Daily Brief Energy/Materials: Paladin Energy, SGX Rubber Future TSR20, Zijin Mining Group , Rajshree Polypack, Santos Ltd, Medco Energi, Shell PLC, Zephyr Energy, ICL Group , Alpha Metallurgical Resources and more

• Ian Purdy departing Paladin Energy, with Paul Hamburrow stepping up as new CEO
• Paladin Energy facing challenges and controversies during Purdy’s tenure
• Potential implications and scrutiny surrounding Purdy’s departure and the future of the company under new leadership

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• Price edge and stable grades help Indonesia stage a good show  
• US demand strengthens despite Trump tariffs  
• China demand softens, Japan slides as tariffs take effect  

• Zijin has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
• He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
• 5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.

• Rajshree Polypack (“RPPL”) reported excellent Q4FY25 led by strong growth in injection molding and exports revenue. Exports quarterly revenue grew to INR 20cr vs INR 10cr+ run-rate earlier.
• Injection molding segment has grown well. It clocked INR 15cr+ in revenue in Q4FY25 vs INR 8cr YoY. For FY25, revenue from injection molding more than doubled to INR 40cr+.
• Led by growing mix of high-value segments like injection molding, barrier packaging and exports in Q4FY25, EBITDA margin improved to 13.7% vs 13.5% YoY and 12.5% QoQ.

• For June 2025, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$29bn.
• The average premium for the new transactions announced (or first discussed) in June was ~39%, with a year-to-date average of 47%.
• The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Medco Energi, Greenko Energy
• UST yields rose 3-4 bps across the curve on Friday, after US President Donald Trump cut off trade talks with Canada.
• This unwound yield declines earlier in the day, on the back of weaker than expected personal spending and income data. The yield on the 2Y and 10Y UST advanced 3 bps to 3.75% and 4.28%, respectively.

• In this edition: • IMCD | acquires Apus Química in Chili • Shell | Labour prepared to approve BP takeover by Shell • Unilever | takeover sum Dr Squatch probably a lot lower than initially expected • Fugro | awarded four multi-year contracts by Petrobras • InPost | partnership with SPAR supermarkets in Italy • TomTom | to realign its organization with its product-led strategy

• • Zephyr has raised £10.5 mm of new equity at £0.03 per share.
• The proceeds of the raise will fund (1) a £5.4 mm acquisition of 0.6 mmboe 2P and ~400 boe/d net production in the Rocky Mountains and (2) working capital and capex through to first production at its flagship Paradox Basin development.
• • The acquisition includes working interests in a portfolio of over 400 wells, with 21 to be operated by Zephyr.

• Israel Chemicals Ltd. (ICL) reported its first quarter of 2025 financial results, showcasing modest growth amidst challenging global market conditions.
• The company posted sales of $1.767 billion, representing a 2% increase year over year and a 10% rise compared to the previous quarter.
• This performance was underpinned by solid execution of strategic initiatives across its divisions.

• Alpha Metallurgical Resources reported financial results for the first quarter of 2025, which were notably impacted by severe weather and challenging market conditions.
• Adjusted EBITDA for the quarter stood at $5.7 million with 3.8 million tons shipped, figures that reflect the adverse weather impacts on production and transportation.
• The company faced increased costs due to absenteeism, power outages, and weather-related operational disruptions.