First Read Daily Commodities Note: Cu at 6 week highs

研报英文原文证据摘录

First Read Daily Commodities Note: Cu at 6 week highs

forecasts. Guidance to the asset level was not provided, but we have taken out 6koz/3%

of production and added $202/oz/7% to our group AISC. This has dropped our FY27

NPAT by 17%, and our blended EV/EBITDA + DCF valuation has fallen 19% to $1.75/sh.

Nevertheless, we still see good value in the name (+30% potential upside to our blended

PT), and the company's strong BS and medium term CF generation (13% avg. FCF yield

to FY30) gives the company options to pursue internal and external growth

opportunities. We retain a Buy rating on the stock. Link to note Source: UBS.

Strategic Minerals - Previewing the Quarterlies: With quarterly updates fast

approaching, we refresh views across our coverage. While overall we remain

constructive on the macro/commodity outlooks, we think recent equity

underperformance (particularly in the uranium sector) is understandable given broader

macro risks threatening demand sentiment; in our view, this presents an opportunity for

select stocks. We make no changes to commodity price forecasts, price targets or ratings

but adjust earnings for FY26/27E for selected names. See refreshed selected commodity

views overleaf. Our top picks are: NXG, NIC LYC. Link to note. Source: UBS.

Boliden - 2Q26 More Operational Challenges: 2Q26 EBIT (ex PIR) of SEK2.9bn was

-13% below VA cons; D&A was 5% below cons resulting in a 9% EBITDA miss. BOL has

experienced a number of operational challenges issues in recent years: the current focus

is (1) delays/challenges in the ramp-up of the Odda smelter project; (2) impact of seismic

issues at Garpenberg. Both negatively impacted 2Q; we have low conviction/visibility on

a sustainable operational improvement BOL and in our view M&A is a potential risk (UBS

view).