Daily Brief Energy/Materials: Lynas Corp Ltd, Zijin Gold, BHP Group Ltd, EQ Resources, Johnson Matthey, IsoEnergy , Eramet and more

• Lynas Corp Ltd (LYC AU)‘s stock price has more than doubled in the last few months as equity markets rally, the rare earth boom continues, and export restrictions are imposed.
• The significant increase in market cap and free float market cap should result in the stock being added to a global index in November.
• There will be positioning for the inclusion (and that partly explains the recent run-up in the stock). But with export controls continuing, there could be further upside.

• Zijin Gold (2259 HK) debuted on the HKEX on 30 September and soared more than 80% from its IPO offer price reaching a market cap of ~$44bn.
• Inclusion in Global All-World is expected in March 2026, with an upweight in June 2026 following the lock-up expiry.
• Inclusion in Global Standard is expected in May 2026 following the lock-up expiry. Inclusion in February 2026 is not unlikely despite the low float due to price surge.

• Context: Friday’s sell-off occurred after the Australian market closed, but several ASX-listed companies were swept up in the decline through dual listings or U.S.-traded ADRs.
• This Insight looks at the impact on prominent S&P/ASX 200 constituents — including BHP, CSL, and major banks. While some companies showed limited movement, others, such as BHP, experienced sharper declines.
• Why Read: Understand where the Australian market might be headed when trading resumes after the weekend.

• EQ Resources is repositioning itself as a key Western tungsten producer by restarting and expanding its flagship Mt Carbine mine in Queensland, Australia, aiming to capitalize on a tightening global market.
• The company is currently in a high-growth, high-spend phase, evidenced by significant revenue increases from a low base, alongside substantial net losses and negative operating cash flows as it invests in ramping up production.
• Favorable market dynamics, including strong demand from the aerospace, defense, and electronics sectors and China’s dominance and export restrictions on tungsten, provide a strong tailwind for EQR’s strategy to become a reliable ex-China supplier.

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• Johnson Matthey is undergoing a significant strategic transformation, sharpening its focus on the core, high-margin businesses of Clean Air and PGM Services by divesting its Catalyst Technologies arm.
• The company is a global leader in platinum group metals (PGM) chemistry, which underpins its competitive advantage in automotive catalysts and PGM refining and recycling, positioning it for growth in the hydrogen economy.
• While facing headwinds from the long-term decline of internal combustion engines, the company’s strategy emphasizes enhanced cash generation, cost savings, and increased shareholder returns, signaling a shift towards a leaner, more agile operational model.

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• IsoEnergy is a diversified uranium exploration and development company with a world-class, high-grade asset in Canada’s Athabasca Basin, complemented by a portfolio of permitted, past-producing mines in the United States, offering a compelling combination of long-term growth potential and near-term production optionality.
• The company is well-positioned to capitalize on the positive fundamentals of the uranium market, which is experiencing a resurgence driven by the global push for clean, secure, and reliable nuclear energy, leading to a potential supply deficit and higher uranium prices.
• With a strong balance sheet, strategic backing from major shareholder NexGen Energy, and a portfolio of assets in top-tier mining jurisdictions, IsoEnergy is poised to advance its projects towards production and create significant shareholder value.

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• Trade call: Long the 2028 SLB for a likely step-up from at latest May 22, 2026, hedge duration, exit post vendor field updates in May 2026.
• Probability of rate step-up: Single KPI miss and step-up path most likely, with intensity tight and engagement near threshold, optionality crystallizes into tactical carry, not credit stress.
• Catalyst path: Step-up mechanics, assurance, and vendor field updates create a defined trading window, see uplifted coupon count and cash cost below.