Smartkarma Daily Briefs

• Rio Tinto sold 30% of its Winu project to Sumitomo for $400 million, surprising many with the valuation
• Expecting a PFS in 2025 for a 10 million tonne per annum scenario for the Winu project
• The partnership with Sumitomo signifies the rise of Japan and South Korea in the mining industry and may benefit Rio Tinto in terms of capital allocation and project development.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Korea Zinc’s free float is dropping from 52% to 31%, a 21%p cut.
• Despite rising volume, retail still dominates. With this trend continuing, the 80,000-share sell volume is unlikely to get buried without triggering noticeable price moves.
• Ahead of big one-day flow events, shorts are loaded, causing a dip. On rebalance day, traders buy back, triggering a bounce. This event is likely to follow the same pattern.

• In this edition: • Shell | gas joint venture with Equinor in the UK • InPost | Yodel hit by festive capacity crisis • BAM Group | awarded contracts for HS2 in the UK • Black Friday update | Cyber Monday was the busiest day for the parcel logistics providers

• FAQ and guidance documents bring clarity
• Synthetic rubber out of the purview of EUDR
• Allows for rubber suppliers in countries like Vietnam and Indonesia to catch up

• OPEC+ extends crude oil supply cuts to the end of 2026, a year longer than planned. It also pushed its planned output hikes by three months to April 2025.
• OPEC+ revised its output hike plan, reducing monthly increases to 138k bpd over 18 months, down from 180k bpd over 12 months.
• OPEC+ approved a 300k bpd output increase for the UAE, starting in April 2025 through September 2026, delayed from the original January 2025 start.

• • Three intervals in the Reifling formation (1324 m – 1340 m, 1346 m – 1351 m and 1358 m -1382 m MD) were perforated but only limited inflow was determined.
• No fluid could reach the surface after the well was shut in.
• • Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Delta Dunia Makmur, Gajah Tunggal
• In the US, the trade deficit narrowed to USD 73.8 bn in October (USD 75.0 bn e / USD 83.8 bn revised). Imports fell 4% to USD 339.6 bn, while exports declined 1.6% to USD 265.7 bn.
• Separately, initial jobless claims for the week ended November 30th rose to 224 k (215 k e / 215 k revised p). The focus today is on the November nonfarm payrolls report.

• Management estimates that HighPeak’s D,C,E,&F costs are ~$2 million lower for a well that recovers a similar volume of oil than the average central Midland Basin well.
• The combination highlights the return proposition for HighPeak’s acreage, as recovering similar oil volumes for less than 75% of the D,C,E,&F cost equates to a capital-efficient asset base.
• New wells drilled during 2024 in the northern and northeastern extension areas have expanded Flat Top’s development core, adding new inventory.