Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>Critical Minerals Outside of China Will Command A Strategic Premium</li>
<li>As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies</li>
<li>We highlight eight companies as a basket of such miners which should benefit from these trends</li>
</ul>


Critical Minerals Outside of China Will Command A Strategic Premium
As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
We highlight eight companies as a basket of such miners which should benefit from these trends


A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Arafura Rare Earths / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arafura-rare-earths-ltd" target="_blank" data-smartkarma-citation="entities:16550:1" rel="noopener">Arafura Rare Earths (ARU AU)</a>  has launched a dual-tranche institutional placement.</li>
<li>Proceeds will be used to fund the company's flagship Nolans rare earth project which had been approved yesterday.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Arafura Rare Earths (ARU AU)  has launched a dual-tranche institutional placement.
Proceeds will be used to fund the company's flagship Nolans rare earth project which had been approved yesterday.
In this note, we will talk about the placement and run the deal through our ECM framework.


Arafura Rare Earth Placement: Third Largest Rare Earth Mine in Aus; Gina Backstopping the Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 21st October 2025, as part of a US-Australia bilateral framework, Australia said it would provide a US$100mn equity investment in Gina Rinehart-backed <strong><a href="https://www.smartkarma.com/entities/arafura-resources-ltd" target="_blank" data-smartkarma-citation="entities:16550:1" rel="noopener">Arafura (ARU AU)</a></strong>'s Nolans project. </li>
<li>Arafura has now announced it will kickstart Nolan's development after the Aussie government confirmed "up to 500 tonnes p.a<em>.</em>"  from the rare-earth project would be included in its strategic reserve.</li>
<li>The Aussie commitment represents 14% of Nolans' binding offtake target.</li>
</ul>


On the 21st October 2025, as part of a US-Australia bilateral framework, Australia said it would provide a US$100mn equity investment in Gina Rinehart-backed Arafura (ARU AU)'s Nolans project. 
Arafura has now announced it will kickstart Nolan's development after the Aussie government confirmed "up to 500 tonnes p.a."  from the rare-earth project would be included in its strategic reserve.
The Aussie commitment represents 14% of Nolans' binding offtake target.


Arafura Rare Earths (ARU AU): Canberra Helps Backstop Nolan's Offtake

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 2nd (reported today). The aggregated short interest was USD50.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp.


ASX Short Interest Weekly (Oct 2nd): Northern Star Resources, Alcoa, Wesfarmers, Brambles, Suncorp

Equity & Credit Research

Duncan Chan

MVIS Global Rare Earth/Strategic Metals Index / Commodities

MVIS Global Rare Earth/Strategic Metals Index (MVREMX INDEX)

MVIS Global Rare Earth/Strategic Metals Index

<ul>
<li>NdPr is the key rare earth signal because it links directly to magnets, EVs, robotics, wind and defence demand.</li>
<li>China’s dominance in refining, quotas and magnet production allows it to tighten and stabilise supply faster than the West can rebuild alternative ecosystems.</li>
<li>FOB export premiums and policy-driven procurement show rising geoeconomic stress, but sustained scarcity still requires durable ex-China downstream profitability.</li>
</ul>


NdPr is the key rare earth signal because it links directly to magnets, EVs, robotics, wind and defence demand.
China’s dominance in refining, quotas and magnet production allows it to tighten and stabilise supply faster than the West can rebuild alternative ecosystems.
FOB export premiums and policy-driven procurement show rising geoeconomic stress, but sustained scarcity still requires durable ex-China downstream profitability.


Rare Earths: China Still Scales Faster Than the West Can Rebuild

Australia

Arafura Rare Earths Ltd is a mineral exploration and development company operating solely in the Northern Territory of Australia. Principal commodities include rare earths, phosphate, gold, nickel, and vanadium. Arafura Rare Earths serves customers worldwide.

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Arafura Rare Earths (ARU AU)

A Basket of High-Risk, High-Reward, Critical Metal Miners with Strategic Value - Pt 1

US/Oz have signed The Critical Minerals Framework -commits the countries to invest more than $3 B over 6 months jointly and supports a pipeline of...

Rikki Malik

Arafura Rare Earth Placement: Third Largest Rare Earth Mine in Aus; Gina Backstopping the Deal

Arafura Rare Earths has launched a dual-tranche institutional placement. In this note, we will talk about the placement and run the deal through...

Nicholas Tan