Highlights: The potential starter pit at the Santa Barbara zone continues to be open laterally and downdip with definition drilling continuing to return long and higher-grade intercepts. Additional infill and step-out drilling offers significant potential to further expand and upgrade the mineral resources for the planned PEA.DSB-92, a step out hole drilled 50m southeast of discovery hole DSB-88, intersected 90.00 metres grading 61.05 g/t Silver (Ag) and 0.20% Tin (Sn), beginning at 492.30m, including: 15.0 ...

Core Insights - Pan Global Resources Inc. announced positive results from continuous twin saw-cut channel sampling at the Cañada Honda target within the Escacena Project, indicating significant mineralization and supporting further exploration efforts in 2026 [1][2][3] Exploration Results - A continuous 26-meter interval graded 1.14 grams per tonne (g/t) gold, confirming substantial near-surface gold mineralization at Cañada Honda [2][5] - The results indicate a wide zone of near-surface gold mineralization extending 150 meters up-dip from the nearest drill hole and 450 meters in dip extent, with potential for larger copper-gold systems [4][5] Project Expansion - The Escacena Project area has expanded from 5,760 hectares to over 10,000 hectares, with additional mineral rights awarded in September 2025 [8] - The company is also progressing on a maiden mineral resource for the La Romana deposit, expected to be delivered by year-end 2025 [3] Future Plans - The 2026 exploration program is anticipated to be one of the most exciting to date, with plans for additional geochemical sampling and drilling to test for potential expansion of mineralization [3][12] - Ongoing drill programs at the Escacena and Cármenes Projects are currently in progress, with assay results pending [7]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The report presents cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for multiple non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 17, 2025 [1][3][4] Group 3: Summary by Related Catalogs Cross - market Arbitrage Tracking - **Copper**: Spot price is 87050 in domestic and 10881 in LME with a ratio of 8.05; March price is 86900 in domestic and 10878 in LME with a ratio of 8.01. Spot import equilibrium ratio is 8.06 with a profit of - 920.93, and spot export profit is 134.77 [1] - **Zinc**: Spot price is 22480 in domestic and 3201 in LME with a ratio of 7.02; March price is 22465 in domestic and 3026 in LME with a ratio of 5.82. Spot import equilibrium ratio is 8.48 with a profit of - 4661.65 [1] - **Aluminum**: Spot price is 21910 in domestic and 2832 in LME with a ratio of 7.73; March price is 21840 in domestic and 2861 in LME with a ratio of 7.69. Spot import equilibrium ratio is 8.31 with a profit of - 1639.17 [1] - **Nickel**: Spot price is 121550 in domestic and 14696 in LME with a ratio of 8.27. Spot import equilibrium ratio is 8.16 with a profit of - 2326.46 [1] - **Lead**: Spot price is 17400 in domestic and 2044 in LME with a ratio of 8.52; March price is 17505 in domestic and 2068 in LME with a ratio of 10.90. Spot import equilibrium ratio is 8.70 with a profit of - 352.43 [3] Cross - period Arbitrage Tracking - **Copper**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 620, - 620, - 610, - 620 respectively, while theoretical spreads are 540, 977, 1424, 1870 [4] - **Zinc**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 305, - 265, - 225, - 200 respectively, while theoretical spreads are 217, 339, 462, 585 [4] - **Aluminum**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 175, - 135, - 130, - 125 respectively, while theoretical spreads are 221, 343, 465, 587 [4] - **Lead**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 135, - 125, - 115, - 100 respectively, while theoretical spreads are 213, 322, 431, 541 [4] - **Nickel**: Spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, 五月 - 现货月 are - 1420, - 1220, - 990, - 740 respectively [4] - **Tin**: 5 - 1 spread is - 480 with a theoretical spread of 6028 [4] Spot - futures Arbitrage Tracking - **Copper**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 475 and - 145 respectively [4] - **Zinc**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 250 and - 55 respectively [4][5] - **Lead**: Spreads for当月合约 - 现货 and 次月合约 - 现货 are 230 and 95 respectively [5] Cross - variety Arbitrage Tracking - Ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (triple - continuous) are 3.87, 3.98, 4.96, 0.97, 1.25, 0.78 respectively; in London (triple - continuous) are 3.59, 3.80, 5.26, 0.95, 1.38, 0.68 respectively [5]

Core Insights - Cornish Metals Inc. has released its unaudited financial statements and management discussion for the nine months ended September 30, 2025, highlighting significant advancements in its South Crofty tin project in the UK [1][2]. Financial Performance - Total operating expenses for the nine months ended September 30, 2025, were CAD 10.69 million, an increase from CAD 6.50 million in the same period of 2024 [4]. - The company reported a loss of CAD 10.49 million for the period, compared to a profit of CAD 0.48 million in the previous year [4]. - Net cash used in operating activities was CAD 9.06 million, up from CAD 4.02 million in 2024 [4]. - Cash at the end of the period increased to CAD 60.69 million from CAD 3.30 million in 2024, primarily due to a successful fundraising effort [4][8]. Project Development - The updated Preliminary Economic Assessment (PEA) for the South Crofty project indicates an after-tax Net Present Value (NPV) of £180 million and an Internal Rate of Return (IRR) of 20% [2]. - Average annual tin production is projected to exceed 4,700 tonnes for years two through six, with an All-In Sustaining Cost (AISC) of under USD 13,500 per tonne [2]. - The company has secured grant funding of up to £4.2 million for the Bartles Foundry project, with the first claim of approximately £0.7 million received in August 2025 [2]. - Significant progress has been made in mine dewatering and shaft refurbishment, with work reaching approximately 360 meters below the surface [2]. Strategic Initiatives - A strategic fundraising effort totaling £57.4 million was completed, with major investments from National Wealth Fund Limited and Vision Blue Resources Limited [2]. - The company is advancing towards a formal final investment decision for the South Crofty project in 2026, aiming for first tin production by mid-2028 [3]. - Senior management has been strengthened with key appointments to enhance project and operational capabilities [2]. Sustainability and Community Engagement - Cornish Metals published its inaugural sustainability report, receiving an overall sustainability rating of "A" from Digbee, reflecting its commitment to governance, social responsibility, and environmental stewardship [5]. - The South Crofty project is positioned to generate over 300 direct jobs and benefits from strong local and governmental support [8].

Core Insights - Cornish Metals Inc. has released its unaudited financial statements for the nine months ended September 30, 2025, highlighting significant developments in its South Crofty tin project in the UK [1][2]. Financial Performance - Total operating expenses for the nine months ended September 30, 2025, were CAD 10.69 million, up from CAD 6.50 million in the same period of 2024 [4]. - The company reported a loss of CAD 10.49 million for the period, compared to a profit of CAD 0.48 million in the previous year [4]. - Cash at the end of the period increased to CAD 60.69 million from CAD 3.30 million, primarily due to a successful fundraising effort [4][7]. Project Developments - The updated Preliminary Economic Assessment (PEA) for the South Crofty project indicates an after-tax Net Present Value (NPV) of £180 million and an Internal Rate of Return (IRR) of 20% [2]. - Average annual tin production is projected to exceed 4,700 tonnes for years two through six, with an All-In Sustaining Cost (AISC) of under USD 13,500 per tonne [2]. - The company has secured grant funding of up to £4.2 million for the Bartles Foundry project, with the first claim of approximately £0.7 million received in August 2025 [2]. Strategic Initiatives - A strategic fundraising effort raised £57.4 million, with significant investments from National Wealth Fund Limited and Vision Blue Resources Limited, aimed at de-risking the South Crofty project [2]. - Key long-lead item orders have been placed for production and service winders at the South Crofty site, indicating progress in project execution [2]. Management and Operations - The company has strengthened its project and operations teams with the appointment of experienced professionals, including a new General Manager and Project Director [5]. - Ongoing work includes mine dewatering and refurbishment of the NCK shaft, with significant progress reported in stabilizing the underground chamber [2][3]. Market Position and Outlook - The South Crofty tin project is positioned to potentially become the first primary tin producer in Europe or North America, addressing the critical mineral demand as defined by various governments [6]. - The company aims to advance towards a formal final investment decision in 2026, with expectations of first tin production by mid-2028 [3][6].

（文华综合） 沪锡夜盘大幅上行，主力合约最高上探298500元/吨，续创阶段新高，随后维持高位震荡格局，今日盘 初涨幅仍在2%以上。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。 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on November 12, 2025 [1][3][4]. 3. Summary by Related Directory Cross - Market Arbitrage Tracking - **Copper**: Spot domestic price is 86,750, LME price is 10,788, with a ratio of 8.02; March domestic price is 86,720, LME price is 10,809, ratio 8.02. Spot import equilibrium ratio is 8.08, profit is - 502.58, and spot export profit is 118.66 [1]. - **Zinc**: Spot domestic price is 22,660, LME price is 3,188, ratio 7.11; March domestic price is 22,705, LME price is 3,071, ratio 5.68. Spot import equilibrium ratio is 8.50, profit is - 4438.29 [1]. - **Aluminum**: Spot domestic price is 21,620, LME price is 2,853, ratio 7.58; March domestic price is 21,665, LME price is 2,877, ratio 7.54. Spot import equilibrium ratio is 8.33, profit is - 2136.61 [1]. - **Nickel**: Spot domestic price is 122,950, LME price is 14,874, ratio 8.27. Spot import equilibrium ratio is 8.18, profit is - 1805.20 [1]. - **Lead**: Spot domestic price is 17,300, LME price is 2,030, ratio 8.52; March domestic price is 17,450, LME price is 2,051, ratio 11.06. Spot import equilibrium ratio is 8.72, profit is - 399.90 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between the next - month and spot - month, March and spot - month, April and spot - month, May and spot - month are 150, 240, 210, 210 respectively, while the theoretical spreads are 534, 967, 1408, 1850 [4]. - **Zinc**: The spreads are 60, 90, 115, 110, and the theoretical spreads are 216, 338, 460, 582 [4]. - **Aluminum**: The spreads are - 35, 15, 20, 30, and the theoretical spreads are 219, 340, 460, 580 [4]. - **Lead**: The spreads are 35, 45, 55, 40, and the theoretical spreads are 212, 320, 428, 536 [4]. - **Nickel**: The spreads are 220, 370, 580, 800 [4]. - **Tin**: The 5 - 1 spread is - 980, and the theoretical spread is 5957 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month contract and spot, next - month contract and spot are - 235, - 85, and the theoretical spreads are 93, 594 [4]. - **Zinc**: The spreads are - 45, 15, and the theoretical spreads are 85, 217 [4]. - **Lead**: The spreads are 105, 140, and the theoretical spreads are 103, 218 [5]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, lead/zinc in Shanghai (three - continuous) are 3.82, 4.00, 4.97, 0.95, 1.24, 0.77, and in London (three - continuous) are 3.53, 3.77, 5.25, 0.94, 1.39, 0.67 [5].

Pan Global Resources Inc. to Attend Deutsche Goldmesse Fall 2025 in FrankfurtNovember 10, 2025 6:25 AM EST | Source: Soar Financial PartnersVancouver, British Columbia--(Newsfile Corp. - November 10, 2025) - Pan Global Resources Inc. (TSXV: PGZ) (OTCQB: PGZFF) will be participating in Deutsche Goldmesse Fall 2025, which will take place on November 14th and 15th at the JW Marriott Hotel Frankfurt. Members of Pan Global Resources Inc. management will be taking meetings throughout the day, and al ...

Report Industry Investment Rating - No information provided. Report's Core View - The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, lead, nickel, and tin on November 10, 2025 [1][4][5]. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On November 10, 2025, the domestic spot price was 85925, the LME price was 10697, and the ratio was 8.07. The March ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 685.03, and the spot export had a profit of 126.56 [1]. - **Zinc**: The domestic spot price was 22620, the LME price was 3208, and the ratio was 7.05. The March ratio was 5.71. The equilibrium ratio for spot import was 8.50, with a profit of - 4661.59 [1]. - **Aluminum**: The domestic spot price was 21540, the LME price was 2831, and the ratio was 7.61. The March ratio was also 7.61. The equilibrium ratio for spot import was 8.33, with a profit of - 2054.39 [1]. - **Nickel**: The domestic spot price was 122200, the LME price was 14859, and the ratio was 8.22. The equilibrium ratio for spot import was 8.19, with a profit of - 1837.56 [1]. - **Lead**: The domestic spot price was 17275, the LME price was 2023, and the ratio was 8.53. The March ratio was 11.16. The equilibrium ratio for spot import was 8.73, with a profit of - 409.62 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads for次月 - 现货月, 三月 - 现货月, 四月 - 现货月, and 五月 - 现货月 were - 360, - 340, - 340, and - 350 respectively, while the theoretical spreads were 534, 965, 1406, and 1846 [4]. - **Zinc**: The spreads were 90, 125, 140, and 135, and the theoretical spreads were 216, 338, 460, and 583 [4]. - **Aluminum**: The spreads were - 5, 30, 35, and 55, and the theoretical spreads were 219, 339, 459, and 579 [4]. - **Lead**: The spreads were 50, 75, 45, and 35, and the theoretical spreads were 212, 320, 428, and 535 [4]. - **Nickel**: The spreads were - 40, 130, 320, and 580 [4]. - **Tin**: The 5 - 1 spread was - 550, and the theoretical spread was 5865 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads for the current - month contract - spot and the next - month contract - spot were 310 and - 50, and the theoretical spreads were 249 and 672 [4]. - **Zinc**: The spreads were 10 and 100, and the theoretical spreads were 115 and 247 [4]. - **Lead**: The spreads were 95 and 145, and the theoretical spreads were 117 and 232 [5]. Cross - Variety Arbitrage Tracking - On November 10, 2025, for cross - variety arbitrage, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (triple - continuous) were 3.78, 3.98, 4.93, 0.95, 1.24, and 0.77 respectively, and in London (triple - continuous) were 3.51, 3.76, 5.24, 0.93, 1.39, and 0.67 [5].

Performance Overview - The Massif Capital Real Assets Strategy achieved a return of 36.1% net of fees in Q3 2025, with year-to-date returns reaching 41.5% net of fees [2] - The strategy has been operational for 27 quarters, marking its best quarter to date and resulting in an annualized net-of-fees return of 14.6% since inception [2] Alpha and Risk Assessment - The company focuses on generating uncorrelated, risk-adjusted returns, referred to as Alpha, which is challenging to measure due to the complexities of risk [4][5] - Jensen's Alpha is utilized to evaluate performance, indicating whether returns exceed expectations based on market risk exposure [5][6] - The benchmark used for performance evaluation is the MSCI ACWI Ex US, which covers a broad range of global equity opportunities outside the US [8][9] Comparative Performance - The Massif Capital Real Assets Strategy outperformed various comparable funds and major indices, with a year-to-date alpha of 14.9% compared to peers [10][12] - The strategy's YTD return of 41.5% significantly exceeds the S&P 500 Index (13.7%) and NASDAQ Index (17.3%), showcasing strong performance in risk-adjusted terms with a Sortino Ratio of 1.5 [13] Individual Stock Performance - In the gold sector, core positions in G-Mining Ventures and Equinox Gold returned a portfolio-level return of 17.1% as of Q3 2025 [14] - G-Mining Ventures outperformed the sector with a return of 183%, while Equinox Gold lagged behind the market despite a long-term positive outlook [17][19] - The copper sector saw significant gains, with positions in NGEX and Midnight Sun delivering returns of 392% and 268% from cost basis, respectively [21] Critical Metals and Infrastructure - The portfolio includes critical metals such as lithium and uranium, with lithium positions performing well, while uranium investments face challenges due to geopolitical factors [24][49] - The company is exploring opportunities in infrastructure and industrials, aiming to capitalize on increasing electricity costs and innovative technologies [51][52] Market Outlook - The company anticipates that oil and natural gas investments may lead in Q4 2025, driven by potential supply constraints in Europe and favorable dividend yields from current positions [33][35] - Concerns regarding LNG supply availability and winter weather patterns could impact natural gas prices, with a focus on the interplay between European demand and Asian supply [40][42][45]