Daily Brief Energy/Materials: Inox Air Products Ltd, Calgon Carbon, Sigma Lithium, Crude Oil, Beacon Energy, CEMATRIX , Thunder Gold Corp, Elnusa and more

• Inox Air, India’s largest integrated gases company with a 22.4% share in FY26. Company has 31.0% market share in merchant Gases, 17.8% in on site Gas Supply.
• It turns free air into a 51.3% EBITDA margin and also out earns Linde India.
• The company has the highest margins and leadership among the peer group. Full IPO is OFS, nothing is added as new capex.

• CCC Intelligent Solutions has emerged as a potential takeover target, with private equity firm GTCR and activist investor Elliott Investment Management reportedly in advanced discussions to acquire the Chicago-based insurance software provider.
• The October 9 reports sent CCC shares surging approximately 13% in after-hours trading, following a 6.9% gain during the regular session.
• A transaction could reportedly be announced as early as the following week, although no definitive agreement has been reached.

• Premier Low-Cost, Sustainable Spodumene Producer: Sigma Lithium Corporation operates the flagship Grota do Cirilo hard-rock lithium project in Minas Gerais, Brazil, producing chemical-grade spodumene concentrate (5.5%-6.0% Li2O). Leveraging 100% renewable hydroelectric power, dry-stacked tailings without tailings dams, and 100% water recirculation, Sigma holds industry-leading ‘Triple Zero’ green credentials with bottom-quartile cash costs (~$500-$590/t AISC).
• Phase 2 Expansion Driving Volume and Operating Leverage: Having achieved commercial nameplate throughput of 270,000-330,000 tonnes per annum (tpa) in Phase 1, the company is advancing its Phase 2 expansion to reach 520,000 tpa, with a long-term modular pathway toward 800,000 tpa. This capacity expansion positions Sigma as the largest lithium concentrate producer in the Americas, generating significant economies of scale as unit fixed costs amortize over larger export volumes.
• Financial Inflection After Cyclical Trough: Following severe market-wide price compression across 2024 and 2025, Sigma demonstrated marked operational turnaround in 1H 2026, delivering gross margins above 50% and generating positive operating cash flow of 153.34 million in 2Q26. However, single-asset concentration, historical earnings volatility (-280.37 million net income in FY2025), and commodity price reliance warrant a High Uncertainty rating alongside an Attractive valuation entry point.

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• It would appear that until either war or peace “breaks out” to a greater degree in the Middle East, the NYMEX is continuing its pattern “rotating” between instruments.  
• Yesterday it was NYMEX crude oil’s “turn at the helm,” while ULSD was subject to “profit taking” after the ULSD cracks traded close to the year’s highs.  
• In any event, our previously delineated trading range for the prompt NYMEX crude oil contract remains intact, supported by traders’ and funds’ expectations for “another shoe to drop.”

• The upstream oil & gas Company announced that further to the Company’s announcement on 6 March and Interim Results on 30 September, the long stop date for the Second Acquisition of 6 October has passed without an extension having been agreed with Reabold Resources (RBD.L 64.50p £9.35m).
• Whilst the Share Purchase Agreement remains in full force and effect, the long stop date of 6 October has passed, which provides Beacon and Reabold with an option, should either party choose to exercise it, to withdraw from the Second Acquisition.
• Neither party has served such notice. 

• North American infrastructure is aging and underfunded while the underlying demand accelerates.
• AI, data centres, and electrification are driving the fastest growth in power needs in decades, straining a grid and asset base that is already past its prime.
• Governments on both sides of the border have responded with historic commitments.

• TGOL reported assays for TM25-186X, an extension of TM25-186.
• The combined hole returned 0.51 g/t over 411.0m ending in mineralization.
• It continued ~75m horizontally beyond the interpreted B-E contact, which suggests the trend is wider than modelled.

• PT Elnusa Tbk (ELSA IJ) represents an asymmetric risk-reward profile within the Indonesian energy services sector, anchored by the resilient cash flows and high returns of its Energy Distribution & Logistics (D&L) division, which delivered a 28.8% YoY surge in 1H2026 net profit.
• The company possesses unmatched multi-year earnings visibility supported by a record contract backlog of IDR 18.8 trillion and captive Pertamina Group market allocations, setting the stage for significant revenue recognition acceleration across Upstream and Support Services throughout 2H2026 and FY2027.
• At the current share price of IDR 680, ELSA trades at an undemanding valuation of 5.2x FY2026F P/E and 0.87x P/BV (a 35%-60% discount against domestic energy peers), supported by a fortress net-cash balance sheet and an attractive 5.97% dividend yield against consensus DCF-based fair values of IDR 1,110 to IDR 1,115.

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