Specialist Sales APAC Specialist Sales 22 May 2025 J P M O R G A N Rio unification, ONGC miss, FMG update, Strong Refining vs Weak Crude Anmol Mehta +852 2800 8896 anmol.mehta@jpmorgan.com Key Highlights Today Commodities Price Action | Best Movers | | | | --- | --- | --- | | Ticker | Last Price | %1D | | Alumina (RMB/t) | 3230.0 | 1.5 | | LME ZINC 3MO ($) | 2710.5 | 1.3 | | Aluminium ($/t) | 2465.3 | 0.8 | | China Li2Co3 (Rmb/t) | 62500.0 | 0.6 | | US NatGas ($/mmbtu) | 3.4 | 0.2 | | Best Movers | | | Wors ...

For the quarter ended March 2025, HudBay Minerals (HBM) reported revenue of $594.9 million, up 13.3% over the same period last year. EPS came in at $0.24, compared to $0.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $518.52 million, representing a surprise of +14.73%. The company delivered an EPS surprise of +140.00%, with the consensus EPS estimate being $0.10.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...

Core Points - The Annual General Meeting (AGM) of Norsk Hydro ASA took place on May 9, 2025, where all proposals from the Board of Directors were adopted, including a dividend distribution of NOK 2.25 per share [1] - A capital reduction was resolved through the cancellation of own shares and redemption of shares held by the Norwegian State [1] Dividend Details - The dividend will be paid on May 20, 2025, to shareholders registered as of May 9, 2025, with the shares trading excluding the right to dividend from May 12, 2025 [2] - Shareholder proposals were presented but none were adopted during the meeting [2] Additional Information - The minutes of the AGM are available on the company's website [3] - Contact information for investor and media inquiries is provided [3]

Nexa Resources S.A. Reports Voting Results from Annual and Extraordinary General MeetingsMay 08, 2025 4:30 PM EDT | Source: Nexa ResourcesLuxembourg, Luxembourg--(Newsfile Corp. - May 8, 2025) - Nexa Resources S.A. (NYSE: NEXA) ("Nexa Resources" or "Nexa" or the "Company") announces that the Annual General Meeting of the Shareholders and the Extraordinary General Meeting of the Shareholders were successfully held today at its registered office.A total of 117,688,927 shares were voted at the An ...

Analysts on Wall Street project that HudBay Minerals (HBM) will announce quarterly earnings of $0.11 per share in its forthcoming report, representing a decline of 31.3% year over year. Revenues are projected to reach $521.22 million, declining 0.7% from the same quarter last year. The consensus EPS estimate for the quarter has been revised 4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this ...

Figure 1: Planview Map of Gold Geochemistry from Trapper to Camp Creek including Outlaw. The 2025 season has a two-pronged approach: i) expand near surface gold mineralization and ii) drill for new, near surface copper porphyry discoveries for a combined 8000m to 10,000m. Shallow drilling to establish the continuity and strike of new feeder-structure high-sulphidation style gold-copper-silver mineralization encountered in holes 307/294/221 within the Camp Creek Corridor. Hole 307 returned 8.00m of 4.52 g/t ...

Core Insights - Hudbay Minerals Inc. reported significant achievements in 2024, demonstrating the strength of its operations and project pipeline, while also focusing on sustainability and community engagement [2][10]. Financial Performance - The company met and often exceeded its consolidated production and cost goals for 2024, improving its balance sheet by reducing debt and enhancing free cash flow [2]. - Hudbay's commitment to cost discipline has created value for shareholders [2]. Operational Achievements - Significant permitting milestones were achieved, extending the life of existing operations and creating opportunities for new mines [2]. - The company launched the "Unidas" program in Peru to foster inclusion and support for women in the workplace [5]. Health and Safety - Hudbay's health and safety performance in Peru achieved level AAA ratings across all indicators, with British Columbia and Manitoba also showing strong performance [5]. - A critical risk management program was implemented to eliminate injuries and fatalities [5]. Community Engagement - Hudbay engaged in over 7,500 interactions with more than 3,480 local stakeholders in 2024, focusing on building constructive relationships [6]. - The company created an Indigenous relations strategy in Manitoba to guide efforts towards economic reconciliation [8]. Environmental Commitment - Hudbay's climate change strategy includes specific GHG emissions reduction targets for each business unit, aiming for a 99% reduction in Scope 2 emissions intensity in Peru by 2030 [9]. - The company received level AAA ratings for biodiversity conservation in Peru and Manitoba, reflecting its commitment to sustainable practices [9]. ESG Performance - Hudbay earned an "A" overall ESG rating in MSCI's latest annual ranking, placing it in the "Leaders" category for effective management of ESG risks [9].

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Viewpoints The report offers short - term and medium - term outlooks for various commodities. For example, gold is expected to see a risk preference rebound, copper's price is supported by strong fundamentals, while industrial silicon and polycrystalline silicon are in a weak position due to downstream production cuts and falling spot prices respectively [2][12][32][33]. Summary by Commodity Precious Metals - Gold: Risk preference rebounds, with a trend strength of 0. Its prices showed declines in the previous trading session, and ETF holdings slightly increased [2][6][9]. - Silver: Stabilizes and rebounds, with a trend strength of 0. There were drops in prices and a decrease in SLV ETF holdings [2][6][9]. Base Metals - Copper: Strong fundamentals support the price, with a trend strength of 0. There were changes in prices, trading volumes, and inventories, and some countries' production data showed growth [2][12][14]. - Aluminum: Ranges within an interval, with a trend strength of 0. Alumina is expected to decline slightly. Ore prices are under downward pressure due to production cuts and other factors [2][15][17]. - Zinc: Strong current situation but weak expectations, with a trend strength of 0. There were price fluctuations, and a major producer's profit increased due to production and price rises [2][18][19]. - Lead: Price is under pressure as restocking weakens, with a trend strength of - 1. There were changes in prices, trading volumes, and inventories [2][21][22]. - Nickel: Upside and downside spaces converge, and the price may fluctuate narrowly, with a trend strength of 0. Indonesian production capacity is recovering, and resource tax policies are adjusted [2][24][26]. - Stainless steel: Spot prices decline to repair the basis, with a trend strength of 0. Cost and negative feedback are in a game on the disk [2][25]. - Tin: Shows a slight repair, with a trend strength of 0. There were price increases in the spot market and changes in trading volumes and inventories [2][28][31]. Energy and Chemicals - Industrial silicon: Downstream production cuts lead to a weak performance on the disk, with a trend strength of - 1. There were price drops and changes in inventories and production profits [32][33][35]. - Polycrystalline silicon: Spot prices fall, and the disk is weak, with a trend strength of - 1. There were price declines and changes in inventories and production profits [32][33][35]. - Carbonate lithium: Weak demand and falling costs lead to a continued weak operation, with a trend strength of 0. There were price drops in the spot market and changes in contract prices and trading volumes [36][37][38]. - Iron ore: Expectations are volatile, and the price fluctuates widely, with a trend strength of 0. There were price changes and some macro - economic data were released [39][40]. - Rebar: The expectation of production restrictions rises, and there is a short - term rebound, with a trend strength of 1. There were price changes and some production and inventory data were updated [42][43][44]. - Hot - rolled coil: Similar to rebar, with a trend strength of 1. There were price changes and some production and inventory data were updated [42][43][44]. - Ferrosilicon: Oscillates at a low level, with a trend strength of 0. There were price changes and some industry information was reported [47][50][51]. - Silicomanganese: Oscillates at a low level, with a trend strength of 0. There were price changes and some industry information was reported [47][50][51]. - Coke: Affected by production restriction news, it fluctuates widely, with a trend strength of 0. There were price changes and some price and position information was provided [52][53][54]. - Coking coal: Similar to coke, with a trend strength of 0. There were price changes and some price and position information was provided [52][53][54]. - Steam coal: Limited rigid demand, with a weak and oscillating trend, with a trend strength of 0. There were price changes and some position information was provided [56][58][59]. - Glass: The price of the original sheet is stable, with a trend strength of 0. The spot market price is stable with some regional differences [60][61]. - p - Xylene: In a de - stocking pattern, it is strong in the short term but weak in the medium term. The suggestion is to go long on PX and short on SC, with a trend strength of 0 [63][66][67]. - PTA: The basis strengthens significantly, and it is not advisable to chase the monthly spread. It is recommended to go long on PTA and short on MEG, with a trend strength of 0 [63][66][67]. - MEG: The strategy is to go long on PTA and short on MEG, and not to chase the monthly spread, with a trend strength of 0 [63][66][67]. - Rubber: Oscillates, with a trend strength of 0. There were price changes and some industry news was reported [68][69][71]. Other Commodities - LPG: The center of gravity of civil gas declines, with a trend strength not provided [4]. - PVC: Oscillates weakly, with a trend strength not provided [4]. - Fuel oil: Weakens slightly at night, and short - term fluctuations narrow, with a trend strength not provided [4]. - Low - sulfur fuel oil: Mainly oscillates, and the spread between high - and low - sulfur fuels in the external market rebounds slightly, with a trend strength not provided [4]. - Container shipping index (European line): The near - month contract is under pressure, and a short - position on the 10 - 12 spread can be lightly held, with a trend strength not provided [4]. - Staple fiber: Rebounds following raw materials in the short term, with a trend strength not provided [4]. - Bottle chips: Rebounds following raw materials in the short term, and it is advisable to short the processing fee on rallies, with a trend strength not provided [4]. - Palm oil: The driving force for price increase is questionable, and it is treated as oscillating for now, with a trend strength not provided [4]. - Soybean oil: The sentiment in the spot market improves, and there may be a correction at a high level, with a trend strength not provided [4]. - Soybean meal: Concerns in the spot market ease, and the futures price falls, with a trend strength not provided [4]. - Soybean: Affected by the spot price fluctuation of soybean meal, it follows the decline, with a trend strength not provided [4]. - Corn: Oscillates strongly, with a trend strength not provided [4]. - Sugar: Ranges within an interval, with a trend strength not provided [4]. - Cotton: Demand restricts the rebound momentum of Zhengzhou cotton futures, with a trend strength not provided [4]. - Eggs: Oscillates weakly in the spot market, with a trend strength not provided [4]. - Live pigs: A phased de - stocking may start, with a trend strength not provided [4]. - Peanuts: Attention should be paid to the purchase by oil mills, with a trend strength not provided [4].

Core Viewpoint - Atico Mining Corporation reported a net loss of $18.7 million for the year ended December 31, 2024, primarily due to a significant arbitration ruling in Colombia, despite achieving higher sales and operating income compared to the previous year [2][6][3]. Financial Performance - The company posted income from mining operations of $14 million, with sales increasing by 19% to $68.5 million compared to $57.5 million in 2023 [2][6]. - The net loss for 2024 was $18.7 million, a substantial increase from a net loss of $5.8 million in 2023, largely due to a $24.5 million pre-tax loss from the arbitration ruling [6][7]. - The average realized price for copper was $4.19 per pound, up from $3.94 in 2023, and for gold, it was $2,452 per ounce, compared to $2,009 in 2023 [6][7]. Production and Operational Details - Atico's El Roble mine produced 13.7 million pounds of copper and 9,106 ounces of gold in concentrate, with cash costs of $2.07 per payable pound of copper [2][8]. - Copper production increased by 4% year-over-year, while gold production decreased by 10%, attributed to changes in head grades and processed ore [8][9]. - The company processed 274,181 tonnes of ore, a decrease of 2% from 2023, with a copper grade of 2.46% and a gold grade of 1.61% [9]. Cash Costs and Margins - Cash costs per tonne of processed ore rose by 10% to $142.68, while cash costs per pound of payable copper increased by 1% to $2.07 [6][9]. - The cash margin per pound of payable copper produced was $2.12, reflecting a 12% increase over 2023 due to higher realized copper prices and improved copper head grades [6][9]. Arbitration and Liabilities - The arbitration ruling on March 7, 2025, required the company to back pay copper royalties since 1994, resulting in a total pre-tax loss of $24.5 million for 2024 [11][13]. - As of December 31, 2024, the company had an outstanding arbitration award liability of $13.2 million, with $4.7 million classified as a current liability and $8.5 million as a non-current liability [13]. Future Outlook - The company aims to prioritize production goals and cost efficiencies at El Roble while taking advantage of favorable metal prices [3][6]. - Atico is also working on obtaining necessary permits for the La Plata project, indicating ongoing development efforts in its project pipeline [14].

April 24, 2025 CAUTION REGARDING FORWARD-LOOKING STATEMENTS FIRST QUARTER 2025 CONFERENCE CALL Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "a ...