Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
I can't think of a company, anywhere in the gold mining industry, anywhere in the world, with a more impressive BOD, to be handling the current situation.
In addition to Shaun Day, we have a highly experienced investment banker, who is also a member of the Board of the Reserve Bank of Australia.
We have the former CEO and Managing Director of Fortescue, the world’s fourth largest iron ore producer.
We have the past President of the iron ore, energy coal and stainless steel materials divisions of BHP.
We have a Chartered Accountant with many years’ experience in investment banking encompassing flotations, takeovers, and mergers and acquisitions for private and quoted companies.
We have a lawyer with significant experience as a non-executive director across a diverse range of industries with a particular focus on natural resources and over 20 years of experience working with ASX-listed companies.
The list goes on....
The commodities supercycle is back with a vengeance if copper’s performance since the start of the month is anything to go by.
London Metal Exchange (LME) three-month copper touched $9,640.50 per metric ton on Monday, its highest trade since June 2022.
The Friday announcement of new US and UK sanctions on Russian metal may have played a role but if so it was only a bit part. Copper is on Wednesday trading just shy of that peak at $9,560.
Copper below $9,500 per ton is now cheap, according to analysts at Citi, who have raised their forecasts to an average $10,000 in the fourth quarter of this year and $12,000 in 2026....
https://www.mining.com/web/column-funds-buy-back-into-coppers-super-cycle-credentials/
Don't forget the copper!
It does appear that someone is buying in slowly No problem getting an offer for 1M dummy sells all this week, which is normally pretty unusual with little volume going through.
SP is still ludicrously cheap, IMHO, so hopefully a steady move north...
Did they go through Aquis? 2024-04-17, 10:25 1.1925 300,000?
Don't forget the copper!
Well, that's an interesting comment from Ambrose Evans-Pritchard:
A powerful force is stalking the world’s gold market. It is operating in the shadows.
None of the normal footprints are visible on the London bullion market or the Chicago Mercantile. Retail goldbugs have not been buyers: ETF gold funds have been shrinking since December. The crowd is piling into the Bitcoin scam instead.
Yet gold has smashed through a four-year barrier around $2,000 an ounce, rising in parabolic fashion since mid-February, and hitting an all-time high of $2,431 on April 11. Is somebody preparing for an escalation of the shadow Third World War?
“It is not a Western institution behind this. It is a massive player with very deep pockets. I have never seen this kind of buying before,” said Ross Norman, a veteran gold trader and now chief executive of Metals Daily.
Gold has been ratcheting up fresh records against the headwinds of a strong dollar, a 70 point jump in 10-year US Treasury yields, and hawkish talk from the Federal Reserve. This mix would normally spell trouble for gold.
Whoever it is – or they are – seems insensitive to cost. Central banks do not behave like this. “They buy on the London benchmark and they don’t chase the price,” said Mr Norman. This rally is happening off books in the OTC market....
https://www.telegraph.co.uk/business/2024/04/16/gold-price-surge-china-warchest-geopolitical-dystopia/
...Already been called, possibly, the largest gold motherlode in a generation, or more....
Meanwhile, gold heading back to $2400+, which was hit only briefly, intraday, on Friday...Currently @ $2390...
So, on the face of it, "heavy weather" stopped production.
It sounds like a storm in a teacup to me. Heavy weather stops production anywhere in the world where it could be a risk to staff. Just like production stops for some regular maintenance projects.
Unless I'm proved otherwise it sounds like just another day in the world of production.
Both Rio chief scientist Nigel Stewart and head of exploration Dave Andrews have described LIBS as “game-changing” and the future of exploration.
Mr Andrews said in December that one of the problems with the painstaking and “somewhat monotonous and boring” work involved in assessing core samples was that “everyone calls that same rock a different name” whereas the LIBS scanning system took about 2000 readings a second with data on all elements in a sample.
“That’s a massive amount of data that first, geologists haven’t been able to collect and secondly, it’s impartial. It’s just calling the rock what it is,” he said.
Mr Andrews said that in some parts of the world, it could take five months to get assay data back from laboratories and the average wait time was 75 days. Rio geologists could now get all the information they required within a couple of hours of drilling.
“That is a major game changer for exploration and that’s something that we’re deploying around the world now,” he said.
Rio is spending $US250 million ($385.3 million) this year on the search for new discoveries with more than 50 per cent of that spend devoted to copper.
Interesting piece on new technology being used in exploration. Maybe we'll get to use laser-induced breakdown spectroscopy (LIBS) at Paterson South with Rio Tinto Exploration...
https://www.afr.com/companies/mining/rio-turns-to-mars-exploration-tech-in-search-for-next-big-discovery-20240414-p5fjn1
Many thanks for your valuable input on the question Bamps!
Indeed! I've said it many times before, that, when the inevitable big rise comes, and it will, those without tickets will be left behind, desperately trying to get onboard, hitting the keys on their keyboards, but the computer says "NO"!
Well, the POG has risen from approx. $2000 to $2400 in the past year....
Newmont Mining, as you'd expect, with assumptions, correlate a rising gold price with reserve value, with, essentially, reserves increasing by 5% for every $100 increase in the price of gold. They show this in their annual accounts, as follows:
QUOTE
GOLD RESERVE SENSITIVITY
A $100 increase in gold price would result in an approximate 5 percent increase in gold reserves while a $100 decrease in gold price would result in an approximate 6 percent decrease in gold reserves. These sensitivities assume an oil price of $75 per barrel (WTI), Australian dollar exchange rate of $0.70 and Canadian dollar exchange rate of $0.75. These sensitivities assume all other inputs remain equal, including all cost and capital assumptions, which may also have a material impact on these approximate estimates.
UNQUOTE
So, if you correlate this with Havieron, our reserves (and, OK, I accept that you can argue on the probable v proved reserves question), but, on that basis, they'd be up around 20%....
Asante Gold to bid for Newmont’s Akyem mine
An interesting mix of interest, including from China, Canada (operations in Ghana) including UAE investment & Australia...
https://www.mining.com/web/asante-gold-to-bid-for-newmonts-akyem-mine/
Great find by Paddy!
Personally I can't think of any way, whatsoever, that, right now, we could have any better BOD and other staff, to take us, very positively, through the current stage our company is in. In fact, I'd go further than that, to say that we probably have the BEST BOD, and other staff, right now!
Another record intraday high yesterday @ $2365, closing @ $2352. Currently up @ $2358...
The usual suspects are all out in their placeground today Mark!
@ email Are you and plode some sort of tag team? Most of your GGP posts over the past few months:
"How on earth is GGP gonna become a producer?... with whose money?... Well, it's blindingly clear is gonna be your and my money. A raise is inevitable. You can run, but you can't hide"
"...What I'm afraid of is that is just a soft massaging of investors' nerves prior to a raise/placing - ?"
"No fear of a capital raise anymore then?"
"thanks for your view about dilution... I agree totally with you... I guess you are a very LTH... My problem - and likely of a few others' too - is that being a mid time holder I might not have enough time to ride out a dilution - good or bad!... That's why I am particularly worried about it"
"Plode, why there would be a dilution in your view?"
Clearly some people are clueless about anything to do with running a business! It'd be stupid for any company CEO to say, when asked, that they WERE interested in taking over another company!