September Mining Equities Lag Commodities as Liquid Leaders Buy Quality

Olive Resource Capital sees September's mining-equity underperformance versus rising commodities as a macro-driven, temporary dislocation creating entry points in liquid quality names.

• Macro, not fundamentals: Olive attributes September's drop in resource equity indices—despite most commodities rising—to risk-off flows from Fed rate-hike expectations and rising long bond yields (US, France), not weak operations.
• Strong operations, no re-rating: K92 Mining posted another strong Q3 and passed one million gold-equivalent ounces produced, yet shares haven't responded to the Q3 production beats across the sector.

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