With a new rare-earths plant in Estonia, Europe is trying to secure a foothold in a supply chain dominated by China. But the factory won’t produce enough to break its dependence on Beijing. https://t.co/sQH9rWlGJ8 ...

With a new rare-earths plant in Estonia, Europe is trying to secure a foothold in a supply chain dominated by China. But the factory won’t produce enough to break its dependence on Beijing. https://t.co/7GjmPFgK8A ...

Core Viewpoint - The article compares two metals companies, Rio Tinto and The Metals Company, highlighting their differences in size, market cap, and investment potential, with Rio Tinto being the more favorable option for investors interested in "buying the dip" [1][2]. Company Overview - Rio Tinto is a well-established mining company founded in 1873, with a market cap of $114 billion, primarily mining commodity metals such as iron ore, aluminum, copper, and lithium [3]. - The Metals Company, a newer entity founded in 2021, focuses on polymetallic nodules found in the Pacific Ocean, with a market cap of $2.5 billion [1][4]. Stock Performance - Both companies are trading significantly below their highs, with Rio Tinto down 25% from its pandemic-era high and The Metals Company down 30% from its recent high in October 2025 [2]. - Rio Tinto's stock price surged in 2021 due to high global demand for iron ore, with spot prices rising from approximately $90/metric ton to $214/metric ton, but later declined due to reduced demand from China [5]. - The Metals Company's stock spiked recently due to anticipated benefits from China's export controls on rare-earth metals, but has since declined as optimism about a deal to maintain the rare-earth supply chain emerged [6][9]. Financial Metrics - Rio Tinto's current stock price is $70.63, with a market cap of $89 billion, a gross margin of 24.28%, and a dividend yield of 0.05% [6]. - The Metals Company's current stock price is $5.08, with a market cap of $2 billion and a gross margin of 0.00% [8]. Investment Outlook - The Metals Company has seen a significant increase of over 425% in its stock price this year, but it does not expect to begin commercial operations until Q4 2027, with full scaling not anticipated until 2043 [9]. - Rio Tinto offers a more immediate return on investment through its dividend policy, which has historically provided generous yields, even during periods of low iron ore prices [10][11]. - Given Rio Tinto's established position in the industry and its shareholder-friendly policies, it is viewed as a better investment compared to the speculative nature of The Metals Company [12].

Financial Performance - The company reported a net income of $1,676 for the quarter ended September 30, 2025, compared to a net loss of $0.6 million for the same period in 2024, primarily due to administration expenses offset by foreign currency gains and interest income [1] - For the nine-month period ended September 30, 2025, the company recorded a net loss of $2.0 million, an increase from a net loss of $1.6 million for the same period in the prior year [2] Exploration and Development Costs - Capitalized exploration and development costs for the Tamarack Nickel-Copper-Cobalt Project for the quarter ended September 30, 2025, amounted to $5.6 million, resulting from exploration and development costs of $7.4 million, offset by government grants of $1.8 million [3] - In comparison, for the same quarter in 2024, the capitalized costs resulted in a credit of $3.7 million, primarily due to a sale of a royalty for net proceeds of $10.5 million and government grants of $0.7 million [3] - The total capitalized cost to the Tamarack Nickel-Copper-Cobalt Project as of September 30, 2025, is $240.8 million [3] Company Overview - Talon Metals Corp. is a TSX-listed base metals company in a joint venture with Rio Tinto on the Tamarack Nickel-Copper-Cobalt Project located in central Minnesota [5] - The company has an earn-in right to acquire up to 60% of the Tamarack Nickel Project and currently owns 51% [5] - Talon has received significant funding, including a $114.8 million grant from the US Department of Energy and a $20.6 million grant from the US Department of Defense to support exploration efforts [5]

对于后市，金瑞期货评论表示，短期锡价仍将以宏观因素和供应扰动为主导。基本面端，印尼前期打击 非法锡矿导致出口短期承压，后续预计11月该国精炼锡出口量有望稳步回升。综合来看，宏观面与基本 面呈现分化格局，短期锡价预计延续偏高位震荡运行。 （文华综合） 沪锡大幅上行，主力合约最高上探299980元/吨，续创阶段新高，尾盘涨幅有所收窄，截止收盘，主力 合约收涨2.27%，报298140元/吨。锡市供应受限贯穿全年，缅甸复产进度缓慢，国内锡矿供应仍然紧 张。叠加印尼打击非法锡矿及6家被查封冶炼厂移交国企PT Timah，使得10月印尼锡锭出口锐减，引发 市场对供应担忧，刺激锡价大幅走高。 尽管缅甸佤邦地区的锡矿开采许可已获批准，但由于雨季影响和实际复产进度不及预期，当地锡矿出口 规模仍显著低于往年正常水平。今年前三季度，从缅甸进口的锡矿实物量累计同比大幅下滑约70%。与 此同时，国内冶炼企业虽积极从其他地区补充锡精矿资源，但整体供应仍显紧张，冶炼环节的锡精矿库 存持续走低，加工费长期处于低位区间，对原生锡的生产形成明显制约。此外，江西、安徽等地的再生 锡产量也同步受限，进一步加剧了国内锡原料供应的结构性压力。后续继续 ...

有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年11月12日星期三 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 美国非农数据连续两个月缺席，但ADP数据显示，截止10月25日的 四周内，美国私营部门平均每周减少11250个工作岗位，高盛估计 美国10月非农就业岗位减少约5万个，将为2020年以来最大降幅。 美国联邦政府停摆有望结束，美国参议院已投票通 ...

NEW YORK--(BUSINESS WIRE)---- $LZM #BatteryMetals--Lifezone Metals Limited (NYSE: LZM) today announced the closing of its previously announced underwritten registered direct offering (refer to Lifezone's November 10, 2025 news release). The offering raised approximately $15 million in gross proceeds, before deducting underwriting discounts, commissions, and other offering expenses. Lifezone intends to use the net proceeds for Kabanga Nickel Project exploration, project staffing and for other general corpora ...

Core Viewpoint - Barrick Mining Inc. has shown significant stock performance, with a 117.80% increase over the past year, leading to optimism among long-term shareholders, while concerns about potential overvaluation arise from the price-to-earnings (P/E) ratio [1]. Group 1: Stock Performance - The current trading price of Barrick Mining Inc. is $36.71, reflecting a 2.51% increase in the current session [1]. - Over the past month, the stock has increased by 5.82% [1]. - The stock has experienced a remarkable 117.80% increase over the past year [1]. Group 2: P/E Ratio Analysis - The P/E ratio is a critical metric for long-term shareholders to evaluate the company's market performance against historical earnings and industry standards [5]. - Barrick Mining has a lower P/E ratio compared to the aggregate P/E of 34.57 for the Metals & Mining industry, which may suggest the stock is undervalued or could perform worse than peers [6]. - A low P/E ratio can indicate undervaluation but may also reflect weak growth prospects or financial instability, necessitating a cautious approach in its interpretation [9].

持仓与成交 供需博弈叠加低库存支撑预期，铜价维持高位运行 一、日度市场总结 铜期货市场数据变动分析 主力合约与基差 截至11月10日，SHFE铜主力合约价格小幅走高至86490元/吨，较11月7日上 涨0.65%。LME铜价维持稳定，11月7日收于10695美元/吨，较11月4日微涨 0.07%。基差方面，现货升贴水分化明显：升水铜升水扩大至115元/吨，平 水铜升水回落至10元/吨，湿法铜贴水收窄至-50元/吨。LME（0-3）贴水收 窄至-18.22美元/吨，较前一周的-30.96美元/吨明显改善。 LME铜持仓量小幅收缩，11月7日持仓环比减少1670手至324423手。SHFE铜 库存环比增加1.06%至13.59万吨，但国内SMM主流地区铜库存去化0.74万吨 至19.59万吨。 产业链供需及库存变化分析 供给端 海外矿山扰动减弱，Freeport印尼Grasberg铜矿10月底恢复运营，缓解市 场对供应中断的担忧。国内阳极铜冶炼产能释放加速，11月阳极铜开工率 预计环比上升6.86个百分点至59.91%，但矿产阳极铜企业仍受检修影响， 开工率恢复有限。 需求端 铜加工领域旺季不旺特征显著，10月铜 ...

Core Insights - Aqua Metals has signed a non-binding Letter of Intent (LOI) with Westwin Elements to potentially supply up to 1,000 metric tons of recycled nickel carbonate annually, valued at approximately $12 million based on current nickel prices, highlighting the increasing demand for domestic nickel materials [1][3]. Group 1: Agreement Details - The LOI outlines plans for Aqua Metals to supply between 500 and 1,000 metric tons of high-purity nickel carbonate annually to Westwin Elements, marking a significant step towards establishing a domestic source of nickel carbonate [3]. - The targeted commencement for product delivery is set for the calendar year 2027, contingent upon securing necessary financing and completing the build-out of commercial facilities by both parties [3]. Group 2: Technological and Environmental Impact - Aqua Metals utilizes its proprietary AquaRefining™ technology to produce battery-grade nickel carbonate from lithium-ion battery black mass, which has successfully met Westwin's technical and economic criteria [2]. - This collaboration aims to advance America's critical minerals independence and promote a sustainable supply chain for nickel, reducing reliance on imports [4]. Group 3: Company Profiles - Aqua Metals is focused on revolutionizing metals recycling, delivering high-purity, low-carbon battery materials essential for sustainable energy storage, and supporting a circular supply chain for critical minerals [5]. - Westwin Elements is establishing America's first major nickel refinery, aiming to provide high-purity Class 1 nickel and specialized products for national security and industrial applications [6].