31-May-2024: Money of Mine's JD interviewed Roscoe Widdup while in Sydney recently; Roscoe is the brother of Hedley Widdup (another mining industry legend - you can read about Hedley here: Lion Management • Lion Selection Group), and Roscoe is the founder of Triple Eight (T8) Capital which runs two main funds, a Clean Energy Fund and a Gold Fund. The interview is a deep dive into Roscoe’s view on markets. Roscoe shared what he looks for in companies, what the last 5 years has been like in the volatile areas that T8 invest in, why gold bullion is the best perform asset of the past years and a heap more. 

Entire interview: Dispelling Clean Energy & Gold Myths (Roscoe Widdup) (youtube.com)

Or click here (or on Jonas' glass of water) for just the part on Gold, which is very interesting - even though Roscoe's T8 Capital's Gold Fund only holds ONE ASX-listed and Australian HQ'd gold mining company - and it is not NST )-: - and they aren't even mining in Australia - but it's all still super interesting if you're interested in investing in either gold through bullion or gold through listed companies - Roscoe's view on why gold companies have underperformed the rising gold price makes a lot of sense, as does his reasons for why that can change soon, as interest rates start to reduce. Listen out for his down by the stairs and up by the elevator reasoning - it's the exact opposite of what I have found has happened to many of my holdings, not so much in the gold sector but in other sectors where they rise slowly and drop quickly. Roscoe gives examples of where companies within a sector can rise quickly after a slow decline given the right conditions, and he makes a lot of sense. Very honest and thoughtful, and heaps of facts in there that are good to know.

I recommend the first 40 minutes for anybody who thinks you can't make money in clean energy, or don't know the various ways you can make money in clean energy - loads of info about tailwinds that are set to increase and a few headwinds on the horizon as well. T8's negative short-term view on copper is very interesting too - he's a bull longer term but doesn't want copper exposure right now - and he explains why.

It is all mostly global investing - so very little to do with the ASX - but the lessons learned can certainly be applied to ASX-investing.

But this is the "Gold" forum - so if you want to go straight to gold, you can - here.

More on T8 here: Triple Eight Capital (t8cap.com)

More on Roscoe Widdup here: Triple Eight Capital - Our Team (t8cap.com) and (5) Roscoe Widdup | LinkedIn and The Insider - Meet the Fund Manager - Roscoe Widdup - Reach Markets

The following is not specifically gold related, but I also highly recommend the recent Livewire Markets interview by co-founder James Marlay with Matty, JD and Trav when they were in Sydney two weeks ago - which Livewire published on May 23rd:

Tips to avoid blowing your dough in mining stocks - YouTube [published on LivewireMarkets.com on May 23rd, 2024.]

P.S. Gold finished May on a high - well, the Aussie Gold Sector Did:

[Friday May 31st, 2024]

It's been a good coupla years:

Source: https://goldprice.org/

US$ gold price on the left, A$ gold price on the right, it's not up in a straight line, but it's still bottom left towards top right, with good reasons to go higher still if Roscoe Widdup is even half right.

He's seeing value in North American/Canadian gold companies mostly, which tend to trade at lower multiples to their Australian counterparts (ours are better run and are more productive - so premiums are probably warranted in my view) and also in some gold royalty companies, which we don't have here on the ASX.

Interesting that he says that they (T8) are invested in Gold Fields which people (including me before today) still view(ed) as a South African gold company, however Roscoe points out that most of their South African gold assets have now been divested and they are a truly global gold miner now - and headquartered in the USA. Gold Fields own half of the Gruyere Mine in eastern WA (north east of Kalgoorlie) and are the operators of that mine - Gold Road (GOR) are the ASX-listed owners (and non-operators) of the other half of Gruyere.

Lots of info there for gold bugs.

03-May-2024: Clearly there is a fair whack of people who think the recent bull run in gold is now over...

And it just might be...

A$ Gold price on the left, US$ gold price on the right. Source: https://goldprice.org/

And those gold producers with the highest costs tend to provide a fair bit of leverage when gold is rising at a good clip, however the opposite is true when gold starts to fall:

SBM down -7.7% today on no news - other than that the gold price is coming off its recent high.

That's going to happen.

And that's why I tend to avoid the highest cost producers.

NEM down just -0.29% today, NST down -1.65%, however Evolution Mining (EVN), whose cost of gold production is relatively high if you back out the substantial copper byproduct credits, was down -5.57%, which might have been partly due to them releasing this today: Analyst-Roundtable-Presentation.PDF.

Slide 5 was the culprit - showing just how much copper price movements will affect Evolution Mining's profits:

Interesting to see their costs broken down like that in a pie chart, but I'm guessing the analysts might have been a little concerned by the suggestion here that inflation was still causing EVN's AISC to rise, and that it would keep rising into FY25.

So costs still rising and this slide really underlines just how much EVN are now reliant on a boyant copper price as well as a good gold price. No doubt a higher copper price helps them, but the opposite is also true - a lower copper price will hurt them, and perhaps could hurt them more than analysts had considered likely before today's presentation.

Disclosure: I no longer have any direct exposure to SBM or EVN; my current real money exposures to gold producers are through just 3: NST, GMD and BGL, and here in my Strawman.com virtual portfolio I hold those three plus I also have a couple of minor positions in other goldies, which varies from time to time (EMR, CMM, PNR currently). I also hold some pick and shovel plays on gold both in real money portfolios and here, with the bigger positions being LYL and GNG (both are E&C companies who specialise in mining studies [PFS, BFS, DFS, etc.] and the design and construction of gold processing plants, a.k.a. gold mills).

26-April-2024: 'Tis the season for Q3 reports for FY24, and the Aussie gold sector was one place to hide today:

Recent Capital Raisings:

Southern Cross Gold (SXG):

SXG raised $10m @ $1.82, which was announced at the beginning of April when their SP was $1.84; they subsequently went on to make a new all-time closing high of $2.40 on 12th April and a new all-time intraday high of $2.50 the following day. The CR is via a fully underwritten pro-rata non-renounceable entitlement offer ("Rights Issue") of one (1) new ordinary SXG share for every thirty-three (33) ordinary SXG shares held (1:33) by eligible shareholders. SXG's recent announcements can all be viewed from here: https://www.southerncrossgold.com.au/investor/asx-announcements.

SXG closed today at $2.30. They've had a very good run.

FireFly Metals (FFM):

FireFly Metals (FFM) raised $52m at prices ranging from 61 cps (cents per share) up to 75.03 cps. The average price of the placements was 64 cps (explained here) and it was announced in late March when their SP was 68 cps, and was completed in April. They closed today at 79.5 cps after making a new 2-year high of 82 cps on April 12th. FFM's recent announcements can all be viewed from here: https://fireflymetals.com.au/asx-announcements/.

Calidus Resources (CAI):

CAI did a rescue raising (restructure) in March @ 11.5 cps to raise $16.5m (see here: CAI-Restructure-positions-Calidus-for-strong-growth-in-cashflow-22March2024.PDF) and they also announced a $3m SPP (share purchase plan) which they gave further details of in April; the SPP allows eligible shareholders to apply for up to $30K of new shares on the same terms as Calidus’ recent placement to institutional, sophisticated and professional investors, being an issue price of A$0.115 per new share and one (1) free-attaching option for every two (2) new shares subscribed for and issued, with those options exercisable at A$0.17 each and expiring on 15 November 2026. Subject to satisfaction of conditions set by ASX, the attaching options are intended to be quoted on the ASX. CAI has been a bit of a basket case in recent years:

CAI's recent announcements can be viewed from here: https://www.calidus.com.au/asx-announcements/

And they include the following:

• April 4th: CAI-Production-continues-upward-trend-at-Warrawoona.PDF
• April 4th: Resources Rising Stars Presentation.PDF
• April 11th: CAI-General-Meeting--Share-Purchase-Plan---Timetable-Update.PDF
• April 17th: CAI-Response-to-ASX-Aware-Query.PDF
• April 23rd: CAI-Letter-to-Eligible-Shareholders---Share-Purchase-Plan.PDF
• April 24th: CAI-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Spartan Resources (SPR):

Spartan Resources (SPR), formerly Gascoyne Resources, Fully underwritten $80m equity raising at 58 cps comprising an institutional placement to raise approximately $47m and a 1-for-17 pro rata accelerated non-renounceable entitlement offer of 56.8m shares to raise ~$33m (Entitlement Offer).  SPR was trading at 65.5 cps before they announced the raising, and they closed at 60.5 cps today. Their one year chart looks good, but if you've held them for a few years from when they were Gascoyne and trading up around $8/share, you'd not be best pleased.

It's not been a pleasant ride for GCY/SPR shareholders; the company spent 15 months in Administration (so obviously suspended from trading on the ASX) and then did a monster capital raise at just a few cents per share and also consolidated their shares on the basis of 1 for 20, so prior shareholders were diluted almost to zero. See here: Gold producer Gascoyne ready to launch recapitalisation (afr.com) (05-Aug-2020).

They had to recapitalise themselves again in early 2023: Gascoyne Resources unveils $50m recapitalisation package (mining-technology.com)

This time at 10 cps, a 49% discount to Gascoyne’s previous close on 4 November 2022 - yeah, they had been suspended from trading again pending this second recapitalisation.

I didn't hold any GCY at that time (and have never held them as SPR either) however I did hold NWH (NRW Holdings) at the time (and still do) and they were Gascoyne's main contractor (NWH did the actual mining for GCY) and NRW Holdings received about $4m in cash and shares as part of the recapitalisation for some of the money that GCY owed to them (NRW hadn't been paid for months), so became a substantial shareholder of GCY; NWH still own just over 6% of SPR. See here: Gascoyne Resources to pay NRW Holdings as part of $50m recapitalisation plan | The West Australian

So, yeah, the last year looks reasonable, but they're coming off a very low base compared to where they've been in prior years, and they're still WELL below where they have been - and early GCY shareholders who rode them all the way down into Administration would have lost a LOT of money. Over the past couple of years GCY and lately SPR (their new ticker code) have been removed from all of the indices, including being removed from the All Ords in March this year. Anyone who picked them up below 20 cents AFTER the share consolidation in 2020 and AFTER the second recapitalisation last year - when a LOT more shares got issued - would be happy enough now if they still held them, but this is not a management team I'd be prepared to back any time soon.

Click here to see what the MoM ("Money of Mine") podcast crew think of Spartan's latest raising - and the reasons behind it.

SPR's recent announcements and presentations can be viewed from here: https://spartanresources.com.au/investor/asx-announcements/.

Santana Minerals (SMI):

Santana Minerals (SMI) called a trading halt before the market opened on Tuesday, having closed at $1.26/share on Monday, and they emerged from that trading halt today with the announcement that they'd raised just over $31m @ $1.15/share, and they dropped -9.45% today to close bang on that $1.15 raising price. They've also announced a $4m SPP today, also priced at $1.15. They recently managed to post an intraday 5-year high of $1.565 in early Feb and a closing 5-year high of $1.525, then last week (on the 17th April) they got back up to $1.47 intraday and closed at $1.40. Santana Minerals is focused on their Bendigo-Ophir exploration tenements in New Zealand, which covers 251 square kilometres in the Central Otago goldfields, 90 kilometres northwest of Oceana Gold’s world-class Macraes gold mine which apparently contained more than 8 million ounces of gold, so it started as a nearology play, but they have been finding gold there, particularly at their Rise and Shine (RAS) deposit. According to their website (link below), the indicated gold resources at RAS are currently 1.3Moz @ 2.4g/t Au.

Source: https://www.santanaminerals.com/bendigo-ophir-new-zealand

SMI's latest announcements and presentations can be viewed from here: https://www.santanaminerals.com/asx-announcements.

I'm personally not interested in a New Zealand gold miner listed in Australia when we've got some decent quality Aussie goldies finding good gold right here in Oz, and I don't know of anyone else here who is following SMI, so won't bother with charts. Suffice to say they look good on a 1 year and 3 year chart, they look REALLY good on a 5 year chart, but if you go back beyond 2018 (so a 10 year chart), ...not so good. But hey, they got down to just 8 cps in mid-2021, and they closed at $1.15 today, so they've gone up more than 14 x since then. Depends on your perspective. Unless you're looking back past 2018, they've done well.

Company Announcements:

Todays and Recent Announcements:

Newmont Corporation (NEM):

Also formerly known as Newmont GoldCorp, Newmont are listed in New York and they acquired Australia's largest gold producer Newcrest Mining (NCM) last year, and for some reason their CDI here (NEM) is the largest constituent of the Aussie Gold Sector Index, despite the company NOT being ASX-listed (other than as a CDI), so when they have a BIG day, they DO move the sector, and they DID have a big day today: NEM was +13.87% on the back of this:

26-Apr-2024: 8K as filed - Q1 2024.PDF (First Quarter 2024 Results) plus Dividend-Distribution---NEM-25-US-cents-per-share.PDF

NEM are not only the largest constituent of the ASX Gold Index, they were also the gold sector's best performing stock today (for a change) with that +13.87% move from $57.70 to $65.70, so that had a lot to do with the gold sector outperforming today:

OK, I'm going to list the rest of the companies in alphabetical order of their ASX ticker code (so X64 - Ten Sixty Four - will be near the end under "X", not under "T') - so you can skip to the one(s) that interests you:

Alkane Resources (ALK):

09-Apr-2024: Gold Forum Europe 2024 Presentation.PDF

22-Apr-2024: ALK-Production-Ore-Extraction-Commences-at-Roswell.PDF

24-Apr-2024: ALK-Quarterly-Activities-Report.PDF

Further announcements and Presentations by ALK can be viewed here: https://alkane.com.au/investors/asx-announcements/

Bellevue Gold (BGL):

18-April-2024: BGL-Quarterly-Activities-Report.PDF

18-April-2024: BGL-Quarterly-Cashflow-Report.PDF

Click here to see what the Money of Mine (MoM) podcast crew thought of that report from BGL.

More on Bellevue: https://bellevuegold.com.au/investor-centre/

Calidus Resources (CAI):

See further up this post under "Recent Capital Raisings" for recent announcements by CAI.

Also here: https://www.calidus.com.au/asx-announcements/

24-April-2024: Quarterly Activities/Appendix 5B Cash Flow Report.PDF

Capricorn Metals (CMM):

05-April-2024: CMM-March-2024-Quarterly-Production-Update.PDF

19-April-2024: MGGP Ore Reserve Grows to 1.83 Million Ounces.PDF

26-April-2024: CMM-Quarterly-Exploration-Update.PDF

26-April-2024: CMM-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

More on CMM: https://capmetals.com.au/investor-centre/asx-announcements/

Catalyst Metals (CYL):

17-April-2024: CYL-Quarterly-activities-report.PDF

19-April-2024: CYL-Hancock-shareholding-taken-up-by-broad-range-of-investors.PDF

Click here to hear what the MoM lads thought of CYL's quarterly - and a bit of a recap of how CYL got to where they are now.

De Grey Mining (DEG):

22-April-2024: DEG-Quarterly-Activities-Report---March-2024.PDF

22-April-2024: DEG-Quarterly-Cash-Flow-Report---March-2024.PDF

More on DEG: https://degreymining.com.au/investor-centre/

Emerald Resources (EMR):

08-April-2024: Okvau-Continues-to-Deliver---Quarterly-Gold-Production.PDF

12-April-2024: Recommended-and-Unconditional-Takeover-Offer-Best-and-Final (EMR for Bullseye Mining).PDF

18-April-2024: Significant-Exploration-Results-Continue-at-Emerald-Projects.PDF

19-April-2024: Sixth-Supplementary-Bidder's-Statement-from-EMR-for-Bullseye-Mining.PDF

19-April-2024: Fifth-Supplementary-Target's-Statement-from-Bullseye-Mining.PDF

24-April-2024: EMR-Bullseye-Takeover-Offer---Emerald-Moves-to-92-percent.PDF

26-April-2024: EMR-Emerald-Proceeds-to-Compulsory-Acquisition-of-Bullseye.PDF (and so ends the longest running takeover offer in the history of gold mining, and possibly the entire ASX - this one was first launched in early December 2021, so 2 years and 4 months ago - see here.)

More on EMR: https://www.emeraldresources.com.au/investors/asx-announcements/

Evolution Mining (EVN):

17-April-2024: EVN-Drilling-results-expected-to-drive-Mineral-Resource-growth.PDF

17-April-2024: EVN-March-2024-Quarterly-Report.PDF

More on EVN: https://evolutionmining.com.au/asx-announcements/

FireFly Metals (FFM):

See further up this post under "Recent Capital Raisings" for further info and recent announcements by FFM.

28-March-2024: Highly-successful-A$52m-raise-to-accelerate-resource-growth.PDF

28-March-2024: Investor Presentation March 2024.PDF

04-April-2024: Investor Presentation April 2024 - Resources Rising Stars.PDF

04-April-2024: Response-to-ASX-Query.PDF

04-April-2024: Prospectus.PDF

For more on FFM, see here: https://fireflymetals.com.au/asx-announcements/

Firefinch (FFX):

28-March-2024: FFX-H1-FY24-Financial-Results-Audit-Update.PDF

24-April-2024: FFX-Director-Nomination.PDF

Genesis Minerals (GMD):

18-April-2024: GMD-Quarterly-Activities-Report---March-2024.PDF

Click Here for a quick summary of Genesis' Quarterly by the MoM lads - and some discussion on Gwalia gold grades.

More on GMD: https://genesisminerals.com.au/investor-centre/announcements/

Gold Road Resources (GOR):

02-April-2024: GOR-Production-Update.PDF

15-April-2024: GOR-Response-to-Media-Speculation.PDF

19-April-2024: GOR-Quarterly-Activities-Report---March-2024.PDF

19-April-2024: GOR-Investor-Presentation---March-2024-Quarterly-Results.PDF

23-April-2024: GOR-Ceasing-Participation-in-Sales-Process.PDF (GOR has ceased participation in the current process conducted by Orion Resource Partners in relation to a potential transaction for an interest in Greenstone Gold Mines - This was another deal that was leaked to the media and the term "Monster Capital Raise" was mentioned in one newspaper, which spooked investors and scuttled the deal.)

More on GOR: https://goldroad.com.au/asx-announcements/

Kaiser Reef (KAU):

18-April-2024: KAU-Nuggetty-Reef-Exploration-Results.PDF

Kingsgate Consolidated (KCN):

23-April-2024: Chatree-Gold-Mine-Update.PDF

23-April-2024: Continued-Significant-Gold-Exploration-Results-near-Chatree.PDF

26-April-2024: Updated-Exploration-Release.PDF

Kin Mining (KIN):

03-April-2024: Kin to Accelerate Cardinia Base Metal and Gold Exploration.PDF

04-April-2024: RRS-Gather-Round-Presentation---4-April-2024.PDF

05-April-2024: Gather-Round-Presentation-ammended.PDF

15-April-2024: Kin And PNX Merge to Create Exceptional Platform for Growth.PDF

More on KIN: https://www.kinmining.com.au/investors/announcements/

Newmont Corporation CDIs (NEM):

NEM was covered off at the top of this announcements list.

Northern Star Resources (NST):

11-April-2024: Operational-Update-(NST).PDF

23-April-2024: NST-March-2024-Quarterly-Activities-Report.PDF

More on NST: https://www.nsrltd.com/investor-and-media/asx-announcements

Ora Banda Mining (OBM):

04-April-2024: Riverina and Sand King Update.PDF

08-April-2024: Riverina-Dispute-Resolved.PDF

23-April-2024: OBM-WesCEF-JV-Deal-Completion.PDF

23-April-2024: OBM-March-2024-Quarterly-Activities-and-Cashflow-Reports.PDF

More on OBM: https://orabandamining.com.au/investor-centre/

Predictive Discovery (PDI):

09-April-2024: PDI-Excellent-Results-from-Argo-Central-Trend.PDF

15-April-2024: PFS Delivers Attractive Financials & 3.05MOZ Ore Reserve.PDF

15-April-2024: Bankan Pre-Feasibility Study Presentation.PDF

24-April-2024: PDI-BC-East-Drilling-Confirms-Previous-Positive-Results.PDF

More on PDI: https://www.predictivediscovery.com/information-for-investors/

Pantoro (PNR):

16-April-2024: PNR-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

17-April-2024: Investor Presentation.PDF (Europe and North American Roadshow - April 2024)

More on PNR: https://www.pantoro.com.au/investors/asx-announcements/

Perseus Mining (PRU):

08-April-2024: Change-to-Perseus-Senior-Management-Team.PDF

08-April-2024: Perseus-Offer-for-OreCorp-(ORR)-Declared-Unconditional.PDF [ORR announcement]

08-April-2024: Perseus's-Offer-for-OreCorp-unconditional-and-best-and-final.PDF [PRU announcement]

08-April-2024: European-Gold-Forum-Presentation-by-PRU-on-10April2024.PDF

10-April-2024: Silvercorp-accepts-Perseus's-offer-for-OreCorp.PDF

11-April-2024: ORR-Board-and-Management-Transition.PDF

19-April-2024: Notice-of-compulsory-acquisition(PRU-ORR).PDF (Perseus held 94.99% of OreCorp and moved to compulsory acquisition of the remaining OreCorp Shares)

24-April-2024: PRU-March-Quarter-Report.PDF

24-April-2024: PRU-March-Quarterly-Webinar-Presentation.PDF

More on PRU: https://perseusmining.com/asx-announcements/

Red 5 (RED):

24-April-2024: RED-March-2024-Quarterly-Activities-Report.PDF

24-April-2024: RED-March-2024-Quarterly-Webcast-Presentation.PDF

24-April-2024: RED-Court-approves-convening-of-Scheme-Meeting.PDF

26-April-2024: Scheme Booklet registered with ASIC

For further announcements and presentations from RED, see here: https://www.red5limited.com/site/investor-centre/ASX-Announcements

Ramelius Resources (RMS):

28-March-2024: Corporate-update-(No deal with Karora Resources).PDF

03-April-2024: Record-quarterly-gold-production-for-Ramelius.PDF

22-April-2024: RMS-March-2024-Quarterly-Activities-Report-and-Guidance-Update.PDF

Click here to see what the MoM ("Money of Mine") podcast crew thought about that report from RMS.

More on RMS: https://www.rameliusresources.com.au/2024-asx-announcements/

Regis Resources (RRL):

03-April-2024: RRL-McPhillamys-Gold-Project-Definitive-Feasibility-Study-Update.PDF

24-April-2024: RRL-Quarterly-Activities-Report.PDF

More on RRL: https://regisresources.com.au/investor-centre/asx-announcements/

Resolute Mining (RSG):

28-March-2024: Annual Report.PDF

26-April-2024: RSG-Quarterly-Conference-Call-Details.PDF

For further announcements and presentations from RSG, see here: https://www.rml.com.au/investors/asx-lse-announcements/

St Barbara (SBM):

06-April-2024: SBM-Q3-Production-up-33-percent.PDF

10-April-2024: New Sorowar Pigiput Mineralised Zone Confirmed.PDF

24-April-2024: SBM-Quarterly-Report-Q3-FY24.PDF

More on SBM: https://stbarbara.com.au/investors/announcements/

Silver Lake Resources (SLR):

24-April-2024: SLR-Sugar-Zone-exploration-update.PDF

24-April-2024: SLR-Quarterly-Activities-Report.PDF

24-April-2024: SLR-Court-approves-convening-of-Scheme-Meeting.PDF

26-April-2024: Scheme Booklet registered with ASIC

For further announcements and presentations from SLR, see here: https://www.silverlakeresources.com.au/investors/asx-announcements

Santana Minerals (SMI):

See further up this post under "Recent Capital Raisings" for further info and recent announcements by SMI.

Also here: https://www.santanaminerals.com/asx-announcements

Spartan Resources (SPR):

See further up this post under "Recent Capital Raisings" for further info and recent announcements by SPR (formerly Gascoyne Resources).

Also here: https://spartanresources.com.au/investor/asx-announcements/

Strickland Metals (STK):

02-April-2024: STK-Yandal-Project-Exploration-Update.PDF

11-April-2024: STK-Investor-Presentation---Yandal-Drilling.PDF

17-April-2024: STK-Investor-Presentation---Rogozna-Acquisition.PDF

18-April-2024: STK-Diamond-Drilling-Commences-at-Yandal-Project.PDF

More on STK: https://www.stricklandmetals.com.au/investors/asx-announcements

Southern Cross Gold (SXG):

See further up this post under "Recent Capital Raisings" for further info and recent announcements by SXG.

Also here: https://www.southerncrossgold.com.au/investor/asx-announcements

Tribune Resources (TBR):

26-April-2024: TBR-Quarterly-Activities--Cashflow-Report---March-2024.PDF

Tietto Minerals (TIE):

18-April-2024: Third-Supplementary-Target's-Statement-Update-from-TIE.PDF

Tietto have rejected Zhaojin Capital's latest takeover offer, and the MoM lads discuss why here.

24-April-2024: TIE-Notice-of-status-of-defeating-conditions.PDF

26-April-2024: Change-in-substantial-holding-for-TIE.PDF

Zhaojin Capital (Hong Kong) Limited (Zhaojin Capital) now hold 23.22% of TIE and have given notice that their takeover offers for TIE are now "wholly unconditional" as they have been freed from all of the defeating conditions (regulatory and other approvals, minimum acceptance, prescribed occurences, etc.).

West African Resources (WAF):

05-April-2024: WAF-Production-Update---March-Quarter-2024.PDF

17-April-2024: WAF intercepts 24m at 55.8 g/t gold at M1S.PDF

23-April-2024: WAF-Quarterly-Activities-Report.PDF

23-April-2024: WAF-Quarterly-Cashflow-Report.PDF

More on WAF: https://www.westafricanresources.com/investor-centre/announcements/

Westgold Resources (WGX):

20-March-2024: Corporate Presentation - Swiss Mining Institute.PDF

03-April-2024: WGX-Q3,-FY24-Production-Update.PDF

08-April-2024: Merger to Create 400 kozpa Australian Gold Miner.PDF (Westgold to acquire TSX-listed Karora Resources after talks between Ramelius Resources [RMS.asx] and Karora [KRR.tsx] broke down after news of their secret negotiations was leaked to the media - whose been a naughty boy Wayne?!)

08-April-2024: A New 400kozpa Australian Gold Producer.PDF

16-April-2024: Bluebird-South Junction Increases to 6.4Mt at 3.1 gpt Au.PDF

24-April-2024: WGX-March-2024-Quarterly-Report.PDF

24-April-2024: March Quarter FY24 Investor Update.PDF

Further announcements and presentations from WGX can be sourced from here: https://www.westgold.com.au/investor-centre/asx-announcements

Ten Sixty Four (X64):

02-April-2024: X64-Detailed-Restructuring-Documents---Progress-Update.PDF

24-April-2024: X64-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

26-April-2024: X64-Notification-of-cessation-of-securities---Ten-Sixty-Four-Performance-Rights-expired-without-conversion.PDF

Incidentally, this is the old Medusa Mining who did successfully mine Co-O for gold in the Philippines for a few years, along the way dealing with a host of weather-related issues, but they changed their name to Ten Sixty Four (1,064 °C is the melting point of gold, so required to do gold pours) and they've had some serious issues in recent years as things have turned decidedly pear-shaped for them.

Yandal Resources (YRL):

16-April-2024: Investor Update.PDF

More on YRL: https://investorhub.yandalresources.com.au/announcements

--- end ---

MoM lads spoke to Brian Laks about Gold (eventually) on Wednesday:

Link to entire poddy: Is Tin the Next Uranium? (Brian Laks Interview) (youtube.com)

Link to gold discussion: https://www.youtube.com/watch?v=V7HDNbAjHVY&t=3287s

JD spoke to Geoff Wilson and Cooper Rogers from WAM Funds about gold and who they're backing in the Aussie gold sector on Tuesday

(Hint: EMR, BGL)

The whole Poddy: Will LIC Activism Upend Aussie Funds Management? (WAM Interview) - YouTube

Or Jump straight to the bit about gold: https://www.youtube.com/watch?v=UOXJ8eLO5TA&t=3533s

Geoff is really showing his age these days. He has previously said he would stay there until he's 90: I'll stay until 90, says WAM chairman Geoff Wilson [The Australian, 23-Nov-2021]

Geoff on Twitter/X: Geoff Wilson (@GeoffWilsonWAM) / X (twitter.com)

Further Reading: Geoff Wilson wants Bill Ackman’s very online notoriety (afr.com) [08-April-2024]

Latest News from GoldHub @ The World Gold Council (gold.org):

Weekly gold market wrap-up: Insights from the World Gold Council

--- That'll do for tonight ---

17-April-2024: It's been a coupla weeks...

This table caught my attention in the Money of Mine's Monday (15th April 2024) podcast video which I was re-watching this afternoon:

Source: Panic at Gold Road – Right or Wrong? | Daily Mining Show (youtube.com) [15-April-2024]

Now at that point in the poddy, JD was discussing the discounts available in the West African focused gold miners listed on the ASX - so Australian-listed and Australian-HQ'd gold miners whose mines are all in West Africa - those three shaded yellow - and he included the others for comparison. And, to be honest, as I've mentioned in this thread before, they interest me not very much at all. However, the multiples that the OTHER gold companies are trading at, is what DOES interest me. I have been interested in (but not yet invested in) Westgold (WGX) but WGX's announcement last Monday (last week) of their planned merger with TSX-listed Karora (KRR.tsx) - after the Karora-Ramelius (RMS.asx) merger talks clearly broke down - has made me stay firmly on the sidelines for now - I'm always wary of being invested in the acquirer of a large asset unless I can see a lot of clear reasons why the acquisition makes sense - and I remain unconvinced in this case - so far.

Further Reading: A New 400kozpa Australian Gold Producer [08-April-2024] and Merger-to-Create-400-kozpa-Australian-Gold-Miner.PDF [08-April-2024] and...

Money of Mine Podcast 02-April-2024: Who's Karora's mystery partner ; and

Money of Mine Podcast 08-April-2024: Westgold revealed as Karora's partner

So, yeah, nah, not interested at this point. Let's wait and see how that one pans out. Of those goldies on that list above (in that table), I do hold EMR and CMM here on Strawman, but none of them in real money portfolios any longer, having previously held and now sold out of CMM, EMR, RMS and GOR (today - see here for why).

Those are a sort of Peer Group list for WGX and Karora that JD put together, and my real-money exposures in the sector are not on that list, being NST, GMD and BGL, plus some pick and shovel plays like GNG, LYL, NWH and XRF, and another company who has one division that is assisted by gold sentiment being positive, Codan (CDA). I also hold all of those here on SM as well as a little bit of KIN (a small gold explorer with a history of finding decent deposits and then selling them), a very speculative position in M2M (a gamble, not an investment) and a VERY small position in PNR, just to keep them on my radar because I have managed to make money trading them in prior years and likely will again at some point.

But my main exposures are NST and GMD (Northern Star Resources and Genesis Minerals, both held in my two largest real money portfolios) and, to a lesser extent, Bellevue Gold (BGL) which I hold in my SMSF.

I have posted straws or forum posts about a few other gold miners here lately:

• https://strawman.com/reports/SPR/Bear77?view-straw=25842 yesterday (16th April) on Spartan Resources (SPR) - formerly known as Gascoyne Resources - about their latest drilling results and their share price recovery over the past year;
• Updated my Emerald Resources (EMR) "valuation" (price target) here (5 days ago), and added an extra forum post on their Board and Management's backgrounds here (on Saturday - 4 days ago);
• Explained why I recently chose to exit (sell out of) Regis Resources (RRL) here;
• Updated my Capricorn Metals (CMM) price target six days ago here; and
• Also six days ago I added a straw titled "Onwards and Upwards" for Northern Star Resources (NST) that discusses their latest Operational Update (on 11-April-2024) and a little bit about why I like the company so much. Sometimes links to straws will take you to valuations instead, in which case just scroll down and the straw should be below the valuation.

So, yeah, I haven't been idle. Just not posting in this particular forum thread over the last couple of weeks.

BTW, I quit my afternoon shift job today, because the arthritis in my knees and hands has made the work too painful in the chilled food-prep environment (at the hommus and dips factory), so I may be spending even more time online, or not, we shall see. I certainly feel more positive in general about not having to go back there any more.

I wasn't planning to retire at 58, but it looks like I may have now. One thing I do know is that I will NOT get bored. Always plenty to do.

Here's another table I came across - not sure how accurate it is, but I imagine it's in the ball park:

Source: https://www.statista.com/statistics/264628/world-mine-production-of-gold/

The World Gold Council agrees that China produces more gold than Russia and Australia per year, but they put Russia ahead of Australia back in 2022:

Source: https://www.gold.org/goldhub/data/gold-production-by-country

Sources agree however that Australia either tied with Russia in 2023 or surpassed Russia and became the world's second largest gold producing country.

So now China, Australia, Russia, then Canada, then the USA.

And most western investors aren't looking to get exposure to gold through China, or Russia, so Australia and Canada are the premier stockmarkets for investors who want gold exposure through exposure to listed gold miners, so our Aussie gold miners are also looked at regularly and held often by international investors who want that exposure.

This applies particularly to our larger gold miners - like NST - which I do hold. Got to go cook some dinner for the fam' now. Ciao for now.