Daily Brief Energy/Materials: Zijin Gold, Ecopro Co Ltd, JX Advanced Metals, Crude Oil, Gold, Anglo American Platinum , Almonty Industries, CRB Commodity Index, SGX Rubber Future TSR20, Endeavour Silver and more

• Zijin Gold (2579355D HK) is a global leading gold mining company and the overseas gold segment of Zijin Mining Group (601899 CH). It is seeking to raise US$3 billion.  
• Zijin Gold hold interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.
• The investment case is bullish due to a diversified mine portfolio, strong growth, an attractive margin profile, robust cash generation, and modest leverage.

• Several local news outlets reported that Ecopro Co is pursuing a plan to raise about 700 billion won through a PRS agreement using its stake in Ecopro BM as collateral.
• Ecopro BM currently has a market cap of 11.4 trillion won. A PRS worth 700 billion won (assuming no change in share price), represents 6.1% of Ecopro BM’s market cap. 
• Although Ecopro has not officially announced this PRS deal, we believe that this is a high probability (70%-80%+) that this deal will get done in the next several weeks.

• Copper Output Cuts: JX Advanced Metals will reduce electrolytic copper production by ~30kt (~5–8% of capacity) in FY25, with further smelting downscaling by March 2026.
• Margins have collapsed as TC/RCs plunged into negative territory (~–$45/t vs $80/t in 2023), amid concentrate shortages and Chinese overcapacity.
• Smelting will be retained mainly for rare-metal recovery (tantalum, indium, rhenium), while JX doubles down on semiconductor materials and upstream mineral projects.

• Global oil demand remains relatively healthy with little signs of a near term global recession
• Sanctions on Russia and Iran could impact oil supply, but buyers are finding ways to navigate around restrictions
• Non-OPEC supply is expected to outpace global demand, leading to a surplus and potentially pushing prices into the 60s by year end.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Meanwhile, the other commodity cohorts are now deeply “undervalued” when compared to the price of gold.
• Commodities excluding gold, relative to gold prices, have fallen to their lowest level since 2021, according to a graphic by Topdown Charts…
• In the latest UBS CTA-flow analysis, the investment bank says that it “expects more agricultural buybacks in the coming weeks.” 

• Anglo American (AAL LN) retained a 20% stake in Valterra Platinum (VAL SJ) following its demerger at the end of May 2025.
• Anglo American (AAL LN) sold its entire stake in Valterra for $2.5bn via a placement expected to be completed on 9 September.
• The free float is expected to increase by 20 percentage points, triggering passive fund demand of $360m and 1.7 ADV in Global and South African indices.

• Almonty Industries Inc. delivered first half 2025 results that highlight both the transitional state of its operating portfolio and the considerable strategic progress achieved in the period.
• For the six months ended June 30, 2025, revenue totaled C$15.10 million, down modestly from C$15.76 million in the prior-year period, while the net loss widened sharply to C$92.83 million compared with C$5.58 million in the first half of 2024.
• The increase in losses was driven primarily by non-cash revaluation charges related to warrants and embedded derivatives, along with higher share-based compensation and increased corporate expenses linked to the company’s redomiciling and U.S. listing preparations.

• Critical Minerals Outside of China Will Command A Strategic Premium
• As risk appetite in the mining sector increases, the biggest gains will be in the junior miners and exploration companies
• We highlight eight companies as a basket of such miners which should benefit from these trends

• June exports dipped 1.04% YoY but rose 11% month-on-month  
• Sri Lanka uses diplomacy to safeguard US$300 million US market  
• Domestic Reforms, EU market access next on agenda

Endeavour Silver (EDR) is poised for a step change as the integration of Kolpa and the ramp-up of Terronera nearly double output and cement its transition to a senior silver producer. A quality asset portfolio and a robust growth pipeline position the company to capture upside from favourable commodity prices and attractive long-term industry fundamentals. The stock trades at a visible discount to peers despite offering the highest exposure to silver and strong earnings momentum.