Daily Brief Energy/Materials: Anglo American, SeAH Besteel Holdings, Platinum, Tcpl Packaging, TEINCO Technology, Amerigo Resources , Pan American Silver, National Energy Services Reuni, AMG Critical Materials NV, Antero Resources and more

• Shareholder approvals landed; focus shifts to ICA net-benefit review, remaining competition clearances, and B.C. court. Companies guide engagement through 2026; antitrust looks manageable; ICA undertakings will dictate pace and probability.
• On today’s marks, the pair nets ~2.9% after AAL’s US$4.19 special; ~2.3% if one ordinary (~US$0.21) also hits pre-close. Trade: long TECK(B)/short 1.3301 AAL, FX-hedged (GBP/CAD + USD overlay).
• De Beers base ~US$3.2bn (US$2.7–3.7bn); supports AAL optics, not ratio. Pre-adjacency EV/EBITDA ~7.0–7.8x vs 6.0× median; potential drift toward ~8.0–8.4x post-ICA and early synergies.

• In 2026, one of the emerging investment themes will likely be the main value-chain suppliers to SpaceX which is gearing up for a huge IPO next year.
• Seah Besteel Holdings is expected to be one of the specialty steel suppliers to SpaceX. Seah is investing about US$155 million to build a special alloy plant in the US.
• In addition to SpaceX, Seah Besteel Holdings plans to gain additional major US customers including Boeing Co (BA US), Lockheed Martin (LMT US), GE Aerospace, and Pratt & Whitney.

• Platinum continues to look strong, as does copper. Platinum tends to deliver above average returns during December and February, according to recent seasonal stats.
• Over the last 25 years, platinum has produced an average return of +7.79% from December 6 to February 20, with a win rate of 84% and an annualized return of +43.29%, according to Seasonax. (we can verify this trend)
• Copper on the other hand remains more of a tariff play.

• TCPL Packaging is a leading Indian converter of paperboard and a significant player in the flexible packaging market, well-positioned to capitalize on the growth of consumer-driven sectors like FMCG, food & beverage, and pharmaceuticals.
• The company has demonstrated a strong growth trajectory, driven by consistent capacity expansions, a ‘close-to-demand’ strategy with multiple manufacturing units across India, and a growing focus on sustainable and value-added packaging solutions.
• Favorable industry tailwinds, including rising disposable incomes, growth in e-commerce, and a regulatory push towards sustainable packaging, provide a solid foundation for future growth, though the company must navigate risks such as raw material price volatility and intense competition.

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• TEINCO Technology is a Taiwan-based company specializing in solar energy engineering, procurement, and construction (EPC), with a strategic focus on expanding into green energy trading and energy storage solutions.
• The company has demonstrated significant revenue growth, with a reported 288.7% year-over-year increase in 2024. Future growth is expected to be driven by a substantial project pipeline, including large-scale ‘fishery and electricity symbiosis’ projects, and expansion into the US market.
• As a recently listed company on the emerging market, there is limited publicly available financial data and no dividend history, leading to higher uncertainty for investors.

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• What you need to know: • Amerigo announced a performance dividend in the amount of C$0.05/share, payable on January 15th, 2026.
• • This news prompts us to remind investors of the impressive capital return strategy that ARG has built, and we highlight ARG’s performance since the inception of this strategy.
• • We remind readers, ARG paid off all of its remaining debt subsequent to the Q3 announcement (one of its 2025 objectives).

Pan American Silver (PAAS) announced that it had completed an equity investment in Galleon Gold for C$11.25m, representing a 14.7% interest in the company. Earlier, PAAS provided convertible debt to Galleon for C$8.0m. Together with warrants, the equity investment and debt represent a 29.7% share in Galleon’s capital on a fully diluted basis. PAAS views this acquisition as a long-term investment. Given the current small size of the investment for PAAS, we make no changes to our estimates and maintain our valuation at US$44/share ahead of the FY26 guidance in January and the Skarn PEA due in Q226.

• In an interview with Handelsblatt, AMG stated it expects to produce battery-grade lithium hydroxide on an industrial scale by mid-2026.
• It will be the first facility in Europe – in Bitterfeld in Germany – to start commercial production of precursor material for cathode manufacturing.
• The production of battery-grade lithium hydroxide is in the qualification phase currently.

• Antero Resources’ third-quarter 2025 earnings call presented a blend of strategic advancements and key financial outcomes, underscoring the company’s positioning amid evolving market dynamics.
• From a strategic standpoint, Antero Resources emphasized its alignment with the anticipated growth in natural gas demand, primarily driven by U.S. LNG export expansion and increased usage in power generation.
• The company’s ongoing strategic initiatives are focused on expanding their footprint in the Marcellus shale, particularly in West Virginia, through bolt-on acquisitions and organic leasing programs.