Global Commodities Research 16 May 2025 Global Commodities The Week in Commodities This is a summary note that consolidates the latest views of our global commodity strategists published over the week; to read detailed reports, refer to the hyperlinks. It also contains hyperlinks to other related research/podcasts on the global commodities market. Oil Markets Weekly: From gasoline to crude: are product prices setting the pace? At Any Rate: Base metals are back from the brink but not fully in the clear A bet ...

Tudor Gold Announces Upsize of Financing and Full Exercise of Over-Allotment Option for a Total of $14.95 Million, with Participation by Eric SprottMay 15, 2025 4:53 PM EDT | Source: Tudor Gold Corp.Base Shelf Prospectus Accessible and Prospectus Supplement to be Accessible on SEDAR+ within 1 Business DayNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.Vancouver, British Columbia--(Newsfile Corp. - May 15, 2025) - Tudor Gold Corp. (TSXV: TUD) (F ...

(All amounts expressed in U.S. dollars unless otherwise noted) VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce the publication of its 2024 Sustainability Report (the “Report”), which provides details of the Company’s environmental, social and governance (“ESG”) performance over the past year. The Report is available on Eldorado’s website (https://www.eldoradogold.com/sustainability/reporting). "At Eldorado, we integ ...

Core Viewpoint - EMX Royalty Corporation has executed an exploration royalty agreement with Galileo Resources for the Ferber polymetallic project in Nevada, allowing EMX to earn up to a 1% net smelter returns royalty through exploration and management services [2][6]. Project Overview - The Ferber Project is a copper-gold system located in eastern Nevada, with historical production of copper, lead, silver, and gold dating back to the late 1800s [3]. - Historical drilling in the 1980s-1990s showed encouraging results for gold and copper, which are favorable given current metal prices [3]. Geological Potential - Mineralization at Ferber is centered around an Eocene-age composite intrusive center, indicating potential for a porphyry copper-gold system and associated mineralization [4]. - The geological setting and hydrothermal alteration at Ferber have analogues to other significant porphyry systems in the Great Basin [4]. Agreement Details - The agreement allows EMX to earn a 1% NSR royalty through two milestones: a 0.33% NSR for target generation and an additional 0.67% NSR for managing the first phase of exploration drilling [6]. - EMX will receive a 7.5% management fee for the reconnaissance drilling program, with all exploration work funded by Galileo [6]. Future Plans - EMX plans to commence work on the Target Generation program imminently, indicating a proactive approach to advancing the Ferber Project [5]. - Should Galileo wish to extend the exploration program, further assistance from EMX would require a new agreement [7]. Business Model - This transaction exemplifies EMX's royalty generation business model, leveraging geological expertise to add value to partner-funded exploration programs in exchange for royalty interests [8].

Core Insights - EMX Royalty Corporation reported significant growth in adjusted royalty revenue and adjusted EBITDA for Q1 2025, with adjusted royalty revenue reaching $10.8 million, a 40% increase year-over-year, and adjusted EBITDA at $7.1 million, up 120% compared to the same quarter in 2024 [6][15][3] Financial Performance - Total revenue and other income for Q1 2025 was $8.4 million, compared to $6.24 million in Q1 2024, marking a 35% increase [4][15] - General and administrative costs were $2.17 million, slightly up from $2.15 million in the previous year [4] - Net income for the quarter was $1.26 million, a turnaround from a net loss of $2.23 million in Q1 2024 [4] - Cash flows from operating activities increased to $1.29 million from $1.03 million year-over-year [4][33] Key Strategic Developments - The company completed the acquisition of an additional royalty interest in the Chapi Mine, enhancing its portfolio [3][9] - EMX has maintained its 2025 guidance, projecting GEOs sales of 10,000 to 12,000 and adjusted royalty revenue between $26 million and $32 million [7] - The company repurchased and canceled 1,479,792 shares during the quarter, completing its original Normal Course Issuer Bid program [11] Capital Management - EMX's cash and cash equivalents as of March 31, 2025, were $19.2 million, with a working capital surplus of $36.1 million, indicating strong financial flexibility [6] - The company has established capital allocation goals for 2025, focusing on portfolio growth through its producing assets at Caserones and Timok [8] - A $10 million acquisition of a royalty on the Chapi Copper Mine is expected to contribute to revenue starting in 2026 [9] Production and Revenue Sources - The company sold a total of 3,756 GEOs in Q1 2025, compared to 3,696 GEOs in Q1 2024 [16][36] - Key revenue sources included Gediktepe ($4.3 million), Caserones ($3.0 million), and Timok ($1.6 million) [16][15] Future Outlook - EMX is well-positioned to identify new royalty and investment opportunities while continuing to grow its pipeline of royalty generation properties [14] - The company anticipates continued revenue growth from its producing royalty assets and other property income [14]

Core Viewpoint - Tudor Gold Corp. has appointed Joe Ovsenek as President and CEO, enhancing its executive team to drive growth and development in the mining sector [1][2][3] Executive Team Augmentation - The new executive team includes Joe Ovsenek as President and CEO, Ken McNaughton as Vice President of Project Development, and Michelle Romero as Vice President of External Affairs [1][2] - Joe Ovsenek has a proven track record in advancing mining projects, notably leading the Brucejack Mine from discovery to commercial production in under eight years [2] Strategic Focus - The company aims to leverage its experienced team to advance the Goldstorm Deposit at Treaty Creek, which is seen as a cornerstone asset with strategic advantages such as excellent infrastructure access and strong community relationships [3] - The Treaty Creek project spans 17,913 hectares and is located in British Columbia's Golden Triangle, an area known for its rich mineral deposits [4]

VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to amend its normal course issuer bid (the “NCIB”) effective as of May 6, 2025. The amendment increases the maximum number of common shares (the "Shares") of the Company that may be repurchased from the current 350,000 Shares to 10,245,474 Shares, representing approximately 5% of the total 204, ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金（Managed Positions）在当地期货市场的各种部署，继而反 映现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚 过去的周二（如果过去一周原本工作日是假日的话数据出炉会延期）。 概要 3月31日亚洲早上，国际金价再冲新高峰，见3100美元。之前笔者粗略的算过，特朗普去年11月当 选时，金价曾下跌最低见2590多美元。拿这最低数再加上25%关税，相当于3250美元金价。因此 金价有可能最少会冲至3200美元水平，但之后会在3200美元水平整固、继续再升、还是获利回 吐，会跌多少，则要再看到时市场的关注点，包括中美关系、利率走势及美国经济环境等等。 市场大众对金价预测往往都需要保持小心警惕。两周前当金价刚突破3000美元，坊间普遍认为金 价需要时间消化整固，但现实是金价再一口气冲上3100， 黄金虽然已经成为了市场热话有一段时 间，但暂时似乎还未见到太多的贪婪（太多的贪会加速见顶）。 今年首季度全球央行买金的量会 影响金价第二季的表现 ...