Summary of New Found Gold (NFGC) Update / Briefing July 22, 2025 Company Overview - **Company**: New Found Gold Corp (NFGC) - **Project**: Queensway Gold Project located in Gander, Newfoundland and Labrador Core Points and Arguments 1. **Preliminary Economic Assessment (PEA)**: The PEA indicates a robust operation for the community, with a phased approach to mining. Phase one involves a 700 ton per day open pit, followed by a 7,000 ton per day open pit in phase two, and underground mining in phase three [2][6][9]. 2. **Production Estimates**: - Phase one is expected to produce over 69,000 ounces annually at an all-in sustaining cost (AISC) of $1,282 per ounce [8]. - Phase two anticipates an average production of 172,000 ounces per year at an AISC of just under $1,100 from years five to nine [9][43]. - Total life of mine production is projected at 1,500,000 ounces [12]. 3. **Net Present Value (NPV)**: The NPV at a gold price of $2,500 is estimated at $743 million, with a high rate of return of 56.3% and a payback period of less than two years on initial capital of $155 million [11][43]. 4. **Resource Conversion**: The PEA shows a conversion of 92% of indicated resources and 74% of inferred resources into the mine plan, indicating strong resource confidence [12][18]. 5. **Mining Methods**: The project will utilize conventional open pit mining methods and a cut-and-fill method for underground mining, with a focus on high-grade material first [10][14]. 6. **Environmental Considerations**: The project plans to use in-pit tailings deposition, which is considered best-in-class for risk mitigation regarding long-term environmental liabilities [20][21]. Exploration and Future Plans 1. **Ongoing Exploration**: The company plans to continue exploration activities in 2025, focusing on converting inferred resources to indicated and expanding the resource base along known fault zones [24][25]. 2. **New Discoveries**: Recent drilling has identified new mineralization not captured in the current mineral resource estimate (MRE), particularly in the Keats West area [27][28]. 3. **Depth Potential**: The company is exploring deeper drilling opportunities, with promising results indicating that mineralization persists at greater depths [35][36]. 4. **Regional Potential**: The acquisition of Labrador Gold's Kingsway project has expanded the strike length by over 13 kilometers, enhancing the potential for new discoveries [37][41]. Financial and Operational Insights 1. **Capital Expenditures**: Total capital expenditures for the project are estimated at $1.065 billion, with phase one requiring $155 million [43][45]. 2. **Operating Costs**: The operating cost for mining is projected at $4.91 per ton moved, with processing costs averaging just under $21 per ton [45][46]. 3. **Leverage to Gold Price**: For every $100 increase in gold price, the NPV increases by approximately $89 million, indicating significant leverage to gold price fluctuations [47]. Additional Important Information 1. **Community Support**: The company has received strong support from local communities and the government, which is crucial for project advancement [5][52]. 2. **Permitting Timeline**: The company anticipates a two-year permitting process, with construction expected to begin in early 2027 [48][49]. 3. **Sustainability Focus**: The project emphasizes sustainability, with ongoing assessments to ensure that tailings management does not lead to long-term environmental issues [88]. This summary encapsulates the key points from the New Found Gold briefing, highlighting the company's strategic approach, production forecasts, exploration potential, and financial metrics.

Core Viewpoint - The Hong Kong stock market showed a slight recovery after an early dip, with the Hang Seng Index rising by 0.25% and reaching a new high since early April, driven by significant gains in infrastructure and high-speed rail stocks [1] Group 1: Market Performance - The Hang Seng Index increased by 0.25%, peaking at 25,120 points, marking a new high since early April [1] - The National Enterprises Index and Hang Seng Technology Index saw minor increases of 0.01% and 0.07% respectively, both reaching new highs during the session [1] Group 2: Sector Performance - Infrastructure stocks, particularly in the high-speed rail sector, experienced notable gains, with China Communications Construction rising by 8.6%, and China Railway Construction and CRRC Corporation both increasing by over 5% [1] - Gold prices returned to $3,400, leading to a general rise in gold stocks amid increasing risk aversion [1] - The semiconductor sector remained active with continuous catalysts, while hydroelectric power concepts and related stocks also saw upward movement [1] Group 3: Individual Stock Movements - Kuaishou rose by 1.5%, while Baidu and Tencent saw slight increases; Meituan fell nearly 2%, and JD.com and Alibaba had declines of less than 1% [1] - China Longgong experienced a dramatic surge of 48% at one point, while cement stocks showed mixed results, with Huaxin Cement dropping over 11% after a previous rise of 85.6% [1] - Apple-related stocks, domestic banks, and airline stocks generally declined [1]

Core Viewpoint - Shandong Gold has received a special loan of up to 900 million yuan to support its controlling shareholder's stock buyback plan, reflecting confidence in the company's future growth potential [1][4]. Group 1: Loan and Buyback Plan - Shandong Gold's controlling shareholder, Shandong Gold Group, has obtained a loan commitment from Industrial and Commercial Bank of China for a maximum of 900 million yuan to facilitate stock purchases [1][4]. - The buyback plan aims to acquire between 500 million yuan and 1 billion yuan worth of shares within a 12-month period starting from April 9, 2025 [2][4]. Group 2: Financial Performance - Shandong Gold expects a significant increase in net profit for the first half of 2025, projecting a range of 2.55 billion to 3.05 billion yuan, representing a year-on-year increase of 84.3% to 120.5% [6]. - The company's net profit for the first quarter of 2025 was reported at 1.026 billion yuan, indicating a substantial expected growth in the second quarter [6]. Group 3: Stock Performance - The stock price of Shandong Gold has risen from 22.63 yuan per share at the beginning of 2025 to 30.95 yuan per share as of July 18, 2025, marking a year-to-date increase of 36.77% [1][4]. Group 4: Company Overview - Established in 2000 and listed on the Shanghai Stock Exchange in 2003, Shandong Gold is a leading gold producer in China, with a complete industry chain from exploration to sales [7]. - The company has seen continuous growth in revenue and net profit over the past three years, with revenue increasing from 50.306 billion yuan in 2022 to 82.518 billion yuan in 2024 [7].

山东黄金矿业股份有限公司发布公告称，其控股股东山东黄金集团有限公司已获得中国工商银行股份有限公司山东省分行出具的《上市公司股票 增持贷款承诺函》。工商银行将为黄金集团增持公司股票提供不超过人民币9亿元的贷款额度，贷款期限不超过3年。黄金集团及其一致行动人计 划在2025年4月9日起的12个月内，通过上海证券交易所系统以集中竞价或大宗交易等方式增持山东黄金A股股份，拟增持金额不低于人民币5亿 元，不超过人民币10亿元，增持股份的资金来源包括自有资金或自筹资金。此次增持计划的资金来源确认为黄金集团自有资金及金融机构专项贷 款。公司将持续关注并披露增持计划的实施情况。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 交易信息汇总：7月18日，山东黄金主力资金净流出1297.25万元，游资资金净流出6594.24万元，而散户资金净流入7891.5万元。 公司公告汇总：山东黄金矿业股份有限公司控股股东山东黄金集团有限公司获得中国工商银行股份有限公司山东省分行不超过人民币9亿元 的贷款额度用于增持公司股票。 当日关注点 交易信息汇总 7月18日， ...

Core Viewpoint - China Gold International Resources Limited, as the overseas flagship of China National Gold Group, is well-positioned in the gold and copper mining industry, leveraging strong resources and technology support from its parent group [1][2]. Group 1: Company Overview - China Gold International focuses on the exploration, mining, and development of mineral resources, primarily gold and copper [1]. - The company operates two key mines: the Jiama Copper-Gold Mine and the Changshanhao Gold Mine, maintaining a leading market position in the industry [1]. Group 2: Mine Performance - The Changshanhao Mine is expected to contribute stable production, with gold resources of 158.57 tons and reserves of 15.02 tons, achieving an estimated gold output of approximately 3.4 tons in 2024, generating sales revenue of $247 million [1]. - The Jiama Mine has a copper reserve of 207,500 tons and a gold reserve of 55.7 tons, with a production capacity expected to increase by over 50% through a three-step plan involving tailings storage construction and exploration [2]. Group 3: Market Dynamics - The weakening of the US dollar is a primary driver for rising gold prices, supported by increased gold purchases by central banks to mitigate dollar risk [2]. - The copper market is experiencing tight supply conditions due to declining capital expenditures and resource depletion, with expectations for copper prices to steadily rise due to a combination of traditional and emerging demand [3]. Group 4: Financial Projections - The company is projected to achieve net profits of $306 million, $362 million, and $504 million from 2025 to 2027, reflecting significant year-on-year growth [3]. - Based on a comparative analysis of the gold and copper sectors, the target market capitalization for China Gold International is set at 33 billion RMB, with a target price of 91.4 HKD per share, indicating a "buy" rating [3].

证券研究报告 | 2025 年 07 月 18 日 晨会集萃 制作：产品中心 重点推荐 《策略|如何定位"市场化反内卷"？》 1、我们认为，本轮反内卷逻辑和供给侧改革有所不同，本轮反内卷更侧 重于成本调查和价格监测，治理企业低价无序竞争。提价本身需要行业的 供给格局配合，我们从"内卷"程度、产能出清程度、产能出清弹性三个 方面讨论哪些行业更具备基本面率先改善的潜质。以 CAPEX、毛利率和 存货的历史分位数水平衡量行业的"内卷程度"，以上述三个指标是否发 生趋势的拐点判断行业出清是否启动，目的是筛选本身已经在去产能、出 清的行业。2、我们筛选出两类受益方向：第一类走困境反转逻辑，行业 "反内卷"需求较为迫切，处在周期底部，出清拐点初步显现且具有较好 的出清弹性，属于"反内卷"较为核心的赛道。典型行业为光伏设备、通 用设备。以光伏为例，行业库存与开支周期向下，去库效果初显，营收增 速出现环比改善，但毛利率和现金流的改善仍未出现，困境反转后向上空 间较大。第二类走率先出清、盈利改善的右侧逻辑，内卷程度已经得到一 定改善，行业业绩能见度较高。典型为家电、化学原料等。 风险提示：1）过去历史经验有局限性；2）地缘风险 ...

Oil Market Overview - Oil prices experienced a rebound in early trading, recovering from previous losses due to stronger-than-expected economic indicators from major oil-consuming nations and easing global trade tensions [1] - U.S. crude oil inventories saw a significant decline of 3.9 million barrels to 422.2 million, surpassing the expected draw of 552,000 barrels, indicating robust refinery operations and heightened demand [2] - Despite the rise in crude prices, unexpected increases in gasoline and diesel inventories suggest a supply overhang in refined products [3] Economic Indicators - The U.S. Federal Reserve's economic snapshot indicated a modest pickup in activity, but the overall outlook remained "neutral to slightly pessimistic," with businesses concerned about inflation from higher import tariffs [4] - Chinese economic data showed a slower second-quarter growth, but crude oil processing in June rose by 8.5% year on year, indicating strong fuel demand [5] Global Trade Outlook - President Trump expressed optimism regarding trade negotiations with major partners, hinting at progress with China, an imminent trade agreement with India, and potential deals with Europe [6] Sector Performance Gainers - Energy sector, particularly the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), is expected to benefit from rising oil prices as exploration and production companies increase output [9] - Steel producers, represented by the VanEck Vectors Steel ETF (SLX), are likely to gain from rising oil prices as they supply materials for oil drilling operations [10] Losers - Retail sector, represented by the SPDR S&P Retail ETF (XRT), may suffer as rising energy prices squeeze consumer spending [12] - Oil refiners, represented by the VanEck Vectors Oil Refiners ETF (CRAK), could face profitability challenges due to higher crude prices impacting their input costs [13] - Airlines, represented by the U.S. Global Jets ETF (JETS), are expected to perform better in a falling crude price scenario, as energy costs significantly affect their overall expenses [14] - Gold miners, represented by the VanEck Vectors Gold Miners ETF (GDX), may face pressure on operating margins due to higher oil prices, which constitute a significant portion of their production costs [15]

Summary of Mount Gibson Iron (MGX) Teleconference - July 15, 2025 Company and Industry - **Company**: Mount Gibson Iron (MGX) - **Industry**: Mining, specifically focusing on gold and iron ore Core Points and Arguments 1. **Acquisition Announcement**: Mount Gibson announced the acquisition of a 50% interest in the Central Tanami Gold Project for AUD 50 million from Northern Star Resources Limited, marking a strategic entry into the gold sector [2][3][4] 2. **Diversification Strategy**: The acquisition is part of Mount Gibson's strategy to diversify its operations as its primary iron ore mine, Coolin Island, approaches the end of its life cycle [2][3][13] 3. **Gold Project Details**: The Central Tanami project is one of Australia's largest undeveloped gold projects, with a total gold inventory exceeding 2.6 million ounces at an average grade of 3.2 grams per tonne [4][5] 4. **Infrastructure and Resources**: The project includes a non-operating gold ore processing plant, accommodation camp, airstrip, and extensive technical data, which will facilitate a faster development timeline [5][6] 5. **Valuation Metrics**: The acquisition price equates to approximately AUD 61 per ounce of contained gold based on current resources, dropping to around AUD 38 per ounce when including historical estimates [7][8] 6. **Development Timeline**: Mount Gibson aims to fast-track the project towards a development decision within 12 to 18 months, leveraging existing resources and infrastructure [6][8][10] 7. **Joint Venture Dynamics**: The company plans to collaborate closely with Tanami Gold, which shares a major shareholder, to align development objectives [8][9] 8. **Regulatory Approvals**: The transaction is subject to several conditions, including approval from the Foreign Investment Review Board and other typical pre-completion conditions [11][12] Additional Important Content 1. **Market Conditions**: The management is cautious about the gold price, acknowledging current favorable conditions but not assuming they will last indefinitely [20][21] 2. **Buyback Program**: Mount Gibson has a buyback program in place, which is currently on hold due to confidentiality surrounding the acquisition [16][19] 3. **Long-term Strategy**: The acquisition is seen as a step towards transitioning from a single commodity producer to a diversified multi-commodity producer, with ongoing investments in junior resource companies [13][14] This summary encapsulates the key points discussed during the teleconference, highlighting Mount Gibson's strategic move into the gold sector and its implications for future growth and diversification.

Group 1 - The company expects to turn a profit in the first half of 2025, primarily due to improvements in its main business operations [1] - The subsidiary, Fiji Vatukoula Gold Mine, is actively advancing technical reforms, leading to increased production efficiency and a significant rise in gross profit margin [1] - Non-recurring gains are estimated to impact net profit by approximately 27 million to 35 million yuan, mainly from the sale of equity in a controlling subsidiary [1] Group 2 - The performance forecast is based on preliminary calculations by the finance department and is subject to confirmation in the official half-year report [2] - The company has designated specific media outlets for official information disclosure, ensuring that all information is published in these channels [2]

Group 1 - The trend of A-share companies spinning off subsidiaries for listing in Hong Kong (referred to as "A拆H") is gaining momentum, with multiple companies initiating this process [1][4] - Companies such as Weichai Power, Tongrentang, and Zijin Mining have submitted applications for their subsidiaries to be listed on the Hong Kong Stock Exchange, indicating a diverse range of industries involved [1][2] - The spinoff model is becoming an important choice for companies to expand their capital landscape, with a focus on sectors like pharmaceuticals, manufacturing, and technology [1][4] Group 2 - Zijin Gold International, spun off from Zijin Mining, is a leading gold mining company with significant global reserves and production, ranking ninth and eleventh respectively as of December 31, 2024 [2] - Tongrentang Medical and Health, a subsidiary of Tongrentang Group, is the largest non-public Chinese hospital group in terms of outpatient and inpatient visits, holding a market share of 1.7% in the industry [2] - The spinoff of companies like GoerTek and Noli has also been initiated, with GoerTek Microelectronics being a leader in the MEMS device sector and Noli focusing on intelligent logistics solutions [3] Group 3 - The Hong Kong market is increasingly favoring rapidly growing companies, particularly those with strong cash flow and clear asset evaluations, as it lacks high-potential manufacturing and technology firms [4] - The trend of spinoffs is seen as a way to enhance the overall market supply in Hong Kong while providing companies with new growth opportunities and improving their international presence [4][7] - Companies with "heavy assets and strong operations" are encouraged to consider independent listings to unlock valuation ceilings, especially in sectors like energy services and industrial logistics [4] Group 4 - The performance of companies that have already completed spinoffs shows a mixed trend, with South Mountain Aluminum International's stock rising 36% since its listing, while iFlytek Medical Technology has seen a 21.74% increase [6] - The increasing number of "A拆H" cases is leading to diverse capital structures, as seen with the Tongrentang group potentially forming a triangular structure in the Hong Kong market with multiple subsidiaries [6] Group 5 - The impact of spinoff listings on parent companies' equity can be positive if the subsidiary's stock price rises, although some profits will be shared with external shareholders post-spinoff [7] - The acceptance of "A拆H" in the market is viewed as more favorable compared to A-share spinoffs, which may increase stock supply and investor resistance [7] - The overall valuation of the Hong Kong market remains lower than that of the A-share market, and the capacity for accommodating additional listings needs further observation [7]