Group 1 - The author works on the buy-side in Fixed Income and has a special interest in the Mining and Real Estate sectors [1] - The investment outlook emphasizes the importance of risk management with the phrase "Always Protect Your Nuts!" [1] Group 2 - There are no disclosed stock, option, or derivative positions in any mentioned companies, nor plans to initiate such positions in the next 72 hours [2] - The article expresses the author's own opinions and is not compensated beyond Seeking Alpha [2]

Core Insights - Amaroq has confirmed high-grade mineralization of zinc, lead, silver, and newly identified critical minerals (germanium, gallium, cadmium) at the Black Angel mine, fulfilling all conditions for its acquisition [2][6][10] - The West Greenland Hub, which includes the Black Angel mine and Kangerluarsuk exploration licenses, is positioned as a significant development area for Amaroq, enhancing its mineral portfolio and operational capabilities in Greenland [9][10][15] Summary by Sections Highlights - Re-assayed bulk samples from the Black Angel mine show an average of 24.6% zinc, 28.1% lead, and 295 g/t silver, with commercial levels of germanium (44 ppm), gallium (21 ppm), and cadmium (1,328 ppm) identified [6][12] - The results suggest potential commercial concentrate grades of 102 ppm Ge, 48.5 ppm Ga, and 3,040 ppm Cd in future zinc concentrates [6][12] Next Steps - Site reviews at Black Angel have been completed to define upgrade requirements and plan geophysical surveys for the 2026 field season, targeting growth of the current mineral resource of 3.2 million tonnes at 8.8% Zn and 3.0% Pb [6][10] - Initial work will focus on the Deep Ice body, where historical drilling confirmed high grades [6][10] West Greenland Hub - The West Greenland Hub will be 100% owned by Amaroq, separate from the Gardaq joint venture, and will serve as a logistical base for the company's operations [9][10][15] - The Hub is expected to become a new center of mining activity in Greenland, supporting the growing mining and exploration sector [9][10] Black Angel Mine - The Black Angel mine has a historical production of approximately 11.2 million tonnes of ore with high grades of zinc, lead, and silver, making it Greenland's most productive base metal mine of its time [11] - Current estimates indicate significant remaining mineralization, with a focus on leveraging existing infrastructure for a near-term restart of operations [11][12] Kangerluarsuk Project - The Kangerluarsuk project, located 12 km north of Black Angel, presents a promising exploration opportunity with historical high grades of zinc and silver [14] - Amaroq plans to initiate drilling at Kangerluarsuk in 2026 to confirm subsurface mineralization continuity [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current problems on the zinc supply side exceed those on the demand side. In November, domestic apparent demand declined compared to October, in line with seasonality, and cumulative consumption year-on-year remained stable. On the supply side, with high production from domestic smelters, there is a shortage of ore. Due to limited overseas ore increments next year and the winter storage and low internal - external price ratio, ore traders are holding back supplies and pushing up prices. Both internal and external processing fees have declined more than expected, forcing domestic smelters to cut production. November production is expected to be roughly flat month - on - month, but there may be a decline in December [3]. - The issue of short - squeeze with low LME inventories has not been completely resolved. This week, LME inventories remained the same as last week. With the export window on the futures market not open, domestic exports are limited [3]. - Given the expected production cuts by domestic smelters, the non - resumption of overseas smelters, and the non - accumulation of global inventories, institutions and foreign investors increased long positions and reduced short positions last week, leading to a relatively strong rebound in zinc prices [3]. - Macroscopically, overseas, on November 10, the US Senate obtained enough votes to end the government shutdown, and the government is expected to reopen within 1 - 2 weeks, injecting liquidity into the market and providing short - term support for non - ferrous metal prices. In China, the situation of weak reality and strong expectations continues. October PMI and import - export data were weak, but there were differences in performance among industries and enterprises of different scales [3]. - Looking at the subsequent fundamentals, the increase in Xinjiang, China, is the biggest variable. Even if there are problems with zinc ingot production, there is a possibility of selling ore externally. Additionally, the internal - external price difference continues to widen, and it is only a matter of time before zinc ingot exports balance the internal and external markets. Therefore, it is believed that zinc prices may maintain a volatile trend in the short term, but in the medium to long term, a short - selling strategy on rallies is appropriate [3]. - In terms of structure, the low LME inventories are unlikely to end in the short term, and overseas smelters may not resume production until next year. The best time to enter an internal - external reverse arbitrage has not yet arrived [3]. 3. Summary by Relevant Catalogs 3.1 Monthly Balance Sheet - Based on the latest resumption and new production arrangements of smelters, the monthly production from October to December has been slightly adjusted downward [4]. - Considering seasonal patterns in the first quarter of 2026, in terms of exports, it is expected to return to a net - import state as the export window closes. However, given the possible reduction of long - term zinc ingot import contracts next year, a low import volume is estimated [4]. - From the perspective of the domestic monthly balance, the pressure of inventory accumulation in the first quarter of 2026 will continue to increase [4]. 3.2 Main News - Glencore's self - owned zinc production in the third quarter of 2025 was 244,200 tons, 8% higher than the same period in 2025. The total self - owned zinc production in the first three quarters was 709,400 tons, a year - on - year increase of 10%. Glencore's self - owned zinc production guidance for 2025 is 950,000 - 975,000 tons [6]. - Penoles' zinc concentrate production in the third quarter of 2025 was 63,200 tons, a year - on - year decrease of 11%. Its zinc production was 45,500 tons, a year - on - year decrease of 23.9% [6]. - The Phase I mining project of Fankou Lead - Zinc Mine started with an investment of 830 million yuan. After reaching full production and stabilizing, it is expected to increase annual operating income by over 400 million yuan [6]. - On October 30, the LME announced plans to formulate permanent rules, including restricting members with large positions in near - term contracts and expanding the scope of position restrictions for more immediate delivery positions like "tom - next". The consultation will be open until November 21 [6]. 3.3 Zinc Concentrate Production - In September 2025, domestic zinc concentrate production was 314,500 metal tons, a month - on - month decrease of 8.79% and a year - on - year decrease of 9.99%. The cumulative production from January to September was 2.727 million tons, a cumulative year - on - year decrease of 3.96% [7]. - Since late September, the domestic zinc concentrate TC quotation has declined rapidly. This week, the average was 2,650 yuan/metal ton, a month - on - month decrease of 200 yuan/metal ton [7]. - This week, the import zinc concentrate processing fee index was 98.37 US dollars/dry ton, a month - on - month decrease of 4.17 US dollars/dry ton. Recently, import ore traders have significantly pressured prices, and some zinc - rich ore was traded at 80 - 90 US dollars/dry ton [7]. 3.4 Zinc Concentrate Import - According to customs data, in September 2025, the import volume of zinc ore and its concentrates was 505,400 tons, a month - on - month increase of 8.15% and a year - on - year increase of 24.94%. The cumulative import volume from January to September was 4.0081 million tons, a cumulative year - on - year increase of 40.50% [9]. - The main import sources were Australia (25.2%), Peru (14%), Oman (11.1%), etc. Imports from Oman and Australia increased significantly, while those from Peru, Mexico, and Russia decreased to varying degrees [9]. - As of November 6, the import profit and loss of zinc concentrate was - 1,596 yuan/ton, narrowing by 127 yuan/ton compared to last week [10]. - As of November 7, the weekly inventory of seven major ports was 348,800 tons, a month - on - month increase of 25,500 tons. Although the import window for zinc concentrate is closed, due to the high demand of domestic smelters, the quantity of imported ore arriving at ports has not decreased significantly, and port inventories have remained at a high level [12][13]. 3.5 Zinc Smelter Production - In October 2025, SMM refined zinc production increased by 17,100 tons month - on - month to 617,200 tons, 5,500 tons lower than expected [18]. - In November, some northern smelters had a faster decline in raw material inventory due to fierce competition for domestic ore and may cut production more than expected. However, with the continued launch of new production capacity and the resumption of smelters that underwent maintenance in October, overall refined zinc production in November is expected to be roughly flat month - on - month [18]. - Recently, smelter profits have significantly declined, but the sulfuric acid price has clearly rebounded since late October. With the support of sulfuric acid and by - product revenues, smelters still have a certain profit margin [18]. - In October, the raw material inventory days of domestic smelters decreased by 4 days to 22.1 days. With relatively low pressure on smelters to maintain production at the end of this year, if the TC continues to decline in December, the possibility of production cuts in December will increase [19]. 3.6 Refined Zinc Import and Export - In September 2025, China imported 22,700 tons of refined zinc and exported 2,500 tons, with a net import of 20,200 tons. The main import countries were Kazakhstan (78%) and Iran (8%), and the main export countries were Indonesia (55%) and Vietnam (20%) [23]. - As of last Friday, the Shanghai - London ratio slightly rebounded to 7.42222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222222

Summary of Deep Sea Mining and Offshore Oil & Gas Industry Insights Industry Overview - The report focuses on the deep sea mining and offshore oil & gas industry, highlighting the potential for significant mineral resource extraction from marine areas deeper than 200 meters, which constitute approximately 90% of the ocean's total area [12][13]. Key Findings 1. **Mineral Resource Valuation**: - Estimated mineral resources in the deep sea are valued at approximately **US$177 trillion**, with an upside scenario reaching **US$287 trillion** [12][16]. - The total value of deep sea mineral reserves includes **US$81 trillion** in metals and **US$95 trillion** in oil & gas [49][51]. 2. **Capital Expenditure Forecast**: - Offshore oil & gas exploration and production (E&P) capital expenditure (capex) is projected to be around **US$2.5 trillion** over the next decade [12][29]. - Deep sea metal mining equipment capex is expected to surge from **US$150 billion** in the next decade to **US$1.5 trillion** from 2036 to 2050 [12][68]. 3. **Market Opportunities**: - The deep sea mining market is anticipated to grow significantly, with a total addressable market (TAM) reaching **US$1.7 trillion** from 2026 to 2050 [3][68]. - Key beneficiaries identified include companies like MODEC, CIMC, Saipem, SLB, Wärtsilä, Jereh, COSL, and Vale Indonesia [2]. Challenges and Concerns 1. **Environmental and Regulatory Issues**: - Major concerns include environmental protection, biodiversity loss, and the slow regulatory progress from the International Seabed Authority (ISA) [4][15]. - The deep sea mining industry faces significant ecological risks, including potential irreversible damage to marine ecosystems and biodiversity [15][81]. 2. **Technological and Cost Barriers**: - Current deep sea mining costs are approximately **25% higher** than terrestrial mining, but advancements in technology could lead to cost parity by **2033** [64][65]. - The report emphasizes the need for technological advancements to reduce operational and environmental costs [64]. Market Dynamics 1. **Supply Constraints**: - The demand for critical metals such as copper, cobalt, and nickel is increasing due to the transition to green energy and high-tech industries, while terrestrial supplies are depleting [18][20]. - Geopolitical tensions are exacerbating supply pressures, particularly as production is concentrated in a few countries [18][20]. 2. **Geopolitical Influence**: - The report notes significant developments in 2025, including the US and China prioritizing deep sea technology and mining, which may accelerate the commercialization of deep sea mining [14][42]. Sector Implications - The report identifies various sectors that could benefit from the deep sea economy, including: - **Oil & Gas**: Increased exploration and production activities, particularly in deepwater regions [85]. - **Capital Goods**: Demand for underwater robotics and equipment is expected to rise [85]. - **Shipping and Transportation**: Increased demand for dry bulk shipping as deep sea minerals are collected and transported for refining [85]. Conclusion - The deep sea mining and offshore oil & gas sectors present substantial investment opportunities, driven by technological advancements and increasing demand for critical minerals. However, environmental concerns and regulatory challenges remain significant hurdles that need to be addressed for sustainable development in this industry [84][85].

Exclusive: China plans to ease the flow of rare earths to the U.S. by designing a system that will exclude companies with ties to the U.S. military while fast-tracking export approvals for other firms https://t.co/zUb7osGYtb ...

Before it agreed to merge with Anglo, Canadian miner Teck had been in parallel talks with a rival suitor for two years https://t.co/tFZGf0HU5z ...

Core Viewpoint - Teck Resources Limited is proposing a merger with Anglo American plc, which is expected to create a leading global critical minerals company, Anglo Teck, enhancing shareholder value and growth potential [3][4][9]. Merger Details - The special meeting of shareholders is scheduled for December 9, 2025, to approve the merger [1][10]. - Teck's Board of Directors unanimously recommends that shareholders vote "FOR" the merger, believing it to be in the best interests of the company and its stakeholders [2][9]. - The merger is anticipated to close within 12-18 months, subject to necessary approvals [6]. Shareholder Benefits - Teck shareholders will own approximately 37.6% of the combined company on a fully diluted basis, allowing them to benefit from future value creation [5]. - The merger is expected to generate approximately US$800 million in pre-tax recurring annual synergies and US$1.4 billion in underlying annual EBITDA synergies from adjacent operations [12]. Growth and Portfolio - The combined entity, Anglo Teck, will be a top five global copper producer with a world-class portfolio, including six major copper assets and one of the largest zinc mines [5][12]. - The merger will enhance growth prospects through asset optimization and capital-efficient adjacencies, with significant long-term optionality [5]. Support and Approval - The merger has the backing of key stakeholders, including Temagami Mining Company Limited and SMM Resources Incorporated, who collectively represent approximately 79.8% of Teck's Class A common shares [7]. - The Supreme Court of British Columbia has granted an interim order to facilitate the meeting and voting process [6].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Freeport-McMoRan Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Legal Actions and Investor Rights - Shareholders who purchased Freeport securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to Freeport [2]. Group 2: Incident Impacting Freeport - On September 24, 2025, Freeport issued a press release regarding a mud rush incident at the Grasberg Block Cave mine in Indonesia, which resulted in the fatal injuries of two team members [3]. - Following the announcement of this incident, Freeport's stock experienced a significant decline of 16.95% on the same day [3]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4].

Market Overview - Australian shares are expected to open with a moderate gain of up to 60 points, reflecting a +0.65% increase as part of a 'buy the dip' rally [1] - The U.S. tech sector showed significant strength, with the Nasdaq composite rising by +2.29% and the S&P 500 increasing by +1.5% [3] Company News - Commonwealth Bank (ASX:CBA) reported a slight increase in first-quarter profits, maintaining profit after tax at $2.6 billion, supported by resilient lending despite tech-related costs being a drag [4] - Activeport Group (ASX:ATV) announced the launch of its NNI Exchange in the Middle East, projecting to unlock $112 billion in the overseas AI market [4] - Pilbara Minerals (ASX:PLS) was a standout gainer, increasing by +9% [5] - Rox Resources (ASX:RXL) has commenced underground mining at its Youanmi Gold Project, marking a significant operational milestone [5] - Coles (ASX:COL) and TPG (ASX:TPG) are holding Annual General Meetings today, which may influence their stock performance [5] Commodity and Forex Update - The Australian dollar is trading at 65.3 U.S. cents [6] - Iron Ore prices increased by +0.9% to $102.15 per tonne, Brent Crude rose by +0.6% to $64.02 per barrel, and Gold is priced at $4,117 per ounce [6]

Botswana’s president reiterated his plan to acquire a majority stake in De Beers, as Anglo American looks to offload its controlling interest in the iconic diamond company https://t.co/h8X7wq2Si4 ...