Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

Core Insights - Fitzroy Minerals Inc. is advancing its exploration efforts at the Buen Retiro Copper Project in Copiapó, Chile, with ongoing Phase 2 drilling totaling 8,000 meters [1][4]. Exploration Update - Recent assay results from diamond drill holes 23 to 27 indicate copper mineralization in all holes, expanding the known mineralization strike length to 985 meters [2][10]. - The average distance between drill holes along the strike has been reduced to approximately 100 meters, improving the continuity of mineralization [2]. - Significant shallow mineralization zones have been identified, particularly between holes 21 and 24, covering a lateral extent of 360 meters [2][8]. Drilling Details - Drill hole 27 intersected multiple mineralized zones, including 119 meters at 0.53% Cu from a depth of 49 meters, confirming the presence of oxide and transition copper minerals down to about 150 meters [10][17]. - Hole 25 returned 32 meters at 0.90% Cu, including 11 meters at 2.28% Cu, indicating strong mineralization at the northwestern edge of the Southwest Area [10][18]. - The ongoing diamond drilling aims to further test the extensions and limits of known mineralization in the Southwest Area, with assays for holes 28 to 33 pending [25][26]. Future Plans - The company plans to initiate Reverse Circulation (RC) drilling in the North Area, targeting shallow hanging-wall copper mineralization related to a multi-kilometer geophysical anomaly [3][26]. - Fitzroy aims to accelerate resource delineation and technical de-risking work to advance towards production at Buen Retiro [6][25]. Infrastructure and Economic Considerations - The Buen Retiro site benefits from excellent infrastructure, being close to the Pan-American highway and existing mining facilities, which may enhance capital efficiencies for future development [6].

- 42.50 m of 0.96% Cu, 0.28 gpt Au and 5.10 gpt Ag (1.05% CuEq1) from 15.00m to 57.50m in Hole CC25_036 including - 44.55 m of 0.74% Cu, 0.20 gpt Au and 35.00 gpt Ag (1.04% CuEq1) from 3.10m to 47.65m in Hole CC25_033 including 21.60m of 1.47% Cu, 0.36 gpt Au and 64.65 gpt Ag (1.92% CuEq1). Vancouver, British Columbia--(Newsfile Corp. - August 19, 2025) - Intrepid Metals Corp. (TSXV: INTR) (OTCQB: IMTCF) ("Intrepid" or the "Company") is pleased to announce assay results from holes drilled at the Holliday an ...

Project Investment - Glencore seeks inclusion of two copper projects with a combined capital expenditure exceeding $13 billion into Argentina's investment incentive program [1] Company Strategy - Glencore's application indicates a strategic move to leverage Argentina's investment incentive program for its copper projects [1]

Core Insights - Andina Copper Corporation has initiated field assessments at the Mantau copper-gold target in northern Chile, which is strategically located near significant copper discoveries [2][4][8] Project Highlights - The Mantau project covers a 4,500ha tenement in a premier mining jurisdiction, with historical copper workings indicating potential for stratabound and Iron Oxide Copper Gold (IOCG) mineralization [3] - Previous surface rock chip sampling has shown grades of up to 28.6% copper and 5.91g/t gold, highlighting the area's mineral potential [3] - The project is in close proximity to Marimaca Copper's recent Pampa Medina sulphide copper discovery and other notable projects, enhancing its attractiveness [3][4] Work Program - Andina has begun a comprehensive review of historical work and is conducting reconnaissance mapping and rock chip sampling to assess historical occurrences and alteration zones [3] - A detailed geochemical orientation survey is being prepared to optimize future sampling techniques, alongside drone-based aerial photogrammetry [3] - The company is evaluating cost-effective geophysical techniques, including magnetics surveys and methods like Induced Polarisation (IP) and Audio-Magnetotelluric (AMT) for further exploration [3] Corporate Strategy - The President & CEO expressed excitement about the Mantau project, emphasizing its strategic location among numerous copper mines and recent discoveries [4][6] - The company is entering a period of intensive field activities and plans to pursue a dual listing on the TSX-V and ASX, indicating growth ambitions [6][8]

Core Viewpoint - Kenadyr Metals Corp. is transitioning to Algo Grande Copper Corp. and is focusing on a copper growth strategy, securing 100% ownership of the Adelita Project, and reactivating its listing on the TSX Venture Exchange [2][5][12]. Company Developments - The company has signed a definitive agreement to acquire the remaining 20% interest in the 5,985-hectare Adelita Project, building on a previous agreement for an 80% stake [2][9]. - The Adelita Project is located in the Sonora-Arizona Copper Belt and features a high-grade Cu-Au-Ag skarn system, multiple untested skarn targets, and a 4.5 km porphyry anomaly [2][10]. Management and Team - Algo Grande has assembled a team with significant experience in the mining sector, including Gord Neal, who has over 30 years of management experience and has raised over $750 million for resource companies [3][6]. - The technical advisory board is led by Dr. Peter Megaw, co-founder of MAG Silver, enhancing the company's exploration capabilities [6][7]. Financial Strategy - The company is launching a $3 million financing initiative through subscription receipts priced at $0.375 each to fund exploration and growth initiatives [5][13]. - Proceeds from the financing will be used for payment obligations, exploration expenditures, and general working capital [14]. Project Highlights - The Adelita Project includes historical drill results such as 47.64m at 1.05% Cu, 0.46 g/t Au, and 46.00 g/t Ag, indicating significant mineral potential [10]. - The project is strategically located in Sonora, Mexico, which accounts for 80% of the country's copper production, benefiting from existing infrastructure [10][12]. Regulatory and Listing Updates - The acquisitions and financing are subject to approval by the TSX Venture Exchange, with the company applying to reactivate its listing from NEX to Tier 2 of the TSXV [12][16]. - The name change to Algo Grande Copper Corp. is anticipated to coincide with the completion of the acquisitions and financing [17].

August 18, 2025 7:10 AM EDT | Source: Hercules Metals Corp. Toronto, Ontario--(Newsfile Corp. - August 18, 2025) - Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FSE: C0X) ("Hercules" or the "Company") is pleased to announce that, further to its news release on July 28, 2025, the Company has completed the closing (the "Closing") of a strategic option agreement (the "Agreement") between Hercules and its wholly-owned U.S. subsidiary, Anglo-Bomarc, U.S., Inc. ("Anglo"), and Barrick Gold Exploration Inc. ("B ...

Report Industry Investment Rating - Not provided Core View of the Report - The domestic copper smelter's maintenance capacity in August may decrease month-on-month, and the domestic electrolytic copper social inventory has decreased month-on-month. The US port inflation rebound reduces the Fed's expected number of interest rate cuts, but the decrease in scrap copper anode plates and domestic electrolytic copper social inventory may cause the Shanghai copper price to fluctuate. It is recommended that investors wait and see. Pay attention to the support and pressure levels of Shanghai copper, London copper, and US copper [1][4] Summary by Relevant Catalogs Copper Market Data - On August 15, 2025, the closing price of the active contract of Shanghai copper futures was 79,060 yuan, up 110 yuan from the previous day; the trading volume was 50,116 lots, down 1,618 lots; the open interest was 152,557 lots, up 216 lots; the inventory was 24,560 tons, up 126 tons. The average price of SMM 1 electrolytic copper was 79,180 yuan, down 255 yuan [2] - The LME 3 - month copper futures closing price (electronic disk) on August 15, 2025, was 9,760 US dollars, down 17 US dollars from the previous day; the total inventory of registered and cancelled warrants was 0 tons, down 155,800 tons [2] - The closing price of the active contract of COMEX copper futures on August 15, 2025, was 4.489 US dollars, down 0.01 US dollars from the previous day; the total inventory weight was 267,195 tons, up 400 tons [2] Zambia Copper Production - Zambia, the second - largest copper producer in Africa, had a copper production of about 439,644 tons in the first six months of 2025. Assuming no revision in the first - quarter production of about 224,000 tons, the second - quarter production was about 215,644 tons, a quarter - on - quarter decrease of about 4%. Four producers had problems in the second quarter. To reach the 1 - million - ton target set by the government this year, the production in the second half of the year needs to increase by about 27% [2] Industry News - Jiangxi Heli Environmental Protection Technology Co., Ltd. plans to invest 197.66065 million yuan to relocate and upgrade its existing project to build an annual 200,000 - ton recycled electrolytic copper project in Jiangxi Qianshan County Industrial Park [3] - Jiangxi Linghao New Material Technology Co., Ltd. plans to build an annual 500,000 - ton steelmaking furnace charge and 200,000 - ton copper - aluminum recycling project in De'an County, with a total investment of 200 million yuan and environmental protection investment of 1.31 million yuan [3] - On August 14, 2025, the environmental impact assessment of Jiangxi Hefan Environmental Protection Technology Co., Ltd.'s annual 200,000 - ton recycled electrolytic copper project was accepted for public notice, with a public notice period from August 14 to August 27, 2025 [5] Copper Product Industry Analysis - The daily processing fee of refined copper rods for power and enameled wires in East China has increased compared with last week, affecting the capacity utilization rate of copper products. The capacity utilization rate of different copper products may change in August. For example, the capacity utilization rate of electrolytic copper rods, copper foils, and brass rods may increase, while that of recycled copper rods, copper wires and cables, copper enameled wires, and copper tubes may decrease [4]

Core Viewpoint - Prismo Metals Inc. has engaged Windfall Geotek Inc. to utilize its proprietary Windfall AI System for analyzing geophysical, topography, and drill hole data at the Hot Breccia copper project in Arizona, aiming to advance exploration efforts in a region known for its rich copper deposits [1][5]. Company Overview - Prismo Metals Inc. is focused on advancing its Hot Breccia copper project in Arizona and its Palos Verdes silver project in Mexico [16]. - The Hot Breccia property spans 1,420 hectares and is located in the Arizona Copper Belt, surrounded by several world-class copper mines [12]. Project Details - The Hot Breccia Project is situated in a region with significant historical copper mining activity, including proximity to mines like Christmas, Morenci, Ray, and Resolution [2][12]. - Historical drilling in the 1970s by a Rio Tinto subsidiary revealed high-grade copper mineralization at depths of 640 to 830 meters, with notable intercepts including 23 meters at 0.54% Cu and 18 meters at 1.4% Cu [6][12]. Technological Engagement - The Windfall AI System, developed by Windfall Geotek, employs advanced machine learning and pattern recognition algorithms to analyze large datasets and identify exploration targets [5][17]. - The collaboration with Windfall Geotek is part of Prismo's commitment to enhance exploration efforts and engage potential strategic partners in the district [5][3]. Future Plans - Prismo aims to conduct a minimum of 5,000 meters of drilling at the Hot Breccia project, with results from the Windfall Geotek study expected by early September [5][6]. - The company has identified a large conductive anomaly beneath the breccia outcrops, indicating potential for further mineralization [12][13].

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the copper industry, specifically the demand and pricing outlook for copper in the near term. Core Insights and Arguments 1. **Copper Price Forecasts**: The revised forecast predicts copper prices to decline to $9,200 per ton over the next three months, up from a previous forecast of $8,800 per ton, due to a gradual unwinding of excess inventory and dollar weakness providing some support [1][2][7]. 2. **Demand Growth Normalization**: Copper consumption growth has moderated significantly to approximately 3% year-over-year in June, following a spike in May, primarily due to a decline in solar installations in China [1][4][34]. 3. **Impact of US Tariffs**: Higher US reciprocal tariffs effective from August 7, 2025, are expected to hinder any meaningful recovery in global manufacturing activity, contributing to subdued manufacturing sentiment across major economies [3][18][22]. 4. **Global Manufacturing Sentiment**: Manufacturing sentiment remains weak, with PMIs indicating contracting activity in the US, Europe, and China, driven by global trade uncertainties and declining new orders [3][18][23]. 5. **China's Role in Demand**: Despite the slowdown, growth in copper consumption continues to be driven mainly by China, particularly in the decarbonization segment, although there is a notable decline in EV and renewable energy demand [4][34][37]. 6. **Investor Positioning**: There is potential for further reduction in investor positioning from still net long levels, as manufacturing activity and sentiment are expected to remain subdued in the coming months [15][26]. 7. **Supply Concerns**: Supply disruptions, such as those from Codelco's El Teniente mine, have supported copper prices above $9,700 per ton, although these concerns have eased with the mine's partial restart [9][12]. Additional Important Insights 1. **Excess Inventory**: An estimated excess of 510,000 tons of copper inventory in the US is expected to unwind gradually over months, presenting a bearish physical headwind for the market [10][12]. 2. **Future Outlook**: The outlook for 2026 appears more constructive, with expectations of a more dovish Federal Reserve and potential growth in manufacturing activity, which could support copper prices [3][15]. 3. **China's Renewable Installations**: The collapse in solar installations in China, which fell by 40% year-over-year in June, has significantly impacted copper consumption growth [34][36]. 4. **Global Trade Uncertainty**: Ongoing global trade uncertainty is likely to keep manufacturing sentiment soft, affecting copper demand in the near term [18][22]. This summary encapsulates the key points discussed in the conference call regarding the copper industry, highlighting the current challenges and future outlook for copper prices and demand.