Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Junior Gold Miners index represents the performance of small-cap and mid-cap (and the bottom end of large cap) gold and silver mining companies listed around the world.</li>
<li>We expect 30+ index changes (ADDs and DELs) in the September 2026 rebal, with BIG names on both sides. The one-way flow is around US$2.1bn, nearly 21% turnover.</li>
<li>The top-five fixed weights cap mainly drives the one-way flows. We expect two LOW-conviction ADDs to shake up this list, but volatile gold stocks could shift rankings. </li>
</ul>


The MV Junior Gold Miners index represents the performance of small-cap and mid-cap (and the bottom end of large cap) gold and silver mining companies listed around the world.
We expect 30+ index changes (ADDs and DELs) in the September 2026 rebal, with BIG names on both sides. The one-way flow is around US$2.1bn, nearly 21% turnover.
The top-five fixed weights cap mainly drives the one-way flows. We expect two LOW-conviction ADDs to shake up this list, but volatile gold stocks could shift rankings. 


[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

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

Vulcan Energy Resources / Index Rebalance

<ul>
<li>There is 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 3 for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200</a> and 16 adds/9 deletes for the ASX300 in March.</li>
<li>
<a href="https://www.smartkarma.com/entities/regis-resources-ltd" target="_blank" data-smartkarma-citation="entities:20106:1" rel="noopener">Regis Resources</a> and Greatland Resources are potential inclusions to 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> in March and those passive trackers will need to buy stock on the same day.</li>
<li>The adds have outperformed the deletes for all indices over the last few months, though performance has been flat over the last few weeks for most indices.</li>
</ul>


There is 1 change for the ASX20, 2 for the ASX50, 3 for the ASX100, 3 for the S&amp;P/ASX 200 and 16 adds/9 deletes for the ASX300 in March.

Regis Resources and Greatland Resources are potential inclusions to the VanEck Gold Miners ETF/USA (GDX US) in March and those passive trackers will need to buy stock on the same day.
The adds have outperformed the deletes for all indices over the last few months, though performance has been flat over the last few weeks for most indices.


S&P/​​​​ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

External broker reports(aggregated public sources), Euroz Limited

Euroz Hartleys

External broker reports(aggregated public sources)

Euroz Limited

A Western Australian diversified financial services company focused on providing financial services solutions to Institutional, Corporate & Private Clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Turaco Gold has announced ongoing metallurgical test work has improved extractions across Afema, with all deposits showing high gold recoveries despite being unoptimised.</li><li>These are good results which further de-risk the project in the lead up to an updated MRE.</li><li>Average leaching using UF grind and leaching of low mass recovery flotation concentrate at Jonction, Anuiri and Asupiri deposits yielded 84%-90% gold leach extractions.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Turaco Gold has announced ongoing metallurgical test work has improved extractions across Afema, with all deposits showing high gold recoveries despite being unoptimised.These are good results which further de-risk the project in the lead up to an updated MRE.Average leaching using UF grind and leaching of low mass recovery flotation concentrate at Jonction, Anuiri and Asupiri deposits yielded 84%-90% gold leach extractions.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Turaco Gold Limited - Metallurgy Improving at Afema, Updated MRE Incoming

<div><ul><li>Latest drill results from TCG's Begnopan prospect has confirmed and enhanced historical mineralisation along the eastern margin of the Afema shear zone.</li><li>Begnopan is located ~2km south of Jonction (which contains +660koz @ 2.0g/t Au) highlighting potential for further resource growth along the main Afema shear.</li><li>Begnopan is not expected to be included in the next Afema project resource update, which is due imminently (early Q2CY25), it will however likely add shallow ounces in the future.</li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Latest drill results from TCG's Begnopan prospect has confirmed and enhanced historical mineralisation along the eastern margin of the Afema shear zone.Begnopan is located ~2km south of Jonction (which contains +660koz @ 2.0g/t Au) highlighting potential for further resource growth along the main Afema shear.Begnopan is not expected to be included in the next Afema project resource update, which is due imminently (early Q2CY25), it will however likely add shallow ounces in the future.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TURACO GOLD LIMITED: Another Gold Deposit for MRE Growth Along the Afema Shear

<div><ul><li>Resource-definition drilling at TCG's Asupiri (part of the Afema Project in Côte d'Ivoire) has been highly successful in confirming and potentially upgrading historical results.</li><li>This bodes well for the pending maiden resource, part of the resource update for Afema, due early Q2CY25.</li><li>Exploration drilling is ongoing at Afema, with 3 rigs (1 RC and 2 DD) active, providing strong newsflow (pending assays) from recently tested prospects: Begnopan (along strike of Asupiri), Baffia, Niamienlessa SW, and Toilesso (along strike of Jonction). </li></ul></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Resource-definition drilling at TCG's Asupiri (part of the Afema Project in Côte d'Ivoire) has been highly successful in confirming and potentially upgrading historical results.This bodes well for the pending maiden resource, part of the resource update for Afema, due early Q2CY25.Exploration drilling is ongoing at Afema, with 3 rigs (1 RC and 2 DD) active, providing strong newsflow (pending assays) from recently tested prospects: Begnopan (along strike of Asupiri), Baffia, Niamienlessa SW, and Toilesso (along strike of Jonction). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Turaco Gold Limited - Afema Resources Primed for Significant Growth

Australia

Turaco Gold Limited provides exploration and mining services. The Company explores and develops gold projects. Turaco Gold serves customers worldwide.

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Turaco Gold (TCG AU)

[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

As of the MV Global Junior Gold Miners data cutoff, we saw one High/Med Conviction name leave (Intl Tower Hill Mines) and two more High/Med names...

Travis Lundy

S&P/ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

There are 43 changes across the ASX changes in March. Couple of the adds could also be added to the GDX in March. The adds have outperformed the...

Brian Freitas

Turaco Gold Limited - Metallurgy Improving at Afema, Updated MRE Incoming

Turaco Gold has announced ongoing metallurgical test work has improved extractions across Afema, with all deposits showing high gold recoveries...

Euroz Hartleys

TURACO GOLD LIMITED: Another Gold Deposit for MRE Growth Along the Afema Shear

Latest drill results from TCG's Begnopan prospect has confirmed and enhanced historical mineralisation along the eastern margin of the Afema shear...

Euroz Hartleys

Turaco Gold Limited - Afema Resources Primed for Significant Growth

Resource-definition drilling at TCG's Asupiri (part of the Afema Project in Côte d'Ivoire) has been highly successful in confirming and potentially...

Euroz Hartleys

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[Quiddity Index] MV Junior Gold Miners Sep26 Rebal: BIG Changes Likely; Top Five Names Drive Flows

As of the MV Global Junior Gold Miners data cutoff, we saw one High/Med Conviction name leave (Intl Tower Hill Mines) and two more High/Med names...

Travis Lundy

S&P/​​​​ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes

There are 43 changes across the ASX changes in March. Couple of the adds could also be added to the GDX in March. The adds have outperformed the...

Brian Freitas

Turaco Gold Limited - Metallurgy Improving at Afema, Updated MRE Incoming

Turaco Gold has announced ongoing metallurgical test work has improved extractions across Afema, with all deposits showing high gold recoveries...

Euroz Hartleys

TURACO GOLD LIMITED: Another Gold Deposit for MRE Growth Along the Afema Shear

Latest drill results from TCG's Begnopan prospect has confirmed and enhanced historical mineralisation along the eastern margin of the Afema shear...

Euroz Hartleys

Turaco Gold Limited - Afema Resources Primed for Significant Growth

Resource-definition drilling at TCG's Asupiri (part of the Afema Project in Côte d'Ivoire) has been highly successful in confirming and potentially...

Euroz Hartleys

S&P/ASX Index Rebalance (Mar 2026): 43 Changes Across Indices as Adds Outperform Deletes