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].

Group 1 - Alphamin Resources Corp. announced that its majority shareholder, Tremont Master Holdings, has entered into a definitive agreement to sell 718,990,967 common shares, representing approximately 56% of the outstanding shares, to International Resource Holding at a price of C$0.70 per share, totaling C$503,293,677 (US$367,001,749) [1][2] - The transaction is subject to certain completion adjustments that may decrease the total consideration and is contingent upon receiving all regulatory and internal corporate approvals [2] - The board of directors of Alphamin is currently evaluating the impact of the proposed transaction on the company [3]

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 根据巴塞尔协议III（Basel III），从今年2025年7月1号开始，美国银行所持有的实金可被视为其 储备需求中的一级资产，相当于现金和美国国债——这个是绝对利好金价的信号——连玩财技玩 金融最厉害的美国，也不得不承认黄金的可靠性跟现金和国债一模一样。这意味着，将来更多基 金会视黄金为比国债和美元更稳健的定海神针。预期美国银行或会有新一轮买金条热潮。 至周五(29号)的金价/北美金矿股比率为 17.11X，较22号的17.39X跌1.6%，今年累跌10.6%。2024 年累升16.5%。2023年全年累积上升了13.2% (2022年+6.4%)，代表矿业股最少连续两年回报跑输 实金。且看今年金矿股票能否有突破。 LSEG Workspace用户可 ...

Core Viewpoint - Generation Uranium Inc. announces the resignation of CEO Anthony Zelen and the appointment of Chris Huggins as Interim CEO, along with Christoph Bruening joining the board of directors [1] Group 1: Leadership Changes - Mr. Anthony Zelen has resigned as CEO and Director of Generation Uranium Inc. [1] - Mr. Chris Huggins, with over 30 years of experience in mineral exploration and capital markets, will serve as Interim CEO [2][4] - Mr. Christoph Bruening, founder of Value Relations GmbH, joins the board of directors, bringing over 25 years of experience in investor relations [5][6] Group 2: Background of New Leaders - Mr. Huggins has a background as an exploration geologist and has held senior positions in the mining and construction industries, focusing on strategic growth and operational excellence [3][4] - Mr. Bruening has organized over 500 conferences and listed over 600 companies on the Frankfurt Stock Exchange, with expertise in mining and exploration [5][6] Group 3: Company Overview - Generation Uranium Inc. is engaged in the exploration and development of mineral properties, holding a 100% interest in the Yath Uranium Project located in Nunavut [9]

Core Viewpoint - AngloGold Ashanti plc has reached a new 52-week high of $47.77 following the announcement of the sale of its interest in the Mineração Serra Grande mine to Aura Minerals Inc, which is aimed at optimizing its portfolio [1]. Financial Details of the Deal - The sale of Mineração Serra Grande S.A. to Aura will be for a cash consideration of $76 million, subject to working capital adjustments at closing. Additionally, AngloGold Ashanti will receive deferred payments equivalent to a 3% net smelter returns royalty on the mine's current mineral resources [2][7]. Strategic Decision - The MSG mine, located in Goiás, includes three mechanized underground mines and an open pit, with a dedicated metallurgical plant having an annual capacity of 1.5 million tons. Recent priorities have included stabilizing operations and decommissioning the legacy tailings storage facility [3]. Production and Cost Analysis - The MSG mine produced 80,000 ounces of gold in 2024 and 86,000 ounces in 2023. It is characterized as one of AngloGold Ashanti's higher-cost and lower-production operations, and the sale is expected to enhance capital allocation and operational efficiencies [4][7]. Transaction Details - The transaction will exclude subsidiaries of Mineração Serra Grande S.A. that hold non-core assets, which will be retained by AngloGold Ashanti and transferred out through a spin-off before closing. The deal is anticipated to close in the third quarter of 2025, pending closing conditions [5]. Stock Performance - AngloGold Ashanti's shares have increased by 100.6% over the past year, significantly outperforming the industry average growth of 42.9% [6].

Company Overview - Taseko Mines is a Canadian metal and mining company focusing on copper projects in North America [1] - The flagship asset is the Gibraltar mine located in British Columbia, where Taseko holds 100% ownership [1] Production and Operations - The Gibraltar mine produces nearly 100 million pounds of copper annually [1] Investment Focus - The company targets long-term and medium-term value investments, emphasizing firms with strong fundamentals [1]

氧化铝周报 2025 年 6 月 3 日 成本支撑与复产博弈 氧化铝震荡 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jygh.com. cn 从业资格号：F031122984 投资咨询号：Z00210404 敬请参阅最后一页免责声明 1 / 7 ⚫ 矿端几内亚矿业和地质部长在国家电视台上公开 宣布将撤销几内亚129家矿业公司的勘探许可证， 其中涉及7个铝土矿项目，本次撤销暂时对在采矿 山没有直接影响，不过几内亚雨季临近，矿石供应 或有季节性减少。供应端当前开工产能较上周并 未明显增量，但随着氧化铝价格上涨利润增加，企 业生 ...

Group 1 - Shanghai International Reinsurance Center is accelerating its construction to enrich international financial products, allowing foreign traders to directly participate in trading six internationalized futures products including crude oil and low-sulfur fuel oil [1] - Eramet, a French mining company, is committed to maintaining 10,460 local jobs in Gabon despite the government's announcement to ban the export of manganese ore starting in 2029 [1] - Mysteel's survey of 247 steel mills shows a blast furnace operating rate of 83.87%, a capacity utilization rate of 90.69%, and a profit rate of 58.87%, with a daily average pig iron output of 2.4191 million tons [1] - As of May 31, the soybean harvest rate in Brazil for the 2024/25 season reached 99.8%, slightly up from 99.5% the previous week and higher than 98.8% in the same period last year [1] Group 2 - The USDA's weekly crop progress report indicates that as of June 1, the good-to-excellent rating for U.S. soybeans is at 67%, below the market expectation of 68%, with a planting rate of 84% [2] - U.S. soybean export inspection volume for the week ending May 29 was 268,343 tons, an increase from the previous week's revised figure of 200,022 tons, with shipments to China totaling 64,998 tons [2] - Indonesia's palm oil inventory decreased by 213,000 tons to 2 million tons as of the end of March, a 38% decline year-on-year, while total palm oil production increased by 7% to 4.8 million tons [2]

Core Insights - First Quantum Minerals Ltd. (FQVLF) announced that its subsidiary Minera Panamá received government approval for its Preservation and Safe Management program at the Cobre Panamá mine, allowing the company to proceed with essential preservation and environmental measures [1][9] - The program will be funded through the export of 121,000 dry metric tons of copper concentrate stockpiled at the site, reinforcing FQVLF's commitment to sustainability and responsible resource management [2][9] - The company agreed to discontinue one arbitration proceeding and suspend another related to the Cobre Panamá mine, marking progress in resolving outstanding issues since the mine's shutdown in December 2023 [3][4] Company Operations - The Cobre Panamá mine was suspended following a Supreme Court ruling that deemed the operating contract unconstitutional, leading to a halt in operations due to a blockade affecting supply deliveries [5][6] - In December 2023, Panama's trade and industry ministry ordered the cessation of all activities related to the extraction and processing at the Cobre Panamá mine, which accounted for approximately 40% of FQVLF's revenues and 1.5% of the global copper supply in 2022 [7] Stock Performance - FQVLF's shares have increased by 16.8% over the past year, contrasting with a 26.2% decline in the industry [8]

Investment Rating - The investment rating for Zijin Mining is "Buy" with a target price of HK$24.40, representing an expected return of 36.3% from the current price of HK$17.90 [5]. Core Insights - The Kamoa-Kakula project is expected to contribute approximately 5.4% to Zijin's total net profit in FY24, with a net profit of Rmb1.7 billion from this project in 2024 [2][3]. - The copper production guidance for the Kamoa-Kakula project is set at 520-580kt for 2025, which will account for 20%-22% of Zijin's total copper production guidance for that year [2][4]. - Zijin is planning to spin off and list eight gold mining assets, targeting completion before the end of 2025, subject to approval [3]. - The Manono lithium project is anticipated to commence operations in 2026, with a production guidance of 250-300kt by 2028 [4]. Summary by Sections Kamoa-Kakula Project - The underground mining activities at Kakula Mine have been suspended, while the phase 1+2 processing plant has started processing surface stockpiles totaling 3.8 million tonnes of ore with an average grade of 3.2% copper [2]. - The phase 3 processing plant continues to operate normally, and the overall impact on production and cost guidance is still under investigation [2]. Gold Spin-off - The management of Zijin is actively working on restructuring to facilitate the spin-off and listing of eight gold mining assets, with a completion target before the end of 2025 [3]. Lithium Project - The Manono lithium project is expected to be operational by 2026, with a production target of 250-300kt in 2028 [4]. Financial Overview - Zijin's market capitalization is approximately HK$475.739 billion (US$60.693 billion), with an expected dividend yield of 2.3% and a total expected return of 38.7% [5][7].