Investment Rating - The report maintains a "Buy" rating on Zijin-H/A, CMOC-H/A, and MMG [2][45]. Core Insights - Chinese metal demand has shown resilience year-to-date, but growth is largely front-loaded, particularly in renewables and stimulatory consumption from the automotive and appliance sectors [1][19]. - A deceleration in demand growth for copper and aluminum is expected in the second half of 2025, with potential deeper corrections in 2026, particularly for aluminum [1][3]. - The report highlights a potential 1.2% year-on-year growth for copper and a -2.0% decline for aluminum in 2H25E, driven by a slowdown in domestic renewables [3][13]. Summary by Sections Demand Outlook - Chinese total copper demand grew by 5% and 14% year-on-year in the first two quarters of the year, while aluminum demand increased by 4% and 7% [14][17]. - The growth in copper demand in 2Q25E was significantly influenced by rush installations in renewables, contributing 70% to the overall growth [20][24]. - The stimulatory consumption from the trade-in program for air conditioners and autos contributed an additional 0.8% growth to copper demand [21][25]. Earnings Revisions - Earnings for Chinese copper companies have been revised down by 7% to up by 21% for 2025E-27E, reflecting updated commodity price forecasts [2][45]. - Target prices for Zijin, CMOC, and MMG have been adjusted upwards, with Zijin's target price revised to HK$26.5/Rmb28.5 and CMOC's to HK$9.5/Rmb11.5 [45][46]. Market Dynamics - The report notes a tighter supply situation in the copper market due to a shortage of scrap, which may offset some negative demand outlooks [31][32]. - The ongoing US-China tariff situation has had a lesser impact on metal demand than previously feared, with a shift in production for US-bound shipments to non-China factories [23][29].

Core Insights - Koryx Copper Inc. announced positive assay results from six drill holes totaling 1,808 meters as part of its Phase 2 drill program for the Haib Copper Project in Namibia, indicating higher copper grades than the average mineral resource estimate [2][4][25] - The company is encouraged by the geological findings, which suggest the presence of additional higher-grade mineralization in previously unrecognized structures, potentially enhancing the overall mineral resource estimate [3][12] Drilling Results - The Phase 2 drill program has completed six diamond drill holes, with results showing significant copper intersections, including 88 meters at 0.41% Cu and 228 meters at 0.34% Cu [4][14] - The drilling has confirmed the extension of higher-grade mineralization in various targets, with notable results from holes HM68, HM69, HM70, HM71, HM73, and HM74 [5][9][10] Geological Understanding - The geological mapping and core relogging efforts, supported by an international consultant, have improved the understanding of the mineralization at Haib, highlighting structural controls that may serve as excellent drill targets [10][12] - The mapping has confirmed the presence of northeast-dipping shear zones associated with higher-grade copper mineralization, which were previously unrecognized [11][12] Future Plans - Koryx plans to mobilize additional man-portable drill rigs to facilitate drilling in challenging terrain, with expectations to complete a total of 28,000 meters of drilling in 2025 [17][18][19] - The company remains confident in its ability to meet its drilling targets and advance the Haib Copper Project towards further development [19] Project Overview - The Haib Copper Project is an advanced-stage copper/molybdenum/gold project with a current mineral resource of 414 million tonnes at 0.35% Cu in the Indicated category and 345 million tonnes at 0.33% Cu in the Inferred category [25][26] - The project aims to establish a long-life, low-cost open-pit copper operation, with potential for additional copper production through heap leaching [24][25]

Industry Overview - The world is facing a structural, long-term copper shortage driven by the global transition to a green economy, which requires significant amounts of copper for electric vehicles, wind and solar farms, and modernizing power grids [1][2] - The build-out of artificial intelligence (AI) is creating additional demand for copper due to the energy-intensive nature of data centers that require extensive copper wiring [2] Supply Challenges - Demand for copper is expected to outpace supply due to significant challenges in discovering and developing new large-scale copper deposits, which is a slow and costly process [3] - Many existing major mines are nearing the end of their productive life and are processing lower-quality ore, leading to increased energy and resource requirements for copper production [4] Company Positioning - Freeport-McMoRan (FCX) is positioned to benefit from the rising copper prices, with sales guidance for 2025 projected at approximately 4.0 billion pounds of copper [5] - The company operates with a low net cash cost of $1.65 per pound of copper, meaning that any increase in copper prices directly enhances profitability [11] Financial Strength - Freeport-McMoRan has a strong balance sheet with a low debt-to-equity ratio of 0.30, allowing it to fund growth opportunities without relying on expensive debt [9] - The company has a reliable dividend yield of 0.65% and a commitment to returning capital to shareholders through dividends and a multi-billion-dollar share repurchase program [8][10] Profit Potential - A sustained increase of $0.25 per pound in copper prices could translate into approximately $1 billion of additional annual operating cash flow for Freeport-McMoRan based on its sales guidance [11] - The company's operational leverage means that rising copper prices disproportionately impact its bottom line, enhancing profitability [6] Market Outlook - Analysts have a Moderate Buy consensus rating for Freeport-McMoRan, with a 12-month price target of $48.27, indicating a potential upside of 5.27% from the current price [12][13] - The company's price-to-earnings-growth ratio (PEG) of 0.84 suggests a reasonable valuation compared to its strong future growth prospects [13]

Core Viewpoint - Horizon Copper Corp. has entered into a definitive arrangement agreement with Royal Gold, Inc. for an all-cash acquisition valued at approximately US$196 million, providing significant premiums to shareholders [1][4][6] Transaction Details - Horizon shareholders will receive C$2.00 per share, representing an 85% premium to the 20-day volume weighted average price and a 72% premium to the closing price on July 4, 2025 [1][4][6] - The transaction is contingent upon the completion of a concurrent acquisition of Sandstorm Gold, valued at approximately US$3.5 billion [2][8] - The transaction will be executed through a court-approved plan of arrangement under the Business Corporations Act (British Columbia) [4][8] Strategic Rationale - The acquisition is seen as a compelling value for Horizon shareholders, with strong cash flows from interests in major copper mines like Antamina, Hod Maden, and Oyu Tolgoi [3][16] - Horizon has outperformed benchmark copper mining indexes by over 50% in the past year, indicating strong market performance [3][15] Approval Process - The transaction requires approval from 66 2/3% of votes cast by Horizon shareholders at a special meeting [5][7] - Sandstorm and certain shareholders controlling 54% of Horizon shares have entered into voting support agreements to favor the transaction [5][7] Financial and Legal Advisors - Scotiabank is the financial advisor to Royal Gold, while Fort Capital Partners is advising Horizon Copper [14]

Report Summary 1. Investment Ratings No investment ratings for the industries are provided in the report. 2. Core Views - The overall market situation is influenced by overseas tariff risks and domestic policies. The equity market is expected to be bullish in the medium - term, and the bond market also shows strength. Different commodity futures have various trends based on their specific supply - demand and macro - economic factors [1][2][5]. 3. Summary by Categories Financial Futures and Options - **Stock Index Futures (IF, IH, IC, IM)** - **Intraday View**: Narrow - range fluctuation, with trading positions holding cash and waiting for opportunities [1]. - **Medium - term View**: Bullish [1]. - **Reference Strategy**: Exit the short position of the MO2507 - P - 5800 out - of - the - money put option opportunistically, and cautiously hold long positions in IM2507 [1]. - **Core Logic**: Overseas tariff risks are rising, and domestic policies are boosting the domestic demand and the innovation of enterprises. Technically, the market is in a bullish cycle, and risk appetite has increased [1][2]. - **Treasury Bond Futures (TS, TF, T, TL)** - **Intraday View**: Short - term bonds fluctuate in a narrow range, while long - term bonds are relatively stronger [3]. - **Medium - term View**: Bullish [3]. - **Reference Strategy**: Hold long positions in T2509 or TL2509 [5]. - **Core Logic**: The improvement of the long - term liability side of large banks and the expectation of policy easing support the bond market [5]. Commodity Futures and Options - **Metal and New Energy Materials - Copper** - **Intraday View**: The price range is 78800 - 80500 [6]. - **Medium - term View**: The price range is 60000 - 90000 [6]. - **Reference Strategy**: Adopt a weak - biased oscillatory trading strategy [6]. - **Core Logic**: The possible Fed rate cut, supply changes in different regions, weak demand, inventory changes, and the upcoming Sino - US tariff negotiation results affect the copper market [6][7]. - **Industrial Silicon** - **Intraday View**: Low - level operation, with a range of 7900 - 8200 [8]. - **Medium - term View**: Under pressure, with a range of 7000 - 8500 [8]. - **Reference Strategy**: Wait and see [8]. - **Core Logic**: Both supply and demand are decreasing, and the inventory is at a high level [8]. - **Polysilicon** - **Intraday View**: Rise and then fall, with a range of 35000 - 36000 [11]. - **Medium - term View**: Low - level operation, with a range of 28000 - 38000 [11]. - **Reference Strategy**: Wait and see [11]. - **Core Logic**: Supply and demand are both down, and the inventory is high, indicating an obvious supply surplus [11]. - **Lithium Carbonate** - **Intraday View**: Low - level operation, with a range of 63000 - 64000 [12]. - **Medium - term View**: The cost support weakens, and the price declines steadily, with a range of 56000 - 68000 [12]. - **Reference Strategy**: Short the futures at high prices and sell LC2508 - C - 83000 [12]. - **Core Logic**: The spot price is low, supply pressure is high, and the inventory is at a high level [12].

Group 1 - The copper price has more than doubled over the last 10 years, indicating a significant long-term upward trend in the market [1] - Year to date, copper prices are up 25%, driven by tariff disruptions that have facilitated the movement of physical copper from global inventories to US consumers ahead of the tariff pause deadline [1]

VANCOUVER, British Columbia, July 03, 2025 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the “Company”) is pleased to announce that the Tucumã Operation, located in Pará State, Brazil, achieved commercial production, effective July 1, 2025. During the month of June, following the completion of commissioning of the third filter press as well as modifications to the process plant, the operation achieved sustained throughput levels exceeding 75% of design capacity. "The achievement of co ...

Core Insights - Marimaca Copper Corp. announced significant high-grade copper intersections at the Pampa Medina deposit, extending its mineralization in all directions [1][2][3] - The drilling results indicate a unique sediment-hosted copper system in Chile, comparable to notable global deposits [2][3] - The company plans to host an investor presentation to discuss these findings and their implications for future production [2][8] Drilling Results - Drilling confirmed the presence of ultra high-grade (>5% CuT) zones over 15 meters thick, located more than 600 meters apart [2] - High-grade (>1.0% CuT) mineralization was defined across a 600m x 1,000m area, with potential extensions to 1.4km x 1.2km [2][3] - Notable intersections include: - Hole SMRD-13: 6m of 12.0% Cu from 594m downhole within 26m of 4.1% Cu from 580m [2] - Hole SMD-02: 40m of 2.1% Cu from 282m downhole within 132m of 1.0% Cu from 278m [2] - Hole SMD-01: 68m of 1.2% Cu including 20m of 2.3% Cu from 298m downhole [2] Geological Context - Pampa Medina is characterized as a manto-style copper deposit hosted in Jurassic-Triassic sedimentary units, with mineralization extending laterally down-dip [10][11] - The sedimentary units are extensive and mineralized over many square kilometers, indicating significant potential for high-grade sulphide mineralization [3][4] - The geological model has been updated to focus on lower sedimentary units as productive horizons for future drilling [11] Infrastructure and Development Potential - The location of Pampa Medina offers significant infrastructure advantages, being close to existing mines and associated facilities [2] - The low altitude and flat terrain provide ample space for future facilities and infrastructure development [2] - The company anticipates that the Pampa Medina and Madrugador oxide deposits will enhance its copper cathode production profile and extend mine life [5][6] Future Plans - The company is completing a 10,000m drilling program across 14 diamond holes to further define the limits of the prospective sedimentary units [5] - The Definitive Feasibility Study (DFS) for the Marimaca Oxide Deposit (MOD) is nearing completion and will be released soon [6][8] - The previously announced Preliminary Economic Assessment (PEA) for Pampa Medina will be paused to reassess the implications of the new drilling results [8]

Core Insights - Highland Copper Company is making significant progress on its 100%-owned Copperwood Project, moving towards a near-term construction decision [1] Funding and Support - The Copperwood project is under consideration for a $50 million grant from the Michigan Economic Development Corporation, pending final approval from the Senate Appropriations Committee [2] - Wakefield Township has requested a separate $50 million infrastructure grant from the Michigan legislature, demonstrating strong local support for the project [3] - The proposed grant aims to enhance economic development in Gogebic County by upgrading local infrastructure, which will also support the Copperwood project [4] - Local leaders, including Wakefield Township Supervisor Mandy Lake and Congressman Jack Bergman, emphasize the project's importance for domestic copper production and job creation [5] Engineering and Development - Highland has awarded Front-End Engineering and Design contracts to DRA Global for mine and process plant engineering, and to Foth and Tetra Tech for water management and tailings disposal facility engineering, respectively [6] - The company plans to transition into Phase 2 of its engineering program in Q3 2025, targeting 35% completion for mine and process plant engineering and 85% for the tailings disposal facility by Q1 2026 [7] - Successful completion of metallurgical drill programs has been reported, with 400 kilograms of core samples sent for analysis, achieving results comparable to previous tests [8] Environmental Mitigation - The 2025 construction season focuses on fulfilling obligations related to environmental mitigation, including the planting of nearly 20,000 trees [10] - An off-site stream mitigation project is underway to replace undersized culverts with a 50-foot-span bridge, enhancing fish habitat and meeting mitigation obligations [11] Strategic Outlook - The company is focused on key work programs to enable a construction decision for Copperwood in 2026, including site preparation, engineering progress, and funding opportunities [12]

Core Insights - Oroco Resource Corp. has engaged Whittle Consulting Ltd. to conduct a Strategic Option Study for its Santo Tomás porphyry copper project in northwestern Mexico [1][2] Strategic Option Study Overview - The study aims to evaluate innovative operating strategies and technologies to enhance the project's value, utilizing Whittle's "Integrated Strategic Planning" methodology [2] - Key focus areas include refining pit size, stripping ratios, and cut-off grades to provide guidance for the upcoming Pre-Feasibility Study (PFS) [3] Data and Expertise - The study will utilize the existing Mineral Resource Estimate from Oroco's Q3 2024 Preliminary Economic Assessment (PEA) without requiring additional data collection [4] - Whittle's expertise includes over 120 Enterprise Optimization studies, leveraging its proprietary "Prober-F" software for project economics improvement [4][5] Payment Structure - Whittle will receive 60% of its consulting fee in Oroco common shares, to be issued during the company's next equity financing expected in 2025, subject to TSX Venture Exchange approval [6] About Oroco - Oroco holds an 85.5% interest in the Core Concessions of the Santo Tomás Project, covering 1,173 hectares, and an 80% interest in an additional 7,861 hectares, totaling 9,034 hectares [7] - The project is located within 170 km of the Pacific deep-water port at Topolobampo, with access via highway and rail [9][10]