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22p looks a good price for those reinvestments

Robin Fryer only subscribed for 230k shares, he already held 840k prior to the fundraising. Should anyone be too worried about a disposal of 0.1% of the share capital.?

ODEY haven't disposed of their stock either. You can check their previous disclosure on 17th September and 29th October.

The notification on 29th October is listed as "An event changing the breakdown of voting rights" not a disposal, ie dilution following the fundraising.

Barrick offered up their entire holding during the fundraise as a secondary trade and all 55 million shares were gobbled up by investors.

Fundraisings points to mining sector revival
- On AIM, secondary mining financings for the year-to-date were up 136% compared to the those of 2019, while the Toronto Stock Exchange (TSX) was up 66%.
- Across UK and Canadian markets, secondary mining financings for the year-to-date are up from a three decade low of $1.2bn in 2019 to $1.9bn.
- Scope for growth based on previous mining sector bull markets: In 2016 it was $8.4bn and in 2009 it was $18.7bn.

Mining sector bull market expected
- Based on the amount of equity capital raised this year the sector is still very much in recovery phase.
- Higher commodity prices are beginning to feed into market dynamics which will drive increased investment demand.

The path of least pain
- The COVID-19 induced recession is expected to be more than twice as deep as the 2008 financial crisis.
- Governments faced with rising unemployment and debt-laden economies will struggle to right the ship and keep her afloat without huge injections of stimulus.
- Increased global infrastructural spending will drive base metal prices higher and higher state debts coupled with inflationary pressures can only send precious metals in one direction while rates remain flat.
- During the financial crisis of 2008 global infrastructure spending sent the copper price from $3,959/t in November 2008, which was when the US commenced QE to $10,147/t by mid-February 2011. In the same period zinc rose from $1,080/t to $2,463/t, nickel from $9,700/t to $29,025/t and gold from $829/oz to $1,365/oz.

Following the global financial crisis higher metal prices drove up equity investment in mining companies to average $14.3bn during 2007-2011 which compares with $8.2bn averaged over the four preceding years.

Credit to Ryan Long of Proactive Investors, main points expanded upon.

I've reduced in CNR after the 25% run in the past fortnight and bought more AAU. Take the small victories when you can, sell the peaks and buy the troughs etc etc

Sotolo - Probably a matter of weeks, almost certainly not months given Mr Hochschild (the seller) initiated the process and the institutional investors would have carried out their due diligence some time in advance knowing the offer on the table was open-ended and offered on a first come first served basis.

"The sale is subject to demand, price and market conditions, and, in particular, the number of Placing Shares may be changed. The identity of Placees and the basis of the allocations are at the discretion of the Seller and J.P. Morgan Cazenove. The price at which the Placing Shares are to be placed and the final number of Placing Shares will be agreed by the Seller and J.P. Morgan Cazenove at the close of the bookbuilding process."

Regarding Cementos Pacasmayo S.A.A. the last set of results suggest they have had a difficult year
https://markets.ft.com/data/announce/detail?dockey=600-202010290657BIZWIRE_USPRX____BW5600-1

In the first 9 months of 2020 sales are down 15.4%, revenues down 19.4%, EBITDA down 37.5% and net income down 89%

(Cap locks definitely off..)

1. There are a number of reasons why Eduardo Hochschild would reduce his 50% holding at this time and all unique to his situation. I very much doubt this was as an investment decision based on macro-market movements and sentiment. I suspect it might have something to do with the halving of Mr Hochschild's net worth since 2012 and potential liabilities elsewhere.

According to Forbes his net worth was $2.2 billion in 2012 and had fallen to $1.3 billion by 2019.
https://www.forbes.com/profile/eduardo-hochschild

Based on the recent transfer his 50% holding at 200p was valued at around £540m ($715m) but earlier this year when shares fell below 90p it must have been worth closer to £225m ($300m).

Throw in the uncertainty at his other venture Cementos Pacasmayo, a construction company that likely faired worse and it's clear Mr Hochschild's net worth fluctuated by more than half a billion dollars this year.

I don't know what liabilities he is exposed to but you can bet it's considerably more than the average per with a net worth of a billion last year that has halved during the course of this year. I would guess his net worth is closer to $0.9 billion today. These are enormous figures we are discussing so we can only speculate but worth adding investment managers divest and reduce holdings during times of crisis especially when liquidity issues or liabilities arise.

Cobus Loots, Pan African Resources' CEO, presents an overview of the company’s recent operating and financial activities.

https://www.youtube.com/watch?v=OBu9dd9uoho&feature=emb_title

The world largest producer of palladium, Nornickel is looking to expand it's PGM production by up to 50% over the next decade. Some of you may remember only a couple years ago Nornickel made the revolutionary decision to buy palladium at spot prices in the market to secure material for their clients.

Russia's Nornickel is targeting production growth of up to 50% for platinum group metals by the early 2030s from the company's 2020 levels to insure supply availability, the company has said.

Nornickel's long-term targets are to be achieved via organic growth, mainly brownfield assets redevelopment, with no acquisitions in the pipeline so far, the company's management said during Capital Markets Day on Dec. 1.

Nornickel hopes to grow platinum and palladium 45%-50% to 150-160 mt.

The ever-increasing palladium-attributed contribution to Nornickel's overall revenue -- largely conditioned by the 220% spike in palladium prices between November 2013 and November 2020 – is what prompts the company to consider ramping up PGM production more than any other metal.

Over the last seven years, the share of revenues from palladium in Nornickel's sales doubled to 39% in 2019 from 19% in 2013. In monetary terms, palladium-generated revenue jumped by 143% to $5.3 billion in 2019 from $2.2 billion in 2013.

Palladium and platinum are the only metals in Nornickel's basket, whose global supply is seen in deficit this year. 2020 has seen palladium deficit maintained stable year on year at 400,000 oz, while platinum plunged into 100,000 oz deficit from 500,000 oz surplus in 2019.

Nornickel in 2021 expects the global palladium market to balance out, while platinum is likely to revert to surplus with supply exceeding demand by just over 1 million oz.

https://www.spglobal.com/platts/en/market-insights/latest-news/metals/120220-nornickel-to-grow-production-of-base-pgm-metals-by-up-to-50-over-next-10-years

I'm not disputing todays entry price nor the appointment of Mr Bradbury, I have held SHG for years. Put simply the figures presented alongside those dates are not accurate. I will be keeping an eye on company updates. Things can change quickly as recent developments have shown. GL

I think you need to adjust your expectations. The company have already gone and delayed the production target by at least 6 months and given how tight finances are in relation to development plans, there are likely to be further hiccups along the way.

"The Company intends to build up its operations to the full current mill capacity of 1,350 tonnes per day throughput at 2% copper grade by 2022."

The costs you've quoted $1.93/lb are averaged across LoM and will therefore come in significantly higher in 2021 and beyond until production is up above 2,000 tonnes per day. The C3 cost will be $2.27 across LoM. If RMM secure the Duck Pond mill and mine the production profile increases but is 2022 and beyond. Between now and then, I would say closer to 18 months than 12, there will be additional financing requirements as already announced by the company. Difficult to know if operations cover group costs at the moment but I suspect either way the budget laid out will increase and additional financing beyond the £1.3m already mentioned will be required next year.

https://www.lse.co.uk/rns/RMM/us1325-million-equity-raising-and-note-financing-tgd6moh8o2iwmea.html

When I see predictions of $10k to $15k per ounce gold I tend to glaze over as we are so far away from these figures. The outlook is positive but I'm not sure if it will ever reach those heights in my lifetime.

Positives include
+ US Fed Delays Rate Hike to 2024, a year later than forecast just 2 months ago.
+ Monetary and fiscal policy remain accommodative and expansionary.
+ US markets among others are in bubble territory, pushing new highs in the middle of the worst economic crises in living memory.
+ Post-inauguration stimulus package of approx $2.5 trillion expected to flow into the markets early 2021.

If we assume the vaccine will counter the Covid impact on global economic growth in the second half of next year, the similarities to be drawn from the 2007-08 crisis following the US election are striking. During this period of increased borrowing (stimulus) which coincided with the US election, rates were kept low, markets rebounded and the gold price tripled.

To get a sense of how significant the economic stimulus has been compare the responses to this crisis with that of the 2008-09 financial crisis (page 3). $10 trillion announced in the first two months of the crisis up to end of April, which is three times more than the response to the 2008–09 financial crisis.

https://www.mckinsey.com/~/media/McKinsey/Industries/Public%20Sector/Our%20Insights/The%2010%20trillion%20dollar%20rescue%20How%20governments%20can%20deliver%20impact/The-10-trillion-dollar-rescue-How-governments-can-deliver-impact-vF.pdf

The post election bounce has been rewarding for holders of depressed stocks. With regards to the banking sector I believe this is a good opportunity to reduce given the economic fallout that will be coming down the line in 2021

Businesses closing, job losses, rising unemployment, toxic debts, business relief ending, mortgage crisis and repossessions, house price shock, not to mention any negative impact from Brexit.

@SunZoo - Shanta (SHG) used the same mechanism to raise cash a few weeks ago. They also announced this after the market had closed, rather shady and the offer was live for just a couple of hours that evening. In any event the share price actually fell below the offer price. I would think twice about taking up the offer unless you see immediate upside.

The battered lira was threatening to propel Turkey into full-blown crisis earlier this month, but a change of finance minister and central bank governor and the currency has just enjoyed its best week in nearly two decades.

https://uk.investing.com/news/economy/turning-the-tide-the-turkish-liras-traumatic-year-2253131

Impressive run these past two weeks. WRKS and MCRO breathing life into my portfolio.

Don't be such a cinic CYB haha

"The shift towards clean energy production will put stress on the demand for rare-earth metals such a vanadium, lithium, iridium, platinum, and palladium" said Matt Watson, founder of Precious Metals Commodity Management.

"The prices on these metals will indeed climb. This will be the century of clean energy and mineral constraints like we've never experienced in our history."

That is the million dollar question.

The US Elections came and went, the USD fell as markets rallied but it's had little impact on gold prices. In the same week the Bank of England pumped another £150 billion into the economy, although really it was just spent buying government debt as per usual and that too did little for safe haven demand.

The vaccine news from Pfizer and Moderna this past week or two has had a cooling affect on precious metal prices and companies that produce them. A lot of investors are piling back into the depressed airline and hospitality sectors despite the worsening infection rates and Covid deaths across Europe, the US and much of the world.

I'm also trying to weigh up if the gold sector will weaken further in the immediate future and whether it would be prudent to reduce my position. Gold stocks like RSG have taken sizeable hits despite establishing strong support in the $1850/oz range, much higher than a year ago (Nov 19: $1450/oz). This quarter many gold stocks I am invested in or watch have lost 15-20% of their market value despite most delivering encouraging Q3 reports. RSG was one of the few that underdelivered and was clobbered as a result. The outlook for Q4 and further out to 2021 is much improved.

So what will get this sector moving? I believe the rollout of the vaccine will and here is why. While a lot of investors have increased their exposure to gold, many more have parked their cash into the USD. As the vaccine is delivered and markets begin to take on more risk the USD will fall and what is bad for the dollar is generally good for gold. Reuters are reporting the 'vaccine rollout could cause U.S. dollar to fall 20% in 2021' as it is coupled with increased monetary easing.

https://uk.reuters.com/article/instant-article/idUKKBN27W25E

If gold remains around this level I'd expect investor demand to stay fairly subdued up until Christmas time when we may see some interest in the lead up to January results. I don't think many are expecting RSG to meet their quarterly target of around 100koz and AISC of $1,100/oz. Until we know either way 50p is going to be a tough nut to crack.

I've been invested for about 5 years. I can tell you they normally pay a dividend twice yearly which has increased year on year. This is the first year a special dividend has been proposed for strategic reason. AAZ is like many gold miners at the moment generating very strong cash flows.

The reason many miners will adopt a special dividend rather than increase the Interim and Final dividends substantially is partly to reduce volatility around the reporting period and also to maintain a sustainable level in the event commodity prices weaken. With that being said l believe we will see moderate increases to the HY and FY dividend in 2021.

Production guidance is likely to be missed to the tune of 5% or more as highlighted by the company recently which is a consequence of the Azeri and Armenian conflict so I think it is unlikely but I am hopeful, especially now Russian peacekeepers have moved into the region and our engineering staff will be returning to work.

If you want greater certainty TSG has announced they also intend to pay a special dividend, the announcement is likely to come this month. They have a history of paying special dividends. Not to mention the yields are more generous.

GPM is trading at it's widest discount to NAV in over two years

http://tools.morningstar.co.uk/uk/cefreport/default.aspx?SecurityToken=F0000026LS%5D2%5D0%5DFCGBR%24%24ALL

Net asset value as at 10.11.2020 of Golden Prospect Precious Metals Ltd
(TIDM: GPM):
NAV-bid: 69.86 GBP

52p on the ASK. Major shareholder offloading into thin volumes. Nice opportunity for those aware :)