Scotiabank

Sierra Gorda SCM is a mining company based in Antofagasta, Chile, specializing in the extraction of low-grade copper and molybdenum concentrates. The company is committed to innovation in mining practices, constantly seeking alternatives and new methods to enhance production efficiency. By focusing on lower grades of copper sulfides, Sierra Gorda SCM positions itself as a pioneer in the low-grade mining sector, addressing the challenges associated with this type of resource extraction.

Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, and Spain. The company produces copper, zinc, lead, and nickel and also holds a 24% equity stake in the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and the Kokkola cobalt refinery in Finland. Lundin Mining Corporation focuses on mining and refining base metals to meet global demand for these essential materials.

Ecopetrol is Colombia's largest integrated oil and gas company, involved in a wide range of activities related to hydrocarbons and energy infrastructure. The company engages in exploration, exploitation, refining, transportation, storage, distribution, and marketing of oil, gas, and their derivatives. Additionally, Ecopetrol provides electric power transmission services and is involved in the design, development, construction, operation, and maintenance of road and energy infrastructure projects. Its operations are organized into four main segments: Exploration and Production, Transport and Logistics, Refining and Petrochemical, and Electric Power Transmission and Toll Roads Concessions. This diverse portfolio enables Ecopetrol to play a significant role in Colombia's energy sector.

Ecora Resources PLC is a company that specializes in acquiring royalties from a diverse portfolio of mining assets, primarily focusing on base metals and bulk materials. Its portfolio includes key commodities such as copper, nickel, iron ore, gold, cobalt, vanadium, metallurgical coal, and uranium. Notable assets include Voisey's Bay, Mantos Blancos, and Maracas Menchen, among others. The company operates in low-risk jurisdictions and aims to enhance its income growth by investing in cash-generating royalties and exploring opportunities in earlier stage royalties. Ecora Resources is committed to returning a substantial portion of its royalty revenues to shareholders as dividends.

Champion Iron is a Canadian company focused on the exploration and development of iron ore properties. Based in Quebec's Labrador Trough, one of Canada’s premier iron ore mining districts, Champion Iron holds extensive land with highly prospective iron ore claims. The company operates several projects, including Fire Lake North, Powderhorn/Gullbridge, Moire, Quinto Claims, Harvey Tuttle, and O'keefe-Purdy. Its primary revenue comes from the production of iron ore concentrate.

OceanaGold Corporation is a multinational gold and copper producer with over 24 years of sustainable operations in New Zealand, the Philippines, and El Salvador. The company’s flagship asset is the Didipio mine in the northern Philippines, which began commercial production in 2013 and is projected to operate until 2030. In New Zealand, OceanaGold manages the largest gold operation at the Macraes Goldfield, along with additional sites in Reefton and Waihi. The company emphasizes environmental stewardship and community engagement, actively collaborating with stakeholders to create opportunities and ensure a positive legacy that extends beyond the mining life cycle. OceanaGold’s portfolio includes four operating mines, showcasing its commitment to responsible resource development and operational efficiency.

Lundin Gold Inc. is a mining company based in Canada, primarily focused on advancing its Fruta del Norte gold project in Southeast Ecuador. The company holds interests in 36 mining concessions, covering approximately 86,000 hectares, with the Fruta del Norte project comprising two concessions that span around 5,000 hectares. Located about 80 kilometers east of Loja, Ecuador's fourth largest city, the project is situated within a significant copper-gold metallogenic sub-province in the Cordillera del Condor region. Incorporated in 1986 and headquartered in Vancouver, Lundin Gold was previously known as Fortress Minerals Corp. before its name change in December 2014. The company continues to develop its portfolio of mineral concessions while focusing on the potential of the Fruta del Norte gold deposit.

Parex Resources Inc. is involved in the exploration, development, production, and marketing of crude oil and natural gas, primarily focusing on operations in Colombia. The company employs advanced technologies from the Western Canada Sedimentary Basin to enhance its activities in South American basins known for their significant oil reserves. Parex is committed to sustainable growth, aiming to increase its reserves, production, and cash flow while being mindful of environmental and community impacts. The majority of its revenue is generated from its Colombian operations, where it is required to pay royalties and taxes to the government. Additionally, Parex maintains a presence in Canada, diversifying its operational focus.

Secure Energy Services Inc. is a provider of innovative and environmentally responsible solutions for the oil and gas industry, specializing in fluids and solids management. The company operates through three main segments: Environmental Waste Management, Energy Infrastructure, and Oilfield Services. Its Environmental Waste Management segment is the primary revenue generator, featuring a network of waste processing facilities, produced water pipelines, industrial landfills, waste transfer services, and metal recycling operations. The Energy Infrastructure segment encompasses crude oil gathering pipelines and terminals, facilitating the processing, storage, shipping, and marketing of crude oil. Additionally, Secure Energy Services offers water treatment and disposal solutions, positioning itself as a comprehensive service provider for upstream oil and natural gas companies.

Hudbay is a Canadian integrated mining company engaged in the production of copper concentrate, molybdenum concentrate, and zinc metal. The company operates three polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru. Additionally, Hudbay has copper projects in Arizona and Nevada, United States. The company's primary focus is on the discovery, production, and marketing of base and precious metals, with a significant portion of its revenue derived from copper operations. Hudbay markets its copper concentrates to smelters in Asia, America, and Europe, while zinc metal represents its second largest revenue source. The company is committed to responsible mining practices and aims to create sustainable value through the development and operation of high-quality mineral deposits, benefiting the regions and communities where it operates.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company that commenced operations in June 2014. The company specializes in acquiring and managing a diverse portfolio of over 175 royalties, streams, and precious metal offtakes, primarily centered in North America. Its flagship asset is a 5% net smelter return royalty on the Canadian Malartic mine, the largest gold mine in Canada. In addition to its royalty and stream interests, Osisko engages in the exploration, evaluation, and development of mining projects, contributing to its growth and diversification. The majority of its income is derived from North American operations, reflecting its strategic focus on the region's mining potential.

Denison Mines Corp is a uranium exploration and development company based in Canada, primarily focused on the Athabasca Basin region of northern Saskatchewan. The company holds a 95% interest in the Wheeler River Uranium Project, recognized as the largest undeveloped uranium project in the eastern part of the Athabasca Basin. In addition to its exploration and development activities, Denison Mines is involved in mine decommissioning and environmental services through its Closed Mines group. This division manages reclamation projects in Elliot Lake and offers third-party post-closure mine care and maintenance services.