Jefferies has released a research report stating that CMOC (03993) announced the acquisition of Equinox Gold's Brazilian gold asset portfolio last December, with a maximum consideration of approximately $1 billion. The relevant transaction has been completed. The bank's net asset value analysis indicates an implied gold price of about $3,320 per ounce, compared to a spot gold price exceeding $5,000 and a year-to-date average price above $4,500. The bank currently assigns a target price of HK$25.9 for CMOC's H-shares and a target price of RMB 26.7 for its A-shares (603993.SH), both with a "Buy" rating. During its mid-year business update last year, the company stated that gold would become another business pillar alongside copper. Management believes that, based on the acquisition cost of approximately $1 billion, it expects to achieve reasonable returns and holds a constructive view on gold. Furthermore, management also indicated potential for further reduction in the operating costs of the acquired assets, including synergies and efficiency improvements, as well as more competitive procurement and supply chain management provided by the company. Regarding long-term gold production targets, the bank expects annual gold production from the Brazil and Ecuador projects to reach 20 tonnes after reaching full capacity. Without considering further capacity expansions or acquisitions, it is estimated that gold will account for 5% to 6% of CMOC's gross profit in 2026, increasing to over 10% by 2030. Management's preliminary target is to double gold production by 2030, with plans primarily focused on achieving this through mergers and acquisitions.