Forum Topics Gold as an investment
edgescape
a month ago

10 June 2024

Gold miners shine against the Nasdaq 100.

Capricorn Metals at the bottom of the heap (which I stubbornly hold despite ignoring signals to sell)

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6
Bear77
2 months ago

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. 

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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:

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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:

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[Friday May 31st, 2024]

It's been a good coupla years:

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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.

5
Bear77
3 months ago

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

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And it just might be...


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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:

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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:

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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).

6
Bear77
3 months ago

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

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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.

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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/.

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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:

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

And they include the following:


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.

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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

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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.

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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:

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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:

2f5b664c0b8220494ab08b007fdbe9f14936a9.png

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)

a12cd1ea52bf39f9b15525b81c7e66ae04a3ae.png

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


5b0f4abda3b99c7e3364f5c9b0ca5ff31dc10e.png


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

12

Bear77
3 months ago

Just having a browse through some of those company presentations and came across the following slide:

0d8abb512a3ba4df111c8a777245de6d0979cf.png

Source: Slide 7 of Pantoro's (PNR's) 17-April-2024 Investor Presentation.PDF (Europe and North American Roadshow - April 2024).

Obviously PNR are trying to highlight there how well they compare to their peers - the emerging gold producers that are focused on mining gold right here in Australia - but what struck me more than anything is how well Genesis Minerals (GMD) come out of that comparison, sure they have a high market cap, as do Bellevue and Red 5, but I would argue that Bellevue is priced for growth, and as long as they scrape through this ramp-up stage at their BGP (Bellevue Gold Project) without raising further capital then I would say their market cap is a fair reflection of their growth profile - they are after all mining what is probably going to be the highest grade gold mine in Australia over the next few years - and Genesis is also priced based on their future production, not their current production, while Red 5 is just expensive - and are merging with SLR so will be outside of this peer group shortly... but Genesis has zero debt, zero hedging, more cash than probably all of the others COMBINED, and they've invested well, using equity, not debt. Of course, I am biased, as I hold GMD and none of the others in real life, but still - go PNR - you do look OK here, but GMD look a lot better!

6

RogueTrader
3 months ago

I have to say, when it comes to gold stocks I tend to agree with Gaurav Sodhi's (Intelligent Investor) analysis of the sector:

“In most circumstances, gold miners live or die according to movements in the gold price, and, in all circumstances, these movements are completely unpredictable. We don't believe analysis makes any difference to outcomes in the sector…”

“The price of gold is unpredictable and no amount of skill or sophistry can divine its direction, let alone its actual level.”

“We went into these situations specifically seeking exposure to gold and trying to target that exposure with analysis of important variables such as cost, revenue, processing volumes and grade. We may as well have thrown darts on a board because analysis of the sector has not proved useful or insightful.

Not once have we accurately estimated revenue, profit or cost. We have rarely estimated output correctly. “

https://www.intelligentinvestor.com.au/recommendations/the-truth-about-gold-stocks/136328


8

Bear77
3 months ago

Yes, I've heard Gaurav say something similar back when I watched YMYC or perhaps on "The Call", however while he is 100% correct that predicting gold price movements is a waste of time, and that analysis of grades, costs, and volumes can be upturned by weather events, seismic events, input cost increases, reconcilliation issues between grade control drilling and actual production results, changing ore, equipment and personnel availability issues, mechanical and electrical breakdowns, access issues, and a host of other events and issues, one thing I have learned over the years is that you win more than you lose if you back good management teams that have performed well either at their current company or in previous roles at other companies. Backing newbies is very hit and miss. When Gascoyne first fired up Dalgaranga, they had a good mill, built by GNG (GR Engineering) but based on specs provided by Gascoyne management and various contractors they used to cobble together the PFS and DFS for the project - there were a few different issues but one of them was that the original Gascoyne Resources management were mostly geo's with no experience running mines, and limited experience in chemical or mechanical engineering, and the ore didn't work in the mill that they had built for them, which resulted in elevated costs, lower recoveries than expected, and liquidity issues when they couldn't meet their debt repayment schedule. Anyway, I'm getting off track here, but what I'm really trying to say is that management can really stuff up a good deposit by making poor decisions, and that good management who have a good prior track record of profitable gold mining and building up gold mining companies that usually get taken over by larger companies allowing them to do it all again somewhere else, can and do make a difference, more often than not.

Gaurav didn't mention "management" as one of the factors that they considered, and my personal opinion is that the quality of management with gold mining companies is one of the most important factors in determining whether they will make money or lose money over time. And that is because gold mining is really all about making a series of capital allocation decisions, like how much do we build into the plant at the start so that we have more optionality later, how much do we spend on exploration drilling, and when, what type of M&A do we want to consider and when, how quickly do we want to become a multi-mine operator, and how do we plan to achieve that, where do we want to be mining, do we want geographic diversification, and is that at a country level, in which case which countries are we interested in mining in and which countries are we NOT interested in mining in, do we use contractors where we don't have the necessary expertise or experience to perform tasks ourselves efficiently and cost effectively, do we sign up contractors on LOM alliance agreements, or shorter time periods, are we after longer term partners or to play companies off against one another to get the cheapest possible deal for ourselves, how much emphasis and money are we willing to spend when gold prices are high to become more efficient and reduce our costs ready for leaner times, or do we cross that bridge when we come to it, how do we want to incentivise our KMP, how much equity are we going to take as part of our own remuneration, are we focused on shareholder returns and looking after our shareholders so that we have a loyal shareholder base if times get tough later, how much time and money do we spend on a process or even a mine that just is not working as planned, what alternatives have we got, what alternatives do we want to develop and over what time frame, how much money do we want to return to our shareholders as dividends or share buybacks versus how much do we want to reinvest back into the business, and when should that change? I could go on. There is so much.

That's why rather than trying to tick all of those types of things off indivdually, I often tend to follow successful mine management - i.e. those who have positive track records of taking deposits from discovery to profitable production, and try to get exposure to the best of them, as I truly believe that does improve my odds of coming out in front.

Bringing that back to PNR vs GMD - Raleigh Finlayson at GMD built Saracen Minerals (was SAR.asx) up from nothing to be Australia's 4th largest gold miner (behind NCM, NST & EVN at that time) before Raleigh and Bill Beament merged NST and SAR together to consolidate NST's #2 spot, and now #1 with NCM being acquired by Newmont (which is US-based and NYSE listed), so he has an exemplary track record, and that's probably why his current company (GMD) has so much cash, no debt and no hedging.

13

PortfolioPlus
3 months ago

Brilliant response @Bear77 and for mine (me not the gold mine) it highlights a number of key investment principles:

The critical importance of quality management - with quality extending past know how and experience to credibility, honesty and a sense of fairness to all in the food chain. I think that chap from Omaha with the down to earth lifestyle and diet would agree with this.

As you have pointed out, mining is extremely complex with many moving parts over the various stages of the LOM - each of them with the potential to blow up the project. At a younger phase of my investment journey I blew up plenty of capital by trusting the over exuberance & BS of mining MD’s. I now fully understand my circle of competence re mining is circa kindergarten basics, I have no right to be investing in mining. But I took a punt in RL and bought NST @ $6.70 based upon a guy who had demonstrated incredible knowledge of gold mining. His name was Bear77, you might know him. It’s been my own dalliance into Au (leaving aside the mining service companies) in the past decade or so, but very rewarding and I am hugely grateful, as we all should be for the prodigious, quality posts he makes to SM.




7

Bear77
3 months ago

Very kind of you @PortfolioPlus - and I would add that the chap from Omaha that you alluded to there also once said, “I try to invest in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.”

While I agree that does make sense for a lot of sectors, I do NOT think that applies to mining companies, and especially not to gold mining companies. And perhaps that's why that chap isn't well known for investing in mining companies, and you certainly don't need to dabble in mining to make plenty of money through investing.

As you point out PP, it's not an area that is within the wheelhouse (or circle of competence) of most investors, and when it comes to many commodities - like uranium - I include myself there - that's also outside my own circle of competence - and as @RogueTrader points out through those Gaurav Sodhi quotes, detailed or deep analysis of the various metrics of individual gold mining companies (and of the possible future direction of the gold price itself) is generally a waste of time because so many factors can impact it all - and with zero warning too in many cases - mining in general, and gold mining in particular, IS an area where you do NOT want an idiot running a company you're invested in, because of everything I've just pointed out in my previous post here - and more - that impacts the business model and the business economics. These businesses are not See's Candies, or Mastercard, or Coca-Cola, where the products sell themselves, these are very different businesses to those. Gold miners can be profitable, and provide great TSRs for their shareholders, and NST is Australia's best example of that by a country mile, but the majority of them still do lose money, and that's where management can make a huge difference.

You are 100% correct @PortfolioPlus that the character of management (including their credibility, honesty and sense of fairness) is crucial to try to ascertain as best as we can, and that's why these company meetings that Andrew organises here are so important to me for all types of companies across all sectors. I'm not watching these to get inside information; I'm watching them to get a sense of management's competency (knowledge of their industry and their own business) and character. Management quality is generally an underrated factor in stock selection, but I personally think it's one of the most important things we need to have within our investee companies, and especially in industries such as mining where so much can go wrong and therefore a steady and wise hand on the rudder is absolutely essential for survival, let alone success.

7

Bear77
3 months ago

30-April-2024: 7:30pm: OK, April has ended, so all March quarter reports should have been lodged by now (according to the ASX listing rules). I've provided links below to those that have been lodged yesterday and today, as well as a smattering of other announcements from new additions to my Aussie Gold Sector Watchlist.

I'm now watching 58 gold sector companies (listed below) which are all ASX-listed and Australian-headquartered except for NEM which is the ASX-listed CDI for Newmont Corporation in New York who are for some strange reason the largest constituent of the Australian (ASX) Gold Index despite being a US company.

  1. Astral Resources (AAR)
  2. Alkane Resources (ALK)
  3. Ausgold (AUC)
  4. Black Cat Syndicate (BC8)
  5. Beacon Minerals (BCN)
  6. Barton Gold Holdings (BGD)
  7. Bellevue Gold (BGL)
  8. Brightstar Resources (BTR)
  9. Calidus Resources (CAI)
  10. Canyon Resources (CAY)
  11. Capricorn Metals (CMM)
  12. Catalyst Metals (CYL)
  13. De Grey Mining (DEG)
  14. Emerald Resources (EMR)
  15. Evolution Mining (EVN)
  16. FireFly Metals (FFM)
  17. Firefinch (FFX)
  18. Genesis Minerals (GMD)
  19. Gold Road Resources (GOR)
  20. Kaiser Reef (KAU)
  21. Kingsgate Consolidated (KCN)
  22. Kin Mining (KIN)
  23. Lachlan Star (LSA)
  24. Mt Malcom Mines (M2M)
  25. Metalicity (MCT, formerly PLD Corporation)
  26. Mindax (MDX)
  27. Newmont Corporation CDIs (NEM)
  28. Nex Metals Exploration (NME)
  29. Northern Star Resources (NST)
  30. Ora Banda Mining (OBM)
  31. Predictive Discovery (PDI)
  32. Pantoro (PNR)
  33. Perseus Mining (PRU)
  34. Red 5 (RED)
  35. Ramelius Resources (RMS)
  36. Rand Mining (RND)
  37. Regis Resources (RRL)
  38. Resolute Mining (RSG)
  39. Rox Resources (RXL)
  40. St Barbara (SBM)
  41. Silver Lake Resources (SLR)
  42. Santana Minerals (SMI)
  43. Spartan Resources (SPR)
  44. Strickland Metals (STK)
  45. Saturn Metals (STN)
  46. Southern Cross Gold (SXG)
  47. Tanami Gold (TAM)
  48. Tombola Gold (TBA)
  49. Tribune Resources (TBR)
  50. Turaco Gold (TCG)
  51. Theta Gold Mines (TGM)
  52. Tietto Minerals (TIE)
  53. Tesoro Gold (TSO)
  54. Titan Minerals (TTM)
  55. West African Resources (WAF)
  56. Westgold Resources (WGX)
  57. Ten Sixty Four (X64)
  58. Yandal Resources (YRL)

Those represent most of the largest 50 gold companies on the ASX - according to this list: ASX Gold Companies | Full List | Updated Daily (listcorp.com) ...with a few extra ones added that personally interest me.

Today I removed IR1 (Iris Metals) as they've sold their gold assets to NME (Nex Metals Exploration) and are now concentrating on their lithium assets in the USA (South Dakota) so are no longer a gold company. I've also added the following gold sector companies (which are the newbies in the above list):

  • Astral Resources (AAR)
  • Black Cat Syndicate (BC8)
  • Barton Gold Holdings (BGD)
  • Brightstar Resources (BTR)
  • Canyon Resources (CAY)
  • Metalicity (MCT, formerly PLD Corporation)
  • Nex Metals Exploration (NME)
  • Rand Mining (RND)
  • Rox Resources (RXL)
  • Tanami Gold (TAM)
  • Tombola Gold (TBA)
  • Turaco Gold (TCG)
  • Tesoro Gold (TSO)
  • Titan Minerals (TTM)

With those 14 newbies, I have included their latest significant/price-sensitive announcements below from April only; with the others it's just price-sensitive announcements and Quarterly Reports from yesterday and today (i.e. subsequent to my last post here on Friday evening):

Recent Announcements:

Astral Resources (AAR):

26-April-2024: Astral-Resources-Quarterly-Activities-and-Cashflow-Report-March-2024-Qtr.PDF

Alkane Resources (ALK):

29-April-2024: Revised-Kaiser-Resource-Est-Improves-Confidence-and-Grade.PDF

Black Cat Syndicate (BC8):

29-April-2024: Paulsens-Refurbishment--Secured-Debt-Process-Update.PDF

30-April-2024: Black-Cat-Quarterly-Activities-Report-and-Appendix-5B.PDF

Beacon Minerals (BCN):

30-April-2024: Beacon-Minerals-Quarterly-Activities-Report.PDF

Barton Gold Holdings (BGD):

29-April-2024: Barton-Gold-Quarterly-Activities-Report.PDF

29-April-2024: Barton-Gold-Quarterly-Cashflow-Report.PDF

Brightstar Resources (BTR):

29-April-2024: Brightstar-Resources-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

29-April-2024: Bidder's Statement.PDF

29-April-2024: Target's Statement.PDF (Brightstar Resources has made a takeover offer for Linden Gold Alliance on a scrip-for-scrip basis – no cash – and the Linden Gold Board is unanimously recommending that their shareholders accept Brightstar’s offer.)

Canyon Resources (CAY):

29-April-2024: Canyon Resources-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Emerald Resources (EMR):

29-April-2024: Emerald-Resources-March-Qtr-2024-Quarterly-Report

FireFly Metals (FFM):

29-April-2024: FireFly-Drilling-hits-numerous-zones-of-high-grade-copper-zones-well-outside-Resource.PDF

30-April-2024: FFM-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Firefinch (FFX):

30-April-2024: Firefinch-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Kaiser Reef (KAU):

30-April-2024: KAU-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Kingsgate Consolidated (KCN):

30-April-2024: KCN-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

30-April-2024: KCN-Corporate-Update.PDF

Kin Mining (KIN):

30-April-2024: Kin-Mining-Quarterly-Activities-Report.PDF

30-April-2024: Kin-Quarterly-Cashflow-(App-5B)-Report.PDF

Lachlan Star (LSA):

29-April-2024: LSA-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Mt Malcom Mines (M2M):

30-April-2024: M2M-Quarterly-Activities-and-Cashflow-Report.PDF

Metalicity (MCT, formerly PLD Corporation):

19-April-2024: MCT-Outstanding-Gold-Hits-56gt-Au,-Drilling-to-Commence.PDF

29-April-2024: Metalicity-Quarterly-Activities-Report.PDF

29-April-2024: Metalicity-Quarterly-Appendix-5B-Cash-Flow-Report.PDF

Mindax (MDX):

30-April-2024: Mindax-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Newmont Corporation CDIs (NEM):

30-April-2024: 10-Q-as-filed---Quarterly-Report---31-March-2024.PDF

Nex Metals Exploration (NME):

15-April-2024: Nex-Acquires-Additional-Ground-at-Kookynie.PDF

19-April-2024: MCT-Outstanding-Gold-Hits-56gt-Au,-Drilling-to-Commence.PDF

29-April-2024: NME---Mar-2024-Activities-Cashflow-Report.PDF

Predictive Discovery (PDI):

30-April-2024: Trading-Halt-(PDI-Raising Capital).PDF

30-April-2024: PDI-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Rand Mining (RND):

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

Resolute Mining (RSG):

30-April-2024: RSG-March 2024 Quarterly Presentation.PDF

30-April-2024: RSG-March-2024-Quarterly-Activities-Report.PDF

Rox Resources (RXL):

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

24-April-2024: Rox-Quarterly-Activities-and-Cash-Flow-Reports---March-2024.PDF

26-April-2024: Rox-Entitlement-offer-to-raise-up-to-$7-point-62-million.PDF

26-April-2024: Rox-Prospectus.PDF

Santana Minerals (SMI):

30-April-2024: Santana-Quarterly-Activities-and-Cashflow-Reports.PDF

Spartan Resources (SPR):

29-April-2024: Spartan-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Strickland Metals (STK):

29-April-2024: STK-Exploration-Update.PDF

30-April-2024 (5:21pm): STK-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Saturn Metals (STN):

30-April-2024 (3:24pm): Saturn-Metals-Quarterly-Activities-and-Cashflow-Report.PDF

Southern Cross Gold (SXG):

29-April-2024: SXG-drills-34-point-1-gt-Au-over-3-point-6m,-extends-Apollo-Deep.PDF

29-April-2024: SXG-April-2024-Investor-Presentation.PDF

Tanami Gold (TAM):

19-April-2024: Tanami-Gold-Encouraging-Air-Core-Results-from-Miracle-West.PDF

24-April-2024: Tanami-Gold-Quarterly-Activities-Review-and-Appendix-5B.PDF

Tombola Gold (TBA):

23-April-2024: Tombola-Gold-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

Turaco Gold (TCG):

02-April-2024: Afema-Acquisition-Completed-with-Multi-Rig-Program-Underway.PDF

17-April-2024: Drilling-at-Afema-Returns-Multiple-100-Gram-Metre-Intercepts.PDF

17-April-2024: Clarification-announcement-Drilling-at-Afema.PDF

23-April-2024: Excellent-Metallurgical-Recoveries-from-Woulo-Woulo.PDF

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

26-April-2024: Corporate-Presentation-TCG-Afema-Gold-Project-Cote-d’Ivoire-West-Africa.PDF

29-April-2024: Trading-Halt-(Turaco-Gold-Raising-Capital).PDF

More on Turaco Gold here: https://turacogold.com.au/investor-centre/

Theta Gold Mines (TGM):

30-April-2024: TGM-Quarterly-Activities-and-Cashflow-Report-31-March-2024.PDF

Tietto Minerals (TIE):

30-April-2024: Takeover-Offer-Update-TIE.PDF

30-April-2024: Fourth-Supplementary-Target's-Statement-(TIE).PDF (Zhaojin Capital held 42.51% of Tietto on 29-April-2024 so it appears clear that some of Tietto’s key shareholders have accepted into Zhaojin’s Offer such that there is now a real risk that Zhaojin can control the composition of Tietto’s Board; Zhaojin’s has now declared its increased Offer price of $0.68 per Tietto share to be best and final, and has also declared its takeover offer to be unconditional; additionally Zhaojin’s Offer is scheduled to close at 7.00pm (Sydney time) on Thursday 02-May-2024 (unless extended or withdrawn) so in light of these developments, the Tietto Directors have now changed their recommendation and now unanimously urge Tietto shareholders to consider ACCEPTING into Zhaojin’s Offer, or selling their Tietto shares on-market if the prevailing market price is not materially different to the Offer price, without delay; Another one bites the dust.)

Tesoro Gold (TSO):

15-April-2024: Compelling-La-Brea-Target-Area-Defined-(TSO).PDF

26-April-2024: TSO-Quarterly-Activities-Report.PDF

26-April-2024: TSO-Quarterly-Cashflow-Report.PDF

Titan Minerals (TTM):

18-April-2024: Hancock-sub-Hanrine-to-spend-up-to-US$120M-to-earn-80-percent-interest-in-Linderos-Copper-Project-(TTM).PDF

18-April-2024: Investor-Presentation-April-2024-(TTO).PDF ["Titan Minerals Ltd. Emerging Gold Development & Advanced Copper Exploration in Ecuador"]

29-April-2024: Titan-Minerals-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

30-April-2024: Annual Report to shareholders-(TTN).PDF

More on Titan Minerals here: https://www.titanminerals.com.au/investor-centre/

Yandal Resources (YRL):

29-April-2024: YRL-Initial-RC-Results-from-Oblique-Extend-Mineralisation-500m-north.PDF

30-April-2024: YRL-Quarterly-Activities-and-Appendix-5B-Cash-Flow-Report.PDF

--- --- ---

For all of the other Aussie Gold Sector March 2024 Quarterly Reports (and other important announcements in April) - see my earlier post in this forum thread.


Silver

There is one silver company I came across that was #51 on that ASX Gold Companies List (from ListCorp) - Unico Silver (USL, formerly E2 Metals) - and their March Quarterly was lodged on Friday (26th April): Unico-Silver-March-2024-Quarterly-Activities-and-Cashflow-Reports.PDF

USL appear to be very focused on silver rather than gold, so they're not on my gold sector watchlist. USL is into exploration and development of mineral deposits in Australia and Argentina. Their Projects includes the Cerro Leon Silver Gold Project, and the Santa Cruz, Cobar, and Rio Negra Projects.

So primary focus is Silver and Argentina. Yeah, nah...

bdc934d0cab1c1c5f99fb753f91b6fb4977ce6.png

2d2f03ea10ca074a0485ce65a3bf2c6eacb73e.png

The other one is Silver Mines Ltd (SVL) - who released an Investor Presentation at the Europe Gold Forum earlier in April and then their March Quarterly Activities and Cashflow Report today (30th April). Silver Mines is an Australian silver exploration company whose projects are all located in New South Wales: Bowdens Silver Project (silver/polymetallic); Barabolar Project (copper/gold/silver) and Tuena Project (gold/silver). They are primarily focused on Bowdens at this point.

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I've got my silver exposure via S32 and their Cannington mine here in Australia (Qld). In 2022, Australia was the world’s fifth-largest silver producer. This puts it behind Chile, Peru, China and Mexico. And Cannington is Australia's largest didicated silver mine, although Cannington also excavates lead and zinc. Trouble is, it seems Cannington is almost mined out, with only a few years left before it runs out of viable metal to mine. Further Reading: Largest Silver Mine In Australia | BullionByPost

BHP's Prominent Hill mine in SA mines copper, silver and gold, and there are other mines that do produce silver as a byproduct of either gold or copper production, or together with zinc and lead.

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Source: https://www.bullionbypost.co.uk/index/silver/largest-silver-mine-in-australia/

Note: OZ Minerals was acquired last year by BHP, so Prominent Hill is now owned by BHP.


--- That's all for tonight ---

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