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].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for being a forward-looking technology adopter, utilizing technologies to assist and enhance workflows [4] - The company employs automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Core Insights - American Resources Corporation (AREC) and ReElement Technologies Corporation have expanded their antimony tolling agreement, allowing ReElement to refine stibnite ore into ultra-pure antimony products for both defense and commercial markets [1][3]. Agreement Details - The revised agreement spans a 10-year term with automatic renewals, securing long-term supply deals. Initial tolling revenues are expected to exceed $29 million annually, with potential for significant growth due to increasing domestic demand [2][7]. - The partnership will start processing approximately 500 metric tons per month of stibnite ore, with the capacity to expand based on market demand [5][7]. Market Context - Antimony oxide and antimony sulfide are crucial compounds, with the global market for antimony oxide valued at around $852 million in 2023, projected to grow at a compound annual growth rate (CAGR) of 4.9% to approximately $1.43 billion by 2034 [4]. - Antimony is utilized in various applications, including ammunition, missiles, flame retardants, batteries, and solar panels [4]. Strategic Positioning - AREC and ReElement are well-positioned to scale their operations and explore new feedstock opportunities as they ramp up refining capacity at their Marion, IN facility and consider additional sites domestically and internationally [3].

Core Viewpoint - Azimut Exploration Inc. has reported additional positive assay results from the Perseus Nickel Zone, which is adjacent to Globex Mining Enterprises Inc.'s Tyrone Property in Quebec, indicating significant economic potential for the area [1][7]. Group 1: Assay Results - The assay results from the Perseus Nickel Zone include 30 high-grade nickel samples with grades ranging from 3.46% to 19.60% Ni, all exceeding 3.0% Ni [3][4]. - The samples also show high palladium grades between 1.16 g/t Pd and 12.15 g/t Pd, and platinum grades up to 3.65 g/t Pt [3][4]. - Additional grades for rare PGEs include up to 1.16 g/t Rh, 0.43 g/t Ir, 2.75 g/t Ru, and 0.45 g/t Os, enhancing the potential value of the Perseus Zone [4]. Group 2: Economic Potential - The new assay data suggests greater economic potential than previously estimated, with high-grade mineralization similar to Archean Kambalda-type komatiitic nickel deposits found in Western Australia [7]. - The mineralization is associated with a magnetic anomaly that extends into Globex's Tyrone property, which has not been extensively explored, indicating high prospectivity [7]. - Other parts of the Tyrone property have shown high-grade occurrences of copper, gold, and silver, with notable samples including up to 47.2 g/t Au, 71 g/t Ag, and 7.4% Cu [7].

Core Insights - Foremost Clean Energy Ltd. has appointed Cameron MacKay as Vice President of Exploration, effective June 1, 2025, bringing over a decade of uranium exploration experience [1][2] - The company aims to leverage MacKay's expertise to enhance its exploration capabilities across its portfolio of 10 uranium properties in the Athabasca Basin, particularly following recent successes at the Hatchet Lake property [2][3] - Foremost is strategically positioned to capitalize on the increasing global demand for uranium as nuclear power becomes a prominent clean energy solution [3] Company Overview - Foremost Clean Energy Ltd. is a North American uranium and lithium exploration company, holding an option to earn up to a 70% interest in 10 uranium properties covering over 330,000 acres in the Athabasca Basin [4] - The company is focused on systematic exploration programs to make significant discoveries in collaboration with Denison Mines Corp. [4] - In addition to uranium, Foremost has a portfolio of lithium projects across more than 55,000 acres in Manitoba and Quebec, at various stages of development [5]

Core Viewpoint - Teck Resources Limited announced mechanical issues at its Carmen de Andacollo (CdA) Operations in Chile, leading to a maintenance shutdown of the SAG mill, but does not expect a material impact on production or sales for 2025 [1][2][3]. Group 1: Production Impact - Production at CdA will be interrupted for approximately one month for repairs, but the company plans to reschedule other maintenance to mitigate the impact [2]. - The previously disclosed guidance for 2025 total annual copper production and for CdA remains unchanged despite the downtime [2]. - An unrelated temporary outage of the shiploader at the Quebrada Blanca (QB) port facility is also expected to last about one month, but operations at the QB mine and plant continue normally [3]. Group 2: Company Overview - Teck is a leading Canadian resource company focused on providing essential metals for economic development and energy transition, with a strong portfolio of copper and zinc operations across North and South America [7]. - The company emphasizes responsible growth and resilience built on stakeholder trust, with shares listed on both the Toronto Stock Exchange and the New York Stock Exchange [7].

Core Insights - Makenita Resources has received final regulatory approval for its drilling permit at the Hector Silver/Cobalt Property in Ontario, allowing the company to commence its maiden drilling campaign [1][2][3] - The Hector Property consists of 126 unpatented mineral claims covering 2,243 hectares, with initial drilling targeting high-priority zones identified through geological assessments [2] - The company has achieved full DTC eligibility for its U.S. trading symbol, KENYF, facilitating easier trading for American investors [3][4] Company Developments - The commencement of drilling is expected to generate significant news flow and market interest, marking a pivotal moment for Makenita Resources [3][4] - The Hector Silver/Cobalt Project is positioned in a mining-friendly jurisdiction with a history of silver and cobalt production, enhancing its strategic value [4] - The company aims to leverage positive commodity fundamentals and a tightly held share structure to establish itself as a compelling exploration story in the North American resource sector [4]

Core Insights - SSR Mining Inc. (SSRM) reached a new 52-week high of $11.89 before closing at $11.74, with a market capitalization of $2.38 billion and a Zacks Rank 2 (Buy) [1] - SSR Mining's stock has increased by 68.6% year-to-date, significantly outperforming the industry growth of 8.6% and the Basic Materials Sector's growth of 6.8% [1] Acquisition and Production - SSR Mining completed the acquisition of the Cripple Creek & Victor (CC&V) mine from Newmont Corporation, positioning itself as the third-largest gold producer in the U.S. [4] - The CC&V mine has reported gold Mineral Reserves of 2.4 million ounces, with an 85% year-over-year increase from 2023 [5] - The addition of CC&V is expected to boost SSR Mining's annual gold production by 170,000 ounces [6] Production Guidance - SSR Mining anticipates a more than 10% year-over-year increase in gold equivalent ounces (GEO) production for 2025, with expected production ranging from 410,000 to 480,000 ounces [6][7] - The Marigold mine is projected to produce 160,000-190,000 ounces, while the Seabee mine is expected to yield 70,000-80,000 ounces [7] - The expected gold production from the CC&V mine for 2025 is estimated at 90,000-110,000 ounces [8] Financial Performance - In Q1 2025, SSR Mining reported adjusted earnings per share of 29 cents, exceeding the Zacks Consensus Estimate by 262.50% and marking a 164% improvement from the previous year [9] - Total revenues for Q1 2025 increased by 38% year-over-year to $317 million [9] - The average realized gold price rose by 42% to $2,935 per ounce, while the average realized silver price increased by 46% to $23.23 per ounce [10] Development and Exploration - SSR Mining invested $12.2 million in the Hod Maden project during Q1 2025, focusing on engineering and early-stage site development [11] - The company is advancing exploration and development initiatives across its asset portfolio to identify high-return, low-capital opportunities [11] Market Trends - Gold prices have increased by 25.5% in 2025, driven by geopolitical tensions and central bank buying, while silver prices have risen by 14.6% due to demand from the electrification sector [12]

Group 1 - Hong Kong is actively expanding its financial value chain, focusing on creating an international gold trading market and establishing a commodities trading ecosystem [1] - The meeting between Hong Kong's Secretary for Financial Services and the Canadian Deputy Minister of Finance highlighted the potential for cooperation in the gold market and virtual assets, addressing challenges posed by unilateralism and protectionism [1] - Hong Kong has been recognized as a reliable partner for Canada due to its efficient policy mechanisms and robust financial market amidst global economic uncertainties [1] Group 2 - Hong Kong was included in the London Metal Exchange's global warehouse network in January, with seven approved warehouses established within four months to serve global base metal traders [2] - The government aims to integrate the real economy with Web3 innovations, introducing a licensing system for fiat-backed stablecoin issuers while promoting the rapid development of Web3 and digital assets under a balanced regulatory framework [2]