Financial Impact - Rio Tinto faced gross costs exceeding $300 million due to US tariffs on its Canada-made aluminum in the first half [1]

Investment Rating - The report indicates a cautious outlook for the second half of 2025, expecting real GDP growth to slip below 4.5% year-on-year [3][9]. Core Insights - The divergence between real and nominal GDP has widened, with real GDP growth at 5.2% year-on-year in Q2, supported by front-loaded production and strong fiscal support, while nominal GDP fell to 3.9% year-on-year due to deepening deflation [2][9]. - Growth is anticipated to slow in the second half of 2025 due to weaker exports, fading fiscal impulse, and a continued deflation feedback loop [3][9]. - The report suggests that deflation is likely to persist, with a modest fiscal stimulus package of Rmb0.5-1 trillion expected in September/October, but this may not effectively address the underlying issues [4][9]. Summary by Sections Economic Performance - Q2 GDP growth was better than expected at 5.2% year-on-year, driven by fiscal and export front-loading [9]. - Nominal GDP year-on-year dropped by 0.7 percentage points to 3.9%, marking the first growth below 4% since COVID-19 [2][9]. Sector Analysis - Industrial production showed a year-on-year increase of 6.8% in June, with manufacturing up by 7.4% [6]. - Fixed asset investment year-to-date growth was 2.8%, with manufacturing investment at 5.1% and infrastructure at 5.3% [6]. - The property sector continues to struggle, with sales down by 7.2% and new starts down by 13.1% year-on-year [6]. Future Outlook - The report anticipates a slowdown in growth to below 4.5% year-on-year in the second half of 2025 due to various factors including weaker global trade and continued deflation [3][9]. - June activity indicators show reduced transshipment and weaker retail sales, indicating a deepening drag from the housing sector [3][9].

Production & Shipment - Rio Tinto's second-quarter iron ore shipments largely recovered from cyclone impacts [1] Leadership Transition - Rio Tinto prepares for a new CEO to take charge [1]

Core Viewpoint - Azincourt Energy Corp. has successfully closed the first tranche of a non-brokered private placement, raising gross proceeds of C$739,948.96 through the issuance of non-flow-through and flow-through units at a price of C$0.015 each [1][3]. Group 1: Offering Details - The private placement consists of 35,329,931 non-flow-through units and 13,999,997 flow-through units [1]. - Each non-flow-through unit includes one common share and one common share purchase warrant, while each flow-through unit includes one flow-through common share and one common share purchase warrant [2]. - The warrants are exercisable at a price of C$0.05 until July 15, 2028 [2]. Group 2: Use of Proceeds - Proceeds from the offering will be allocated to the drilling, exploration, and development of the Snegamook and Harrier Projects in Newfoundland and Labrador, as well as for general working capital [3]. - The funds raised from the flow-through shares will be used to incur eligible resource exploration expenses qualifying as Canadian exploration expenses and flow-through critical mineral mining expenditures [5]. Group 3: Financial and Regulatory Information - The company paid cash finders' fees totaling C$44,895 and issued 2,993,000 finders' warrants [4]. - The securities issued are subject to a hold period of four months and one day from July 15, 2025, and require final approval from the TSX Venture Exchange [4].

Contract Details - Petrosea (隶属于印尼亿万富翁Prajogo Pangestu) 获得 Sinar Mas 集团价值 2亿1400万美元的矿业合同 [1]

Core Viewpoint - Silvercorp Metals Inc. reported strong production and sales figures for Q1 Fiscal 2026, indicating growth in silver and gold production, while zinc production saw a decline [1][6]. Production Highlights - The Ying Mining District processed 283,355 tonnes of ore, a 28% increase compared to Q1 Fiscal 2025 [3]. - Silver production reached approximately 1,689 thousand ounces (Koz), a 7% increase year-over-year, while gold production surged by 79% to 2,050 ounces [3][6]. - Lead production increased by 1% to 15.7 million pounds, while zinc production decreased by 19% to approximately 5.2 million pounds [6]. Revenue and Financial Performance - The company reported revenue of approximately $81.3 million, reflecting a 13% increase over Q1 Fiscal 2025 [6]. - Silver equivalent production was approximately 2.0 million ounces, up from 1.8 million ounces in the same quarter last year [6]. Exploration and Development - Active exploration continued at both the Ying Mining District and the GC Mine, with a total of 81,425 meters of drilling and 19,950 meters of exploration tunneling completed [6]. - Construction at the El Domo mine progressed with 370,564 cubic meters of material moved, and the Kuanping mine construction commenced with 481 meters of ramp development [6]. Operational Metrics - Recovery rates for silver and gold were reported at 94.6% and 93.4%, respectively, indicating efficient extraction processes [5][7]. - The head grade for silver-lead ore in the Ying Mining District was 217 grams per tonne, while the lead percentage was 2.8% [5].

Financial Implications - Apple's $500 million deal with MP Materials is significant [1] - The deal has caused MP Materials' stock to soar [1] Industry Impact - MP Materials is the only rare earths mine in the U S [1] - Apple's investment highlights the importance of rare earth elements [1]

Core Viewpoint - First Majestic Silver Corp. has achieved a new 52-week high in stock price, driven by strong silver-equivalent production and rising metal prices [1] Group 1: Production Performance - In Q2 2025, First Majestic reported total production of 7.9 million AgEq ounces, which includes 3.7 million silver ounces and 33,865 gold ounces, marking a 48% year-over-year increase due to a 76% surge in silver production [2][10] - The increase in production was primarily driven by the San Dimas and La Encantada mines, along with contributions from the Cerro Los Gatos mine [3] - The Cerro Los Gatos mine contributed 1.5 million ounces of silver to the Q2 output [6][10] - Following the strong performance, the company raised its full-year production guidance to 30.6-32.6 million AgEq ounces from the previous estimate of 27.8-31.2 million AgEq ounces [6][10] Group 2: Strategic Developments - In January 2025, First Majestic completed the acquisition of Gatos Silver, gaining a 70% interest in the Cerro Los Gatos mine, which is expected to enhance the company's production profile [3][5] - The combined production from Cerro Los Gatos, San Dimas, and Santa Elena mines is projected to reach 30-32 million ounces of silver equivalent annually, including 15-16 million ounces of silver [4] Group 3: Market Trends - Silver prices have increased by 28% this year, while gold prices have risen by 29%, driven by safe-haven demand, geopolitical tensions, and supply deficits [7] - Current silver prices are around $38 per ounce, while gold prices are approximately $3,361 per ounce [7][8] Group 4: Stock Performance - First Majestic's stock has risen by 42.2% over the past year, outperforming the industry average growth of 15.5% [9]

Company Overview - Freeport-McMoRan Inc. is engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum, and silver, as well as smelting and refining of copper concentrates [11] - The company operates primarily through its subsidiaries, including PT Freeport Indonesia, Freeport Minerals Corporation, and Atlantic Copper, with the Grasberg mine in Papua, Indonesia, being its principal asset, containing the world's largest copper and gold reserves [11] Investment Ratings - Freeport-McMoRan has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12] - The company is considered a top pick for growth investors, with a Growth Style Score of B, forecasting year-over-year earnings growth of 16.2% for the current fiscal year [12] Earnings Estimates - In the last 60 days, six analysts revised their earnings estimates upwards, with the Zacks Consensus Estimate increasing by $0.09 to $1.72 per share [12] - Freeport-McMoRan has an average earnings surprise of +10.5%, suggesting a strong performance relative to expectations [12] Investment Considerations - With a solid Zacks Rank and top-tier Growth and VGM Style Scores, Freeport-McMoRan should be on investors' short lists for potential investment opportunities [13]

Let's get to Jim and stop trading. We saw we had that downgrade of Freeport. Uh Freeport owns 48% of a of a mine called Grasper, which is the largest mine, the copper mine, and is owned, the press is owned by Indonesia.And Reuters reporting is that we may have a trade deal with Indonesia. So, the last thing I want to do is self-report because that makes me feel so much better about Grassburg. That is always been the political risk there, right.Yeah. the Indonesia headline. This is just from the president.Uh ...