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Industry Focus - The world's changing needs are increasing the value of certain metals used in wires, batteries, and circuits [1] - Mining activities lead to waste accumulation and wealth generation, impacting lands and people [1]

Financial Performance - Net sales increased by 17% from $2506 million in 3Q23 to $2931 million in 3Q24[22] - EBITDA increased by 31% from $1291 million in 3Q23 to $1685 million in 3Q24[22] - Net income increased by 45% from $620 million in 3Q23 to $897 million in 3Q24[22] - Cash cost decreased by 22% from $098 in 3Q23 to $076 in 3Q24[22] Production - Copper production increased by 4% from 242474 tons in 3Q23 to 252219 tons in 3Q24[19] - Molybdenum production increased by 6% from 6859 tons in 3Q23 to 7271 tons in 3Q24[20] - Silver production increased by 91% from 16281 MM Ounces in 3Q23 to 31078 MM Ounces in 3Q24[20] - Zinc production increased by 21% from 44 tons in 3Q23 to 53 tons in 3Q24[20] Capital Investments - The company has board-approved projects that will add +156k tons of copper production[31] - Other projects are planned to add +545k tons of copper production[31] ESG Initiatives - The company delivered a Center for Research to the Universidad Nacional de San Agustín de Arequipa (UNSA), Peru, at a cost of $18 million[33] - Dr Vagón provided more than 6000 free medical services to 2050 people in Cananea in September 2024[36]

Investment Rating - The industry investment rating is Attractive [6] Core Insights - Despite weaker May industrial profit growth, the incremental impact on industrial credit risks remains small due to concentrated profit deterioration in a few sectors affected by US tariffs, a notable decline in US tariffs from their peak, and modest negative impacts on EBIT interest coverage [2][4] - More sectors are slowing capacity expansion, with ferrous metal processing showing a 1.6% year-on-year decline in fixed asset investment in May 2025, down from 5.4% year-on-year growth in the first half of 2024, indicating continued capacity control [3] - Year-to-date industrial sector profit fell 1.1% year-on-year in May compared to a 1.4% year-on-year decline in April, primarily affected by mining, particularly oil mining [4] - Risks around loans to the auto sector are emerging as a new concern, representing 40% of sectors showing expanding capacity with deteriorating profit, which is the largest drag on year-on-year profit growth in manufacturing firms [5] - Overall manufacturing sector profit growth moderated to 5.4% year-on-year in January-May 2025 from 8.6% in January-April 2025, partly due to the peak in US tariffs [9] Summary by Sections Industrial Credit Risks - The report indicates that the impact of weaker industrial profit growth on credit risks is limited due to the concentration of issues in specific sectors and the decline in US tariffs [2][4] - The mining sector, dominated by large state-owned enterprises, poses less concern for credit risks unless commodity prices remain pressured for an extended period [4] Capacity Expansion and Profit Trends - A significant portion of sectors (73.5% by liabilities) slowed capital expenditure growth in May 2025 compared to the first half of 2024, an increase from 66.8% in April 2025 [9] - Profit trends show that 42.7% of sectors experienced improvements, while 27.5% saw deterioration, indicating a shift in profit dynamics influenced by US export exposure and capital expenditure growth [9] Sector-Specific Insights - The auto sector is highlighted as a potential risk area, with significant capacity expansion occurring alongside profit deterioration [5] - The report emphasizes the importance of market-oriented credit allocation and loan pricing to manage industrial credit risks effectively over time [3]

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Core Viewpoint - South Star Battery Metals Corp. is initiating a non-brokered private placement to raise up to US$2 million, with each unit priced at US$0.22, consisting of one common share and one warrant for a five-year exercise period [1][2]. Group 1: Private Placement Details - The private placement aims to raise gross proceeds of up to US$2 million (C$2,744,600) [1]. - Each unit will include one common share and one warrant, with the warrant allowing the purchase of one common share at an exercise price of US$0.22 (C$0.3019) [1]. - The closing of the private placement is contingent upon customary conditions, including TSX Venture Exchange approval [2]. - Proceeds will be allocated for exploration, development, corporate general and administrative expenses, and general working capital [2]. - The company may pay finders' fees to eligible finders and has the option to increase the placement size by up to 15% [3]. Group 2: Insider Participation and Warrant Terms - Insiders may participate in the private placement, with exemptions from formal valuation and minority shareholder approval due to the transaction's market capitalization not exceeding 25% [4]. - The warrants will include an acceleration clause, allowing the company to expire unexercised warrants if the trading price exceeds C$1.25 for ten consecutive trading days [5]. Group 3: Company Overview and Projects - South Star Battery Metals Corp. focuses on developing battery metals projects in the Americas, with the Santa Cruz Graphite Project in Brazil being the first to enter production [7]. - The Santa Cruz project has shown promising results, with over 65% of graphite concentrate being +80 mesh and 95%-99% graphitic carbon [7]. - The BamaStar Project in Alabama is strategically located in a developing electric vehicle and aerospace hub, with a pre-tax NPV of US$2.4 billion and an IRR of 35% [8]. - The company has received a US$3.2 million grant from the US Department of Defense to advance the BamaStar project feasibility study [9].

Core Points - McEwen Mining Inc. will change its name to McEwen Inc. effective July 7, 2025, following shareholder approval [1][5] - The company will continue trading under the same stock symbol "MUX" on both NYSE and TSX [1][5] Voting Overview - A total of 27,942,541 shares were voted, representing approximately 51.81% of the 53,934,510 outstanding shares entitled to vote [5] - The election results for the directors nominated at the meeting showed significant support, with Robert R. McEwen receiving 19,138,567 votes for and 461,348 votes withheld [3][5] - Executive compensation was approved with 18,735,730 votes for, 514,236 against, and 349,959 abstentions [3][5] - Ernst & Young LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025, with 27,269,481 votes for [3][5] - The corporate name change to McEwen Inc. received 26,491,461 votes for, 724,679 against, and 726,401 abstentions [3][5] Company Overview - McEwen Mining Inc. operates three mines in the Americas and has a large advanced-stage copper development project in Argentina [7] - The company aims for its Los Azules copper project to become one of the world's first regenerative copper mines, committing to carbon neutrality by 2038 [7] - Rob McEwen, the Chairman and Chief Owner, has personally invested US$205 million in the company and takes a salary of $1 per year [8]

Industry Focus - The world's changing needs are increasing the value of specific metals used in wires, batteries, and circuits [1] - Mining activities lead to waste accumulation and wealth generation, impacting lands and people [1]

Core Insights - Posco Holdings (PKX) is developing a trial lithium processing plant in the U.S. in collaboration with Anson Resources, marking the first initiative by a South Korean company to produce lithium directly in North America, aimed at reducing reliance on Chinese suppliers due to new U.S. import limits [1][7] Group 1: Project Details - The two companies have signed a memorandum of understanding (MoU) to construct the pilot plant in Green River City, Utah, next year, which will assess the viability of Posco's Direct Lithium Extraction (DLE) technology for large-scale production [2] - Anson Resources holds mining rights to a lithium brine location in Utah, providing Posco a competitive advantage over domestic rivals like LG Chem, which relies on local lithium producers instead of direct production [3] Group 2: Technology and Market Strategy - Posco aims to commercialize its DLE technology, developed in 2016, following the successful operation of a demonstration plant in the U.S., with plans to invest in and develop untapped lithium brine lakes across North America [4] - The U.S. is home to some of the world's largest lithium reserves, following Bolivia and Argentina, contained in extensive brine lakes [4] Group 3: Financial Performance - Over the past year, shares of PKX have decreased by 19.8%, while the industry has seen a decline of 25% [4]

Market Overview - Wall Street reached record-high levels, with the Dow, S&P 500, and Nasdaq Composite increasing by 5%, 10.6%, and 17.8% respectively in Q2 2025, marking it as the best quarter for U.S. stocks in the past year [1] - The small-cap benchmark, Russell 2000, also saw an 8.3% gain [1] - Positive market sentiment was driven by expectations of key trade deals and reduced fears of a near-term recession in the U.S. economy [2] Investment Opportunities - Recommended stocks with favorable Zacks Rank and momentum for Q3 include Jabil Inc. (JBL), Newmont Corp. (NEM), HEICO Corp. (HEI), Rockwell Automation Inc. (ROK), and The Estée Lauder Companies Inc. (EL), all holding a Zacks Rank 1 (Strong Buy) [3] Jabil Inc. (JBL) - Jabil is experiencing strong momentum in capital equipment, AI-powered data centers, cloud, and digital commerce sectors, with a focus on product diversification [6] - The company has a high free cash flow, indicating efficient financial management and operational efficiency [7] - Expected revenue and earnings growth rates for the next year are 5.9% and 18.5% respectively, with a 9% improvement in the Zacks Consensus Estimate for next-year earnings over the last 30 days [8] Newmont Corp. (NEM) - Newmont is progressing with growth projects, including the Tanami expansion and the Ahafo North project, with a commitment of $950 million to $1,050 million in development capital [10][11] - Expected revenue and earnings growth rates for the current year are 2% and 24.1% respectively, with a 3.3% improvement in the Zacks Consensus Estimate for current-year earnings over the last 30 days [11] HEICO Corp. (HEI) - HEICO is benefiting from increased orders for aftermarket replacement parts and repair services due to rising air travel and solid U.S. defense funding [12][13] - Expected revenue and earnings growth rates for the current year are 13.2% and 23.4% respectively, with a 1.1% improvement in the Zacks Consensus Estimate for current-year earnings over the last 30 days [14] Rockwell Automation Inc. (ROK) - Rockwell Automation is expanding its portfolio of hardware and software products, with investments in cloud technology supporting future growth [15] - Expected revenue and earnings growth rates for the next year are 6.7% and 16.1% respectively, with a 0.3% improvement in the Zacks Consensus Estimate for next-year earnings over the last seven days [17] The Estée Lauder Companies Inc. (EL) - The Estée Lauder Companies is focused on profitability through its Profit Recovery and Growth Plan, emphasizing innovation and digital expansion [18] - Expected revenue and earnings growth rates for the current year are 1.2% and 45.4% respectively, with a 0.5% improvement in the Zacks Consensus Estimate for current-year earnings over the last 30 days [20]