$BHP - Q3 2025 Activities Report

Copper production: 1.5MM T, +10%, Escondida +20%

Iron Ore production unchanged

It's been a rough year for BHP, like all base metal miners, let's see if fortunes change…

CEO expects "limited direct impact of tariffs" but 

Trump & Metals

It’s been three weeks since President Trump announced his Immediate Measures to Increase American Mineral Production 

Trump’s Immediate Measures to Increase American Mineral Production

Within a month we should supposedly get a list of priority projects “that can be immediately approved or for which permits can be immediately issued, and take all necessary or appropriate actions within the… https://t.co/sY4JxkzQKo

— MasterMetals (@MasterMetals) March 21, 2025

Today he issued an Executive Order dealing specifically with Critical Metals.

The EO instructs the Secretary of Commerce to launch an “investigation into the national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products.”

The investigation will “assess vulnerabilities in supply chains, the economic impact of foreign market distortions, and potential trade remedies to ensure a secure and sustainable domestic supply of these essential materials.”

A report will then be issued “detailing risks and providing recommendations to strengthen domestic production, reduce dependence on foreign suppliers, and enhance economic and national security.” The President will then determine if (additional) tariffs are imposed.

No specific due date given this time…

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MasterMetals

@MasterMetals

Gold Miners (Finally) Performing

The largest gold miners (+2 Million oz./yr.) have been having a stellar year as Gold rallies to new highs.

As usual, the most levered companies, $AU & $GFI, have been the out-performers.

Barrick $GOLD still underperforming

Gold Just Had Its Best Day Since 2023

Market Updates

GOLD +0.17% NEM +8.43% ABX +6.20% GFI +3.31% XAGUSD1! PL1!

News

Gold prices, which had tumbled from record highs over the past week, reversed course and rose roughly 3% today, the biggest percentage jump since October 2023.

Spot gold was up 3.4% at $3,085.50/ounce. At $88.10 a troy ounce, gold futures' daily gain was the precious metal's largest in dollar terms since March 24, 2020, when markets were being convulsed by Covid lockdown orders and investors were fleeing into the haven asset.

Today's move came amid a bond market rout overnight and in the morning, followed by a historic surge in stock prices in the afternoon after President Trump’s reversal authorizing a 90-day pause on new tariffs for many countries—except for China which got hit with a 125% rate, effective immediately.

Silver gained 3.1% to $30.80/oz., Platinum slipped 1.2% to $931.87, and Palladium was up 1.9% at $923.75

Shares of top miners Newmont NEM and Barrick Gold ABX up ~8% and 4.9%, respectively

U.S.-listed shares of South African miners: Gold Fields GFI up 7.5%, AngloGold Ashanti AU rises 8.9%, Harmony Gold HAR jumps 13.8% and Sibanye Stillwater SW.N> soars nearly 19%

Shares of Canadian miners: Kinross Gold K and Agnico Eagle Mines AEM up 7.6% and 4.5%, respectively.

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MasterMetals

@MasterMetals