Core Insights - The article discusses the potential rise in inflation and its implications for investment in inflation-sensitive natural resources [1] - The New York Federal Reserve has indicated rising short-term inflation and an increase in one-year horizon inflation, suggesting a favorable environment for natural resources investments [1] Investment Opportunities - Active ETFs, particularly the T. Rowe Price Natural Resources ETF (TURF), provide exposure to inflation-sensitive stocks, which historically perform better than traditional equities and bonds during inflationary periods [2] - TURF focuses on global natural resources companies, investing in 60-80 stocks with a fee of 44 basis points, and has returned 9.5% over the last three months, outperforming its category average [3] Company Performance - Nutrien Ltd. (NTR), a crop nutrient company, has achieved a year-to-date return of 39.1%, focusing on potash, nitrogen, and phosphates [4] - BHP Group (BHP), which specializes in iron and copper ore as well as coal, has returned 19.7% year-to-date [4] Future Outlook - Inflation-sensitive stocks, particularly in the natural resources sector, are expected to provide both upside potential and defensive benefits in a challenging market environment [4]

Core Points - Emerita Resources Corp. has received exploration permits for the San Antonio and Terranova claims, adding 181 hectares to its holdings in the Iberian Pyrite Belt, bringing the total to 8,144 hectares [1][2] - The San Antonio license is strategically located along the geological trend of the La Romanera deposit, while the Terranova license extends the mineral property close to the Portugal border [2] - The new permits enhance Emerita's land position in the IBW project area, which is expected to have new mining infrastructure installed [3] - The San Antonio license includes a historic mine known as the Gibraltar Mine, which was noted for its rich copper content [3] - The Terranova license contains several historic small-scale mines, including Vuelta Falsa and Trimpancho, which are likely part of the same hydrothermal system [4] Nueva Celti Project Acquisition - Emerita has entered into a letter of intent to acquire Western Metallica's Spanish subsidiary, which holds 100% ownership of the Nueva Celti Project, located in Seville, Spain, covering 1,237 hectares [6][7] - The Nueva Celti Project has a rich mining history and existing underground development, with historic grades of up to 5% copper reported [7] - Recent drilling by Western Metallica confirmed mineralization at depth, indicating potential for resource expansion [9] - The acquisition requires a payment of CAD$150,000 in cash and CAD$250,000 in Emerita shares, subject to customary closing conditions [14]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economic** landscape, particularly regarding **export and import trends** as of August 2024. Key Insights on Exports - **Export Growth Moderation**: China's export growth slowed to **4.4%** in August from **7.2%** previously, falling short of the **5.5%** expected by Bloomberg consensus. This marks the slowest year-over-year growth since January-February [1] - **Real Terms Adjustment**: In real terms, export growth moderated to **7.1%** year-over-year from **10.2%** previously, indicating a softening momentum despite stable shipment levels [1] - **US Shipments Decline**: Shipments to the US contracted by **13%** month-over-month in August, with a **33%** year-over-year decline, reflecting the impact of elevated tariffs compared to other exporters [2] - **Positive Trends in Other Markets**: Shipments to the EU and Japan improved, with ASEAN exports, particularly to Vietnam, reaching historic highs [2] - **Tech Goods Performance**: Export growth of tech products accelerated to **6.2%** in August, driven by component-type products like ICs and panels, while consumer goods continued to drag overall export growth [3] Import Trends - **Import Growth**: Import growth moderated to **1.3%** year-over-year from **4.1%**, marking three consecutive months of year-over-year growth, a rare occurrence since the second half of 2022 [4] - **Commodity Imports Decline**: The major commodities basket saw a year-over-year import value decline of **9.6%**, contributing to slower overall import growth [4] - **Tech Component Imports**: Growth in imports of tech components moderated, raising concerns about the sustainability of China's tech export growth acceleration [4] Economic Outlook - **Upside Risk to Projections**: Despite moderating export growth expectations, the year-to-date export growth stands at **5.9%**, suggesting significant upside risk to the full-year 2025 export growth projection of **1%** [6] - **Improving Demand Indicators**: Soft data, including improvements in new export orders from China's official PMI and RatingDog PMI, indicate potential resilience in export levels [6] Additional Observations - **Consumer Goods Impact**: The wider year-over-year contraction in the consumer goods basket was identified as the biggest drag on overall export growth deceleration [3] - **RMB Performance**: The RMB appreciated modestly against the USD over August, which may influence trade dynamics [28] This summary encapsulates the critical insights from the conference call, highlighting the current state of China's export and import activities, along with economic projections and market dynamics.

Trade Performance - China's July exports increased by 8% year-on-year in RMB terms [2] - China's July imports increased by 4.8% year-on-year in RMB terms [2] - China's July trade surplus narrowed to 705.1 billion RMB [2] - China's July exports increased by 7.2% year-on-year in USD terms [2] - China's July imports increased by 4.1% year-on-year in USD terms [2] - China's July trade surplus was 98240 million USD [2] Import & Export Commodities - China's July fertilizer exports increased by 85% year-on-year, reaching 5704000 tonnes [1] - China's July rare earth exports increased by 21% year-on-year, reaching 59943 tonnes [1] - China's July automobile exports increased by 26% year-on-year, reaching 694000 vehicles [1] - China's July integrated circuit exports increased by 16% year-on-year, reaching 31840 million units [1] - China's July soybean imports increased by 18% year-on-year, reaching 11666000 tonnes [1] - China's July crude oil imports increased by 11.5% year-on-year, reaching 47204000 tonnes [1] - China's July copper ore and concentrate imports increased by 18% year-on-year, reaching 2560000 tonnes [1] - China's July coal imports decreased by 23% year-on-year, reaching 35609000 tonnes [1]