Core Viewpoint - Canyon Resources Limited has officially appointed Mr. Peter Secker as the new Chief Executive Officer (CEO), effective July 1, 2025, marking a significant leadership transition for the company [1][3]. Group 1: Leadership Transition - Mr. Secker joined Canyon as a strategic advisor on February 5, 2025, and has since played a crucial role in supporting the management team and Board [2][4]. - Former CEO Mr. Jean Sebastien Boutet has transitioned to the role of Chief Commercial and Corporate Development Officer, continuing to contribute to the company's strategic initiatives [4][8]. Group 2: Project Development - Mr. Secker's appointment comes at a critical time as Canyon focuses on transitioning from development to construction and production phases, particularly for the Minim Martap Bauxite Project [3][5]. - The company aims to start production in early 2026 and make its first bauxite shipment in the first half of 2026 [2][5]. Group 3: Leadership Insights - Mr. Secker has over 40 years of global mining experience, which is expected to be a significant asset for Canyon as it seeks to unlock the full potential of the Minim Martap Project [3][7]. - The Board of Canyon has expressed confidence in Mr. Secker's leadership to drive long-term value for shareholders [7][8].

Trump-backed American Bitcoin raises $220 million to buy bitcoin and mining equipment https://t.co/xskpJoXI9D ...

Report Industry Investment Rating - Not provided Core Viewpoints - Lead prices have continued to rise supported by raw materials and reduced production at secondary lead plants, but the lack of peak season demand and inventory accumulation risks limit further upward momentum [1] - Zinc prices have rebounded due to positive macro - sentiment and supply - side disturbances, but the rebound suppresses downstream purchasing, and inventory accumulation suggests limited upside potential, with opportunities to short after positive factors fade [1] Summary by Relevant Catalogs Lead Market Price and Spread - The average price of SMM1 lead ingots decreased by 0.29% to 16,950 yuan/ton, and the closing price of the main futures contract rose by 0.44% to 17,200 yuan/ton. The basis of Shanghai lead decreased by 125 yuan/ton to - 250 yuan/ton [1] - The LME 0 - 3 spread decreased by 5.43 dollars/ton to - 27.57 dollars/ton, and the LME 3 - 15 spread increased by 3.40 dollars/ton to - 54.60 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 20.49% to 32,321 lots, and the open interest decreased by 0.76% to 51,408 lots. The trading volume to open interest ratio decreased by 19.88% to 0.63 [1] Inventory - LME lead inventory remained unchanged at 271,925 tons, and Shanghai lead warehouse receipts increased by 0.88% to 46,288 tons. As of June 30, SMM lead ingot five - location inventory was 5.63 tons, up from previous weeks [1] Fundamental Information - A large secondary lead smelter in East China had poor production in June and may cut production in July. Lead concentrate imports are not expected to increase, and processing fees are likely to rise [1] - Secondary lead smelters face raw material shortages and cost inversion, leading to reduced production. Demand is expected to improve as it transitions from the off - season to the peak season [1] Zinc Market Price and Spread - The average price of SMM1 zinc ingots decreased by 0.36% to 22,420 yuan/ton, and the closing price of the main futures contract rose by 0.38% to 22,495 yuan/ton. The basis of Shanghai zinc decreased by 165 yuan/ton to - 75 yuan/ton [1] - The LME 0 - 3 spread decreased by 9.99 dollars/ton to - 10.23 dollars/ton, and the LME 3 - 15 spread decreased by 6.11 dollars/ton to - 44.83 dollars/ton [1] Trading Volume and Open Interest - The trading volume of the active futures contract decreased by 28.74% to 160,924 lots, and the open interest decreased by 1.57% to 140,186 lots. The trading volume to open interest ratio decreased by 27.60% to 1.15 [1] Inventory - LME zinc inventory remained unchanged at 117,475 tons, and Shanghai zinc warehouse receipts increased by 11.06% to 7,077 tons. As of June 30, SMM zinc ingot seven - location inventory was 8.06 tons, up from previous weeks [1] Fundamental Information - Zinc smelters have sufficient raw material inventory, and zinc concentrate processing fees are rising. The production of zinc smelters is expected to increase [1] - Zinc price rebounds suppress downstream purchasing, and demand is mainly for replenishing inventory as needed [1] Industry News - Sulliden Mining Capital Inc. acquired a 48% stake in a nickel, zinc, and lead exploration project in Poland, which includes two concessions [1]

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 29 June 2025 | 7:20PM BRT Global Metals & Mining: Takeaways from GS Global Copper Week 2025 +55(11)3371-4580 | marcio.farid@gs.com Goldman Sachs do Brasil CTVM S.A. Matt Greene +44(20)7051-0489 | matt.greene@gs.com Goldman Sachs International Mike Harris +1(713)654-8481 | mike.harris@gs.com Goldman Sachs & Co. LLC Emerson Vieira +55(11)3372-0256 | emerson.vieira@gs.com Goldman Sachs do Brasil CTVM S.A. Henrique Marques +55(11)3371-0778 | henrique.marques@gs.com Goldman Sachs ...

Chilean state mining company Codelco is on track to finalize a landmark deal with lithium supplier SQM well before the next government takes office next year https://t.co/mi5ixKF813 ...

Core Viewpoint - The Supreme Court of British Columbia has reserved judgment on the judicial review petition and injunction application filed by the Xatśūll First Nation regarding the tailings storage facility embankment raise at the Mount Polley mine, with a decision expected on August 6, 2025 [1][2]. Group 1: Legal Proceedings - The petition and injunction were heard from June 24-27, 2025, with arguments presented by Mount Polley Mining Corporation (MPMC) and the Province of British Columbia asserting the validity of the decisions made [3]. - MPMC is allowed to continue construction of the four-metre raise as planned, while operations at the mine proceed under existing permits [2]. Group 2: Company Commitment - The company emphasizes its commitment to transparent engagement with Indigenous communities and environmental responsibility, particularly with the Xatśūll and Williams Lake First Nation [4]. - The President of Imperial stated the importance of addressing Indigenous concerns and ensuring environmentally responsible operations at the Mount Polley mine [5]. Group 3: Company Overview - Imperial Metals Corporation is based in Vancouver and operates the Mount Polley mine (100% ownership), the Huckleberry mine (100% ownership), and the Red Chris mine (30% ownership), along with 23 greenfield exploration properties in British Columbia [6].

Stock Performance - MP Materials' stock has increased significantly: up 50% in one month, 105% in six months, and 158% in twelve months [1] Investment Strategy - The analyst is selling MP Materials, viewing it as a trade war play that has already materialized [1] - The analyst believes the stock is now fully priced [2] - The analyst anticipates more potential for positive trade war news than negative [2] Company Outlook - The company is expected to perform well in the coming years by mining and refining rare earth elements, and building magnets [2] Risk Assessment - There is a possibility that China could restrict rare earth elements again, although it is not the base case [3]

Core Insights - Investors are comparing HudBay Minerals (HBM) and Wheaton Precious Metals Corp. (WPM) to determine which stock offers better value [1] - Both companies currently hold a Zacks Rank of 1 (Strong Buy), indicating positive earnings estimate revisions [3] Valuation Metrics - HBM has a forward P/E ratio of 15.56, while WPM has a significantly higher forward P/E of 41.04 [5] - HBM's PEG ratio is 0.30, suggesting it is undervalued relative to its expected EPS growth, whereas WPM's PEG ratio is 2.66 [5] - HBM's P/B ratio stands at 1.52, compared to WPM's P/B of 5.31, indicating HBM is more favorably valued in terms of market value versus book value [6] Value Grades - HBM has received a Value grade of A, while WPM has been assigned a Value grade of F, highlighting HBM as the superior value option based on current metrics [6][7]

Chile posted its best month of copper production this year as the world’s largest supplier of the metal delivers some relief to tight global markets https://t.co/4S1CefVYzg ...

Core Points - The American Battery Technology Company's (ABTC) Tonopah Flats Lithium Project has been designated as a FAST-41 Transparency Project by the U.S. Permitting Council, highlighting its importance in advancing domestic lithium production and supporting U.S. energy independence [1][2][3] - The project is located in central Nevada and is recognized as one of the largest identified claystone resource deposits in the United States, essential for onshoring battery-grade lithium [2][3] - ABTC has successfully demonstrated its critical mineral processing technologies at pilot scale, producing battery-grade lithium hydroxide from claystone [1][7] Project Significance - The designation as a Priority Project facilitates coordination and fast-tracking of permitting efforts with multiple federal agencies, which is crucial for the project's development [2][3] - The project has received a $58 million grant from the U.S. Department of Energy to support its first phase and a Letter of Interest for $900 million in financing from the Export-Import Bank of the United States [3][4] Strategic Alignment - The Tonopah Flats Project aligns with the EXIM's "Make More in America" initiative, which aims to enhance U.S. competitiveness in critical mineral manufacturing against international competition, particularly from China [4][5] - The project supports President Trump's Executive Order aimed at increasing American mineral production, which directs federal agencies to expedite permitting and funding for domestic critical mineral projects [5] Technological Advancements - ABTC has developed low-cost and low-impact technologies to extract lithium from unconventional claystone resources, addressing the U.S.'s lack of conventional lithium sources [8] - The company aims to manufacture 30,000 metric tons of lithium hydroxide annually at its planned commercial-scale refinery, leveraging the success of its pilot operations [7][9] Industry Context - The Tonopah Flats Lithium Project is positioned to play a pivotal role in meeting the growing U.S. demand for domestically produced critical minerals, which are essential for various applications including electric vehicles and energy storage [2][9] - The project underscores the importance of innovation and environmentally responsible practices in strengthening the domestic critical mineral supply chain [9]