Investment Rating - The report maintains a constructive outlook on IG Financials, suggesting they are a sweet spot relative to Corporates, while also indicating a cautious stance on Energy and Basics due to tariff vulnerabilities [2][11]. Core Insights - The baseline scenario anticipates gradually slowing global growth for H2'25, with spreads expected to remain rangebound due to healthy balance sheets and low default rates [2][3]. - The European private credit market is highlighted for its robust fundamentals and significant liquidity, which is expected to suppress hard defaults [2][15]. - The report emphasizes the importance of sector-specific dynamics, noting that IG Financials have shown resilience amid geopolitical risks, while sectors like Energy and Basics are more sensitive to tariff headlines [8][11]. Economic Data and Tariff Rulings - Recent economic data from the EU and US have surprised positively, challenging initial recessionary scenarios, with EU GDP projected to halve to 0.4% in 2025 under a downside scenario involving tariffs [3]. - The report suggests that spreads may peak in Q3'25 around 120/425bp but could tighten by year-end, supported by monetary policy and resilient fundamentals [3][4]. ECB Policy Outlook - The ECB is expected to cut rates by 25bp to 2.0% in June, with another cut anticipated in July, reflecting a prioritization of growth support amid trade tensions [4]. - The report indicates that the ECB may remain in a gradual easing mode due to legal complexities surrounding US tariffs, which could reduce immediate downside risks [4]. Spread Dynamics - In May, PMIs softened, yet manufacturing activity trended higher, supporting risk sentiment despite ongoing trade uncertainties [5]. - The report notes that spreads widened in an orderly fashion around tariff announcements, with limited panic selling observed [8]. Sector Analysis - The report identifies that IG Financials exhibited lower beta during spread widening, while IG Energy and HY Basics were the most sensitive to tariff headlines [8]. - In the Energy sector, firms with robust balance sheets are better positioned against global demand fragility, while those with higher leverage face more exposure [9]. Technicals and Market Dynamics - The report highlights a record-breaking month for IG Corps supply in May, driven by positive tariff news, which pushed spreads tighter [14][39]. - It anticipates that flows will remain orderly, targeting high-quality structures and issuers, reflecting a cautious investor appetite [14]. European Private Credit Outlook - The report notes that European private credit shows resilience with rising revenue and EBITDA, alongside improving interest coverage ratios [15]. - It suggests that ample dry powder is available to support liquidity and suppress hard defaults in the private credit space [15].

Market Overview - The AI-driven bull run of 2023 and 2024 has faced setbacks in 2025 due to the Fed's uncertainty over rate cuts, recession fears, and competition from a low-cost Chinese AI platform [1] - Concerns regarding the Trump administration's tariff and trade policies have negatively impacted confidence in risky assets, particularly in the technology sector [2] Company Highlights Howmet Aerospace Inc. (HWM) - HWM is experiencing strong momentum in the commercial aerospace market, supported by robust build rates and recovery in wide-body aircraft [6] - The company has a projected revenue growth rate of 8.5% and an earnings growth rate of 28.6% for the current year, with a 4.2% improvement in earnings estimates over the last 30 days [7] Newmont Corp. (NEM) - NEM is advancing its growth projects, including the Tanami expansion and the Ahafo North project, with a total investment of $950 million to $1,050 million [10][11] - The expected revenue growth rate is 2% and earnings growth rate is 20.1% for the current year, with a 9.7% increase in earnings estimates over the last 30 days [11] Sprouts Farmers Market Inc. (SFM) - SFM focuses on product innovation, e-commerce, and private label offerings, leading to better-than-expected fourth-quarter results [12] - The company anticipates net sales growth of 10.5% to 12.5% and comparable store sales growth of 4.5% to 6.5% for 2025, with expected revenue growth of 13.7% and earnings growth of 35.5% for the current year [13][14] GE Aerospace (GE) - GE Aerospace is benefiting from strong demand for commercial engines and rising defense budgets, with an expected organic revenue growth in the low-double-digit range [15][16] - The company has a projected revenue decline of 6.8% but an earnings growth rate of 19.6% for the current year, with a slight improvement in earnings estimates [16] Curtiss-Wright Corp. (CW) - CW is capitalizing on the global shift towards alternative energy, particularly in nuclear power, with potential orders for 20-25 new reactors in Central and Eastern Europe [17][18] - The expected revenue growth rate is 8.5% and earnings growth rate is 15.7% for the current year, with a 0.5% improvement in earnings estimates [19]

| 铅锌日评20250606：或有反弹 | | | | --- | --- | --- | | 2025/6/6 指标 近期趋势 单位 今值 变动 | | | | SMM1#铅锭平均价格 元/吨 16,500.00 0.46% | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 16,695.00 0.15% | | | | 沪铅基差 元/吨 -195.00 50.00 | | | | 升贴水-上海 元/吨 -15.00 - | | | | 升贴水-LME 0-3 美元/吨 -23.08 -1.10 | | | | 升贴水-LME 3-15 美元/吨 -62.40 -2.50 价差 沪铅近月-沪铅连一 元/吨 -15.00 35.00 | | | | 沪铅连一-沪铅连二 元/吨 - -5.00 | | | | 铅 沪铅连二-沪铅连三 元/吨 20.00 10.00 | | | | 30,915.00 -11.70% 期货活跃合约成交量 手 | | | | 成交持仓 期货活跃合约持仓量 手 50,484.00 -3.83% | | | | 成交持仓比 / 0.61 -8.18% | | | | 吨 282 ...

Core Viewpoint - The article highlights Orla Mining Ltd. (ORLA) as a promising growth stock, supported by strong earnings and cash flow growth, along with positive earnings estimate revisions, making it a solid choice for growth investors [2][10]. Earnings Growth - Orla Mining has a historical EPS growth rate of 76.9%, with projected EPS growth of 185% this year, significantly outperforming the industry average of 40.2% [5]. Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 58.9%, surpassing the industry average of 10.7%. Over the past 3-5 years, the annualized cash flow growth rate has been 49.7%, compared to the industry average of 15.6% [6][7]. Earnings Estimate Revisions - The current-year earnings estimates for Orla Mining have increased by 47.7% over the past month, indicating a positive trend in earnings estimate revisions [9]. Overall Assessment - Orla Mining has achieved a Growth Score of A and holds a Zacks Rank 2, suggesting it is a potential outperformer and a strong candidate for growth investors [10][11].

Core Points - ArcelorMittal inaugurated a new 20 million tonne capacity concentrator in Liberia, marking a significant milestone in its mining operations in the country [1][2] - The concentrator is part of a US$1.8 billion expansion project, increasing ArcelorMittal's total investment in Liberia to approximately US$3 billion, and aims to boost iron ore production from 5 million tonnes to 20 million tonnes annually [2][6] - The expansion includes infrastructure upgrades such as railway enhancements and a new pier at the port of Buchanan, creating over 5,000 construction jobs and expected to generate 1,000 permanent jobs [3][4] Company Overview - ArcelorMittal is one of the world's leading integrated steel and mining companies, with operations in 60 countries and primary steelmaking in 15 countries [10] - In 2024, ArcelorMittal generated revenues of $62.4 billion, producing 57.9 million metric tonnes of crude steel and 42.4 million tonnes of iron ore [10] - The company has plans for further expansion in Liberia, with ambitions to increase production capacity to 30 million tonnes annually and explore options for producing DRI quality concentrate [8]

Core Points - Rio2 Limited held its Annual and Special General Meeting of Shareholders on June 4, 2025, with 238,282,608 common shares voted, representing 55.82% of the total shares issued and outstanding [1] - Shareholders voted in favor of all business items, including the election of all director nominees, with Klaus Zeitler receiving 98.43% of votes for, and Ram Ramachandran receiving 100% [2] - The Stock Option Plan and Share Incentive Plan were reapproved and ratified by shareholders [2] Company Overview - Rio2 is a mining company focused on development and mining operations, particularly the Fenix Gold Project in Chile, aiming for production in the shortest timeframe possible [3] - The company emphasizes high environmental standards and responsible development, adhering to social, environmental, and economic pillars [3]

Group 1 - Indonesia, the world's largest nickel supplier, will suspend nickel mining activities near the Raja Ampat Islands to protect its tourism industry [1] - Nickel prices have been weak since May, remaining at about half of the peak levels reached in 2022-2023, with a significant drop of over 50% since the beginning of 2023 [4][5] - The suspended mine, operated by PT Gag Nickel, has an annual mining quota of 3 million tons and is known for producing high-grade nickel ore [1] Group 2 - Indonesia accounts for over 50% of global nickel production, driven by large ore reserves and a massive smelting industry [4] - The prices of lithium, nickel, and cobalt, essential for electric vehicle batteries, have plummeted in 2023, leading to concerns about supply discipline and potential price recovery by 2025 [4] - In 2022, Indonesia's nickel production reached 1.6 million tons, representing 48.8% of global output, with nickel reserves accounting for 20.6% of the world's total [5]

Core Viewpoint - United States Antimony Corporation (NYSE: UAMY) has released its Q1 results, which are considered interesting and noteworthy for investors looking for trades with a 2-3 year time horizon [1]. Group 1 - The company has been under coverage for a couple of months, indicating ongoing interest and analysis in its performance [1]. - The Q1 results provide valuable insights into the company's financial health and operational performance [1].

Core Viewpoint - Giyani Metals Corp. has announced key appointments to its board of directors, aiming to strengthen its leadership as it develops the K.Hill battery-grade manganese project in Botswana [1][2][4]. Group 1: Board Appointments - Nigel Robinson has been appointed as the new Chair of the Board, effective June 4, 2025, replacing Mark Burnett, who served as Interim Chair [2][3]. - Martin Botha has been appointed to the Board, replacing Alex Azpitarte, also effective June 4, 2025, as part of an agreement related to ARCH Sustainable Resources Funds LP's US$10 million investment in the company [4][5]. - Elisa Kgomotso Modikwa has been promoted to Vice President & Country Executive, expanding her role in strategic initiatives and leadership in Botswana [6]. Group 2: Leadership Backgrounds - Nigel Robinson brings over 35 years of accounting experience, including nine years as CFO and six and a half years as CEO of Central Asia Metals PLC, with a market capitalization of nearly £300 million [2][3]. - Martin Botha has over 30 years of experience in international investment banking and was a founding Director at Standard Bank, focusing on natural resources trading and financing [5]. - Elisa Kgomotso Modikwa has over 15 years of experience in geology, geotechnical consulting, and mining operations, with expertise in stakeholder engagement and regulatory compliance [6]. Group 3: Company Focus - Giyani aims to become a leading producer of sustainable, low carbon high purity battery-grade manganese for the electric vehicle (EV) and energy storage systems (ESS) industries [7]. - The company has developed a proprietary hydrometallurgical process to produce battery-grade manganese, which is critical for lithium-ion battery cathodes [7].

Core Viewpoint - Mustang Energy Corp has entered into two strategic option agreements with Thunderbird Resources Ltd to acquire an undivided 80% interest in mineral tenements in the Athabasca Basin, marking a significant step in expanding its uranium land package [1][4]. Group 1: Agreements Overview - The first agreement, the Cluff Lake Agreement, allows Mustang to acquire an 80% interest in the Cluff Lake Project, which consists of five mineral claims located approximately 12 km northeast of the historical Cluff Lake uranium mine [2][5]. - The second agreement, the Surprise Creek Agreement, enables Mustang to acquire an 80% interest in the Surprise Creek Project, which spans multiple areas including Surprise Creek, Pring Lake, and Ellis Bay/Bob Lake [3][10]. Group 2: Project Details - The Cluff Lake Project is situated in a highly prospective area of the Athabasca Basin, with a MobileMT survey conducted in 2024 identifying several high-priority drill targets in the Moose Lake area [8][9]. - The Surprise Creek Project is located 25 km northwest of the Beaverlodge Uranium District, with historical drilling results showing significant uranium mineralization, including results of up to 2.1m at 4.37% U3O8 and surface sampling returning assays up to 7.98% U3O8 [11][12]. Group 3: Financial Commitments - For the Cluff Lake Project, Mustang will issue shares valued at CAD$200,000, make cash payments totaling CAD$120,000 over four years, and commit CAD$3,000,000 towards exploration [19][23]. - For the Surprise Creek Project, similar financial commitments are required, including share issuance valued at CAD$200,000, cash payments of CAD$120,000, and exploration expenditures of CAD$3,000,000 [22][24]. Group 4: Future Plans - Mustang's technical team is developing plans for field programs at both the Cluff Lake North and Surprise Creek Projects to refine drill targets and evaluate underexplored structural corridors with strong discovery potential [4][29].