Toronto, Ontario--(Newsfile Corp. - Le 12 mai/May 2025) - Further to bulletin 2025-0511, and its news release dated May 6, 2025, Star Copper Corp’s. (“Star Copper” or the “Company”) previously announced plan of arrangement (the “Arrangement”) became effective on May 9, 2025 (the “Effective Date”). Pursuant to the completion of the Arrangement, each common share of Star Copper was exchanged for one identical replacement common share of Star Copper under a new ISIN / CUSIP. Furthermore, Star Copper shareho ...

Group 1 - The trade talks between China and the U.S. resulted in lower tariffs, boosting market sentiment and leading to a significant increase in stock prices at the start of the week [1] - Newmont Corporation (NEM) experienced a decline of 4.9%, trading at $51.33, marking its worst daily percentage drop since early April, despite a 20% year-over-year gain [2] - Options traders showed bullish sentiment with a 50-day call/put volume ratio of 4.27, ranking higher than 78% of readings from the past year [2] Group 2 - Short-term traders have also leaned bullish, indicated by NEM's put/call open interest ratio of 0.61, which is in the 34th percentile of annual readings [3] - Newmont stock has outperformed options traders' volatility expectations over the last 12 months, with a Schaeffer's Volatility Scorecard (SVS) of 82 out of 100, suggesting a favorable environment for options trading [3]

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on May 15, 2025, to engage with investors [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [6]. - The company is listed on the Hong Kong Stock Exchange and offers shares in the U.S. through American Depositary Receipts (ADR) [6]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring price-to-earnings (P/E) ratio of 3.6x for FY 2024 [5]. Strategic Focus - First Pacific's strategy emphasizes maximizing shareholder returns through investments in defensive industries that are not significantly affected by changes in foreign trade tariffs [3]. - The company maintains a focus on emerging economies in Southeast Asia and holds majority stakes in its investments to ensure control over cash flows [8]. Key Assets - First Pacific's portfolio includes major companies such as Indofood (largest maker of instant noodles), MPTC (largest privately owned toll road operator), Meralco (largest power company), PLDT (largest telecommunications company), and Maynilad (largest water company) in the Philippines [4]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [4]. Financial Health - First Pacific has low borrowings with an interest coverage ratio of 4x and has maintained investment-grade credit ratings from Moody's and S&P Global for three years [5].

铁矿石到货、发运周度数据（2025 年第 19 周） 一、简评 1、国内 47 港到货量为 2570.00 万吨，环比减 64.40 万吨，高位延续回落，其中澳矿环比增 17.00 万 吨，巴西矿环比减 21.80 万吨，而非澳巴矿环比减 59.60 万吨。 2、海外矿石发运平稳运行，全球 19 港矿石发运总量为 3029.00 万吨，环比减 21.50 万吨，减量主要 是巴西矿，环比减 146.00 万吨，其中 VALE 发运减 129.06 万吨，关注持续性；澳矿环比增 28.00 万吨，维 持高位运行；非澳巴地区发运增 96.50 万吨，持续回升并至年内高位。 3、按船期推算国内港口澳巴矿到货量稳中有升，海外矿石供应延续高位运行。 二、矿石到货与发运数据 | | | | | | 铁矿石周度到货和发运数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 本期值 | 上期值 | 周度变化 | 周度变化 | 上月末值 | 月度变化 | 月度变化 | 同期值 | 同期 ...

Core Viewpoint - Falco Resources Ltd. has successfully addressed all inquiries from the Direction de l'évaluation environnementale regarding the Horne 5 project, moving closer to obtaining environmental authorization [1][2][5]. Group 1: Project Development - The responses submitted by Falco will assist the Ministry in completing its analysis of the Horne 5 project in accordance with standard evaluation processes [2]. - The Ministry is currently analyzing its interpretation of section 197 of the Clean Air Regulations, with expectations for clarity in the coming weeks [3]. - A technical committee has been formed by the Abitibi-Témiscamingue Public Health Department to assess potential risks posed by the project to local health facilities [4]. Group 2: Company Background - Falco Resources is a significant holder of mining titles in Québec, with approximately 67,000 hectares of land in the Noranda Mining Camp, representing 67% of the area [6]. - The Horne 5 project is located beneath the former Horne mine, which historically produced 11.6 million ounces of gold and 2.5 billion pounds of copper [6]. - Osisko Development Corp. is the largest shareholder of Falco, holding a 16.0% interest in the company [6]. Group 3: Stakeholder Support - Recent independent surveys indicate strong majority support for the Horne 5 project within the Rouyn-Noranda and Abitibi-Témiscamingue regions [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Deflationary pressures are worsening in China, primarily due to the impact of tariffs on the Producer Price Index (PPI) and the overall economic environment [1][7] - Core Consumer Price Index (CPI) remains stable at 0.5% year-on-year, indicating some resilience despite broader deflationary trends [2][4] - The PPI has shown a significant decline, with a month-on-month decrease of -0.4%, driven by lower prices in oil, raw materials, and durable consumer goods [3][7] Summary by Sections CPI Analysis - Core CPI year-on-year remained at 0.5% in April, unchanged from March, while month-on-month seasonally adjusted annual rate (SAAR) was 0.7% [2] - Food inflation reached its highest level in five months, primarily due to increased prices for fruit and beef, countering the effects of lower international oil prices [2] PPI Analysis - The PPI year-on-year decreased to -2.7% in April, reflecting ongoing tariff impacts and weaker final demand [6][7] - Specific sectors such as textiles, wood products, chemicals, rubber, and plastics experienced accelerated price declines, indicating significant exposure to the US market [3][7] Outlook - The PPI is expected to slip below -3% year-on-year from the current -2.7% during the May-July period due to less favorable base effects and continued tariff impacts [4] - Core CPI is anticipated to soften sequentially as the effects of PPI pass through, although year-on-year figures may remain resilient due to a low base [4][7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Last week, the main contract price of Shanghai zinc futures fluctuated weakly. The Fed maintained the interest rate but kept the possibility of a rate cut. The US and the UK reached a tariff agreement, and China and the US held talks. China introduced a package of financial policies, and exports in April showed strong resilience, improving market risk appetite [3][9]. - Fundamentally, mines are steadily ramping up production, and processing fees at home and abroad have increased month - on - month. However, as zinc prices have fallen, mines are less willing to offer concessions, and the increase in processing fees has slowed. In May, smelters are both reducing and resuming production, and the output of refined zinc is expected to remain flat month - on - month. The import window for zinc ingots has gradually opened since late April, and some imported goods have flowed in recently, keeping the supply pressure at a relatively high level [4][9]. - On the demand side, after the holiday, enterprises resumed work, and the operating rates of various primary sectors increased to varying degrees. High - voltage orders supported the tower orders, but galvanized pipe enterprises planned to cut production due to price competition. Electronic alloy orders were good, while traditional hardware accessory orders were poor, and some alloy terminal export orders decreased recently. Orders for rubber - grade and feed - grade zinc oxide decreased, while ceramic - grade orders were stable [4][9]. - Overall, the China - US trade negotiations and the release of domestic favorable policies have restored market sentiment, but there is still uncertainty in tariff negotiations. Fundamentally, there is an expectation of marginal weakening. The high output of refined zinc and the supplement of imported zinc ingots keep the supply pressure high. As the peak season is coming to an end, the enthusiasm for purchasing and restocking has weakened, and the support of the low - inventory logic has been weakened. It is expected that zinc prices will fluctuate weakly to find support [4][9] Group 3: Summary by Relevant Catalogs 1. Transaction Data - From April 30th to May 9th, the SHFE zinc price dropped from 22,440 yuan/ton to 22,175 yuan/ton, a decrease of 265 yuan/ton; the LME zinc price rose from 2,588 dollars/ton to 2,636 dollars/ton, an increase of 48 dollars/ton; the Shanghai - London ratio decreased from 8.67 to 8.41, a decrease of 0.26; the SHFE inventory decreased from 48,477 tons to 47,102 tons, a decrease of 1,375 tons; the LME inventory decreased from 173,900 tons to 170,650 tons, a decrease of 3,250 tons; the social inventory increased from 7.7 million tons to 8.33 million tons, an increase of 0.63 million tons; the spot premium increased from 160 yuan/ton to 500 yuan/ton, an increase of 340 yuan/ton [5] 2. Market Review - Last week, the main contract of Shanghai zinc futures, ZN2506, continued to fluctuate weakly, closing at 22,190 yuan/ton, a weekly decline of 1.11%. LME zinc fluctuated sideways, closing at 2,655.5 dollars/ton, a weekly increase of 1.55% [6]. - In the spot market, by May 9th, the mainstream transaction price of Shanghai 0 zinc was concentrated between 22,825 - 22,955 yuan/ton, with a premium of 580 - 590 yuan/ton over the 2506 contract. In the second half of the week, the inflow of imported zinc ingots improved market arrivals, but downstream purchases were average, and traders gradually lowered the premium quotes, resulting in weak spot trading [6]. - In terms of inventory, by May 9th, the LME zinc inventory was 170,325 tons, a weekly decrease of 3,250 tons; the SHFE inventory was 47,102 tons, a decrease of 1,375 tons from last week. By May 8th, the social inventory was 8.33 million tons, an increase of 0.63 million tons from April 30th and a decrease of 0.08 million tons from May 6th [7]. - Macroscopically, the Fed kept the federal funds rate target range unchanged at 4.25% - 4.5%. The FOMC statement said that the uncertainty of the economic outlook has further increased. Chinese Vice - Premier He Lifeng will hold talks with US Treasury Secretary Bezant during his visit to Switzerland. The US and the UK reached a tariff trade agreement. China's three departments issued a package of financial policies, including a 0.5 - percentage - point cut in the reserve requirement ratio and a 0.1 - percentage - point cut in policy interest rates. China's inflation remained low in April, with CPI at - 0.1% year - on - year and PPI at - 2.7% year - on - year. Exports maintained resilience, with an 8.1% growth rate in April [7][8] 3. Industry News - As of the week of May 9th, the weekly processing fees for domestic and foreign zinc concentrates were reported at 3,500 yuan/metal ton and 40 dollars/dry ton respectively, with a month - on - month increase of 50 yuan/metal ton for domestic and no change for foreign [10]. - A galvanizing plant in the north recently put into operation a new 150,000 - ton galvanizing production line, with a total designed capacity of 500,000 tons, expected to be fully put into production in 2027 [10]. - Lundin Mining's Neves - Corvo mine produced about 27,700 tons of zinc concentrate and about 2,000 tons of lead concentrate in the first quarter, up 4.5% and 24% year - on - year respectively; Zinkgruvan produced about 21,300 tons of zinc concentrate and about 7,600 tons of lead concentrate, up 10.7% and 12.4% year - on - year respectively. These two mines were officially acquired by Swedish mining company Boliden on April 16th this year [10]. - Teck is considering shifting the products of its Red Dog zinc mine in Alaska from the Chinese market to other regions to avoid tariff risks. The mine's output accounts for about 5% of the global zinc supply and 2.5% of lead, and currently more than 20% of its zinc concentrate is sold to China [11]. - Glencore's self - owned zinc production in Q1 2025 was 213,600 tons, 4% higher than in Q1 2024, and its self - owned zinc production guidance for 2025 is 930,000 - 990,000 tons [11]. - Volcan's zinc concentrate metal output in Q1 2025 totaled 57,400 tons, a 10% decrease quarter - on - quarter and a 14% increase year - on - year. Its zinc concentrate production guidance for 2025 is 250,000 - 255,000 tons [11] 4. Related Charts - The report provides 14 charts, including price trends of Shanghai and LME zinc, internal and external price ratios, spot premiums and discounts, inventory situations, zinc ore processing fees, zinc ore import profits and losses, domestic refined zinc production, smelter profits, refined zinc net imports, and downstream primary enterprise operating rates [13][16][18]

铁矿石早报 研究中心黑色团队 2025/5/12 | | | | | | 现货 | | | | 远期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 地区 | 品种 | 最新 | 日变化 | 周变化 | | 折盘面 | 最新 | 日变化 | 周变化 | 进口利润 | | | 普氏62指数 | | 98.00 | -1.95 | -0.15 | | | | | | | | | | 纽曼粉 | 748 | 3 | -8 | | 799.8 | 94.25 | 0.35 | 1.45 | -15.02 | | | | PB粉 | 754 | 2 | -8 | | 798.7 | 97.00 | 0.25 | 1.15 | 3.30 | | | 澳洲 | 麦克粉 | 730 | -2 | -10 | | 797.5 | 92.35 | 0.35 | 1.60 | 4.24 | | | | 金布巴 | 715 | 5 | -5 | | 805.4 | 88.60 | 0.05 | 1.90 | 12. ...

2025 年一季度，钨精矿产量同比增长不到 1%，而硬质合金产量同比增长接近 10%。这一数 据表明，产业链重心逐渐向后端转移，后端产品的增幅显著高于前端产品，原料趋紧的态势 得以延续。从出口角度看，1-2 月出口小幅下降，3 月降幅扩大至 27%，进口量则同比增长 20%，其中钨金矿进口增长超过 40%。值得注意的是，内外价差的扩大导致进口原料价格下 降成为常态，这进一步加剧了国内市场的供应紧张局面。此外，尽管国际市场上其他地区交 易税费较低，但中国进口钨矿仍需承担 13%的贸易增值税，这也使得中国在国际市场上的竞 争力有所减弱。 2025 年一季度，钨价同比上涨 15%，这一趋势自 2023 年起便已显现并延续至今。管制政策 出台后，国内外钨价均加速上涨，显示出市场对供应紧张的强烈预期。预计 2025 年钨价波 动空间将在 20%-30%之间，均价可能达到 16 万元左右，阶段性高点可能触及 17 万元。然而， 在没有重大事件支撑的情况下，价格突破 20 万元的可能性较低。历史数据显示，价格波动 通常与供需基本面密切相关，且在大国博弈等外部因素影响下，价格可能出现非理性波动。 2025 年一季度，钨产品出 ...

Core Insights - Canadian miner Eldorado Gold reported quarterly results with better-than-expected revenue amid a gold bull run, with gold prices exceeding $3,000 an ounce for the first time [1] - Despite the strong revenue performance, net income was slightly below estimates [1] Company Performance - Eldorado Gold's revenue exceeded expectations due to favorable market conditions in the gold sector [1] - The company experienced a significant increase in gold prices, contributing to its revenue growth [1] - However, the net income reported was lower than market estimates, indicating potential challenges in cost management or operational efficiency [1] Market Context - The gold market is currently experiencing a bull run, which has driven prices to historic highs [1] - This environment presents both opportunities and challenges for mining companies like Eldorado Gold, as they navigate operational costs and profit margins [1]