Daily Brief Energy/Materials: Agnico Eagle Mines , Alamos Gold Inc, Rubber Future SGX TSR20, SAEL Industries Ltd, Lundin Mining, Korea Zinc, Valeura Energy Inc, Golden Sovereign Mines, First Tin, DT Midstream Inc and more

• The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed around the world.
• The index changes for the December 2025 review will be based on the data on the close of 28th November 2025 and announced after the close of 12th December 2025.
• We expect 2 ADDs for December 2025 review, with one-way flow of US$1.9bn.

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. 
• This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index. 
• There will be no index changes for the December 2025 rebal event. However, we expect a one-way flow of US$175mm for December 2025.

• Total earnings in nine months of 2025 surge by 38% to US$549 million  
• Domestic consumption surges 102% year-on-year to 86,539 tons  
• New highly productive clones set to hit plantations, boosting sector  

• SAEL Industries Ltd (2600245D IN) (SIL) is looking to raise about US$516m in its upcoming India IPO. The deal will be run by Ambit, ICICI, Kotak and JM Fin.
• SIL is a vertically integrated renewable energy independent power producer in India having capabilities for solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects.
• According to CRISIL, SIL was among the top five Indian vertically-integrated renewable energy independent power producers, with in-house solar module manufacturing, based on operational capacity as of June 30, 2025.

• The Lundin family has a long history in the mining industry, with a focus on creating long-term value through exploration, building, and production.
• They prioritize shareholder and stakeholder value, with a commitment to being responsible owners and staying invested in their projects until they see returns.
• They emphasize the importance of enduring assets that can withstand multiple market cycles and provide opportunities for long-term success in the mining industry.

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• 3Q25 marks a clear earnings inflection, with record revenue, strong EBITDA growth, and underlying net profit above ₩250 bn after adjusting for one-off derivative losses.
• TC/RC recovery and rare-metals strength drive upgrades, lifting FY25–27 EBITDA/EPS by 8–20% and establishing a higher structural margin base.
• Overnance resolution and treasury cancellations offer re-rating potential, with a target price of ₩1.52 mn implying ~27% upside.

• The 3Q25 production and cash position at the end of September had been previously disclosed.
• November production to date has averaged 24,537 bbl/d, exceeding the 3Q25 average of ~23 mbbl/d.
• The FY25 production guidance of 23-25.5 mbbl/d has been re-iterated.

• Golden Sovereign Mines (GSM) is a pre-IPO opportunity to invest in a gold consolidation vehicle focused on the toll treatment of ore mined by African artisanal miners.
• The company is adopting a proven business model that has been well tested in Africa.
• The rollout of GSM’s strategy is well timed, as many African nations are creating national action plans to transform the artisanal and small-scale mining (ASM) gold sector.

• Blackbird 2.60p £11.91m (BIRD.L) The developer of the browser-based collaborative video editor elevate.io, today launches AI image generation within elevate.io.
• At the same time, a token system will be added to the platform allowing users to redeem tokens for services.
• Further User Interface enhancements have also been released including thumbnails on the timeline and larger video tracks. 

• DT Midstream (DTM) delivered a robust financial performance for the third quarter of 2025, exemplifying its strength in executing strategic growth initiatives and optimizing operational efficiencies.
• The company raised its 2025 adjusted EBITDA guidance midpoint by 18% compared to the prior year, reaching $1.13 billion, and reaffirmed its 2026 adjusted EBITDA outlook.
• This increase underscores DTM’s successful adaptation to changing market dynamics and its ability to leverage its infrastructure for higher profitability.