Daily Brief Energy/Materials: China Gold International Resources, JX Advanced Metals, Gold, Crude Oil, Rays Power Infra, BHP Group Ltd, John Wood, Forrestania Resources Ltd, Zephyr Energy and more

• Rising gold prices have led to a sharp rally in China Gold International Resources (2099 HK) over the last couple of months.
• The significantly higher market cap and free float market cap should lead to the inclusion of the stock in a global index in November.
• China Gold International Resources (2099 HK) trades cheaper than its peers on forward PE and price to book. A continuation of the gold rally and index inclusion are positives.

• The sharp rally in JX Advanced Metals (5016 JP) over the last couple of months should result in inclusion in a global index in November.
• The stock is already a member of the TOPIX Index and another global index, and this inclusion will require passive trackers to buy a big chunk of the real float.
• There will be more passive buying in JX Advanced Metals (5016 JP) in April when the liquidity factor in the TOPIX Index increases from 0.75 to 1.

• Tether has bought significant amounts of gold, acquiring 19 tonnes in the first half of the year
• Gold prices have surged, surpassing $4000 an ounce and hitting $6000 Australian dollars per ounce
• The market is seeing a shift towards gold as a safe haven asset amidst ongoing economic and geopolitical uncertainties

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• Gold and bitcoin are both scarce assets that are gaining renewed attention as investors seek resilience in their portfolios
• Gold has a long history as a store of value and tends to come into focus during uncertain times, while bitcoin is a newer digital asset with evolving investor access
• Factors such as economic growth, geopolitical risks, and interest rates can impact the attractiveness of gold and other non-yielding assets in a portfolio

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• Crude oil futures were sharply lower Friday, extending the previous session’s losses as oversupply fears and tariffs returned, while the Gaza ceasefire was seen eroding the risk premium.
• Front-month Dec25 ICE Brent futures were trading at $62.71/b (2003 BST) versus Thursday’s settle of $65.02/b, while Nov25 NYMEX WTI was at $58.81/b against a previous close of $61.51/b.
• Thursday’s selloff had already wiped out most of the week’s steady gains amid a growing chorus flagging concerns over a significant oil surplus for this quarter and beyond, while additional losses Friday dragged benchmarks down to fresh four-month lows.

• Rays Power Infra (1638839D IN) is looking to raise about US$130m in its upcoming India IPO. The deal will be run by Anand Rathi and Pantomath Capital.
• Rays Power Infra (RPI) is a renewable energy company that provides utility-scale, end-to-end solar energy solutions. 
• Its operations are structured around two primary business models – EPC (Engineering, Procurement, and Construction) and Co-Development.

• BHP shares retesting the August low, then rallying to a recent high suggests the stock is poised to move higher, Fairmont Equities’ Michael Gable reports.

• Sidara’s 30p firm offer remains live but hinges on three gates — the 23 Oct GM, a clean FY24 audit, and A&E execution — all non-waivable and binary.
• Borrowing-Limit approval has become a pre-audit chokepoint; failure would block the “going-concern” opinion and terminate the scheme before the formal Exceptional Conditions are tested.
• Suspension limits trading but not lending: existing borrows persist in CREST, with recall and fee spikes expected around October–December catalysts as counterparties rebalance exposure.

• Forrestania Resources is a junior exploration company with a diversified portfolio of gold, lithium, nickel, and copper projects strategically located in the well-endowed mineral belts of Western Australia.
• The company is actively advancing its key projects through exploration drilling, resource definition, and strategic acquisitions, with a recent focus on consolidating gold assets in the Forrestania and Southern Cross regions.
• As a pre-revenue exploration company, Forrestania is reliant on capital markets to fund its activities, making its financial performance and future prospects intrinsically linked to exploration success and commodity market sentiment.

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• The first investment under the US$100 mm Zephyr Hawk partnership has been approved, comprising a US$2.5 mm commitment fully funded by Zephyr’s partner.
• The investment secures a share in a work programme targeting up to 13 wells.
• Zephyr estimates life-of-well undiscounted cashflows of ~US$1.8 mm, net to its interest.