Daily Brief Energy/Materials: iShares PHLX Semiconductor ETF, Crude Oil, Omai Gold Mines, Mastermyne Group, BP Silver, Zhe Jiang Hai Liang, Evolution Petroleum, Fugro NV and more

• While the SPX remains bullish above 7580-7629 support, we’re becoming near-term cautious on the Russell 2000 (IWM) and we remain near-term cautious on the Nasdaq 100 (QQQ) and A.I. areas.
• As discussed last week, we believe the Aug4 and Aug12 gap fills suggest more consolidation is likely; not only have the odds increased that A.I. areas test their July lows… 
• …but the lower highs that have formed could be an early sign that they could break below their July lows in SOXX, CHAT, NCLD, DTCR, and EUV

• Our trading range peak for the October NYMEX contract has obviously been breached, but we suggest the jury remains out in terms of any substantial further upside.              
• We have been recommending that if October hit roughly $88.00 per barrel, we would sell small volumes of December with tight stops; we hope we have not inflicted much damage.                            
• We will hold fast for the time being to see if the market will move much higher, or if the peak will end up only modestly above our previous parameter.       

• OMG reported eleven holes from Wenot, headlined by 5.12 g/t Au over 40.5m (incl.
• 11.29 g/t Au over 10.4m) in hole 193 and 2.68 g/t Au over 40.7m in hole 197W.
• Every hole hit multiple gold zones, with hole 193 returning 11 discrete zones well above the 0.3 g/t open pit cut-off.

• RaaS Research Group senior analyst Issam Eid interviews Mastermyne Group Managing Director and CEO Jeff Whiteman.

• Precious metals rallied sharply in August on a shift in Fed rate cut expectations following softer U.S. data, albeit moderating in recent days, with gold up 9.3%, silver up 14.8%, and copper up 1.1%.
• Mining equities delivered outsized leverage, with the GDX up 33.0%, GDXJ up 34.1%, SIL up 32.7%, and COPX up 17.7%, vs. the TSX up 3.0% and the S&P 500 up 2.8%.
• M&A activity displayed signs of acceleration on stronger metal prices, headlined by OceanaGold’s A$776M acquisition of Ausgold Limited and Bunker Hill Mining’s merger with Silver47 Exploration.

• Zhe Jiang Hai Liang Co., Ltd. is a global provider of copper-based products used in HVAC, industrial, lithium-ion battery, PCB, and AI data center applications.
• The company reported RMB83.3 billion revenue in 2025 and net profit growth of +61.9% year-on-year in 2025.
• Net cash used in operating activities was RMB(6,146,850) in 5M 2026, with a net decrease in cash and cash equivalents of RMB(664,404).

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• Evolution’s latest mineral/royalty acquisition, which closed August 20, 2026, bolsters the cash flow contribution from high-margin production. 
• The acquisition added 3,420 net mineral acres in the Midland Basin for a total purchase price of $16 million.
• Funding was provided by ~$12.4 million of net proceeds from an August 18, 2026, secondary common stock offering (4.255 million shares) plus ~$3.6 million of cash. 

• In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in low-value non-EU parcels • Dutch retail sales | consumer demand remained resilient in July • Dutch CPI | rose to 3.3% YoY in August