In today’s briefing:
- [Quiddity Index] Predictions for the Global Index Provider Rebal in November 2025
- Sanil Electric Poised for Pop on Nov 20 KOSPI200 Ad‑Hoc (HD Hyundai Merger)
- Silver: A Fifty-Year Perspective on Bull Markets and Sizing Up the Recent Correction
- Oil futures: Crude eases as OPEC+ hike reports offset sanctions
- How Much Sandfire ‘Premium’ Is Justified?
- Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!
- Highpeak Energy Inc.: Seeking Balance Between Development and Deleveraging – 28 October 2025
- Newmont Strikes Gold Again: Ahafo North Officially Enters Commercial Production!
- Hybridan Small Cap Feast: 22 October 2025
- RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26
[Quiddity Index] Predictions for the Global Index Provider Rebal in November 2025
- A global index provider will announce its quarterly review on 5 November 2025. The rebalance will take place on 24 November 2025.
- We make predictions every week for the following index rebalance and publish them along with predictions for 100 other indices.
- This insight shows our whole set of predictions across 47 countries for the next rebalance. Most of these names are unchanged since our early September predictions.
Sanil Electric Poised for Pop on Nov 20 KOSPI200 Ad‑Hoc (HD Hyundai Merger)
- HD Hyundai merger: both legs in index, Mipo delists, slot opens — one new name gets added to KOSPI200 via ad‑hoc.
- Sanil Electric (062040 KS) to replace HD Mipo pre‑Dec review. If DTV settles back into the 500–600k range, then KS200 ETFs will need to scoop ~0.3–0.4x DTV on Nov 26.
- Better to front‑run KRX; with AI power trade still hot, Nov 20 announcement likely sparks outsized price action vs waiting for rebalance print.
Silver: A Fifty-Year Perspective on Bull Markets and Sizing Up the Recent Correction
- After an extraordinary run, SLV’s pullback appears orderly as implied volatility cools yet remains high by historical standards.
- We examine how this bull market in Silver compares with previous bull market spanning 50 years.
- We also look at market participation to identify what’s been driving the recent price action.
Oil futures: Crude eases as OPEC+ hike reports offset sanctions
- Crude oil futures were rowing back Tuesday, with OPEC+ set to further raise output and uncertainty over sanctions enforcement.
- Front-month Dec25 ICE Brent futures were trading at $64.28/b (2020 BST) versus Monday’s settle of $65.62/b, while Dec25 NYMEX WTI was at $60.01/b against a previous close of $61.31/b.
- But reports that OPEC+ will go ahead with a ninth consecutive production hike were seen limiting further price upside for now.
How Much Sandfire ‘Premium’ Is Justified?
- Shares in Sandfire Resources hold their ground following first quarter results showing progress at Motheo and Matsa, while a further growth option awaits.
- -Sandfire Resources’ FY26 guidance retained for production, costs, and opex post September quarterly -Growth option via the Black Butte Copper Project in the US -Prospects for a dividend as Jarden forecasts year-end net cash -Analysts debate valuation ‘premium’
Freeport-McMoRan: The 6 Key Drivers Shaping Its Performance in 2025 and Beyond!
- Freeport-McMoRan reported a quarter characterized by strong operational performance, continued strategic progress, and evolving global market dynamics.
- The company benefited from favorable copper pricing, with COMEX and LME levels at multi-year highs, while achieving meaningful milestones in its Indonesian operations and advancing U.S. production initiatives.
- Quarterly EBITDA reached approximately $3.2 billion, and operating cash flow stood at $2.2 billion, driven by copper realizations exceeding $4.50 per pound and sales volumes surpassing production due to reduced inventories in Indonesia.
Highpeak Energy Inc.: Seeking Balance Between Development and Deleveraging – 28 October 2025
- We expect HighPeak will continue to balance the company’s development program with its long-term goal of reducing leverage.
- The FY25 estimated capital program is $448-490 million, including ~$35 million of one-time infrastructure projects that were completed in 1H25.
- Estimated drilling-related capital is $375-405 million.
Newmont Strikes Gold Again: Ahafo North Officially Enters Commercial Production!
- Newmont Corporation delivered a solid financial and operational performance in the third quarter of 2025, demonstrating both resilience and adaptability amidst global economic shifts.
- Positively, the company achieved a record $1.6 billion in cash flow, with the cumulative year-to-date free cash flow reaching an all-time high of $4.5 billion—despite having one quarter still to contribute.
- This achievement was bolstered by robust improvements in cost discipline, resulting in an improvement in their 2025 guidance for several cost metrics.
Hybridan Small Cap Feast: 22 October 2025
- Accsys Tech 61.5p £148.9m (AXS.L) The high performance and sustainable wood building materials, has agreed new debt financing facilities of EUR5m, provided on an equal basis by ABN AMRO and HSBC.
- The pricing terms on the Facilities are improved, together with lower quarterly capital repayments compared to the current EUR52.1m facility which was due to mature in September 2027.
- The strategic re-financing strengthens the capital structure and the CEO states the Group is positioned to execute the FOCUS strategy and growth plans with greater confidence and resilience.
RIO: Q3 Construction Update; Ore Being Placed on Pad, Gold In Jan/26
- What you need to know: • Rio2 reported that construction at Fenix Gold reached 63% in Q3, showing strong momentum as it remains on schedule and on budget for first gold in January 2026.
- • Progress accelerated across key areas, including leach pad extensions, ADR plant work, and ore stacking, positioning the project for commissioning.
- • With gold prices rising dramatically, Rio2 is nearing a key inflection point as it transitions to production and begins generating heavy cashflows.
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