Bhushan Power & Steel Acquisition & Valuation

State-owned miner and power producer. It mines lignite in Neyveli, Tamil Nadu, and runs lignite and thermal power plants plus a growing solar and wind portfolio. Power is sold to state utilities. Headquartered in Neyveli.

Danieli & C. Officine Meccaniche is an Italian engineering group headquartered in Buttrio, near Udine, that designs, builds and services plants and equipment for the steel and metals industry. It is listed on Euronext Milan. The group has production and service centres in several countries and sells rolling mills, minimills and automation systems, together with spare parts and after-sales services. For the year to 30 June 2026 it reported revenue of EUR 3,833.5 million, EBITDA of EUR 438.9 million and net profit of EUR 230.4 million. It has grown partly through acquisitions, among them the engineering firm FATA in 2015, and in 2026 it took part in a funding round of the nuclear technology company Newcleo. In June 2026 it sold its majority stake in the regional broadcaster Telefriuli.

Regis Resources Ltd is one of Australia's gold companies, producing around 437,309 ounces annually. Cash costs are below the industry average. Operating mines are located in Western Australia, which brings relatively low sovereign risk. Management has a sound operating track record and an appropriate bias towards balance sheets and dividends; however, the gold price and new investments will be the primary arbiters of long-term returns. Development of the McPhillamys deposit in New South Wales, if approved, should add approximately two hundred thousand ounces of gold production a year in the medium term. The Company has three reportable segments: the Duketon North Operations, Duketon South Operations, and Tropicana Gold Project.

Westgold Resources Ltd is a gold producer with a large and strategic landholding across two of Western Australia’s prolific gold regions, the Murchison and the Southern Goldfields. The group has acquired several square kilometers of land holdings and operates multiple underground mines and four processing hubs across these regions. Its reportable segments are: Murchison and Southern Goldfields. The majority of the group's revenue is generated from the Murchison segment, which incorporates the operations of its three processing hubs at Cue, Meekatharra, and Fortnum. The group generates maximum revenue from the sale of gold at spot, and the rest from the sale of silver.

Hochschild Mining PLC is engaged in the mining, processing, and sale of silver and gold. It has one operating mine (Inmaculada) located in southern Peru, one operating mine (San Jose) located in Argentina, and one operating mine (Mara Rosa) located in Brazil. The Group also has a portfolio of projects located across Peru, Argentina, Brazil, and Chile, at various stages of development. Its reportable segments are Inmaculada, San Jose, Mara Rosa, Pallancata, Exploration, and Other. A majority of its revenue is generated from the Inmaculada segment, which generates revenue from the sale of gold and silver (dore). Geographically, the group generates maximum revenue from Canada, followed by Switzerland, the USA, Peru, South Korea, Germany, Japan, and other regions.

NGEx Minerals Ltd is engaged in the acquisition, exploration, and development of mineral properties in South America. The reportable projects of the company are the Los Helados Project, the company's exploration projects in Argentina, other exploration projects, and the Company's corporate administration function.

Aya Gold & Silver Inc is a Canadian-based precious metals mining corporation active across the full mining life-cycle, from discovery and development through to production. It operates in Morocco. The company's flagship asset is the Zgounder Silver Mine, recognized for its rare, high-grade silver mineralization. The mine is located along the Anti-Atlas fault, one of North Africa's geologically rich and underexplored regions, known for hosting silver, gold, and base metal deposits. Aya also owns an 85% interest in the Boumadine polymetallic project, which is currently at the exploration and evaluation stage. It operates in single segment of mining industry and its products are precious metals ingots and concentrate which are refined or smelted into pure silver and sold to metal brokers.

Century Aluminum Co produces primary aluminum standard grade and value-added products. The firm operates smelter facilities in the United States and Iceland. The majority of revenue is generated from Glencore, which agreed to purchase nearly all of Century Aluminum's North American production. The company produces high purity aluminum, standard-grade aluminum sow and tee bars, and value-added billet and foundry products. The company also owns a carbon anode production facility in the Netherlands.

Industrias Ch SAB de CV is a Mexican company. It acts as a producer of special steels in Mexico and the United States. The company's products include Billet, pipes, cylindrical and corrugated steel rods, structural profiles, commercial profiles, barbed wires, and wire rods and rod derivatives.

Allied Gold Corp is a company focused on gold mining activities in Africa. Allied has three mines and several development and exploration projects in Africa where it has operating experience. Operations are located in Cote d’Ivoire, Mali, and Ethiopia. The company expands and optimizes initiatives at existing operating mines, the development of new mines, the advancement of its exploration properties, and, targeting other consolidation opportunities with a focus on Africa.

Aris Mining Corp is a Canadian gold mining company focused on South America. It is mainly engaged in the acquisition, exploration, development, and operation of gold properties in Colombia and Guyana. Aris Mining operates the Segovia and Marmato Mines and the Soto Norte Project in Colombia. Additionally, it owns the Toroparu Project in Guyana. The company considers its Segovia and Marmato Mines in Colombia, its Toroparu Project in Guyana, its Soto Norte Project in Colombia, and its corporate functions in Canada and other corporate entities as its reportable segments. The majority of its revenue is generated from operations at the Segovia mines in Colombia.

Pan African Resources PLC is engaged in commodity mining and exploration activities. Its segments are Barberton Mines, Evander Mines, Solar projects, and MTR operation. Majority of revenue comes from Evander Mines. The company has presence in South Africa, Australia, UK and Europe, and United States. The company generates majority of revenue from South Africa.

Chuangxin Industries Holdings Ltd is the Hong Kong-listed holding company for an integrated Chinese aluminum producer whose operating business traces its origins to 2012. The group combines an alumina refinery in Shandong Province with an aluminum smelter in Inner Mongolia. It produces and sells alumina, aluminum ingots, liquid aluminum and related upstream materials to industrial customers. The electrolytic-aluminum business contributes most of the group's revenue, while the alumina operation supplies an important feedstock for smelting. Chuangxin reported USD 2.1 billion of revenue and USD 666 million of EBITDA for 2024 before its 2025 public listing. The company plans to invest IPO proceeds in additional smelting and processing capacity in Saudi Arabia and in a greater contribution from wind and solar power. It earns revenue through business-to-business sales of aluminum products and related materials.

Integrated metal producer making sponge iron, pellets, ferro alloys, steel billets, TMT bars and stainless steel, with captive power. Plants in eastern India. Headquartered in Kolkata.

Copper World is an Arizona-based developer of the Copper World Project near Dudleyville. The open-pit mine targets 44 million tonnes of ore grading 0.54 percent copper, producing 400 million pounds annually via flotation and oxide leaching. Feasibility studies completed in 2022 support a 22-year mine life.

KoBold Metals is a Berkeley, California-headquartered exploration company using AI, machine learning, and geophysical data to discover battery metal deposits globally. The firm targets cobalt, copper, and lithium for electric vehicles, operating projects in Zambia, North America, and Australia. KoBold partners with investors like Breakthrough Energy Ventures and Andreessen Horowitz.

Alcoa Saudi Arabia is a joint venture between Alcoa and the Ma'aden Mining Company operating a bauxite mine in central Saudi Arabia. Launched in 2014, it supplies raw materials to aluminum smelters as part of a fully integrated complex.

GFCL EV Products is a subsidiary of Gujarat Fluorochemicals Limited that manufactures battery chemicals for electric vehicle and energy storage applications, with backward integration into raw materials such as anhydrous hydrofluoric acid and fluorspar. Its product portfolio includes the electrolyte salt lithium hexafluorophosphate (LiPF6), electrolyte formulations and additives, cathode active materials including LFP, and binders such as PVDF and PTFE. The company operates an integrated battery materials facility in Jolva, Gujarat, and aims to become a preferred supplier to global OEMs and battery and cell manufacturers.