Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<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 up 101% on its 29th September listing. By my estimate, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a>'s average premium to NAV since Zijin Gold's listing has been ~21%. </li>
<li>Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Zijin Gold (2259 HK) is up 101% on its 29th September listing. By my estimate, Zijin Mining (601899 CH)'s average premium to NAV since Zijin Gold's listing has been ~21%. 
Preceding further commentary on Zijin Mining/Gold are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Travis Lundy

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.</li>
<li>This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.</li>
<li>We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.
This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.
We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.


[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<ul>
<li>
<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> priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-2259-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:202646" rel="noopener">Zijin Gold IPO (2259 HK): Valuation Insights</a>.</li>
<li>The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) priced its IPO at HK$71.59 per share to raise gross proceeds of approximately US$3.2 billion. The shares will begin trading on September 30.
The IPO was discussed in Zijin Gold IPO: The Investment Case and Zijin Gold IPO (2259 HK): Valuation Insights.
The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.


Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Merdeka Gold Resources / Equity Bottom-Up

<ul>
<li>Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.</li>
<li>Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).</li>
<li>Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.</li>
</ul>


Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.
Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).
Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.


Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

<ul>
<li>
<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 global leading gold mining company and the overseas gold segment of <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining Group (601899 CH)</a>. It has launched an HKEx IPO to raise US$3.2bn.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:201176" rel="noopener">Zijin Gold IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/zijin-gold-ipo-phip-updates-support-the-investment-thesis" target="_blank" data-smartkarma-citation="insights:201970" rel="noopener">Zijin Gold IPO: PHIP Updates Support the Investment Thesis</a>.</li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.</li>
</ul>



Zijin Gold (2259 HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It has launched an HKEx IPO to raise US$3.2bn.
I previously discussed the IPO in Zijin Gold IPO: The Investment Case and Zijin Gold IPO: PHIP Updates Support the Investment Thesis.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.


Zijin Gold IPO (2259 HK): Valuation Insights

South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

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AngloGold Ashanti Spon Adr (AU US)

StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

The MV GDX Index is the new benchmark for the GDX ETF. Big flows last month on the benchmark change, and now two potential ADDs for December. One...

Travis Lundy

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

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StubWorld: Zijin Mining (2899 HK) Is Still Out Of Whack

Zijin Mining is trading rich. As is Zijin Gold. I'd be taking down borrow in Zijin Mining and look to short when this turns. Oddly - Zijin Gold is...

David Blennerhassett

[Quiddity Index] MV Global Gold Miners Dec25: 2 ADDs Expected; US$1.8bn One-Way Flows

The MV GDX Index is the new benchmark for the GDX ETF. Big flows last month on the benchmark change, and now two potential ADDs for December. One...

Travis Lundy

Zijin Gold IPO (2259 HK): Trading Debut

The market sentiment of the peers has increased since the IPO launch. My analysis suggests that the IPO price range is attractive.

Arun George

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

​EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

Zijin Gold IPO (2259 HK): Valuation Insights

Zijin Gold has launched an HKEx IPO to raise US$3.2bn. In this note, I present my forecasts and valuation. My analysis suggests that the IPO price...

Arun George

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...