Core Viewpoint - Gunnison Copper Corp. announces the retirement of Mr. Michael Haworth from its Board of Directors, marking the end of Greenstone Resources II fund's investment lifecycle in the company [1][2]. Company Updates - Mr. Haworth has been a director since September 5, 2014, contributing to the Audit Committee and Project Steering Committee, providing financial oversight and strategic guidance during a transformative period for the company [2]. - The company expresses gratitude for Mr. Haworth's contributions and acknowledges Greenstone's supportive role in its growth [2]. - The distribution and placement of Greenstone's shares have broadened Gunnison's institutional shareholder base as it advances its Gunnison Copper Project and operations at Johnson Camp Mine in Arizona [2]. Future Plans - Gunnison plans to strengthen its Board of Directors by adding new independent directors to support its growth strategy [3]. Company Profile - Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer, controlling the Cochise Mining District with 12 known deposits within an 8 km economic radius in the Southern Arizona Copper Belt [4]. - The flagship Gunnison Copper Project has a Measured and Indicated Mineral Resource of over 846.1 million tons with a total copper grade of 0.33%, and a preliminary economic assessment (PEA) indicates an NPV8% of $2 billion, an IRR of 23%, and a payback period of 3.9 years [5]. Production Capacity - The Johnson Camp Asset, now in production, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually [7].

Summary of Jiangxi Copper Conference Call Company Overview - **Company Name**: Jiangxi Copper (0358.HK/600362.SS) - **Industry**: Copper production, including mining, smelting, refining, and processing of copper products such as copper cathode, wire, and rod, along with by-products like gold, silver, and sulfuric acid [28][32] Key Points and Arguments Target Price and Valuation - **Revised Target Prices**: - H-share target price raised to HK$54.1 from HK$39.8 - A-share target price raised to Rmb64.8 from Rmb47.9 [1][4] - **Valuation Metrics**: - Current stock prices imply 2026E P/Es of 10.0x for H-shares and 14.0x for A-shares, compared to historical averages of 13.7x and 23.5x respectively [5] - **DCF and P/B Valuation**: - DCF valuation yields an NPV-per-share of HK$53.2 for H-shares and Rmb47.9 for A-shares [4][30] Earnings Forecasts - **Earnings Revisions**: - 2025E net profit forecast increased by 2% to Rmb8.4 billion - 2026E net profit forecast increased by 19% to Rmb14.0 billion - 2027E net profit forecast increased by 14% to Rmb13.2 billion [3][9] - **Comparison to Consensus**: - 2025/26/27E earnings forecasts are 2%/30%/19% higher than Bloomberg consensus [3] Sensitivity Analysis - **Metal and Sulfuric Acid Price Sensitivity**: - A 10% increase in copper price (US$13,000/t) would increase 2026E net profit by 8% - A 10% increase in gold price (US$4,600/oz) would increase 2026E net profit by 3% - A 10% increase in sulfuric acid price (Rmb900/t) would increase 2026E net profit by 3% [2][10] Risks - **Downside Risks**: - Slower grid investment in China or a significant drop in property demand could weaken copper prices - Lower than expected sulfuric acid prices - Rising mining or smelting costs [31][36] Investment Strategy - **Rating**: - Jiangxi Copper H-shares and A-shares rated as Buy - Long-term bullish view on copper prices remains intact, with expectations of benefiting from increasing copper prices [29][33] Additional Important Information - **Market Context**: - The copper smelting business is expected to remain profitable despite lower TC/RC prices due to rising sulfuric acid prices [1] - **Acquisition Potential**: - Ongoing acquisition of Solgold could contribute to long-term profit growth from 2028E [1] This summary encapsulates the key insights from the conference call regarding Jiangxi Copper, focusing on its financial outlook, valuation, and market dynamics.

Core Insights - Ivanhoe Electric Inc. is involved in a $12 billion initiative called Project Vault aimed at building a U.S. strategic minerals stockpile to enhance supply chain security and reduce dependence on China [1][2][3] Group 1: Project Vault - Project Vault combines $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank to procure and store essential minerals [2] - The initiative was launched on February 2, 2026, during a press conference at the White House, attended by key figures from the mining and manufacturing sectors, including Robert Friedland and Mary Barra [3][4] - The project aims to create a resilient domestic supply of critical minerals for U.S. industries [6] Group 2: Santa Cruz Copper Project - Ivanhoe Electric is advancing the Santa Cruz Copper Project in Arizona, which is expected to produce refined copper cathode by late 2028 [1][10] - The project is designed to produce 99.99% pure copper cathode over a 23-year mine life using a 100% heap leach process, minimizing the need for offshore smelting and refining [10] - The Santa Cruz Copper Project is positioned to become a major domestic producer of refined copper, leveraging modern mining technologies and Arizona's rich mining history [10] Group 3: Company Overview - Ivanhoe Electric focuses on developing mines from mineral deposits primarily located in the United States, aiming to support American supply chain independence [11] - The company employs advanced technologies, including the Typhoon™ geophysical surveying system, to enhance mineral exploration and discovery [11] - Ivanhoe Electric also operates a joint venture with Saudi Arabian Mining Company and has established an exploration alliance with BHP Mineral Resources Inc. to search for critical minerals [11]

Core Viewpoint - Gunnison Copper Corp. has entered into a Collaboration Framework Agreement with Lunasonde Inc. to utilize advanced remote sensing technology for mineral exploration in the Cochise Mining District, Arizona [1][2][3] Collaboration Agreement - Lunasonde will conduct a high-resolution subsurface survey over a portion of Gunnison's mineral property using its Airborne Georadiotomography (aGRT) technology [2] - The survey will include test flights and data analysis to create three-dimensional imaging of subsurface anomalies that may contain critical minerals [2][5] - The collaboration aims to enhance exploration and targeting efficiency across Gunnison's land position, which includes multiple known copper deposits [3] Company Strategy - The partnership reflects Gunnison's commitment to innovation and data-driven decision-making to improve geological understanding and long-term value creation [4] - The technology from Lunasonde is expected to complement traditional exploration methods, providing a non-invasive data acquisition approach [5] Financial Update - Gunnison has received a third conversion notice from Nebari Natural Resources Credit Fund for US$500,000, resulting in the issuance of 2,384,358 common shares [6][7] - The conversion will reduce the principal amount of the Second Amended and Restated Credit Agreement, potentially allowing for full repayment using proceeds from the sale of 48C tax credits [6] Company Overview - Gunnison Copper Corp. is a multi-asset copper developer and producer, controlling the Cochise Mining District with 12 known deposits within an 8 km radius [8] - The flagship Gunnison Copper Project has a Measured and Indicated Mineral Resource of over 831.6 million tons with a total copper grade of 0.31% and a preliminary economic assessment indicating an NPV of $1.3 billion and an IRR of 20.9% [9]

Jiangxi Copper Conference Call Summary Company Overview - **Company Name**: Jiangxi Copper - **Ticker**: 0358.HK / 600362.SS - **Industry**: Copper production, mining, smelting, refining, and processing - **Key Products**: Copper cathode, copper wire, gold, silver, sulfuric acid, pyrite concentrate - **Market Capitalization**: HK$120 billion / Rmb108.78 billion as of 15th Dec 2025 - **Control**: Ultimate controlling shareholder is Jiangxi Provincial SASAC [27][31] Core Insights - **Earnings Forecast Revision**: - 2025E net profit forecast revised to Rmb8.2 billion (+8% YoY) - 2026E net profit forecast revised to Rmb11.8 billion (+38% YoY) - 2027E net profit forecast revised to Rmb11.5 billion (+11% YoY) - These revisions are driven by higher forecasts for copper, gold, and sulfuric acid prices [2][7] - **Target Price Update**: - H-share target price revised to HK$39.8 (previously HK$27.9) - A-share target price revised to Rmb47.9 (previously Rmb33.8) - New target prices imply 2026E P/Es of 10.8x for H-shares and 14.1x for A-shares, compared to historical averages of 13.8x and 23.6x respectively [3][29] - **Sensitivity Analysis**: - A 5% increase in copper price (US$12,750/t) is expected to increase 2026E net profit by 4% - A 5% increase in gold price (US$3,925/oz) is expected to increase 2026E net profit by 1% - A 5% increase in sulfuric acid price (Rmb700/t) is expected to increase 2026E net profit by 2% [1][8] Financial Metrics - **Key Operating Metrics**: - Mined copper volume remains stable at 200kt for 2025-2027 - LME copper price forecast for 2026E increased to US$12,750/t (+28% from previous forecast) - Gross profit for 2026E expected to reach Rmb21.89 billion (+43% YoY) [7][10] - **Profit Margins**: - Net profit margin for 2026E projected at 1.6% - EBITDA margin for 2026E projected at 2.5% [7] Investment Strategy - **Rating**: Jiangxi Copper H-shares and A-shares rated as Buy - **Rationale**: Despite lower gross profit from smelting due to lower TC/RC prices, higher gold and sulfuric acid prices are expected to offset this impact. Long-term bullish outlook on copper prices remains intact [28][32] Risks - **Downside Risks**: - Potential slowdown in China's grid investment - Weaker-than-expected property demand affecting copper prices - Rising mining or smelting costs [30][35] Upcoming Events - **Conference Call**: Scheduled for 10am on 6th Jan 2026, registration link available (Mandarin only) [1][3]