Daily Brief Energy/Materials: Alamos Gold Inc, Pan American Silver, Lynas Corp Ltd, Gold, Crude Oil, CleanMax Enviro Energy Solutions Ltd, Enterprise Products Partners, Pharos Energy, Serica Energy and more

• The MV Global Gold Miners index represents the performance of large and mid-cap gold and silver mining companies listed globally. Last month the index inorganically gained significant tracking AUM.
• This index is reviewed and rebalanced quarterly during which names can be added or deleted from the index. Our expectations for the December 2025 index rebal event are presented here.
• We expect 2 high-conviction ADDs for December 2025, with one-way flow of US$1.85bn. Healthy start for this new-ish index.

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact.
• 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 currently expect a one-way flow of US$186mm for December 2025 due to capping/re-capping.

• In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
• We expect two changes for ASX 50, two changes for ASX 100, and five changes for ASX 200.
• The official index changes will be announced after the close on Friday 5th December 2025.

• In Friendshoring Aussie Rare Earths, I expected some critical mineral deals would be struck when Aussie PM Albanese and Trump met. And that is what unfolded.
• The US and Australia will each “provide at least US$1bn in investments towards an US$$8.5bn pipeline of critical minerals projects in Australia and the U.S. over the next six months“
• Separately, Albanese announced two priority projects in Australia, including Arafura Resources (ARU AU). 

• Gold’s rally shows signs of overextension but the volatility footprint differs from prior rallies.
• We exam major bull markets over the past 50 years to assess how the current move stacks up.
• Fund flows and the sources of buying pressure are analyzed to gauge the rally’s sustainability.

• Crude oil futures were again under pressure Friday after the latest selloff in the previous sessions sent prices tumbling to fresh five-month lows, coming amid proposed ceasefire talks in the Russia/Ukraine conflict.
• Front-month Dec25 ICE Brent  futures were trading at  $61.32/b (2055 BST) versus Thursday’s settle of $61.06/b, while Nov25 NYMEX WTI  was at  $57.22/b  against a previous close of $57.46/b.
• Prices had found some support in the previous session after US President Donald Trump said he had received a pledge from Indian Prime Minister Narendra Modi to halt imports of Russian crude oil.

• CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
• CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
• In this note, we talk about the not-so-positive aspects of the deal.

Key points (machine generated)

• Enterprise Products Partners (EPD) operates a comprehensive network for transporting and processing natural gas liquids, crude oil, and petrochemicals as a master limited partnership.
• EPD’s competitive edge comes from its vertically integrated system, enhancing market access and reliability for major industry customers, particularly in Texas and along the Houston Ship Channel.
• With a 7.0% yield and strong governance, EPD is well-positioned to benefit from U.S. petrochemical growth and maintains a stable distribution supported by robust cash flow.

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• • Drilling operations have commenced at the TGT-H1 infill well in Vietnam, with results expected within 28 days.
• This well is anticipated to enhance production ahead of year-end 2025.
• • This marks the beginning of a six-well drilling campaign across the TGT and CNV fields, utilizing two rigs operating in parallel.

• Triton production has ramped to over 25,000 boed net to Serica.
• This elevated level of output could be sustained until the commencement of the Bittern pipework in November.
• The pace of ramp-up has exceeded forecasts.