Core Viewpoint - Lion Copper and Gold Corp. has amended its advisory services agreement to allow payment of advisory fees in common shares instead of cash, effective December 1, 2025 [1][2]. Group 1: Advisory Agreement Details - The original advisory agreement, established in April 2025, included a monthly cash retainer of US$10,000 for services such as strategic planning and corporate development [2]. - The amended agreement maintains the same scope and nature of advisory services while changing the payment method to common shares [2][3]. - The number of common shares issued will be based on the 10-day volume-weighted average price of the Company's shares prior to the applicable month [3]. Group 2: Regulatory Compliance - All common shares issued under the amended agreement will comply with applicable securities laws and Canadian Securities Exchange policies, including resale restrictions under Rule 144 of US Securities laws [4]. - The common shares have not been registered under the United States Securities Act of 1933 and cannot be offered or sold in the US without registration or an applicable exemption [5]. Group 3: Company Overview - Lion Copper and Gold Corp. is advancing its flagship copper project in Yerington, Nevada, through an Option to Earn-in Agreement with Nuton LLC, a Rio Tinto Venture [6].

Market Performance - The S&P 500 Index is down -0.33%, the Dow Jones Industrials Index is down -0.35%, and the Nasdaq 100 Index is down -0.34% [1] - Stock indexes are experiencing declines, with the S&P 500 and Dow Jones reaching 1-week lows, and the Nasdaq 100 hitting a 1.5-week low [2] - Trading activity is subdued with volumes below normal due to market closures in Germany and Japan for the New Year's holiday [3] Sector Performance - Weakness in chip stocks and data storage companies is contributing to the broader market decline [2] - Mining stocks are also sliding, with gold prices falling to a 2.5-week low and silver prices dropping more than -7% [2] Economic Indicators - US weekly initial unemployment claims unexpectedly fell by -16,000 to a 1-month low of 199,000, indicating a stronger labor market than anticipated [3] - Better-than-expected Chinese economic data supports global growth prospects, with the December manufacturing PMI rising +0.9 to 50.1, and the non-manufacturing PMI increasing +0.7 to 50.2 [4] Seasonal Trends - Seasonal factors are bullish for stocks, with historical data showing the S&P 500 has risen 75% of the time in the last two weeks of December, averaging a 1.3% increase [5] - Market focus for the holiday-shortened week will be on US economic news, with expectations for the December S&P manufacturing PMI to remain at 51.8 [5] Global Market Overview - Overseas stock markets are mixed, with the Euro Stoxx 50 down -0.08% and China's Shanghai Composite up +0.09% [6]

Summary of Zijin Mining Group Conference Call Company Overview - **Company**: Zijin Mining Group - **Industry**: Greater China Materials - **Stock Rating**: Overweight - **Market Capitalization**: US$125.471 billion - **Current Share Price (as of December 30, 2025)**: HK$35.36 - **Price Target**: HK$46.10, indicating a 30% upside potential Key Financial Highlights - **Preliminary Net Profit for 2025**: Rmb51-52 billion, representing a year-over-year increase of 59-62% compared to the previous year [6][2] - **Consensus Estimate**: The preliminary result is in line with Morgan Stanley's estimate of Rmb52.4 billion [6] - **Fourth Quarter 2025 Profit**: Estimated at Rmb13.2-14.2 billion, showing a quarter-over-quarter decline from Rmb14.6 billion in Q3 2025, attributed to higher selling, general, and administrative expenses [6] - **Production Figures for 2025**: - Gold: 90 tons (up from 73 tons in 2024) - Copper: 1.09 million tons (up from 1.07 million tons in 2024) - Silver: 437 tons (slightly up from 436 tons in 2024) - Lithium Carbonate Equivalent (LCE): 25,000 tons (down from 261 tons in 2024) [6] Future Projections - **2026 Production Targets**: - Gold: 105 tons - Copper: 1.2 million tons - Silver: 520 tons - LCE: 120,000 tons [6] Valuation and Risks - **Valuation Methodology**: Based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 7.5% and a steady-state revenue growth rate of 3% per annum [7] - **Risks to Upside**: - Stronger copper prices due to robust demand or supply disruptions in key copper-producing countries - Volume increases from project ramp-ups and untapped resources [10] - **Risks to Downside**: - Weaker copper prices driven by economic downturns or lack of policy action in China - Potential misses on project executions and geopolitical risks leading to production disruptions [10] Analyst Insights - **Analyst Ratings**: The stock is rated as "Overweight," indicating expected performance above the average total return of the industry over the next 12-18 months [3][30] - **Industry View**: The materials sector is considered attractive, suggesting positive sentiment towards the industry as a whole [3][33] Additional Information - **Average Daily Trading Value**: US$178 million [3] - **Earnings Per Share (EPS) Estimates**: - 2025: Rmb1.97 - 2026: Rmb2.51 [3] This summary encapsulates the key points from the conference call regarding Zijin Mining Group, highlighting financial performance, production targets, valuation methodologies, and associated risks.

Market Overview - The U.S. stock market is concluding a strong year with major indices showing impressive annual growth, driven by resilient corporate earnings and enthusiasm for artificial intelligence [1][2] - The S&P 500 is on track for an annual gain exceeding 17%, while the Nasdaq Composite has surged approximately 21% for the year, largely due to strong performance in the AI sector [2][3] - The Dow Jones Industrial Average is set to close the year with a gain of around 13.7% [3] Commodity Market - Commodity markets have shown notable activity, with gold rising 1.4%, copper gaining 4.4%, and silver posting a significant jump of 10.9% [4] Corporate Developments - Nvidia has seen its stock surge around 180% this year due to strong demand for its new H200 AI chips, with the company seeking to ramp up production [9] - Other tech sector performers include Western Digital with a 260% gain, Seagate Technology up 210%, and Micron Technology rising 178% [9] - Vanda Pharmaceuticals' shares rose significantly after FDA approval of its motion sickness drug, marking a milestone for the company [10] - Ferrexpo faces ongoing challenges due to the conflict in Ukraine and liquidity issues, despite strong global mining markets [11] - Wealth manager Walker Crips reported widening first-half losses ahead of its takeover by PhillipCapital [11] - Major companies like Apple, Microsoft, Tesla, and Alphabet continue to be closely monitored, with Apple showing a slight gain of 0.13% and Tesla down 3.27% [12] Future Outlook - The market remains poised for continued innovation and growth, particularly in AI and technological advancements, as investors look ahead to upcoming economic data and corporate earnings in 2026 [13]

Market Performance - The S&P 500 Index is down -0.15%, the Dow Jones Industrials Index is down -0.18%, and the Nasdaq 100 Index is down -0.19% [1] - The Dow Jones Industrials has slid to a 1-week low, while the Nasdaq 100 has fallen to a 1.5-week low, primarily due to weakness in the Magnificent Seven technology stocks [2] Economic Indicators - US weekly initial unemployment claims unexpectedly fell by 16,000 to a 1-month low of 199,000, indicating a stronger labor market than anticipated [3] - China's December manufacturing PMI rose by +0.9 to 50.1, exceeding expectations and marking the fastest pace of expansion in 9 months [4] - The December non-manufacturing PMI in China also increased by +0.7 to 50.2, stronger than expected [4] Market Sentiment - Seasonal factors are bullish for stocks, with historical data showing that the S&P 500 has risen 75% of the time in the last two weeks of December, averaging a 1.3% increase [5] - Market focus this week is on US economic news, with expectations for the December S&P manufacturing PMI to remain at 51.8 [5] - The markets are currently pricing in a 15% chance of a -25 basis point rate cut at the upcoming FOMC meeting on January 27-28 [5] Global Market Overview - Overseas stock markets are mixed, with the Euro Stoxx 50 down -0.08% and China's Shanghai Composite closing up +0.09% [6] - Japan's Nikkei Stock 225 is closed for a bank holiday [6]

Core Viewpoint - NextSource Materials Inc. held its Annual Meeting of Shareholders on December 30, 2025, where significant decisions regarding the election of directors and the appointment of auditors were made [1]. Group 1: Election of Directors - All nominated directors were elected with high approval rates, indicating strong shareholder support: - Sir Mick Davis: 99.6% for, 0.4% against - Hanré Rossouw: 99.5% for, 0.5% against - Christopher Kruba: 99.7% for, 0.3% against - Ian Pearce: 99.7% for, 0.3% against - Craig Scherba: 99.5% for, 0.5% against - Brett Whalen: 99.5% for, 0.5% against [2]. Group 2: Appointment of Auditor - Shareholders approved the appointment of PricewaterhouseCoopers LLP as auditors for the fiscal year ending June 30, 2026, with a voting result of 99.9% for and 0.1% against [3]. Group 3: Shareholder Participation - A total of 101,161,308 common shares, representing 54.7% of the common shares entitled to vote, were present at the meeting either in person or by proxy [3]. Group 4: Company Overview - NextSource Materials Inc. is a Toronto-based battery materials company focused on becoming a vertically integrated global supplier of battery materials through mining and processing of graphite and other minerals [4]. - The Molo graphite project in Madagascar is highlighted as one of the largest and highest-quality graphite resources globally, with production having commenced through Phase 1 operations [5]. - The company is also developing Battery Anode Facilities (BAF) for large-scale production of coated, spheronized, and purified graphite, with the first facility being developed in the UAE [6].

Upgrades - Argus upgraded BHP Group (BHP) to Buy from Hold with a price target of $68, citing firming prices for iron ore, copper, and coal as the global economy improves [1] Downgrades - Jefferies downgraded Mereo BioPharma (MREO) to Hold from Buy with a price target of $0.50, down from $7, due to Setrusumab missing primary endpoints in trials [2] - RBC Capital downgraded DigitalBridge (DBRG) to Sector Perform from Outperform with a price target of $16, down from $23, following SoftBank's acquisition announcement at $16 per share [3] Initiations - Stephens initiated coverage of Commvault (CVLT) with an Overweight rating and a $162 price target, highlighting its evolution in data protection and transition to Software-as-a-Service [4] - Stephens initiated coverage of Rubrik (RBRK) with an Overweight rating and a $105 price target, noting its attractive growth outlook in data protection and data security [4] - Stephens initiated coverage of Varonis (VRNS) with an Equal Weight rating and a $40 price target, emphasizing its growth potential in data security as a Software-as-a-Service platform [4] - Freedom Capital initiated coverage of Ero Copper (ERO) with a Buy rating and a $32 price target, citing its high-grade, low-cost asset portfolio in Brazil [4] - H.C. Wainwright initiated coverage of Terra Innovatum (NKLR) with a Buy rating and a $25 price target, believing its use of off-the-shelf components will reduce regulatory barriers [4]

Company Overview - SSR Mining is a diversified precious metals producer with a global footprint, focusing on the exploration, development, and operation of gold and silver mines [2] - The company operates a vertically integrated mining model, controlling multiple stages from acquisition to metal sales [3][9] - SSR Mining's major projects are located in Turkey, the U.S., Canada, and Argentina, generating the majority of revenue from precious metals production [4][6] Financial Performance - In 2025, SSR Mining's stock closed the year with nearly 215% gains, with shares priced at $21.19 as of November 13, 2025, reflecting a 294.6% increase over the year [1][4] - The stock's one-year alpha versus the S&P 500 is 285.7 percentage points, indicating significant outperformance [4] Strategic Moves - The acquisition of the Cripple Creek & Victor (CC&V) mine in Colorado from Newmont in early 2025 significantly expanded SSR Mining's portfolio, positioning it as the third-largest gold producer in the U.S. [6] - This strategic move also aimed to reduce geopolitical risks by diversifying operations beyond Turkey [6] Market Dynamics - Gold prices surged over 70% in 2025, reaching record highs in December, which contributed to the rally in SSR Mining's stock [1][7] - The future performance of SSR Mining's stock may largely depend on gold price trends; further increases in gold prices could lead to continued stock growth [7] Investment Activity - Virtus Advisers disclosed a new position in SSR Mining, acquiring 216,217 shares valued at nearly $6.91 million as of September 30, 2025, making it one of the top holdings in their portfolio [5]

Core Viewpoint - B2Gold (BTG) shares have increased by 46.34% on a total return basis, outperforming the S&P 500, which rose by 18.41%, indicating a compelling investment opportunity in the mining sector [1]. Operational Execution - The investment outlook for B2Gold appears more favorable now compared to previous assessments, suggesting strong operational execution and potential for further growth in the mining industry [1].

Market Overview - U.S. stock markets are experiencing mixed premarket activity as 2025 comes to a close, following a three-day losing streak, despite significant annual gains driven by the AI and technology sectors [1][2] - Major U.S. market indexes are set to close 2025 with impressive annual gains: Nasdaq Composite is up approximately 21%, S&P 500 is up around 17%, and Dow Jones Industrial Average has climbed roughly 14% [5] Individual Stock Movements - Nike (NKE) shares rose 1.54% due to a significant stock purchase by CEO Elliott Hill [3] - Intel (INTC) gained 1.34% in premarket trading [3] - Autolus Therapeutics (AUTL) surged 5.35% after receiving a strategic upgrade from Needham & Co. [3] - Vanda Pharmaceuticals (VNDA) experienced a significant jump of 18.7% following FDA approval for its drug [3] - DigitalBridge Group (DBRG) shares surged 9.6% on news of acquisition by SoftBank Group Corp. valued at approximately $4 billion [13] - Ultragenyx Pharmaceutical (RARE) shares plunged 42.3% after disappointing Phase 3 trial results [13] - Tesla (TSLA) forecasted a decrease in fourth-quarter sales, expecting to sell 1.64 million vehicles in 2025 [13] Technology Sector Highlights - Nvidia (NVDA) remains a dominant player in AI, with ByteDance planning to increase spending on Nvidia's AI chips to ¥100 billion ($14 billion) in 2026 [13] - Meta Platforms (META) acquired AI startup Manus for over $2 billion [13] - Caterpillar (CAT) saw stock surges attributed to sales of generators related to AI infrastructure [13] Economic Data and Federal Reserve Insights - Initial Jobless Claims reported at 199,000, below the expected 220,000, indicating a slowing but stable labor market [7] - The Federal Reserve's recent meeting minutes revealed a divided debate on interest rate cuts, with expectations for further reductions in 2026 [6]