In today’s briefing:
- [Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
- Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later
- The Drill: Watch oil as OPEC is imploding..
- [ETP 2025/17] WTI Tumbles Amid U.S. Trade Policy Uncertainty, Henry Hub Continues to Slide
- Lucror Analytics – Morning Views Asia
- Kaiser Reef Ltd – Becoming a Bigger East Coast Gold Producer
- Legacy Minerals Holdings Ltd – Multiple Plays on NSW Exploration Success
- Gti Resources Ltd – Scoping uranium pounds in the USA
- Fenix Resources Ltd – Building blocks made of WA iron
- Antofagasta (ANTO LN) And First Quantum Minerals (FM CN) Q1 Updates
[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
- In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
- We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.
Quiddity Leaderboard F100/F250 Jun25: One High-Impact Intra-Review Change Soon; More Changes Later
- In this insight, we take a look at the potential index changes for F100 and F250 indices in the run-up to the June 2025 index rebal event.
- We see one M&A-related intra-review change for the F250 index in the next few days.
- Separately, our latest estimates suggest there could be two regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.
The Drill: Watch oil as OPEC is imploding..
- The everlasting circus of US politics continues, and at this point, it almost seems like Bessent has effectively taken over the presidency—at least when it comes to pushing through the most critical U-turns in Trump’s policy decisions.
- When we loop back over the major U-turns of the past couple of months, the most influential reversals all appear to have been driven by Bessent (and, to an extent, Lutnick)
- What exactly is going on inside the Trump camp? It’s painfully obvious that they are not aligned on the public message, and to add fuel to the fire, Trump is now back attacking Zelensky once again.
[ETP 2025/17] WTI Tumbles Amid U.S. Trade Policy Uncertainty, Henry Hub Continues to Slide
- For the week ending 18/Apr, U.S. crude inventories rose by 0.2m barrels (vs. expectations of a 0.7m barrel fall). Gasoline and distillate stockpiles fell more than expected.
- Henry Hub is headed for a fourth straight weekly decline. U.S. natural gas inventories rose by 88 Bcf, exceeding analyst expectations of a 69 Bcf build.
- Analysts cut price targets for Exxon, Chevron, Occidental, and Halliburton. Activist investor Elliott raised its stake in BP to just over 5% via derivative contracts.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: China Hongqiao, Softbank Group, Vedanta Resources, China Oil & Gas, Biocon Biologics
- In the US, new home sales jumped 7.4% m-o-m (1.3% e / 3.1% revised p) to an annualised 724 k units in March, driven by a surge in home sales in the South. The March (final) building permits rose 0.5% to an annualised 1.47 mn units.
- Separately, the S&P manufacturing PMI edged up to 50.7 (49.0 e / 50.2 p), while the services PMI fell to 51.4 (52.6 e / 54.4 p). The composite PMI declined to 51.2 (52.0 e / 53.5 p).
Kaiser Reef Ltd – Becoming a Bigger East Coast Gold Producer
- Kaiser Reef Ltd (ASX:KAU) is undergoing a transformation as it acquires the Henty Gold mine from Catalyst Minerals (ASX:CYL) which should drive a step change in the production profile of the company from <12kozpa to 37kozpa (proforma) with scope to increase to 50kozpa+ in the medium term.
- Post the funding package completed alongside the acquisition, KAU has $27.2m in cash which can support the incremental investments into its mining operations to achieve the stated production targets.
- Post the Henty Gold acquisition, Kaiser Reef Ltd (ASX:KAU) has the potential to become a 50kozpa+ producer over the medium term with 30kozpa+ from the Henty mine and 20kozpa+ from the A1 Gold mine.
Legacy Minerals Holdings Ltd – Multiple Plays on NSW Exploration Success
- Legacy Minerals Holdings Ltd (ASX:LGM) is a prospect generator and exploration company with a portfolio of projects across NSW.
- Overall, LGM has nine projects whereby four are under joint venture with other major and junior explorers which provide additional funding to increase the level of concurrent exploration activity across its projects.
- Like 2024, 2025 is set to be another productive year for LGM with multiple, funded, high-impact drill programmes aiming to make a significant discovery in addition to progressing development options at Drake.
Gti Resources Ltd – Scoping uranium pounds in the USA
- GTI Energy Ltd (ASX:GTR) is focused on the development of three uranium projects located across Wyoming and Utah, USA.
- Lo Herma (Wyoming) is the current flagship project for the company.
- The company’s Wyoming projects are amenable to in-situ recovery (ISR) with GTR progressing a scoping study at the Lo Herma project which is evaluating the economic feasibility of a potential ISR mining operation.
Fenix Resources Ltd – Building blocks made of WA iron
- Fenix Resources (ASX:FEX) is a junior iron ore producer based in the Midwest region of Western Australia (WA).
- FEX has been producing iron ore from the Iron Ridge project since 2020 with a total of 5.7Mt produced to date.
- Going forward, FEX is planning to expand its production rate from ~1.3Mtpa to 4.0Mtpa by the end of CY25 through the ramp-up of production at the recently restarted Shine Mine and the currently under construction mine at Beebyn-W11.
Antofagasta (ANTO LN) And First Quantum Minerals (FM CN) Q1 Updates
- First Quantum Minerals (FM CN) reported their Q1 results, and Antofagasta PLC (ANTO LN) reported their first quarter updates.
- Due to the base effect, Antofagasta PLC (ANTO LN) first-quarter production numbers looked strong, with copper/gold production coming in at 20%/29% YoY.
- First Quantum Minerals (FM CN) production was down by 2% YoY, but was expected as the company has lower production from the Sentinel mine.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
