Daily Brief Energy/Materials: Evolution Metals & Technologies, Holtec Nuclear, OceanaGold Philippines, Corcel, Goliath Resources , Korea Zinc, ADF Group , Tomoegawa and more

• Evolution Metals & Technologies Corp. is a Delaware-incorporated company building an integrated supply chain for critical materials, rare earth elements, and advanced magnet technologies. Its mission is to establish a.
• Evolution Metals & Technologies became a publicly traded company on January 5, 2026, and issued convertible debentures up to $100,000,000 on May 7, 2026.
• For the six months ended June 30, 2026, total revenue was $1,000, with a net loss of $(1,000) and net cash used in operating activities of $(1,000).

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• Holtec is a U.S.-headquartered multinational technology company specializing in nuclear power generation and expanding into clean energy solutions and long-duration energy storage. It leads in nuclear energy, providing SSCs and.
• Holtec operates three advanced U.S. manufacturing plants with over one million square feet capacity and holds 203 granted patents worldwide.
• Total assets were $6,479,453 as of June 30, 2026, and $6,075,636 as of December 31, 2025.

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• Mine supply is stuck near 3,600 tonnes a year. Central bank buying doubled after the Russia-Ukraine war, from 500 tonnes to 1,000 tonnes, squeezing everyone else.
• Debasement, not real rates, drives gold now. Yields that signal fiscal stress pull money in, not out. August proved it: rates stayed high, gold rallied anyway. Intervention does the same.
• Three small- to mid-cap stocks we like to play the gold theme are OceanaGold Philippines (OGP PM) / Apex Mining (APX PM), and Wesdome Gold Mines (WDO CN)

• Luanda has approved Corcel’s acquisition of an additional 30% interest in KON‑16.
• Corcel has also signed a definitive SPA with Sintana to divest a 5% interest for US$2.5 mm, resulting in a 71.5% net interest in the block.
• Although both transactions were announced in 2025, regulatory approvals in Angola are lengthy, and completion now allows Corcel to accelerate operational activity.

• Goliath Resources provides investors with exposure to gold, silver, and copper resource exploration, as well as leverage to an increasing in-ground inventory with discovery upside, during a gold price market that has reached new all-time highs.
• The downside is limited by the expected significant positive news flow ongoing in 2026.
• We conducted a site visit to the project in BC’s Golden Triangle during the second week of drilling for 2026.

• Holtec combines an established nuclear-services platform, significant technical and regulatory barriers to entry, a premier underwriting syndicate and exposure to one of the strongest themes in the capital markets.
• Its relatively limited public float and the quiet recent IPO calendar could support favorable demand during the roadshow.
• The principal constraints are the aggressive valuation, complicated financial presentation, concentrated voting control and substantial execution risk associated with Palisades and commercial deployment of the SMR-300.

• Holtec Nuclear Corporation (HNUC) is preparing to sell 50.0 million shares of Class A common stock on the Nasdaq and Nasdaq Texas at an expected price of $15.00 to $18.00 per share.
• At the $16.50 midpoint, the offering would raise $825.0 million and value the company at approximately $9.35 billion.
• J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup and BofA Securities are serving as joint book-running managers.

• Choi Yun-beom’s camp secured a crucial tactical victory in the September 9, 2026 extraordinary general meeting (EGM), with independent audit nominee Baek In-kyoo receiving 81.8% of the vote. This success was heavily driven by Korea’s “3% rule,” which capped the voting power of the dominant MBK-Young Poong alliance (42.1% overall stake) and allowed retail and foreign institutional investors to swing the outcome.
• Korea Zinc’s balance sheet has undergone a structural transformation, with total debt reaching $4.28 billion as of March 2026 and consolidated net debt standing at KRW 4.384 trillion in Q1 2026. The treasury team has successfully migrated high-cost short-term acquisition debt into longer-term, lower-yield domestic corporate bonds, drawing KRW 1.16 trillion in orders for an oversubscribed KRW 400 billion issuance in April 2025.
• Smelting margin pressure from record-low treatment charges (TCs) of $80 per ton in 2025 and $85 per ton in 2026 has been entirely offset by premium by-product credits. Korea Zinc’s high-margin silver and gold recoveries, alongside critical metals like germanium and antimony, have driven record operating profits (e.g., KRW 746 billion in Q1 2026), widening the competitive moat against pure-play competitors like Young Poong.

• ADF reported strong Q2 financial results including revenue of $95.0M (+79% YoY) vs. our estimate of $85.8M.
• EBITDA of $8.4M (+128% YoY, 9% margin), below our expectations due to $5.9M in DSU/PSU expense.
• Adjusting for this, EBITDA would have been in line with our forecast.

Key points (machine generated)

• Tomoegawa Corporation was founded in 1914 as a paper company and has transformed into a high-functionality materials manufacturer.
• The company has utilized its electric property evaluation technology to innovate in various sectors, including papermaking and adhesives.
• In January 2024, Tomoegawa rebranded itself to emphasize its commitment to proposal-based solutions and implement structural reforms for growth.

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