Daily Brief Energy/Materials: Equinox Resources Ltd, Alamos Gold , SGX Rubber Future TSR20, Saudi Aramco, ADF Group , Subsea 7 SA, Amerigo Resources , Condor Energies , Geopark Ltd and more

• Equinox and Calibre announced a deal that was met with mixed reactions, with shareholders on both sides expressing dissatisfaction.
• The deal, which includes Equinox acquiring Calibre in an all-script deal, has led to a 7% drop in Calibre’s share price.
• The deal will result in a combined group with nine producing mines and a mine under construction, with a pro forma ownership of 65% Equinox and 35% Calibre.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• 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 semi-annually in March/September. During these reviews, names can be added or deleted from the index. We like it because a lot of money tracks it.
• Below we take a look at the latest lists of potential ADDs and DELs for the Index Rebal Event in March 2025.

• Rubber latex exports value goes up to US$666.25 million in 2024  
• Average yearly rubber price marks a 47% YoY surge to US$1,971/mt  
• Domestic tire firms consume 58,000 tons of rubber in 2024

• Saudi Aramco’s Q4 revenue is expected to fall 2.6% QoQ but rise by 10.6% YoY, while its EPS is anticipated to drop 7.5% QoQ and 11.9% YoY.
• With OPEC likely extending supply cuts past April 2025, Saudi Aramco has little room to raise output, leaving growth largely dependent on oil prices.
• Aramco acquired a 25% stake in Unioil Petroleum Philippines, expanding its retail presence, and partnered with Linde and Schlumberger to develop a major CCS hub.

• What you need to know: • ADF Group announced that it has signed $120M in new contracts across Quebec and the U.S., resulting in the pro-forma backlog reaching $450M.
• • Despite the concerns about tariffs, management was able to execute on its plan to sign new contracts, setting up the Company for a strong 2025.
• • Since announcing its NCIB, ADF has repurchased 721K shares, representing 2.4% of its shares outstanding.

• The Saipem-Subsea 7 merger aims to create a global leader in energy services with €43 billion backlog, €20 billion revenue, and €2 billion EBITDA by leveraging complementary strengths.
• Subsea 7 shareholders benefit from a €450 million extraordinary dividend and an exchange ratio of 6.688 Saipem shares per share, leading to a premium relative to Saipem’s valuation.
• Market skepticism persists, reflected in Saipem’s declining share price, suggesting concerns over integration risks, regulatory challenges, and relative valuation imbalances in the merger structure.

• What you need to know: • Amerigo reported Q4 & 2025 financial results, generating revenue of $50.8M (+12% YoY) vs. our expectation of $53.2M, driven by the lower copper price.
• EBITDA was $19.5M vs. $17.3M expected while OCF was $13.8M vs. $13.5M expected.
• • Annual results were also very strong, with revenue increasing 22% and adjusted EBITDA increasing 99%; exceeding annual guidance.

• • Condor has successfully perforated and brought online bypassed carbonate formations at a second well.
• As a result, production has increased from 11,455 boe/d reported last week to an average of 12,004 boe/d over the last six days.
• • Using a combination of legacy data and reprocessed 3-D seismic data, five additional well candidates with similar geologic characteristics have been identified.

• • YE24 2P reserves excluding Argentina were estimated at 87.6 mmboe.
• After deducting 12.4 mmboe of production in 2024, the 2P reserves have reduced by 15.1 mmboe.
• • As anticipated, the primary driver of the reserves reduction is associated with Colombia, with YE24 2P reserves at 84.8 mmboe, down from 106.4 mmboe at YE23.