Daily Brief Energy/Materials: Innovation Global Industries, Agnico Eagle Mines , Nippon Denko, Champion Iron, BP PLC, GCC SAB de CV, Alconix Corp, Zephyr Energy and more

• Innovation Global Industries (IGI HK) is looking to raise at least US$100mn in its upcoming Hong Kong IPO. The deal will be run by Huatai Financial and CICC.
• Innovation Group Industries Holdings is an upstream aluminium production company that primarily focuses on aluminium smelting and alumina refining.
• Historically, the sale of electrolytic aluminum has been the main revenue driver for IGI, accounting for 95.5%, 90.5% and 85% of IGI’s revenue in 2022, 2023 and 2024.

• Agnico Eagle Mines Limited has reported a robust performance for Q2 2025, driven by increased gold prices, strong gold production, and stringent cost management.
• The company has achieved record financial metrics, including free cash flow of $1.3 billion, adjusted EBITDA of $1.9 billion, and adjusted net income per share of $1.94.
• These results reflect the operational efficiency and strategic initiatives aimed at maximizing shareholder value.

• The company reported 1H FY12/25 revenue of JPY38.1bn (+4.4% YoY) and net income of JPY468mn (-12.4% YoY).
• A share buyback program was announced, with a maximum of 20.00mn shares and a JPY4.0bn acquisition cost cap.
• The revised FY12/25 forecast anticipates revenue of JPY78.2bn (flat YoY) and net income of JPY1.6bn (-49.1% YoY).

• Rising costs and weak pricing weighed on first quarter earnings for Champion Iron, but development projects remain on course to support growth.
• -Champion Iron’s first quarter production and earnings disappoint -Record sales, but rising costs and lower realised pricing -Capex projects on track, liquidity expected to improve -Improving balance sheet, but still sensitive to commodity prices

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.

bp reported Q225 results with underlying replacement cost (RC) profit of $2.4bn (Q125: $1.4bn; Q224: $2.8bn), supported by stronger refining margins, oil trading gains and improved customer business earnings. Operating cash flow of $6.3bn (Q125: $2.8bn), reflected higher earnings offset partly by working capital movement. DPS rose 4% to 8.32c, and a further $750m buyback was announced. Net debt fell to $26.0bn, with capital expenditure of $3.4bn in Q225 keeping bp on track with its FY25 guidance of c $14.5bn. Structural cost reductions reached $1.7bn ytd as part of bp’s plan to cut structural costs by $4–5bn by 2027 from a 2023 baseline.

• In Q1 FY03/26, revenue rose 14.5% YoY to JPY52.5bn, with operating profit up 35.7% YoY.
• Recurring profit fell 1.3% YoY due to higher non-operating expenses, including interest payments and foreign exchange losses.
• Revenue growth was driven by battery transactions, minor metals, aluminum ingots, and semiconductor-related deals, despite weak non-ferrous metal scrap markets.

• 30th July 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument.
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