Global Materials Undervalued Small Caps

Aurelia Metals

Market Cap: AU$508.0m

Engages in the exploration and production of mineral properties in Australia.

TIMAH

Market Cap: Rp23.9t

Engages in tin mining and smelting operations in Indonesia and internationally.

Atalaya Mining Copper

Market Cap: UK£1.3b

Engages in the mineral exploration and development in Spain.

Elopak

Market Cap: NOK 9.0b

Manufactures and supplies paper-based packaging system solutions for liquid products in Europe, the Middle East, Africa, Asia, Americas, Germany, Canada, Netherlands, Norway, the United States, and internationally.

Aeris Resources

Market Cap: AU$478.9m

Explores, produces, and sells precious metals in Australia.

Alkane Resources

Market Cap: AU$2.0b

Operates as a gold exploration and production company in Australia.

Century Iron and Steel IndustrialLtd

Market Cap: NT$25.6b

Century Iron and Steel Industrial Co.,Ltd.

Nippon Carbide Industries

Market Cap: JP¥29.9b

Engages in the electronic and functional products, and films and sheetings business in Japan, Asia, and internationally.

CNMC Goldmine Holdings

Market Cap: S$494.5m

An investment holding company, engages in the exploration and mining of gold deposits in Malaysia.

Champion Iron

Market Cap: AU$2.5b

Engages in the acquisition, exploration, development, and production of iron ore properties in Canada.

Serabi Gold

Market Cap: UK£272.6m

Engages in the evaluation, exploration, and development of gold and other metals mining projects in Brazil.

Hillgrove Resources

Market Cap: AU$153.6m

Engages in the operation, exploration, and development of mineral properties in Australia.

WONIK MaterialsLtd

Market Cap: ₩538.4b

Manufactures and sells specialty gases in South Korea, China, and internationally.

Thong Guan Industries Berhad

Market Cap: RM 610.5m

An investment holding company, manufactures and trades in plastic products and packaged food, beverages, and other consumable products in Malaysia, other Asian countries, Oceania, Europe, North America, and internationally.

Indian Metals and Ferro Alloys

Market Cap: ₹77.9b

Engages in the production and sale of ferro chrome in India and internationally.

Alto Ingredients

Market Cap: US$403.7m

Produces, distributes, and markets specialty alcohols, renewable fuel, and essential ingredients in the United States.

Dynacor Group

Market Cap: CA$260.1m

Engages in the exploration, development, and mining of minerals properties in Peru.

ADF Group

Market Cap: CA$312.4m

Engages in the design and engineering of connections including industrial coatings in Canada and the United States.

Aimia

Market Cap: CA$247.7m

Operates as a diversified conglomerate in Europe, Asia, Oceania, the Americas, Africa, and the Middle East.

Sylvania Platinum

Market Cap: UK£251.1m

Engages in the retreatment of platinum group metals (PGM) bearing chrome tailings materials in South Africa.

Zanyu Technology Group

Market Cap: CN¥4.9b

Engages in the research and development, manufacture, and sale of surfactants and oleo chemicals in China and internationally.

Heliostar Metals

Market Cap: CA$569.4m

Engages in gold and silver exploration and mining activities in the United States and Mexico.

SP Group

Market Cap: DKK 4.9b

Manufactures and sells moulded plastic and composite components in Denmark, rest of Europe, the Americas, Asia, the Middle East, Australia, and Africa.

Suzhou Shihua New Material Technology

Market Cap: CN¥8.8b

Suzhou Shihua New Material Technology Co., Ltd.

Zhuzhou Times New Material Technology

Market Cap: CN¥11.8b

Zhuzhou Times New Material Technology Co., Ltd.

D&L Industries

Market Cap: ₱25.4b

Provides products for food ingredients, oleochemicals for personal and home care use, raw materials for plastic products, and aerosol products in the Philippines, Asia, Europe, Oceania, Africa, and the United States.

Archi Indonesia

Market Cap: Rp30.7t

Through its subsidiaries, engages in gold and silver mining business in Indonesia.

Pantoro Gold

Market Cap: AU$1.2b

Engages in the gold mining, processing, and exploration activities in Western Australia.

TR Anadolu Metal Madencilik Isletmeleri

Market Cap: ₺41.9b

Engages in the mining activities in Turkey.

GoGold Resources

Market Cap: CA$1.4b

Engages in the exploration, development, and production of silver, gold, and copper primarily in Mexico It owns the Los Ricos property, which includes Los Ricos South and Los Ricos North projects, that covers 45 concessions with an area of approximately 24,000 hectares situated in the Jalisco State, Mexico; and the Parral Tailings project located in the city of Parral.

Kalekim Kimyevi Maddeler Sanayi Ve Ticaret Anonim Sirketi

Market Cap: ₺14.4b

Operates in the construction chemicals sector in Turkey and internationally.

Caledonia Mining

Market Cap: US$457.9m

Primarily operates a gold mine in Jersey.

Ora Banda Mining

Market Cap: AU$2.6b

Engages in the exploration, operation, and development of mineral properties and mining in Australia.

Meeka Metals

Market Cap: AU$353.5m

Engages in the exploration and development of gold properties in Western Australia.

Galiano Gold

Market Cap: CA$815.0m

Operates as a gold mining company.

Fenix Resources

Market Cap: AU$233.3m

Provides mining, logistics, and port services in Western Australia.