UBS Upgrades Industrial Metals to Overweight on Structural Tailwinds

Dowstone Technology announced on the evening of September 18 that the fourth meeting of the company's sixth board of directors in 2026 reviewed and approved a proposal to re-evaluate and temporarily suspend the Congo (DRC) annual 30,000-tonne copper cathode hydrometallurgical smelter project. The project's raised funds were originally planned to be 1.104 billion yuan, with an 18-month construction period. As of June 30, 2026, cumulative investment was 131.35 million yuan, representing an investment progress of 11.89%. The company said that due to geopolitical conflicts driving up energy and commodity prices, rising logistics costs, and changes in the security situation in the project area, the project faces significant uncertainty in proceeding as planned. Singapore FOB diesel prices rose from around 75 to 95 US dollars per barrel before the conflict to a peak of 291.62 US dollars per barrel, and as of September 17, 2026, still stood at 191.08 US dollars per barrel. The mid-price of sulphur, FOB Middle East, on September 17, 2026, was about 875 US dollars per tonne, up nearly 70% from before the conflict. The company plans to properly handle procurement contracts already signed for the project, mainly by terminating relevant contracts. Any subsequent costs such as breach-of-contract penalties or progress payments due will be paid with the company's own funds, and any raised funds that need to be returned will be returned to the special account for raised funds. The company stated that this suspension will not have a material adverse impact on current production and operations, and it will focus on ensuring the safe and stable operation of its existing MJM and MMT production bases in Congo (DRC) while prudently controlling new investment.

Cygnus Metals Limited shareholders have voted in favour of the scheme of arrangement under which Central Asia Metals PLC will acquire 100% of the shares in Cygnus. At the Scheme Meeting held earlier today, the Scheme Resolution was passed by the Minority Approval Vote and the Requisite Majorities, with 81.38% of Cygnus Shareholders present and voting in favour, 98.35% of the total number of votes cast in favour, and 97.88% of the total votes cast by Scheme Shareholders voting as a single class in favour, excluding votes required to be excluded by MI 61-101. Cygnus will now apply to the Supreme Court of Western Australia for approval of the Scheme at a hearing scheduled for 2:15pm AWST on Wednesday, 23 September 2026. If the Court approves the Scheme, Cygnus intends to lodge a copy of the Court orders with ASIC on Thursday, 24 September 2026, when the Scheme will become Effective, with Cygnus expected to be suspended from trading on the ASX from the close of trading on Thursday, 24 September 2026 and on the TSXV from the close of trading on Wednesday, 23 September 2026. The Scheme is expected to be implemented on Monday, 5 October 2026, when new CAML Shares will commence trading on AIM.

Amerigo Resources Ltd. announced that its Board of Directors declared a performance dividend of C$0.21 per share, payable on October 14, 2026, to shareholders of record on September 21, 2026. The performance dividend reflects management's focus on returning cash to shareholders when operating conditions and company results allow for additional distributions, and it sits on top of regular payouts and buybacks. The company's short-term catalyst remains operational delivery against its 2026 production and cost guidance, with recent earnings strength and rising copper volumes already reflected in a very large 1-year total return. Two Simply Wall St Community fair value estimates span about C$3.92 to C$10.02 per share, underscoring how differently private investors think about Amerigo. The performance dividend itself is unlikely to change the company's operational drivers, but it may sharpen attention on how sustainable current payout levels are if revenue, which some expect to decline over time, starts to soften.