Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.</li>
<li>The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.</li>
<li>We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.</li>
</ul>


The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.
We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.


[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Northern Star Resources / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a> transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.</li>
<li>With float below 10%, <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> should miss inclusion in the index in December, while <a href="https://www.smartkarma.com/entities/dundee-precious-metals-inc" target="_blank" data-smartkarma-citation="entities:42245:1" rel="noopener">Dundee Precious Metals (DPM CN)</a> is a potential inclusion.</li>
<li>There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.</li>
</ul>


The VanEck Gold Miners ETF/USA (GDX US) transitioned from the tracking the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index in September.
With float below 10%, Zijin Gold (2259 HK) should miss inclusion in the index in December, while Dundee Precious Metals (DPM CN) is a potential inclusion.
There are big capping changes with estimated one-way turnover of 6.4% and a round-trip trade of US$4.1bn.


Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

<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

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.</li>
<li>This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.</li>
<li>There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.</li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index.
There will be no index changes for the December 2025 rebal event. However, we currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.


[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Pan American Silver (PAAS) has released its annual mineral reserves and resources statement, which once again demonstrates solid replacement rates across most categories on a comparable basis. Both silver and gold segments maintained essentially flat mineral reserves during the period. In addition, the silver segment achieved a visible increase in contained metal in the inferred category thanks to the strong exploration results at the flagship La Colorada project. The update excludes the recently acquired 44% interest in the Juanicipio mine, which will visibly boost the company’s silver reserves.</p>

Pan American Silver (PAAS) has released its annual mineral reserves and resources statement, which once again demonstrates solid replacement rates across most categories on a comparable basis. Both silver and gold segments maintained essentially flat mineral reserves during the period. In addition, the silver segment achieved a visible increase in contained metal in the inferred category thanks to the strong exploration results at the flagship La Colorada project. The update excludes the recently acquired 44% interest in the Juanicipio mine, which will visibly boost the company’s silver reserves.

Pan American Silver — Reserves replacement track record maintained

Canada

Pan American Silver Corporation is a primary silver producer.   The Company has seven operating mines in Mexico,  Peru, Argentina and Bolivia and several development projects in USA,  Mexico, Peru and Argentina.

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Pan American Silver (PAAS CN)

[Quiddity Index] MV Global Gold Miners Dec25: Still 2 ADDs Expected; Closing in on Base Date

We see US$3.8bn of flows for the December rebalance with two ADDs. The impact will be somewhat limited across the ADDs but a couple of names will...

Travis Lundy

Gold Miners ETF (GDX US) Dec Rebalance: Zijin Gold Is a Miss; One Add Likely; US$4.1bn Trade

DPM Metals is a potential add, Zijin Gold is a likely miss in Dec. There are big capping changes with estimated one-way turnover of 6.4% and a...

Brian Freitas

[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

[Quiddity Index] MV Junior Gold Miners Index Dec25 Rebal: Capping Flow Expectations Limited

The MV Junior Gold Miners Index gets a rebal but not a review in December so flows are limited to capping and recapping. So far not significant....

Travis Lundy

Pan American Silver — Reserves replacement track record maintained

Pan American Silver (PAAS) has released its annual mineral reserves and resources statement, which once again demonstrates solid replacement rates...

Edison Investment Research

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