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>
<a href="https://www.smartkarma.com/entities/royal-gold-inc" target="_blank" data-smartkarma-citation="entities:11226:1" rel="noopener">Royal Gold Inc (RGLD US)</a> launched a cash takeover bid of 2 CAD/share (85% premium) on Horizon Copper.</li>
<li>Recall, <a href="https://www.smartkarma.com/entities/horizon-copper-corp" target="_blank" data-smartkarma-citation="entities:42909:1" rel="noopener">Horizon Copper (HCU CN)</a> has a 25% controlling stake in <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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC (RIO LN)</a>is too bureaucratic to counterbid as the CEO transition paralyses the organization.</li>
</ul>



Royal Gold Inc (RGLD US) launched a cash takeover bid of 2 CAD/share (85% premium) on Horizon Copper.
Recall, Horizon Copper (HCU CN) has a 25% controlling stake in Entree Resources (ETG CN). 

Rio Tinto PLC (RIO LN)is too bureaucratic to counterbid as the CEO transition paralyses the organization.


Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

<ul>
<li>
<a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a> announced sweeping changes to its management and ties to Canada. It will also spin-off some of its exploration targets in a new company.</li>
<li>While its listing will remain in Canada for now, its physical presence in the country will cease and operations will be run out of Switzerland, Ecuador and Peru.</li>
<li>The shake-up is an answer to the Canadian government's decision earlier this year blocking Chinese <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> from making an investment in Solaris.</li>
</ul>



Solaris Resources (SLS CN) announced sweeping changes to its management and ties to Canada. It will also spin-off some of its exploration targets in a new company.
While its listing will remain in Canada for now, its physical presence in the country will cease and operations will be run out of Switzerland, Ecuador and Peru.
The shake-up is an answer to the Canadian government's decision earlier this year blocking Chinese Zijin Mining Group Co Ltd H (2899 HK) from making an investment in Solaris.


Solaris Resources: Showing Canada the Middle Finger

<ul>
<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 been roaring over the past three weeks on the back of ...no official news!</li>
<li>As we highlighted in our prior insights we expected an arbitration ruling by late 3Q24, but there has been no news published by Entree or <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> </li>
<li>Volume spike and price action remind us of Turquoise Hill buyout in 2022.</li>
</ul>



Entree Resources (ETG CN) has been roaring over the past three weeks on the back of ...no official news!
As we highlighted in our prior insights we expected an arbitration ruling by late 3Q24, but there has been no news published by Entree or Rio Tinto Ltd (RIO AU) 
Volume spike and price action remind us of Turquoise Hill buyout in 2022.


Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

<ul>
<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 been in an arbitration proceeding against <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC (RIO LN)</a> since April 2024.</li>
<li>After initial hearings earlier in 1H24 we expect final arguments next week. The arbitration committee verdict should come by late 3Q24.</li>
<li>At stake is the relationship and ownership arrangement between ETG and RIO's in Oyu Tolgoi, one of the world's largest copper mines. Just concluded Mongolian elections clear the last hurdle.</li>
</ul>



Entree Resources (ETG CN) has been in an arbitration proceeding against Rio Tinto PLC (RIO LN) since April 2024.
After initial hearings earlier in 1H24 we expect final arguments next week. The arbitration committee verdict should come by late 3Q24.
At stake is the relationship and ownership arrangement between ETG and RIO's in Oyu Tolgoi, one of the world's largest copper mines. Just concluded Mongolian elections clear the last hurdle.


Mongolia Elections Behind Us and Rio Versus Entree Arbitration Ruling Expected by Late 3Q24

<ul>
<li>
<a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a> yesterday announced it engaged Chinese investment bank CICC to help it with unsolicited M&amp;A approaches.</li>
<li>Solaris, Filo, Entree Resources, and Los Andes Copper are just four of the junior copper miners screening extremely well on M&amp;A criteria. </li>
<li>Most copper supply/demand models forecast a large supply shortage of copper in the coming decade. Junior copper miners with large deposits will become increasingly valuable.</li>
</ul>



Solaris Resources (SLS CN) yesterday announced it engaged Chinese investment bank CICC to help it with unsolicited M&amp;A approaches.
Solaris, Filo, Entree Resources, and Los Andes Copper are just four of the junior copper miners screening extremely well on M&amp;A criteria. 
Most copper supply/demand models forecast a large supply shortage of copper in the coming decade. Junior copper miners with large deposits will become increasingly valuable.


Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities

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)

Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Nicolas Van Broekhoven

Solaris Resources: Showing Canada the Middle Finger

Solaris Resources announces management changes and spin-off, shifting operations out of Canada in response to government restrictions on Chinese...

Nicolas Van Broekhoven

Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...

Nicolas Van Broekhoven

Mongolia Elections Behind Us and Rio Versus Entree Arbitration Ruling Expected by Late 3Q24

Entree Resources in arbitration against Rio Tinto over Oyu Tolgoi ownership, final verdict expected in late 3Q24 after Mongolian elections.

Nicolas Van Broekhoven

Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities

Solaris Resources appointed Chinese investment bank CICC to look at all M&A approaches going forward. Media reports suggest multiple bidders are...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

​Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Nicolas Van Broekhoven

Solaris Resources: Showing Canada the Middle Finger

​Solaris Resources announces management changes and spin-off, shifting operations out of Canada in response to government restrictions on Chinese...

Nicolas Van Broekhoven

Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

​Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...

Nicolas Van Broekhoven

Mongolia Elections Behind Us and Rio Versus Entree Arbitration Ruling Expected by Late 3Q24

​Entree Resources in arbitration against Rio Tinto over Oyu Tolgoi ownership, final verdict expected in late 3Q24 after Mongolian elections.

Nicolas Van Broekhoven

Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities

Solaris Resources appointed Chinese investment bank CICC to look at all M&A approaches going forward. Media reports suggest multiple bidders are...

Nicolas Van Broekhoven

Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Solaris Resources announces management changes and spin-off, shifting operations out of Canada in response to government restrictions on Chinese...

Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...

Entree Resources in arbitration against Rio Tinto over Oyu Tolgoi ownership, final verdict expected in late 3Q24 after Mongolian elections.