mining stocks is considered more straightforward than for silver, platinum, and palladium, which have fewer publicly traded pure-play miners [14][15].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The high - price and inventory - accumulation situation in the nickel market is due to the divergence between the secondary market and the industrial sector in the expectation of Indonesian policies. The game over Indonesian policies continues, and short - term fluctuations are affected by the departure of speculative funds before the Spring Festival [1]. - For the Shanghai nickel market, the mid - term contradiction lies in Indonesian nickel ore policies. Although the current fundamentals are not strong, the price is mainly driven by policy expectations. Attention should be paid to the risk of capital withdrawal before the Spring Festival and the possible second - wave increase after the festival if the quota approval is less than expected [4][5]. - For stainless steel, there are frequent maintenance and production cuts in February, and the cost support center has moved up. The overall trend follows Shanghai nickel and other non - ferrous metals. The market is affected by Indonesian policies, and it shows a situation of weak supply and demand in the off - season, with seasonal inventory accumulation expected. The direction depends on the dynamics of Indonesian quota policies [6]. 3. Summary by Related Catalogs 3.1 Fundamental Key Events - **Quota Event**: Indonesia is still approving nickel ore quotas, with the target possibly reduced to 2.5 - 2.6 billion tons. Some enterprises have obtained quotas, but the quantity is currently lower than in previous years. There is a difference in views between the industry and capital on the policy. If the quota is implemented, it may reverse the oversupply expectation and impact the high inventory [1]. - **Associated Mineral Event**: Indonesia plans to include associated minerals such as cobalt in nickel ore in the pricing and taxation system. This may increase the ore - purchasing cost of the smelting end by about 5% - 10%. However, if the cost can be transferred to downstream cobalt products, the impact on the nickel - wet - process cost will be limited [2]. - **Conflict Event**: Some Indonesian mining companies are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land. The negotiation process of fines is worthy of attention as it may lead to an increase in ore prices and smelting costs. In addition, the monopoly behavior of the port storage and logistics in the IMIP park has increased market concerns about the supply of Indonesian resources [2]. - **Other Events**: In early 2026, Vale suspended its nickel mining business, but later resumed normal operations after obtaining part of the mining quota. It is speculated that Indonesia may favor leading enterprises and wet - process projects [3]. 3.2 Market Quotes Views - **Shanghai Nickel**: Before the Spring Festival, the departure of funds has an impact. The mid - term contradiction lies in Indonesian policies. The macro - sentiment of non - ferrous metals has cooled down. The current fundamentals are weak, with high inventory and marginal inventory accumulation, and the industry tends to sell on rallies for hedging. The market mainly trades on the expectation of Indonesian nickel ore policies. The price of 1.6% grade nickel ore has increased, which may drive up the pyrometallurgical cost. Attention should be paid to the important window period of Indonesian nickel ore quota policies from the Spring Festival to March [4][5]. - **Stainless Steel**: There are frequent maintenance and production cuts in February, and the cost support center has moved up. The overall trend follows Shanghai nickel and other non - ferrous metals. Indonesian policies such as quota, associated - product pricing, and mining fines have increased market uncertainty. If the quota policy is implemented, it may support ferronickel. The cobalt pricing may increase the ferronickel cost by about 5% and the stainless - steel cost by 3%. The supply of stainless steel in February has decreased significantly, and the consumption end is also weak. The market shows a situation of weak supply and demand in the off - season, with seasonal inventory accumulation expected, and the direction depends on the dynamics of Indonesian quota policies [6]. 3.3 Inventory Tracking - **Refined Nickel**: On February 6, China's social inventory increased by 1,191 tons to 70,429 tons, with warehouse - receipt inventory increasing by 4,398 tons to 51,274 tons, spot inventory decreasing by 3,207 tons to 15,285 tons, and bonded - area inventory remaining unchanged at 3,870 tons. LME nickel inventory decreased by 1,002 tons to 285,282 tons [7]. - **New Energy**: On February 6, the inventory days of the upstream, downstream, and integrated production lines of SMM nickel sulfate were flat month - on - month at 5, 9, and 7 days respectively. The precursor inventory increased by 0.2 to 13.3 days month - on - month, and the ternary - material inventory increased by 0.3 to 7.2 days month - on - month [7]. - **Nickel - Iron - Stainless Steel**: On February 5, the inventory of the entire nickel - iron industry chain decreased by 11% month - on - month to 119,000 metal tons. In January, the stainless - steel factory inventory was 1.5 million tons, with a year - on - year and month - on - month increase of 4% and 1% respectively. On February 5, the stainless - steel social inventory was 964,960 tons, with a week - on - week increase of 1.29%. Among them, the cold - rolled stainless - steel inventory was 607,856 tons, with a week - on - week increase of 3.83%, and the hot - rolled stainless - steel inventory was 357,104 tons, with a week - on - week decrease of 2.75% [7]. 3.4 Market News - The Indonesian government has suspended the issuance of new smelting licenses for certain products through the OSS platform [8]. - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [8]. - Indonesia plans to revise the benchmark - price formula for nickel ore commodities in early 2026 and will treat cobalt, a by - product of nickel, as an independent commodity and levy royalties [8]. - Indonesia plans to significantly reduce the 2026 nickel - ore production target from 379 million tons to 250 million tons [10]. - Some Indonesian mining companies are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and they are negotiating with the government [10]. - The Indonesian energy and mineral resources minister said that the 2026 nickel - ore production quota will be adjusted according to industry demand, with the output possibly around 250 - 260 million tons [10]. - The KPPU reported that the port storage and logistics in the IMIP park had monopoly behavior, and the park is in negotiation [10]. - A Singapore - flagged bulk carrier carrying about 50,000 tons of nickel ore sank on its way to Yangjiang, China [11]. - Indonesia has started to approve the 2026 mining work plans and budgets for some companies [11]. - The Solway Investment Group plans to restart its nickel - mining business in Guatemala in a few months [11]. - The Indonesian investment department reported that the Indonesian subsidiary of Tsingshan Holding Group had never submitted an investment - activity report [12]. 3.5 Weekly Key Data Tracking of Nickel and Stainless Steel The report provides data on the closing prices, trading volumes, and related price differences of Shanghai nickel and stainless - steel futures, as well as the prices and spreads of various nickel - related products, stainless - steel products, and other related products [15].