The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1407 ET - While Cameco's uranium currently isn't being hit with the Trump administration's import tariffs, which exempt goods compliant with the Canada-U.S.-Mexico Agreement, CEO Tim Gitzel acknowledges a lot can change overnight. For one, Gitzel reminds investors the U.S. in April launched a fresh section 232 investigation on the risks of reliance on foreign sources of processed critical minerals which included uranium. A similar investigation in 2019 by Trump's first administration spared uranium, but Gitzel says the company in its wake proactively took steps to minimize potential future impacts such as adjusting and clarifying contract terms and positioning material well ahead of expected deliveries. "Those preemptive actions helped us prepare for the more recent threat of tariffs on Canadian nuclear fuel products, and we will continue to adapt accordingly and mitigate such risks in the future." (robb.stewart@wsj.com)

0952 ET - Canada's biggest energy companies are urging newly-elected Prime Minister Mark Carney to commit to an urgent action plan to support energy development and help strength the country's economic sovereignty. In an open letter to the PM, the CEO's of companies including AltaGas, TC Energy, Imperial Oil, Enbridge and others called for a commitment to firm deadlines for project approvals, reducing the process to within six months. They also want regulation to be simplified, with any decisions able to withstand judicial challenges. Also, the companies want the federal carbon levy on large emitters to be repealed in favor of provincial regulation, and for the unlegislated cap on emissions to be eliminated. The CEOs argue growth in the Canadian oil and natural gas sector supports GDP growth, job creation and tax revenue. (robb.stewart@wsj.com)

0424 ET - Endeavour Mining's first-quarter earnings beat expectations on higher production, lower costs and stronger cash-flow, Berenberg analysts write. Net debt fell over $350 million to $378 million, which was lower than expected, they add. Overall, it was a very good start to the year for the London- and Toronto-listed gold miner, which leaves the potential for guidance upgrades, the analysts write. There is also further scope for additional shareholder returns, they add. Shares trade up 1.5% at 2,046 pence. (adam.whittaker@wsj.com)

2100 ET - Northern Star Resources' slow ramp up of operations in Kalgoorlie persuades Bell Potter to downgrade the stock to hold from buy. Analyst Bradley Watson trims a forecast for group FY 2026 production by 10% to 1.8 million oz of gold, with output lifting to 2.0 million oz in FY 2027. Bell Potter also expects cost inflation across all three of Northern Star's mining hubs, increasing all-in sustaining costs by 14% to A$2,040/oz in FY 2025. Bell Potter says its target price of A$20.85/share, down some 5.9% on before, reflects a long-term gold price forecast of A$3,800/oz. "Our recommendation would revert to buy applying a long-term gold price of A$4,300/oz," the bank says, noting the spot price is currently A$5,160/oz. Northern Star trades at A$19.11. (david.winning@wsj.com; @dwinningWSJ)

2046 ET - Now is not the time to be bullish about Coronado Global Resources given the risks to its balance sheet during a period of weak coal markets, decides Bell Potter. Analyst James Williamson downgrades Coronado to a speculative hold, from buy, even though the stock is trading at a deep discount to his discounted cash flow valuation of A$0.44/share. Coronado has unveiled measures to reduce cash burn and strengthen liquidity to weather weaker coal prices. It's also seeking to refinance its US$150 million asset-based debt facility. "In refinancing negotiations, Coronado may point to the roll-off of legacy contracts (Stanwell arrangements) from early 2027, freeing 1 million tons/year for export sales and reducing royalties," Bell Potter says. Its price target falls 54% to A$0.23/share. (david.winning@wsj.com; @dwinningWSJ)

1936 ET - Macquarie questions whether the market has got it right when selling off Champion Iron stock relative to other iron ore producers in the wake of U.S. steel tariffs. Champion Iron's Australia-listed shares are down roughly 1/4 in value since mid-February. "However, Champion Iron sells concentrate to non-U.S. customers and iron ore is largely a China clearing market," Macquarie says. Also, a large portion of Champion Iron's costs are "oil driven", being freight, it says. "Champion Iron should be a beneficiary of the declining oil price," says Macquarie, which retains an outperform call on Champion Iron. (david.winning@wsj.com; @dwinningWSJ)

1901 ET [Dow Jones]--Regis Resources's share price rally has Barrenjoey pondering the possibility that it could pursue M&A. Regis's stock is up around 80% so far this year, giving it significant firepower should it pursue scrip-based deals. "We have been concerned that Regis's short-life business and need to grow through inorganic growth was a key issue, and part of the basis of our underweight rating," analyst Daniel Morgan says. "If Regis can finance inorganic growth through its fully valued scrip, then meaningful value might be created with limited dilution." Regis ended Wednesday at A$4.51. (david.winning@wsj.com)

(END) Dow Jones Newswires

May 01, 2025 16:50 ET (20:50 GMT)

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