Global Materials Undervalued Small Caps

Aurelia Metals

Market Cap: AU$465.7m

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

TIMAH

Market Cap: Rp25.9t

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

Sylvania Platinum

Market Cap: UK£226.5m

Operates as a producer of platinum group metals including platinum, palladium, and rhodium, and chrome in South Africa.

Elopak

Market Cap: NOK 9.3b

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.

Caledonia Mining

Market Cap: US$343.0m

Engages in the exploration, development, and production of gold in Zimbabwe.

Pantoro Gold

Market Cap: AU$778.0m

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

CNMC Goldmine Holdings

Market Cap: S$494.5m

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

Fauji Cement

Market Cap: PK₨124.9b

Engages in the manufacturing and selling of various types of cement in Pakistan.

Mako Mining

Market Cap: CA$951.8m

Engages in mineral exploration and exploitation activities in Nicaragua, the United States, and Guyana.

Resolute Mining

Market Cap: AU$2.0b

Engages in mining, prospecting, and exploration of mineral properties in Africa.

Hillgrove Resources

Market Cap: AU$225.9m

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

Dynacor Group

Market Cap: CA$255.0m

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

Alto Ingredients

Market Cap: US$436.2m

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

Thong Guan Industries Berhad

Market Cap: RM 551.8m

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: ₹76.5b

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

Atalaya Mining Copper

Market Cap: UK£1.2b

Engages in the mineral exploration and development in Spain.

Gränges

Market Cap: SEK 17.9b

Engages in the development, production, and distribution of rolled aluminum products in the Americas, Asia, and Europe.

Heliostar Metals

Market Cap: CA$513.6m

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

Aeris Resources

Market Cap: AU$472.9m

Explores, produces, and sells precious metals in Australia.

SP Group

Market Cap: DKK 5.3b

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

Xinxiang Richful Lube AdditiveLtd

Market Cap: CN¥10.2b

Engages in the research, development, production, and sales of fine chemical products in China and internationally.

Zanyu Technology Group

Market Cap: CN¥4.7b

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

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.

Ora Banda Mining

Market Cap: AU$2.1b

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

Kingsgate Consolidated

Market Cap: AU$971.1m

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

Century Iron and Steel IndustrialLtd

Market Cap: NT$28.8b

Century Iron and Steel Industrial Co.,Ltd.

Flügger group

Market Cap: DKK 1.2b

Designs, manufactures, and markets decorative paints, wood preservatives, fillers, wallpapers, and painting tools.

Jaya Tiasa Holdings Berhad

Market Cap: RM 1.0b

An investment holding company, engages in the extraction and sale of logs in Malaysia.

Orezone Gold

Market Cap: CA$1.5b

Engages in the mining, exploration, and development of gold properties.

Fenix Resources

Market Cap: AU$218.0m

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

Tongguan Gold Group

Market Cap: HK$9.9b

An investment holding company, engages in gold mining operations in China.

Çimsa Çimento Sanayi ve Ticaret

Market Cap: ₺44.0b

Engages in the production and sale of cement and building materials in Turkey and internationally.

China XLX Fertiliser

Market Cap: HK$12.2b

An investment holding company, engages in the development, manufacture, and sale of urea primarily in Mainland China and internationally.

Meeka Metals

Market Cap: AU$328.3m

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

29Metals

Market Cap: AU$411.3m

Operates as a copper-focused base and precious metals mining company in Australia and Chile.

TR Anadolu Metal Madencilik Isletmeleri

Market Cap: ₺46.5b

Engages in the mining activities in Turkey.