Daily Brief Energy/Materials: Uacj Corp, Pan African Resources, Predictive Discovery, Iron Ore, APA , ADX Energy Ltd, NLC India, Getchell Gold , Chugoku Marine Paints, Crude Oil and more

• Furukawa Electric is looking to sell around US$128m of Uacj Corp (5741 JP.
• The deal is a big one, representing 23.3 days of three months ADV and 5% of outstanding stock.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2025 index rebal event.
• The index changes for the December 2025 rebal will be based on the close of 2nd December 2025 and announced after the close of 3rd December 2025.
• Based on the current numbers, we see one change for the F100 index and four changes for the F250 index in December 2025.

• On the 6th October, West African mid-tier gold play Predictive Discovery (PDI AU) announced scrip-merger with Robex Resources (RBX CN/RBX AU). Upon completion, PDI would hold 51% of shares out.
• Immediately, rumours circled in local media that Perseus Mining (PRU AU), PDI’s largest shareholder (17.8%), was poised to launch its own offer. That has now unfolded. 
• Perseus is offering 0.1360 new Perseus share for every PDI share, or an indicative consideration of A$0.778/share. PDI deemed terms superior. Robex has matching rights under its definitive agreement.

• Vanke’s surprise bond delay sent markets into a tailspin, reviving fears of deeper systemic risk given its size and reputation.
• Manufacturing softness and rising port inventories indicate weakening hot metal production, signalling renewed downside risks for iron ore. 
• Any near-term support from stimulus chatter is likely outweighed by fading demand fundamentals and persistent sector-wide confidence erosion.

• APA Corporation’s third quarter results highlight a period of operational success and financial prudence, balanced with the backdrop of a challenging global environment.
• They demonstrated strong operational performance across all key regions, with production exceeding guidance, while maintaining lower-than-expected capital investment and operating costs.
• In the Permian Basin, APA Corporation saw oil production surpass guidance due to efficient operations, while the capital costs stayed in line with the expectations, demonstrating a well-managed portfolio and resilient strategies.

• ADX has increased its aggregated prospective gas resource estimates for its Sicily Channel permit from 103–369–772 bcf to 188–484–1,265 bcf (P90–P50–P10 cases).
• The new mean prospective resource of 619 bcf reflects the increased upside potential for the permit.
• Individual prospect sizes range between 37–111 bcf (P50 case), with four prospects each estimated at 60–68 bcf (P50).

• NLCIL has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.
• This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.
• The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.

• Getchell reported assay results from one hole at Fondaway Canyon, testing the northwest strike extension of the Colorado SW Zone.
• Highlights include 5.8 g/t Au over 19.0m, 1.4 g/t Au over 23.6m, and 2.2 g/t Au over 11.2m, extending the zone by ~70m to the NW.
• This is part of the 10-hole 2025 program; assays pending on two holes.

• Chugoku Marine Paints (CMP) is a leading global supplier of marine coatings, holding an estimated 20% of the global market and a dominant 60% share in Japan. The company is well-positioned to benefit from secular growth trends in the maritime industry, driven by increasing global trade and stricter environmental regulations.
• The company has demonstrated an exceptional financial turnaround, with three-year compound annual growth rates for net income and EPS soaring to 277% and 283%, respectively. This is attributed to optimized pricing, sales of higher value-added products, and strong demand in the ship repair market.
• Forward-looking, CMP is focused on leveraging its core antifouling paint technology to meet rising demand for fuel-efficient and environmentally compliant coatings. While the outlook for new ship builds is expected to moderate, the ship repair segment and expansion into industrial paints provide avenues for continued growth.

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• Crude oil futures were moving sideways to lower Tuesday as geopolitical tensions bumped up against nagging concerns over a 2026 supply glut.
• Front-month Feb26 ICE Brent  futures were trading at $62.38/b (2010 GMT) versus Monday’s settle of $63.17/b, while Jan26 NYMEX WTI was at $58.62/b against a previous close of $59.32/b.
• Benchmarks steadied early in the week after OPEC+ confirmed the decision to leave Q1 production unchanged, but have struggled to hold gains amid the oversupply concerns.