JPM-JPM Mining Daily Iron ore 百分之1, Spodumene 百分之3...-20250813

Previewing upcoming earnings; EVN, GMD and RRL key picks

Key takeaways: 1) most of the gold miners have provided FY26 guidance with recentquarterlies, however, GMD is likely to provide with its result and RMS is waiting untilSeptember, 2) amongst the large caps, we will be keeping an eye on potential continuationof EVN’s dividend reinvestment plan as well as a breakdown of operational guidance byasset, and in the mids we’ll be looking for any updates on presidential sign-offs for PRU’sdevelopment projects, and 3) gold forward curves have moved 2-4% higher through thecurve, and we remain positive on the outlook for the commodity. Our preference amongst thelarge caps shifts to EVN as our preferred exposure (OW; $8.50/sh PT), and we remainpositive on NEM (OW; $113/sh), while NST screens at fair value in our view (N; $18.50/sh).In the mid caps, we now see better value support in GMD (upgrade to OW) vs CMM(downgrade to N), and we remain positive on RRL and RMS (both OW). We stay cautiouson BGL as it works to prove up steady production rates, and PRU with incremental risk intoupcoming elections in key African jurisdictions.