Scotiabank

Sierra Gorda SCM is a mining company based in Antofagasta, Chile, specializing in the production of copper and molybdenum concentrates. The company primarily deals with lower-grade copper sulphides and is committed to innovative practices in low-grade mining. By continually seeking alternatives and new methods of production, Sierra Gorda SCM positions itself as a pioneer in the industry, addressing the challenges associated with lower-grade materials while contributing to the mining sector's evolution.

Horizon Copper is a company focused on the copper sector, offering minority ownership interests in high-grade and low-cost copper projects. With a strategic approach to investment, Horizon Copper aims to capitalize on the growing demand for copper, which is essential in various industries, including renewable energy and electric vehicles. The company's portfolio is designed to provide investors with exposure to high-quality resources while managing risk through its minority stakes in multiple projects. By prioritizing projects with favorable economics and potential for growth, Horizon Copper positions itself as a significant player in the copper investment landscape.

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, and Spain. The company produces copper, zinc, lead, and nickel and also holds a 24% equity stake in the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and the Kokkola cobalt refinery in Finland. Lundin Mining Corporation focuses on mining and refining base metals to meet global demand for these essential materials.

Eldorado Gold is a Canadian gold and base metals producer with mining, development and exploration activities in Turkey, Canada and Greece, operating a portfolio of assets including Kisladag, Efemcukuru, Skouries, Perama Hill and Certej, and maintaining long-term partnerships with local communities, while emphasizing responsible operations with high safety and environmental standards and engaging with stakeholders to support the communities where it operates.

Ecora Resources PLC is a company that specializes in acquiring royalties from a diverse portfolio of mining assets, primarily focusing on base metals and bulk materials. Its portfolio includes key commodities such as copper, nickel, iron ore, gold, cobalt, vanadium, metallurgical coal, and uranium. Notable assets include Voisey's Bay, Mantos Blancos, and Maracas Menchen, among others. The company operates in low-risk jurisdictions and aims to enhance its income growth by investing in cash-generating royalties and exploring opportunities in earlier stage royalties. Ecora Resources is committed to returning a substantial portion of its royalty revenues to shareholders as dividends.

Champion Iron is a Canadian iron ore exploration and development company, holding extensive claims in the Labrador Trough region. It focuses on properties such as Fire Lake North and Powderhorn/Gullbridge.

Orla Mining is a mineral exploration company focused on acquiring, exploring, and developing mineral properties. Its primary asset is the Camino Rojo project in Zacatecas State, Mexico, which contains estimated mineral reserves of over 1 million ounces of gold and silver. The company also holds interests in projects in Panama and Nevada, USA.

Mandalay Resources is a mining company focused on gold and antimony production. It acquires undervalued assets that can quickly generate cash, fund exploration, and maintain high operating margins, allowing it to return cash to shareholders. The firm operates the Costerfield gold and antimony mine in Australia and the Bjorkdal gold mine in Sweden, while also pursuing exploration and care‑and‑maintenance projects in Chile and Canada. Mandalay emphasizes safe, environmentally responsible operations and strong community and employee engagement.

Nighthawk Gold Corp. is a Canadian gold exploration company that identifies, acquires, and evaluates gold properties, primarily in the Northwest Territories. The company holds a 100% interest in the Indin Lake Gold property, which encompasses the Colomac Gold Project. This project is situated within a highly prospective and underexplored Archean gold camp, specifically in the Indin Lake greenstone belt. Nighthawk Gold, formerly known as Merc International Minerals Inc. until its name change in April 2012, was incorporated in 2004 and is headquartered in Toronto, Canada. The company is focused on advancing its primary project while developing other regional deposits within its extensive land position of 222,203 acres north of Yellowknife.

OceanaGold Corporation is a multinational gold and copper producer with operations in New Zealand, the Philippines, the United States and El Salvador. It operates a portfolio of four active mines: the Haile Gold Mine in the United States; the Didipio Mine in the Philippines (commercial production started in 2013 and a defined mine life through 2030); and the Macraes and Waihi mines in New Zealand, with Reefton also part of its New Zealand operations. The company is dedicated to safe and responsible production, environmental stewardship, and collaboration with host communities to create lasting value beyond mine life while seeking to maximize free cash flow and returns for stakeholders.

Lundin Gold is a Canadian mining company headquartered in Vancouver focused on the Fruta del Norte gold project in southeastern Ecuador. The company holds and develops a portfolio of mineral concessions in the region, with Fruta del Norte identified as its flagship asset located near Loja in the Cordillera del Condor area. Through acquisitions and exploration, Lundin Gold advances the development of this gold resource, aiming to establish a long-term operation centered on gold production in Ecuador.

Guyana Goldfields Inc. is a Canadian-based company engaged in the exploration and production of gold, primarily within the Guiana Shield of South America. Established in 1994 and headquartered in Toronto, the company has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, development, and operation of gold mineral properties, with its primary asset being the Aurora Gold Mine. The company also holds advanced exploration projects, including the Aranka Properties, and is dedicated to conducting ongoing exploration and development work in these areas. In 2020, Guyana Goldfields became a subsidiary of Zijin Mining Group Company Limited, reflecting its strategic positioning within the gold mining sector.

Primero Mining Corp. is a Canadian-based precious metals producer engaged in the acquisition, exploration, development, and operation of mineral resource properties primarily in Mexico. The company holds a 100% interest in the San Dimas gold-silver mine project and the Cerro del Gallo gold-silver-copper development project, alongside the Black Fox mine in Ontario, Canada. Primero Mining focuses on gold and silver exploration, emphasizing low-cost production and a substantial resource base in politically stable regions. Founded in 2007 and based in Toronto, it was originally known as Mala Noche Resources Corp. and rebranded in 2010. As of May 2018, Primero operates as a subsidiary of First Majestic Silver Corp.

Franco-Nevada is a royalty and streaming company focused on precious metals, primarily gold, silver, and platinum. It owns a diverse portfolio of cash-flow-producing assets that generate revenue through various royalty streams. The company does not engage in mining, project development, or exploration activities, which allows it to limit exposure to operational risks and cost inflation. Franco-Nevada's financial performance is closely tied to commodity prices and production levels from its asset portfolio, while its long-term success relies on access to exploration and development capital. Through its strategic asset management, Franco-Nevada provides investors with the opportunity for yield and exposure to commodity price fluctuations, alongside exploration optionality.

Wheaton Precious Metals is the world's largest precious metal streaming company. It operates by securing agreements with mining companies to purchase silver and/or gold at a low fixed cost in exchange for an upfront payment. With operations across politically stable regions, Wheaton has created a business model that offers shareholders leverage to increases in precious metal prices, additional growth through new streams, dividend yields, and participation in exploration success. This model reduces capital and operating costs risks typically associated with traditional mining companies.

Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Additionally, Hudbay has copper projects in Arizona and Nevada, United States. The company's primary focus is on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay markets its copper concentrates to smelters in Asia, America, and Europe, while zinc metal represents its second largest revenue source. The company is committed to responsible mining practices and aims to create sustainable value through the development and operation of high-quality mineral deposits, benefiting the regions and communities where it operates.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company founded in 2014. It owns and manages a portfolio of royalties, streams, and precious metal offtake arrangements, with over 175 assets across North America. Its cornerstone asset is a 5% net smelter return royalty on the Canadian Malartic mine, Canada's largest gold mine.