Mining Review 14th April 2024
It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening.
The big news of the week was Karora Resources announcing a merger with ASX listed Westgold. Capricorn Metals and Orla Mining reported strong starts to 2024.
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Capricorn Metals Karlawinda Mine
City Investors Circle Mining Review 14th April 2024
It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening. Gold had topped out at $2431 at it’s high before the retrace.
Silver slipped back to just under $28 per ounce, after earlier being close to $30 intraday.
On the industrial side, copper had a quiet week after the recent charge, but nickel soared nearly 5%, after the recent long fall, and is now trading at $8.19, well above the recent $7.40 low.
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The big news of the week, and one that disappointed me a great deal, was Karora Resources announcing a merger with ASX listed Westgold.
I thought Karora would grow by acquisition, being in a strong financial position, and mining in Western Australia, where there are an abundance of opportunities to grow. So, I’m personally very disappointed they have taken this route, and I have sold over half my holding already, there are many other producers worth investing in at the moment, so I want to put my money to work somewhere positive.
Karora are offering the incentive of shares in a newco, but in my personal experience they don’t work out well, so I’m not allowing the offer of free shares to distract me from selling a stock that has hit the buffers for now, and putting the funds to work elsewhere.
Capricorn Metals and Orla Mining reported strong starts to 2024. These are well run companies growing by acquisition, and very successfully too. This is why I invested in Karora, as I expected them to follow this model.
I increased my holdings in both these companies this week, using some of the Karora funds.
Exploration companies are off my radar currently as the action is with the producers with the gold price spiking, but I did add a few Pacgold to my existing holding, to bring down my average cost. They seem to have a district scale project, so one I’m happy to buy and put in the bottom drawer whilst they continue to explore the Alice River region.
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Significant news from our watchlist companies this week is listed below, click the links to be taken to the full story.
Orla Mining Started 2024 with Strong Operating Performance
G Mining Ventures Provided a Tocantinzinho Project Update
Calibre Mining’s Q1 Gold Production On Track To Deliver FY 2024 Guidance
Karora Resurces Announced a Merger With Westgold
Karora Resources Q1 Results Hampered by Wet Weather
Capricorn’s Karlawinda Mine Delivers Strong Cashflow
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Market data
Weekly Price Changes
(US$ unless stated)
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| Metal Prices | 140424 | Weekly % change |
| Gold price in UK £ | 1886 | 2.17% |
| Gold | 2345 | 0.69% |
| Silver | 27.96 | 1.64% |
| Palladium | 1057 | 5.38% |
| Platinum | 981 | 5.60% |
| Rhodium | 4725 | 0.00% |
| Copper | 4.23 | -0.70% |
| Nickel | 8.19 | 4.87% |
| Zinc | 1.23 | 6.03% |
| Tin | 14.45 | 12.02% |
| Cobalt | 12.78 | 0.16% |
| Manganese | 3.06 | 0.00% |
| Lithium | 15130 | 2.76% |
| Uranium | 89.1 | 1.83% |
| Iron Ore | 108.6 | 10.14% |
| Coking Coal | 242 | 6.14% |
| Thermal coal | 132 | 2.40% |
| Metal ETFs | ||
| GLD | 216.89 | 0.83% |
| GDX | 33.76 | -0.24% |
| GDXJ | 41.99 | 0.24% |
| Sil | 31.46 | 1.32% |
| SILJ | 11.19 | 0.54% |
| GOEX (PCX) | 27.62 | -1.67% |
| URA | 30.22 | -1.05% |
| COPX | 45.48 | 1.88% |
| HUI | 262.96 | -0.83% |
| Gold / Silver ratio | 82.87 | -2.11% |
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City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
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Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
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This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
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