Group 1: Carter's Inc Performance - Carter's reported third-quarter earnings of 74 cents per share, exceeding the analyst consensus estimate of 73 cents per share [1] - Quarterly sales were $757.836 million, falling short of the analyst consensus estimate of $769.763 million [1] - Following the earnings report, Carter's shares fell 14.7% to $27.58 in pre-market trading [2] Group 2: Restructuring and Cost Savings - Carter's announced a restructuring plan that includes a 15% workforce reduction and 150 store closures [2] - The projected annualized savings from this restructuring are estimated to be $45 million, beginning in 2026 [2] Group 3: Other Stocks Movement - United States Antimony Corp shares dipped 15.6% to $10.12 in pre-market trading [4] - Nanobiotix SA shares declined 13.1% to $16.68 following updates to its clinical program [4] - Critical Metals Corp shares slipped 8.2% to $13.80 after a previous gain [4] - American Resources Corp declined 7.8% to $3.57 after a prior increase [4] - Datavault AI Inc fell 7.6% to $3.16 after a significant jump the previous day [4] - USA Rare Earth Inc shares fell 6.3% to $22.09 in pre-market trading [4] - NioCorp Developments Ltd declined 5.1% to $7.84 after a previous gain [4] - Newmont Corporation shares fell 3.8% to $80.21 after announcing commercial production at Ahafo North Project in Ghana [4]

Core Insights - Ramaco Resources, Inc. has announced the establishment of a national strategic stockpile of rare earth elements and critical minerals at its Brook Mine facility in Wyoming, known as the Strategic Critical Minerals Terminal (SCMT) [1][2][3] Company Initiatives - The SCMT aims to position Ramaco as a vertically integrated producer of critical minerals and rare earth elements in the U.S. [2] - The stockpile will address both private and public needs for secure access to essential materials, leveraging Ramaco's resources and third-party expertise [3][4] - The initiative is expected to provide long-term solutions for extraction, processing, and inventory management, thereby mitigating supply chain risks [3][4] Strategic Advantages - The Brook Mine site offers strategic advantages due to its location and infrastructure, including direct connectivity to the BNSF railroad and proximity to a major interstate highway [5] - This connectivity is anticipated to facilitate efficient transportation and distribution to a wide range of customers, including defense contractors [5] Production Goals - Ramaco plans to increase its annual commercial rare earth and critical mineral oxide production from approximately 1,240 tons to 3,400 tons, representing a 174% increase [10] - The Brook Mine is believed to contain significant quantities of heavy and light rare earth elements, essential for various advanced applications [9][11] Resource Estimates - The latest Technical Report Summary estimates 1.4 million tons of Total Rare Earth Oxide (TREO) at the permitted acreage, with potential for expansion as further exploration occurs [11] - The Brook Mine is recognized as one of the world's primary sources for scandium, gallium, and germanium, which are critical for advanced technologies [9][11] Future Development - Ramaco is committed to strengthening the U.S. critical minerals supply chain and supporting national security through this initiative [11][12] - The company is also expanding its land holdings in Wyoming for future development and mineral storage potential [8]

Core Insights - Electra Battery Materials Corporation has initiated a new program to enhance mineral deposit modeling and feedstock integration at its Iron Creek cobalt-copper project in Idaho, aiming to support U.S. efforts to increase domestic critical mineral production and reduce reliance on foreign supply chains [1][2] Group 1: Company Developments - The financing for Electra's North American cobalt refinery has been completed, with construction set to resume, allowing the company to leverage its improved balance sheet for growth [2] - Electra is diversifying its feedstock base by sourcing domestic materials, with Idaho identified as a strategic location for cobalt and copper production, aligning with U.S. priorities for critical mineral independence [3] - A bench-scale lab program has been launched to evaluate cobalt feedstocks from various North American deposits, focusing on modifications to the existing refinery flowsheet to accommodate polymetallic sulfide concentrates [3][4] Group 2: Geological Research and Exploration - A new geological research program at Iron Creek is being conducted in collaboration with the Centre to Advance the Science of Exploration to Reclamation in Mining (CASERM), utilizing Short-Wave Infrared (SWIR) hyperspectral imaging to identify mineralization zones [4][5] - The program aims to refine the geological model and guide future drilling campaigns by mapping the margins of mineralized zones [5][6] - Electra holds 10-year exploration permits covering 91 designated drill pad locations across Iron Creek and Ruby, with plans for a drilling restart in spring 2026 based on findings from the new scanning program [9] Group 3: Strategic Vision - Electra's long-term strategy focuses on building a vertically integrated solution for domestic supply-chain resilience, including cobalt sulfate refining and potential nickel refining and battery recycling [11][15] - The company aims to create a continental supply chain that starts with American mining and ends with refined cobalt sulfate for battery production in North America [12]

Core Viewpoint - Carbon Streaming Corporation has appointed Jonathan Rubenstein and Hein Poulus as expert consultants to provide strategic direction and oversight for significant litigation [1][3]. Group 1: Appointments and Expertise - Jonathan Rubenstein has over 45 years of experience in the mining sector, transitioning from a successful 18-year legal career, and has directed numerous acquisitions and litigation matters [2]. - Rubenstein has served on the boards of over 10 significant mining companies and was instrumental in winning complex litigation against major mining firms [2]. - Hein Poulus has also been engaged as an expert consultant for significant litigation, with Baker McKenzie acting as the Company's litigation counsel [3]. Group 2: Company Focus - Carbon Streaming focuses on projects that generate high-quality carbon credits while positively impacting the environment, local communities, and biodiversity [3].

Core Insights - Westwater Resources is advancing the permitting process at the Coosa Deposit to support the Kellyton Plant and enhance the U.S. graphite supply chain [1] Group 1 - The Coosa Deposit is being developed to supply graphite for the Kellyton Plant [1] - This initiative aims to strengthen the domestic supply chain for graphite in the United States [1]

Group 1 - The demand for critical minerals and rare-earth elements is expected to increase due to their importance in advanced technologies and national security [2][3] - The U.S. lacks a reliable supply chain for these minerals, which are primarily sourced from China, prompting government investment to develop a more dependable supply chain [3][4] - The Trump administration has invested in key U.S. companies in the critical minerals sector, including Lithium Americas, Trilogy Metals, and MP Materials [4] Group 2 - Mining stocks are considered risky due to high costs and lengthy development processes, making exchange-traded funds (ETFs) a less risky investment option for exposure to critical minerals [6][7] - The long-term supply-demand outlook for critical minerals and rare-earth elements is favorable, which is likely to positively impact stock prices of select companies [7] - The VanEck Rare Earth and Strategic Metals ETF aims to track the performance of companies involved in the production, refining, and recycling of rare earth and strategic metals [8]

铜周报 2025 年 10 月 27 日 降息预期抬升，铜价震荡向上 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 敬请参阅最后一页免责声明 1 / 10 ⚫ 上周铜价震荡向上，主因美国9月CPI环比增速为三个月以 来最低值，市场降息预期再度升温，此外市场积极预期中 美双方能够延续此前友好对话合作共赢的谈判基础，二十 届四中全会宣布目标要建设现代化产业体系和强大的内 循环市场，并公布了五年的发展规划尤其是加快绿色转型 的速度和全面性，铜的绿 ...

Investment Rating - The report maintains a "Buy" rating for CMOC Group (3993.HK) with a 12-month price target of HK$19.00, representing an upside of 17.3% from the current price of HK$16.20 [1][2]. Core Insights - CMOC reported a net profit of Rmb5.61 billion for 3Q25, reflecting a year-on-year increase of 96%, with earnings per share (EPS) rising to Rmb0.262, up 98% year-on-year [1]. - The recurring profit growth is expected to continue, driven by rising copper prices and volume growth, with a projected compound annual growth rate (CAGR) of 38% for 2025-26E [2]. - The company has revised its earnings estimates upward by 8-32% for 2025-27E, reflecting a positive outlook on copper prices and the impact of new cobalt export quotas from the DRC [2]. Financial Performance - For the first nine months of 2025, CMOC's recurring net profit reached Rmb14.1 billion, accounting for 75% of the full-year estimate [1]. - The company expects to achieve a copper output target of 1 million tons by 2028, supported by the Cangrejos gold/copper project, which is anticipated to further enhance earnings growth [2][29]. - The report indicates that CMOC's current H-share price implies a copper price of US$8,500/t, which is lower than the spot price of US$10,900/t, suggesting potential for price appreciation if targets are met [2]. Production and Operations - CMOC's copper output in the DRC reached 543kt in 9M25, a 14% increase year-on-year, while cobalt output was 88kt, up 3.8% year-on-year [26]. - The DRC government has introduced a cobalt export quota system, allowing CMOC to export 6.5kt for the remainder of 2025 and 31.2kt annually for 2026-27E, which is expected to improve gross profit for cobalt significantly despite lower sales volume [27]. - The acquisition of Lumina Gold for C$581 million is expected to enhance CMOC's net profit by 13.1% by 2030, with significant gold and copper reserves identified at the Cangrejos project [28]. Valuation Metrics - The report provides updated revenue and earnings estimates, with total revenue projected at Rmb213,028.7 million for 2024 and Rmb192,354.5 million for 2025E [6]. - The price-to-earnings (P/E) ratio is forecasted to be 9.2 for 2024 and 15.5 for 2025E, while the price-to-book (P/B) ratio is expected to be 1.8 for 2024 and 3.7 for 2025E [12]. - The report indicates a free cash flow yield of 19.6% for 2024, which is expected to decrease to 6.6% in subsequent years [12].

Summary of CMOC Group Ltd Conference Call Company Overview - **Company**: CMOC Group Ltd (3993.HK) - **Industry**: Greater China Materials - **Market Cap**: US$49.825 billion - **Stock Rating**: Overweight - **Price Target**: HK$18.60, representing a 15% upside from the current price of HK$16.20 Key Financial Results - **3Q25 Performance**: - Net profit of Rmb5.8 billion, up 99% YoY and 19% QoQ, exceeding market expectations [1][2] - 9M25 net profit reached Rmb14.3 billion, a 70% increase YoY [1] - **Production and Sales Volume**: - Copper production was 190kt, a 17% increase YoY and 4% QoQ [7] - Sales volume for copper was 198kt, up 24% YoY but down 1% QoQ [7] - Cobalt sales volume decreased to 4.8kt from 22kt in 2Q25, with a gross profit of approximately Rmb383 million [7] Strategic Developments - **KFM Phase 2 Construction**: - Announced a construction plan expected to take 2 years, targeting production commencement in 2027, with an additional 100kt/yr copper production capacity at full capacity [2] - Total capital expenditure for this project is estimated at US$1.084 billion [2] Tax and Financial Metrics - **Effective Tax Rate**: - Reduced to 27.5% in 3Q25 from 37% in 2Q25 and 42.8% in 3Q24, contributing positively to net profit [7] - **Financial Expenses**: - Decreased significantly to Rmb50 million in 3Q25 from Rmb444 million in 2Q25 and Rmb816 million in 3Q24, likely due to foreign exchange gains [7] Guidance and Future Outlook - **EPS Estimates**: - Projected EPS for FY25 is Rmb0.78, with further increases expected in subsequent years [4] - **Revenue Growth**: - Assumed annual revenue growth of 2% beyond the explicit forecast period [8] Risks and Considerations - **Upside Risks**: - Stronger-than-expected metal prices in 2025 and copper output exceeding company guidance [11] - **Downside Risks**: - Potential decline in cobalt prices due to weak demand from industrial sectors and domestic electric vehicles [11] Conclusion - CMOC Group Ltd has demonstrated strong financial performance in 3Q25, with significant year-over-year growth in net profit and production volumes. The company's strategic initiatives, including the KFM Phase 2 project, position it for future growth, while a lower effective tax rate and reduced financial expenses enhance profitability. However, potential risks related to metal prices and demand fluctuations should be monitored closely.

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Mining and Commodities - **Focus**: China's economic indicators and their impact on commodity demand, particularly iron ore, base metals, coal, and battery raw materials Key Insights and Arguments 1. **China's Economic Resilience**: - September 2025 commodity demand indicators show a robust Chinese economy with strong industrial production growth of +6.5% year-on-year, exceeding consensus expectations of +5.0% [2][4] - Retail sales growth was in line with expectations at +3.0% year-on-year [4] 2. **Iron Ore Market Dynamics**: - Deterioration in China's property market signals, with construction starts and sales down -19% and -6% year-on-year respectively [3] - Crude steel output decreased by -5% year-on-year, indicating domestic demand weakness due to reduced construction activity [3] - Iron ore port stocks have fallen -9% year-on-year, which may support prices amid improving sentiment [3][7] 3. **Base Metals Performance**: - Industrial production growth was broad-based, particularly in the automotive sector, which saw a significant increase of +16.0% year-on-year [4] - The outlook for base metals remains balanced, with ongoing monitoring of trade developments [7] 4. **Coal Sector Insights**: - Coal production increased by +5% month-on-month, with imports rising by +7% month-on-month, driven by the easing of overcapacity [5] - The demand for seaborne coal is expected to rise, particularly for coking coal, following regulatory changes [5] 5. **Battery Raw Materials and EV Market**: - Electric vehicle (EV) output and sales remained strong, with a year-on-year increase of +21% and retail EV penetration reaching 57% [6] - Demand for battery raw materials is expected to remain robust, supported by supply scrutiny in China [6] Additional Important Points 1. **Potential Upside Risks**: - If the Chinese economy continues to show resilience, there could be upside risks to iron ore forecasts, particularly for companies like MIN/FMG and RIO/BHP [7] 2. **Challenges in the Coal Market**: - The short-term outlook for coal remains challenging, requiring additional closures and stronger demand to drive prices sustainably higher [7] 3. **Investment Risks**: - The mining sector is subject to volatility in commodity prices and currencies, as well as political, financial, and operational risks that could significantly impact performance [53] 4. **Real Estate Climate**: - The real estate climate index has shown a decline, reflecting ongoing challenges in the property sector, which is critical for construction-related commodities [3][16] 5. **Future Monitoring**: - The upcoming 4th Plenary Session (October 20-23) is crucial for reviewing and approving the 15th Five-Year Plan, which may influence future economic policies and commodity demand [2]