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

Thematic (Sector/Industry)

<ul>
<li>The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.</li>
<li>Our best performer was <a href="https://www.smartkarma.com/entities/arras-minerals-corp-0103ceb3-3087-43a7-8e88-cf54392e4429" target="_blank" data-smartkarma-citation="entities:41542:1" rel="noopener">Arras Minerals (ARK CN)</a>, which was up +150%, closely followed by <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>, which gained 139% for the year. </li>
<li>Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.</li>
</ul>


The 2025 vintage of "5 High Conviction Ideas" showed a positive return for all five picks.
Our best performer was Arras Minerals (ARK CN), which was up +150%, closely followed by Solaris Resources (SLS CN), which gained 139% for the year. 
Our 2025 vintage was heavily copper-focused, our 2026 new favorite list is more diverse across sectors and regions.


Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

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 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. </li>
<li>Our best performer was unloved <a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a> which returned 234% even beating <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> YTD performance.  Miracles happen: Coal mining beats AI.</li>
<li>Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.</li>
</ul>


The 2023 vintage of "5 High Conviction Ideas" was commodity heavy with 4 of our 5 picks coming from this sector. Three out of five declined between 15-25%. 
Our best performer was unloved Mongolian Mining (975 HK) which returned 234% even beating NVIDIA Corp (NVDA US) YTD performance.  Miracles happen: Coal mining beats AI.
Our 2024 vintage of top ideas for the year will hopefully have a higher hit ratio. See below for more details which are our five high conviction ideas for 2024.


Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

<ul>
<li>
<a href="https://www.smartkarma.com/entities/los-andes-copper-ltd" target="_blank" data-smartkarma-citation="entities:35434:1" rel="noopener">Los Andes Copper Ltd (LA CN)</a> published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.</li>
<li>In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. </li>
<li>
<a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener">,  Hudbay Minerals Inc (HBM US) and </a><a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a><a href="https://www.smartkarma.com/entities/hudbay-minerals-inc-79e1a8a8-5377-44fa-b0d2-453fa494a1fa" target="_blank" data-smartkarma-citation="entities:33286:1" rel="noopener"> have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.</a>
</li>
</ul>



Los Andes Copper Ltd (LA CN) published its long-awaited PFS in late February. The PFS shows an NPV of 2.77 billion USD vs a 240 million USD market cap.
In our opinion, LA is one of the largest, Chile-based copper miners without a strategic investment partner. 

Lundin Mining (LUN CN),  Hudbay Minerals Inc (HBM US) and Glencore Plc (GLEN LN) have announced offers for copper producers recently. Last year Rio and BHP also made copper acquisitions.



Los Andes Copper: PFS Published and M&A Scene Heating Up

<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

Canada

Los Andes Copper Ltd. explores for copper in Latin America.

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Los Andes Copper Ltd (LA CN)

Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...

Nicolas Van Broekhoven

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

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

Los Andes Copper: PFS Published and M&A Scene Heating Up

Los Andes Copper is a sitting duck in the current copper M&A frenzy. Lundin, Hudbay and Glencore have all recently announced copper acquisitions....

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview of My Winners and Losers in 2025...and 5 High Conviction Ideas Going Into 2026

​The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...

Nicolas Van Broekhoven

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

Overview of My Winners and Losers in 2023...and 5 High Conviction Ideas Going Into 2024

Our stand-out performer in FY23 was little loved Mongolia Mining. For FY24 we provide five new names which we think can perform strongly.

Nicolas Van Broekhoven

Los Andes Copper: PFS Published and M&A Scene Heating Up

Los Andes Copper is a sitting duck in the current copper M&A frenzy. Lundin, Hudbay and Glencore have all recently announced copper acquisitions....

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

The 2025 "5 High Conviction Ideas" vintage had positive returns, with Arras Minerals and Solaris Resources leading the way. The 2026 list is more...

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

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