Daily Brief Energy/Materials: JX Advanced Metals, EPL Ltd (fka Essel Propack), Perseus Mining, SGX Rubber Future TSR20, Crude Oil, Gold, Omai Gold Mines, Endurance Gold, Iron Ore and more

• JX Advance Metals, a unit of Japanese oil giant ENEOS plans to list on the Tokyo Stock Exchange. ENEOS will sell down a part of its stake and raise US$3.0bn.
• Having split from the parent ENEOS, JX Advanced Metals (5016 JP) is still on a business transformation and the company’s earnings show cyclicality.
• The company’s earnings declined in FY03/2024, however, 9MFY03/2025 results show that earnings are on a recovery driven by improving demand coupled with structural reforms undertaken by the company.

• Indorama Ventures (IVL TB) is acquiring a 24.9% stake in EPL Ltd (fka Essel Propack) (EPLL IN) from Blackstone at Rs 240, marking a major entry into India’s packaging market.
• This deal strengthens EPL’s growth and sustainability, unlocking cross-border synergies and driving competitiveness in the global specialty packaging sector.
• It redefines investment dynamics in Indian packaging sector, emphasizing sustainable growth and long-term value creation, challenging traditional global investment paradigms.

• Duck projects and operations, specializing in large-scale builds
• Jeff Quartermain leads Perseus Mining, discussing Predictive stake and valuation
• Emphasis on creating value and diversification in mining investments

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• Apollo posts better profits than leader MRF in Q3 FY 2025
• JK Tyres faces the worst fall of 75% in net profit 
• Raw material prices look flattish in Q4 and demand robust\

• U.S. oil and gas rig count rose by four for the week ending 21/Feb, marking the fourth straight weekly gain and bringing the total to 592—the highest since June.
• For the week ending 14/Feb, U.S. oil production held steady at 13.49 million bpd, showing little change from the previous week.
• The number of U.S. oil rigs rose by 7 to 488, while gas rigs fell by 2 to 99. The rig count in the Permian basin remained unchanged at 304.  

• US-Dollar Reversal Incoming? The signs become more that the USD is topping out. This is the result of our latest currency-assessment.
• Particular interesting could be setups in AUDUSD as well as CADUSD – two currency pairs that have been hit the hardest by the strong USD-cycle over the last months.
• Both pairs trade at multi-year support and are heavily oversold across all metrics.

• JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), is looking to raise around US$2.6bn via selling more than half of its stake in JXAM in its Japan IPO.
• JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
• We looked at the company’s past performance in our previous notes. In this note, we undertake a peer comparison.

• What you need to know: • Omai announced assay results from its first drill hole at the Gilt Creek deposit since 2007.
• • The hole intersected a staggering 1.0 g/t Au over 774m.
• • An updated mineral resource is planned to be released in Q2/25 with an updated PEA targeted to be announced in Q3/25.

• What you need to know: • EDG re-assayed a total of 199 gold assay composites to include antimony.
• Antimony intercepts were reported up to 19.20% Sb. • Antimony prices have been surging, up over 250% in 2024 and recently, domestic supply concerns have arisen amongst China banning exports.
• • The 199 re-calculated assays across 108 DDH, 84 RC, and 24 roadcut channel samples resulted in a composite average sampled length of 10.1m and a weighted average grade of 4.55 g/t Au and 0.20% Sb, boosting the gold equivalent grade by ~20% to 4.97 g/t AuEq. This morning, Endurance Gold Corp. (EDG:TSXV) announced antimony results from the Company’s 100%-owned Reliance Gold Project in B.C. Since 2020, EDG has completed 108 diamond drill holes, 84 RC holes, and 24 roadcut channel samples resulting in the collection of 10,040 samples.

• Iron ore futures rose USD 1.30/ton last week, closing at USD 107.25/ton, driven by China’s steel demand recovery and tighter supply from Australian cyclone disruptions.
• Technical indicators show mixed signals, with prices above the 100-day & 200-day DMAs, but MACD weakening and RSI forming a death cross, suggesting potential bearishness ahead.
• Financial Institutions and Managed Money increased net long positions, while Physicals participants expanded net shorts, reflecting diverging market expectations amid China’s policy-driven demand outlook.