Group 1 - Freeport-McMoRan Inc. (NYSE:FCX) is recognized as one of the top mineral stocks, with a recent upgrade from Hold to Buy by Freedom Capital Markets, raising the price target from $47 to $76 [1][2] - The upgrade reflects the company's leveraged exposure to a rebound in copper prices amid restricted supply, with Freeport accounting for approximately 9% of global copper supply [1][2] - There is uncertainty regarding the Grasberg expansion, with normalization expected in the latter half of 2026 [2] Group 2 - Freeport-McMoRan has signed a memorandum of understanding with the Indonesian government to extend its operational rights in the Grasberg mining sector, with the current license expiring in 2041 [3] - Under the new agreement, Freeport will transfer an additional 12% ownership stake in the mineral rights at no charge after 2041, reducing its stake from 48.8% to 36.8% [3] - The Grasberg site is one of the largest copper mines globally, and Freeport-McMoRan is a leading global mining company with significant operations in North and South America and Indonesia, focusing on copper, gold, and molybdenum [4]

Core Viewpoint - ESGold Corp. has successfully closed a private placement offering, raising gross proceeds of C$7,264,440 to advance its Montauban Project and for general corporate purposes [1][3]. Group 1: Offering Details - The offering consisted of 10,683,000 units sold at a price of C$0.68 per unit [1]. - Each unit includes one common share and one-half of a common share purchase warrant, with each warrant allowing the purchase of one common share at C$1.00 until March 10, 2029 [2]. - Red Cloud Securities Inc. acted as the sole agent and bookrunner for the offering, receiving a cash fee of C$406,531 and 597,840 non-transferable common share purchase warrants as compensation [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for advancing the Montauban Project in Québec, as well as for general working capital and corporate purposes [3]. Group 3: Regulatory Compliance - The units were issued under the listed issuer financing exemption, making them immediately freely tradeable for Canadian purchasers [4]. - The offering is subject to final approval from the Canadian Securities Exchange [6]. Group 4: Company Overview - ESGold Corp. is a fully permitted, fully funded, pre-production mining company focused on a scalable clean mining model across North and South America [8]. - The Montauban Gold-Silver Project in Quebec is under construction, with production anticipated in 2026 [8].

Market Recovery - The market is experiencing a bounce back, driven by President Trump's comments on the military operation in Iran being ahead of schedule, which has instilled confidence among investors [1] - Asian markets showed positive movement, with significant gains observed in European markets, including a 1.4% increase in the Footsie and a 2.2% rise in the Zetradax [2] Sector Performance - Banks are showing notable recovery, with a 3.7% increase in one of the favored trades in Europe, although still below earlier peaks [3] - Technology has shifted to a defensive role in the market, with recurring revenues supporting its growth trajectory, as investors pivot away from concerns about obsolescence and capital expenditures [4] European Banks - European banks such as Commerce Bank, Deutsche Bank, and Barclays have all seen gains of over 4% in trading sessions, indicating a significant step up despite being far from their highs [6][7] - The banking sector has faced challenges due to the conflict, impacting growth assumptions and inflation concerns, but is now showing signs of recovery [7] Mining and Commodities - The mining sector has been volatile, influenced by global economic slowdowns and rising oil prices, which could drive inflation higher [8] - Despite a difficult backdrop, mining stocks like Anglo-American and Antofagasta are performing well in the current market environment [9] Luxury Goods - European luxury brands are experiencing a rebound, with LVMH up by 1.7%, while other brands like Kering and Richemont are outperforming it [10] - Increased activity in the Chinese market has been noted, although questions remain about the sustainability of domestic buying patterns [10]

Core Insights - Solitario Resources Corp. has filed a Plan of Operations with the US Forest Service to conduct core drilling at its Bright Angel gold-copper project in Colorado, marking the first drilling since 1970 [1] - The proposed drilling program aims to explore a mineralized porphyry stockwork that contains significant gold and copper values, with mineralization traced over an area approximately 750 meters long and up to 600 meters wide [1] - The company emphasizes the importance of environmental protection in its drilling plans, aiming for minimal surface impact and adherence to state and federal abandonment standards [1] Company Overview - Solitario is focused on high-quality Tier-1 projects in gold, copper, zinc, and critical metals, with significant land holdings in South Dakota and other projects slated for drilling in 2026 [1] - The company holds a 100% interest in the Cat Creek critical minerals project and has joint ventures in high-grade zinc deposits in Alaska and Peru, with over $110 million spent collectively on these properties [1] - Solitario's current cash position is approximately US$8.2 million, and it is traded on the NYSE American and Toronto Stock Exchange [1] Historical Context - The Bright Angel project has a history of exploration dating back to the late 1960s, with Anaconda Copper having drilled 11 core holes in 1970, which intersected significant copper grades but did not prioritize gold due to fixed pricing [1] - Anaconda's exploration concluded that the Bright Angel porphyry was not a calc-alkaline system, leading to its eventual exit from mineral exploration [1] - The company plans to conduct additional surveys, including a drone magnetic survey and possibly an Induced Polarization geophysical survey, in the upcoming field season [1]

Core Viewpoint - Homerun Resources Inc. has successfully produced fused silica glass from raw silica sand using a one-step thermoelectric Fast Joule Heating process in collaboration with UC Davis, supporting its strategy to supply high-value advanced materials markets [1][2]. Group 1: Production Process - The collaboration with UC Davis aimed to evaluate the efficiency of producing fused silica glass from raw silica sand using the Fast Joule Heating method, which has now been successfully demonstrated [2]. - The FJH process allows for the conversion of silica to fused silica glass without chemical reagents, making it an environmentally friendly option [6][18]. - The process achieved fused silica glass rapidly after reaching a peak temperature of about 2000°C, significantly above the melting point of silica [6]. Group 2: Market Demand and Applications - The market for fused silica is driven by its extreme purity and thermal stability, with key applications in semiconductor fabrication, high-performance optics, and advanced electronics [7]. - There is growing demand for ultra-pure fused silica in technologies such as 5G, IoT, and quantum computing, highlighting its importance in future technological advancements [7]. Group 3: Strategic Developments - Homerun has filed a new patent application for a novel process to purify silica sand to ultra-high purity levels, targeting industrial applications like semiconductors and optical glass [10]. - The purification process utilizes femtosecond laser ablation, eliminating the need for hazardous chemicals and energy-intensive methods, thus enhancing environmental sustainability [10][18]. - The company is focused on scaling production capacity of fused silica glass using off-the-shelf equipment following successful bench testing [6]. Group 4: Future Outlook - Homerun is committed to building a vertically integrated platform for clean energy manufacturing, with a focus on silica-powered solutions across various sectors including solar and energy storage [14][19]. - The company aims to leverage its high-purity low-iron silica resource to meet the increasing demand for advanced materials in clean energy applications [19].

Core Insights - Cascade Copper Corp. has completed pXRF elemental analysis of 45 bedrock chip samples, revealing promising preliminary results for copper, molybdenum, and silver, indicating potential for further exploration [2][5][24] Group 1: Project Overview - The Copper Plateau Porphyry project spans 2,789 hectares in south-central British Columbia, with historical mining activity in the region, including the former Brenda Copper Mine [2][4] - The project is strategically located near significant geological formations, including Copper Mountain and Teck's Highland Valley Copper Mine, which enhances its exploration potential [4] Group 2: Sample Analysis and Results - The 45 samples returned copper values ranging from 13.5 to 14,605.3 ppm (1.46%), molybdenum from 5.7 to 679.4 ppm, and silver from 8.6 to 88.6 g/t, with some samples showing below detection levels [2][5][8] - Eleven samples exhibited moderately to highly anomalous XRF values, reinforcing the hypothesis of significant bedrock mineralization beneath glacial till cover [5][12] Group 3: Future Exploration Plans - The company plans to conduct an Induced Polarization geophysical survey and additional sampling to outline future drill targets in the identified prospective areas [3][24] - A comprehensive review of historic drill core and hyperspectral analysis is planned to enhance geological modeling ahead of drilling [26][31] Group 4: Technical Insights - The correlation between magnetic anomalies and mineralization suggests a high-grade trend that continues at depth, particularly in the southern extension target area [10][12] - The planned IP survey aims to cover a 3.5 km by 5.5 km corridor of copper and molybdenum anomalies, which may indicate a nearby bedrock source [13][24]

Core Viewpoint - Denison Mines has initiated the 2026 winter exploration program at the Wheeler North joint venture, which includes a comprehensive 7,500m diamond drilling campaign targeting high-priority areas in Saskatchewan's Athabasca Basin [1][2]. Group 1: Exploration Program Details - The winter exploration program consists of approximately 2,500m of diamond drilling at the Fox Lake Trail target, marking the beginning of a larger drilling campaign [1]. - The Wheeler North property covers 16,409 hectares across eight claims and features multiple high-priority drill targets [2]. - Denison Mines is fully funding and managing the exploration effort as part of a strategic joint venture agreement with Skyharbour Resources [2]. Group 2: Ownership and Investment Structure - Skyharbour Resources holds a 51% ownership stake in the Wheeler North property, while Denison Mines holds 49% and operates the project [2]. - Denison has the option to increase its stake to 70% through a phased earn-in agreement, requiring an investment of C$10 million ($7.36 million) in exploration within 48 months [3]. - To achieve 60% ownership, Denison must invest C$10 million, including C$2.5 million within the first two years, and pay Skyharbour $1.5 million [3]. Group 3: Target Areas and Geological Insights - The Fox Lake Trail target features several parallel electromagnetic conductors, enhanced by recent ground geophysical surveys [4]. - The Fork Zone has been identified as a key focus due to its high-grade uranium mineralization potential, with a previously reported discovery hole encountering 3% triuranium octoxide over 0.5m [4]. - The Sphinx target also presents promising opportunities near Denison's Phoenix uranium deposit, contributing to the overall strategic value of the joint venture [5]. Group 4: Future Plans and Infrastructure - The joint ventures, including Wheeler North, are set to undergo more than 15,000m of diamond drilling throughout 2026, indicating a robust exploration strategy [5]. - The location of these ventures is strategically advantageous, being centrally located in the eastern Athabasca Basin and adjacent to significant infrastructure such as highways and power grids [5].

Air pollution by the world’s biggest cobalt producer appears to have damaged the health of local communities in the Democratic Republic of Congo, according to an investigation by environmental groups https://t.co/UpF14LBpwc ...

Exclusive: Emissions from a Chinese cobalt-processing plant in central Africa sickened residents and workers as the company raced to increase production of a mineral critical to making electric-car batteries, an environmental group says. https://t.co/7lGMJAKlmm ...

1. Report's Investment Rating for the Industry - No information provided on the report's industry investment rating 2. Core Viewpoints of the Report - Asia IG space recovered and tightened 5bps, though there were still profit - taking flows on JP FRNs [4] - China appears to be edging out of deflation, but breaking the deflation spiral durably would require sustained fiscal expansion and demand - side stimulus. The PBOC is expected to utilize its structural monetary tools in the near term and lower the interest rate and RRR by 10bps and 50 bps by the end of 2Q26 as the real estate market continues to soften [4][20][25] 3. Summary by Relevant Catalogs 3.1 Market Performance 3.1.1 Bond Price Movements - Yesterday, benchmark POE corporate and financial names across CN/HK/JP/KR traded 5 - 7bps wider, higher betas like FRESHK/ZHOSHK widened 20 - 30bps, and 4 - 6yr FRNs issued recently like HSBC/SUMIBK/SUMITR saw selling flows [2] - Various quasi - sovereign bonds in KR and LINREI/HKE in HK widened only 1 - 5bps, NWDEVL/VDNWDL complex were 0.1 - 1.3pts lower, FAEACO 12.814 Perp rose 1.1pts [2] - In Chinese properties, FUTLAN 28/FTLNHD 26 - 29 were down by 0.1 - 0.5pt, LNGFOR 27 - 32 dropped 1.9 - 2.6pts after profit warning [2] - In SE Asian space, PTTGC Perps were down 1.3 - 1.8pts, TOPTB 6.1 Perp lost 1.3pts, GLPSPs dived 1.8 - 2.8pts [2] - In JP space, long - end SOFTBKs leaked 1.2 - 1.4pts, Japanese and Yankee AT1s and insurance subs dropped by 1.0 - 2.0pts [2] - In the Middle East, FABUH/BSFR/ARAMCO were 0.2 - 0.7pt lower [2] - This morning, the new ICBCAS Float 29 tightened 1bp from RO at SOFR+38, Asia IG space recovered and tightened 5bps, GLPSP 4.25/4.6 Perps recovered 1.3 - 1.4pts, NWDEVL 10.131 Perp/FAEACO 12.814 Perp/LNGFOR 32 were 0.6 - 0.7pt lower [4] 3.1.2 Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | TTMTIN 4.35 06/09/26 | 99.6 | 1.7 | GARUDA 6 1/2 12/28/31 | 89.8 | - 2.9 | | CNOOC 5 3/4 01/26/41 | 109.7 | 1.2 | GLPSP 4 1/2 PERP | 64.6 | - 2.8 | | FAEACO 12.814 PERP | 82.3 | 1.1 | LNGFOR 3.85 01/13/32 | 72.9 | - 2.6 | | CHIOLI 5.35 11/15/42 | 96.0 | 0.9 | FOSUNI 6.8 09/09/29 | 96.5 | - 2.4 | | YANTZE 3.2 10/16/49 | 77.4 | 0.9 | GLPSP 4.6 PERP | 61.7 | - 2.4 | [5] 3.2 Macro News - S&P (+0.83%), Dow (+0.50%) and Nasdaq (+1.38%) were higher on Monday, Brent and West Texas Intermediate both plunged 10% to less than USD90 a barrel, Japan's 4Q25 GDP increased by +0.3% qoq, higher than the market expectation of +0.1% qoq, UST yield bull flattened on Monday with 2/5/10/30 year yield at 3.56%/3.71%/4.12%/4.72% [7] 3.3 Bond Issuance 3.3.1 Asia Pacific - Asia Pacific Gross USD bonds issuance increased 24.6% yoy in 2M26. In Feb'26, it increased by 29.3% yoy to USD21.7bn. Japan (USD10.0bn), South Korea (USD4.7bn) and China (USD3.8bn) were top issuers. 65.5% of the gross issuance amount were IGs. By sector, financials (59.5%), sovereigns (16.1%) and materials (6.9%) were top issuers. Cumulatively in 2M26, it rose 24.6% yoy to USD72.1bn, with Japan (USD20.9bn), South Korea (USD15.1bn) and China (USD9.4bn) as top issuers, and 81.4% of the amount were IGs. By sector, financials (64.7%), sovereigns (12.4%) and utilities (5.5%) were top issuers [8] 3.3.2 Asia ex - JP, AU & NZ - Gross USD issuance of Asia ex - JP, AU & NZ rose 22.1% yoy to USD42.2bn in 2M26. In Feb'26, it increased by 47.4% yoy to USD11.2bn. South Korea (USD4.7bn), China (USD3.8bn) and Thailand (USD1.0bn) were top issuers. 46.2% of the gross issuance amount were IGs. By sector, financials (44.0%), sovereigns (31.2%) and communications (8.9%) were top issuers. Cumulatively, South Korea (USD15.1bn), China (USD9.4bn) and Indonesia (USD4.2bn) were top issuers, and 73.0% of the amount were IGs. By sector, financials (47.5%), sovereigns (21.2%) and utilities (8.3%) were top issuers [9] 3.3.3 China - Gross USD issuance of China increased 2.7% yoy in 2M26 to USD9.4bn. In Feb'26, it totaled USD3.8bn, decreased 12.1% yoy. IGs, HYs, and unrated contributed 65.9%, 20.9% and 13.2% of the amount respectively. By sector, financials (64.5%), metals & mining (13.2%) and LGFVs (12.8%) were top issuers. Cumulatively, IGs, HYs, and unrated contributed 65.5%, 16.5% and 18.0% of the amount respectively. By sector, financials (58.6%), communications (15.9%) and real estate (10.8%) were top issuers [10] 3.3.4 Middle East - Gross USD issuance of the Middle East increased 33.9% yoy to USD67.4bn in 2M26. In Feb'26, it decreased by 53.7% yoy to USD10.9bn. The UAE (USD4.9bn), Turkey (USD3.8bn) and Qatar (USD1.6bn) were top issuers. 14.9% of the amount were IGs, 20.2% were HYs, and 64.9% were NR. By sector, sovereigns (48.5%), financials (30.4%), and real estate (10.1%) were top issuers. Cumulatively, Saudi Arabia (USD27.1bn), the UAE (USD11.6bn) and Turkey (USD10.9bn) were top issuers, 65.6% of the amount were IGs, 18.7% were HYs, and 15.6% were NR. By sector, sovereigns (43.6%), financials (32.2%) and energy (8.4%) were top issuers [13] 3.3.5 Dim Sum Bonds - Dim Sum bonds issuance dropped 30.3% yoy to RMB157.8bn in 2M26. In Feb'26, it was RMB94.3bn, decreased 32.4% yoy. China (RMB67.0bn), US (RMB10.7bn) and Indonesia (RMB9.3bn) were top issuers. 10.5% of the amount were IGs. By sector, sovereigns (77.7%), financials (20.5%) and real estate (0.7%) were top issuers. Cumulatively, China (RMB95.6bn), US (RMB25.3bn) and UK (RMB9.8bn) were top issuers, 9.7% of the amount were IGs. By sector, sovereigns (46.4%), financials (43.2%) and LGFV (4.3%) were top issuers. Asia ex - JP, AU & NZ Dim Sum bonds totaled RMB77.6bn in Feb'26 and RMB108.8bn in 2M26, decreased 43.1% and 48.5% yoy respectively [14] 3.3.6 LGFV Bonds - In Feb'26, the gross USD bonds issuance of LGFVs decreased by 82.0% yoy to USD485.5mn, and Dim Sum LGFV bonds issuance decreased by 93.9% yoy to RMB500mn. Cumulatively, the gross USD bonds issuance of LGFVs decreased by 89.6% yoy to USD590mn in 2M26, and Dim Sum LGFV bonds issuance decreased by 57.2% yoy to RMB6.8bn [17] 3.4 China Economy - CPI in Feb'26 rebounded to 1.3% yoy thanks to the base effect and surging tourism price during holidays. PPI beat market expectation driven by surging prices in upstream sectors including crude oil and non - ferrous metals, while PPI of consumer goods remained subdued. China appears to be edging out of deflation, yet the recovery of price - wage transmission remained fragile as reflation was largely supply - driven, and final consumption demands were still subdued. Energy inflation driven by Middle East tensions would erode real purchasing power. Breaking the deflation spiral durably would require sustained fiscal expansion and demand - side stimulus. The CPI, PPI and GDP deflator are expected to reflate from 0.1%, - 2.6% and - 1% in 2025 to 1.1%, 0.5% and 0.8% in 2026. The PBOC is expected to utilize its structural monetary tools in the near term and lower the interest rate and RRR by 10bps and 50 bps by the end of 2Q26 as the real estate market continues to soften [4][20][25] 3.5 New Issues 3.5.1 Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Industrial and Commercial Bank of China Limited Hong Kong Branch | 1000 | 3yr | SOFR+38 | SOFR+38 | A1/-/- | [27] 3.5.2 Offshore Asia New Issues (Pipeline) | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Laizhou Finance Investment | USD | - | 3yr | 5.9% | NR | | Science City (Guangzhou) Investment Group Co., Ltd. | USD | - | 2yr | 4.95% | -/-/BBB | [28] 3.6 News and Market Color - There were 91 credit bonds issued yesterday onshore with an amount of RMB94bn. Month - to - date, 511 credit bonds were issued with a total amount of RMB437bn raised, representing a 25.9% yoy increase [29] - Kazakhstan may place Panda bonds as soon as next month and could seek USD500mn [29] - ACEN 2025 EBITDA was up 17% to PHP22.5bn (cUSD380.1mn) [29] - Saudi Aramco cuts output at two oilfields during Strait of Hormuz disruption [29] - China Oilfield Services priced CNH5bn 3 - year Reg S senior unsecured dim sum bond (A3/-/A -) at 1.95%, tightened from IPT at 2.45% [29] - Media reported GLP plans Hong Kong IPO to raise at least USD1bn [29] - Media reported Greenko Energies mulls USD1bn IPO in India [29] - Rio Tinto halts sale of titanium business as the Iran war created greater difficulties in striking a deal with potential Chinese buyers [30]