Daily Brief Energy/Materials: Royal Gold Inc, SICC, Copper, Pennar Industries, T Hasegawa, Pokarna Ltd, Eagle Materials, MPLX LP, Graphic Packaging Holding Company and more

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact. 
• This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index. 
• There are several expected ADDs/DELs for the September 2025 index rebal event. There will also be flows for the other index members due to capping.

• SICC (688234 CH), a manufacturer of high-quality SiC substrates, aims to raise up to US$250m in its H-share listing.
• In terms of market share, as per Frost & Sullivan, based on 2024 sales, its market share was at 16.7%.
• In this note, we look at the PHIP updates and talk about the likely A/H premium.

• Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap
• Change in tariff decision led to collapse in premium of COMEX over LME
• Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts

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• M&B Engineering, a leader in the PEB space, launched a INR 650 crore IPO with a price band of INR 366-385, opening July 30, 2025.
• The company will use the INR 275 crore fresh issue proceeds for capital expenditure to expand manufacturing facilities, upgrade technology, and repay certain borrowings.
• Growth is fueled by 60% capacity expansion by FY28 and a booming PEB market; valuation appears reasonable given its high PAT CAGR of 53%.

• Revenue increased 3.5% YoY to JPY54.5bn, with major subsidiaries in the US, China, and Malaysia contributing growth.
• Operating profit decreased 3.3% YoY to JPY7.2bn due to higher SG&A expenses, despite revenue growth and improved cost ratio.
• Flavor Division revenue rose 4.4% YoY to JPY48.7bn, while Fragrance Division revenue declined 3.3% YoY to JPY5.8bn.

• The story of the week was probably the 20% decline in COMEX copper futures during the week.
• A short recap: The gloating voices would perhaps claim that the Trump administration has realized that the high tariffs on copper would significantly harm its own country in the current situation.
• Copper prices collapsed by roughly 20% on Wednesday after President Trump announced that refined metals including copper cathodes will be exempt from the 50% tariff plans.

• Pokarna is India’s leading quartz exporter, leveraging italian Bretonstone technology to deliver industry-leading margins, growth in Natural Quartz segment.
• Company is doing major capex worth Rs. 440Crs, that will add an additional 500Cr in topline once fully operational.
• The company is facing demand challenges due to the US 25% Tariff since more than 80% revenue is coming from the US.

• Eagle Materials reported a strong start to its fiscal year 2026, achieving record first-quarter revenue of $634.7 million, up 4% from the previous year, and delivered diluted net earnings per share of $3.76.
• The company continued its operational focus despite dealing with challenging weather conditions in many of its cement, concrete, and aggregate markets.
• The result underscores Eagle Materials’ ability to maintain resilience across market cycles, emphasized through their low-cost producer status and enhanced operational metrics.

• The energy midstream sector is buzzing as MPLX LP (NYSE:MPLX) inches closer to finalizing a $2.375 billion cash deal for Northwind Midstream, a natural gas gathering, treating, and processing developer with over 200,000 dedicated acres in New Mexico’s Delaware Basin.
• Coming on the heels of MPLX’s strategic bolt-ons in the BANGL NGL pipeline, Whiptail crude gathering, and Matterhorn Express expansion, this acquisition could bolt high-quality, low-breakeven Permian volumes directly into MPLX’s burgeoning NGL, natural gas, and crude value chains.
• The Northwind system already boasts more than 200 miles of gathering lines, two acid gas injection wells at 20 MMcf/d (soon to grow to 37 MMcf/d), and 150 MMcf/d of sour-gas treat-ing capacity—set to balloon to 440 MMcf/d by H2 2026.

• Graphic Packaging Holding Company, a global leader in sustainable consumer packaging, presented its results for the second quarter of 2025, revealing a mixed financial and operational landscape.
• The company’s sales for the period were $2.2 billion, and the adjusted EBITDA was reported at $336 million, resulting in an adjusted EBITDA margin of 15.3%.
• The adjusted earnings per share came in at $0.42.