05/03/2026 09:22

Gold ($US/oz)

Gold bounced +0.8% overnight but closed well off its highs as sellers into strength reemerged in precious metals. Similarly gold miners in the US opened strongly before surrendering most of their gains to finish marginally higher. A few months oscillating around the $US5,000 area is our preferred scenario for gold, with a strong possibility of a spike down towards the $US4,200-$US4,400 area.

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11/02/2026 09:40

Atlas Arteria (ALX) $4.70

On an 8.5% yield, ALX screens nicely as an income investment, however the underlying business continues to bob along the bottom, which is having the same effect on the share price. Their recent 4Q25 update didn’t move the dial for us. While US assets delivered welcome strength, softer European traffic and lingering funding and tax questions keep the outlook constrained. We don’t own the stock, have reviewed it a number of times, and continue to see fairly neutral underlying trends despite headline yield appeal.

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03/12/2025 09:45

AIC Mines (A1M) 47.5c

There are two major structural themes playing our globally; the energy transition and explosion in Artificial Intelligence (AI). Copper is central to both. Global demand is expected to rise from ~28.5 Mt in 2024 to 50 Mt by 2050, a 70% increase from current levels. At the same time, global ore grades are declining and the average lead time for new copper miners has continued to blow out.

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27/11/2025 09:59

Atlas Arteria Ltd (ALX) $5.04

Atlas Arteria (ALX) is an ASX-listed company that owns and operates toll roads globally, with major assets in France, Germany, and the United States. IFM Investors holds over 35% of Atlas Arteria, it’s a global institutional asset manager that manages in excess of $240bn.

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07/08/2025 09:19

Atlas Arteria Ltd (ALX) $5.28

Atlas Arteria (ALX) is an ASX-listed company that owns and operates toll roads globally, with major assets in France, Germany, and the United States. IFM* Investors holds over 32% of Atlas Arteria , raising takeover speculation due to its large stake and the company’s attractive almost 8% dividend yield, a typical setup before more direct acquisition discussions - we’ve discussed the M&A prospects for ALX in previous notes.

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19/06/2025 09:21

Atlas Arteria Ltd (ALX) $5.28

Atlas Arteria (ALX) isn’t officially “in play” via a takeover, but it does have significant activist interest. IFM Investors has steadily increased its stake—from around 29.9% to approximately 32.6%, using the “creep” provision.

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09/05/2025 09:19

Atlas Arteria Ltd (ALX) $5.22

Global toll road operator ALX gained +1.75% on Thursday, a few cents below its one-year high. It's had issues in the  last few years, but while interest rates are set to fall, the stock looks well-positioned:

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30/04/2025 09:41

AIC Mines (A1M) 35c

A1M reported March quarter production results yesterday, with Eloise production at the bottom end of the target range for the period. However, total production over the first nine months leaves just 2,839t Cu to be produced in the Junq for A1M to meet the FY25 production target of 12,500t Cu at an All In Sustaining Cost (AISC) of A$5.25/lb, which means the full-year target is likely to be exceeded.

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27/03/2025 09:47

Atlas Arteria Ltd (ALX) $4.87

ALX is a global toll road operator managing a portfolio of high-quality international toll road assets, including APRR (Autoroutes Paris-Rhin-Rhône), Dulles Greenway, and Chicago Skyway in the US.

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06/03/2025 09:25

AIC Mines Ltd (A1M) 39c

A1M is a relatively small Copper mining company with a market cap. of ~$225mn, but unlike many of its small-cap peers, it's producing Cu and has money in the bank: 1H25 results showed a solid increase in earnings after a better half of production at their Eloise mine;

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