ASIA EX-JAPAN | Quantitative Strategy Equity Research China: What's in Style for 2026? Under the 15th five-year plan, China is transitioning from common prosperity to AI & high-tech mfg dominance. This will be an era of the private sector, with attractive growth opportunities. With most of the PE-driven returns behind us, some market consolidation is expected. However, China remains attractive on PE/G, and earnings momentum is poised to accelerate. We list five key investment themes for 2026 and present our ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: European Metals & Mining - **Key Focus**: Commodity price updates, demand and supply dynamics, and macroeconomic factors affecting the metals market Commodity Price Forecasts - **Copper**: 2026E price forecast increased by 4% to $11,751/ton or $5.33/lb [1][11] - **Iron Ore**: 2026E price forecast increased by 8% to $97/ton [1][11] - **Aluminium**: 2026E price forecast increased by 8.7% to $3,125/ton or $1.42/lb [1][11] - **Gold**: Long-term price forecast raised by 20% to $3,000/oz [1][11] - **Lithium**: Expected to have troughed, with a more balanced outlook [1] Company Recommendations - **BHP**: Buy recommendation with a price objective of A$49, bullish on copper [2] - **Rio Tinto**: Buy recommendation, price objective raised to GBp7400, bullish on copper and aluminium [2][22] - **Glencore**: Buy recommendation, price objective of GBp470, focus on copper [2] - **Anglo American**: Buy recommendation, price objective raised to GBp3100, positive on TECK deal [2][25] - **Antofagasta**: Buy recommendation, price objective raised to GBp3300, expected 30% volume growth [2][16] - **Maaden**: Underperform rating, price objective of SAR47 [2] - **Fortescue**: Underperform rating, cautious on iron ore [2] China Market Insights - **Domestic Demand**: Weak consumer demand and property market, with fixed asset investment (FAI) turning negative year-on-year [3] - **Spending**: Year-to-date grid-related spending on copper and aluminium increased by approximately 10% YoY [3] - **Exports**: Volatile, with a notable decline in exports to the US [3] US Market Insights - **Policy Evolution**: Ongoing rate cutting cycle, potential volatility from government shutdowns [4] - **Trade Wars**: Tariffs and trade wars could negatively impact global growth and metal prices [4] - **Critical Minerals**: Discussion on how to address supply issues [4] Demand Drivers - **Decarbonization**: Ongoing decarbonization efforts expected to drive demand for metals [5] - **AI Influence**: Potential long-term demand driver due to advancements in AI [5] - **Investment Strategy**: Long-term investors may consider buying and holding despite potential short-term corrections [5] Revenue Breakdown and Earnings Changes - **Rio Tinto**: 2025E EBITDA increased by 5% to $24.2 billion, driven by higher iron ore and copper prices [23] - **Anglo American**: 2025E EBITDA increased by 4% to $6.2 billion, mainly due to higher iron ore and copper prices [26] Other Important Insights - **Market Volatility**: Continued uncertainty expected through 2026, with potential for further policy surprises [1] - **Investment Recommendations**: No changes to overall recommendations, maintaining a bullish outlook on key commodities [15] This summary encapsulates the critical insights and recommendations from the conference call, focusing on the European metals and mining industry, commodity price forecasts, and macroeconomic factors influencing market dynamics.

Core Viewpoint - The State Street® SPDR® US Large Cap Low Volatility Index ETF (LGLV) is initiated with a Hold rating, indicating a balanced perspective on its investment potential [1]. Group 1: Investment Strategy - The analysis emphasizes the importance of identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1]. - The focus is on the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1]. - A comprehensive evaluation of Free Cash Flow and Return on Capital is deemed essential for deeper investment insights [1]. Group 2: Market Perception - The analyst acknowledges that while some growth stocks may warrant their premium valuations, it is crucial for investors to investigate whether the market's current opinions are justified [1].

Core Viewpoint - A class action lawsuit has been filed against Freeport-McMoRan Inc. for securities fraud, following significant stock drops attributed to alleged violations of federal securities laws [1][3]. Group 1: Lawsuit Details - The lawsuit is pending in the U.S. District Court for the District of Arizona, titled Reed v. Freeport-McMoRan Inc., et al., No. 2:25-cv-04243 [3]. - Investors have until January 12, 2026, to request to lead the case, with claims made under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 [3]. Group 2: Company Operations and Safety Claims - Freeport operates the Grasberg Copper and Gold Mine in Indonesia, where it has been accused of overstating its commitment to safety while conducting unsafe mining practices [4][5]. - The company had previously promoted its safety procedures, including the use of data and technology to prevent incidents [4]. Group 3: Stock Price Impact - On September 9, 2025, Freeport's stock dropped by $2.77 per share (over 5.9%) following a press release about suspended mining operations due to a landslide [6]. - Following updates on September 24, 2025, regarding fatalities and operational suspensions, the stock fell by $7.69 per share (almost 17%) [7]. - Additional reports on September 25, 2025, regarding strained relations with the Indonesian government led to a further decline of $2.33 per share (over 6%) [9]. - A report on September 28, 2025, indicated that the landslide was preventable, further impacting investor confidence [10].

Analyst Ratings Changes - Fortuna Mining has received mixed ratings from analysts, with Scotiabank and National Bankshares upgrading the stock to "outperform" while Wall Street Zen and Zacks Research downgraded it to "hold" [1] - The current consensus rating for Fortuna Mining is "Hold" with an average target price of $9.50 [1] Stock Performance - Fortuna Mining's stock price increased by 3.5% recently, reaching a market capitalization of $3.10 billion [2] - The stock has a price-to-earnings ratio of 20.20 and a beta of 0.85, indicating lower volatility compared to the market [2] Financial Metrics - The company reported earnings per share (EPS) of $0.15 for the last quarter, missing the consensus estimate of $0.23 by $0.08 [4] - Fortuna Mining's revenue for the quarter was $246.75 million, exceeding analyst estimates of $242.19 million [4] - The company has a net margin of 14.36% and a return on equity of 12.74% [4] Institutional Trading - Institutional investors and hedge funds have been active, with Geneos Wealth Management increasing its holdings by 100% in the second quarter [5] - Institutional ownership of Fortuna Mining stands at 33.80% [5] Company Overview - Fortuna Mining operates in precious and base metal mining across several countries including Argentina, Burkina Faso, Mexico, Peru, and Côte d'Ivoire [6] - The flagship project is the Séguéla gold mine located in Côte d'Ivoire, covering approximately 62,000 hectares [6] Stock Price Movement - The share price of Fortuna Mining reached a new 52-week high of $10.01 during trading, closing at $9.9390 [7]

Northstar Gold Corp. (CSE:NSG) CEO Brian Fowler talked with Proactive about the company's latest master project agreement involving several technology and engineering partners to advance its Cam Copper project. Fowler explained that the agreement includes collaboration with Digital, a Canadian innovation cluster established in 2018, and Novamera, a private Ontario company with a proprietary surgical mining technology. The partnership also involves Micon International, an independent mining consultancy that ...

Core Insights - The U.S. is shifting towards domestic supply for rare earth magnets, reducing reliance on China [2][4] - MP Materials is positioned as a leading supplier in the U.S. rare earth magnet market [3][4] - Recent partnerships with the Pentagon and Apple enhance MP's market position and financial backing [4][6] Company Overview - MP Materials operates the Mountain Pass mine in California, a significant rare earth mine in the U.S. [3] - The company also runs a magnet production facility in Fort Worth, Texas, aiming to create an integrated domestic supply chain [3] Financial Backing - The Pentagon invested approximately $400 million in MP, becoming its largest shareholder and committing to purchase all magnets produced for 10 years [4] - Apple announced a $500 million partnership with MP, with a prepayment of $200 million for American-made magnets starting in 2027 [6] Current Performance - MP reported a loss in the third quarter with zero revenue from concentrate sales due to halted shipments to China [7] - The company's market cap stands at $11 billion, with a current stock price of $61.95 [6]

NEW YORK, Nov. 29, 2025 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces that a class action lawsuit has been filed against Freeport-McMoRan Inc. (NYSE: FCX) and certain of the Company’s senior executives for securities fraud after significant stock drops resulting from the potential violations of the federal securities laws. If you invested in Freeport, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/freeport-mcmoran-inc-clas ...

Core Viewpoint - Guanajuato Silver Company Ltd. (GSVRF) is facing financial challenges but is focused on improving operational efficiency and financial performance [1] Financial Performance - On November 28, 2025, GSVRF reported an earnings per share (EPS) of $0.01, matching estimates, but revenue was $25.5 million, significantly below the estimated $41.9 million [2] - The company reported an $11.3 million increase in working capital and positive cash flows from operations exceeding $3 million for the first three quarters of 2025, attributed to production results from its mining complexes in Guanajuato and Durango, Mexico [3][5] Financial Ratios - The enterprise value to operating cash flow ratio is 80.94, indicating low operating cash flow relative to its valuation [4] - The debt-to-equity ratio stands at 2.28, suggesting the company has more than twice as much debt as equity, which could pose risks if not managed carefully [4] - The current ratio is 0.78, indicating potential liquidity issues as it is below the standard threshold of 1, which could impact the company's ability to meet short-term obligations [4]

Core Viewpoint - Los Andes Copper Ltd. has elected to issue common shares to satisfy a US$14 million interest payment obligation on convertible debentures, reflecting a strategic move to manage its financial commitments [2][4]. Group 1: Convertible Debentures and Interest Payment - The company issued three convertible debentures totaling US$14 million to Queen's Road Capital, with interest payments structured as 5% in cash and 3% in shares [2][3]. - As part of the interest payment, Los Andes will issue 16,853 common shares at a deemed price of US$6.23 (C$8.76), amounting to US$104,994 (C$147,632) [2][3]. Group 2: Company Overview - Los Andes Copper Ltd. holds a 100% interest in the Vizcachitas Project in Chile, which is positioned to become a significant copper mine in the region [7][8]. - The Vizcachitas Project is a copper-molybdenum porphyry deposit located 150 kilometers north of Santiago, benefiting from strong infrastructure [8].