HSBC-Zijin Gold International Initiate at Buy：A global gold powerhouse in the making-20251125

Entering a multi-year growth phase as output increasesacross its mines underpinned by a strong balance sheet

Margins supported by good cost control and a proven trackrecord of turning around underperforming assets

We initiate at Buy with a TP of HKD178.00; we estimate thata 1% rise in gold prices implies c1.4% earnings upside

Newly listed global gold producer: Zijin Gold International (Zijin Gold) is a globalgold mining platform formed through the consolidation of Zijin Mining’s (2899 HK,Buy) overseas gold assets. The company listed on the HKEX on 30 Oct 2025 at anIPO price of HKD71.59/share with Zijin Mining retaining an 85% stake. Zijin Goldoperates an integrated model across exploration, mining, processing, and sales,supported by nine producing mines across the globe. According to Frost & Sullivan,Zijin Gold ranked ninth globally by gold reserves and eleventh by production in 2024.