In today’s briefing:
- Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline
- Hancock Deal Reshapes Strike Energy’s Outlook
- Nordic American Tankers: Riding the Suezmax Supply Squeeze
- Aequitas: Torrent Gas Limited Pre-IPO Tearsheet
- Oil futures: Crude eases as partial restart eyed on Saudi E/W pipeline
- Amaero (AMARO US): Synthetic Expert Call Transcript (18 Sep 2026)
- NIM: Drilling Underway at MB Zone, Treasure Mountain
- SCZ: Acquires 500tpd Mill in Bolivia; Uplisting on Monday
- Oil futures: Crude drifts lower, optimism grows on Saudi exports
- Axalta Coating Systems Ltd – What’s News in Amsterdam
Centerra Gold Inc. (CG CN): Two Funded Mines Pay for a Four-Project North American Pipeline
- Mount Milligan to 2045, and Öksüt to fund Goldfield, Kemess, and Thompson Creek internally, with $451m cash, zero debt, and $1bn liquidity.
- Q2 2026 lifted gold guidance to 260 to 290koz; Türkiye halves Öksüt’s tax rate from 2027, and $200m of buybacks have been authorized.
- At 0.53x P/NAV versus peers at 0.7x, FY26E EV/EBITDA of 6.0x, P/B of 1.95x and derived ROCE of 23.5%.
Hancock Deal Reshapes Strike Energy’s Outlook
- A key obstacle to developing Strike Energy’s flagship West Erregulla project has been removed, while the company’s funding position has strengthened.
- Strike Energy’s West Erregulla development takes shape A true ‘win-win’ agreement with Hancock, Macquarie suggests Funding pressures ease/capital raise potentially deferred De-risked Strike Energy might now find broader appeal
Nordic American Tankers: Riding the Suezmax Supply Squeeze
- NAT has surged 142% YTD as sanctions and Middle East disruptions tighten the tanker market, pushing Suezmax earnings to record levels.
- With 17 Suezmax vessels and two more on order, NAT has direct exposure to higher rates, with Q2 TCE already rising to USD 63,000/day.
- The outlook hinges on sanctions, OPEC+ supply and fleet growth. NAT has a strong cash buffer, but its sharp re-rating leaves less room for weaker rates.
Aequitas: Torrent Gas Limited Pre-IPO Tearsheet
- Torrent Gas Limited (1726937D IN) (TGL) plans to raise around US$400m in its upcoming India IPO. The deal will be run by Axis, Citi and Kotak.
- TGL is an integrated city gas distribution company, connecting natural gas producers and suppliers to the end user of natural gas, including domestic households, commercial establishments, industrial consumers and vehicles.
- As per CRISIL, TGL is among the fastest-growing CGD companies, with gas sales rising from 1.38 MMSCMD in FY24 to 2.60 MMSCMD in FY26.
Oil futures: Crude eases as partial restart eyed on Saudi E/W pipeline
- Crude oil futures retreated for a second session Thursday on hopes that losses from the Saudi pipeline attack would not be as severe as initially feared, while there has been a midweek slowdown in military strikes.
- Nov26 ICE Brent futures were 1.7% lower at $104.03/b (2053 BST), while Oct26 NYMEX WTI was at $101.25/b , down 1.15% versus Wednesday’s settle.
- Oil prices had already dropped around 3% Wednesday after Saudi Arabia stepped up efforts to restore its East-West pipeline, easing concerns over how much crude supply will remain disrupted by last week’s drone attack on a major pumping station.
Amaero (AMARO US): Synthetic Expert Call Transcript (18 Sep 2026)
- The commercial scale-up of Amaero’s Tennessee facility remains a capital-intensive race against a tight liquidity runway, characterized by a net loss of A$36.52 million in FY2026 against A$18.15 million in revenue, leaving the company heavily reliant on dilutive equity financing (such as the A$32.3 million mid-2026 placement) despite securing an expanded US$26.1 million EXIM Bank credit facility.
- EIGA technical yield metrics represent a severe structural risk to near-term gross margins, as the actual “target cut” yield of spherical C103 powder for laser powder bed fusion (LPBF) applications typically hovers between 35% to 45%. The remaining out-of-spec coarse powder must either be re-melted or sold at steep discounts, structurally suppressing profitability.
- Defense-critical qualification cycles with naval primes are long and non-linear, typically requiring 18 to 24 months to progress from low-rate initial production (LRIP) to serial production. While the U.S. Navy’s December 2025 Letter of Support and Bechtel Plant Machinery’s (BPMI) pipeline provide high-barrier validation, near-term revenue is severely exposed to raw material cost inflation, with unhedged Hafnium feedstocks surging 700% to US$12,500/kg.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
NIM: Drilling Underway at MB Zone, Treasure Mountain
- What you need to know: • Nicola announced that it has commenced the first-ever drill program at the MB Zone, a previously untested target ~1km northwest of the historical Treasure Mountain silver mine.
- • The program comprises four holes (~800m) with drilling expected to finish by the end of September and assays by year-end.
- • Historical 2019 to 2022 surface sampling at MB returned 1,300 g/t Ag, 2.59 g/t Au, 27.4% Pb, and 27.2% Zn from exposed vein.
SCZ: Acquires 500tpd Mill in Bolivia; Uplisting on Monday
- What you need to know: • SCZ has acquired a new 500tpd mill in Bolivia that will be utilized to continue expanding the San Lucas ore-sourcing business.
- • The additional capacity will also remove processing constraints to grow SCZ’s other three Bolivian mine operations, which deliver higher margins.
- • Commercial production at the new mill is expected in Q4, and SCZ anticipates higher consolidated production in 2027.
Oil futures: Crude drifts lower, optimism grows on Saudi exports
- Crude oil futures early Friday continued to drift lower amid growing optimism that disruptions to Saudi crude after the East-West pipeline attack would be less severe than initially feared.
- Nov26 ICE Brent futures were 0.85% lower at $103.86/b (0115 BST), while Oct26 NYMEX WTI was at $100.97/b , down 0.9% versus Thursday’s settle.
- It left benchmarks relatively flat on the week as crude pulled back after Saudi Arabia indicated it could restore about half the capacity of its East-West pipeline within days by bypassing a damaged section, with full flows potentially returning by the end of October.
Axalta Coating Systems Ltd – What’s News in Amsterdam
- In this edition: • AkzoNobel | UK antitrust authority launches phase 1 investigation re proposed merger • a.s.r. Nederland / NN Group | Athora: EUR 5.7bn in pension buy-outs so far this year • Unilever | sells Zwitsal to Royal Sanders • Dutch telcos | DELTA Fiber opens new growth avenue through Open Dutch Fiber • Allegro | post earnings call comment
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