Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Data Reported From the Open-Label Arm Of The FLAMINGO Trial Greenwich LifeSciences announced preliminary Phase 3 results from the open-label, non-HLA-A*02arm of its FLAMINGO-01 trial. The data showed a reduction in breast cancer recurrence rates of about 80% for patients that completed the primary vaccination series (PIS) ofGLSI-100. In addition, the first patient has completed the full 3-year treatment.
FLAMINGO0-01 Divides Patients By Immune Classification. The FLAMINGO-01 trial divides patients by their HLA types, a system of classifying a patient’s immune response. Patients with the most common HLA type, HLA-A*02, have enter one of the double-blind placebo-controlled arms of the trial. About 250 patients with other HLA types have been entered into an open-label portion, referred to as non-HLA-A*02.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations. Saga currently owns or operates broadcast properties in 27 markets, including 79 FM and 33 AM radio stations. Saga’s strategy is to operate top billing radio stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Active Rock, Adult Album Alternative, Adult Contemporary, Country, Classic Country, Classic Hits, Classic Rock, Contemporary Hits Radio, News/Talk, Oldies and Urban Contemporary. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on NASDAQ under the ticker symbol “SGA”.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Share repurchase. On December 15, the company announced the completion of a sizeable share buyback that was conducted through a privately negotiated transaction. Notably, the company repurchased 184,215 shares for approximately $2.1 million, or $11.50 per share, which represented roughly 2.8% of the 6,556,621 shares outstanding as of December 11.
Tower sale. Importantly, the share buyback was largely expected following the sale of 22 tower sites for approximately $10.7 million in late October. Net proceeds of $8.7 million were earmarked to be used for share repurchases.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Trump Media & Technology Group stunned markets Thursday after announcing a merger agreement with private fusion power company TAE Technologies in a deal valued at more than $6 billion, sending shares of Trump Media soaring more than 25% in early trading. The all-stock transaction represents a dramatic strategic shift for the company, positioning it at the intersection of media, finance, and next-generation energy.
Under the terms of the agreement, which is expected to close in mid-2026, shareholders of Trump Media and TAE Technologies will each own approximately 50% of the combined entity. The merger would result in one of the world’s first publicly traded fusion energy companies, a milestone for a technology that has long promised clean, abundant power but has yet to reach commercial deployment.
TAE Technologies is a privately held fusion company focused on developing advanced fusion reactors that aim to generate electricity without the radioactive waste or meltdown risks associated with traditional nuclear power. While no fusion power plants are currently producing electricity at scale, proponents argue the technology could be transformational if commercial viability is achieved. The announcement signals an ambitious bet by Trump Media on the long-term potential of fusion energy as part of America’s future energy and technology infrastructure.
The merger news sparked an immediate market reaction. Trump Media shares, which trade on the Nasdaq under the ticker DJT, jumped sharply in premarket trading after having fallen more than 75% from their highs earlier this year. The rally highlights how headline-driven and speculative the stock remains, with investor sentiment often shifting rapidly based on strategic announcements rather than near-term fundamentals.
Trump Media, best known for operating the Truth Social platform, has already begun expanding beyond social media. Earlier this year, the company entered the financial services space, and the TAE merger further accelerates its diversification strategy. Following the deal, Trump Media is expected to operate as a holding company overseeing Truth Social, Truth+, Truth.Fi, and TAE’s various subsidiaries, including its power solutions and life sciences units.
Former President Donald Trump indirectly owns more than 114 million shares of Trump Media. Prior to taking office in January, he transferred his majority stake into a revocable trust managed by his eldest son, Donald Trump Jr. While Trump is not directly managing the company, his association continues to play a significant role in public perception and market interest surrounding the stock.
Looking ahead, the combined company has stated its ambition to develop the world’s first utility-scale fusion power plant, subject to regulatory approvals. Executives argue that fusion energy could provide reliable, cost-effective electricity at a time when demand is expected to surge due to artificial intelligence, data centers, and electrification trends.
For investors, the deal represents both opportunity and risk. While fusion energy carries enormous long-term promise, commercialization timelines remain uncertain, and the merger blends a highly speculative energy technology with an already volatile media stock. The sharp rally in DJT reflects optimism around the announcement, but sustained performance will ultimately depend on execution, regulatory progress, and broader market conditions.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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Initiating coverage with an Outperform rating. We are initiating coverage of Summit Midstream Corporation with an Outperform rating and a price target of $47 per share. Summit is a diversified midstream operator headquartered in Houston, Texas, focused on developing, owning, and operating strategically located natural gas, crude oil, and produced water infrastructure across several key U.S. unconventional resource basins.
Strategically positioned. Summit owns and operates midstream infrastructure in major U.S. unconventional resource basins, including: 1) the Williston Basin in North Dakota, 2) the Denver-Julesburg (DJ) Basin in Colorado and Wyoming, 3) the Fort Worth Basin in Texas, 4) the Piceance Basin in Colorado, and 5) the Arkoma Basin in Oklahoma. The company also holds a 70% majority interest in and operates the Double E Pipeline, a natural gas transmission system connecting the Delaware Basin to the Waha Hub in Texas. The diversified footprint provides Summit with exposure to multiple producing regions.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Anfield Energy Inc. (TSX.V: AEC; NASDAQ: AEC; FRANKFURT: 0AD) announced it has entered into a definitive agreement to acquire BRS Inc., a Wyoming-based engineering and consulting firm specializing in uranium and vanadium projects. The transaction represents a strategic step toward strengthening Anfield’s internal technical capabilities as the company advances its portfolio toward near-term production.
BRS has served as a long-standing technical partner to Anfield since 2014, providing engineering, geology, mine development, and construction management services across multiple assets. The firm has authored numerous technical reports, Preliminary Economic Assessments (PEAs), and resource updates for projects including Slick Rock, the West Slope Projects, and the Velvet-Wood Mine. By integrating BRS directly into its operations, Anfield aims to streamline project execution while reducing reliance on third-party consultants.
The acquisition brings decades of specialized expertise in uranium exploration, in-situ recovery (ISR), conventional mining, and mill reactivation directly under Anfield’s corporate umbrella. Douglas L. Beahm, founder of BRS and Anfield’s Chief Operating Officer, will continue in his executive role while serving as principal engineer. Beahm is a Qualified Person under NI 43-101 with more than 50 years of experience in uranium resource development, mine operations, and regulatory permitting seen as critical to Anfield’s growth strategy.
From an operational standpoint, the transaction is expected to improve cost efficiency and shorten development timelines across Anfield’s asset base. Internalizing engineering and technical functions allows the company to move more quickly on resource updates, economic studies, permitting applications, and mine planning activities. This is particularly relevant as Anfield continues efforts toward restarting the Shootaring Canyon mill, which anchors its hub-and-spoke development strategy in the U.S.
Beyond operational efficiencies, the acquisition also creates new growth avenues. BRS is expected to expand its external consulting services with the support of a publicly traded platform, potentially offering turnkey development solutions to third-party toll-mill partners. The expanded technical team may also help Anfield identify and evaluate acquisition opportunities more rapidly, supporting resource expansion and portfolio optimization.
The deal terms include total cash consideration of US$5 million paid to Beahm over a two-year period. An initial payment of US$1.5 million will be made at closing, followed by US$1.5 million after the first anniversary and a final US$2 million payment after the second anniversary. No securities will be issued as part of the transaction, and no finder’s fees are payable. Completion of the acquisition remains subject to customary closing conditions and regulatory approvals.
As a related-party transaction under Multilateral Instrument 61-101, the acquisition qualifies for exemptions from formal valuation and minority shareholder approval requirements, as the total consideration does not exceed 25% of Anfield’s market capitalization.
Anfield Energy is a uranium and vanadium development company focused on building a vertically integrated domestic energy fuels platform. The acquisition of BRS marks a meaningful step toward that goal, enhancing internal technical depth while positioning the company to advance its projects more efficiently amid rising demand for U.S.-based uranium supply.
Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Tonix Announced Acquisition of A Non-Opioid Pain Reliever. Tonix continues to build its neurological pain pipeline with the licensing of a Sigma-1 receptor antagonist for development in neuropathic pain relief. Published studies on the Sigma-1 receptor’s mechanism of action have shown activity in pain and several neurological diseases. We see this as an extension of the company’s product line in neurology, including products for fibromyalgia/pain, acute stress disorder, major depressive disorder, and migraine headache.
TNX-4900 Is Highly Selective For The Sigma-1 Receptor. The new molecule, known as TNX-4900, is a small molecule developed to be highly selective for the Sigma-1 receptor, avoiding the Sigma-2 and other Sigma receptor-family members. It has been tested in multiple models of pain and selected for its efficacy and safety profile. TNX-4900 has also shown ability to cross the blood-brain barrier, with favorable adsorption, distribution, metabolism and elimination (ADME) properties.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
After several challenging years marked by higher interest rates, tighter capital markets, and depressed valuations, signs are emerging that the biotech sector may be on the cusp of a meaningful turnaround. One of the clearest indicators is the renewed pickup in mergers and acquisitions activity across biotech and pharmaceutical companies. Historically, periods of rising M&A have often preceded broader recoveries in biotech equities, particularly among small- and mid-cap names that have been trading at discounted valuations.
Large pharmaceutical companies are once again stepping up as active acquirers. Many face looming patent expirations that threaten billions of dollars in revenue over the next several years, creating urgency to replenish drug pipelines. Rather than relying solely on in-house research and development, big pharma is increasingly turning to acquisitions and strategic partnerships with innovative biotech firms that already have promising assets in development. This dynamic disproportionately benefits smaller biotech companies, which often lack the capital to fully commercialize therapies on their own but possess highly valuable intellectual property.
The macroeconomic backdrop is also becoming more supportive. Expectations around interest rate cuts play a critical role in driving this renewed activity. Biotech companies are capital-intensive by nature, frequently operating for years without meaningful revenue while funding clinical trials and regulatory processes. When interest rates are high, the cost of capital rises, making financing more difficult and suppressing valuations. As rates begin to fall—or even as markets anticipate easing—capital becomes cheaper and more accessible, enabling both buyers and sellers to transact more confidently.
Lower interest rates also have a powerful effect on biotech valuations. Because many biotech companies derive much of their value from future potential cash flows rather than current earnings, they are particularly sensitive to discount rates used in valuation models. When rates decline, the present value of future earnings increases, supporting higher valuations across the sector. This dynamic can help reverse the multiple compression biotech stocks experienced during the tightening cycle.
In addition, rate cuts tend to shift investor behavior toward a more “risk-on” environment. As yields on safer assets like bonds decline, investors are more inclined to seek growth opportunities in sectors such as biotech, where innovation and breakthrough therapies can drive outsized returns. Rising equity prices and improved sentiment, in turn, make biotech companies more attractive acquisition targets, reinforcing the M&A cycle.
For small-cap biotech investors, this combination of increased deal activity and improving macro conditions is particularly significant. M&A announcements often come with substantial acquisition premiums, providing immediate upside for shareholders and helping reprice comparable companies across the sector. Even firms that are not direct acquisition targets can benefit as investors reassess the strategic value of underappreciated pipelines and platforms.
While risks remain and selectivity is still critical, the resurgence of biotech M&A alongside a more favorable interest rate environment suggests that the sector’s prolonged downturn may be nearing its end. If rate cuts materialize and deal momentum continues, biotech—especially at the small-cap level—could be positioned for a sustained recovery rather than just a short-term bounce.
U.S. inflation is expected to remain above the Federal Reserve’s 2% target in November, reinforcing the central bank’s cautious stance as the economic data calendar finally returns to normal following this year’s prolonged government shutdown. The upcoming Consumer Price Index (CPI) report, scheduled for release Thursday morning, will be the final major inflation update published on a disrupted schedule, marking a key moment for markets assessing the trajectory of monetary policy into 2026.
Consensus estimates suggest headline CPI rose 3.1% year over year in November, while core inflation—which excludes food and energy—is also expected to come in at 3.1%. That would represent a modest increase from the 3.0% readings recorded in September, the most recent inflation data available after October’s report was canceled during the shutdown. With no October data to provide a month-to-month comparison, investors will be forced to rely on broader trend signals rather than short-term momentum.
Despite inflation remaining elevated, economists generally view current price pressures as part of a gradual cooling process rather than a renewed acceleration. Demand across the economy has shown signs of moderation, particularly as higher borrowing costs continue to weigh on discretionary spending and business investment. However, progress toward the Fed’s target remains uneven, and several factors continue to complicate the inflation outlook.
One key source of persistence is goods inflation, which analysts say remains sticky due to tariffs and supply chain adjustments. While global logistics have improved compared to prior years, trade policy and cost pressures continue to filter through consumer prices. At the same time, services inflation—long viewed as a more stubborn component—has shown tentative signs of easing, helped in part by softer health insurance costs and slower wage growth in some sectors.
Recent labor market data adds another layer of complexity. The November jobs report, released earlier this week, showed stronger-than-expected job creation alongside an unemployment rate that rose to a four-year high. This combination suggests a labor market that is cooling, but not collapsing—an outcome that supports the Fed’s view that inflation can ease without triggering a sharp economic downturn.
As a result, markets increasingly expect the Federal Reserve to remain on hold at its January meeting. Futures pricing currently implies a relatively low probability of a rate cut in the near term, as policymakers wait for clearer evidence that inflation is moving sustainably toward target. The Fed’s most recent projections point to only one additional rate cut in 2026, following a series of quarter-point reductions late in 2025.
For investors, the message is one of patience rather than panic. Inflation remains above target, but the direction of travel appears constructive. As economic data resumes its regular cadence in the months ahead, policymakers and markets alike will gain a clearer picture of whether pricing pressures are continuing to fade or becoming entrenched once again. Until then, the Fed is likely to err on the side of caution, prioritizing long-term stability over short-term market expectations.
Crude oil prices sank to their lowest levels in nearly four years this week, underscoring how deeply oversupplied the global energy market has become. Both major benchmarks—Brent and West Texas Intermediate (WTI)—fell below key psychological thresholds, with WTI briefly dipping under $55 a barrel and Brent sliding into the high $50s. The move marks a dramatic reversal from the tight energy markets of recent years and signals mounting pressure across the oil industry.
The selloff reflects what many analysts have been warning about for months: supply has simply outpaced demand. Production growth from OPEC+ and non-OPEC producers alike has overwhelmed consumption, even as global demand remains relatively steady. Since the spring, OPEC+ members have steadily unwound earlier production cuts, adding millions of barrels per day back into the market. Saudi Arabia, in particular, has prioritized regaining market share, even at the expense of lower prices.
Outside the cartel, output has also continued to climb. Producers across parts of the Middle East, Africa, and Asia have increased exports, while U.S. inventories are projected to keep building well into 2026. According to international energy agencies, the imbalance could widen further next year, with excess supply potentially approaching four million barrels per day—an extraordinary figure by historical standards.
One of the clearest signs of the glut is happening offshore. Oil tankers holding crude at sea have surpassed one billion barrels, as sellers struggle to find buyers willing to take delivery at current prices. Storage economics are also shifting, with parts of the oil futures curve slipping into contango. This market structure, where future prices trade above spot prices, typically signals oversupply and encourages traders to store oil rather than sell it immediately.
Pressure is spreading beyond crude itself. Refining margins have narrowed as prices for gasoline, diesel, and jet fuel soften alongside oil. Crack spreads—which measure the profitability of turning crude into refined products—have tightened, removing one of the last pillars of support for energy prices earlier this year.
Wall Street remains firmly bearish. Several major banks now expect oil prices to remain under pressure through 2026, with forecasts clustering in the low-to-mid $50 range and downside risks extending even further. Some analysts warn that if producers fail to curb output, prices could fall into the $40s, levels that would strain balance sheets across the exploration and production sector.
Geopolitics adds another layer of complexity. Sanctions on Russian producers could limit some supply, but discounted barrels often find their way to buyers willing to navigate restrictions. Meanwhile, any breakthrough in peace talks between Russia and Ukraine could ultimately bring more oil back onto the global market, worsening the surplus. Tensions involving Venezuela and U.S. policy decisions also remain wild cards, though none appear strong enough to offset the sheer volume of excess supply.
For energy companies, the implications are sobering. Lower prices threaten drilling activity, investment, and employment, particularly in high-cost regions. While central bank rate cuts and a weaker dollar typically support commodities, oil’s current trajectory is being driven less by macro policy and more by fundamentals. For now, the message from the market is clear: until supply comes back into balance, oil prices are likely to stay under pressure.
The November jobs report offered fresh signs that the U.S. labor market is cooling, but not enough to materially alter the Federal Reserve’s near-term policy outlook. While the data points to slower hiring and a higher unemployment rate, policymakers and economists broadly agree that the figures fall short of triggering an immediate shift toward additional rate cuts.
According to the latest report, the U.S. economy added 64,000 jobs in November, a modest rebound after a net loss of 105,000 jobs in October. At the same time, the unemployment rate rose to 4.6%, its highest level in more than four years. Under normal circumstances, a jump of that magnitude might raise alarms at the Fed. This time, however, the context surrounding the data matters just as much as the headline numbers.
Economists caution that recent employment figures may be distorted by technical and temporary factors, including the lingering effects of the government shutdown that spanned October and part of November. The Labor Department itself flagged higher-than-usual uncertainty in the data, citing lower survey response rates, changes in weighting methodology, and the use of a two-month analysis window instead of a single month. These quirks make it harder to draw firm conclusions about the true underlying trend in the labor market.
A significant portion of the weakness also stems from government employment. Federal payrolls declined sharply as deferred resignations tied to earlier buyout programs finally showed up in official counts. Since peaking earlier in the year, federal employment has fallen by more than a quarter-million jobs. While that has pushed the unemployment rate higher, it does not necessarily reflect broader weakness in private-sector hiring.
At the same time, labor force participation rose in November, suggesting that more people are actively looking for work. That dynamic can temporarily lift the unemployment rate even if the economy is not deteriorating rapidly. In other words, the increase in joblessness may be more about shifting labor supply than collapsing demand.
Federal Reserve Chair Jerome Powell has repeatedly emphasized the need for caution when interpreting recent data. He has noted that both labor and inflation metrics may be distorted, not just volatile, and warned against overreacting to any single report. Some Fed watchers believe monthly payroll growth may be overstated and that underlying job creation could be closer to flat or slightly negative—a scenario consistent with a late-cycle slowdown rather than an outright downturn.
For now, the November report reinforces the Fed’s patient stance. Labor market softness appears real, but there is little evidence that the broader economy has stalled. Inflation trends and upcoming employment data, particularly for December and January, will be critical in determining whether policymakers feel confident enough to resume cutting rates.
In short, November’s jobs data neither forces the Fed’s hand nor closes the door on future easing. It keeps policymakers in wait-and-see mode—alert to downside risks, but not yet convinced that the economy requires immediate additional support.
MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.
Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Phase 3 Trial Has Treated Its First Patient. MAIA has begun its pivotal Phase 3 trial for THIO in NSCLC (non-small cell Lung Cancer), meeting our expected timeframe. In October, the Phase 2 THIO-101 trial began its Part C and will continue as the Phase 3 is running. These trials are the latest in a series of positive announcements for THIO (ateganosine) clinical development, keeping it on schedule for additional milestones in 2026.
Trial Design Can Lead To First Approval. The Phase 3 THIO-104 is an open-label trial is testing ateganosine in combination with an CPI (immune checkpoint inhibitor) as a third-line treatment in patients who are resistant to CPIs and chemotherapy. Patients who have failed two courses of chemotherapy including CPIs will be randomized into two groups to receive either the ateganosine/CPI combination or standard of care chemotherapy. The primary endpoint is Overall Survival (OS).
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The United States is throwing its support behind a major new critical minerals investment as Korea Zinc moves forward with plans to build a $7.4 billion smelting facility on U.S. soil. The project underscores Washington’s growing urgency to secure domestic and allied supply chains for materials vital to semiconductors, defense systems, aerospace applications, and advanced manufacturing.
Korea Zinc, the world’s largest zinc smelter, has approved the creation of a U.S.-based joint venture, Crucible JV LLC, to develop what it describes as a state-of-the-art, fully integrated large-scale smelting complex. The venture will be backed by a mix of U.S. government funding, strategic investors, and Korea Zinc itself, with roughly $1.94 billion of the total project cost coming from this public-private partnership.
The planned facility will be built on the site of the existing Clarksville, Tennessee smelter currently operated by Nyrstar USA, a subsidiary of commodities trader Trafigura. Korea Zinc plans to acquire the plant and significantly expand its capabilities, transforming it into a multi-metal processing hub. Once completed, the site is expected to refine zinc, lead, copper, gold, and silver, along with strategically sensitive minerals such as antimony, germanium, and gallium.
Those three minerals have taken on heightened geopolitical importance following China’s recent export restrictions, which were widely viewed as retaliation for U.S. technology curbs. Antimony, germanium, and gallium are essential inputs for products ranging from semiconductors and satellite systems to night-vision equipment and advanced defense electronics. By developing domestic refining capacity, the U.S. aims to reduce reliance on Chinese-controlled supply chains and strengthen its industrial resilience.
The deal highlights how critical minerals policy has become a bipartisan priority in Washington. Even as incentives for electric vehicles face political headwinds, securing non-China sources of strategic materials has gained momentum. For Korea Zinc, the U.S. investment represents a shift in positioning — from a company tied closely to the electric vehicle and clean energy cycle to one that plays a broader role in national security and defense supply chains.
JPMorgan Chase advised Korea Zinc on the structure of the public-private partnership and helped finance the transaction through its Security and Resiliency Initiative, a program designed to channel capital into industries that reinforce economic security. The involvement of major financial institutions further signals confidence in the long-term demand for domestically refined critical minerals.
Still, the announcement comes amid internal corporate tensions. Korea Zinc is navigating an ongoing ownership dispute after its largest shareholder, Young Poong, alongside MBK Partners, launched an unsolicited takeover bid. Critics argue the U.S. smelter plan could be as much about consolidating management control as it is about long-term strategy. Supporters counter that the project positions Korea Zinc at the center of a global realignment in industrial supply chains.
Market reaction suggests investors see strategic value in the move. Korea Zinc shares surged following the announcement, reflecting optimism that geopolitical tailwinds and government backing could translate into durable growth. As global competition for critical minerals intensifies, the U.S.-Korea Zinc partnership marks a significant step in reshaping how and where essential materials are produced.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Strategic Committee. On Friday, NN announced the Board of Directors has formed a Strategic Committee to oversee a review of strategic and financial alternatives to further enhance shareholder value. Given the success to date of management’s transformation plan, the Board feels now is the time to take a fresh comprehensive look at additional ways to unlock value for shareholders.
Committee Details. The Strategic Committee is comprised of three independent directors, Raynard Benvenuti, Jeri Harman, and Thomas Wilson. All have been tasked with evaluating a broad spectrum of strategic, financial and business configuration options for the Company. The Board has engaged Houlihan Lokey, as the Company’s financial advisor.
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