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Research Notes December 2025 > https://www.unum.capital/post/rdec2025 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tr adingdesk@unum.co.za Further Update: Sunday 25 January 2026 Running: +110% Code: COPX Previous Post (28 May): Diversified Exposure To Copper Miners? Consider This ETF Global X Copper Miners (COPX) is the first ETF option for a pure-play copper exposure in the equity space. The fund gets this exposure by tracking a market-cap-weighted index that offers broad equity exposure to the global copper mining industry. Although technically a global fund, it has a strong North American exposure. The fund ranks companies according to their average daily trading volume with respect to its exchange over three months. The highest ranked funds are included in the index. The index is rebalanced semi-annually. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Previous Post (23 September 2024) Pre-Market Asian/U.S Trading Session VanEck Junior Gold Miners ETF breaking a 14-year downward trend. Code: GDXJ Time Frame: Medium/Long Term Potential catch-up to the underlying commodity trading at all-time highs. To trade this ETF, you will need an offshore account. Current Level (Last Close): $49.71 Target Range: $63 to $65 Stop-loss/invalidated below: $43.50 Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and covers shares with a market cap above R5bn. This equates to roughly 116 shares on the JSE. If ' NED ', ' MTN ', or ' DTC ' pulls back; consider buying as they show strong R:R potential in the Weakening quadrant. If ' LSK ' or ' WVR ' pulls back; consider buying to capture continuation in high-velocity technology leaders. If ' AVI ' or ' OMU ' pulls back; consider buying as sellers appear exhausted in the Lagging/Weakening phases. If ' BYI ' or ' CFR ' pulls back; consider buying as they test a statistical floor in the Lagging quadrant. If ' GND ' or ' WBO ' pulls back; consider buying as their high R:R indicates significant upside from the Industrials sector. If ' GFI ' or ' HAR ' pulls back; consider buying to ride the gold momentum while maintaining a tight stop. If ' SOL ' or ' FBR ' pulls back; consider buying as they emerge from the 'Improving' quadrant with fresh momentum. If ' NPN ' or ' PRX ' pulls back; consider buying as they represent high-conviction reversal plays at a statistical floor. If ' JSE ' or ' SBK ' pulls back; consider buying to stay aligned with the broader upward macro trend. If ' MNP ' or ' FFB ' pulls back; consider buying to capitalize on the capitulation bounce in the Financials sector. If ' ABG ' or ' FSR ' spikes higher from here; consider shorting as they enter a confirmed sell range due to exhaustion. If ' AGL ' or ' BHG ' trades higher; consider shorting as they hit a 'NO' buy zone. If ' CPI ' or ' INL ' spikes from current levels; consider shorting as they move deeper into the 'Overextended' zone. If ' TFG ' or ' MRP ' spikes from here; consider shorting as they hit a 'Sell on Rally' trap. If ' NPH ' or ' IMP ' trades higher; consider shorting as the vertical thrust enters a 'NO' buy zone. If ' KAP ' or ' ITE ' trades higher; consider shorting as they hit a 'Momentum Wall'. If ' S32 ' or ' GLN ' spikes higher; consider shorting as they enter an 'Avoid Chasing' zone. If ' SSW ' trades higher; consider reducing as it approaches a sell/reduce range where momentum is likely to stall. If ' BID ' or ' SHP ' spikes higher; consider shorting as it creates a 'Sell on Rally' opportunity near resistance. If ' ADH ' or ' ARI ' spikes into extreme overextension; consider reducing as they provide a low-risk opportunity. If ' NPN ' or ' PRX ' dips below support but closes back above within 1–2 sessions; consider buying as it creates a high-conviction Bear Trap opportunity. If ' ABG ' or ' CPI ' spikes above resistance on low volume but fails to hold; consider shorting as it creates a high-conviction Bull Trap opportunity. If ' MTN ' or ' NED ' experiences a brief "stop-hunt" below the 21-day moving average that is reclaimed; consider buying as weak hands are flushed out. If ' NPH ' makes a vertical move into record territory that fails on the retest; consider shorting as the breakout lacks fuel. If ' BYI ' forms a move to new lows with a long lower wick (rejection); consider buying as it confirms a false breakdown. If ' SOL ' forms a "Bullish Engulfing" pattern; consider buying as the Improving phase is confirmed. If ' AGL ' forms a "Shooting Star" at resistance; consider shorting as it indicates a False Breakout and immediate reversal. If ' ANG ' breaks the upper trendline after consolidating; consider buying to enter the Continuation trade. If ' FSR ' tests the 9,800 target twice and fails; consider shorting as it confirms institutional selling. If ' CFR ' drops 5% on record volume but finishes the day green; consider buying as it signifies Capitulation. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 The data is based on the WEEKLY time frame and is subject to change based on the subsequent news flow and price action. If ' NED ', ' MTN ', or ' DTC ' pulls back; consider buying as they show strong R:R potential in the Weakening quadrant. If ' LSK ' or ' WVR ' pulls back; consider buying to capture continuation in high-velocity technology leaders. If ' AVI ' or ' OMU ' pulls back; consider buying as sellers appear exhausted in the Lagging/Weakening phases. If ' BYI ' or ' CFR ' pulls back; consider buying as they test a statistical floor in the Lagging quadrant. If ' GND ' or ' WBO ' pulls back; consider buying as their high R:R indicates significant upside from the Industrials sector. If ' GFI ' or ' HAR ' pulls back; consider buying to ride the gold momentum while maintaining a tight stop. If ' SOL ' or ' FBR ' pulls back; consider buying as they emerge from the 'Improving' quadrant with fresh momentum. If ' NPN ' or ' PRX ' pulls back; consider buying as they represent high-conviction reversal plays at a statistical floor. If ' JSE ' or ' SBK ' pulls back; consider buying to stay aligned with the broader upward macro trend. If ' MNP ' or ' FFB ' pulls back; consider buying to capitalize on the capitulation bounce in the Financials sector. If ' ABG ' or ' FSR ' spikes higher from here; consider shorting as they enter a confirmed sell range due to exhaustion. If ' AGL ' or ' BHG ' trades higher; consider shorting as they hit a 'NO' buy zone. If ' CPI ' or ' INL ' spikes from current levels; consider shorting as they move deeper into the 'Overextended' zone. If ' TFG ' or ' MRP ' spikes from here; consider shorting as they hit a 'Sell on Rally' trap. If ' NPH ' or ' IMP ' trades higher; consider shorting as the vertical thrust enters a 'NO' buy zone. If ' KAP ' or ' ITE ' trades higher; consider shorting as they hit a 'Momentum Wall'. If ' S32 ' or ' GLN ' spikes higher; consider shorting as they enter an 'Avoid Chasing' zone. If ' SSW ' trades higher; consider reducing as it approaches a sell/reduce range where momentum is likely to stall. If ' BID ' or ' SHP ' spikes higher; consider shorting as it creates a 'Sell on Rally' opportunity near resistance. If ' ADH ' or ' ARI ' spikes into extreme overextension; consider reducing as they provide a low-risk opportunity. If ' NPN ' or ' PRX ' dips below support but closes back above within 1–2 sessions; consider buying as it creates a high-conviction Bear Trap opportunity. If ' ABG ' or ' CPI ' spikes above resistance on low volume but fails to hold; consider shorting as it creates a high-conviction Bull Trap opportunity. If ' MTN ' or ' NED ' experiences a brief "stop-hunt" below the 200-day moving average that is reclaimed; consider buying as weak hands are flushed out. If ' NPH ' makes a vertical move into record territory that fails on the retest; consider shorting as the breakout lacks fuel. If ' BYI ' forms a move to new lows with a long lower wick (rejection); consider buying as it confirms a false breakdown. If ' SOL ' forms a "Bullish Engulfing" pattern; consider buying as the Improving phase is confirmed. If ' AGL ' forms a "Shooting Star" at resistance; consider shorting as it indicates a False Breakout and immediate reversal. If ' ANG ' breaks the upper trendline after consolidating; consider buying to enter the Continuation trade. If ' FSR ' tests the 9,800 target twice and fails; consider shorting as it confirms institutional selling. If ' CFR ' drops 5% on record volume but finishes the day green; consider buying as it signifies Capitulation. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 Just over 16 months ago (18 September 2024), we highlighted the FNB Mid Cap ETF with the thesis outlined. Since then the ETF has returned 38%, trading at multi-year highs with the trend remaining positive over the short and medium term. Below are 3 mid cap charts that stand out from a technical perspective. ITE - Italtile: Strong multi-year support, with false breakdown and reclaim. CSB - Cashbuild: Strong multi-year support at R120 to R125, with re-emerging momentum. OCE - Oceana: Re-emerging momentum within a multi-year range. Previous Post: JSE Mid-Cap Exposure - Wednesday, 18 September 2024 Real-Time: 09h48 Exposure can be obtained via the FNB Mid Cap ETF Ticker: FNBMID The group has been a multi-year laggard Technically, the ETF is emerging from a multi-month base Valuations may support higher levels. Lester Davids Senior Investment Analyst: unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za Date: Sunday, 25 January 2026 Closing Price:  114,357.71 1D Change:  +0.76% Multi-Frame Action:  🟢 Parabolic (D) 🟢 Breakout (W) 🟢 Vertical (M) Technical Upside:  Blue Sky Breakout. No historical resistance overhead. Target:  118,000 – 120,000. Momentum Extension. Momentum Signal:  "Lock-Out" Extreme. Risk / Invalidation:  Close below 108,000 (Breakout Zone). Valuation Basket:  Momentum / Resource Rotation Primary Driver:  Aggressive buying in Mining Duals (PGMs, Gold, Diversifieds) & Rand Hedge rotation. MARKET STRUCTURE & VOLUME VALIDATION Volume Profile:  The index is in a hyper-aggressive uptrend, driven principally by a narrowing basket of large-cap Resource stocks. The move is vertical on the Monthly timeframe, indicating a "panic buy" or "lock-out" scenario where under-positioned funds are forced to chase performance. Liquidity Zones:  The 108,000 – 110,000  zone is now the nearest structural support (previous breakout level). The index has cleared psychological resistance at 114,000. A failure to hold 108,000 would signal a failed breakout, but the current velocity suggests buyers are active on even minor intraday dips. Divergences:  None. Price and Momentum are synchronized in an extreme extension. The Monthly RSI hitting 100.00  is a statistical anomaly, confirming that the trend is currently defined by flow mechanics (squeeze/chase) rather than fundamental valuation. MOMENTUM PROFILE (WEEKLY) Tactical Momentum:  Extreme Overbought. The Weekly RSI is at 95.93 . In a bull market, sustained readings above 80 signal a "Lock-Out" where the trend accelerates vertically, preventing entry for those waiting for a pullback. Fast Weekly:  Strong. The Daily chart confirms this with an RSI of 97.92 , showing no signs of slowing down. Structural Trend:  Bullish Breakout. The index has broken decisively out of its multi-year structure into price discovery mode. Primary Trend:  Bullish. The long-term trend is firmly established to the upside, fueled by the "Two-Speed" market dynamic where winners are winning exponentially. CORE THESIS The JSE Top 40 is experiencing a historic momentum event. The "Lock-Out" readings on Monthly (100) and Weekly (95+) timeframes indicate a market driven by extreme liquidity flows into specific sectors (Miners) rather than broad-based participation. While the extension is statistically stretched and warrants caution regarding a "snap-back," the trend remains undeniably vertical. The path of least resistance is higher until a confirmed reversal pattern appears on the Daily chart. Traders should respect the trend but be aware that volatility will expand significantly at these altitudes. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za We highlighted a BUYING OPPORTUNTY on Global X Silver Miners ETF on 21 May 2025, with the ETF rallying by 168% since then. On 04 June 2025, we highlighted a BUYING OPPORTUNTY in Pan American Silver Corp, with the stock rallying by 148% since then.   Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za The overwhelming majority of our research remains free, with ample insights that highlight opportunities and help to manage risks. This note falls under premium research. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za During January 2025, we recommended the Brazilian ETF (EWZ) which has since gone on to return over to 55%. Smaller companies in Brazil look to be setting up for potentially similar price acceleration. Buy at $14.43 or lower Stop-loss: $12.10 Target(s): $20.00 and $22.00 Code: EWZS Time Frame: Medium Term Previous Post (03 December 2025): Take Profits on Brazilian Equities (EWZ ETF). Running +45% Brazil ETF Running +45%. Medium Term Traders Take Profits Previous Post (Sunday 19 January): Brazilian Equities Offer Relative Value + Will Benefit If Cyclicals Are To Rally Why EWZ? 1. Exposure to large and mid-sized companies in Brazil 2. Targeted access to the Brazilian stock market 3. Use to express a single country view Analyst's Price Action Model Overall Strategy for iShares Brazil ETF (EWZ) Combining the short-term, medium-term, and long-term trends, the overall outlook for the iShares Brazil ETF is cautiously optimistic. While the short-term trend is attempting a bullish reversal, the medium-term outlook is uncertain. The long-term trend, however, is showing signs of attempting to turn around after a period of strong selling pressure. This suggests that there might be potential for long-term upside, but investors should remain cautious in the near term. Current 7-Day Trend: Strong Current 14-Day Trend: Attempting a Bullish Reversal Following a Consolidation Phase Short-Term Outlook (1 to 10 days): The short-term view points to a potential for a buy/long position as the 7-day trend is strong and the 14-day trend is attempting a bullish reversal. However, the recent consolidation phase suggests that caution is warranted. Medium-Term Outlook (2 to 4 weeks): The medium-term outlook is uncertain, as there is no reading available for this time frame. Long-Term Outlook (5 to 8 weeks): The long-term outlook is cautiously optimistic. The previously strong selling pressure is now attempting to turn around, suggesting potential for long-term upside. However, it is important to monitor the situation closely as the long-term trend is still developing. Lester Davids Analyst: Unum Capital

Research Notes January 2026 > https://www.unum.capital/post/rjan2026 Trade   Local & Global Financial Markets with Unum Capital. To get started, email   tradingdesk@unum.co.za African Rainbow Minerals (Previous Post 21 January 2026) African Rainbow Minerals is close R100 higher from our February 2025 note at 13390c and is also approaching our long term target of R240, with a high of +22800c today. Get ready to take profit. Alternatively, scale out (i.e. sell a portion of the position as approaches the R240 level. Previous Post (14 October 2025): Long Term Target +240 Lester Davids Senior Investment Analyst: Unum Capital