Daily Brief Energy/Materials: Ganfeng Lithium, Occidental Petroleum, Fresnillo PLC, Crude Oil, Equity Metals Corp, Valeura Energy Inc, Viper Energy Partners LP and more

• Ganfeng Lithium (1772 HK)‘s stock price has surged over the last 6 months, and the higher free float market cap should result in global index inclusion in November.
• Ganfeng Lithium (1772 HK) has outperformed its peers and is trading at higher valuations on most metrics. Tianqi Lithium (9696 HK) is trading a lot cheaper.
• The Jiangxi Ganfeng Lithium (002460 CH) / Ganfeng Lithium (1772 HK) premium has drifted lower and there could be a move higher as we near index inclusion.

• Occidental’s USD 9.7 billion OxyChem divestment fast-tracks debt reduction but removes a steady earnings buffer, leaving the company more exposed to volatile oil market cycles.
• The sale strengthens Occidental’s balance sheet and strategic focus on upstream operations but sacrifices diversification, as the chemicals unit provided resilient cash flows during oil downturns.
• Executing the divestment amid a chemical sector downcycle appears poorly timed. Occidental will sell a profitable asset at a discount while crude prices remain subdued.

• Fresnillo plc’s latest half-year financial report reflects a mix of strategic moves and operational performance outcomes that define the company’s current standing and future outlook in the precious metals market.
• The company’s underlying strengths are seen through its robust production capabilities, strategic asset management, and responses to market conditions.
• However, there are also significant challenges and considerations that investors need to be mindful of.

• Crude oil futures were under pressure again Tuesday despite an easing of tensions between the US and China, with benchmarks unable to hold early-week gains.
• Front-month Dec25 ICE Brent futures were trading at $62.53/b (2005 BST) versus Monday’s settle of $63.32/b, while Nov25 NYMEX WTI was at $58.84/b against a previous close of $59.49/b.
• Prices were again testing multi-month lows, as short-term volatility persisted amid tariffs, sanctions and OPEC+ policy.

• Equity Metals Corporation offers a compelling investment profile as a junior explorer with a high-grade flagship asset, strong financial discipline, and multiple near-term catalysts.
• The company is advancing its Silver Queen silver-gold project in British Columbia while expanding its portfolio through strategic acquisitions like the Arlington gold-copper-silver property.
• With a proven track record of resource growth, efficient capital deployment, and diversified commodity exposure, Equity Metals is well-positioned to deliver shareholder value in a rising metals market.

• Equity Metals Corporation offers a compelling investment profile as a junior explorer with a high-grade flagship asset, strong financial discipline, and multiple near-term catalysts.
• The company is advancing its Silver Queen silver-gold project in British Columbia while expanding its portfolio through strategic acquisitions like the Arlington gold-copper-silver property.
• With a proven track record of resource growth, efficient capital deployment, and diversified commodity exposure, Equity Metals is well-positioned to deliver shareholder value in a rising metals market.

• TransAtantic Petroleum is acquiring 50% WI in the West Thrace Production and Exploration Licences, currently held 63% by Valeura and 37% by Pinnacle.
• In exchange, TransAtlantic will fund the re-entry of the Devepinar-1 well—including hydraulic stimulation and testing of the Kesan zones (4.7–4.8 km depth)—for up to US$2 mm.
• Operations could commence in 4Q25.

• Viper Energy Partners LP is a leading mineral and royalty company with a strategic focus on the oil-rich Permian Basin, positioning it for continued growth through targeted acquisitions and organic development from its operators.
• The company operates under a capital-light business model, acquiring and managing mineral interests in oil and natural gas properties. This approach eliminates direct exposure to drilling and operating costs and risks, allowing for scalable growth and financial flexibility.
• Recent strategic acquisitions, notably the merger with Sitio Royalties, are expected to significantly enhance cash distributions, increase production, and solidify Viper’s position as a leading unconventional royalty company.

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