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* overtaken gold and copper

Silver has overtaken and copper to be the fastest rising commodity of 2024 and looks ready to take on highs not seen since 2012. South and Central American based HOC and FRES are both fraught with jurisdictional risks including political unrest, appetite for nationalising international mine operators, levying higher taxes and stringent asset ownership requirements among other issues like higher wage inflation, rising gang violence and corruption. Adriatic is comparably much safer and set to benefit from rising production later this year and for FY 2025.

Well at least you're open about where your target price lies.

Maybe if the company were not fervently buying back stock in the 60p range whilst maintaining a dividend and healthy cash balance of just over $100 million (50%+ market value) you may have a point.

PGM basket price looks to have finally bottomed after being trashed for the best part of 3 years (discounting the spike in Pd and Rh prices during 2020-21) and any uptick goes straight to the bottom line. Production is stable at 75koz (4e PGM) this year continuing the trend over the past 12 years since I've been involved here.

According to Edison Group this will be quickly rectified with a court sanctioned scheme at no material cost to shareholders or the company. Disaster averted.

Consolidation across the markets today in the wake of retreating commodity prices, to be expected given the pace over the past year

Copper 30% higher, Zinc 26% higher and Lead 10% higher year to date

The fact that David Brent has come around to believing Hummingbird will be valued at 20p in a little more than 6 months time is worthy of celebration in and of itself! What a turnaround indeed :)

It's true the rising gold price only began to effect Resolute sales post Q1 as they closed hedges during the first quarter (avg sales at $1950/oz). This quarter the company are generating approximately $2,200/oz with production higher and costs lower which is why the shares have begun trending higher later than most in the sector.

Gold could move $200/oz in either direction and there would be little reason for it other than blind market manipulation, however most invested here believe in the fundamentals driving the price higher. Countries like China want to move away from US dominated hegemony and are open about their intentions. Currency debasement and excessively high national debts across all leading major economies compound the reasons to hold gold and now rates are set to fall there is really only one place to safely store your billions. In gold.

Back to Resolute Mining and indeed the sector at large is rising in anticipation of improved earning but have yet to report a full quarter earnings at current gold price levels nor the half year so the impact on the share price has been limited to this point, discounted by risk averse market participants. The share price has much further to run even if gold plateaus at $2,350 for the next 12 months.

From today's multiple updates it appears Anglo received a third offer for £29.34 on the 20th which was rejected and again today BHP came back with an increased offer of £31.11, apologies if I'm reading that wrong. Share price action is puzzling given the latest offer, the latest in a series of increasingly higher value proposals and with the likelihood of outside interest given timeframes mentioned in the update, potentially arriving at some form of agreement in the next 7 days.

Q1 revenues of $147 million and adjusted EBITDA* of $50 million, 38% higher than the same quarter in 2023.

Gibraltar produced 30 million pounds of copper and 247 thousand pounds of molybdenum with TCC of US$2.46 per pound of copper vs sales price of US$3.89 per pound during the quarter.

The purchase of the remaining 12.5% interest in Gibraltar and additional offtake rights looks to have been masterfully crafted as the copper price has surged 25% since throwing off increased cashflow and with the near term prospect of increasing production!

Aside from Florence ticking along, construction of the plant expected to begin before end of quarter, it's encouraging they have refinanced senior notes out to 2030 by which time Florence and Gibraltar will be well established, copper pricing will be north of $8 / pound and investors here will be receiving a handsome dividend. We can hope..

Time to re-evaluate production expectations again. Most here were working on the assumption this dispute would not resolve itself and output at Kouroussa would remain significantly below guidance which was 90 - 115koz weighted in the second half.

Carefreecarry almost sounds like you believe shareholders should be thankful of the unfolding clusterf*ck announced today. Let's be frank, the rising price of gold is the reason MTL has flourished as is the case sector wide. Expecting mine operations to run as expected from feasibility studies is par for the course, there are dozens of publicly listed miners across the major exchanges that utilise efficient lending but never have I seen the Board declare debts cleared and walk it back like this. Whether Darren Bowden, who you seem to have developed a fascination, is wholly to blame matters less than the PR debacle that they now face. Indeed the share price was well on it's way to 10p and now we find ourselves down 20% from recent highs while throwing out margins we could have only dreamed about this time last year.

So while readying the next Monty Python quip perhaps take your head out of the sand and acknowledge the price destruction owing to some shady backroom dealings. As demonstrated by the weakness in the share price the question still stands, are the board really up to the job of defending shareholder interests?

Tygra has it spot on! This is neither a financing nor cashflow issue. It is of trust and credibility, both of which are now in doubt and that impacts shareholder resolve. Goodness knows what else is simmering beneath the surface but clearly there are large holders circling. Are the board really up to the job of defending shareholder interests? Quite a few here have made their thoughts clear that today's update leaves a lot to be desired.

It would only require limited buyer interest in tight liquidity to spark this back to life and now we are in the wake of a bullish copper price trend in recent and surpassing gold to be top riser among all major commodities this year I would bet we see institutional interest return to small cap producers and explorers.

Net cash increased $20m this quarter and now stands at $34m (Q4 2023: $14m), less than I was expecting to be in the kitty but can be explained away by 1) timing of gold sales and 2) impact of hedging which meant average price received was only $1,950/oz. Also worth noting the net cash position which includes a sizeable sum of gold has increased in value since quarter end.

We should benefit from increased cash build this quarter now Resolute are unhedged and receiving an additional $250-300/oz on increased production and with the delayed Q1 gold sales added to boot!

https://www.rml.com.au/wp-content/uploads/2024/04/ASX-RSG-Q1-2024-Presentation.pdf

Golden Prospect Precious Metals latest fact sheet commentary is upbeat

https://ncim.co.uk/golden-prospect-precious-metals-ltd/

Remarkable average Gt68! It would take quite a few wild swings and a good deal of luck trading to get anywhere close to your average but knowing when to offload and wait on the side-lines is high risk now momentum is behind MTL.

HarChis / Grandalusia have you just outed yourself as a multi-ID time waster?

HarChris - I was referencing slide 4 of the presentation released yesterday which states Yanfolila guidance 80-90koz, likely a company error as I can see 75-85koz is referenced in the written update and in the end of year forecasts. Still taking a middle of the road estimate of 80koz that's a difference of $4m.

I was wondering how you might deflect but didn't expect you to score an own goal with the gold price estimates lol. Many seasoned investors and market analysts today would disagree with you about where the price of gold is heading. Today the gold price trades at $2,340/oz and you are suggesting my Q2 estimate of $2,100/oz and H2 estimate of $2,200/oz (with hedging factored in) is "opportunistic". We will have to agree to disagree on that. Rates are due to start falling in H2 and the global economy is flatlining. I sincerely hope you're covering your gold price short.

As for Coris being supportive they may choose to defer a portion of the debt at a higher rate or perhaps negotiate a new term loan with which Hummingbird may drawdown and repay existing loans. Either way Coris will benefit from increased repayments over the course of the repayments and Hummingbird will receive the additional time required. Given the project economics have improved markedly over the past few months with gross margins per ounce jumping $300+ there shouldn't be an issue improving credit lines.

This has bidding war written all over it. Speculate to accumulate!

Just to add in Q1 Hummingbird repaid $9 million debt due in 2024 and have drawn down a $6 million which almost certainly isn't due for repayment until 2025 at the earliest. I'd assume interest accrued at $4-5 million this quarter and Korroussa being loss-making contributed to a debt position unchanged. Welcome to correct if I've misremembered anything there