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Agreed there is an imminent MRE update, whenever it comes may provide a brief uptick in interest although I'm not convinced it will be the catalyst to a sustained higher market capitalisation.

The near term monetisation of Nalanuq like any producing mine can be that catalyst if development is on track and on budget.

The most detailed breakdown of expected milestones that remains unchanged is the ICELAND CAPITAL MARKETS DAY presentation - 13 JUNE 2024

EXPECTED NALUNAQ DEVELOPMENT MILESTONES: FY 2024 / 2025 (slide 24)

https://wp-amaroq-minerals-2024.s3.eu-west-2.amazonaws.com/media/2024/06/Iceland-CMD_13-June-2024_Web.pdf

Passing mention in their results this week. Rio are in acquisition mode and I expect they will come in for a bigger slice or the entire project by end of next year.

"Rio Tinto has a strong portfolio of projects with activity in 18 countries across eight commodities in early exploration and studies stages. The bulk of the exploration expenditure in the third quarter focused on copper in Chile, Peru, Kazakhstan, Australia, Colombia and the US, nickel in Brazil and Canada, lithium in Canada, the US, Chile, Rwanda, Kazakhstan, Brazil and Australia, potash in Canada, diamonds in Angola, heavy mineral sands (HMS) in South Africa and rutile-graphite in Malawi. The Rio Tinto operated Nuevo Cobre joint venture copper project in Chile continues to make good progress with ongoing geological field programs, environmental studies and community engagement. Mine-lease exploration continued at Rio Tinto managed businesses including Bingham Canyon in the US and Pilbara Iron Ore in Australia."

Still a way of meaningful, profitable production. This is the upcoming news flow listed in the slideshow on their website

Q4 2024

- Nalunaq first gold

Q1 2025

- Nalunaq commissioning phase 1

- Exploration results

H2 2025

- Nalunaq commissioning phase 2

- Steady state production

- MRE5

To be fair though has anyone ever seen rock-chip samples as good as Artemis have found?

Looking at Aterian further it remains a high risk, speculative play seeking favour with majors. It's limited access to funding keeps it dependent on regular placings and sentiment is almost entirely reliant on the Rio Tinto relationship.

Essentially an all or nothing bet on Rio sticking around long enough for Aterian to attract other financiers / majors to develop it's Moroccan assets. Until then high annual costs (group listing, board salaries etc will deplete the cash reserves fairly quickly as is the norm for tiny explorers.

China currently dominates the export market for tungsten, producing about 80% of the world's supply, with some experts predicting that China will impose export controls on tungsten by the end of the year, if not sooner.

Both antimony and tungsten are included in the EU list of critical raw materials, with tungsten being considered a strategic raw material.

https://en.institut-seltene-erden.de/New-Chinese-export-restrictions-on-rare-earths-underline-the-need-for-a-more-flexible-EU-policy/#:~:text=China%20currently%20dominates%20the%20export,the%20year%2C%20if%20not%20sooner.

Primed for a turnaround at some point but how low will the share price dip in the meantime?

Third quarter production results

Simandou high-grade iron ore project on track for first production next year.

First lithium from the Rincon starter plant by the end of this year.

Ramp-up of copper production continues at the Oyu Tolgoi underground mine.

All cash acquisition of Arcadium Lithium, a world-class lithium business.

Guidance unchanged except for 2024 IOC iron ore pellets and concentrate production reduced to 9.1 - 9.6 million tonnes (previously 9.8 - 11.5 million tonnes) following 11 day site-wide shutdown due to forest fires.

SRB is the only potential contender for best performer and outlook in sector as the mid caps (RSG, PAF etc) are fairly well established and command higher market premiums compared to smaller growth stocks.

MTL not only exceeded it's internal forecasts on almost every metric but remains well under the radar, as does SRB one could argue. Risk diminishes far more as a profitable small cap moves from a position of debt to cash on the balance sheet compared to any mid tier producer in a similar position. The upside of derisking with such a low market cap will return far higher returns in my experience.

Record quarterly positive free cash flow of $27.9 million (Q2 2024: $24.8 million).

Record quarterly gold revenue of $52.6 million (Q2 2024: $46.7 million).

Q3 2024 gold sales of 21,943oz sold at an average realised gold price of $2,396 per oz (Q2 2024: 20,124 oz at an average $2,320 per oz).

Year to date 2024 AISC of $1,088 per oz below the lower 2024 full year production guidance estimate of $1,175 per oz.

Notwithstanding the RHL share buy-back cash outlay of $25.4 million during Q3 2024, the Company's cash holdings at 30 September 2024 were $10.9 million (30 June 2024: $6.6 million). The Company has no debt.

Tragic events last week. The company's mine being largely unaffected save for the railway repairs is a small blessing. The general outlook remains positive although thoughts with those on the ground who may have friends or relatives affected.

There is now little more than one week to wait for the Quarterly Activities report! The Operations Update released 3 weeks ago gave us a glimpse of just how far they had come in August and ongoing increases in the first 2 or 3 weeks in September with full year guidance of 180k tonnes.

https://www.lse.co.uk/rns/ADT1/operations-update-43etkghbay54mzd.html

The company has come a long way in the past 12 months, reading over it's operational report from this time last year where they had just begun mine commissioning. For anyone interested link below.

https://www.lse.co.uk/rns/ADT1/quarterly-activities-report-n02cekdvarnuyi8.html

Wholeheartedly agree. The Fed are going to cut, how aggressively will depend on what is coming round the corner. Soft landings are better for all except the wealthy and wealth-informed ;)

BlackRock's most up to date portfolio sheet is available for saving in case anyone missed it.

https://www.blackrock.com/uk/literature/policies/bwmt-portfolio-disclosure.pdf

Vistry is on my radar now having ridden Bellway up recently. Not sure why Persimmon is lagging the pack, only Barratt performing worse it appears

Looks to be struggling so if there is no game changing news this month might be seeing new lows

Oil prices are down because there is less of a perceived risk following announcements this week Israel wouldn't target Iran's nuclear and oil facilities. While not a de-escalation it is a sign there are rules being adhered to by both sides. Who knows what will happen a month or year from now but right now it's a good news story and may even mean we can keep our heating on this winter XD

Yes their emphasis on the risk of missing guidance contrary to management expectations was telling. A classic ploy to draw weak holders out and for those well connected buy attractive stock.

Anyone else remember how 'risk-averse' Goldinvestor7 claims to be now, avoiding gold companies like Centamin and Hochschild altogether in favour of FTSE blue chips and yet he claims to have gone and bought 1% of a micro-cap loss making pharmaceutical company that relies on fundraisers lol

Beware of what comes out of this charlatan's mouth

Berenberg's downgrade is an interesting one. They mention "growth projects at Sasa appeared to be on track" and that they "continue to think that Central Asia Metals is an excellent business, with strong FCF generation and an attractive (circa 8-9%) dividend yield."

The reason given for the downgrade follows; "However, there is some risk to its 2024 guidance, and given the higher operational risk profile as the company adjusts its mining method at Sasa, we think that the market would prefer it to deliver on its guidance rather than give management the benefit of the doubt."

They are suggesting the "lighter" than expected first half is an indication guidance is now in doubt, specifically copper volumes from its Kounrad mine came in at 3,600 tonnes compared to the broker's own 3,700-tonne estimate, while at the Sasa mine in North Macedonia, ore mined was 196,000 tonnes vs estimates for a 201,000-tonne apparently.

And with that said Berenberg pointed out that the company's guidance has been reiterated, highlighting that there had been no change since its previous guidance.

Market already pricing in a guidance miss limits the downside from here if commodity prices find their feet

3 months is all it took to break into the 40s

Building all afternoon and pushed through! Still a little off the recent record close $2,682/oz