The 720: Nittobo (upgrade to Buy), Recruit, DISCO, AU Lithium, Copper Week, FOCI, Bluescope, US Semis, China Mobility Tech

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The 720: Nittobo (upgrade to Buy), Recruit, DISCO, AU Lithium, Copper Week, FOCI, Bluescope, US Semis, China Mobility Tech

t growth across the sector is expected to be muted due to metal

cost inflation. Chandramouli Muthiah

Metals & Mining | Lithium, Copper Week, Ali

Australia Metals & Mining: Lithium - Ongoing volatility amid restarts. We remain cautious

on Australian lithium equities despite recent pullbacks, as previously idled spodumene

mines look set to restart and add over 1Mtpa of supply into CY27. While we lift our

near-to-medium term lithium prices and our long-term spodumene pricing to

US$1,275/t to reflect cost inflation, we see equities already pricing in approximately

US$1,600/t. A return to growth spending in FY27 will lift all-in costs and free cash flow

breakevens well above the AISC curve, limiting near-term cash generation. We remain

Sell rated on PLS, which appears most exposed with over A$2bn in P2000 capex limiting

free cash flow through FY29, and maintain Neutral ratings on LTR, IGO, and CXO. Hugo

Nicolaci

Global Metals & Mining – Takeaways from GS Global Copper Week 2026. We maintain a

constructive copper outlook following our Global Copper Week, driven by structural

supply scarcity, declining grades, infrastructure constraints, and disciplined capital

allocation. We see growth concentrated in brownfield expansions, selective greenfield

projects, and technology-led productivity gains such as leaching and automation.

Management teams across the ten participating producers emphasized balance sheet

discipline, social license focus, and cost control as essential to delivering growth while

managing inflation and permitting risks. Key catalysts to watch include Antofagasta’s

Centinela expansion, Capstone’s Santo Domingo decision, First Quantum’s Cobre