Summary of Key Points from the Conference Call Industry Overview - **Industry**: Copper and related materials in the Asia Pacific region, specifically focusing on the implications of US tariffs on copper products [1][4] Core Insights and Arguments - **US Tariffs**: The US is set to impose a 50% Section 232 tariff on semi-finished copper and copper-intensive derivative products, while copper input materials such as cathode, anode, concentrate, and scrap will not be subject to these tariffs [7][4] - **Market Reaction**: Following the announcement of tariffs, COMEX copper prices peaked over 30% higher than LME copper prices, indicating market expectations of broader tariff implications. However, with copper cathode exempt from tariffs, COMEX prices have since decreased by approximately 19%, and the premium over LME has fallen to around 6% [2][4] - **Inventory Levels**: There has been a significant increase in onshore copper inventory, with an additional 475,000 tons purchased since mid-March, suggesting that the US market is well-supplied and may see reduced import demand for copper in the near term [2][4] Implications for Chinese-listed Copper Companies - **Investment Recommendations**: Despite expected short-term pressure on companies like Zijin Mining, CMOC, MMG, and Jiangxi Copper, it is suggested that investors should consider accumulating shares of these companies on any price dips [3][4] - **Company Specifics**: - **Zijin Mining Group**: Target price adjustments based on A-share and H-share arbitrage opportunities [14][3] - **CMOC Group**: Valuation based on DCF model with a WACC of 10.7% and projected revenue growth of 2% annually [10][3] - **MMG Ltd**: Valuation reflects high visibility in long-term copper and zinc production with a cost of equity of 16.9% [8][3] Risks and Considerations - **Market Risks**: - Upside risks include stronger copper prices due to robust demand or supply disruptions in key copper-producing countries [12][17] - Downside risks involve potential economic downturns, project execution failures, and geopolitical risks affecting production [12][17] - **Regulatory Changes**: Changes in mining laws in Peru and other regions could impact supply dynamics and pricing [12][17] Additional Important Information - **Investment Banking Relationships**: Morgan Stanley has received compensation from several companies mentioned, which may influence research objectivity [5][24][25] - **Analyst Ratings**: The report includes various stock ratings for companies in the sector, indicating a mix of overweight and underweight positions based on market conditions [81][83] This summary encapsulates the critical insights and implications from the conference call regarding the copper industry and specific companies within the sector, highlighting both opportunities and risks for investors.

29 July 2025 Global Metals & Mining Global Metals & Mining: 2025 is set to be another year of copper supply failure Bob Brackett, Ph.D. +1 917 344 8422 bob.brackett@bernsteinsg.com Andrianto Guntoro +44 207 676 6825 andrianto.guntoro@bernsteinsg.com Copper demand almost always rises (almost 3% CAGR over the next ten years, or ~1 mln tonnes/year). Copper production almost always misses, for a variety of reasons discussed below. We show that the risk of those reasons is rising. And 2025 is set to be a prime e ...

Aeris Resources (1ZN) 2025 Conference August 04, 2025 09:40 PM ET Speaker0Thank you, Duncan, and thank you, everyone, for the opportunity to present Eros Resources again. We talked about it earlier. I think it's probably year 10 or '11. I guess this year, we'd like to just take a step back. The last three years has been every time I was here, it's like we're working towards an improvement, working towards an improvement.And then in 'twenty four, when we put the Jaguar mine in care and maintenance was a rest ...

Core Points - McEwen Inc. will hold a conference call on August 7, 2025, at 11:00 AM EDT to discuss Q2 2025 financial results and project developments [1][2] - The company operates three mines in the USA, Canada, and Argentina, and has a significant copper development project in Argentina [3] - Rob McEwen, the Chairman and Chief Owner, has personally invested US$205 million in the company and aims to build shareholder value and establish a dividend [4] Company Overview - McEwen Inc. provides exposure to gold, copper, and silver through its operating mines and development projects [3] - The Los Azules copper project is designed to be one of the world's first regenerative copper mines, with a goal of achieving carbon neutrality by 2038 [3] Conference Call Details - Participants can join the conference call via toll-free North America number (888) 210-3454 or international dial-in [2] - An archived replay of the webcast will be available approximately two hours after the live event [2]

Summary of Hillgrove Resources (HGO) 2025 Conference Company Overview - Hillgrove Resources is a copper producer based in South Australia, operating in a Tier one jurisdiction [4][5] - The company aims to grow into a mid-tier multi-asset copper and gold producer, generating cash flow today with multiple growth pathways [4][6] Core Industry Insights - Copper is essential for global decarbonization and electrification, with increasing demand driven by renewable energy, electric vehicles (EVs), and infrastructure development [4][9] - The average global mining head grade is declining, and many mines are aging, necessitating significant investment to meet future energy transition needs [10] - Hillgrove is positioned as one of the few ASX-listed companies actively producing copper to meet rising global demand [11][19] Financial Metrics - Hillgrove has a market capitalization that does not reflect its true value, with an EV to EBITDA ratio of only 3 to 4 times its 2024 earnings [6][19] - The company has AUD 18 million in franking credits and AUD 280 million in income tax losses available for future use [6] Production and Growth Strategy - The Cayman II copper-gold mine has recommenced underground mining, producing copper concentrate and shipping it globally [5][11] - The Nugent Acceleration Project is expected to increase production by 25% and reduce unit costs by 15-20% over the next 6-12 months [12][15] - Hillgrove plans to expand its exploration efforts, targeting four new mineralization zones, including the promising Emily Star zone with 2.6 million tonnes of existing resources [13][18] Operational Performance - As of June 1, 2025, Hillgrove had developed 11.5 kilometers underground and 470,000 tonnes of developed stocks, showing significant operational progress since starting 18 months ago [14] - The company reported an operating cash flow of AUD 19.1 million in the first half of the year, with AUD 17.7 million spent on capital development [16] Future Outlook - Hillgrove is focused on organic growth, with a sound mineral resource and ore reserve expected to be updated in Q4 2025 [17] - The company has an exploration target of 25 million to 40 million tonnes of copper, with ongoing drilling within the mine footprint [18] - Hillgrove is well-positioned to benefit from the anticipated supply-demand deficit in the copper market, with a strategic vision centered on operating excellence and disciplined growth [20]

沪铜早间小幅低开，日内行情有所转暖，收盘微涨0.08%。美国数据走弱提振降息预期，不过铜市供需 面支撑有限，国内正值需求淡季，且海外铜有向消费地流入的预期，截至周初国内社会库存累积，沪铜 仅小幅飘红。 最近国内铜精矿现货加工费延续企稳略有回升的姿态，但海外铜矿端传来一定干扰。智利铜业巨头 Codelco表示，已经停止了旗舰El Teniente铜矿的开采作业，并推迟了公司的季度业绩发布，由于该矿发 生坍塌事故，后续仍需关注对产量的影响。由于美国对进口铜征税范围远不及市场预期，LME铜库存 和国内铜库存都有回升预期。截至周初国内精炼铜社会库存出现回升。 （文华综合） 美国7月非农新增就业人口只增加了7.3万人远不及市场预期，且前两个月新增人口也出现大幅下修，失 业率如期增至4.2%，意外疲弱的美国非农数据提振美联储降息前景，美指一度大幅回落。对于外围市 场，新湖期货表示，周五美国非农就业数据爆冷，市场对美联储降息预期回升，对铜价有所提振。但随 后公布的美国7月ISM制造业指数48，不及预期；国内制造业PMI也环比回落，经济数据走弱，打压铜 价。 ...

Diggers & Dealers Mining Forum 4-6 August 2025 A CLEAR RESET FOR A BRIGHT FUTURE For personal use only Important information The information in this presentation is provided for general information regarding 29Metals Limited (the 'Company ') and its subsidiaries (together with the Company, '29Metals'). Material information in this presentation has been derived from information publicly released by the Company to the ASX announcements platform. Details regarding the source information released to the ASX ann ...

Peel Mining (PEX) 2025 Conference August 03, 2025 11:55 PM ET Speaker0Next presenter is Peel Mining, Robert Tyson, who's the Executive Director. Mr. Tyson is the Executive Director at Peel and a geologist with over thirty years of experience in the resources industry with companies such as Cypress, Queensland Metals, Murchison Zinc, Normandy and Equigold. During his tenure at Peel, Mr. Tyson and his team have been responsible for the discoveries of Meli Bull, Wirrlong and the Southern Knights deposits in th ...

Group 1 - The copper mining sector has experienced a positive year, with copper prices slightly increasing and the Global X Copper Miners Index (COPX) rising by 10% year-to-date, indicating that many miners have benefited from this trend [1] - Mountain Valley Value Investments focuses on identifying undervalued companies with strong growth potential across various sectors, emphasizing long-term value and disciplined research [1] - The investment philosophy of the company is centered on rigorous analysis to uncover opportunities that can deliver strong returns while highlighting potential risks that may impact investment theses [1] Group 2 - The article aims to provide actionable investment ideas that are expected to withstand the test of time, reflecting a commitment to in-depth analysis and thoughtful perspectives on high-potential stocks [1]

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $82.7 million and adjusted net income attributable to owners of the company of $48.1 million, or $0.46 per share [15] - Liquidity position remains solid at $113 million, including $68.3 million in cash and cash equivalents [15] - The net debt to EBITDA ratio improved from 2.4 times to 2.1 times due to stronger EBITDA and debt repayments [15] Business Line Data and Key Metrics Changes - At Carriba, copper production increased by 25% compared to Q1, with a 50% reduction in unplanned infrastructure downtime [10][11] - Javancina saw a 17% increase in gold production versus Q1, with expectations for further improvements in the second half of the year [12] - Commercial production was announced at Tucumar, contributing to record consolidated copper production [8] Market Data and Key Metrics Changes - The company expects higher production levels in the second half of the year, which will aid in deleveraging efforts [15] - The foreign exchange hedge program had a total notional position of $240 million, with a modest realized gain of $200,000 during the quarter [16] Company Strategy and Development Direction - The company is focused on operational excellence, with significant groundwork laid for sustainable growth in production [6][7] - The strategy includes optimizing mining methods, enhancing cost control, and advancing long-term growth initiatives at Furnas [13] - The company aims to initiate returns to shareholders as part of its strategy moving forward [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving improved operational performance in the second half of the year, with expectations for continued growth in 2026 [9][10] - The focus is on achieving consistent production rates and addressing any remaining operational bottlenecks [22][36] - Management acknowledged the challenges faced in the first half of the year but emphasized the importance of the changes made for future stability [71][72] Other Important Information - The company completed its Phase one drill program at Furnas and is on track for the Phase two program [13] - The company is committed to delivering on its strategy and improving existing operations while preparing for future growth [18] Q&A Session Summary Question: Update on Tucumar's production capacity and guidance assumptions - Management confirmed that production levels have improved and are now operating at higher rates, with expectations to achieve around 80% of design capacity by year-end [20][23] Question: Cash costs at Carriba and guidance for the full year - Management indicated that while cash costs may trend higher due to lower grades in the second half, they expect to remain in the lower half of the guidance range [27][29] Question: Update on mechanized mining at Javancina and grade reconciliation - Initial results from mechanized mining have shown less dilution than manual mining, with grades expected to align with overall expectations for the year [30][31] Question: Remaining bottlenecks at Tucumar and July throughput - Management stated that the focus is now on preventative maintenance to ensure consistent operational performance, with no specific throughput numbers for July provided [34][36] Question: Update on shaft sinking at Pilar - The shaft project is progressing well, with expectations to be operational in 2027 [40] Question: Contribution from the sorghum pit and mining tonnage outperformance - Management highlighted that operational excellence initiatives have contributed to outperformance in mining tonnage, with Serbeam being an important contributor to production [44][46] Question: Timeline for starting cash returns to shareholders - Management indicated that the focus remains on deleveraging the balance sheet before considering shareholder returns [78]