First Read: Daily Commodities Note "Commodities broadly soft as oil rises" Shaw

Research evidence excerpt

First Read: Daily Commodities Note "Commodities broadly soft as oil rises" Shaw

Key UBS Research

Deep Yellow Limited - Scaling into the Nuclear Renaissance. We initiate coverage

of Deep Yellow (DYL.ASX) with a Buy rating and a A$2.15/sh price target. DYL stands

out in the listed uranium universe by boasting a significant mineral resource of

uncommitted uranium through its dual-pillar development strategy comprising Tumas

(Namibia) and Mulga Rock (Australia). In our view, this portfolio provides both scale and

strategic flexibility as the uranium market continues to tighten under structurally

improving fundamentals. Our positive uranium outlook, anchored by a long-term price

assumption of US$100/lb, underpins the investment case. The next key catalyst is FID at

Tumas (expected 1H27), followed by project funding, and with first production targeted

for CY29. Link to note. Source: UBS.

Freeport-McMoRan - Expert Call Feedback & Grasberg Restart Risks. We hosted a

leading global hydrologist and block caving expert (45+ year's experience) to assess the

Grasberg Block Cave (GBC) ramp-up and associated risks. The key takeaway is that

water management - specifically the water table level “head” - remains the critical and

underappreciated risk to safety and long-term performance. While FCX has

implemented measures to control water flow following the Sep-2025 mud rush event,

the expert believes current solutions are a reaction to the incident and potential changes

to hydrology, rather than a structural solution and may not fully address the root cause.

The expert believes lowering the water table below the extraction level would effectively

eliminate mud rush risk; technical solutions to achieve this are available, capital costs