RE: Day after day red28 Apr 2026 11:01
I think you need to ask yourself - where do investors look in times of uncertainty?
I personally would expect Gold to begin another rerate to higher levels which of course would filter down on a compounding basis to our bottom line. Central banks I think are continuing to take a phased approach to reducing their exposure to the USD - I think the tarriffs and AI bubble were the facilitators for this initial migration to commodoties, and I think the impending oil crisis will be the catalyst for the next step up. Moneyweek did an excellent article about this several weeks ago where they explained global banking has reduced it's explosive to the USD by roughly a third in the last few years - which is significant - and other than countries like Ukraine who need to be in cash for obvious reasons, all of the banks are continting to quietly accrue gold.
This is where it gets interesteling. There's a slow, rational realisation that AI isnt actually generating any real economic value at the moment - yesterday there was another article that explained AI implementation on a codt per head basis had actually exceeded the cost of having a human in place to take care of a particular set of tasks. Given the hyper valuation on AI at the moment period, as well as global spending power being in the toilet, we're in for an exceptionally rough few years.
Every single red flag is flying at the moment, things can only continue to be so irrational for so long before thr market calls it quits, accepts that there IS a colossal bubble and the floodgates into safe havens opens again.
In answer to your questions directly:
1. Yes, almost certainly. Our current position is unsustainable. The "results" of our current economic climate are pending. The second the cat's out the bag things are going to get real very quickly.
2. MTL should be considered a safe haven due to our underlying commodity and miniscule mcap. We have billions of dollars worth of gold in the ground, and initial FS had us at unicorn levels of profitability when gold was at 2,500. Our AISC might increase and we might have some practical issues with the build road map due to oil shortage, but in the short/medium term we should be belle of the ball. Regarding timeframes, who knows. Someone mentioned DB's was hoping to see an uplift by August. If things were more logical I was expecting no less than 20p by December just gone.
Furthermore, we're expanding the concession. So I expect it's just as likely that if you're not in MTL you could miss a colossal jump if we find another high grade vein, which given the jurisdiction is VERY LIKELY.
My recent complaints and observations are nothing to do with the wider picture by the way, which has a grossly undervalued upside. They are rooted in the operational shortfalls in a specific geography and lack of transparency from our board. As a general rule I've found that the "no news is good news" ethos isnt applicable to Darren. If he's quiet for any
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