BMO Equity Research Metal Matters

In the final episode for 2024 we discuss BMO's outlook for Metals & Mining in 2025, technology advances and the current situation in aluminium. Click here for report. Click here for transcript. To access our full disclosures, please visit: https://research.bmo.com/public/disclosures

In this episode we discuss China-U.S. friction in critical minerals, the 2025 outlook for copper, cobalt's challenges and China's Central Economic Work Conference. 12 min Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode considers why iron ore has upside into year end, China's export rebate removal on aluminium, uranium and critical minerals recycling ( 14 min) Click here for transcript.

This episode discusses the impact of the U.S. election results on precious and industrial metals, and how China will respond to the new U.S. administration's policies. (11 min) Click here for transcript.

This episode discusses the China's concerns over Guinean bauxite, uranium, nickel and what we'd learned about China's latest bout of stimulus one month in. (13 min) Click here for transcript.

In this episode we discuss what surprised us at LME Week, the challenges in concentrate markets and the latest on China's policy pivot. (12 min) BMO clients can view our report, "LME Week 2024 Feedback", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/141e053a-a727-4beb-970d-802795801543/ Episode transcript: http://research-ca.bmocapitalmarkets.com/documents/7BA45F85-C637-4626-9C6C-ABB87D1EBC1A.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode considers the key points of discussion at LME Week 2024, our recent gold price upgrade, what China's stimulus announcement could mean and nuclear energy for data centres. Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the latest in EV and battery markets, consider zinc's supply problem and answer quickfire questions on iron ore. (15 min) BMO clients can view our report, Plugging In on More Realistic EV and Battery Metals Forecasts (Including Lithium), by visiting: https://researchglobal0.bmocapitalmarkets.com/research/4897090a-db59-4ed1-9382-c18f0ee1cc9b/ Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode discusses the recent improvement in Chinese sentiment, coking coal's challenges, gold's new nominal record and uranium discussion points ahead of a major industry event next week. (12 min) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we discuss the panic in the global steel industry, copper supply issues and China's historic EV moment. ( 15 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the impact of China's State Grid's new budget, new rebar standards, H1 trade and a special Olympics bonus section. 13 min Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This episode discusses feedback from Shanghai Platinum Week, gold's push to new highs and initial thoughts from Q2 production results.(13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we talk through our recent price changes, base metal concentrate tightness, tariffs and met coal. (11 min). Episode transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the copper physical-financial disconnect, China's focus on substituting copper with aluminium, and the current nickel situation. (11 min) Click here for transcript To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the unusual rise in visible metal inventory during May, supply issues in alumina and manganese ore, and the latest on batteries from the Rhomotion Europe conference. (13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss whether some recent price gains are fundamentally justified, PGMs, China property and long run copper price expectations. (13 mins) Episode transcript: To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the unusual situation happening in copper at present, why iron ore might be the best way to play Chinese recovery, gold demand and BMO's economic expectations. (13 min) Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/d0pHOGZncGVNNW1pdHBjTnF0TWFUcVZmS21iSEM0TXBYUmxESHBEakpRUG1qdG5QSmdyTnJkWWFUaFNVeHVTSEhBWUlCNStQdlRpNjV2eWR4Lzg3aWc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we provide feedback from CESCO Week in Chile, discuss implications of Russian material bans, and consider whether rising capital intensity is causing an existential moment for the mining industry. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/OUczMjdoUlY3MElvc29ER1B1cnV4UWVjYXFDSmFwQnFjazZqWTRXb2IzcHk2UStHbXVlNnBUb0pyb3V1VVFaOHduMEtpbFVxRTYwZjJWZCtpWm5vR2c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the new nominal highs for gold, a strong cross-commodity start to Q2, and preview CESCO Week 2024. 13 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/NUxwVEJHb21OOG1OVlBxT2dXMytFYVRYbWJEdW1BVS9JR3NCN1Z4SytLUjQ3ZTBJL2xobC9oVDdlT2FjczI1UUNJY2wwZGN4bG9qWDdlaHFNSTd5WlE9PQ2.PDF

This episode discusses our recent commodity price changes, global capex spending, China's delayed fiscal impulse and manganese ore. 12 min. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/SGFVcjZqc2FjYithT21yc05EM3lKSk5pVU1ONmJMVEY1Ym9YSzQxa3REZm5ENjhXTlpmSi8yRWhtOVNlVE9mTlJwa081dnJMWTN3emJ1ckZCWXA5M2c9PQ2.PDF BMO clients can view our report, Q2 2024 Metals & Bulk Commodity Price Update: Beginning to Look Brighter, by visiting: https://bmo.bluematrix.com/docs/pdf/f934ec8f-929b-460c-ae3a-1d5a192a1bcc.pdf

In this episode we discuss the drivers for recent moves in copper, gold, uranium, and lithium, plus the weakness in Chinese construction activity. 11 min. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Rk1kbXhwcmtUOHp3MkphS3RndEdzbzkvMEJwN3FsOUxlVXEyVkhRb3ZrWEZtQ1ZQRk1NNGQ0Mkc1TmpBdXpkYzFxZTJXRjBQeVNrZGZjdEsxbmt0RHc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we have a special episode of Metal Matters, sharing a podcast from BMO's Sustainability Leaders that aired on February 20, 2024. Colin Hamilton, Commodities Analyst at BMO Capital Markets, sat down with the International Council on Mining and Metals (ICMM)'s president and CEO Rohitesh Dhawan to discuss what the industry needs to do to embrace nature-positive mining (24 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Z01EUm53N0x1ckkzUXhjeVRIbi9DakhrMnRybmg4alNraXo1eTF0NWxjd3J1cjJyRTNoVVhsc1ArMGpVMktoWm1oaVRNaE1nWTc1TGdZbE51OW9IMVE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we preview BMO's 33rd Global Metals, Mining and Critical Minerals conference, and discuss the annual zinc treatment charge negotiations.  11 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/eXlCRzRkT0ZxVzhmVFlncEwrY1RIOTl0TVBmVHpMZVlMbjZyUjI0NytGQnNOUUZUbkVLL0pMT0hubElXaUx3c3Y0cWJINkIwTGlXVzFaMUl0N092dXc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we provide feedback from Mining Indaba in Cape Town, and discuss uranium, copper and Chinese cost inflation. (13 mins) Click here for transcript. To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the growing tightness in copper raw material markets, gold's resilience, nickel supply cuts, and China's 2023 economic data. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ei9UanNMUVJjRjcxOFFVT2F2am8wSWJRT0JLWDZSSDNxdzNTVjRDbDduVHk0cTRHUUVLdGtLWGY1SzZ0ZVRmZUJyUkRkR2g1RGthUFArZndqSW5jTnc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In the first 2024 episode we discuss met coal and alumina fundamentals following recent price gains, China's latest data points and how the Red Sea situation might impact metals and bulks. 13 min Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/QVpFMkZXK0JuQjcybzhRNjEvMGt1bXRLNFFuNzBkTjNRMVFlTHZwSUJQWCtvS2E5WE5mQ1pOK3E0MGIzai9BRlBNeEVDSGlvOGFyL3VjZ3dGR0dvQlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss our expectations for metal and bulk commodity markets into 2024, a new era for gold, and why we see a tighter copper market than expected. (13 min). BMO clients can view our report, “CORRECTION: Q1 2024 Metals & Bulk Commodity Price Update: The Old Guard Step Up”, by visiting: https://researchglobal0.bmocapitalmarkets.com/research/e9d00408-6249-4535-80d7-25496e8af494/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/d2NpSERFWXYvMVNSMEM3NHhmYXdFMUU2VmdUTzFFRWJ4MlBnaE12akJsQkFSZ09odXErdzQvVHVYa012NU5nUmNpN2hnaVVuQ0lxNmYzZ0VQMTRZYlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss the need for supply adjustments across commodities, with a focus on nickel, consider the seasonal iron ore trade, and think about the outlook for batteries and EVs (12 min) Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/amRTYUgrNU1nZ1BzQ3Q0aW9tVHIzOVk2NURESDNla25xRzN5anlSMDdKNVVLS0pWTzAvNHlkckdiSjBIOWl0bW82WXRjbklvZTJUOEFwd001MDRHMlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss Asia Copper Week, palladium, and silver. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/WUcxaGpJRE1RVXc0Y29yOUVBaFRaS1JEazZENUFtK1djem9DdkNvQmJmNUt5V1FtRTJtVmpoZXdnQ1hBRHpTVEdzUVNhS24wTk0vMDBTQjlqdzQ4NWc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss fears that the energy transition is struggling, gold, uranium and the return of supply issues. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/OUZ5Rk1iVERkZDN2Zmtxa2tvT0lpTk12UEhmMEtJNzluT09rNUdTNGQyZThzeURJQUlqUkpydS9FUkpsRWFudnNONDRuNm1DQ2VaRFJFcVNHOWhiNlE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this edition, we provide feedback from LME Week, discuss the positive trends in Chinese data, and talk through the current iron ore situation. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Nm5QUjhpcW85SWk1U21nZHVCajdreUVMalZ5QVRRR1o5My9oMm9keUZPRmJZU3kzeStYN0RNeTlrTjFOM2JpVWJNdTZ3ZjRxRk1mazJrVGF2Qjg2M3c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we preview LME Week 2023, discuss global industrial outlook and our recent price changes, and provide some quick thoughts on aluminium. BMO clients can view our report, "Q4 2023 Metals & Bulk Commodity Price Update: Steadying the Ship", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/0a32588c-405d-444f-a3a2-e9d2fc97cddb/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/S0Z4dG45RE8rM3dwL2dkRXRHTDFRTGlaZTgyanJsaVlDUlJmVWtZRWxHR0d6YUszMmk0RHE5NDFmMEdmWUFveEVsWGQ1MG8ydkdFelM4ZUJtMUxubmc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss China's August data, the UAW strike, India, and met coal. (10 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/R0RzRnoxOUVsRXd0ajZ0VjZDOEdGQ2lNWnluY3c0eEJpM0FoL2RFSTJRVGNXYmVHT2RmN3RuR2VQZk1BQW9wM0pKb2g2TFVUcUZ2VmxkbzZXcDlpYUE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we provide a short sharp summary of our views across the main commodities under our coverage for the remainder of 2023 and 2024.  Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ZklGekd5RUI5Z2VsTEsrUHMwZGlHQUNRT0duZHMxWGNzbzc2RUNEcmJEOFBKQzJOaVBweXl1MmxVaXNLT0tLLzF2Sm9TbEwyM0xETU1udmtlOGs5VUE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this special podcast we discuss the outlook for uranium ahead of the World Nuclear Symposium in London, covering market dynamics, current sentiment towards uranium, and the demand growth potential from small modular reactors. (18 min). BMO clients can view our report, "U Kids on the Block", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/d1f5bec3-dfbe-418b-9674-948f8ba6a84e/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/YlJlNmZ6RnBlZjhIVVB4ZTljUldDUUdoYzVBbVJSSzNiTG4ybEYrTUlWT29SR2ZPS3k1UUtMamlZeGdyR1ZTWXBDUG1EaGtIY2JwckZLOUk1RjVCMXc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short episode we discuss whether China's July data might be as bad as it gets, China gold demand, ex-China indicators and BHP's latest commodity outlook. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ZHJjUVFMNWloMWdxd3BnRUh2YXFSV1NUdytBU3ZJdFY3VE1sUnJOTDVQVDBQeXhRTW92Tksrdlplby9SSGVhRlRNYmJzQmNVMHduY3gwc3hRQktXNHc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we discuss our recent notes on copper substitution and iron ore pellet feed, plus silver's set-up and China's steel cuts Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/cjNLTUtEbEpjbWpvRmtidzIyUlp5dXNBdDNRN2M4REFKVTVGbWlhTFhCWjJTM0dKYk51OEtMOEdjQXJaRmJQNjNIaS9zbFh6bmo0VUNxamdaQnJiSFE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this episode we consider the outcomes from China's politburo meeting, critical minerals, met coal, and potential El Niño impacts. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/K1JnVTc3bFg2RDNscXFtMDBVdVJKZDZvdUxIb005M2hLNUd6Nmt5VGV4SmJveExJbURVUmx5dW51OXk4cHk5VitTKzBFekpGcnJxcWN6clR4UC9nMEE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (11 min) podcast we discuss China's minor metals export bans, the latest on stimulus, plus recent price forecast changes. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/LzJwaWRMbTdpeFY4ZmZHVE56RHhvVEZQVXNJOVlUYzAxeGEzajFsd0tvS2puaWdwSy95bkQ3SVhpWDJLMjJXWFFWRDJXNjRrT21PY3E3TXMxTmd6dmc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (8 min) podcast we discuss China's drip feed policy support, why the trend to bigger batteries might slow, alumina's challenges and client interest in DRI. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/aTQwbmVIcEJSd0E1TkJKclV4Qzk2R2N1dDBOZWx5QTlqeldlejJoeTVhZnZ6M2JsM1kwOHlpeitaYW5hejN1K3VDd3JMVUVBMERsWWx2Ri91TmI5RGc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

We discuss the latest Chinese data points and policy support, fading inflation pressures, and power demand for data. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/ZGZWTGZwR3I4bmdvYS9saUhFTE1iYkFkWXRaMFlFRnRjazNkMHVhNUljdUpqdGZHWFk0VUE2SHlrdzhGUDh4TGVTdHdBN1VsQldtYk5YWUM5ekZvckE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we discuss whether markets are too bearish on near-term metals price expectations, where we are relative to cost curves, and provide PGM and aluminium conference feedback. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/UGllc0R4UXhBNCs5cmhBU2tWMjJHbDlHUWMzZ1hzOGFFaFFoRm0zMjdCRllZZkQxUzBLN2F1cm5zY2QxTUJoakFvdjB6QWkvQVVJZlBKU09NbmdVbGc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we discuss mixed data points from China, cobalt, and preview London Platinum Week. (10 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/dTFWZmVFdmxzZDdzMjQvdjVHZW5BQlpndHV4MDY5b3hUVnQ3NDduS0ZqdXRGTEdwdDBuaHFCWCtHZGZJVFZvMll6M1NhWFBhOU11T2JHbGU4ZHNnTFE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week we discuss feedback from CESCO copper week, aluminium, China trade and the pressure on battery raw materials. (12 min). BMO clients can view our report, "CESCO Copper Week 2023 - Checking the Copper Connections", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/c69346d7-e6e9-460c-bded-63eac1e7026c/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/NG5YNTRWaGRGODJyTEtNakRtdkJSSjhkYXNTN1V0ZzRxdkIveWt6NU82WnZBUXJFMUZUbjBMb3JMTUtZWDV0SXc3cSsxbWt4NG5DQXREQzFTWjY2UHc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week, we preview CESCO Week in Chile, discuss China's recovery path and what happens now with gold above $2,000/oz. (11 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/UVBiUXlPY1M5NmJQU3QvcXZiUzYrbmpWeGgvb1JaSHFGUXFDNzhvdjNDT3JVTHJkTWlMVUx0YWRpSEhsa251Y3l1dTIrUkVLOGtZWVA1S1M2M0FMT2c9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This week, we discuss our recent commodity price changes, China's lithium and gold imports and alumina market dynamics. (9 min). BMO clients can view our report, "Q2 2023 Metals & Bulk Commodity Price Update: Keeping It Real", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/21782f22-3504-40bf-8020-42d2a7eaaf44/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/Z203UTZIUHhWTS96bnZiczlDb1VIOHpKeFF0RU56aU9FMzVwMHU2RXBZK25pOTVlbk4vc0psaEkzYldlekNGNVcxZHJ0R0xEejl1d29LYlZtR0N6WUE9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This time round we address the battle for critical minerals, China's green shoots, the impact of financial turmoil on commodities, and our latest electric vehicle assumptions. (12 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/a1pSSERXM3VQVjFmZHBHaFRSTEN6TmhJYSs4b09xK3phQmNZVVg0WVIyeGpTTmZsWW1WR1NkTVZ0UnJZSHFOaUdpNG1vQnNHazd2QXh2QVQrTHo4MGc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

This time around we provide feedback from BMO's Global Metals, Mining and Critical Minerals Conference, review China's 2023 growth target, and discuss the current situation in PGM markets. (11 min). Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/a0ZYRzhqVzEvaDltK1BIdmhEZHZKVFhVOWZ6ejB1cThYQTFvandjOGxKenAraDRmWU9ENURKUHlFdG41cmdsV1MrOGN4ME1WZ1VldWQvNCtNZkMxRGc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (10 min) podcast we preview both the 32nd Annual BMO Global Metals, Mining and Critical Minerals Conference and the International Zinc Association meeting. We also consider how our demand forecasts are incrementally changing thus far in 2023. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/NWFqVXdLTlRZWGJqUmkrZDVWN0hxV1hFa3FRREs5d25lZ2ZDYk1sV2tPbFRFOG55SmFic1ZZWU9QcmF0dXZGSEdiMTJ5aVZhU3FKSDJXNFo1b2treWc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short podcast we discuss feedback from Mining Indaba, nickel and uranium. Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/d1pUcC83R21UczNsWG9uRXpadFVOTzFZQ2ZBYWkxeGx5SmJSSEUzeGdNTFVkNXB4VEZRNzRrRzdBNXFDd3RhR25GQXVyTjhRczFMUUt1M21GRXZlcXc9PQ2.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/

In this short (12 min ) podcast we discuss full China commodity data for 2022, aluminium and gold. BMO clients can view our report, "2022 – A Very Mixed Year for China's Metals Demand", by visiting: https://researchglobal0.bmocapitalmarkets.com/research/b8a0e166-508b-469c-b43f-3ed0465ec148/ Episode transcript: https://research-ca.bmocapitalmarkets.com/documents/0699D71D-7779-42CF-BD96-96B001065AA8.PDF To access our full disclosures, please visit: https://researchglobal0.bmocapitalmarkets.com/public-disclosure/