Global Materials Undervalued based on future growth

Shandong Hongqiao Aluminum Industry Holding

Market Cap: CN¥241.7b

Engages in the research, development, production, and sale of aluminum products in China and internationally.

China Hongqiao Group

Market Cap: HK$222.1b

An investment holding company, manufactures and sells aluminum products in the People's Republic of China, India, Europe, Malaysia, North America, the rest of Southeast Asia, and internationally.

Coeur Mining

Market Cap: US$19.0b

Operates as a gold and silver producer in the United States, Canada, and Mexico.

POSCO Holdings

Market Cap: ₩24.2t

Operates as an integrated steel producer in Korea and internationally.

Alamos Gold

Market Cap: CA$19.2b

Operates as a gold producer in Canada and Mexico.

Yunnan Aluminium

Market Cap: CN¥90.0b

Produces and sells aluminum primarily in China.

Harmony Gold Mining

Market Cap: R211.7b

Engages in the exploration, extraction, and processing of mineral properties in South Africa, Papua New Guinea, and Australia.

Dangote Cement

Market Cap: ₦17.3t

Engages in the preparation, manufacturing, distribution, and sale of cement and related products in Nigeria.

Tongling Nonferrous Metals GroupLtd

Market Cap: CN¥85.4b

Tongling Nonferrous Metals Group Co.,Ltd.

Shanjin International Gold

Market Cap: CN¥74.3b

Explores for, mines, and trades in precious and non-ferrous metal ores in China.

Zhaojin Mining Industry

Market Cap: HK$84.3b

An investment holding company, engages in exploration, mining, processing, smelting, and sale of gold and other metallic products in the People’s Republic of China and internationally.

Eldorado Gold

Market Cap: CA$14.0b

Engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece.

G Mining Ventures

Market Cap: CA$13.6b

A mining company, engages in the acquisition, exploration, evaluation, development, and operation of mineral properties.

thyssenkrupp

Market Cap: €8.1b

Provides industrial and technology solutions and services in Germany and internationally.

Voestalpine

Market Cap: €7.7b

Processes, develops, manufactures, and sells steel and technology products in Austria, the European Union, and internationally.

Tianshan Aluminum GroupLtd

Market Cap: CN¥58.6b

Produces and sells primary aluminum, prebaked anodes, high-purity aluminum, alumina, and aluminum foil products in China and internationally.

Wanguo Gold Group

Market Cap: HK$56.8b

An investment holding company, engages in mining, ore processing, and sale of concentrate products in the People’s Republic of China and Solomon Islands.

Hoa Phat Group

Market Cap: ₫179.0t

Produces and sells steel products in Vietnam.

B2Gold

Market Cap: CA$9.2b

Operates as a gold producer company in Canada.

Asia-potash International Investment (Guangzhou)Co.Ltd

Market Cap: CN¥44.0b

Engages in the processing, production, sale, and marketing of potash fertilizers in China and internationally.

SSR Mining

Market Cap: CA$9.0b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

Artemis Gold

Market Cap: CA$9.0b

Engages in the identification, acquisition, and development of gold properties in Canada.

Eregli Demir ve Çelik Fabrikalari T.A.S

Market Cap: ₺264.3b

Produces and sells iron and steel rolled products, alloyed and non-alloyed iron, cast and pressed steel, coke, and by-products in Turkey and internationally.

Chengtun Mining Group

Market Cap: CN¥34.7b

Engages in the non-ferrous metal mining business in China and internationally.

K92 Mining

Market Cap: CA$6.7b

Engages in the exploration and development of mineral deposits in Papua New Guinea.

Ramelius Resources

Market Cap: AU$6.7b

Engages in the exploration, evaluation, mine development and operation, production, and sale of gold.

Nine Dragons Paper (Holdings)

Market Cap: HK$37.1b

Manufactures and sells packaging paper, printing and writing paper, and specialty paper products and pulp in the People’s Republic of China.

Century Aluminum

Market Cap: US$4.5b

Produces primary aluminum and alumina in the United States and Iceland.

Cabot

Market Cap: US$4.4b

Operates as a specialty chemicals and performance materials company.

Chuangxin Industries Holdings

Market Cap: HK$32.2b

Produces and sells electrolytic aluminum and alumina in the People's Republic of China.

Antam (Persero)

Market Cap: Rp72.8t

Operates as a diversified metals and mining company in Indonesia.

HBM Nigeria

Market Cap: ₦5.4t

Manufactures, markets, and sells cement and other cementitious products in Nigeria.

Hochschild Mining

Market Cap: UK£2.9b

A precious metals company, engages in the exploration, mining, processing, and sale of gold and silver deposits.

Aperam

Market Cap: €3.3b

Produces and sells stainless steel and alloy products worldwide.

Westgold Resources

Market Cap: AU$5.4b

Engages in the exploration, development, and operation of gold mines in Western Australia.

Alamtri Minerals Indonesia

Market Cap: Rp66.8t

Engages in metallurgical coal mining business in Indonesia.