BMO Research Today - June 30, 2026

Research evidence excerpt

BMO Research Today - June 30, 2026

INITIATIONS/TRANSFERS IN THIS ISSUE

Koryx Copper Macro and Sector Updates

Rene Cartier, Metals & Mining Analyst - Metals & Mining Ag Equipment

Initiating at Outperform (Speculative); Haib You Thought About Namibian Copper? BMO Global Commodities Research

OP (S) $3.05 $6.00 $370 BioPharma

Rating Price Target Mkt Cap. Commodities Daily

Oil & Gas - Q2/26 Preview; Do My Benefits Cover Whipla...

• We are initiating coverage of Koryx Copper with an Outperform (Speculative) rating and C$6.00

Oil & Gas - 2Q26 Mark-to-Market: Pin the Tail on the D... target price.

E&P - Canada

• Koryx is backed by an experienced management team with a track record of successful exits and is

rapidly advancing the large-scale, long-life, 100%-owned Haib copper-molybdenum-gold project in CDN O&G Services

Namibia. Following a recently updated resource, Koryx is set to release a prefeasibility study on Haib

by the end of 2026 and is targeting to have an environmentally approved project in 2027. Portfolio Strategy

The Change Tracker• Our C$6.00 target price implies 0.7x our fully diluted NAV10% estimate and a 97% return.

Initiation/Transfers

MKS KRY MKSI

Bhavesh Lodaya, VP Associate - US Chemicals

Rating Upgrades

Initiate at Outperform: WFE and Chemistries for the AI Chip & Package Build-Out

REPL

OP $416.00 $453.00 $28,097

Rating Price Target Mkt Cap. Estimates/Targets Raised

BAYN CMP

• We are initiating coverage on MKSI with an Outperform rating and a $453 target price.

Estimates/Targets Lowered• MKS offers one of the broadest critical-subsystem franchises in semiconductor WFE, alongside

exposure to advanced PCB and packaging process steps through its equipment and chemistry ATH CF CMG CNQ

portfolio.