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Thanks MS. I believe Moxico are looking to list this year, so that'll bring more attention to the Mimbula asset. The problem with unlisted companies is that they don't have any reporting obligations

Equinox commences ore processing at Greenstone

https://www.newsfilecorp.com/release/204785/

We'll see income from stockpiles this year, with production commencing in earnest by year end. As you say, silver looking very good, and it's great timing all round.

Agreed. I've bought a position over the last week or so.

The management team seem very switched on here. Holding with a long term view.

Https://www.proactiveinvestors.co.uk/companies/news/1040747/ecora-resources-royalty-over-san-domingo-franked-by-fund-raise-broker-1040747.html

"We see the 2% royalty Ecora holds on the Santo Domingo project as the most significant copper royalty within the portfolio,” added Peel Hunt.

“At current copper prices, our estimates suggest that this royalty could generate over US$16m in income for Ecora, placing it as one of the group's more important income streams.

“On an unrisked basis, our DCF valuation of the project surpasses 35p/share, a significant amount, particularly when compared to Ecora's current share price of 85p.”

Buy with a target of 190p, is the broker’s investment view.

As much as I'd like a uranium royalty, I would be concerned if Adam and team were transacting at the top of the market. Equity capital is easy to come by right now for most uranium companies with a decent enough project - so terms are unlikely to be in TRR's favour. I'm sure Adam and team would be keen to make sure any project they identify is likely going to get into production this cycle - which makes it more challenging. As you know MS, one of the worst things for a royalty co to do is just pick up expensive optionality for the sake of it.

Personally, I'd like to see more copper (I don't think you can have enough of it). Nickel and zinc interest me too.

It certainly is very good news. BHP (and other majors) are on the hunt for the next generation of giant porphyry deposits, and it would seem that they've chosen EST as their vehicle to do so in this highly prospective region. I've heard many experts state that they expect to see some significant discoveries to come from the region, and we're starting to see that now with the likes of Adriatic's Vares project and, more significantly, the Timok copper complex now in production by Zijin.

Without doubt, any sniff of a porphyry system and BHP will be getting involved with EST on a much wider scale.

Enormous potential here, and very much worth having some exposure to.

I agree Sam. I do like the ECOR portfolio when looking ahead 24 months or so. They've got a very attractive nickel/copper portfolio. But I don't have much faith in MBL, and my position here reflects that.

Replay of the Interim presentation well worth a watch.

https://www.lsegissuerservices.com/spark/SDCLEnergyEfficiencyIncomeTrust/events/377dc565-7e7e-4b8c-a5f9-9b7df0019b82

Personally I expect Ecora to sell the Dugbe royalty. It'll be quite attractive to some of the precious metals royalty players. It's a nice asset, but doesn't fit into the Ecora 'energy transition' portfolio going forward.

Added some shares today. A good looking portfolio if you zoom out 18-24 months. I'm prepared to wait.

This is very much La Mancha and Glencore moving in. Losses thus far are chicken feed for them in comparison to what it'll mean getting Araguaia up and running. They'll do what is necessary to reach production, and there won't be any regard for HZM's retail shareholder base

Paul Smith is the ex-Head of Strategy at Glencore

Same MS. I have a good sized position in SSL. Similarly TFPM and OR. I see value in the mid tier precious metals royalty space.

Should read 7-10 days, sorry.

That's right. Trident pay the lowest gold price over a pre-agreed period (usually 7-20 days), then sell it on at spot. Offtake contracts are a margin game, and Trident outsource the buying and selling to a trading house.

If memory serves me correctly, Greenstone should pay Trident around $1.5m per annum.

If you want a nice chunky royalty exposure to Greenstone, you'll need to buy Sandstorm.

Yes MS, Sonora is just an option for TRR at the moment. Personally I've written off the chances of that coming to fruition, so if it does that'll be an exceptional bonus for Trident.

Excellent presentation from Adam on the IMC platform - the video is linked below.

https://youtu.be/UxbFMiVS7vI?si=vmME7cfPkAxkslGe

Orion will likely be looking to seel their net smelter royalty over HZM's Araguaia project, so ECOR and a couple of others would be natural buyers of that.

I don't think HZM will be looking to encumber the project by offering further royalty claims. Too many/chunky claims often hinder the operator. The 2.25% NSR that Orion picked up for $25m in 2019 would fit into ECOR's portfolio rather nicely.

Indeed. Hanging on for a top up - 70's would be nice. Disappointing to see the board ignoring this slide.

Not invested here, but I do invest (and have done for many years) in royalty and streaming companies. My interest here goes only so far as to wonder which royalty co might be negotiating with Caracal.

Someone posted whether royalty co's get paid quarterly by the operator. That's generally the set up. The royalty company will usually get quarterly payment of their entitlement (say 1.5%) net of smelting charges. A stream is usually on a by-product of the main metal extracted - ie, the royalty and streamer might have a stream on the gold from a copper/gold asset where the gold is a by-product of the primary copper extraction. It's highly unlikely to be a stream on the primary metal as, ultimately, the royalty and streaming co needs the operator in a healthy financial shape to continue to provide revenue - and any significant incumbrance would be unwise. A life of mine royalty makes a lot more sense.

Given GCAT's relatively small production the likely candidates from the listed royalty and streaming space would be Elemental Altus - who have a significant African footprint. Osisko could be a candidate too - they have a royalty on the nearby West Kenya project operated by Shanta, though their main focus is usually the Americas.

Plenty of potential funders in the private space too, however.

Absolutely. Lithium and copper are (in my opinion) the safest bets as we move through the energy transition