Daily Brief Energy/Materials: African Gold Ltd, Havilah Resources, Venus Metals Corp, Gold, Welspun Corp, Crude Oil, Getchell Gold , KNOT Offshore Partners LP, Lincotrade & Associates Holdings, Magna Terra Minerals and more

• The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. 
• Junior miner African Gold (A1G AU)has entered into a Scheme with Montage Gold (MAU CN). African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.
• That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.

• The speaker discusses their interest in an intriguing South Australian undeveloped copper stock called Havilah (HAV)
• The speaker shares their initial encounter with the company in 2022 and their impression of its potential value and optionality of assets

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• QGold’s hostile takeover offer for Venus Metals at A$0.17/share is expected to increase, with VMS stock trading at A$0.195/share.
• VMC’s assets in Rox Resources are valued at A$46m, with a 1% net smelter royalty potentially undervalued due to outdated assumptions.
• Christopher Wallin’s QGold has acquired a 26% stake in VMC and a 9% stake in Rox Resources, indicating strategic interest.

• Both precious and industrial metals jumped significantly up over the past week. Gold, Silver, Platinum and also Palladium are currently basically in the same trading regime.
• Copper looks a bit different but also bullish, after breaking an H&S pattern to the upside, providing both systematic and discretionary investors with a great setup.
• Bintas built Trafigura’s copper book into the world’s largest. Now at Mercuria, he’s driving a major expansion into metals.

• The record INR23,500 Cr order book, anchored by a structural demand shift for US data center gas pipelines, validates the company’s large-scale global capex strategy in the US and KSA.
• The pivot from cyclical line pipes to stable B2C (Sintex) and structurally funded growth drivers (Vision 2030, AI energy) fundamentally de-risks the earnings profile and warrants a higher valuation multiple.
• With net cash and improving ROCE, WCL is transitioning from a cyclical steel player to a quality infrastructure compounder; investors should focus on the strategic segment mix and execution speed.

• Crude oil futures opened firmer after weekend events, including an attack on the key Black Sea port and OPEC+ maintaining its no change policy for Q1, which improved sentiment.
• Front-month Feb26 ICE Brent futures were trading at $63.23/b (2003 GMT) versus Friday’s settle of $63.40/b, while Jan26 NYMEX WTI was at $59.43/b against a previous close of $58.55/b.
• Benchmarks strengthened as CPC suspended crude loadings at Novorossiysk early Saturday after an unmanned-boat strike tore into one of its offshore moorings, the latest in a string of attacks on the Black Sea export hub.

• What you need to know: • Gold held strong in the low-$4,000/oz range (rising at the end of the month), silver extended its rally with an 18.5% increase, while copper capped off the month above $5.25/lb.
• • Mining equities rebounded sharply in November, with the GDX (+15.5%), GDXJ (+16.6%), SILJ (+16.7%), and COPX (+4.1%) massively outperforming broader indices (S&P 500 +0.4%, TSX +3.8%).
• • Policy momentum improved as the U.S. added copper and silver to its critical minerals list, G20 leaders opposed export restrictions, and Canada signalled support for equity positions in mining projects.

• KNOT Offshore Partners received a $10/unit take-private offer; potential for improved bid due to unitholder approval requirement.
• Golden Entertainment’s chairman offers at 1x EBITDA; shareholder approval could lead to a 15%+ price increase.
• TrueCar’s founder-led buyout at $2.55/share; 26% shareholder support; deal expected to close by early 2026.

• Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.
• Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.
• Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

• MTT confirmed near-surface gold at Fournier Lake with assays up to 2.11 g/t Au, marking the first follow-up since the 2023 discovery and validating the zone’s structural potential.
• MTT expanded its land position by staking an additional 8,829ha.
• Rocky Brook now spans 28,024ha and sits along 30km of the Rocky Brook-Millstream Fault, beside Kinross-Puma’s Property.