Energy & Materials Sector

• In this insight, we provide the top 10 stock picks and key catalysts in the Korean stock market for the two weeks (18 July to 1 August 2025).
• Our top 10 picks were up on average 4.5% in the past two weeks, slightly outperforming KOSPI which was up 4.4% in the same period.
• The top 10 picks in this bi-weekly include Hanil Cement, LG CNS, KCC Corp, Poongsan, Paradise, Samsung Electronics, Naver, SM Entertainment, LG Chem, and SK Inc. 

• BHP reported strong operations overall for fiscal Q4/25, with iron ore, copper and coal production up yoy and a qoq recovery after rough Q3/25 Australian weather
• The company released 2026E guidance, with the low-end indicating production declines for the three major divisions, although this was expected by the market 
• We remain concerned of potential iron ore and copper price reversals, while the shares trade near our DCF value and at a moderate premium to big cap iron ore 

• Some still think we must close the borrow pre-settlement in a stock-for-stock merger. But KSD handles it fine — no need to pre-cover if shares stay lendable post-swap.
• Spread flipped negative — rare setup in Korea. Tight float on both sides (insider-heavy) is killing liquidity and borrow, leading to this reverse arb play.
• Deal break risk is minimal, new share listing is relatively soon, and the negative spread may widen—making this a compelling setup for a reverse arb play.

• James Hardie Industries Plc demonstrated a mixed performance in its fiscal fourth quarter of 2025, underpinned by its strategic growth initiatives amidst challenging market conditions.
• Despite facing a softer demand environment and macroeconomic uncertainties, the company managed to achieve its financial targets, indicative of its strategic agility and operational discipline.
• On the positive side, James Hardie’s focus on strategic investments and scaling the organization has borne fruit.

• TotalEnergies’ Q2 2025 revenue is expected to drop 17.2% QoQ and 19.4% YoY. Similarly, its EPS is projected to drop 8.7% QoQ and 15.7% YoY.
• TotalEnergies is expected to post its weakest quarterly revenue and EPS reading since Q1 2021, as falling crude and LNG prices overshadow gains in refining.
• With 80% of earnings tied to upstream and LNG, even strong production and steady downstream performance leave little room for upside.

• Iron ore prices topped $100/ton as Beijing’s push on steel overcapacity and hopes of property support lifted sentiment, alongside tighter inventories fuelling restocking expectations.
• Rio Tinto’s early Simandou shipments from November sparked fresh interest, though RBC sees output reaching just 12 million tons by 2026, ramping up slowly.
• Prices are holding firm above key moving averages, pointing to continued upward momentum, while the MACD above its signal line reinforces the bullish trend.

• Chevron’s arbitration win over ExxonMobil unlocks Guyana’s Stabroek Block, a key asset underpinning its USD 53 billion Hess acquisition.
• SLB outperformed Q2 estimates despite YoY declines and also completed its ChampionX acquisition amid regulatory challenges.
• WTI crude found support late-week after better-than-expected economic data tempered demand fears, despite early pressure from inventory and macro concerns.

• Northern Star Resources Ltd’s March 2025 quarterly results showcased a strong financial and operational performance, despite facing some operational challenges.
• The company generated robust net mine cash flow of $295 million, with positive contributions from all production centers.
• The gold price, exceeding AUD 5,000 per ounce, aided this financial strength, alongside the company’s low-risk mining jurisdictions in Western Australia and Alaska.

• • The Paradox initial processing capacity is envisaged to be able to handle 5-10 mmcf/d.
• Our base case assumes a conservative 5 mmcf/d, although throughput capacity is expected to increase with the tie-in of additional wells, including 16-2LN-CC and 28-11.
• Notably, the plant’s initial capacity is below the production potential of the 36-2R well.

• Santos Limited reported its 2024 full-year financial and operational results, presenting a detailed picture of the company’s current status, achievements, and challenges.
• The company highlighted a strong financial performance supported by disciplined cost controls, robust revenues, and significant strategic projects either completed or progressing as scheduled.
• On the positive side, Santos reported sales revenue of $5.4 billion, which translated into $3.7 billion in EBITDAX and $1.2 billion in profit after tax.

• What you need to know: • APM reported its Q2 production results, producing 24.3Koz AuEq between its Golden Queen and San Bartolome assets, softer than our estimates (primarily due to seasonality that we have now adjusted for).
• • Management reiterated that 60% of its annual production will be mined in H2 and that it remains on track for the top end of guidance.
• APM remains set up to generate large cash flow in the quarter, growing into H2.

• Discussing research on gold and related metals with Dr. Dirk Bauer
• Examining the valuation of gold compared to other asset classes
• Differentiating between gold’s role as a hedge and a safe haven in times of financial turmoil

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

• After the market close today (17 July), Hanil Cement Co Ltd/New (300720 KS) and Hanil Hyundai Cement (006390 KS) announced that they will merge.
• Through this merger, Hanil Cement (on a combined basis with pro-forma sales of 1.74 trillion won in 2024) will become the largest cement company in Korea after Ssangyong Cement Industrial.
• We expect this merger to have a positive impact on both companies and they are likely to outperform the market and other local cement producers this year. 

Since our last note at the end of March, KEFI has appointed BCM as its preferred mining contractor and raised £7.6m in equity (supported by Konwave, Phoenix, Premier Miton, RAB and Ruffer, among others) to expedite the launch of the Tulu Kapi project. On site, it has constructed a new access road, a temporary construction camp, security camps and logistics control rooms, as well as drilling water boreholes and completing contractors’ certifiers’ inspections. New host lands have been allocated for all local residents requiring resettlement, and property surveys for compensation for Phase 1 resettlement, for a temporary construction camp, security camps and for a new access road have all been completed. This week, it announced the triggering of compensation payments to the resettling community. As a result, its US$320m financing package is now entering its final stages, with independent certifications targeted for completion this month and definitive agreements next month, followed by drawdown and mobilisation shortly thereafter. With contractual finalisation imminent, KEFI’s shares are at a key inflection point, with the company now targeting first gold in late FY27.

• 1H25 production was 5,642 boe/d, broadly in line with our expectations of ~5,800 boe/d.
• This also compares well with production of 5,757 boe/d from January to April.
• Production in Vietnam remained stable at 4,183 boe/d in 1H25, compared to 4,216 boe/d over the January–April period.

• Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
• CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples. 
• DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).

• Warriedar Resources Limited (ASX:WA8) is an emerging gold and antimony developer whose flagship Golden Range project hosts ~2.3moz in AuEq resources in the prolific gold-producing Murchison region of Western Australia.
• Since the acquisition of the project in CY23, WA8 has expanded the gold resource and delineated a globally significant antimony resource which is also contained in the core Ricciardo deposit.
• Whilst the gold resource alone could support a commercial development, the overlapping antimony resource not only increases the economic value, it adds a strategic value to the project given the supply shortages and trade restrictions affecting this commodity.

• In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kum Yang (001570 KS) from delisting.
• There are several aspects of this deal with SKAEEB that are a bit fishy. 
• 1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change

• Akzo Nobel’s results for the first quarter of 2025 demonstrated resilience amidst a challenging economic backdrop.
• The company reported flat organic sales with a slight volume decline of 2%, offset by a positive price/mix of 2%.
• This was partly due to strong pricing strategies and cost reduction efforts that mitigated softer market conditions and inflationary pressures.

• The company reported Q2/25 production, with decent growth for iron ore, copper, aluminum and precious metals as expected, and guidance maintained for all divisions
• A new CEO announced yesterday, Mr. Simon Trott, is head of Rio’s iron ore segment with  20 years at the company, not indicating any major shake-up of the corporate culture
• We remain cautious given potential for a reversal of recent jumps in iron ore and copper, and a weak medium-term outlook for the former, while Rio’s valuation remains moderate

• ArcelorMittal’s first quarter 2025 performance presents a mixed bag of accomplishments and ongoing challenges.
• Safety remains a major priority, with the company focusing on implementing strategic changes to achieve zero fatalities and serious injuries, aiming for complete transformation over a three-year period.
• Financially, the quarter exhibited robust operational performance with strong cash flows, particularly highlighted by exceptional results from the company’s Mining segment in Liberia.

• Copper strength continues, driven by the Oyu Tolgoi ramp-up and Arcadium integration, with volumes trending toward the higher end of guidance.
• Rio Tinto is gradually shifting its portfolio toward copper and lithium to reduce reliance on iron ore and align with energy transition demand.
• FY25 guidance remains intact across key commodities, with improved operating momentum and diversified growth positioning the company for a resilient second half.

• What you need to know: • Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.
• • This marks the final approval for the construction and future operation of the project.
• • Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected) • Given the advancement at Spring Valley, increased gold and silver prices, and continued M&A in the sector, we are increasing our target price.

• Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.
• Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.
• As of 1Q 2025, Seatrium’s net order book stood at S$21.3 billion, with 26 projects until 2031.

• Brazilian Credits in Our Coverage Show Resilience, as U.S. Tariffs Likely to Have a Modest Impact Despite Limited Macro Policy Flexibility
• Suzano is most exposed to U.S. tariffs, but global scale, cost leadership, and FX tailwinds help cushion the impact. Gerdau could benefit from tighter U.S. supply conditions in the US. 
• CSN has just 4% U.S. exposure, with limited risk unless quotas tighten. Minerva’s 5% is manageable, supported by a diversified export base that enables flexible rerouting.

• Var Energi reported robust first-quarter 2025 results, reflecting strong operational and financial performance amidst a challenging market environment.
• The company demonstrated resilience and flexibility, leveraging its diversified asset base and strategic partnerships, notably with its major shareholder Eni.
• Positive highlights include Var Energi’s strong production and financial performance, with production at 272,000 barrels of oil equivalent per day (boe/d) and cash flow from operations post-tax of $1.3 billion.

• • Corcel has updated the prospectivity of its three Angolan blocks, following reinterpretation of legacy seismic and enhanced Full Tensor Gravity Gradiometry (eFTG) data.
• The revised analysis indicates more pre-salt and post-salt leads and prospects than previously anticipated.
• • At KON-16, five pre-salt leads and prospects have been identified, each estimated to hold 20–300 mmbbl of prospective resources, compared to three pre-salt prospects with 300 mmbbl recoverable estimates previously.

• The VanEck Gold Miners ETF/USA (GDX US) announced last month it would change its benchmark for the September rebalance, to the Market Vectors Global Gold Miners Index. 
• That means name changes based on methodology and universe changes. So we introduce coverage of the index, its rebalances, and the big flow in September.
• We also add in cross flows from the MV Junior Gold Miners Index, offer spreadsheets, flow tables, leaderboards for the GDX index. Lots of data here.

• Writing reports on copper-play New World Resources (NWC AU) is tricky as they have a half-life of days, sometimes hours, as Kinterra and Central Asia Metals (CAML LN) compete head-to-head.
• Last week, Kinterra bumped its off-market Offer to A$0.063/share; which increases to A$0.064/share if it gets to 30%. CAML, currently at A$0.062/share, has matching rights up until the 17th July.
• The Takeovers Panel has now, not altogether unsurprisingly, opted not to declare unacceptable circumstances regarding Kinterra’s two applications.

• Back on the 13th June, dual-listed silver play Adriatic Metals PLC (ADT AU) announced a cash/scrip Offer from Dundee Precious Metals (DPM CN),with an implied Offer price of A$5.56/share, a
• Dundee is offering 0.1590 new Dundee shares per ADT share, plus 93 pence in cash. Roughly a 35:65 cash/scrip split for the Aussie-listed line. And a 47.8% premium to undisturbed.
• As Adriatic is incorporated in the UK, the Offer is being done by a UK Scheme. The Scheme Doc is now out, with a shareholder vote on the 13th August. 

• CMOC’s H1 2025 midpoint guidance signals a ~60% YoY surge in net profit, supported by higher copper and cobalt output and pricing.
• With H1 tracking >50% of full-year profit, FY2025 earnings could be revised 10–18% higher from internal estimates, with EPS approaching RMB 0.85.
• Despite strong delivery, CMOC trades at ~10x forward earnings and ~4.5x EV/EBITDA; a rerating may depend on easing DRC constraints and sustained price tailwinds.

• Given the copper tariff announcement this week, it seemed worthwhile to sketch out where the US gets its copper from, as the situation is not nearly as dire as a 50% tariff makes it out to be.
• We think a little context goes a long way in this situation and leads us to believe that the tariff is a wholly unnecessary impediment to a well-functioning market.
• If Trump were serious about achieving self-sufficiency in copper, he would focus on permitting reform, as we have plenty of domestic copper and only lack the smelting/refining capacity.

• Schlumberger’s Q2 2025 revenue is expected to drop 6.8% YoY but rise by 0.4% QoQ. Similarly, its EPS is projected to drop 14.1% YoY but rise 1.4% QoQ.
• SLB’s Q2 performance looks weak as falling activity in Saudi Arabia and Latin America adds to the ongoing slowdown in North America.
• Open interest data points to cautious sentiment, with positioning skewed toward downside protection and no clear directional conviction.

• Halliburton’s Q2 2025 revenue is expected to drop 0.2% QoQ and 7.2% YoY. Similarly, its EPS is projected to drop 6.7% QoQ and 30% YoY.
• SLB’s Q2 update highlights a slowdown in key international markets, potentially foreshadowing similar headwinds for Halliburton’s global operations.
• Options positioning and technical signals point to a neutral-to-bearish market stance ahead of Q2 results.

• Asia heavy-grade base oils price-premium to Singapore gasoil holds at elevated levels even as it slips from recent highs.
• High heavy-grade margins point to firm supply-demand fundamentals, incentivize refiners to maintain or raise output of the grades.
• Besides firm margins, outperformance of regional Group I SN 500 price relative to other grades and other regions points to even stronger fundamentals for that product.

• US Group II base oils price-premium to heating oil edges lower, stays in narrow range since start of Q2 2025.
• Base oils price-premium stays rangebound even with expected improvement in supply and slowdown in demand in coming weeks.
• US base oils supply could rise more swiftly in coming weeks following completion of plant-maintenance work.

• Emmvee Photovoltaic Power Limited (0198068D IN)  (EPPL)  is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are JM Fin, IIFL, Jefferies, Kotak.
• EPPL is an integrated solar PV module and cell manufacturer offering advanced technologies like TOPCon and Mono PERC.
• According to the CRISIL Report, as on Mar 25, EPPL was the second largest pure-play integrated solar photovoltaic (PV) module and solar cell manufacturer in India by production capacity.

• The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
• We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
• Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.

• Plant closures signal Europe’s industrial competitiveness crisis  
• Regulatory burdens over Europe’s retreading sector future  
• Weak enforcement and oversight cloud UK ELT exports   

• Trump announced a 50% Section 232 base tariff on copper imports starting August 1st
• The details of the tariff, including which products it applies to and any exemptions, remain unknown
• The arbitrage between London LME prices and US Comex prices has widened following the tariff announcement, with implications for copper prices in both regions.

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

• While it may seem as a logical step to compare the current cash price with the forward futures contract, that’s unfortunately way too easy to justify such a statement.
• In fact, it is even miss-information.
• What makes more sense is to look at the input cost factors and the forecasts for these components that the USDA is providing. 

• Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.
• Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.
• Valuations remain undemanding at <10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.

• In this edition: • Fugro | awarded contracts for detailed site investigations at the Sørlige Nordsjø II • InPost | Growth Outside of Poland Pushed Into a Higher Gear • Triodos Bank | better than expected appetite for settlement offer • Corporate agenda | week 29 – 32

• Norsk Hydro ASA, a leading global aluminum producer, recently presented its financial results for the first quarter of 2025.
• The company’s performance reflects a mixture of operational achievements and challenges posed by fluctuating market dynamics and external pressures.
• In terms of financial performance, Norsk Hydro reported an adjusted EBITDA of NOK 9.5 billion for the first quarter, supported by favorable conditions such as higher alumina and aluminum prices and advantageous currency movements.

• 2Q25 production averaged 21,039 bbl/d, in line with expectations.
• This includes 20,512 bbl/d from Bretana and 526 bbl/d from Los Angeles.
• Output was affected by previously disclosed pump failures in four wells.

• Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be delayed.
• A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
• The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable. 

• The team at BNRG identified industrial heat early on as an often-overlooked segment in energy transition.
• Industrial heat comprises about 25% of global energy use and emissions, while heat in general accounts for more than 50%.
• BNRG’s innovative technology addresses a market need for a “heat battery” that stores heat generated from renewable electricity and delivers it on demand at a discount to the cost of natural gas, and with no emissions.

• There will be an ad hoc inclusion for the S&P/ASX 200 (AS51 INDEX) at the close on 22 July following Spartan Resources (SPR AU)‘s acquisition by Ramelius Resources (RMS AU). 
• There are a couple of stocks that are trading neck and neck on average free float market cap and one of them is likely to be added to the index.
• Both stocks have seen a big increase in cumulative excess volume over the last few weeks, indicative of positioning in the stock.

• Zijin has guided for a 54% YoY rise in H1 FY2025 net profit to RMB 23.2 billion, driven by strong copper and gold pricing and volume gains.
• Based on this, we see scope to revise our FY2025 PAT and EPS estimates up by 16–19%, and EBITDA by 35–50%.
• The proposed listing of Zijin Gold International in Hong Kong could unlock value from its high-margin overseas gold assets and enhance investor visibility.

• Volume Data: IEX volumes rose 15% YoY in Q1 FY26, led by strong RTM and Green Market growth.
• Near-Term Outlook: Higher volumes should lift Q1 earnings, with EBITDA and PAT expected to rise ~22%.
• Future Plans: IEX is launching new products like G-RTM and LDCs, and investing in P2P and smart grid tech.

• We had called iron ore Iron Ore: Small Bounce From 96 to 100 USD/Ton As China Mill Margins Turn Positive, and we are now at 99 USD/ton.
• We continue to see mill margins benefit and the restock in the chain, including coking coal, which has started to move up, and forecast a gradual uptick to 110 USD/ton.
• We express our bullishness through owning Fenix Resources (FEX AU), a small-cap iron ore miner (read: Fenix Resources (FEX AU): Q3 FY25 Concall Update + CZR News ) 

• Provaris Energy Ltd (ASX:PV1) represents a unique investment opportunity as a leveraged play on the growing shift to alternative energy and carbon reduction, particularly in Europe, but applicable on a global basis.
• The keystone to production and growth is the company’s proprietary ‘storage tank’ IP, enabling greater volumes of compressed gases to transport at lower cost (‘more for less’).
• The company holds a material early-mover advantage with a number of strategic partnerships and two hydrogen supply, offtake and shipping agreements expected to become unconditional over the next 12 months.

• Gold violated its rising trend line in all major currencies except yen, which may be a technical warning of a tiring bull. Is it time to turn cautious?
• We remain gold bulls. Gold prices are consolidating after strong gains in H1 2025, but the trend is still up.
• Bullish sentiment isn’t stretched and central bank buying provides long-term demand.

• Volume: JSW Steel reported 7.26 Mnt of crude steel production in Q1 FY26, up 14% YoY, despite seasonal and maintenance-related disruptions.
• Expansion: The company is on track to scale up its capacity from 35.7 MTPA to 43.4 MTPA by FY28, led by ramp-ups at Vijayanagar, Dolvi, and greenfield Odisha.
• BPSL: Legal clarity on the BPSL acquisition remains pending, though operations have been successfully ramped up to 4.5 MTPA under JSW’s management.

• Tata Steel’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.
• In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.
• With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.

• Silver prices have rallied ~24% over the past 12 months, driven by strong industrial demand (solar, EVs) and renewed investor interest amid inflation concerns.
• With a fourth consecutive market deficit and accelerating demand from clean energy applications, the setup points to a multi-year bullish cycle—especially if real rates remain subdued.
• This report provides a comprehensive analysis of the silver market’s recent performance, long-term demand-supply dynamics, key producers’ sensitivity to price movements, and valuation-driven investment opportunities.

• Kazatomprom’s 2024 half-year results reveal a complex landscape of both opportunities and challenges.
• Positively, the company remains a leading force in the uranium sector, leveraging its extensive resources and production capabilities to capitalize on strong market fundamentals driven by increasing global interest in nuclear energy.
• The emphasis on nuclear power as a viable green energy solution has bolstered demand, potentially leading to a significant supply deficit by 2040, which Kazatomprom appears positioned to address with its strategic focus on expanding production and exploration efforts.

• NPS allocates ~6% of its 76T won consignment book to mid/small-cap, with ~3.6T effectively benchmarked to the KOSPI Mid Cap Index via its hybrid BM.
• Publicly raised funds add ~1.1T won across 358 products benchmarked to KOSPI Mid Cap, bringing total estimated exposure (incl. NPS) to ~4.7T won.
• Including other pensions and off-radar private funds, total KOSPI Mid Cap exposure rounds out to ~5T won — the base case local street uses for passive impact modeling.

• Juniper Green Energy Ltd (1831458D IN)  (JGEL) is looking to raise about US$350m in its upcoming India IPO. The bookrunners for the deal are ICICI, HSBC, JM Fin, Kotak.
• JGEL is an independent power producer (IPP) engaged in the development, construction, operation, and maintenance of utility-scale renewable energy projects.
• According to the CRISIL Report, JGEL ranked among the top 10 largest renewable IPPs in India by total capacity as of Dec 24.

• A brief look at important company events and economic data releases next week

• Novonesis has delivered a robust performance in the first quarter of 2025, highlighted by an 11% organic sales growth.
• This includes a 10% growth driven by volume and an additional 1% from pricing.
• The company has shown widespread geographic stability with emerging markets experiencing a substantial 15% growth, while developed markets reported a 9% increase.

• Iron ore demand remains strong as supply tightens from Australia and Brazil, and China pushes for industrial reforms that could support raw material prices.
• Despite macroeconomic headwinds and Malaysian tariffs on Chinese steel, robust mill profits, and limited production curbs are expected to sustain iron ore demand.
• Prices are trading above key moving averages, suggesting ongoing upside momentum, while the MACD above its signal line confirms the prevailing bullish bias.

• Repsol’s Q1 2025 earnings report underscores both resilience and challenges amidst a fluctuating market environment.
• The company’s diverse portfolio showcases its strategic agility, enabling it to advance its goals despite external pressures such as geopolitical tensions and varying oil prices.
• The first quarter was characterized by significant market volatility, triggered by OPEC’s production policies and geopolitical tensions, leading to the lowest oil prices in four years.

• Warriedar Resources Limited (ASX:WA8) is an emerging gold and antimony developer whose flagship Golden Range project hosts ~2.3moz in AuEq resources in the prolific gold-producing Murchison region of Western Australia.
• Since the acquisition of the project in CY23, WA8 has expanded the gold resource and delineated a globally significant antimony resource which is also contained in the core Ricciardo deposit.
• Whilst the gold resource alone could support a commercial development, the overlapping antimony resource not only increases the economic value, it adds a strategic value to the project given the supply shortages and trade restrictions affecting this commodity.

• In cumulative Q3 FY08/25, the company reported revenue of JPY62.0bn, operating loss of JPY376mn, and net loss of JPY388mn.
• Sales volume for ingots increased 15.9% YoY, while recycled materials sales volume decreased 10.2% YoY.
• The company forecasts FY08/25 operating loss of JPY197mn and net loss of JPY412mn, maintaining its revised forecast.

• A foreign short seller has released its short thesis note on Vedanta Group, labelling the group as a Ponzi scheme. 
• The report’s central assertion is ‘to repay the debt of holding company Vedanta Resources, Vedanta Limited paid aggressive dividends leading to depletion of financial & operational strength of Vedanta
• Dividend & delisting along with share purchases funded through debt, unreconciled interest, and depleting asset base, stagnancy in expansion plans.

• Kinterra increased its New World Resources (NWC AU) offer to A$0.063, which will be increased to A$0.064 and declared unconditional if Kinterra acquires 30% of voting rights by 11 July.
• Central Asia Metals (CAML LN) has five business days to match Kinterra’s offer. While CAML today lowered its FY2025 production guidance, it retains the headroom to return with revised terms.
• Trump’s recent copper tariffs support the case for the ongoing bidding war. Crucially, none of the bidders has declared their offer best and final. 

• Rubber Board undertakes nationwide EUDR sensitization drives  
• Geo-mapping and traceability systems scaled up across states  
•  Low-risk status to come under EU review in 2026

• Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
• While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
• Companies which have zoomed after the insider purchases include – LT Foods Ltd (LTFO IN) (+10%), Valor Estate (+11%). In smaller names – Man Industries (India) (MAN IN) (+88%)

• Zijin Mining Group Co. Ltd., China’s largest gold producer, is carving out its fast-growing international operations for an initial public offering (IPO) in Hong Kong, aiming to build a well-funded global powerhouse as gold prices reach record heights.
• Already listed in Hong Kong and Shanghai, Zijin announced Monday that its subsidiary Zijin Gold International Co. Ltd. has submitted an IPO application to the Hong Kong Stock Exchange.
• The offering — jointly underwritten by Morgan Stanley and Citic Securities — will float up to 15% of the unit’s shares, with an overallotment option of an additional 15% of that tranche.

• Extra Edition of the Broker Call Report

• China Northern Rare Earth issued a mid-year earnings guidance of ¥900–960 million for H1 FY2025, marking a 1,900%+ YoY increase and reflecting strong volume recovery and operational leverage.
• The company is on track to meet our full-year net profit estimate of ¥2.33 billion and EPS of ¥0.65, assuming a seasonally stronger H2.
• Key risks include ongoing export restrictions, global supply chain diversification efforts, and downstream demand volatility, while long-term plans remain aligned with China’s rare earth consolidation and value-added material strategy.

bp is pivoting back towards its traditional upstream oil and gas business, with a renewed focus on shareholder returns. It will remain an integrated energy play with strong differentiating factors (trading, high-quality assets) but with a less aggressive tilt towards renewables, a strategic review of lubricants (Castrol) and a primary focus on maximising shareholder returns. In our view, this pivot could reduce its discount to peers. We believe oil and gas exposure is important in the construction of investors’ portfolios as it offsets the negative impact of energy price spikes.

• The U.S. Department of Defense has committed $550 million to MP Materials through preferred equity, a loan, and offtake guarantees to build a fully domestic rare earth magnet supply chain.
• This positions MP as the U.S. government’s strategic partner for critical magnet materials, accelerating its shift from miner to fully integrated magnet producer.
• With a 10-year NdPr price floor, guaranteed offtake, and minimum EBITDA protections, MP now has robust downside protection and earnings predictability through 2035.