Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>There will be no index changes for the December 2025 rebal event.</li>
<li>We expect one-way flow of US$386mm for the December 2025 rebal.</li>
</ul>


The MV Global J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
There will be no index changes for the December 2025 rebal event.
We expect one-way flow of US$386mm for the December 2025 rebal.


[Quiddity Index] MV Junior Gold Miners Dec25 Rebalance Results: Flow Expectations

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Alamos Gold Inc. recently held its third-quarter 2025 earnings call, during which the company provided a comprehensive update on its operational and financial performance.</li><li>The quarter was characterized by production challenges, strategic asset sales, and forward-looking growth initiatives.</li><li>In the third quarter, Alamos Gold reported production of 141,700 ounces of gold, a 3% increase from the previous quarter, despite facing operational challenges, including an unplanned downtime at the Magino mill and a seismic event at Island Gold.</li></ul>

Alamos Gold Inc. recently held its third-quarter 2025 earnings call, during which the company provided a comprehensive update on its operational and financial performance.The quarter was characterized by production challenges, strategic asset sales, and forward-looking growth initiatives.In the third quarter, Alamos Gold reported production of 141,700 ounces of gold, a 3% increase from the previous quarter, despite facing operational challenges, including an unplanned downtime at the Magino mill and a seismic event at Island Gold.

Alamos Gold Is Focused On Magino Mill—The Expansion That Could Change Everything!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are 5 additions for the <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> in December. <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> is a surprise add (as are some of the others).</li>
<li>Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.</li>
<li>The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.</li>
</ul>


There are 5 additions for the VanEck Gold Miners ETF/USA (GDX US) in December. Zijin Gold (2259 HK) is a surprise add (as are some of the others).
Estimated one-way turnover is 15.2% and that leads to a round-trip trade of US$8.8bn. There are many stocks with multiple days of ADV to trade from passive trackers.
The MarketVector Global Gold Miners Index has just passed its earlier highs, but a lot of the adds have broken out and are trading much higher than their prior highs.


Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

<ul><li>Alamos Gold Inc.’s recent earnings conveyed key operational updates for the second quarter of 2025, showcasing positive production results, strategic initiatives, and revisions to cost guidance.</li><li>The company reported total gold production of 137,000 ounces, reflecting a 10% increase from the first quarter and aligning with quarterly guidance.</li><li>This improvement was primarily driven by enhanced performances across all three of Alamos Gold’s mining operations.</li></ul>

Alamos Gold Inc.’s recent earnings conveyed key operational updates for the second quarter of 2025, showcasing positive production results, strategic initiatives, and revisions to cost guidance.The company reported total gold production of 137,000 ounces, reflecting a 10% increase from the first quarter and aligning with quarterly guidance.This improvement was primarily driven by enhanced performances across all three of Alamos Gold’s mining operations.

Alamos Gold: Expanded Production Capacity at Island Gold District & Over $1 Billion in Free Cash Flow Are The BIGGEST Talking Points!

<ul><li>Alamos Gold Inc. showcased a mixed set of results for the first quarter of 2025, offering insights into its operational performance, financial health, and strategic outlook.</li><li>The Canadian mining company reported a gold production of 125,000 ounces, aligning with the lower end of its quarterly guidance, primarily impacted by a slower start at its Young-Davidson and Magino projects.</li><li>Encouragingly, operational improvements in April portend stronger production in the second quarter, aided by higher grades and mining rates at Island Gold and La Yaqui Grande.</li></ul>

Alamos Gold Inc. showcased a mixed set of results for the first quarter of 2025, offering insights into its operational performance, financial health, and strategic outlook.The Canadian mining company reported a gold production of 125,000 ounces, aligning with the lower end of its quarterly guidance, primarily impacted by a slower start at its Young-Davidson and Magino projects.Encouragingly, operational improvements in April portend stronger production in the second quarter, aided by higher grades and mining rates at Island Gold and La Yaqui Grande.

Alamos Gold Unlocks Massive Gains at Magino—Is This the Breakthrough Investors Have Been Waiting For?

Canada

Alamos Gold Inc. is a Canadian-based gold producer operating three mines in North America. The Company explores and produces gold from mines. Alamos Gold operates portfolio of development stage projects in Canada, Mexico, Turkey, and the United States.

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Alamos Gold (AGI US)

[Quiddity Index] MV Junior Gold Miners Dec25 Rebalance Results: Flow Expectations

There are no ADDs and no DELETEs to the MV Junior Gold Miners Index for Dec 2025 (19 December) but there is about US$800mm to trade and several...

Travis Lundy

Alamos Gold Is Focused On Magino Mill—The Expansion That Could Change Everything!

Alamos Gold Inc. recently held its third-quarter 2025 earnings call, during which the company provided a comprehensive update on its operational...

Baptista Research

Gold Miners ETF (GDX US) Dec Rebalance: 5 Adds and US$8.8bn Trade; Zijin Gold Added

The flows have changed following the non-inclusion of Zijin Gold in the index. With cornerstones locked up till end-March, Zijin Gold will not be...

Brian Freitas

Alamos Gold: Expanded Production Capacity at Island Gold District & Over $1 Billion in Free Cash Flow Are The BIGGEST Talking Points!

Alamos Gold Inc.’s recent earnings conveyed key operational updates for the second quarter of 2025, showcasing positive production results,...

Baptista Research

Alamos Gold Unlocks Massive Gains at Magino—Is This the Breakthrough Investors Have Been Waiting For?

Alamos Gold Inc. showcased a mixed set of results for the first quarter of 2025, offering insights into its operational performance, financial...

Baptista Research

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