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Sells going through at 35p following comments made by CEO of Sibanye. At least I assume this is why we are 9% down. Concerns over power outages and government mismanagement are nothing new. I was a bit surprised by his comment on growth opportunities given how positive he was a couple years back. Has spooked a few investors here but I've added GLA

https://www.bloomberg.com/news/articles/2020-02-03/platinum-mining-giant-says-south-africa-running-out-of-time

120koz and this valuation. Ridiculous market right now.

Gold bounced off $1588 earlier but looks likely to glide through this level in the coming days (possibly hours). I read the SARS virus wiped $30bn from the global economy impacting growth then. Nowadays we are all much more connected, there are more flights and worse this strain is apparently better adapted at surviving and spreading through hosts. So while less deadly it has the potential to affect a much larger proportion of the global population and therefore much greater economic consequences.

Looks to have bounced off 47p.

The relative value of this stock is very different now than it was 6 months ago. YoY production was higher, the gold price was in an uptrend and had not dipped at that stage, there were no red flags concerning our reserves etc. Since then reserves have fallen from 553,052oz to 312,558oz and the last quarter production was below market expectations. Add to that poor liquidity in a thinly traded market and this has in my opinion exacerbated swings and will continue to do so.

If you believe this stock had overshot it's relative value at the time then it's no surprise there was a correction. What I do find surprising is how far this stock tends to swing.

Expecting gold to test year highs in the coming weeks which should give stocks like HGM a boost, in theory..
https://www.investing.com/news/commodities-news/gold-nudges-higher-on-china-risks-and-as-fed-stays-2070934

halfpenny - I think the yield is about 5.3%
87m shares in issue, £44m mcap, $3m being valued at £2.31m is approx 2.66p per share

Difficult to know if the last quarter production is an anomaly but assuming a modest decline in 2020 of 42koz at $1,550 it would still generate $65m gross revenue. AISC of around $1,000 looks feasible and unless CAPEX or exploration spend is high we should be back to net cash position by beginning of H220.

To put this in context net debt increased $2.2m in the previous 6 months following the $10.2m loan taken out with VTB. So we can say, owing for VTB, net debt would have reduced by the difference, being $8m. The average realised gold price during this period was just $1312/oz while AISC were $850/oz on 22koz production.

These are not great quarterly results. This all but rules out a special interim dividend for now although there is no reason why one cannot be paid later this year. I was hoping to see 11-12koz produced and 14koz+ sold this quarter. Last year we didn't have the additional debt hanging over us nor the necessity to boost exploration spend in the year ahead. So while these aren't bad FY results I can understand why some have left.

What we can look forward to in the coming quarters are sales above $1550/oz, more drill results and the likelihood of increased reserves and a JORC-compliant Mineral Resource Estimate for the Rodnikova deposit.

https://www.proactiveinvestors.co.uk/companies/news/911568/mining-shares-fall-as-coronavirus-crisis-highlights-global-dependency-on-china-trade-911568.html

Have been looking for a good entry level here for a while now and 217p looks fine to me. Perhaps overlooked or ignored by the market was the installation of a third crusher during the last quarter that will increase throughput in the coming quarters up to 850,000 tonnes. It will be a couple of quarters before the effects of increased cash generation are felt but certainly worth pointing out if you're happy to take a long term position. HUM added a second mill to their mine a couple of months ago and it's details like these that I look for when timing an investment. GLA

I sold last week because regardless of fundamentals a 20% rise in a matter of weeks is a great return. Now I found myself in a fortunate position to buy back 10-12% lower than the recent peak. Will it continue lower to 18-19p? I hope so but I doubt it will. Then again we were sat around 17-18 for how many months before the recent spike? I don't understand the lack of interest here considering the cash position and cash generation relative to market cap. One to hold at 20p IMHO

TBTT I must admit I was not well read up here so didn't realise $130 million was due for repayment by 31 January 2020 but reading today's update it's now much more obvious why a capital raise was needed. Short term pain, long term gain I hope. I'm not sure we are quite out of the woods yet with regards to capital spend this year but with gold trading above $1500/oz I'm not panicking, yet!

TBTT We can only speculate but many analysts have called top in the past year or two and a good many believed speculation was fuelling the demand. In part it is likely excerbating swings in the price but the constant upward trend in Pd and Rh is surely indicative of actual physical demand pressures, at ever higher prices. $2366 Palladium and $8450 Rhodium by the end of today setting new year highs again may well look cheap in 12 months time.

I agree it seems many in the market assumed the auto-industry would move to Platinum and prices would settle closer however there hasn't been any evidence of this happening on a large scale.

Margins were pretty healthy last quarter and then interest waned for almost three months. Couldn't put my finger on why but my partner and I and colleagues have been buying in the 37-39p range in anticipation of what should be a market rerate to 50-60p by the summer. Hopefully you're right about the Interims although last year they announced a dividend I think which may have been the reason for the 30-40% rise in the weeks after. Hopefully the next quarterly update and the one after that in April will give us something to cheer about.

People have been saying this for more than 18 months now. They seem to be discounting the fact that demand for palladium and rhodium was always set to rise this year off the back of China, the worlds largest auto-market, enforcing new standards in the industry. The new rules require vehicles to contain roughly 30% more palladium and rhodium than before. Palladium has been in deficit for 8 years and the if you discount the anomalies it presents an idea of how weak the supply side is. This is expected to continue up to and possibly beyond 2025 depending on how quick the transition is to electric vehicles.

There are plenty of analysts who expect prices to turn lower as automakers slowly reduce the amount of palladium they use in favour of platinum. The likes of JPMorgan, Morgan Stanley, Macquarie and BMO forecast average prices for 2023 ranging from $1,000 to $1,189 and relative price destruction of palladium as a consequence. I don't see that happening though, unless there is a downturn.

Kragero - indeed it will. It's a new discovery with very high grade intercepts. However, this is very early stage drilling and yet to be formally classified as reserves. The company intend to build on their 8,000m drill programme last year targeting 25,000m total by the end of this year. I would think following the end of the drilling campaign they will have these new drill results incorporated into an updated Life of Mine plan. Separate to the producing Asacha Mine we will hear about how much gold is present at Rodnikova and plans to fast track this to production.

Drilling & Exploration Update
https://www.rns-pdf.londonstockexchange.com/rns/8073Z_1-2020-1-14.pdf

Bonanza grade discovery of 133 g/t Au, 57 g/t Ag over 4 m amongst other typical high grade intercepts following the 8,000m drill campaign targetting Vein 25 in 2019.

Discovery of a new vein extension at its Asacha Gold Mine marks the beginning of the expected 2020 exploration ramp up of 25,000m of drilling over the Asacha licence area.

Vein 25 North is one of six new high priority targets identified. The newly discovered zone, Vein 25 North, is located approximately 400 metres north of Vein 25, within the East zone of the Asacha Gold Mine.

Updated Mineral Resource Estimate for Rodnikova expected in first quarter of 2020.

Abagnale - Yanfolia mine life is being extended and a number of Cora's high grade gold exploratory deposits are within trucking distance offering further opportunities to increase not only the LOM but also the annual output in the years ahead. Dugbe requires extensive capital, more than HUM have or will have available in the coming years and in terms of risk far exceeds Yanfolia which is already in production.

We are back at the 182 again, time to buy more folks.

935 shares added to the pot.

It's quite a rush checking in to see what level it's moved up to isn't :)

Rhodium is now $8,200

What other bad news are you waiting for clarav?

I suggest reading the October 22nd update that details the near 20% in gold production YoY to 34,509 oz (9M 2018: 29,059) at grades (8.5g/t) more than 25% higher than the same period last year. Estimated gold price for the past nine month period was $1,364 so past quarter was 9-10% higher maybe and outlook for 2020 is looking extremely positive with gold trading just off $1,600. Less than three months ago the company stated they were on track to meet upper end of production guidance for the full year of 40-44,000oz.

We are due to receive an updated resource estimate for the Rodnikova deposit, which the company acquired back in April 2019 for $3 million. Last we heard Rodnikova is estimated under GKZ classification to contain approximately 1Moz. of gold with an average grade of 5.3g/t and the company were considering options to take it into early stage production. Asacha and Rodnikova deposits are believed to have similar geology, mineralogy and metallurgy so the Company plan to utilise existing processing techniques and the plant at Asacha for the ore extracted at Rodnikova. Doubtful any value has been built into expectations Rodnikova could become a producing asset in the near term.