Core Viewpoint - Platinum Group Metals Ltd. is focused on advancing the Waterberg Project in South Africa, which is projected to be one of the largest and lowest-cost underground platinum group metals mines globally [1][23]. Financial Results - For the nine months ended May 31, 2025, the company reported a net loss of $3.40 million, an improvement from a net loss of $4.02 million in the same period in 2024 [14]. - General and administrative expenses increased to $2.78 million from $2.57 million year-over-year, while stock-based compensation decreased to $0.79 million from $1.61 million [14]. - Basic and diluted loss per share was $0.03, compared to $0.04 for the same period in 2024 [15]. Project Development - The Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [5]. - The company aims to finalize construction financing and concentrate offtake agreements to advance the Waterberg Project to a development and construction decision [2][23]. - An interim budget of Rand 42 million (approximately $2.27 million) was approved to continue work programs for the Waterberg Project [7]. Recent Events - A non-brokered private placement raised $1.0 million by issuing 800,000 common shares at $1.26 each, allowing a major shareholder to regain a 26% interest in the company [6]. - The company entered into an Equity Distribution Agreement to distribute up to $50 million of common shares through an at-the-market equity program [8][10]. Smelting and Refining Initiatives - A memorandum of understanding was signed with Ajlan & Bros for establishing a platinum group metals smelter and base metal refinery in Saudi Arabia [11]. - The company is conducting a trade-off study to assess the feasibility of exporting PGM concentrate from South Africa to Saudi Arabia [20][22]. Market Outlook - The company is exploring new applications for PGMs in battery technologies through its initiative with Lion Battery Technologies [2][29]. - Despite recent global tariffs raising market uncertainties, platinum and palladium prices have been increasing due to strong demand and supply concerns [30][32]. Environmental, Social, and Governance (ESG) - The company received a BBB score in its fourth annual ESG disclosure report, indicating a commitment to improving ESG performance [33][34].

Core Insights - Cadence Design Systems (CDNS) stock has increased by 23.8% over the past three months, closing at $322.66, nearing its 52-week high of $330.09 [1][8] - The company is positioned to benefit from the growing demand for AI-driven automation and next-generation designs, with a raised revenue guidance for 2025 to $5.15B-$5.23B and non-GAAP EPS forecasted between $6.73 and $6.83 [8][14] AI and Market Trends - The semiconductor and system design industry is experiencing a pivotal shift due to AI, with trends like 5G, hyperscale computing, and autonomous driving influencing design activities [3] - Cadence is collaborating with major tech companies such as Qualcomm and NVIDIA to develop next-generation AI designs, and is exploring new markets like Life Sciences through its OpenEye drug discovery software [4] Business Performance - Cadence's verification business is thriving, driven by the increasing complexity of system verification, with the launch of advanced emulation and prototyping systems [6][9] - The Core EDA business saw a 16% year-over-year revenue growth in the first quarter, attributed to demand for new hardware systems among AI and hyperscale clients [10] IP Business Growth - The IP business segment experienced a 40% year-over-year revenue increase in the first quarter, fueled by demand for AI, HPC, and chiplet use cases [11] - Cadence is expanding its IP portfolio through acquisitions, including Secure-IC and a definitive agreement with Arm Holdings for its Artisan foundation IP business [12] Financial Outlook - Management has upgraded its 2025 revenue outlook to $5.15-$5.23 billion, with non-GAAP operating margin expected to be between 43.25% and 44.25% [13][14] - For Q2 2025, revenues are estimated to be in the range of $1.25-$1.27 billion, with anticipated non-GAAP EPS between $1.55 and $1.61 [15] Cash Flow and Share Repurchases - Cadence generated an operating cash flow of $487 million in the reported quarter, with free cash flow at $464 million, and plans to utilize at least 50% of its free cash flow for share repurchases in 2025 [16] Valuation Considerations - The stock is trading at a premium with a forward Price/Earnings ratio of 44.49X compared to the industry average of 34.37X, justified by strong secular tailwinds from AI and a high mix of recurring revenues [17] Conclusion - Cadence's strong fundamentals, robust demand driven by AI, and a resilient recurring revenue model position it as a compelling investment opportunity despite macroeconomic uncertainties [18]

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 市场认为今年9月美国会开始减息，机率达75.1%，这也可能是近期全球股票市场炽热的主要原因 (最近留意到香港政府在市场上买港元维持跟美元汇率，可能代表资金回流美国)。美股没崩，导致 市场资金变得更投机和进取，这也可能是近期白银、铂金及铜等开始领跑的主要原因，相反之前 一直强势的黄金却静了下来(但执笔时依然在3300美元上方！) 世界银行早前宣布，预计今年全球经济增长只有2.3%，较今年年初预测的2.8%低。如果他们对未 来2年的经济预测也比较靠谱， 那2020-2027年将会是自1960年以来经济增长最低的年代 。 经济 低增长加上贸易政策，他们相信今年商品的平均价格会同比下跌10%，明年平均值再下跌6%；相 反他们比较看好黄金、白银及铂金类金属，认为 ...

Precious Metals Precious Metals Daily Commodities Gold slides with oil as risks ease; knee Global -jerk bounce likely James Steel Chief Precious Metals Analyst HSBC Securities (USA) Inc. james.steel@us.hsbc.com +1 646 867 5600 Precious metals overview | | | Gold | Silver | Platinum | Palladium | | --- | --- | --- | --- | --- | --- | | prices USD/oz | AM fix | -- | -- | -- | -- | | | PM fix | 3,302.50 | 36.06 | 1,304.00 | 1,071.00 | | | Spot | -- | -- | -- | -- | | EFPs | Current | -- | -- | -- | -- | | Nyme ...

Joni Teves Precious Metals Strategist Tel: +65-6495-6851 Joni.teves@ubs.com This document has been prepared by UBS AG, Singapore Branch ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on SLIDE 25 UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自cadence 。 Cadence日前发布公告称，欢迎澳大利亚半导体技术公司 (ASTC) 旗下部门 VLAB Works 加入，该 公司是虚拟平台领域的知名领导者。VLAB Works 团队提供超高性能虚拟开发环境 (VDE) 和丰富的 虚拟快速模型库。 这支才华横溢的团队和技术的加入，巩固了 Cadence 与 ASTC 多年的合作伙伴关系，该合作伙伴关 系 将 VLAB 与 Cadence 的 Helium Virtual and Hybrid Studio 以 及 Xcelium 、 Palladium 和 Protium 平台相集成。这将增强 Cadence 的系统验证全流程，并进一步增强其在虚拟和混合硅前软 件验证方面的能力。 原始设备制造商 (OEM) 和一级供应商 (Tier 1) 软件团队需要高性能虚拟平台，而 VLAB 业界领先 的多线程虚拟模型将显著帮助我们的共同客户加速其下一代汽车软件堆栈的开发。VLAB 虚拟平台原 生连接 Palladium 和 Protium 引擎，创建高性能混合仿真环境，并将虚拟模型的性能与仿真器 ...

AGM Results - A total of 46,955,474 shares, representing 17.36% of the total issued and outstanding shares, were voted at the AGM [2] - Shareholders passed all resolutions, including the re-election of directors, setting the number of directors at five, approval of the stock option plan, and proposed common share consolidation, with votes in favor ranging from 97.68% to 83.74% [3] Director Resignation - Dr. Jeffrey Malaihollo resigned as a director effective June 13, 2025, to focus on other business interests, having been first elected in September 2016 [4] Company Overview - Copper Lake Resources Ltd. is a Canadian mineral exploration and development company with interests in two projects in Ontario, including the Marshall Lake project, which covers approximately 220 square km and has an 82.97% interest in a joint venture [5] - The Marshall Lake project includes the Sollas Lake and Summit Lake properties, which are 100% owned by the company and not subject to royalties, with historical surveys indicating strong conductors [6] Norton Lake Property - The company holds a 69.79% joint venture interest in the Norton Lake property, with an updated NI 43-101 report indicating a mineral resource of 1,795,000 tonnes at an average grade of 0.72% nickel and 0.69% copper, containing 28.3 million pounds of nickel and 27.3 million pounds of copper [7]

Core Viewpoint - Sprott Asset Management has announced an update to its at-the-market equity program, allowing the issuance of up to U.S.$100 million in units of the Sprott Physical Platinum and Palladium Trust, aimed at investing in physical platinum and palladium bullion [1][4]. Group 1: Equity Program Details - The updated at-the-market equity program will be executed under an amended sales agreement with various agents, including Cantor Fitzgerald and BMO Capital Markets [2][3]. - Sales of units will occur on the NYSE Arca and the Toronto Stock Exchange at prevailing market prices, with the timing and volume of sales determined at the Trust's discretion [3][4]. Group 2: Use of Proceeds - Proceeds from the equity program will be utilized to acquire physical platinum and palladium bullion, aligning with the Trust's investment objectives [4]. Group 3: Regulatory and Compliance Information - The offering is made pursuant to a prospectus supplement filed with the SEC and Canadian securities authorities, ensuring compliance with applicable regulations [5][6]. - The listing of the units on the NYSE and TSX has been approved, subject to meeting all listing requirements [6]. Group 4: Company Background - Sprott Asset Management is a subsidiary of Sprott Inc., specializing in precious metals and critical materials investments, with a focus on providing in-depth knowledge and investment strategies [8][9].

Company Overview - A-Mark is a leading full-service dealer of precious metals, including gold and silver bullion[8,46] - The company is the largest North American physical metal merchant[8,46] - A-Mark is an official distributor for all major sovereign mints and the largest distributor of bullion for the U S and Royal Canadian mints[8,46] Financial Performance - Total revenues (TTM) are $7.40 billion[5,41] - Gross profit (TTM) is $32.8 million[5,41] - Net income (TTM) is $6.9 million[5,41] - The company's cash position is $6.4 million[5,42] - Total assets amount to $523.0 million[5,42] Key Strategies and Opportunities - A-Mark hedges its price exposure and is not directly affected by changes in metals prices[25] - The company is focused on growing through business volume, geographic presence, and scope of complementary products and services[39]

Core Viewpoint - GT Resources Inc. is advancing its North Rock Project in Ontario, Canada, and the Läntinen Koillismaa (LK) Project in Finland, both of which focus on copper, palladium, and platinum resources, highlighting their potential to supply critical minerals to the European Union [1][3]. North Rock Project - The North Rock Project is located in Northwest Ontario and features excellent infrastructure, including a paved highway and railroad [4]. - The mineralization consists of copper-rich magmatic sulphide along a 13-kilometer basal contact of mafic and ultramafic volcanic rocks, with two main styles of mineralization: gabbro hosted and massive copper-palladium-rich footwall veins [4]. - The 2024 exploration program identified geophysical conductors adjacent to historic high-grade footwall vein intercepts, with notable results including up to 14.6 g/t Palladium, 0.5 g/t Platinum, 0.3 g/t Gold, and 2.3% Copper over 0.6 meters [5]. - Indicated resources include 1.1 million ounces of total precious metals (TMP) at 0.89 g/t, 111 million pounds of Copper at 0.13%, and 92 million pounds of Nickel at 0.11%, contained in 38.2 million tonnes [5]. - Inferred resources are estimated at 1.1 million ounces of TMP at 0.68 g/t, 173 million pounds of Copper at 0.16%, and 152 million pounds of Nickel at 0.14%, contained in 49.7 million tonnes [5]. LK Project - The LK Project in Finland is the company's most advanced project, featuring a substantial palladium-platinum-copper rich open pit resource, positioning it as a critical mineral source for the European Union [3][12]. - The project has a significant NI 43-101 compliant open pit resource and is strategically located to supply critical minerals, with Europe heavily reliant on imports [12]. - The Haukiaho Trend, a 17-kilometer long area, presents near-term expansion potential, with historic drilling indicating significant platinum and palladium grades [13]. - The mineral resource estimate includes indicated resources of 1.50 million tonnes at 0.61 g/t Palladium, 0.22 g/t Platinum, and 0.07 g/t Gold, and inferred resources of 1.26 million tonnes at 0.43 g/t Palladium, 0.17 g/t Platinum, and 0.09 g/t Gold [16].