Group 1 - The article discusses Caledonia Mining Corporation (CMCL) and highlights its potential while also noting risks related to geopolitics and funding for the low-cost Bilboes project [1] - The author has over a decade of experience researching various companies across different sectors, including commodities and technology, which informs their analysis of investment opportunities [1] - The focus of the author's research has shifted to a value investing-oriented YouTube channel, where they have analyzed hundreds of companies, particularly favoring metals and mining stocks [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Basic Materials, specifically Copper and Aluminium - **Key Participants**: Commodity trader Mr. Lin and SMM copper analyst Mr. Ye Copper Market Insights - **Near-term Volatility**: Copper prices are experiencing volatility due to macroeconomic uncertainties and inventory digestion, with market sentiment influenced by geopolitical tensions, particularly the Middle East conflict [2][3] - **Market Positioning**: Downstream participants are largely sidelined, leading to a range-bound price environment without a clear direction [2] - **Inventory Expectations**: Copper inventories are expected to decline gradually, with Mr. Ye predicting a drawdown in China inventories starting this week, targeting a positive level of 15,000 tons [2] - **Price Forecast**: Mr. Ye anticipates 2026 copper prices to be around USD 12,500–12,800 per ton, with limited upside potential above USD 14,000 per ton and downside support around USD 12,000 per ton [2] - **Long-term Outlook**: Both analysts maintain a positive medium- to long-term outlook due to structurally tight supply and copper's critical mineral status [2] - **Geopolitical Impact**: The Middle East conflict has a limited direct impact on copper supply-demand balance, accounting for only about 2% of global supply, but could indirectly affect prices through higher energy costs [2] Demand Dynamics - **Price Sensitivity**: Downstream procurement has become more price-sensitive, with a trading range around RMB 100,000 per ton (approximately USD 12,000–12,500 per ton) where transactions cluster [3] - **Cautious Purchasing Behavior**: Downstream buyers are focusing on short cycles rather than building inventories, with some sectors like power grid orders recovering but not exceeding expectations [3] - **Demand Growth**: Overall demand growth for copper is expected to be less than 1% in 2026, with no clear evidence that high prices have significantly destroyed end demand [3] Aluminium Market Insights - **Supply Risks**: Aluminium prices face upside risks due to potential curtailment in the Middle East, where smelters are holding less than one month of feedstock inventory [5] - **Global Supply Growth**: Estimated global supply growth for aluminium in 2026 is around 1 million tons, with contributions from both China and non-China sources [5] - **Demand Recovery**: Downstream demand for aluminium remains robust, with expectations for further recovery around the end of March amid peak season [5] Risks and Opportunities - **Downside Risks**: Include worsened property construction, less-than-expected solar/wind installations, declining home appliance export orders, and missed capital expenditures by State Grid and Southern Grid [6] - **Upside Risks**: Include improved property construction, better-than-expected solar/wind installations, and exceeding capital expenditures by State Grid and Southern Grid [6] Additional Notes - **Analyst Contact Information**: Analysts involved in the report include Sharon Ding, Beili Wang, and Suxi Zheng, with contact details provided for further inquiries [4] - **Valuation Methodology**: The report includes a risk statement and valuation methodology relevant to the copper and aluminium sectors [6]

Core Viewpoint - The article discusses the author's extensive experience in researching various companies across different sectors, emphasizing a focus on value investing and a particular interest in metals and mining stocks. Group 1: Company Research - The company has over a decade of experience in in-depth research across multiple industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, where it has researched hundreds of different companies [1] - The company expresses a preference for covering metals and mining stocks but is also comfortable with other sectors like consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - Giga Metals Corp. has successfully closed a private placement of Flow-Through shares, raising a total of $900,000 to fund exploration activities at the Turnagain project and other potential Canadian properties [1][2]. Group 1: Private Placement Details - The private placement involved the issuance of 8,181,818 Flow-Through shares at a price of $0.11 each [1]. - The proceeds from the private placement will be allocated to eligible Canadian exploration expenses, which must be incurred by December 31, 2027, and renounced by December 31, 2026 [2]. - Finder's fees amounting to 8% of the total proceeds will be paid in common shares, along with the issuance of 654,545 finder's warrants, allowing the purchase of common shares at $0.11 for one year [4]. Group 2: Company Overview - Giga Metals Corporation's primary asset is the Turnagain Project in northern British Columbia, which is recognized for its significant undeveloped sulphide nickel and cobalt resources [6]. - The Turnagain Project is jointly owned with Mitsubishi Corporation through a subsidiary called Hard Creek Nickel [6]. - A Pre-Feasibility Study for the Turnagain Project was released in October 2023, indicating its potential for additional mineralization, including copper, platinum, and palladium [6].

Core Viewpoint - The Federal Reserve's decision to maintain interest rates amid high inflation and surging oil prices due to the Iran war is negatively impacting metals and mining stocks, with potential interest rate cuts delayed until 2027 [1] Group 1: Market Conditions - Metal prices are declining despite traditional demand boosts from war, as the U.S. dollar and bonds are favored as safe-haven assets due to high interest rates [2] - Operational costs for miners are rising sharply due to increased fuel costs, with Brent crude oil prices up over 50% since the onset of the Iran war [2] - The metals and mining sector is facing challenges from high interest rates, rising energy costs, a stronger dollar, and fears of an economic slowdown, affecting metal prices and miner resilience [6] Group 2: Company Performance - Newmont Corporation's shares fell 13.5% this week and over 25% since the Iran war, despite generating record free cash flow of $7.3 billion in 2025 and reducing debt by $3.4 billion [3][7] - Barrick Mining shares have also seen significant declines, but the company plans to spin off its North American gold assets to unlock shareholder value [3][7] - Hecla Mining's stock has dropped over 50% from its January high, but the company is in a strong financial position and is selling a non-performing gold mine to generate cash [3][8] - Wheaton Precious Metals, a streaming company with 52% exposure to gold and 46% to silver, has lost 18% in one week and 30% in March, but its business model mitigates the impact of high fuel costs [4][8] - BHP's shares have fallen nearly 20% in March, but the company is recognized for its strong cash flow and margins, with a strategic pivot towards copper under new CEO Brandon Craig [4][9]

Financial Data and Key Metrics Changes - The company closed the year with a cash balance of $20.1 million and secured funding of $30.9 million in net proceeds [38] - A net loss of $14.1 million was reported, with a diluted loss per share of $0.17 [39] - Investment activities reduced from $52 million to $21 million, reflecting a shift from exploration to development [40] Business Line Data and Key Metrics Changes - The Kabanga Nickel Project is positioned at the lower end of the cost curve, with a $1.58 billion after-tax NPV and a strong 23.3% IRR [13][14] - The company has engaged in several funding processes to reach a final investment decision (FID) for the Kabanga project, including a $60 million bridge facility from Taurus [11][16] Market Data and Key Metrics Changes - Nickel prices have increased by $2,500 per ton since late 2025, positively impacting project financing [20] - The nickel market is tightly controlled by Indonesia, which has influenced pricing and supply dynamics [68] Company Strategy and Development Direction - The company aims to unlock processing and refining bottlenecks in global supply chains, leveraging its hydrometallurgical expertise [7] - A partnership with Glencore on catalytic converter recycling is part of the company's growth strategy [30] - The company is exploring synergies between the Kabanga and Musongati projects to enhance economic potential [36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic financing initiatives and the potential for long-term partnerships [16][17] - The company is committed to a staged approach for downstream processing, ensuring economic viability while building the mine [57] - Management highlighted the importance of sustainability and the project's lower CO2 emissions compared to competitors [55] Other Important Information - The company has completed a life cycle assessment compliant with ISO standards, showcasing the project's environmental advantages [22] - The acquisition of a 17% stake from BHP was completed, providing full control over the project direction and financing flexibility [44][46] Q&A Session Summary Question: Will the nickel refinery from the Kabanga Project still be implemented in Tanzania after five years of mine operations? - The company plans to have a fully vertically integrated project in Tanzania, with a staged approach to downstream processes [57] Question: Will the potential partner join at a premium, or are current prices acceptable? - The current share price is not reflective of the asset's real value, and any partnership will be at a more reflective valuation [60][61] Question: What is the status of the Musongati project? - The company is in the early stages of assessing the Musongati project and has committed to a reconnaissance scoping study [62][63] Question: What is the company's opinion on the recent decline in nickel prices? - The decline is influenced by geopolitical events and changes in regulations in Indonesia, which have affected market dynamics [68][69]

Core Viewpoint - Centerra Gold (CGAU) is highlighted as a strong investment opportunity due to its solid financials, debt-free balance sheet, and growth potential despite challenges from a declining Turkish mine [1]. Company Analysis - Centerra Gold is recognized for its robust financial health and lack of debt, positioning it favorably in the gold sector [1]. - The company is facing near-term challenges primarily related to its operations in Turkey, which are currently declining [1]. Industry Insights - The analysis reflects a broader interest in the metals and mining sector, indicating a preference for companies within this industry due to their potential for growth and value [2].

Core Viewpoint - Centerra Gold (CGAU) is highlighted as a strong investment opportunity due to its solid financials, debt-free balance sheet, and growth potential despite challenges from a declining Turkish mine [1]. Company Analysis - Centerra Gold is recognized for its robust financial health and lack of debt, which positions it favorably in the market [1]. - The company is facing near-term challenges primarily due to issues related to its Turkish mine, which may impact its performance [1]. Industry Insights - The analysis reflects a broader interest in the metals and mining sector, indicating a preference for companies within this industry, particularly in the context of value investing [2].

Capital Markets Update 2026 Mikael Staffas, President and CEO Håkan Gabrielsson, CFO March 18, 2026 Disclaimer Boliden Virtual CMD March 18, 2026 2 • This presentation has been prepared by Boliden for information purposes only and as per the indicated date. Boliden does not undertake any obligation to correct or update the information or any statements made therein. Certain statements in this presentation are forward-looking and are subject to risks and uncertainties. • Nothing contained herein shall consti ...

Core Insights - The article discusses the author's extensive experience in researching various companies across different sectors, including commodities and technology, highlighting a focus on value investing through a YouTube channel [1]. Group 1: Company Research - The author has researched companies in-depth for over a decade, covering sectors such as oil, natural gas, gold, copper, and technology [1]. - The author has transitioned from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been analyzed [1]. - The preferred focus of the author is on metals and mining stocks, although there is comfort in analyzing other industries like consumer discretionary/staples, REITs, and utilities [1].