Core Viewpoint - Pan Global Resources Inc. is hosting an investor webinar to discuss its maiden copper and gold Mineral Resource Estimates for the La Romana and Cañada Honda deposits at the Escacena Project in southern Spain [1][3]. Company Overview - Pan Global Resources Inc. is focused on exploring copper-rich mineral deposits, along with gold and other metals, in the Iberian Pyrite Belt [7][8]. - The company has a strong team with proven expertise in exploration, discovery, development, and mine operations, committed to safe and environmentally respectful practices [9]. Project Details - The Escacena Project has expanded from 5,760 hectares to over 10,000 hectares, with additional mineral rights awarded in September 2025 [5]. - The project includes the La Romana copper-tin-silver deposit with Measured and Indicated Mineral Resources of 32.4 million tonnes (Mt) containing 119.5 thousand tonnes (kt) of copper (Cu) and Inferred Resources of 4.0 Mt containing 15.8 kt Cu [6]. - The Cañada Honda copper-gold discovery has Inferred Mineral Resources of 5.0 Mt containing 104 thousand ounces (koz) of gold (Au) [6]. Webinar Information - The investor webinar is scheduled for January 12, 2026, at 11 a.m. Eastern Time, featuring key company executives [2][3]. - A Q&A session will follow the presentation, and the event will be recorded for on-demand access [4].

Vancouver, British Columbia--(Newsfile Corp. - January 8, 2026) - Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) (FSE: QN90) (the "Company") is pleased to announce it has exercised its buyback right to retire the 1% net smelter royalty ("NSR") that applied to its Slovakian portfolio. The 1% NSR covered three mineral properties, including the flagship Trojarová Antimony Gold Project, as well as the Tiennesgrund Antimony Gold Project, and the Medvedi Potok Tin Project. All three projects are now royalty fr ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the reports. 2. Core View The reports present cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking data for various non - ferrous metals on January 7, 2026, including copper, zinc, aluminum, nickel, lead, and tin, helping investors identify potential arbitrage opportunities. 3. Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On January 7, 2026, the domestic spot price was 103,600, the LME price was 13,375, and the ratio was 7.55. The spot import equilibrium ratio was 7.93, with a loss of 1,275.62; the spot export profit was 1,514.20. The March ratio was 7.77 [1]. - **Zinc**: The domestic spot price was 24,340, the LME price was 3,202, and the ratio was 7.60. The spot import equilibrium ratio was 8.34, with a loss of 2,367.48. The March ratio was 5.41 [1]. - **Aluminum**: The domestic spot price was 23,910, the LME price was 3,093, and the ratio was 7.73. The spot import equilibrium ratio was 8.33, with a loss of 1,869.78. The March ratio was 7.76 [1]. - **Nickel**: The domestic spot price was 141,150, the LME price was 17,370, and the ratio was 8.13. The spot import equilibrium ratio was 8.02, with a profit of 440.63 [1]. - **Lead**: The domestic spot price was 17,425, the LME price was 1,994, and the ratio was 8.70. The spot import equilibrium ratio was 8.59, with a profit of 225.30. The March ratio was 11.92 [3]. Cross - Period Arbitrage Tracking - **Copper**: On January 7, 2026, the spreads between the next - month, March, April, and May contracts and the spot - month contract were 4,130, 4,250, 4,230, and 4,180 respectively, while the theoretical spreads were 608, 1,114, 1,629, and 2,144 [4]. - **Zinc**: The spreads were 495, 545, 575, and 590, and the theoretical spreads were 222, 350, 478, and 606 [4]. - **Aluminum**: The spreads were 725, 785, 815, and 865, and the theoretical spreads were 229, 359, 489, and 619 [4]. - **Lead**: The spreads were 145, 170, 175, and 205, and the theoretical spreads were 212, 320, 428, and 536 [4]. - **Nickel**: The spreads were 6,050, 6,270, 6,550, and 6,880 [4]. - **Tin**: The 5 - 1 spread was 1,040, and the theoretical spread was 7,153 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 2,445 and 1,685 respectively, and the theoretical spreads were - 107 and 1,066 [4]. - **Zinc**: The spreads were - 540 and - 45, and the theoretical spreads were 101 and 242 [4]. - **Lead**: The spreads were - 50 and 95, and the theoretical spreads were 100 and 216 [5]. Cross - Variety Arbitrage Tracking - **Cross - Variety Ratios**: On January 7, 2026, the Shanghai (three - continuous) ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc were 4.33, 4.32, 6.01, 1.00, 1.39, and 0.72 respectively. The LME (three - continuous) ratios were 4.07, 4.23, 6.38, 0.96, 1.51, and 0.64 [5].

TSXV: PGZ | OTCQB: PGZFF | FRA: 2EU VANCOUVER, BC, Dec. 31, 2025 /PRNewswire/ - Pan Global Resources Inc. ("Pan Global" or the "Company") (TSXV: PGZ) (OTCQB: PGZFF) (FRA: 2EU) is pleased to announce maiden Mineral Resource Estimates ("MRE") for the La Romana (Cu-Sn-Ag) and Cañada Honda (Au-Cu-Ag) deposits, at its 100%- owned Escacena Project in the Iberian Pyrite Belt, southern Spain. The initial estimates represent a significant milestone for the Company and establishes a foundation for future technical an ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the short - to medium - term, before the New Year's Day, funds take profits, causing base metals to rise and then fall. However, the logic of weak US dollar expectation and supply disruption concerns remains unchanged. After copper, aluminum, and tin stop falling, low - buying and long - position opportunities can be considered. In the long - term, there are still expectations of potential incremental stimulus policies in China, and supply disruption issues for copper, aluminum, and tin still exist, with expectations of tightening supply and demand, so the price trends of copper, aluminum, and tin are optimistic [1]. - Different metals have different price trends: copper prices are expected to be strong due to strong supply contraction expectations; alumina prices are under pressure with weak cost support; aluminum prices are expected to be oscillating and strong due to positive macro expectations; aluminum alloy prices are expected to be oscillating and strong with cost support; zinc prices will oscillate with non - ferrous metals due to the divergence of domestic and foreign inventory trends; lead prices may weaken in supply and demand despite rebounding with non - ferrous metals; nickel prices will oscillate due to Indonesian policy expectations; stainless steel prices will oscillate as nickel iron prices rise; tin prices will oscillate at a high level due to the resilience of rigid demand [2]. 3. Summary by Relevant Catalogs 3.1行情观点 3.1.1 Copper - Information: China's copper smelters set the 2026 copper concentrate long - term processing fee benchmark at $0/ton and $0/pound. In November 2025, China's electrolytic copper production increased month - on - month and year - on - year, and the cumulative increase from January to November was 11.76%. On December 29, the spot price of 1 electrolytic copper was at a discount to the contract [7]. - Logic: The US economy is resilient, and the Fed's interest - rate cut and balance - sheet expansion support copper prices. Copper mine supply disruptions increase, and the long - term processing fee hits a record low. Chinese copper smelters plan to reduce production, strengthening the supply contraction expectation. Demand is weak in the off - season, and LME's position limit reduces the risk of a short squeeze [7]. - Outlook: Copper prices are expected to be oscillating and strong [7]. 3.1.2 Alumina - Information: On December 29, the northern spot comprehensive price of alumina rose, and the national weighted index also increased. The alumina warehouse receipt decreased [7][8]. - Logic: Macro sentiment amplifies price fluctuations. High - cost production capacity fluctuates, but the supply contraction is insufficient, and the inventory is still accumulating. Raw material prices are weak, and the cost support is general. The warehouse receipt is being destocked, but there is pressure on the upper side of the price [8]. - Outlook: Alumina prices are expected to oscillate [8]. 3.1.3 Aluminum - Information: On December 29, the average price of SMM AOO aluminum increased, and the inventory of aluminum ingots and aluminum rods rose. In November 2025, China's unforged aluminum and aluminum product exports decreased year - on - year but increased month - on - month. South32 raised the offer price of aluminum ingot premiums to Japan [9]. - Logic: The macro outlook is positive. Domestic production capacity is high, while overseas power shortages may tighten supply in the long term. High aluminum prices suppress demand, and inventory accumulates [9][10]. - Outlook: In the short - term, aluminum prices are expected to be oscillating and strong. In the medium - term, the price center may rise [10]. 3.1.4 Aluminum Alloy - Information: On December 29, the price of Baotai ADC12 increased, and the warehouse receipt increased. An Indonesian electrolytic aluminum project started trial production [11]. - Logic: The supply of scrap aluminum is tight, providing strong cost support. The weekly operating rate increased, but there are still risks of production cuts in the medium - term. Demand may weaken marginally after the end of the automotive seasonal sales rush [11]. - Outlook: In the short - and medium - term, aluminum alloy prices are expected to be oscillating and strong [11]. 3.1.5 Zinc - Information: On December 29, the spot prices of zinc in different regions had different premiums to the main contract. As of December 29, SMM's seven - region zinc ingot inventory decreased. In November 2025, China's zinc concentrate imports increased [12][13]. - Logic: The macro outlook is positive. Short - term zinc ore supply is tight, and smelter profits decline, reducing zinc ingot production. Domestic consumption is in the off - season, and demand is average. In the short - term, zinc ingot exports will continue, and social inventory may decline. In the long - term, supply may increase while demand growth is limited [13]. - Outlook: In the short - term, zinc prices will oscillate at a high level. In the long - term, there is a possibility of price decline [13]. 3.1.6 Lead - Information: On December 29, the price of waste electric vehicle batteries increased, and the price of lead ingots also rose. The social inventory of lead ingots decreased, and the futures warehouse receipt increased slightly [14]. - Logic: The spot premium decreased, and the original - recycled price difference increased. The price of waste batteries rose, expanding the smelting profit of recycled lead, and production is expected to increase. Demand from electric bicycles weakens, and the battery factory's operating rate declines marginally [14][15]. - Outlook: Lead prices are expected to oscillate [15]. 3.1.7 Nickel - Information: On December 29, the Shanghai nickel warehouse receipt increased, and the LME nickel inventory decreased. The average price of high - nickel pig iron rose. Indonesia plans to revise the nickel ore RKAB and the mineral benchmark price calculation formula [15][16][17]. - Logic: Domestic nickel production decreased in November, but Indonesian production increased, and overall supply pressure remains. Demand is in the off - season, and the market is weak. If Indonesia's RKAB plan is implemented, the supply - demand balance will improve [18]. - Outlook: Nickel prices are expected to oscillate, and attention should be paid to policy implementation [18]. 3.1.8 Stainless Steel - Information: The stainless steel futures warehouse receipt decreased. The average price of high - nickel pig iron rose. Some Indonesian nickel mines face fines [19]. - Logic: Nickel iron prices rise, providing cost support. Stainless steel production is expected to decline in December. Inventory may accumulate in the off - season, and the warehouse receipt is at a low level [20]. - Outlook: Stainless steel prices are expected to oscillate, and attention should be paid to Indonesian policy changes [21]. 3.1.9 Tin - Information: On December 29, the LME tin warehouse receipt increased, and the Shanghai tin warehouse receipt decreased. The spot price of tin ingots rose [21]. - Logic: Tin supply is a major concern. Chinese imports from Myanmar increase, but there are still risks. Indonesian supply may be restricted in Q1 2026. African production is limited. Demand is expected to increase due to the global economic environment and the growth of related industries [21]. - Outlook: Tin prices are expected to be oscillating and strong [21]. 3.2行情监测 - Copper: No specific monitoring information provided [24]. - Alumina: No specific monitoring information provided [39]. - Aluminum: No specific monitoring information provided [52]. - Aluminum Alloy: No specific monitoring information provided [65]. - Zinc: No specific monitoring information provided [76]. - Lead: No specific monitoring information provided [89]. - Nickel: No specific monitoring information provided [103]. - Stainless Steel: No specific monitoring information provided [119]. - Tin: No specific monitoring information provided [129]. 3.3中信期货商品指数 - On December 29, 2025, the comprehensive index was 2339.89, down 0.59%; the commodity 20 index was 2687.93, down 0.42%; the industrial products index was 2258.87, down 0.70%. The non - ferrous metals index was 2676.44, with a daily decline of 0.01%, a 5 - day increase of 3.18%, a 1 - month increase of 6.45%, and a year - to - date increase of 15.95% [147][149].

Core Insights - Copper prices have surged to unprecedented highs above $12,000 a ton due to fears of a tighter global market in 2026, marking a nearly 40% increase this year, the largest annual jump since 2009 [1][3] - On the London Metal Exchange, prices reached an all-time high of $12,282 a ton, reflecting strong market dynamics [2] - Supply disruptions from major mines and tariff fears have contributed to the tightening of copper supplies, while robust demand from sectors like energy and artificial intelligence is expected to further increase consumption [4][3] Supply and Demand Dynamics - Significant supply risks have materialized this year, including accidents and natural disasters at major copper mines in Indonesia, the Democratic Republic of Congo, and Chile, which have negatively impacted global production [3] - Tariff concerns have prompted traders to increase shipments to the US, further tightening supplies in other regions [4] - The demand for copper remains strong, driven by the need for infrastructure development in power grids and new energy, as well as the anticipated growth in the artificial intelligence sector [4] Market Trends - All six base metals on the London Metal Exchange are projected to see annual gains, influenced by various supply-side pressures [5] - Other metals such as aluminum and tin have also experienced significant price increases, with aluminum up nearly 16% and tin jumping 48% due to supply constraints [5]

(Bloomberg) — Copper (HG=F) edged towards $12,000 a ton, nearing a new all-time high as supply setbacks and tariff-related trade dislocations fuel a powerful, months-long rally. The metal seen as a bellwether for the global industrial economy traded 0.4% higher on the London Metal Exchange, nearing an all-time high of $11,996 a ton struck on Monday. Prices are up by about 37% this year, on course for the biggest annual gain since 2009. Most Read from Bloomberg Sentiment on copper has benefited from a ...

Group 1: Overall Market Conditions - Overseas, Fed official Milan said there's no short - term recession, but rising unemployment may prompt the Fed to turn dovish and cut rates. The market risk appetite is good, with tech stocks driving the US stocks up, the US Treasury yield rising to 4.16%, and the US dollar index dropping to 98.2. Japanese officials signaled possible foreign exchange intervention, strengthening the yen. Geopolitical issues pushed up oil prices. Risk assets are supported by sentiment and liquidity in the short - term, but caution is needed due to approaching holidays [2] - In China, the LPR has remained unchanged for seven consecutive months. The 5 - year LPR in December is 3.5%, and the 1 - year is 3%. The probability of a rate cut or reserve requirement ratio cut this year is low, with the next possible rate cut expected early next year. A - shares rose on Monday, with the ChiNext and STAR Market rebounding over 2%. Over 2900 stocks closed up, and the trading volume expanded to 1.88 trillion. The market may maintain a wide - range weak - oscillating pattern in the short - term. The bond market readjusted, lacking a clear direction [3] Group 2: Precious Metals - International precious metal futures continued to rise strongly on Monday. COMEX gold futures rose 2.13% to $4480.60 per ounce, and COMEX silver futures rose 2.37% to $69.09 per ounce. Domestic platinum and palladium futures hit the daily limit, and the overseas platinum price reached a new high. The rise is due to the resonance of macro, fundamental, and capital factors. The weakening of the US dollar credit supports gold in the long - term. Silver's strategic position in green energy and high - end manufacturing attracts funds, and platinum and palladium face supply shortages and strong industrial demand [4][5] Group 3: Copper - The Shanghai copper main contract continued to rise on Monday, and LME copper approached $12000. The spot market trading was poor, with domestic trade copper at a discount of 195 yuan/ton. The LME inventory decreased to 15.7 million tons, and the COMEX inventory increased to 46.7 million tons. Fed official Milan maintained a dovish stance, and Trump will announce a new Fed chair in early January, likely to be more dovish. The global mine supply is tight, and the long - term TC benchmark price is 0 dollars/ton. The copper price is expected to remain strong in the short - term [6][7] Group 4: Aluminum - The Shanghai aluminum main contract closed at 2220 yuan/ton on Monday, up 0.82%. The LME closed at $2941 per ton, down 0.49%. The electrolytic aluminum ingot inventory increased by 2.2 million tons to 60 million tons on December 22. The Fed's expected rate cut next year is fermenting, and the LME aluminum reached a new high this year. The domestic aluminum price is expected to oscillate at a high level in the short - term due to the fluctuating inventory [8] Group 5: Alumina - The alumina futures main contract closed at 2508 yuan/ton on Monday, down 1.18%. The spot alumina national average price was 2751 yuan/ton, down 7 yuan/ton. The supply is expected to remain sufficient in the short - term, and the alumina price will continue to be under pressure [9] Group 6: Cast Aluminum - The cast aluminum alloy futures main contract closed at 21290 yuan/ton on Monday, up 0.66%. The raw material scrap aluminum supply is tight, and the cost support is strong. The supply decreased slightly due to environmental protection and cost - profit factors. The consumption is stable, and the cast aluminum price is expected to oscillate at a high level [10] Group 7: Zinc - The Shanghai zinc main contract oscillated narrowly on Monday. The social inventory increased to 12.45 million tons. The 11 - month zinc concentrate imports increased by 13.84% year - on - year and 52.27% month - on - month. The overall zinc price is expected to oscillate due to mixed Fed officials' views, changes in imports and exports, and consumption and supply factors [11][12] Group 8: Lead - The Shanghai lead main contract oscillated weakly on Monday. The social inventory decreased to 2.02 million tons. Near the end of the year, the supply and demand of the lead industry are both weak. The lead price is expected to maintain a weak and stable oscillation [13][14] Group 9: Tin - The Shanghai tin main contract oscillated narrowly on Monday. The 11 - month tin concentrate imports increased significantly, especially from Myanmar. The supply is expected to improve, and the tin price has a high - level adjustment risk [15][16] Group 10: Industrial Silicon - The industrial silicon oscillated on Monday. The supply in Xinjiang is at a relatively high level, while that in the southwest is weak. The demand is mainly for historical orders. The industrial silicon price is expected to oscillate narrowly [17][18] Group 11: Steel Products - Steel futures oscillated and rebounded on Monday. The five major steel products' production and apparent demand adjusted slightly, and the inventory continued to decline. The steel price is expected to oscillate mainly, and attention should be paid to the acceptance of the price rebound [19] Group 12: Iron Ore - Iron ore futures oscillated and adjusted on Monday. The overseas shipment and arrival volume decreased this week, and the port inventory continued to accumulate. The demand is weak due to steel mills' production cuts and the off - season. The iron ore price is expected to oscillate under pressure [20] Group 13: Coking Coal and Coke - Coking coal and coke futures oscillated on Monday. The third round of coke price cuts was implemented, reducing coking profits and weakening the procurement of raw coal. The coking coal supply is generally stable. The prices are expected to oscillate in the short - term [21] Group 14: Soybean and Rapeseed Meal - On Monday, the soybean meal 05 contract rose 0.18%, and the rapeseed meal 05 contract rose 0.56%. The US soybean export sales are still slow, and the domestic soybean and soybean meal inventories are high. The domestic rapeseed meal is expected to oscillate weakly in the short - term [22][23] Group 15: Palm Oil - The palm oil 05 contract rose 0.94% on Monday. The Malaysian palm oil production decreased, and the export demand improved. The domestic palm oil inventory increased slightly. The palm oil price is expected to stop falling and enter an oscillating state in the short - term [24][25]

Figure 2 – La Romana Cross Section A - A' highlighting new drillhole LRD191, and confirming continuation of the higher-grade copper mineralization, open at depth (CNW Group/Pan Global Resources Inc.) Figure 3 – La Romana Cross Section B - B' highlighting new drillhole LRD189, and confirming continuation of the higher-grade copper mineralization (open at depth) and additional copper intercepts in the hanging wall above the main mineralization (CNW Group/Pan Global Resources Inc.) TSXV: PGZ | OTCQB: PGZFF | F ...

今日走势预测 期货市场：资金轮动激活纳指引擎美股齐涨，隔夜伦锡收涨1.53%；最新收盘报42920美元/吨，上涨645 美元，涨幅为1.53%，成交量为801手，持仓量25165万手较前一交易量增加335手；国内方面，夜盘沪 期锡高位运行，窄幅收涨，沪锡主力合约2601最新收报338950元/吨，涨3950元/吨，涨幅为1.18%；伦 敦金属交易所（LME）12月18日伦锡库存量报4425吨，较前一交易日库存量增加235吨。长江锡业网 讯：今日沪锡期货市场全线高开，主力月2601合约开盘报337000涨2000元，9：20分沪锡主力2601合约 报338540涨3540元；沪期锡开盘高开高走，盘面维持高位运行；宏观面，当前全球宏观图景呈现"三重 叙事"的复杂交织：地缘冲突的避险情绪（俄乌升级、中东谈判）、主要经济体的政策分化（国内扩内 需定调、美国"数据依赖式"降息预期升温），以及科技产业周期的自我实现（AI与芯片景气驱动美 股）。这三股力量正共同塑造市场的风险偏好与资金流向，进而为大宗商品市场设定新的交易逻辑与价 格中枢。本交易日锡价或延续上涨态势。 当前锡市场的核心矛盾在于日益凸显的长期资源稀缺性与结构性 ...