1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The industry operation often experiences a temporary deterioration before improvement. The short - term global zinc demand forecast is moderately lowered, but in the medium - to - long - term, the impact of high oil prices on the overseas zinc supply will be significantly greater than the suppression of domestic demand [3]. - The zinc price is approaching the domestic zinc smelting break - even point. Production cuts by major mines such as OZ may lead to a substantial risk of ore shortage, and there may be unexpected production cuts in the second quarter [3]. - The views in the annual report have been verified: the interference rate at the ore end has increased, some ore increments cannot smoothly enter the market, and the复产 progress of overseas smelters has been postponed [3]. - The annual report expectations have been adjusted: the Middle East geopolitical conflict may reshape the global zinc product trade flow, with ore sources concentrated in China and China's export advantage continuously expanding [3]. - The core contradiction in the current zinc market may have shifted from "demand recovery" to "supply transfer and export premium under the reconstruction of the supply chain" [3]. - Trading strategies: - Unilateral: The forecast for the annual high of the zinc price is lowered, but the zinc price is still expected to perform well in the second quarter. Even if the Middle East conflict escalates further and the global "recession" expectation materializes, the zinc price will show a resistant decline rather than a "collapse - like decline" due to the cost support from the smelting end [3]. - Inter - period arbitrage: In the peak season and with the risk of production cuts, pay attention to the positive spread arbitrage opportunities for Shanghai zinc in the second quarter [3]. - Inter - market arbitrage: Given the uncertainty of trade flow changes in the current internal - external price difference, it is recommended to carefully evaluate the applicability of this strategy [3]. - Inter - commodity arbitrage: The zinc - aluminum price ratio has reached a historical low, and short - term regression opportunities should be noted [3]. 3. Summary According to the Table of Contents Market Focus - At the macro level, since the war between the US and Iran, the Middle East situation has triggered an energy crisis, driving up oil prices and costs. High interest rates have suppressed growth expectations, leading to a tug - of - war between "stagflation" and "recession" expectations. The core logic of the commodity market has shifted from a single "global recession trade" to "deep differentiation under multiple narratives" [5]. - The pricing power of ferrous metals (steel) lies within China, trading on the peak - season demand in China's "Golden March and Silver April" and cost support. Non - ferrous metals are dominated by the game between global macro expectations and geopolitical supply shocks. Chemical products are essentially processed from crude oil, trading on cost transmission. Agricultural products are affected by independent climate cycles and planting areas, and are basically independent of the macro logic of industrial products [5]. - Since the conflict between the US and Iran broke out on February 28, 2026, the market's expectations have changed several times. As of March 19, the market has shifted from worrying about "stagflation" to "recession", and non - ferrous metals have fallen panic - stricken [6]. - From the Polymarket trading data, the market's expectations for the US - Iran cease - fire and the US recession can be observed. As of March 21, the probability of a cease - fire in June has dropped to 50%, and the probability of a US recession within the year is 36%. The current market trading main line is: soaring oil prices → rising inflation expectations → hindered Fed rate cuts (or even rate hikes) → slowing economic growth. There are three possible paths to refute "stagflation" [8]. Industrial Focus Ore End - Many overseas mining companies have significantly lowered their production guidance. The expected overseas zinc ore increment in 2026 is sharply reduced to 24,000 tons, while the domestic expectation remains unchanged. The significant reduction in overseas mine production and the circulation problems of major domestic ore increments may lead to a substantial ore shortage for domestic smelters in the second quarter [17][19]. - The cash cost structure of zinc mines is different from that of copper mines. The energy cost accounts for a relatively moderate proportion in zinc mines, and the TC and transportation costs are the largest cost items. Zinc mines are less sensitive to energy price fluctuations than copper mines [22]. Smelting End - European zinc smelters have been operating at a low level due to power supply shortages and high costs in 2025. Currently, their smelting profits are still in the red. The power cost accounts for 50% - 70% of the total cost. The recent sharp rise in electricity prices in European countries may delay the复产 of European zinc smelters in 2026 or even lead to further production cuts, resulting in a "chronic low - operation" pattern [25][26]. - As of now, 6 European smelters with a total capacity of 924,000 tons (about 7% of the global zinc ingot production) have unclear electricity price agreements. The risk of production cuts in Belgian and French smelters is relatively high [28]. - The proposed Asian zinc concentrate Benchmark TC in 2026 is 85 US dollars per dry ton, with two key terms adjusted. However, the probability of this extreme clause being implemented is low because the smelting end has limited tolerance for the terms, and the supply of raw materials for Asian smelters is expected to be looser [30]. Demand - The consumption structure of zinc terminals is changing. The demand proportion of the real estate sector is decreasing, while that of the new economy is increasing. Due to the significant increase in oil prices, the demand for the automotive sector (especially fuel - powered vehicles) will be affected first, followed by machinery and equipment manufacturing, traditional infrastructure, real estate, and home appliances. The demand for photovoltaics, wind power, and UHV will benefit from the substitution effect. The annual zinc market balance sheet is moderately adjusted, and the domestic terminal demand growth rate forecast is lowered by 0.23 percentage points to 1.40% [31][32]. - In 2025, China's galvanized sheet exports increased by 12.82% year - on - year. Although there are still profit - pressure and trade frictions, the core position of galvanized steel in steel exports is stable. In the long - term, if oil prices remain stable at around 80 US dollars per barrel, China's energy security, low - cost, and full - industrial - chain advantages in the zinc downstream will be re - evaluated globally, and overseas orders are expected to return on a large scale [35]. - The zinc demand growth rates of some overseas countries are lowered. The overall overseas zinc demand growth rate in 2026 is lowered by 1.1 percentage points to 0.7% [36]. Balance Sheet Overview - From the perspective of element circulation, the supply - demand balance sheets of zinc ore, primary zinc, recycled zinc, refined zinc, and zinc elements are constructed and quantitatively calculated [40]. - By analyzing monthly data, it is predicted that the global refined zinc demand growth rate will be slower than the supply growth rate in the first half of 2026, and the zinc price may face downward pressure after the spring market. In the second quarter, the zinc price is expected to rebound strongly due to the increasing risk of production cuts in the domestic zinc smelting end and the low base of zinc demand in the second quarter of last year [45]. - By observing the year - on - year growth rates of supply and demand, it is found that the overseas zinc element dynamic balance is most closely related to the zinc price. In 2026, the overseas terminal demand growth rate is expected to exceed the supply growth rate, so the zinc price center is expected to rise [50]. - In 2026, the global zinc ore balance is expected to be slightly in surplus by 57,200 tons, with the domestic supply increasing by 100,000 tons and the overseas supply increasing by 190,000 tons. The global smelting demand (including losses) will increase by 200,000 tons, mainly from China. The zinc processing fee (TC) is expected to rise slightly, and the operating pressure of domestic zinc smelters will be relieved [52]. - The global primary zinc supply has been in short supply for a long time. The shortage is filled by recycled refined zinc. Based on the prediction of the 2026 domestic primary zinc balance, the zinc price center is likely to rise [56]. - In the overseas recycled zinc market, the supply of high - quality raw materials is in short supply. In the domestic market, the production of recycled zinc elements is expected to grow by about 2.36% in 2026, but the supply of recycled raw materials is limited [57][58]. - After adjusting the data for 2025 and 2026, the global refined zinc balance has changed from surplus to a tight balance in 2025, and this tight balance will continue in 2026. In 2026, the global refined zinc supply growth rate is 1.82%, and the demand growth rate is 1.85%. The domestic supply growth rate is 3.26%, and the demand growth rate is 3.04% [60][61]. - By analyzing the difference between the zinc consumption of the processing end and the terminal, it is expected that the export of domestic zinc primary processing products will increase significantly in 2026, driving the domestic zinc element supply - demand to maintain a tight balance. The overseas zinc primary processing sector may be in a relatively surplus state [63]. Structural Opportunities - According to the monthly supply - demand balance sheet, the zinc market may experience accelerated inventory reduction in the second quarter of 2026. Due to the low zinc price, the expected production cuts by smelters, and the support of the peak - consumption season, the zinc monthly spread is expected to strengthen, and attention should be paid to the positive spread arbitrage opportunities [67]. - The current "loose domestic and tight overseas" supply - demand differentiation in the zinc market has been fully priced. The Middle East geopolitical situation may impact overseas zinc demand, and China's zinc downstream industry advantages will be re - evaluated globally. In the short - term, it is recommended to avoid internal - external positive spread arbitrage [70]. - In the short - term, attention should be paid to the structural opportunity of the zinc - aluminum price ratio repair. Recently, the zinc - aluminum price ratio has dropped to a 15 - year low. After the relevant expectations are realized, the ratio is expected to rebound. In the long - term, the zinc - aluminum price ratio will show a downward trend [73]. Supply - Demand Data Ore End - In January 2026, the global zinc ore production was 1.0104 million tons, a year - on - year increase of 4.67% or 45,000 tons. From January to February 2026, China's zinc concentrate production was 438,100 metal tons, a cumulative year - on - year increase of 9.96% or 39,700 metal tons. It is expected that the domestic zinc concentrate production will increase by 270,000 tons, the overseas production will increase by 24,000 tons, and the global production will increase by 294,000 tons in 2026, a year - on - year increase of 2.52% [77]. - From January to February 2026, China's cumulative zinc concentrate imports were 1.0088 million physical tons, a cumulative year - on - year increase of 17.53%. The top five import sources were Australia, Peru, Russia, Congo, and South Africa [80]. Smelting End - In January 2026, the global zinc ingot production was 1.1564 million tons, a year - on - year increase of 1.68% or 19,100 tons. From January to February 2026, China's primary zinc production was 930,500 tons, a cumulative year - on - year increase of 11.64% or 97,000 tons, and the recycled zinc production was 102,400 tons, a cumulative year - on - year increase of 20.75% or 17,600 tons. It is expected that the global refined zinc production will increase by 230,000 tons in 2026, with a year - on - year growth rate of 1.82% [84][86]. - From January to February 2026, China's net imports of refined zinc were 22,700 tons, a cumulative year - on - year decrease of 66.64%. It is expected that the net imports of zinc ingots will recover significantly in the second half of 2026 [89].

Group 1 - The analyst has not yet reviewed Barrick Mining Corporation but intends to do so, focusing on undervalued companies in the mining industry with strong fundamentals and cash flows [1] - The analyst emphasizes a long-term value investing approach while also exploring deal arbitrage opportunities in various sectors, including Oil & Gas and consumer goods [1] - Energy Transfer is highlighted as a company that was previously overlooked but has shown potential for substantial returns, indicating a focus on companies that are "unloved for unjustified reasons" [1] Group 2 - The analyst expresses a preference for companies with understandable business models, avoiding high-tech and certain consumer goods sectors, while showing skepticism towards cryptocurrencies [1]

Core Viewpoint - St. Augustine Gold and Copper Limited is experiencing a delay in filing its audited annual financial statements for the year ended December 31, 2025, due to additional time required by its auditor to assess certain financial instruments, resulting in a default of its obligations under National Instrument 51-102 [1] Group 1: Financial Reporting and Compliance - The filing of the audited annual financial statements, management's discussion and analysis, and related CEO and CFO certifications will be delayed beyond the March 30, 2026 deadline [1] - The Corporation has applied for a management cease trade order (MCTO) to restrict trading in its securities by management, which does not affect non-insider shareholders [2] - St. Augustine is working with its auditor, Davidson & Company LLP, to complete the audit and plans to remedy the default by filing the required documents by April 21, 2026 [3] Group 2: Company Status and Operations - As of the date of the press release, there are no insolvency proceedings against the Corporation, and no material undisclosed information regarding its affairs [4] - St. Augustine is focused on the development of the King-king Copper-Gold Project, which is one of the largest undeveloped copper-gold deposits globally and is prioritized by the Philippine government [5]

 March 30, 2026 – TheNewswire - Vancouver, BC – MetalQuest Mining Inc. (TSX.V: MQM; OTCQB: MQMIF) is pleased to announce the appointment of Mr. Ali Alizadeh, M.Sc. MBA, PGeo, FGC to the Company’s Board or Directors effective immediately. Harry Barr, MetalQuest’s Chairman and CEO states “We are pleased to have Mr. Alizadeh join the Board of Directors. His extensive experience and expertise in mineral exploration and project management will add technical expertise to our Board of Directors and augment our ex ...

Core Viewpoint - Canada's stock market is outperforming the S&P 500, with the S&P/TSX index up approximately 0.5% year to date compared to the S&P 500's decline of 7% for the year [2][3]. Group 1: Market Performance - The S&P/TSX index is down about 6% in March, while the S&P 500 is down 7.8% for the same month [2]. - The iShares MSCI Canada ETF (EWC) is 4.7% above its 200-day moving average and nearly unchanged for the year, contrasting with the S&P 500 being 4% below its 200-day line [2]. - Despite its relative strength, Canada still lags behind other international ETFs such as those from South Korea, Brazil, and Taiwan [2]. Group 2: Economic Factors - Analysts highlight Canada's advantage as a net energy exporter, benefiting from rising global oil and gas prices, unlike Japan and Europe [3]. - Currencies of resource-rich countries like Canada are expected to be favored over those reliant on imports, bolstering the Canadian economy [4]. Group 3: Key Companies and Sectors - Major components of the Canadian index include mining and energy companies, with Agnico Eagle Mines (AEM) up nearly 13% year to date, despite a 24% drop in March [5]. - Pipeline companies TC Energy (TRP) and Enbridge (ENB) have seen increases of 14% this year, trading near all-time highs [5]. - Canadian Natural Resources (CNQ) is also near record highs, rallying 46% in 2025 [5]. - Leading stocks include Suncor Energy (SU) up 45%, Cenovus Energy (CVE) up 57%, and Nutrien (NTR) up 24% [6]. Group 4: Financial Sector Performance - The financial sector constitutes the largest portion of the S&P/TSX index at 30.7%, but it is currently underperforming [8]. - Among major banks, Royal Bank of Canada (RY) is down 5.5% in March and over 7% year to date, while Toronto-Dominion Bank (TD) has slid nearly 6% in March [9]. - Shopify (SHOP) has faced significant challenges, with shares down 30% for the year [10].

Core Insights - The S&P 500 has declined approximately 6% year-to-date, while certain ETFs focused on real assets and tangible commodities are experiencing strong gains amidst market uncertainty [1][2] Group 1: Investment Landscape - The Iran conflict has significantly disrupted energy supply chains, leading to surging commodity prices and a renewed interest in funds that focus on physical scarcity rather than mere market expansion [2][6] - The Global X Lithium & Battery Tech ETF (LIT), Schwab US Dividend Equity ETF (SCHD), and Invesco Optimum Yield Diversified Commodity Strategy ETF (PDBC) have outperformed the market this year due to favorable market conditions [3][21] Group 2: LIT ETF Analysis - LIT ETF, which tracks the Solactive Global Lithium Index, has gained traction as consumers consider electric vehicles (EVs) due to rising fuel costs, making EVs a more attractive option [4][5] - Demand for lithium is projected to reach 3.6 million metric tonnes by 2030, more than double the levels expected in 2025, driven by policy support and supply constraints [6][7] Group 3: SCHD ETF Analysis - SCHD ETF focuses on companies with a strong history of dividend payments, primarily in energy, consumer staples, and healthcare sectors, making it a defensive investment during market volatility [9][10] - The fund has a 3.47% yield and has shown a 9.4% annualized return over the last 20 years, indicating its appeal as a rotation destination amid a flight from growth stocks [12] Group 4: PDBC ETF Analysis - PDBC ETF has risen over 30% year-to-date, actively investing in futures contracts across 14 commodities, benefiting from supply-side constraints and strong global growth [15][16] - The energy component of PDBC's portfolio has been particularly strong, with crude oil prices surging past $100 per barrel, contributing to the fund's performance [17][18] Group 5: Market Trends - The current market trend indicates a shift from intangible assets to tangible ones, as high-multiple growth stocks struggle in an environment of rising energy costs and supply disruptions [21][22] - The future trajectory of this trend will depend on the developments in the Iran conflict and its broader geopolitical implications [22]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is committed to adopting technology to enhance its workflows, utilizing decades of expertise among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Core Insights - Pan American Silver Corp. (PAAS) achieved record cash flow in 2025, indicating strong operational performance and disciplined capital management [1][8] - The company returned approximately $221 million to shareholders in 2025 through dividends and share buybacks, increasing its quarterly dividend by 29% [2][8] - For 2026, PAAS anticipates silver production between 25 million to 27 million ounces, reflecting a year-over-year increase of 14% at the midpoint [3][8] Financial Performance - PAAS reported a free cash flow of $1.15 billion in 2025, raising its cash and short-term investments to $1.3 billion, with total liquidity reaching $2.07 billion by the end of the year [1][8] - The company had working capital of $1.38 billion and $750 million available under its credit facility as of December 31, 2025 [1] Peer Comparison - Hecla Mining Company (HL) generated $310 million in free cash flow in 2025, with a cash balance of $242 million [4] - Endeavour Silver Corporation reported $156.3 million in mine operating cash flow for 2025, with cash at $215.4 million [5] Stock Performance and Valuation - PAAS shares increased by 103% over the past year, while the industry saw a growth of 146.8% [6] - The company is currently trading at a forward 12-month price-to-earnings multiple of 11.13X, below the industry average of 14.39X [9] Earnings Estimates - The consensus estimate for PAAS's earnings in 2026 is $4.48 per share, representing a year-over-year increase of 76.3% [10] - The estimate for 2027 is $5.14, indicating a further increase of 14.9% [10] - Earnings estimates for 2026 and 2027 have risen by 36.2% and 37.7% respectively over the past 60 days [10]

Core Viewpoint - Vale S.A and Rio Tinto are major competitors in the global metals and mining sector, both playing crucial roles in the supply of essential commodities like iron ore and copper, which are vital for industrial and economic development [1][3]. Vale Overview - Vale reported revenues of $38 billion in 2025, reflecting a 1% year-over-year increase, with adjusted earnings per share of $1.82, up 15% due to cost discipline [4]. - Iron ore production reached approximately 336 million tons (Mt), copper output was about 382 thousand tons (kt), and nickel production was roughly 177 kt, all exceeding expectations [4]. - Vale aims for iron ore production capacity of 335-345 Mt in 2026, targeting 360 Mt by 2030, with key projects expected to add about 15 Mt per year [5]. - The company is investing in base metals, projecting copper production of 350-380 kt in 2026, with a target of 700 kt by 2035, indicating a 7% compound annual growth rate (CAGR) from 2024-2035 [6]. - Vale's nickel production is expected to be between 175 kt and 200 kt in 2026, with projections of 210-250 kt by 2030 [9]. Rio Tinto Overview - Rio Tinto's revenues rose 7% year-over-year to $57.6 billion in fiscal 2025, with underlying earnings per share of $6.69, remaining flat year-over-year [12]. - The company reported iron ore production at Pilbara of 327.3 Mt in 2025, flat year-over-year, with shipments totaling 326.2 Mt, down 1% year-over-year [12]. - Copper production reached 883 kt in 2025, up 11% year-over-year, supported by the ramp-up at Oyu Tolgoi [13]. - Rio Tinto is expanding into lithium, targeting over 200 kt lithium carbonate equivalent (LCE) capacity by 2028 through the Arcadium deal [11][16]. Earnings Estimates - The Zacks Consensus Estimate for Vale's 2026 earnings is $2.10 per share, indicating a 15.4% year-over-year growth, while Rio Tinto's estimate is $8.36 per share, reflecting a 25.9% growth [17]. - Both Vale's earnings estimates for 2026 and 2027 have been revised downward, while Rio Tinto's estimates have moved up [18]. Price Performance & Valuation - Over the past year, Vale's stock has gained 50.6%, while Rio Tinto's stock has appreciated 44.2% [19]. - Vale is trading at a forward price-to-sales multiple of 1.65X, compared to Rio Tinto's 1.80X [20]. Conclusion - Both companies are positioned to benefit from rising long-term demand for steelmaking materials and energy transition metals, with Rio Tinto having broader diversification and stronger earnings visibility, while Vale offers a competitive advantage in high-grade iron ore and a more attractive valuation [21].

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]