Bond yields and resources

Hi Young,

Bond yields and the oil price are likely to be determined by the US-Iran War, we believe they will top out together. It’s hard to know when the 2 parties will find some middle ground especially as President Trump appears to have turned his attention to the US mid-terms this week.

We are still targeting the $36-37 area for Woodside (WDS) which implies some ongoing support from energy prices.

We continue to prefer BHP over RIO, primarily because we see BHP as offering larger scale, diversification and exposure to longer-term and higher quality assets, especially given their early pivot to ramping up Copper exposure in the late 2010s.

We like FFM as more of a high-beta copper exposure than a traditional diversified mining stock. That’s also the key risk. FFM isn’t currently producing, still progressing Green Bay towards a potential large-scale restart, FID targeted for mid-2027 – so comes with considerably more exploration, development, funding and execution risk.

• We remain positive on copper given the strong structural tailwinds from electrification, grid investment and constrained supply. We prefer to gain this exposure through diversified miners such as BHP, though FFM looks promising as a more speculative play.

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FireFly Metals Ltd (FFM)

LAST UPDATED 11/09/2026 12:54

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FireFly Metals Ltd (FFM)

LAST UPDATED 11/09/2026 12:54