[SMM Aluminum Express News] Canadian Energy Metals said its Project Thor in Saskatchewan could become a major North American alumina and potentially aluminum hub. The company estimates production of ~1.8 million tpy of alumina from one of the world’s largest known alumina-bearing shale deposits, with a pre-feasibility study due by end-2026. Longer term, CEM is evaluating downstream aluminum smelting in Saskatchewan, though the project will require significant additional power infrastructure to proceed.

On the evening of April 20, Chengtun Mining's Q1 report showed that the company achieved total operating revenue of 9.354 billion yuan, up 65.08% YoY; net profit attributable to the parent company was 1.02 billion yuan, up 250.40% YoY. Regarding the main reasons for the increase in Q1 revenue and net profit, Chengtun Mining stated that the company's main copper products saw higher production and sales volumes YoY, copper prices rose YoY, and profits improved; the company enhanced quality and efficiency in production and operations, controllable costs declined YoY, and performance grew during the period. In addition, Chengtun Mining also announced on April 20 that as of the disclosure date, the cumulative total outstanding external guarantees of the publicly listed firm and its controlling subsidiaries amounted to 10.854 billion yuan, accounting for 65.86% of the most recently audited net assets of the publicly listed firm. Of this, the cumulative total guarantees provided to associates was 172.04 million yuan; the cumulative total guarantees provided to controlling subsidiaries was 10.682 billion yuan, accounting for 64.82% of the most recently audited net assets of the publicly listed firm. None of the company's external guarantees were overdue. Chengtun Mining announced on April 8 that its wholly-owned subsidiary Preeminence Holdings Limited plans to acquire 50% equity of Nkoyi Leopard Mining and Investment Limited, a wholly-owned subsidiary of Novel Mining and Services Limited, a company registered in the Emirate of Abu Dhabi, UAE, for $300 million, thereby indirectly obtaining a 30% interest in specific copper-cobalt mining rights located in the DRC. Upon completion of this transaction, Nkoyi will become an associate of the company and will not be consolidated into the financial statements. Under the agreement, Preeminence plans to acquire 50% equity of Nkoyi for $300 million. Nkoyi's wholly-owned subsidiary has entered into a joint venture agreement for specific copper-cobalt mining rights, holding a 60% interest in such mining rights. Therefore, after this transaction, the company will hold a 30% interest in such mining rights. Nkoyi was established in October 2024 and has not yet commenced production or operations; its core asset is the aforementioned 60% interest in the copper-cobalt mine project. The counterparty, Novel Mining, was established in March 2026 and registered in Abu Dhabi, with its core project being the copper-cobalt mining rights. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that the company continuously monitors relevant risks in its overseas operating locations, and that its operating projects in the DRC are currently running stably. On April 2, Chengtun Mining responded to investor questions on an interactive platform, stating that to effectively manage price fluctuations of non-ferrous metals and exchange rate risks, the company has adopted multiple risk management measures, including hedging and locking in selling prices of some mine product inventory and copper, gold and other products through bears futures contracts. When market prices of metal products rise, losses are reflected on the futures side. In 2025, market prices of copper, gold and other metals rose significantly, resulting in large unrealized losses on the futures side, which are offset by corresponding gains on the spot cargo side. The futures team will diligently carry out hedging operations in a prudent manner centered on the company's core business within the framework of the company's management systems. Chengtun Mining's previously released 2025 annual report showed that in 2025, the global non-ferrous metals industry entered a new development stage of supply-demand restructuring and value reassessment. Energy metals such as copper, cobalt and nickel were boosted by rigid demand from new energy, AI computing power, global power grid upgrades and other sectors, coupled with rigid supply-side constraints, driving the price center continuously upward. Precious metals such as gold saw a value opportunity amid global geopolitical conflicts and rising safe-haven demand. The new energy battery industry achieved high-quality advancement amid structural opportunities. Facing new industry development opportunities, the company adhered to its resource-oriented and internationalization strategy, deepened its entire industry chain layout of "controlling upstream resources and expanding downstream materials," strengthened operational measures of "controlling costs, focusing on details, and enhancing quality and efficiency," continuously consolidated core capabilities in global resource exploration, construction and operations, and enhanced the industry chain extension value of smelting, processing and materials manufacturing, continuously strengthening operational quality and resilience against cyclical fluctuations amid industry value restructuring. In 2025, the company achieved new breakthroughs in global resource deployment and industry chain operational capabilities. Overseas core projects achieved remarkable results in quality and efficiency improvement. After the completion of the Phase II expansion of the BMS copper smelting project, capacity increased significantly, reaching 120,000 mt in metal content by year-end, with annual production of 106,300 mt in metal content, and the profitability resilience of the copper-cobalt business continued to strengthen. The Kalongwe integrated mining and smelting project in the DRC advanced full-process technological transformation and engineering construction, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management. Indonesia's Youshan Nickel maintained stable operations amid industry fluctuations. The domestic segment made progress on multiple fronts: the Guizhou project further released industry chain extension value, Huajin Mining achieved steady growth in gold production, and the Dali Sanxin copper mine construction progressed in an orderly manner. In 2025, the company achieved operating revenue of 30.003 billion yuan, up 16.60% YoY; net profit attributable to shareholders of the publicly listed firm was 1.961 billion yuan, down 2.19% YoY. Chengtun Mining stated in its 2025 annual report that the company is committed to the development and utilization of energy metal resources, especially metal varieties required for new energy batteries, while also expanding into precious metals such as gold. The company focuses on copper, nickel, cobalt and gold. Its main business segments include energy metals, base metals, metal trading and others. Regarding its main business operations, Chengtun Mining provided the following overview: 1. Energy metals business: During the reporting period, the company's energy metals business achieved revenue of 20.384 billion yuan, with a gross margin of 25.69%, down 2.71 percentage points from the previous year. In 2025, copper products production was 207,400 mt in metal content, up 17.48% from the previous year; copper products revenue reached 14.071 billion yuan, up 34.20% YoY, with a gross margin of 28.88%, down 6.35 percentage points YoY; cobalt products production was 9,200 mt in metal content, down 30.58% from the previous year, with revenue of 1.011 billion yuan, down 30.64% from the previous year, and a gross margin of 53.76%, up 10.21 percentage points from the previous year; nickel products production was 49,400 mt in metal content, up 50.42% from the previous year, with revenue of 4.286 billion yuan, up 13.16% from the previous year, and a gross margin of 0.32%, down 3.25 percentage points from the previous year. (1) Copper-cobalt segment: ① The company actively advanced production, construction, quality improvement and efficiency enhancement of its copper-cobalt segment in the DRC. By the end of the reporting period, the company's total copper capacity in the DRC reached 230,000 mt in metal content per year. The company's copper-cobalt smelting projects CCR and CCM maintained stable production and operations while continuously optimizing process flows, keeping product qualification rates at high levels. BMS successfully completed its Phase II expansion, officially entering the ranks of enterprises with annual copper production capacity of over 120,000 mt in metal content. The Kalongwe copper-cobalt project coordinated full-process technological transformation and engineering construction in 2025, successfully completing the implementation of core technological transformation projects, achieving comprehensive upgrades in product quality control, production energy consumption reduction, comprehensive utilization of resources, and refined cost management, with significant cost reduction and efficiency improvement results. ② Dali Sanxin actively processed mine construction-related permits and has obtained the project approval report, among others. Land use and safety and environmental assessment procedures are progressing steadily. ③ During the reporting period, the company actively sought sustainable resource security through exploration in high-potential areas and pursuing acquisitive copper ore resource M&A and cooperation opportunities. (2) Indonesia nickel segment: During the reporting period, the Youshan Nickel project achieved stable production and operations. In 2025, nickel prices fluctuated downward overall under an oversupply pattern, with a rebound at year-end due to Indonesian policy disruptions. Through comprehensive measures including improving management, optimizing production processes, and rationally arranging production and operations, as well as forming industry chain synergies with related domestic industries, the industry chain's risk resistance was enhanced. The company will continue to seek further development opportunities in the nickel segment on both the mine resource side and the smelting side. (3) Deep processing and materials segment: ① In 2025, amid the severe raw material shortage caused by the DRC's "cobalt export ban," Kelixin achieved value maximization through precise control of production and shipments pace and efficient allocation of limited raw material resources. ② Zhonghe Nickel optimized process technology, further advanced refined management of production sites, achieved results in process control of high-magnesium slag-type materials, and improved the system's adaptability to raw materials from multiple channels. ③ As of the end of December 2025, the Guizhou Phase I project completed its capacity ramp-up and achieved full-capacity operation, while the Guizhou Phase II project construction was actively progressing. The company conducted systematic process benchmarking, further optimized system process flows, strengthened refined management and control requirements for various tasks, and ensured continuous and stable operation of production systems. 2. Base metals business: (1) During the reporting period, Chengtun Zinc & Germanium's zinc smelting operated at full capacity and comprehensively recovered valuable metals including germanium, silver, copper, indium and gold. Germanium product production increased 37.18% YoY, and the industrialisation of indium metal comprehensive recovery achieved phased success. A breakthrough was achieved in smelting furnace control technology, with slag processing volume and valuable metal recovery rates steadily improving, and economic benefits significantly enhanced. (2) During the reporting period, the company actively advanced the processing of domestic mine permits to ensure orderly construction. Baoshan Hengyuan Xinmao obtained the provincial NDRC's approval for the mining engineering project in September 2025. Huajin Mining operated according to plan in 2025, selling 320.75 kg of gold and achieving revenue of 244 million yuan. 3. Metal trading business and others: During the reporting period, metal trading achieved operating revenue of 999 million yuan, down 24.46% YoY, accounting for only 3.33% of total revenue. Currently, the company's main business scale is growing steadily. While the scale and proportion of industrial production and manufacturing have increased, the trading business scale has been gradually reduced, achieving good results on the path of high-quality, sustained and stable development. Regarding the company's business plan, Chengtun Mining stated: In 2026, the company's production and operation targets are: copper products production of 230,000 mt in metal content; cobalt products production of 15,000 mt in metal content; nickel products production of 60,000 mt in metal content; zinc products production of 300,000 mt; and gold products production of 380 kg. In other areas, domestic mines include continuing to advance the full-scale construction and commissioning of the Dali Sanxin copper mine, proceeding with the Baoshan Hengyuan Xinmao mining project construction as planned, increasing Huajin Mining production, and achieving full commissioning of the Guizhou Phase II project. Given the complex and volatile market environment, this business plan serves only as a guiding indicator, is subject to uncertainties, and does not constitute a commitment to achieving the stated production targets. To safeguard the interests of all shareholders, the company reserves the right to revise this business plan in a timely manner based on changes in market conditions, industry policy adjustments, and actual production and operational needs. Investors are advised to pay close attention to industry-specific risks, rationally recognize the uncertainties of forecast information, and make prudent investment decisions. Citi raised its 0-3 month copper price forecast to $13,000 per mt. ANZ believes that demand resilience driven by the energy transition and data center growth will keep the market at a 4%-5% supply gap, thereby supporting copper prices. A Huafu Securities research report dated March 8 showed: Copper — short-term, expectations for US Fed interest rate cuts persist, and the tight fundamental landscape continues to support copper prices; medium and long-term, as deeper US Fed interest rate cuts boost investment and consumption while opening up room for China's monetary policy, coupled with potential inflationary rebound from the Trump administration's possible fiscal easing, the copper price center is expected to shift upward, and strong new energy demand will widen the supply-demand gap, maintaining a bullish outlook on copper prices. Aluminum — short-term, aluminum prices are mainly driven by macro sentiment and capital flows. Currently, the extent of aluminum price gains will depend on the duration of the strait blockade; if the shipping disruption is brief, the impact on prices should be limited, but a prolonged blockade could push aluminum prices to new highs. Individual stocks: Copper — focus on Zijin, CMOC, JCC, Chengtun Mining, Zangge, Jchx and Beibu-Gulf Copper, and H-shares focus on China Nonferrous Mining and Minmetals, etc. Aluminum — focus on Hongqiao Holdings, Tianshan, Yunnan Aluminum, Shenhuo, Huatong and Zhongfu, etc.

Alaska Energy Metals Corporation is accelerating development of its Nikolai Nickel Project in Alaska, with a Preliminary Economic Assessment targeted for 2026. Current work is focused on metallurgical studies, hydrometallurgical testing, permitting for road and camp upgrades, and internal economic evaluations, indicating the project is moving steadily toward economic validation.

Chengtun Group has deeply cultivated the energy metals sector, including lithium, nickel, cobalt, and copper, and owns two publicly listed firms: Chengxin Lithium (002240) and Chengtun Mining (600711).

According to market reports, Alaska Energy Metals Corporation (AEMC) is rapidly advancing its flagship Nikolai Nickel Project, capitalizing on a recent 18% rally in global nickel prices that underscores a tightening market. To accelerate the project's development, the company recently closed a $1 million private placement and secured a critical listing on the U.S. Permitting Council's FAST-41 Transparency Dashboard, a federal initiative designed to streamline and expedite mine permitting. Furthermore, AEMC is bolstering its downstream potential through memorandums of understanding (MOUs) with RecycLiCo Battery Materials for hydrometallurgical processing and with EV manufacturer Lucid Group.

The Democratic Republic of the Congo (DRC), the world’s top cobalt supplier (over 70% of global 2024 supply), imposed 2025 export bans/quotas, roiling cobalt prices. With large-scale exports unresumed, the U.S. launched "Project Vault" to secure critical minerals, adding DRC supply uncertainties and heightening geopolitical risks for Chinese cobalt procurement.

Li-ION BATTERY China 2025 Officially Announced and Scheduled

Rare earth permanent magnet concept stocks have been repeatedly active. As of Friday's close, BGRIMM Technology, which focuses on the R&D, production, sales, and services of mining and metallurgical equipment as well as magnetic materials, achieved five consecutive daily limit-ups. Huayang New Materials, whose subsidiary's business scope includes the recycling and utilization of high-magnetic rare earth materials, recorded three consecutive daily limit-ups. On the news front, the Ministry of Commerce stated that it reviews export license applications for rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications, and will continue to strengthen the approval process for compliant applications. Ma Yan, an analyst at Caida Securities, pointed out in a research report on April 1 that assuming shipments of humanoid robots reach 890,000 units by 2030, the demand for rare earth permanent magnet materials in the humanoid robot sector is projected to reach 3,115 mt. The explosive growth in the market size of humanoid robots is expected to bring broad incremental space to the rare earth permanent magnet industry . Li Chao and Wang Qinyang, analysts at Guojin Securities, pointed out in a research report on February 20 that rare earth permanent magnets, as excellent magnets that currently balance performance and cost, are the top choice for magnetic components in humanoid robots and magnetic materials for low-altitude aircraft , and the dividends from industry chain integration are expected to gradually materialize. Emphasis should be placed on the layout opportunities brought about by "supply-side reform," integration, and the catalyzing effect of humanoid robots. Choice data shows that rare earth permanent magnet concept stocks that received institutional surveys in the past two months (April 14 - June 14) include Sinomine Resource Group, Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Yahua Group, Zhenghai Magnetic Material, DMEGC, Lizhong Group, Zhongju Hi-Tech, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Xinlaifu, China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., Goldwind Science&Technology, Instyle, GEM, Wuchan Zhongda Group, NCS Testing Technology Co., Ltd., Jintian Copper, Yian Technology, Advanced Powder Materials, and Sinosteel NMC . The specific situations are as follows: Among the above-mentioned rare earth permanent magnet concept stocks that received institutional surveys, publicly listed firms that have clearly responded regarding their "rare earth permanent magnet" related business situations mainly include Shenghe Resources, JL MAG Rare-Earth, Xiamen Tungsten, Zhenghai Magnetic Material, Zhong Ke San Huan, Longi Magnet, China Northern Rare Earth, Instyle, GEM, and Jintian Copper . Shenghe Resources disclosed an investor relations activity record on June 10, stating that the company maintains a close and good market cooperation relationship with major domestic rare earth concentrate suppliers . In addition, the company has signed long-term supply agreements for rare earth concentrates with Sichuan Hedi Mining, US MP Materials, Peak Rare Earths, and others, establishing a diversified supply channel for rare earth concentrates and providing sufficient raw material guarantees for the company's downstream businesses such as rare earth smelting and separation. Additionally, the imports of ore from Myanmar have been significantly influenced by the local situation, exhibiting fluctuating characteristics. The company will continue to closely monitor the situation of ore from Myanmar. During a survey conducted by institutions on June 13, JL MAG Rare-Earth stated that after the implementation of export control measures on medium-heavy rare earth-related items, the company had initiated export declaration work in accordance with relevant national regulations. It had also successively obtained export licenses issued by national authorities. The export regions include the US, Europe, and Southeast Asia, among others. The company exports magnetic materials, components, and motor rotors in compliance with laws and regulations. The company has established production facilities in Ganzhou, Jiangxi, a major production area for heavy rare earths, and in Baotou, Inner Mongolia, a major production area for light rare earths. The company has established long-term strategic cooperative relationships with major suppliers of rare earth raw materials, including China Northern Rare Earth Group and China Rare Earth Group. In 2024, the procurement amount from these two groups accounted for 63% of the company's total annual procurement. On May 21, Xiamen Tungsten disclosed the record of investor relations activities, indicating that since the second half of 2024, rare earth prices have generally shown a steady upward trend. If this trend continues, the price center of rare earths will gradually rise, and the fluctuation range will narrow compared to the past. In terms of magnetic material capacity layout, Jinlong Rare Earth has achieved an annual production capacity of 12,000 mt at its Changting base and is currently planning new capacity projects at its Changting and Baotou bases. Upon full commissioning of these two projects, Jinlong Rare Earth's magnetic material capacity will reach 22,000 mt. At the performance briefing on May 15, Zhenghai Magnetic Material, when answering the question "What rare earth permanent magnet projects are currently under construction?", stated that the construction of the third phase of 6,000 mt capacity at the company's Nantong base will adjust the investment pace and method in a timely manner based on changes in the external economic environment. The company's sales of high-performance NdFeB permanent magnet materials have achieved seven consecutive years of growth. During a survey conducted by institutions on May 23, Zhong Ke San Huan stated that the current export control measures on medium-heavy rare earth-related items mainly involve the company's NdFeB permanent magnet material products containing dysprosium and terbium. Exporting these products requires declaration and approval before they can be exported. The company has proactively taken measures to initiate export declarations in accordance with relevant regulations at the earliest opportunity, and has already obtained export licenses for a small number of orders. The company's main products are NdFeB permanent magnet materials, which are currently widely used in automobiles (including NEVs), consumer electronics, industrial robots, computers, energy-efficient home appliances, wind power, industrial motors, and other fields. Longi Magnet disclosed the record of investor relations activities on May 27, stating that building a capacity of 60,000 mt for permanent ferrite magnetic tiles has always been a medium and long-term goal . The company will make more optimizations in capacity layout integration, existing capacity utilization, and efficiency improvement, striving to increase capacity through low-cost expansion methods and controlling the pace of capacity release based on downstream demand. The technological transformation and upgrading work at the production sites in Lujiang, Jinzhai, and Vietnam have all shown initial results, and the expected capacity this year will reach 50,000 mt. China Northern Rare Earth stated during an institutional survey on May 21 that the company holds an optimistic view on the future price trend of rare earths . Currently, the upstream supply of rare earths is showing a steady growth trend, thanks to the country's scientific planning and rational development of rare earth resources, as well as the continuous progress in rare earth mining technology. Although the release speed of downstream consumer demand has not met expectations to a certain extent, the fluctuation range of mainstream product prices has significantly narrowed, indicating that the supply-demand relationship is gradually moving towards balance. This balance not only helps stabilize market expectations but also provides a solid foundation for the healthy development of the rare earth industry. On the demand side, the continuous growth in demand for rare earth products in fields such as new energy and high-tech has become a strong driving force for the development of the rare earth industry. During an institutional survey on June 12, Instyle stated that the company's products are mainly delivered through domestic bonded zones and domestic sales channels, and do not involve direct exports to the United States. Export control measures affect businesses involving products containing medium-heavy rare earths dysprosium and terbium, and the company has been handling relevant procedures in compliance with national laws, regulations, and customer order requirements . The company's core competitive advantages mainly lie in its advantages in magnetic circuit design and production manufacturing processes, its advantages in high-quality customer resources, and its advantages in having the origin of rare earths and lower electricity costs in Baotou. GEM stated at the earnings presentation on May 6 that the company has currently conducted technological reserves in the recycling of permanent magnetic materials in the dismantling and recycling field and has reserved the wet process for recycling and synthesizing rare earth oxides. The company has been continuously monitoring the market for rare earth permanent magnets and actively developing the recycling and utilization of rare and scattered metals such as germanium, gallium, indium, and rare earths, as well as expanding the recycling of energy metals like nickel, cobalt, and lithium. Jintian Stock disclosed the record of investor relations activities on May 23, stating that the company has been engaged in the magnetic materials business since 2001. Currently, the company has two magnetic material production sites in Ningbo and Baotou . The first phase of the Baotou site has been put into operation, and the company's annual capacity for rare earth permanent magnets has increased by 4,000 mt on the original basis. The company's rare earth permanent magnet products are widely used in multiple high-end fields, including NEVs, wind power generation, high-efficiency energy-saving motors, robots, consumer electronics, and medical devices.

Hosted by Shanghai Metals Market (SMM), CLNB 2025 (10th) New Energy Industry Expo will be held from April 16 to 18, 2025 at Suzhou International Expo Center . During the exhibition, 1 main forum and 11 sub-forums will be held, with government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries attending the event! Witness the gathering of industry leaders, explore core technologies, listen to experts' insights, interpret market trends, gather in Suzhou, focus on key issues, and join us in dissecting industry development. This expo covers 6 major exhibition areas , with 1,300+ domestic and overseas exhibiting and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, materials, equipment, battery recycling, as well as NEVs, power tools, electric drives, and the low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and joining SMM in opening this feast of the new energy industry. At this New Energy Industry Expo, Shanghai Youta Chemical Technology Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly outlining the bright future of the new energy industry with peers. Shanghai Youta Chemical Technology Co., Ltd. Booth Number: G65 cordially invites you to visit the CLNB 2025 New Energy Industry Expo About • Youta Chemical Dedicated to Intelligent Equipment, Practicing Green Development Shanghai Youta Chemical Technology Co., Ltd., founded in 2015, specializes in providing high-quality products and technical process services for the extraction of key metal materials for NEV batteries. Its Hong Kong Guwei brand solvent oil is the world's first metal extraction-specific solvent oil, becoming a leader in the field of hydrometallurgy diluents. Meanwhile, Shanghai Youta Chemical is committed to extracting valuable metals from industrial wastewater, further helping metal smelters improve metal extraction efficiency. For example, extracting lithium from electrolyte production wastewater, extracting nickel and cobalt from extraction wastewater, extracting lithium from LiFSi waste, and extracting phosphorus from iron phosphate wastewater, etc. With the rapid development of the new energy market and Youta's years of efforts, the company has become a high-end solvent oil supplier widely recognized by customers in the field of metal extraction. Professional R&D capabilities and long-accumulated production process technologies provide customers with continuous technical value. Youta has served over 70% of new energy metal smelting enterprises and has been recognized by leading industry publicly listed firms. In 2022, the company was awarded the "Specialized and Sophisticated SME" key cultivation unit by the MIIT, a key supported enterprise in Jinshan District, Shanghai, and the "Emerging Enterprise Award" by the China Power Battery Recycling and Utilization Alliance. In the future, Youta will uphold the spirit of hard work, making new contributions to industry energy conservation, cost reduction, and efficiency improvement. 【CLNB 2025—Hot Registration】 CLNB 2025 (10th) New Energy Industry Expo April 16 to 18, 2025 Suzhou International Expo Center

According to the MiningNews.net website, the latest Explorer Quarterly Cash Report from BDO International indicates that exploration expenditure appears to have flattened by the end of 2024, with uncertainty looming in 2025. A survey conducted by BDO of 770 ASX-listed resource companies revealed that these companies raised a total of A$2.88 billion in Q4 2024, up 48% QoQ, but investment was only A$792 million, basically flat. The average quarterly investment for the entire year of 2023 was $933 million. Due to declining prices dampening investor confidence, exploration activities for lithium and nickel mines continued to decrease, while gold and energy metals remained strong. Uranium and fossil fuel exploration companies performed well in financing, but undoubtedly, gold remained the largest investment sector, with exploration investment reaching $2.69 billion in 2024, including $845 million in Q4. BDO data shows that among the 57 companies that raised over A$10 million, 75% were gold mining companies, with Spartan Resources raising A$220 million and Capricorn Metals raising A$200 million. Sherif Andrawes, Global Head of Natural Resources and Energy at BDO, stated, "The rise in gold prices is a significant factor in the increased financing for this sector. Gold exploration companies benefit from global deflationary fiscal policies and political uncertainty." Australian copper-gold exploration companies raised A$221 million, which is noteworthy. In Q4 2024, among the top five exploration expenditure companies, oil and gas and uranium companies accounted for four, indicating geopolitical tensions and global energy changes driven by the energy transition. Support for lithium exploration companies continued to decline. Lithium mining companies raised $198 million, with 80% flowing into one company, Vulcan Energy Resources. Overall, lithium exploration investment peaked in Q4 2023 and then sharply declined, mainly due to the significant drop in lithium prices in 2024, with no rebound since the beginning of the year. Initial public offerings (IPOs) continued to slow, and investor interest in small, high-risk exploration companies remained low, but BDO believes there are some signs of recovery in investor confidence. In Q4 2024, only three companies listed on the ASX, including Fulcrum Lithium, Golden Horse Minerals, and Mount Hope Mining. Due to suspensions or delistings from the Australian Securities Exchange, only 18 companies reported cash balances. Despite the decline, Andrawes believes opportunities for high-quality assets, particularly in copper and gold, still exist. He said, "Looking ahead, gold exploration companies are expected to remain active in 2025." "However, ongoing challenges such as inflationary pressure, capital choices, and geopolitical instability will continue to reshape the industry, driving consolidation and strategic investments aimed at development." BDO expects cash-rich companies to pursue high-quality but unpopular assets, especially in the gold sector. Uranium and copper should be closely watched in 2025.