Core Insights - Tintina Mines Limited has completed its 2025 drilling campaign at the Domeyko Sulfuros Project in Chile, aiming to upgrade Inferred Resources and support a Preliminary Economic Assessment (PEA) [1][9] - Preliminary drill results confirm resource potential and indicate opportunities for deposit expansion [2] - The drilling campaign involved 12 diamond drill holes totaling 5,810 meters, providing essential data for geological modeling and geotechnical analysis [3] Resource and Assay Results - An updated resource estimate is expected in September, with complete Cu-Au assay results anticipated by the end of August; currently, 20% of geochemical results have been received [4] - Key mineralogical findings indicate chalcopyrite as the primary copper-bearing mineral, with favorable liberation and low pyrite association [5] Geometallurgical Testing - Comminution tests show low ore abrasiveness and medium to hard hardness in primary grinding, supporting a conventional grinding circuit design [5] - Rougher flotation tests yielded average recoveries of 92.6% Cu and 74.9% Au at P80 = 150 µm, with no significant differences between seawater and freshwater use [8] Preliminary Economic Assessment (PEA) - Andean Belt Resources has engaged SRK Consulting for the PEA, which will include resource estimation, cost estimation, and economic scenario generation, with the final report scheduled for December 2025 [9] Company Overview - Tintina Mines Limited is a Canadian company with over 20 years in the junior mining sector, focusing on base and precious metal properties in South America and Canada; it has recently expanded its portfolio with new projects in Chile [11]

Core Points - Apollo Silver Corp. has engaged Creative Direct Marketing Group, Inc. for marketing and advertising services totaling US$1,620,357, to be paid in tranches [1][2] - The marketing campaign aims to increase investor awareness through online platforms and physical marketing, set to commence in September 2025 and continue through November 2025 [2] - The agreement with CDMG is subject to approval from the TSX Venture Exchange [3] Company Overview - Apollo Silver Corp. is advancing one of the largest undeveloped primary silver projects in the US, the Calico Project, which hosts a significant bulk minable silver deposit with barite credits [8] - The company has also optioned the Cinco de Mayo Project in Chihuahua, Mexico, known for its high-grade and large tonnage CRD deposit [8] - Apollo is led by an award-winning management team, focusing on growth strategies aligned with the scale of opportunities in the silver mining sector [8] Incentive Awards - The company's Board of Directors has approved the annual grant of stock options, Restricted Share Units (RSUs), and Deferred Share Units (DSUs) under its Omnibus Incentive Plan [5] - A total of 4,415,000 stock options have been granted with an exercise price of $0.44 per share, vesting in three equal tranches over 24 months [6] - Additionally, 2,350,000 RSUs and 1,400,000 DSUs have been granted, with RSUs vesting over 36 months [7]

Rare Earth Exports - China's rare earth exports are recovering [1] - This recovery occurs months after Beijing threatened a global shortage by limiting supplies [1] Geopolitical Implications - The situation highlights potential disruptions in the global supply chain of rare earth products [1]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The short - term iron ore supply - demand is expected to be balanced and tight, with slow supply growth and strong domestic demand. The short - term iron ore futures price is expected to fluctuate at a high level [1][2]. - The price will fluctuate in a strong range. The main contract of Dalian iron ore futures will be in the range of 775 - 805 yuan/ton, corresponding to the overseas market price of about 101 - 105 US dollars/ton [3]. Summary by Related Catalogs Logic - Last week, the Sino - US tariff policy was implemented, and the domestic short - term macro entered a window period. The market focused more on the Fed's interest - rate cut expectation. Affected by the weakening terminal demand and the exchange's suppression of coking coal speculation, the iron ore price declined. But high blast - furnace profits and short - process losses at off - peak electricity prices are expected to keep domestic demand at a relatively high level in the short term, and the supply - side recovery pressure is not large, with a phased balance in iron ore supply and demand and stable port inventories [1]. Supply - Overseas ore shipments will gradually enter the seasonal recovery cycle, but the overall month - on - month growth rate is low. After the maintenance of Australian BHP and FMG mines ended, shipments did not recover quickly. Brazilian shipments remained at a moderately high level this period. Due to the decline in shipments in July, the short - term arrivals in August are expected to be low, and the actual supply - side pressure is not prominent [1]. Demand - The daily average pig iron output in China ended three consecutive weeks of decline and rebounded slightly, with the current daily average pig iron output at 240.66 (month - on - month +0.34). The current profitability of steel mills is high, blast - furnace profits are considerable, and short - process steelmaking is in full - scale loss. Short - term iron ore demand remains resilient, and high domestic demand strongly supports prices. Later, attention should be paid to whether pig iron production can maintain a high - level upward trend and the military parade production - restriction in North China [2]. Inventory - The daily consumption of imported ore at steel mills remains high, and the inventory at steel mills has been rising month - on - month and is higher than the same period last year. Due to the increase in arrivals, port inventories have slightly accumulated this period. In the future, with the decline in arrivals and high pig iron production, short - term inventories are expected to remain stable or decline slightly [2].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Mining and Commodities - **Region**: China Core Insights 1. **China's Commodity Demand**: - Commodity demand indicators in China showed broad weakness in July, with industrial production growth missing expectations at +5.7% y/y compared to +6.8% prior, and retail sales significantly weaker at +3.7% y/y versus consensus of +4.6% [1][3] - The overall economic weakness raises the risk of stimulus measures, which could positively impact sentiment and commodity prices if implemented meaningfully [1][6] 2. **Iron Ore Market**: - The property market in China remains weak, with new starts and sales down -19% and -5% y/y respectively. The real estate climate index is deteriorating [2] - A recent policy announcement of Rmb300 billion for inventory purchases is a positive step, but more support is needed to stabilize iron ore prices, which are expected to remain in the US$90-100/t range [2] - Crude steel output decreased by -4% y/y in June, indicating domestic demand weakness, consistent with reduced construction activity [2] 3. **Base Metals**: - Industrial production growth has lost momentum, and retail sales are below expectations, suggesting that stimulus efforts are losing effectiveness [3] - Despite the bearish indicators, there is a constructive outlook if further stimulus is introduced [3] 4. **Coal Sector**: - Coal production in China fell by -4% y/y, while coke production increased by +1% y/y. The introduction of the 276-Working Day Rule may ease oversupply in the coal market [4] - Spot met coal prices have risen by +12% over the past month to approximately US$192/t [4] 5. **Battery Raw Materials and EV Market**: - Electric vehicle (EV) output and sales remain strong, with a +19% y/y increase in output. Exports of EVs have reached new highs [5] - Continued robust domestic EV sales and open trade relationships are expected to support demand for battery raw materials [5] Additional Insights 1. **Investment Outlook**: - UBS remains cautious about large-scale stimulus but acknowledges potential upside risks for commodity prices if meaningful stimulus occurs [6] - Companies most leveraged to potential upside scenarios include MIN and FMG, while RIO and BHP are seen as neutrals that would also benefit [6] 2. **Economic Indicators**: - Key economic indicators from China show a mixed picture, with manufacturing PMI at 49.2, indicating contraction, and retail sales growth slowing significantly [8] - The overall economic environment suggests a need for careful monitoring of trade developments and potential policy responses [6][8] 3. **Risks in the Mining Sector**: - The mining sector faces inherent risks, including volatility in commodity prices and currencies, as well as political, financial, and operational risks that could impact performance [51] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state of the mining industry and its outlook in China.

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economics** sector, particularly addressing the **deflationary trends** and economic growth challenges in China as of August 2025 [1][5]. Core Insights and Arguments - **Growth Slowdown**: There was a sharper-than-expected growth dip in July, with real GDP growth projected to slow to **4.5% YoY** in Q3, down from **5.2% YoY** in Q2. This slowdown is attributed to a decline in infrastructure capital expenditure by **7.3 percentage points** and a drop in durable goods sales due to weather disruptions and a pause in consumption trade-in subsidies [2][3][7]. - **Future Projections**: While a mild rebound in year-over-year growth is anticipated for August, driven by fading weather disruptions and resumed trade-in subsidies, a further slowdown is expected in September due to the payback of export front-loading and a higher fiscal spending base [3][7]. - **Policy Measures**: Incremental policy moves are expected to provide a floor for the economy. The Chinese government is implementing a measured anti-involution push and accelerating consumption support, which is seen as a constructive response to the "3D" challenges facing the economy. A supplementary budget of **Rmb0.5-1 trillion** is anticipated to mitigate the growth slowdown [4][7]. Important Data Points - **July Activity Indicators**: - Industrial Production (IP) growth was **5.7%** in July, down from **6.8%** in June. - Manufacturing sector growth decreased to **6.2%** from **7.4%** in June. - Fixed Asset Investment (FAI) showed a year-to-date growth of **1.6%**, with a year-over-year decline of **5.2%** in July [6]. - **Retail Sales**: Nominal retail sales growth was **3.7%** in July, down from **4.8%** in June, with auto sales declining by **1.5%** [6]. Other Noteworthy Content - The report emphasizes the importance of monitoring the **property sector**, which continues to face challenges, with sales down **7.2%** and new starts down **9.1%** in July [6]. - The analysis suggests that while the economic outlook remains cautious, the government's proactive measures could help stabilize the market narrative and support growth in the medium term [4][7].

Geopolitical Risk & Resource Control - China's grip on rare earths might not be as strong as you think [1] - Other countries will find ways around shortages when confronted with a ban on vital resources [1]

Core Concept - The article discusses investment strategies focusing on identifying companies with strong potential for growth while avoiding those likely to decline, particularly in the context of the basic materials sector and the impact of the AI revolution. Group 1: Investment Strategies - The concept of avoiding poorly rated companies can lead to better investment returns, as evidenced by the performance of S&P 500 companies rated by Moody's in 2020 [3][10]. - Eric Fry's presentation emphasizes the importance of selecting stocks that are expected to rise while avoiding those that are likely to fall, particularly in an era characterized by rapid changes in the market [4][31]. Group 2: Basic Materials Sector Analysis - Tronox Holdings PLC (TROX) is highlighted as a key player in the titanium dioxide market, which is cyclical and dependent on demand from industries like automotive and construction [7][8]. - Despite current low trading prices for Tronox shares, there is optimism for recovery due to ongoing demand for titanium dioxide, supported by recent insider buying [9][12][13]. - The article contrasts Tronox with Alliance Resource Partners LP (ARLP), which is facing challenges due to high extraction costs in the coal industry and declining earnings [22][25][29]. Group 3: Market Trends and Future Outlook - The demand for lithium-ion batteries is expected to rise significantly due to advancements in AI technology and the shift from traditional energy sources [18][21]. - Albemarle Corp. is positioned to benefit from this trend, with a strong balance sheet and low-cost assets, while ARLP is likely to struggle against cheaper competitors and market dynamics [21][30].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

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