Key Takeaways metal&ROCK | Europe Gold: Bull Case in Play Gold surpassed our $4750/oz 2H forecast, but we don't think prices have peaked, with geopolitical risks, positive signals from central banks, and ETF buying. We highlight our bull case: $5700/oz for 2H. Silver price momentum looks strong, with physical premiums in Shanghai highlighting tightness. January 23, 2026 08:03 PM GMT A central bank shift? A structural shift in central bank gold buying took place in 2022, and it is increasingly clear that gol ...

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].

VANCOUVER, BC / ACCESS Newswire / January 23, 2026 / Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE:PRR)(OTCQB:PRRSF)(FRA:OED) is pleased to announce the receipt of final 2D inversions from an induced polarization ("IP") survey completed on the Company's 100%* owned Excalibur copper-gold calc-alkaline porphyry project. The survey was carried out by Simcoe Geosciences Limited and covered 26.3 line-kilometers along six east-west oriented IP profiles. ...

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].

$35M Placement Positions Dateline for Colosseum Development SAN BERNARDINO, CA / ACCESS Newswire / January 23, 2026 / Dateline Resources Limited (ASX:DTR)(OTCQB:DTREF)(FSE:YE1) (Dateline or the Company) is pleased to announce that it has completed a $35 million placement and has increased the Company's total available cash to over $58 million. The placement comprised the issue of 112.9 million new Ordinary shares at $0.31 per share, equating to 3.1% of the Company (Placement). ...

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].

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2026) - Sego Resources Inc. (TSXV: SGZ) ("Sego" or "the Company") is pleased to report that the Company will have a booth at VRIC on January 25 and January 26, 2026.We will be at Booth 1030 and will have maps and polished drill core available from Diamond Drill Holes 69 and 71. The core from DDH 69 will display clearly the potassic alteration and DDH 71 core will display phyllic alteration.We will also have maps available of the complete areas of i ...

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2026) - Visionary Copper and Gold Mines Inc. (TSXV: VCG) (OTCQB: VCGMF) ("Visionary" or "the Company") is pleased to announce that a feature article produced by Market One highlighting the Company's near-surface critical and precious metal rich deposits in stable Canadian mining jurisdictions including the flagship Point Leamington deposit in Newfoundland has been published on BNN Bloomberg.The article examines Visionary's focus on advancing gold-, ...