First Read Daily Commodities Note: Precious metals higher on US-Iran deal

Research evidence excerpt

First Read Daily Commodities Note: Precious metals higher on US-Iran deal

Key UBS Research

Bannerman Energy - It takes two. Getting on with building it. We initiate on

Bannerman Energy (BMN) with a Buy rating and A$5.15/sh price target. The recently

announced CNOL transaction establishes a clear pathway to development of the Etango

project with minimal incremental capex needed. We are constructive on the long-term

uranium outlook as reflected with our US$100/lb LT price forecast, which enhances

Etango‘s project economics. The next catalyst is CNOL deal completion and FID

(expected 3Q26) - UBS expects minimal completion risk. And with the stock (and sector)

down ~25% from 2026 highs on weak demand sentiment rather than limited company-

specific news, we view current levels as an attractive entry point. Link to note.

Source: UBS.

Indonesia Aluminium - Live port tracker: NPI power reallocation to support new

aluminium smelters. Re-allocation of power in Morowali to support aluminium

smelter? Media reports suggested that Tsingshan lowered nickel pig iron output in

Morowali to conserve energy for upcoming aluminium smelter. Our live port data

suggests the same, with NPI and nickel matte exports from Morowali down to zero in

May and in the first two weeks of June. We estimate that the reduction in Morowali NPI

production may free up ~1GW of power capacity, which may support ~650-700ktpa of

aluminium smelter capacity (Figure 5). This aligns with Xinfa‘s Taijing project, a 600ktpa

aluminium smelter in Morowali which started in 2Q26 and is expected to fully ramp up

by end of 2026E, though we have yet to record outgoing aluminium shipments from the

project at the time of writing. Link to note. Source: UBS.

Mining Strategy: Postcards from USA & Canada. Macro: Looking past ME