Merger of equals to create a leading global critical minerals champion Anglo American cautionary statement Disclaimer This document has been prepared by Anglo American plc ("Anglo American") in connection with its combination with Teck Resources Limited ("Teck") to form the Anglo Teck group (the "Merger") and comprises the written materials/slides for a presentation concerning Anglo American and Teck. By attending this presentation and/or reviewing this document you agree to be bound by the following condit ...

Core Viewpoint - Anglo American is merging with Teck Resources to form a new entity called Anglo Teck, with a deal valued at $53 billion, which will lead to significant job cuts and a reduction in UK tax contributions [1][2][3]. Company Overview - The merger will result in the relocation of the company's headquarters from London to Vancouver, impacting hundreds of employees in the UK [2][3]. - Anglo American has a significant presence in the UK, contributing $2.6 billion to the economy in 2024, including $446 million in corporation taxes and royalties [2]. Job Impact - The London office, which employs about 700 people, will be streamlined, with most senior management roles moving to Vancouver [3][5]. - The final number of job losses in both the UK and global operations remains uncertain [3][5]. Leadership and Management - Duncan Wanblad, the CEO of Anglo American, will lead the combined company, emphasizing Vancouver as the "natural headquarters" [4][5]. - The merger aims to create a global leader in critical minerals, leveraging the complementary strengths of both companies [5]. Market Position - Despite the relocation of management, Anglo American will maintain its listing on the London stock exchange and continue to be part of the FTSE 100 [7].

Core Viewpoint - The merger between Anglo American and Teck Resources, valued at $53 billion, represents the largest mining consolidation in over a decade, creating a new entity named Anglo Teck, primarily listed in London and based in Canada [1] Group 1: Merger Details - The merger is expected to create a major copper producer, comparable to Escondida and surpassing Antofagasta, while also diversifying into premium iron ore and zinc [2] - The proximity of the mines in Chile, specifically Collahuasi and Quebrada Blanca, presents significant synergy potential, allowing for optimized operations and cost reductions [3] - The merger is characterized as a "merger of equals," which may lead to some investor disappointment due to the lack of a premium [4] Group 2: Strategic Implications - The deal positions Anglo American as a more formidable player in the mining sector, shifting its status from a target to an acquirer, signaling strength to competitors [4] - The merger is strategically beneficial for Anglo American, enhancing its scale in copper, a commodity crucial for the clean energy transition [5] - Analysts suggest that the merger could eventually lead to the divestment or demerger of iron ore assets to focus on a copper-centric business model [5]

Today, investors will closely monitor the Bureau of Labor Statistics’ release of its preliminary benchmark revision to payrolls for the year through March. The figure is expected to show another downward revision to March payrolls, suggesting the labor market was weakening well before the recent spell of sluggish job growth. Wells Fargo, Comerica Bank, and Pantheon Macroeconomics economists expect the revision to show that the March payroll count was nearly 800,000 lower than currently estimated, or about 6 ...

BHP has reached a settlement agreement to resolve the Australian Samarco shareholder class action, which is pending approval by the Federal Court of Australia. The lawsuit was initiated on behalf of investors who purchased BHP shares before the 2015 Fundão tailings dam collapse. The class action was filed in the Federal Court of Australia in 2018, representing individuals who acquired shares in BHP Group Limited or BHP Group (UK) between 8 August 2012 and 9 November 2015. Samarco Mineração, the joint ve ...

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Technology and Consumer Services in Asia - **Companies**: Tencent, Alibaba, Grab, JD Logistics, HYBE, Foxconn Industrial Internet, Pony AI, Miniso, Gambol, Prudential Plc, Zijin Mining, InterGlobe Core Insights and Arguments Tencent - **AI Growth**: Tencent is focusing on AI model performance and multi-modal opportunities, which are expected to enhance revenue streams and user experience in gaming [1] - **Capital Allocation**: The company is committed to disciplined capital allocation and share buybacks, indicating a strong financial strategy [1] - **Target Price**: 12-month target price set at HK$701 [1] Alibaba - **Cloud Revenue**: Strong visibility in cloud revenue acceleration with a three-year AI capex target of Rmb380 billion [1] - **Quick Commerce**: Expanding as a goods and services consumption platform, improving unit economics through scale [1] - **Target Price**: 12-month target price set at US$163/HK$158 [1] Grab - **Market Leadership**: Grab is the leading on-demand player in Southeast Asia, with a user base only 6% of the ASEAN population, indicating significant growth potential [1] - **Consumer Spending**: The company is adapting to softer macro conditions by targeting price-sensitive segments [1] - **GMV Growth**: Achieved a GMV growth rate of 20%, up from 16% two years ago [1] - **Target Price**: 12-month target price set at $6.30 [4] JD Logistics - **Revenue Outlook**: Positive revenue outlook for Q3, driven by food delivery fulfillment services [4] - **International Expansion**: Accelerating international expansion and enhancing technological capabilities [4] - **Target Price**: 12-month target price set at HK$17.70 [4] HYBE - **Superfan Base**: Focus on expanding the 'superfan' base to sustain growth in the global music industry [4] - **Market Strategy**: Emphasizing localized content and revitalizing global fan culture [4] - **Target Price**: 12-month target price set at W310,000 [4] Foxconn Industrial Internet - **AI Servers**: Positive outlook on AI servers with strong R&D and market share gains [5] - **Target Price**: 12-month target price set at Rmb59.50 [5] Pony AI - **Robotaxi Expansion**: Plans to produce over 1,000 Gen-7 Robotaxi vehicles by the end of the year, with driverless operations in multiple cities [5] - **Target Price**: 12-month target price set at $24.50 [5] Miniso - **IP Cultivation**: Management is focused on developing exclusive IPs, with positive sales performance from newly launched products [6][7] - **US Market Strategy**: Progressing well in the US with plans to open high-quality stores [7] - **Target Price**: 12-month target price set at US$25.3/HK$49 [7] Gambol Pet - **Sales Growth**: Targeting over 30% year-on-year sales growth in the second half of 2025 [7] - **Premiumization**: Higher-end brands are outperforming, with significant growth in specific product lines [7] - **Target Price**: 12-month target price set at Rmb120 [7] Prudential Plc - **Growth Confidence**: Management is confident in achieving FY27 targets, driven by NBP growth and improved operating variances [8] - **Target Price**: 12-month target price set at HK$134/1,240p [8] Zijin Mining - **Copper Expansion**: Faster-than-expected copper expansion in Tibet, with a focus on competing with top global miners [9] - **Target Price**: 12-month target price set at HK$30/Rmb31 [9] InterGlobe - **Cost Management**: Focus on cost leadership and balancing demand/supply amid weak air traffic [10] - **Target Price**: 12-month target price set at Rs6,000 [10] Other Important Insights - **AI and US Equities**: The strength of hyperscaler capex is supporting stocks exposed to infrastructure build-out, but a deceleration in capex growth poses risks [12] - **India Consumer Market**: Recent GST cuts are expected to benefit major consumer companies like Britannia and Colgate, enhancing mass consumption revival [12] This summary encapsulates the key takeaways from the conference call, highlighting the strategic focuses and financial outlooks of the involved companies.

Project Development - Savannah Resources is preparing for a pivotal stage in Europe's battery metals push [1] - The company is lining up financing for what could become the bloc's largest domestic source of lithium [1]

Core Points - Armory Mining Corp. has successfully closed the second and final tranche of its oversubscribed non-brokered private placement offering, raising a total of $853,000 [1][3] - The final tranche involved the issuance of 1,000,000 units at a price of $0.05 per unit, generating gross proceeds of $50,000 [2] - The funds raised will be utilized for working capital and general corporate purposes [3] Company Overview - Armory Mining is a Canadian exploration company focused on minerals critical to the energy, security, and defense sectors [4] - The company holds an 80% interest in the Candela II lithium brine project in Argentina and a 100% interest in the Riley Creek antimony-gold project in British Columbia [4] - Additionally, the company has an option to acquire a 100% interest in the Ammo antimony-gold project located in Nova Scotia [4]

Core Insights - Jeremy Szafron has joined Kitco News as an anchor and producer, bringing a wealth of experience in journalism, particularly in finance and current affairs [1][5] Background and Career Development - Jeremy began his journalism career in 2006 at CTV, initially focusing on entertainment before transitioning to business reporting, particularly in mining and small-cap sectors [2] - He gained recognition for his macro-financial and market trends analysis, becoming a sought-after commentator on CTV Morning Live and CTV News Network [2] - A significant highlight of his career was covering the 2010 Vancouver Olympic Games, which led to the development of an online video news program for PressReader, a digital newsstand with 8,000 editions in 60 languages [3] Digital Media and Industry Engagement - In 2012, Jeremy launched The Green Scene Podcast, which quickly attracted over 400,000 subscribers, establishing him as a prominent voice in the cannabis industry [4] - Following this success, he created Investor Scene and Initiate Research, platforms that provide exclusive market insights and deal-flow opportunities in mining and Canadian small-cap markets [4] Professional Expertise - Jeremy has experience as a market strategist and investor relations consultant for various publicly traded companies across mining, energy, consumer packaged goods (CPG), and technology sectors [5] - He holds a BA in Journalism from Concordia University, which has supported his diverse career trajectory [5]

Core Points - Alphamin Resources Corp. has appointed two new non-executive directors, Mr. Ziad Mikhael and Mr. Salman Bhatti, at the request of its majority shareholder Alpha Mining Ltd [1] - The appointments are subject to regulatory approval, and to accommodate these new members, directors Eoin O'Driscoll and Jan Trouw have resigned from the board [1] - Mr. O'Driscoll will continue as Chief Financial Officer, while Mr. Trouw will remain as a technical mining consultant [1] Summary of New Appointees - Mr. Ziad Mikhael is the Director of Investments at 2PointZero and has a background in investment banking, engineering, and project delivery, holding degrees from Queen's University, Concordia University, and an MBA from INSEAD [2] - Mr. Salman Bhatti is the Vice President of Investments at 2PointZero, with over a decade of experience in investment banking and corporate finance, holding a Masters in Economics and being a member of ACCA [3]