Daily Metals Mining Rundown and Peer Table - Free Edition for 26 Feb 2025 (intraday ASX) - Trump Announced Executive Order on Copper

Today’s metals mining peer group Today’s metal price movements intraday ASX (over past ~12 hrs) include:

SPECIAL COVERAGE - On 25 Feb 2025 (after-market TSX), President Trump announced the executive order (“order”), “Addressing the Threat to National Security From Imports of Copper,” which highlights the importance of copper as a critical mineral that is essential to national security, economic strength, and industrial resilience of the USA. The order points out that “A single foreign producer dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities.” The order assigns the Secretary of Commerce Howard Lutnick to investigate US demand for copper and the extent to which domestic production, smelting, refining, recycling, can meet demand, along with the feasibility of increasing such domestic (and perhaps friendly) capacities, and the impact of foreign predatory government subsidies. The order also prescribes that Secretary of Commerce Howard Lutnick work with the Secretary of Defense Pete Hegseth, Secretary of the Interior Doug Burgum and the Secretary of Energy Chris Wright and heads of other relevant agencies as determined by Secretary Lutnick, to within 270 days of this order further evaluate the national security risks associated with copper import dependency and deliver a report to the President indicating findings and recommendations to mitigate such threats, including “potential tariffs, export controls, or incentives to increase domestic production.” https://www.whitehouse.gov/presidential-actions/2025/02/addressing-the-threat-to-nationalsecurity-from-imports-of-copper/

Today’s metals mining peer group movers today intraday ASX (including yesterday’s TSX movements) include:

Metals mining company announcements incorporated into today’s Peer Table (resource updates, economic studies, changes in attributable project ownership) include:

• 26 Feb 2025 - Copper (polymetallic) producer 29Metals (ASX:29M) announced its annual resources and reserves update for its Australian mines and projects. Reserves remained flat at 35.7Mt, demonstrating solid reserves replacement and conversion of resources over past year at the company’s two, high-grade long-life Australian mines. Overall resources were down slightly to 7.7 Blbs CuEq (grading a solid 2.9% CuEq, 62% from Cu, rest Au-Pb-Ag) or 12.1 Moz AuEq (from 12.1 Moz AuEq). 29M stock trades at a market cap/lb of US$0.02/lb CuEq - an 81% discount to our 24-company copper producer peer group median market cap/lb of $0.108/lb CuEq, after the stock got a +2.9% boost today intraday ASX (vs. group median performance of negative -1.2% including TSX movements yesterday and vs. today’s ASX mean performance of +0.3% - on a slight boost that is possibly related to Trump’s announced executive order along with the resulting uptick in coper price.