Completed the divestiture of the Advanced Materials and Catalysts segment for $556 million, refocusing the company as a pure-play sulfur solutions provider. Utilized $465 million in divestiture proceeds to reduce the net debt leverage ratio to 1.2x, significantly strengthening the balance sheet for future growth. Integrated the Wagaman sulfuric acid assets, which added approximately 10% to total network volume and provided a strategic deepwater vessel dock for export capabilities. Attributed 2025 pe ...

Group 1 - The company achieved record production in key integrated units through strategic asset utilization, allowing for monetization in profitable end markets [1] - A total of $116 million was invested in growth and enterprise initiatives while executing planned turnarounds at the low end of target spend [1] - Chemical intermediates saw lower year-over-year pricing, with acetone margins moderating from 2024 multi-year highs [1] Group 2 - Nylon Solutions is experiencing muted demand across construction, automotive, and packaging sectors, although domestic pricing has stabilized due to lower benzene input costs [2] - Management reported a 9% sales increase attributed to favorable year-over-year volume comparisons and resilient North American ammonium sulfate demand [2] Group 3 - Performance was driven by strong supply-demand fundamentals in plant nutrients, with record production in ammonia and sulfuric acid operations, despite cyclical troughs in Nylon Solutions [3] - Management anticipates an unfavorable Q1 earnings impact of approximately $8 million to $10 million due to winter storm disruptions and natural gas restrictions [3] - A new initiative aimed at reducing non-manpower fixed costs is expected to yield around $30 million in annual run-rate savings, supported by recent ERP upgrades [3] Group 4 - Capital expenditures (CapEx) are projected to decrease to a range of $75 million to $95 million in 2026 and 2027, reflecting a more rigorous risk-based evaluation of base investments [3] - The company is adopting a patient approach to the fertilizer order book, avoiding forward selling to capture higher in-season pricing and offset rising sulfur and natural gas costs [3] - Free cash flow is expected to show significant improvement for the full year, following typical first-half cash usage due to seasonal working capital and CapEx timing [3]

Core Insights - Suriname's oil and gas sector is entering a critical phase in 2026 as major projects transition from exploration to execution and commercial decision-making [1] Group 1: Staatsolie Performance - Staatsolie closed 2025 with expected revenue of approximately $802 million and pre-tax profit of around $418 million, driven by oil production of 6.35 million barrels and refinery output of 3.1 million barrels of diesel and gasoline [2] - The company's contribution to the state is estimated at nearly $387 million, accounting for about 32% of government revenues, and its contribution to GDP is approximately 9% [2] - Production from the Saramacca field averaged 17,400 barrels per day, while the refinery exceeded targets by delivering its first commercial sulfuric acid to Suralco [2] - The power subsidiary SPCS supplied 69% of the electricity demand in Paramaribo and surrounding areas [2] Group 2: Offshore Developments - The GranMorgu project in Block 58 is central to Suriname's oil ambitions, led by TotalEnergies, APA Corporation, and Staatsolie, with an FPSO capacity of up to 220,000 barrels per day and first oil targeted for 2028 [3] - The final investment decision is expected in 2024, with 2026 focusing on execution, including subsea equipment orders, pipeline planning, and contractor mobilization [3] Group 3: Gas Developments - In Block 52, Petronas and Staatsolie have declared the Sloanea gas discovery commercial, with a full field development plan anticipated and a potential final investment decision in the second half of 2026, aiming for first gas around 2030 via a floating LNG facility [4] Group 4: Exploration and Regulatory Environment - There is strong exploration interest, with up to ten offshore studies and wells planned through 2027 [5] - As activity accelerates, focus is shifting to regulatory readiness, environmental oversight, and local content rules, which are expected to be formalized in 2026, creating opportunities for Surinamese firms in logistics, marine services, and finance [5]

Summary of Jiangxi Copper 2026 Business Outlook Call Company Overview - **Company**: Jiangxi Copper (0358.HK) - **Date of Call**: January 6, 2026 - **Participants**: Mr. Gong Kun, IR Manager Key Points Industry and Market Dynamics - Jiangxi Copper signed a long-term agreement with Antofagasta in December 2025, establishing a long-term TC/RC (Treatment Charge/Refining Charge) of **0** for 2026E, with a slight increase in recovery rate [1][2] - The company is in negotiations with other copper concentrate producers, anticipating similar TC/RC terms [2] Production and Raw Material Usage - Management expects a year-over-year decrease in the percentage of copper cathode output derived from copper concentrate in 2026E, with an increase in the use of crude copper as raw material [3] - Jiangxi Copper's improved bargaining power allows it to secure better TC/RC than the market spot price for copper concentrate [3] - There is an expectation that spot TC/RC could improve as Chinese copper smelters may reduce their consumption of copper concentrate in 2026E [3] Financial Performance and Acquisitions - The acquisition of SolGold has received approval from Chinese authorities and is pending shareholder approval, expected to be completed in the first half of 2026E [5] - The profitability of copper smelting using crude copper and copper anode has remained stable over the past two years [4] Pricing and Demand Factors - The price of sulfuric acid has reached approximately **Rmb 1,000/t** in Jiangxi since December 2025, with expectations for high prices in the short term due to strong demand, although further increases are unlikely due to government price control efforts [6] - Management anticipates mergers and acquisitions in the copper smelting industry in China, driven by government anti-involution efforts, with a slowdown in future capacity additions [7] Investment Outlook - Current share price is **HK$44.80** with a target price of **HK$39.80**, indicating an expected share price return of **-11.2%** and a total return of **-9.2%** [8] - Market capitalization is reported at **HK$155,130 million** (approximately **US$19,926 million**) [8] Risks - Potential downside risks include a slowdown in China's grid investment, a more significant than expected decline in property demand affecting copper prices, and rising mining or smelting costs [12] Additional Insights - The company maintains a "Buy" rating from analysts, reflecting confidence in its strategic positioning and market dynamics [1]

Summary of Jiangxi Copper Conference Call Company Overview - **Company**: Jiangxi Copper (0358.HK, 600362.SS) - **Industry**: Copper and Gold Mining - **Current Ratings**: Upgraded from Underweight to Overweight - **Price Targets**: - HK$10.30 to HK$37.30 for JXC-H - Rmb16.00 to Rmb44.00 for JXC-A [1][6][51] Core Insights and Arguments - **Earnings Resilience**: Jiangxi Copper's earnings are expected to be more resilient due to by-product credits and high prices for copper and gold [1] - **Copper Price Support**: Tight industry fundamentals and a weaker US dollar are expected to support copper prices, which are currently below the incentive price for new mining projects [2][20] - **Gold Segment Performance**: The company mines approximately 5.5 tons of gold annually, benefiting from strong gold prices [3] - **Investment Contributions**: - The First Quantum mine in Panama is expected to resume production in Q3 2026, contributing incremental profits to Jiangxi Copper [4] - Jiangxi Copper holds an 18.9% stake in First Quantum and is the second-largest shareholder of Jiaxin International Resources, which is expected to benefit from tightening tungsten fundamentals [4] - **By-product Profit Margins**: Rising prices for sulfuric acid, driven by demand from titanium dioxide and fertilizers, are expected to offset losses from negative concentrate TC/RC [5][10] - **Earnings Estimates**: - Earnings estimates have been raised by 48% for 2025, 89% for 2026, and 115% for 2027, reflecting higher profits from copper, gold, and smelting operations [6][11] - **Valuation Metrics**: - JXC-H trades at approximately 12x one-year forward P/E, above its historical average of 11.3x, while JXC-A trades at 14.8x, below its historical average of 20.4x, indicating potential for further upside [6][19] Financial Highlights - **Revenue Projections**: - 2025: Rmb577,820 million - 2026: Rmb631,500 million - 2027: Rmb591,277 million [12] - **Net Income Projections**: - 2025: Rmb9,381 million - 2026: Rmb8,348 million - 2027: Rmb10,138 million [12] - **EPS Estimates**: - 2025: Rmb2.71 - 2026: Rmb2.41 - 2027: Rmb2.93 [12] Risks and Considerations - **Downside Risks**: - Potential copper price corrections if demand weakens, particularly from grid infrastructure [28] - Higher-than-expected increases in global copper concentrate supply [28] - Lower-than-expected sulfuric acid prices affecting smelting profits [28] - **Upside Risks**: - Stronger-than-expected copper prices and improved demand outlook from infrastructure spending [50] Conclusion - Jiangxi Copper is positioned for strong earnings growth driven by favorable commodity prices and strategic investments. The company's upgraded rating and significant price target increases reflect a positive outlook in a tightening market environment.

Market Trends and Demand - Metals are essential for technology, defense, and the green transition, with megatrends driving long-term demand [6, 12] - By 2035, there will be over 200,000 new wind turbines, over 1,000 new hyper data centers, and over 50 million new electric vehicles, significantly increasing metals demand [14] - Global demand for Tellurium is expected to increase by 82% from 2025 to 2035 [16] - Global demand for Tin is expected to increase by 40% from 2025 to 2035 [16] - Global demand for Gold is expected to increase by 22% from 2025 to 2035 [16] Aurubis' Strategy and Competitive Advantages - Aurubis' unique smelter network enables multimetal excellence, processing 20 metals and elements [25, 27] - Aurubis maximizes recycling rate, achieving approximately 44% recycling content in copper cathode on average [30] - Aurubis is committed to strengthening its position as a leading copper and multimetal producer [46] - Aurubis is streamlining its existing strategy portfolio, focusing on its core business of multimetal and reducing capex intensity [79] Financial Performance and Outlook - Strategic projects are expected to contribute €260 million per year in EBITDA [79] - Aurubis expects operating EBITDA between €580-680 million for FY 2025/26 [180] - Aurubis aims to reduce net working capital by approximately €500 million in the mid-term [183]

Core Viewpoint - Marimaca Copper Corp. has signed a binding asset purchase option agreement to acquire a used sulfuric acid plant in Chile, which is expected to significantly reduce the company's exposure to volatile sulfuric acid prices, a key input for the Marimaca Oxide Deposit [1][5]. Company Analysis - The acquisition of the sulfuric acid plant is valued at US$2.5 million, with an upfront payment of US$1 million and a second payment of US$1.5 million after a three-month due diligence period [5][12]. - The plant has a capacity of up to 150,000 tonnes per annum (ktpa) of concentrated sulfuric acid, which could cover approximately 30% to 40% of the total acid consumption at the Marimaca Oxide Deposit depending on the development phase [5][6]. - The company anticipates a potential 30% reduction in acid production costs compared to current long-term forecasts, with the ability to produce sulfuric acid at approximately US$70 per tonne [4][5]. Industry Context - According to projections from Comision Chilena del Cobre (Cochilco), acid prices in Chile are expected to normalize around US$95 per tonne from 2028 onwards, while the company-owned plant could produce sulfuric acid at a lower cost [4][18]. - The sulfuric acid market in Chile is currently influenced by high shipping costs and strong demand from the global fertilizer industry, but improvements in shipping rates are expected from 2026 onwards due to new fleet construction [14][18]. - The historical price correlation between elemental sulfur and sulfuric acid suggests that purchasing elemental sulfur may reduce overall exposure to price volatility [19][20].

Financial Performance - Q2 2025 - GAAP Sales reached $200 million[9] - Adjusted EBITDA was $56 million[9] - Adjusted EBITDA Margin was 24%, including a proportionate 50% share of sales from the Zeolyst Joint Venture of $28 million[9, 10] - Adjusted Free Cash Flow was negative $(2) million[9] - Net Debt Leverage Ratio was 35x[9] Segment Performance - Q2 2025 - Ecoservices sales increased by 144% due to favorable contractual pricing and pass-through of higher sulfur costs, reaching $176 million[7, 18] - Advanced Silicas sales decreased by 166% due to timing of sales for niche custom catalysts, amounting to $241 million[7, 20] - Zeolyst Joint Venture sales decreased slightly by 21% due to timing of sales for hydrocracking and custom catalysts, totaling $284 million[7, 20] Cash Flow and Capital Allocation - The company repurchased 29 million shares totaling approximately $22 million[7] - Available liquidity was $152 million, including $69 million in cash and cash equivalents and $83 million availability on the revolving ABL facility[9, 10] 2025 Outlook - Revised sales outlook is $795 million - $835 million[32] - Revised Adjusted EBITDA outlook is $242 million - $254 million[32] - Revised Adjusted Free Cash Flow outlook is $70 million - $80 million[32]

Financial Data and Key Metrics Changes - The first quarter total sales were $200 million, up nearly 9% year-over-year, with Eco Services and Advanced Silicas each up 1%, and sales for the Zeolyst joint venture up 60% [22][24][30] - Adjusted EBITDA for the first quarter was $39 million, primarily driven by higher volume in the Zeolyst joint venture, but lower earnings in Eco Services due to higher planned turnaround costs [22][24] - Adjusted free cash flow for the first quarter was a use of $13 million, with expectations to generate adjusted free cash flow of $60 million to $80 million for the full year [27][30] Business Line Data and Key Metrics Changes - Eco Services sales were $143 million, up 1% compared to the prior year, with adjusted EBITDA of $29 million, down from $42 million due to higher manufacturing costs and lower sales volume related to turnaround activity [24][25] - Advanced Silicas sales were $19 million, with higher sales of niche custom catalysts offset by lower sales of advanced silicas used in polyethylene production [25][30] - The Zeolyst joint venture saw a significant increase in sales, contributing to the overall sales growth for the company [22][25] Market Data and Key Metrics Changes - The Ecoservices segment accounts for approximately 75% of total sales, with minimal exposure to tariffs due to its U.S.-centric and service-oriented nature [10][12] - The company anticipates higher sales of virgin sulfuric acid in the second half of the year driven by increased mining demand [15][30] - The outlook for polyethylene catalyst sales remains cautious due to potential tariff impacts and macroeconomic conditions [19][30] Company Strategy and Development Direction - The company is focused on opportunistic share repurchases, believing that its current valuation does not reflect the intrinsic value of the business [7][9] - The acquisition of Cornerstone sulfuric acid assets is expected to enhance the Ecoservices network and provide additional capacity [37][56] - The strategic review of the Advanced Materials and Catalysts segment is ongoing, with expectations to run through midyear [38] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding potential weaker demand in industrial end uses due to macroeconomic conditions and tariff impacts [29][35] - The company maintains its full-year guidance for adjusted EBITDA in the range of $238 million to $258 million, despite the challenges [30][36] - There is confidence in the long-term demand fundamentals for the majority of end uses served by the company [35][36] Other Important Information - The company expects to close the acquisition of Cornerstone in the second quarter, with incremental adjusted EBITDA contributions anticipated to be more material beginning in 2026 [31][37] - The company has a strong order book for hydrocracking catalyst sales, which may offset any softer sales in advanced silicas [20][36] Q&A Session Summary Question: Has there been a slowdown in polyethylene catalyst sales due to tariffs? - Management indicated that there has not been any observed slowdown related to tariffs, but they are monitoring the situation closely [43][44] Question: What are the expectations for sulfuric acid pricing? - Management noted that sulfur prices have increased due to U.S. refining turnaround work, and they expect to pass these costs through to customers [51][53] Question: What are the synergy potentials from the Cornerstone acquisition? - Management highlighted that the acquisition would enhance the sulfuric acid network, providing operational efficiencies and the ability to service customers more reliably [55][66] Question: How does the company view the demand outlook for 2025? - Management expects the demand to be back-end loaded for 2025, with strong fundamentals in their end markets despite macroeconomic uncertainties [60][62]