Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Since the start of 2025, Arras has released two batches of drill results from its exploration activities in Kazakhstan. Early results look very promising and the stock has reacted accordingly.</li>
<li>2025 is going to be a very busy year of newsflow for Arras with a lot of optionality to drive a further re-rating.</li>
<li>Arras remains a high risk/reward junior exploration company with a market cap of only 33M USD. Arras is targeting both copper and gold.</li>
</ul>


Since the start of 2025, Arras has released two batches of drill results from its exploration activities in Kazakhstan. Early results look very promising and the stock has reacted accordingly.
2025 is going to be a very busy year of newsflow for Arras with a lot of optionality to drive a further re-rating.
Arras remains a high risk/reward junior exploration company with a market cap of only 33M USD. Arras is targeting both copper and gold.


Arras Minerals: Promising Exploration Results Drive Stock up +96% YTD

<ul>
<li>The relationship between Rio Tinto, the Mongolian Government and Entree Resources is in turmoil. Can the new Mongolian PM break the deadlock?</li>
<li>Despite a binding arbitration ruling in December 2024 in favor of Entree, the government of Mongolia and Rio remain in dispute on how to handle Entree's ownership position.</li>
<li>On June 6th, it was announced that Rio will have to change its mine plan for Oyu Tolgoi as there has been no agreement between Rio, Entree and the government.</li>
</ul>


The relationship between Rio Tinto, the Mongolian Government and Entree Resources is in turmoil. Can the new Mongolian PM break the deadlock?
Despite a binding arbitration ruling in December 2024 in favor of Entree, the government of Mongolia and Rio remain in dispute on how to handle Entree's ownership position.
On June 6th, it was announced that Rio will have to change its mine plan for Oyu Tolgoi as there has been no agreement between Rio, Entree and the government.


Entree Resources: Can New Mongolian Prime Minister Break Deadlock with Rio?

Thematic (Sector/Industry)

<ul>
<li>Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.</li>
<li>Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The  White House yesterday exempted copper from any import tariffs.</li>
<li>Copper miners show a mixed bag, our basket of favorites was led by <a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY)</a> which increased 182% YTD.</li>
</ul>


Copper prices started the year roaring: +26% YTD. US futures prices outpaced LME prices.
Much of the trade was driven by re-allocation of copper inventories to beat potential US tariffs. The  White House yesterday exempted copper from any import tariffs.
Copper miners show a mixed bag, our basket of favorites was led by Arras Minerals (ARK V EQUITY) which increased 182% YTD.


Junior Copper Miners: An Update After 1Q25

<ul>
<li>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "<strong>Copper is the New Oil"</strong>
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


<ul>
<li>Our insight <a href="https://www.smartkarma.com/insights/2024-high-conviction-junior-copper-miners" target="_blank" data-smartkarma-citation="insights:122425" rel="noopener">2024 High Conviction: Junior Copper Miners</a> garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.</li>
<li>Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.</li>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN) </a>has performed strongest +22% while <a href="https://www.smartkarma.com/entities/arras-minerals-corp" target="_blank" data-smartkarma-citation="entities:40384:1" rel="noopener">Arras Minerals (ARK V EQUITY)</a> has been a laggard at -18% YTD.</li>
</ul>


Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide an update on our favorite junior copper names.
Copper prices have started to to tick up (+5% YTD) on the back of gold making new all-time highs late in 1Q24, and more importantly squeezed global supply.

Entree Resources (ETG CN) has performed strongest +22% while Arras Minerals (ARK V EQUITY) has been a laggard at -18% YTD.


Junior Copper Miners: An Update After 1Q24

Canada

Entree Resources Ltd. operates as a mining company. The Company develops and discovers gold and copper resources. Entree Resources is currently conducting exploration on its mineral concessions in Mongolia.

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Entree Resources (ETG CN)

Arras Minerals: Promising Exploration Results Drive Stock up +96% YTD

Arras sees promising early results in Kazakhstan exploration, with potential for further re-rating in 2025. High risk/reward with focus on copper...

Nicolas Van Broekhoven

Entree Resources: Can New Mongolian Prime Minister Break Deadlock with Rio?

Tensions between Rio Tinto, Mongolian Government, and Entree Resources over ownership at Oyu Tolgoi mine continue despite arbitration ruling. New...

Nicolas Van Broekhoven

Junior Copper Miners: An Update After 1Q25

Copper prices surge 26% YTD, driven by trade war fears and tariff exemptions. Top junior copper miner, Arras Minerals, up 182% YTD.

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Junior Copper Miners: An Update After 1Q24

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Arras Minerals: Promising Exploration Results Drive Stock up +96% YTD

​Arras sees promising early results in Kazakhstan exploration, with potential for further re-rating in 2025. High risk/reward with focus on copper...

Nicolas Van Broekhoven

Entree Resources: Can New Mongolian Prime Minister Break Deadlock with Rio?

​Tensions between Rio Tinto, Mongolian Government, and Entree Resources over ownership at Oyu Tolgoi mine continue despite arbitration ruling. New...

Nicolas Van Broekhoven

Junior Copper Miners: An Update After 1Q25

​Copper prices surge 26% YTD, driven by trade war fears and tariff exemptions. Top junior copper miner, Arras Minerals, up 182% YTD.

Nicolas Van Broekhoven

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Junior Copper Miners: An Update After 1Q24

​Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.

Nicolas Van Broekhoven

Arras sees promising early results in Kazakhstan exploration, with potential for further re-rating in 2025. High risk/reward with focus on copper...

Tensions between Rio Tinto, Mongolian Government, and Entree Resources over ownership at Oyu Tolgoi mine continue despite arbitration ruling. New...

Copper prices surge 26% YTD, driven by trade war fears and tariff exemptions. Top junior copper miner, Arras Minerals, up 182% YTD.

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Update on favorite junior copper miners as copper prices rise, Entree Resources (+22%) outperforms while Arras Minerals (-18%) lags.