Core Points - Bear Creek Mining Corporation has drawn down US$1.2 million from the 2025 Sandstorm Note, bringing the total drawn to US$5.4 million out of a maximum of US$6.5 million [1][2] - The remaining amount of US$1.1 million can be drawn down subject to Sandstorm's approval [1] - The interest rate on the 2025 Sandstorm Note is 7% per annum, maturing on September 22, 2028, with deferred interest payments until December 31, 2025 [2] Financial Condition - As of June 30, 2025, the company reported a working capital deficiency of US$91.7 million, raising concerns about its ability to continue as a going concern [4] - The financial statements were prepared under the assumption that the company can continue operations for at least twelve months from the reporting date [4] - There is material uncertainty regarding the company's ability to generate sufficient cash flow from the Mercedes mine to meet ongoing obligations [4]

Core Insights - Trilogy Metals Inc. unexpectedly gained significant media attention, highlighting its potential as a mining company that was previously overlooked [1] Company Overview - Trilogy Metals Inc. is a mining company that has recently captured public interest, indicating a shift in perception and potential investment opportunities [1] Market Reaction - The rapid rise in visibility for Trilogy Metals Inc. suggests that there may be underlying factors or developments that could influence its market performance [1]

Group 1 - A mining company, Trilogy Metals Inc., unexpectedly gained significant media attention, appearing on the front page of newspapers within hours [1] - The article highlights the rapid shift in perception regarding Trilogy Metals Inc., indicating a potential investment opportunity that was previously overlooked [1] Group 2 - The author emphasizes the importance of monitoring lesser-known companies in the mining sector, as they can quickly become prominent due to unforeseen events or developments [1] - The article suggests that individual investors should remain vigilant and informed about emerging companies that may offer solid long-term potential [1]

Core Viewpoint - Barrick Mining Corporation is set to release its third quarter 2025 results on November 10, 2025, with a management webcast scheduled to follow the announcement [1][2]. Group 1: Q3 Results Release - The third quarter results will be available before markets open at 6:00 AM ET on November 10, 2025 [1][2]. - A live presentation and webcast will take place at 11:00 AM ET on the same day, with registration available for attendees [2]. Group 2: Company Overview - Barrick Mining Corporation is a leading global mining, exploration, and development company with a significant portfolio of gold and copper assets [3]. - The company operates six Tier One gold mines and has projects across 18 countries and five continents, making it the largest gold producer in the United States [3]. - Barrick aims to create long-term value for stakeholders through responsible mining practices and disciplined growth strategies [3].

Core Insights - The rise of resource nationalism is characterized by increased government control over natural resources, with a shift towards policies that require local processing and value addition rather than mere extraction [1][2][4] Group 1: Government Policies and Resource Nationalism - Governments are increasingly implementing measures such as foreign equity restrictions and tighter permit requirements to gain control over extractive industries [1] - The resource nationalism index has risen, indicating greater government involvement in mining and energy sectors across 47 developing countries since Q1 2020 [3] - Traditional resource nationalism methods like tax hikes are being replaced by more nuanced policy changes aimed at local processing and value addition [2][4] Group 2: Economic Implications and Historical Context - The historical context of extraction from resource-rich countries has led to a push for local value addition to prevent the loss of economic benefits from unprocessed exports [10][12] - Countries like Zimbabwe and Mali are enacting laws to increase state equity stakes in mining projects, reflecting a broader trend across Africa [9][11] - The demand for critical minerals, such as lithium and nickel, is driving this shift, with production expected to grow significantly in the coming years [14] Group 3: Challenges and Opportunities - The lack of infrastructure and high operational costs in mineral-rich countries pose challenges for local processing initiatives [19] - Local content laws are being developed to encourage domestic participation in the mining sector, with Tanzania leading the way in amending its mining code [23] - The rise of recycling legislation in Europe, such as the Critical Raw Materials Act, is expected to influence the market for certain minerals and promote local economies [25][26] Group 4: Global Trade Dynamics - The EU's trade policies and disputes, such as the case against Indonesia, highlight the tension between local processing goals and free trade principles [6][7][20] - Countries with significant mineral reserves but limited global supply chain importance face risks in implementing protectionist policies, as they may deter foreign investment [22] - The interplay between environmental legislation, economic development, and global supply chains will continue to shape the landscape of resource nationalism [27]

A state audit has found that mining companies operating in the Democratic Republic of Congo (DRC) under-reported $16.8bn in revenue between 2018 and 2023, reported Reuters, which has seen the audit report. This discrepancy may have reduced funds meant for government and local communities. As per the 2018 mining code, companies are required to contribute 0.3% of annual revenue to community development funds. The June financial audit, which was carried out by the Court of Auditors, found that the mining co ...

China introduced new controls on rare-earth exports, requiring foreign entities to obtain government approval before re-exporting products of Chinese origin to other countries https://t.co/FM69Ly4MOZ ...

Economic Overview - Russia's nominal GDP stands at $2.2 trillion, similar to its level in 2013, prior to the annexation of Crimea [1] - The economy contracted by 1.4% in 2022 but is projected to grow by 4.1% in 2023 and 4.3% in 2024, with a forecasted slowdown to 1.0% growth this year [8] Sector Performance - Non-military sectors of the economy have contracted by 5.4% since the beginning of the year, indicating significant economic strain [2] - The construction industry is facing a downturn, with cement consumption expected to fall below 60 million tonnes, a level not seen since the COVID pandemic [5] Labor Market Adjustments - Major companies, including Cemros, Russian Railways, and GAZ, have implemented a four-day workweek to manage labor costs and avoid layoffs [6][12] - The unemployment rate has dropped to a record low of 2.1%, despite the economic challenges [8] Government Intervention - The Russian government has been compelled to provide support across various sectors, including coal and metals, to prevent mass layoffs and economic discontent [17][16] - In previous downturns, state support was extended to major employers, indicating a pattern of intervention during economic crises [16] Industry-Specific Challenges - The coal sector is particularly affected, with reports of 19,000 layoffs in the first half of 2025 and financial health deteriorating for many enterprises [18][19] - The steel industry is also under pressure, with discussions of a moratorium on bankruptcies and a quiet cutback in operations due to high interest rates and weak demand [21][22]

月度策略/A 股市场 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 邮箱：fxp@dgzq.com.cn 分析师：尹炜祺 SAC 执业证书编号： S0340522120001 电话：0769-22118627 邮箱： yinweiqi@dgzq.com.cn 分析师：曾浩 SAC 执业证书编号： S0340523110001 电话：0769-22119276 邮箱： zenghao@dgzq.com.cn | 市场主要指数 | 9 | 月份表现 | | --- | --- | --- | | | 收盘点位 | 涨跌幅 | | 上证指数 | 3882.78 | 0.64% | | 深证成指 | 13526.51 | 6.54% | | 沪深 300 | 4640.69 | 3.20% | | 创业板指 | 3238.16 | 12.04% | | 北证 50 | 1528.63 | -2.90% | | 科创 50 | 1495.29 | 11.48% | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 2025 年 10 月 9 日 震荡整理中 ...

Zambia is poised for record copper production this year, bolstering its standing as a key global supplier just as prices surge and demand is set to grow https://t.co/5LkwXHmcv1 ...