US President Donald Trump threatens to slap 25% tariffs on South Korean goods, accusing Seoul of dragging its feet on last year's trade deal. Also on the show: Asian stocks hovering near record highs and currencies steadying; precious metals continue their extraordinary rally with gold powering higher; the European Union and India conclude negotiations on a free-trade agreement; PwC executives have asked teams to resume pitching for work with Saudi Arabia's PIF; extraordinary gold rally impacting African co ...

Core Insights - Orogen Royalties Inc. announced significant updates regarding its partner-funded exploration projects and royalties, highlighting a strong performance in 2025 and an optimistic outlook for 2026 [1] 2025 Highlights - Over 37,800 metres of partner-funded drilling were conducted, with an estimated expenditure of $30 million, including more than 21,000 metres focused on resource expansion and conversion at the Navidad/Winter vein target and the Luna zone at the Ermitaño gold-silver mine in Mexico [1] - The company received over $4.1 million from project sales and payments from exploration partners [1] - Four new royalties and three exploration alliances were established, generating over $3.4 million in generative exploration expenditures for copper and gold targets, with more than $2.5 million contributed by alliance partners across western United States and Canada [1] 2026 Outlook - The company plans twelve partner-funded drilling programs totaling an estimated 40,000 metres, excluding drilling plans at the Ermitaño [1] - Three partner-funded alliances will continue in 2026 with Altius Minerals Corp., South32 Limited, and Triple Flag Precious Metals Corp. [1] - Six projects are currently under option to industry partners, with updates expected on resources at the Navidad/Winter gold-silver veins at Ermitaño and ongoing exploration and resource expansion drilling at the MPD South porphyry copper-gold project in British Columbia [1] - The CEO of Orogen noted that the prospect generation business achieved record levels in 2025 for early-stage generative exploration expenditures by alliance partners, drilling metres, and new mineral resource estimates [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Precious Metals (Gold and Silver) - **Key Focus**: Analysis of gold and silver market dynamics, central bank behaviors, geopolitical influences, and investment trends Gold Market Insights - **Price Forecast**: Gold has surpassed the $4750/oz forecast for the second half of 2026, with a bullish outlook projecting $5700/oz, indicating a potential 14% upside from current levels [1][4] - **Central Bank Behavior**: A structural shift in central bank gold buying occurred in 2022, with Poland increasing its gold target from 550 tonnes to 700 tonnes, indicating a reduced sensitivity to price changes [2][16] - **Geopolitical Influence**: Rising geopolitical risks have led to increased gold inflows, with the Geopolitical Risk Index rising 77% since early December, historically correlating with a 2.5% increase in gold prices for every 100-point rise in the index [3][25] - **ETF Demand**: ETF purchases of gold were the highest since 2020 in 2025, with expectations for continued buying as interest rates decline [3][21] Silver Market Insights - **Current Pricing**: Silver is trading at an all-time high of $100/oz, driven by strong ETF demand and limited inventories [5][39] - **Market Dynamics**: Shanghai silver prices are trading at a significant premium to CME prices, indicating physical tightness in the market [9][33] - **Demand Trends**: While solar demand for silver may have peaked, investment demand remains robust, with ETF holdings reaching a record of 95 tons by the end of December 2025 [32][60] - **Physical Demand in China**: Strong physical demand in China is evident, with SGE silver trading at a ~15% premium to COMEX prices, reflecting tight local supply [48][49] Central Bank and Investment Trends - **Continued Buying**: A World Gold Council survey indicates that 43% of central banks expect to increase their gold reserves over the next year, with no banks anticipating a decline [15] - **Poland's Strategy**: Poland's shift to target absolute tonnage for gold holdings rather than a percentage of reserves suggests a broader trend among central banks that may lead to increased purchases regardless of price [16][13] Geopolitical and Economic Factors - **Geopolitical Risks**: The current geopolitical climate is a significant driver for gold prices, with historical data showing gold's outperformance during periods of heightened geopolitical risk [25][28] - **Economic Indicators**: Expectations for Fed rate cuts in June and September 2026 are anticipated to support gold and silver prices, as economic momentum improves and inflation trends downward [22] Conclusion - **Investment Outlook**: The outlook for both gold and silver remains positive, with potential for price increases driven by central bank buying, geopolitical risks, and strong investment demand. The market dynamics suggest that any price pullbacks may be short-lived due to underlying demand factors [60][37]

Core Viewpoint - Global mining stocks are experiencing a significant surge in demand due to soaring metals prices and tight supplies, indicating a potential new supercycle in the sector [1][2]. Group 1: Market Performance - MSCI's Metals and Mining Index has gained nearly 90% since the start of 2025, outperforming sectors like semiconductors and global banks [1][2]. - Copper prices have surged by 50% during the same period, with analysts also optimistic about other minerals such as aluminum, silver, nickel, and platinum [2]. Group 2: Investment Sentiment - Fund managers are increasingly favoring mining stocks, with European fund managers reporting a net 26% overweight in the sector, the highest in four years [4]. - The sector is viewed as a crucial portfolio anchor, benefiting from changing monetary policies and geopolitical volatility [3]. Group 3: Valuation and M&A Activity - The Stoxx 600 Basic Resources index is trading at a forward price-to-book ratio of approximately 0.47, representing a 20% discount to its long-term average [5]. - There is a trend towards mergers and acquisitions in the mining sector, with notable transactions such as Anglo American's acquisition of Teck Resources and potential mergers involving Rio Tinto and Glencore [6]. Group 4: Supply Dynamics and Future Outlook - The mining sector is facing supply deficits, which is expected to support higher commodity prices and valuation multiples [7]. - Major miners like BHP Group and Rio Tinto still rely heavily on iron ore, but there is a shift towards copper-focused M&A due to the decline of the last China-led supercycle [8]. Group 5: Cautionary Perspectives - Some analysts express caution regarding the rapid price increases in mining stocks, with Bank of America downgrading the sector to underweight in Europe due to potential economic risks [9]. - Concerns about non-linear price movements in assets have led to a more cautious approach, although the miners are considered inexpensive [10].

Core Viewpoint - Global mining stocks are experiencing a significant resurgence, driven by soaring demand for metals and tight supplies, indicating a potential new supercycle in the sector [1] Group 1: Market Performance - The MSCI Metals and Mining Index has gained nearly 90% since the start of 2025, outperforming sectors such as semiconductors, global banks, and major technology stocks [2] - Copper prices have surged by 50% during the same period, with analysts also optimistic about other minerals like aluminum, silver, nickel, and platinum [3] Group 2: Economic Context - The mining sector's recent outperformance contrasts sharply with previous years when it faced challenges from volatile commodity prices and concerns over a slowdown in China's economy [4] - Fund managers are now reassured by China's economic support measures, including interest-rate cuts, leading to a shift in investment focus [4] Group 3: Investment Strategy - Mining stocks have transitioned from being viewed as defensive investments to essential portfolio anchors, capable of benefiting from changing monetary policies and geopolitical volatility [5] - Commodities like copper and aluminum are becoming less correlated with economic cycles, evolving into structural investments rather than short-cycle trades [6] Group 4: Fund Manager Sentiment - European fund managers currently hold a net 26% overweight in the mining sector, the highest in four years, although still below the 38% net overweight seen in 2008 [7]

Core Viewpoint - MMG Limited is expected to experience strong earnings growth driven by rising metal prices, despite a forecasted mild output growth in 2026 for copper and a decline in zinc output [1][3]. Group 1: Output Performance - In 2025, MMG Limited's total copper output increased by 27% year-over-year (YoY) to 506.9k tonnes, primarily due to a 27% YoY growth at Las Bambas, reaching 410.8k tonnes, supported by improved milled ore grade and recovery rate [1]. - Zinc output grew by 6% YoY to 232k tonnes in 2025, with Dugald River's output rising 12% YoY to a record 183.5k tonnes, attributed to a 15% YoY increase in milled volume and enhanced efficiency [1]. Group 2: Future Guidance - For 2026, the company anticipates a 3% YoY growth in copper output, mainly from Kinsevere and Khoemacau, while projecting a 3% YoY decline in zinc output [2]. - The expected copper output at Las Bambas for 2026 is estimated to be 400k tonnes [2]. Group 3: Earnings Forecast - Despite no output growth in 2026, the company's earnings per share (EPS) is projected to increase by 1.1 times YoY, following a significant 3.7 times YoY increase in 2025, driven by rising metal prices [3]. - The average prices for copper, gold, and silver are expected to surge by 24% YoY, 40% YoY, and 100% YoY respectively in 2026, benefiting the company as gold and silver are by-products of its mining operations [3]. - The company is also expected to sell 20k tonnes of copper stockpiled at Las Bambas in 2026 and resume cobalt sales at Kinsevere [3]. Group 4: Valuation - The target price for MMG Limited has been raised from HK$10.25 to HK$11.90, reflecting increased earnings forecasts, with the new target price corresponding to a 9.9 times 2026 estimated price-to-earnings ratio [4].

Core Insights - Prospect Ridge Resources Corp. has received final 2D inversions from an induced polarization survey on its Excalibur copper-gold project [1] - The survey was conducted by Simcoe Geosciences Limited and covered 26.3 line-kilometers along six east-west oriented IP profiles [1] Company Summary - Prospect Ridge Resources Corp. is focused on its 100% owned Excalibur copper-gold calc-alkaline porphyry project [1] - The completion of the IP survey marks a significant step in the exploration process for the company [1]

Core Viewpoint - Amarc Resources Ltd. has announced the completion of all remaining assay results from the 2025 expansion drilling at the AuRORA Deposit, indicating significant potential for further expansion of the deposit area [1]. Group 1 - The area of the AuRORA now measures 1.4 km by 0.8 km, with the deposit remaining open to expansion [1]. - There is an additional 4 km² NWG target area that hosts the AuRORA, suggesting further exploration opportunities [1].

Core Viewpoint - Dateline Resources Limited has successfully completed a $35 million placement, enhancing its financial position for future developments, particularly the Colosseum project [1] Financial Summary - The placement involved the issuance of 112.9 million new Ordinary shares at a price of $0.31 per share, representing 3.1% of the Company [1] - Following the placement, the Company's total available cash has increased to over $58 million [1]

Core Viewpoint - MGX Resources faced operational interruptions due to a significant rockfall at Koolan Island, leading to a suspension of mining and a shift in focus towards cash flow generation through alternative means [2]. Group 1: Financial Performance - The financial performance for the December quarter exceeded original expectations, driven by the adjustment of operations to monetize lower-grade stockpile material [3]. - Processing and shipping of low-grade stockpile material is projected to continue until late in the June 2026 quarter [3]. Group 2: Strategic Initiatives - MGX Resources is nearing the completion of the acquisition of the Central Tanami Gold Project, which will facilitate diversification into the precious metals sector [3].