Mining Review 17th March 2024
News from Calidus Resources dominated the news this week, as they requested their stock be halted on the ASX, and then the ASX announced CAI was suspended from quotation.
The company announced a financial restructuring, which has some investors nervous about a potential downgrade of the stock upon its return to trading.
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Metal Investor Forum Toronto 2024
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City Investors Circle Mining Review 17th March 2024
News from Calidus Resources dominated the news this week, as they requested their stock be halted on the ASX, and then the ASX announced it was suspended from quotation.
The company announced a financial restructuring, which has some investors nervous about a potential downgrade of the stock upon its return to trading.
Calidus have struggled repaying debts whilst also delivering into a hedge book, so a recapitalisation of some sort was clearly needed. What we don’t know is the form it will take, and what dilution effects there may be.
I suspect some sort of debt for equity swap, but those are always painful. I would hope that they might be able to stretch out the hedge by a couple of years to lower the monthly loss whilst gold prices are so high, and restructure the debt to something more manageable, enabling the company to make money.
A fairly quiet week otherwise, it’s always quiet on the drilling front after PDAC as so many announcements are made before that event.
Cartier Resources brought out some much needed drill results at Chimo, high grade but a short interval, and Orla Mining announced the extension of oxide mineralisation at South Railroad in Nevada.
This week’s announcements from our watchlist companies are below, click on the link to be taken to the full story.
Calibre Mining Delivered Fourth Consecutive Year of Reserve Growth
Calidus Resources Suspended from Quotation
Orla Mining Drills Oxide Mineralization at South Railroad
Calidus Resources Stock Halted
Cartier Resources Cut 13.2 G/T AU Over 2.3 M at Chimo
Karora Resources Announced 2024 Gold Production Guidance
Market Data
Weekly Price Changes
(US$ unless stated)
Metal Prices
| Gold price in UK £ | 1695 | 0.00% |
| Gold | 2156 | -1.06% |
| Silver | 25.18 | 3.62% |
| Palladium | 1103 | 8.14% |
| Platinum | 940 | 2.96% |
| Rhodium | 4675 | 3.89% |
| Copper | 3.99 | 2.57% |
| Nickel | 8.05 | 1.64% |
| Zinc | 1.14 | 2.70% |
| Tin | 12.72 | 3.75% |
| Cobalt | 12.71 | 0.16% |
| Manganese | 3.15 | 4.65% |
| Lithium | 15088 | 6.92% |
| Uranium | 83 | -9.09% |
| Iron Ore | 111 | -5.45% |
| Thermal coal | 131 | -4.93% |
| Magnesium | 2584 | -4.51% |
Metal ETFs |
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| GDX | 29.89 | 0.84% |
| GDXJ | 36.74 | 2.25% |
| Sil | 26.35 | 3.78% |
| SILJ | 9.56 | 5.29% |
| GOEX (PCX) | 24.65 | 0.28% |
| GLD | 199.71 | -0.95% |
| URA | 27.89 | -0.61% |
| COPX | 41.59 | 9.33% |
| Gold / Silver ratio | 85.62 | -3.03% |
| HUI Index | 232.7 | 1.77% |
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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.
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