Global Materials Undervalued based on future growth

Nine Dragons Paper (Holdings)

Market Cap: HK$34.0b

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$4.3b

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

Ramelius Resources

Market Cap: AU$6.1b

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

K92 Mining

Market Cap: CA$5.9b

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

Chuangxin Industries Holdings

Market Cap: HK$32.1b

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

Antam (Persero)

Market Cap: Rp70.4t

Operates as a diversified metals and mining company in Indonesia.

Dongyue Group

Market Cap: HK$30.9b

An investment holding company, manufactures, distributes, and sells polymers, organic silicone, refrigerants, dichloromethane, liquid alkali, and other products in the People's Republic of China and internationally.

Orla Mining

Market Cap: CA$5.2b

Acquires, explores, develops, and exploits mineral properties.

Hunan Valin Steel

Market Cap: CN¥24.3b

Produces and sells steel products in China.

Henan Zhongfu IndustrialLtd

Market Cap: CN¥23.7b

Processes, manufactures, and sells electrolytic aluminum and aluminum products in China.

Regis Resources

Market Cap: AU$5.0b

Engages in the exploration, evaluation, and development of gold projects in Australia.

Hochschild Mining

Market Cap: UK£2.6b

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

Aris Mining

Market Cap: CA$4.9b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

HBM Nigeria

Market Cap: ₦4.7t

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

Westgold Resources

Market Cap: AU$4.8b

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

Alamtri Minerals Indonesia

Market Cap: Rp59.1t

Engages in metallurgical coal mining business in Indonesia.

Inner Mongolia Berun Chemical

Market Cap: CN¥22.4b

Produces and sells soda ash, baking soda, fertilizers, and other chemical products in China.

MeiHua Holdings GroupLtd

Market Cap: CN¥22.2b

Manufactures nutritional products and solutions in China and internationally.

Graphic Packaging Holding

Market Cap: US$3.2b

Engages in the design, production, and sale of consumer packaging products to brands in food, beverage, foodservice, household, and other consumer products in the Americas, Europe, and the Asia Pacific.

Merdeka Battery Materials

Market Cap: Rp56.2t

Engages in the mining and processing of nickel, cobalt, and other mineral deposits in Indonesia and China.

Trimegah Bangun Persada

Market Cap: Rp54.2t

PT Trimegah Bangun Persada TBK engages in the nickel ore mining and processing in Indonesia and distributes the products to China, Switzerland, Hong Kong, Sweden, and Singapore.

HBIS

Market Cap: CN¥20.6b

Hbis Company Limited produces and sells steel products in China and internationally.

Shandong Humon Smelting

Market Cap: CN¥19.6b

Engages in smelting of gold in China and internationally.

Wienerberger

Market Cap: €2.5b

Produces and sells clay blocks, facing bricks, roof tiles, and ceramic pavers in Europe West, Europe East, and North America.

Pan African Resources

Market Cap: UK£2.1b

Engages in the mining, extraction, production, and sale of gold in South Africa.

Fortuna Mining

Market Cap: CA$3.9b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Vale Indonesia

Market Cap: Rp48.3t

Engages in the mining and processing of nickel in Indonesia.

Emerald Resources

Market Cap: AU$3.8b

Engages in the exploration and development of mineral reserves in Cambodia and Australia.

Shandong Weifang Rainbow Chemical

Market Cap: CN¥17.2b

Operates as a crop protection company in China.

Shengda ResourcesLtd

Market Cap: CN¥16.7b

Through its subsidiaries, engages in the mining development, resource trading, and investment management businesses in China.

YONFER Agricultural Technology

Market Cap: CN¥15.7b

Engages in the research, development, production, and marketing of fertilizers in China.

West African Resources

Market Cap: AU$3.3b

Engages in the mining, mineral processing, acquisition, exploration, and project development of gold projects in West Africa.

OYAK Çimento Fabrikalari

Market Cap: ₺101.9b

Engages in the production and sale of clinker and cement in Turkey.

Indah Kiat Pulp & Paper

Market Cap: Rp38.7t

Manufactures and sells cultural paper, pulp, tissue, and industrial paper in Indonesia, Asia, the United States, Australia, the Middle East, Africa, and Europe.

Group of Companies Segezha

Market Cap: ₽127.9b

Group of Companies Segezha Public Joint Stock Company operates in the forestry industry in Russia and internationally.

Shanghai Huafon Aluminium

Market Cap: CN¥14.2b

Engages in the research and development, production, and sales of aluminum sheets, strips, and foils.