Mining Review 3rd March 2024

Mining Review 3rd March 2024

The week began quietly but ended with a bang as the price of gold soared 2.36% on US economic news, and the realisation that rate cuts are off the table for now and the FED is in a tight corner.

Orla Mining acquired Contact Gold to increase the size of their South Railroad Proeject in Nevada.




Orla Mine Pony Creek

Orla Mining’s newly acquired Pony Creek licence, which abuts their South Railroad project in Nevada.


City Investors Circle Mining Review Sunday 3rd March 2024

The week began quietly but ended with a bang as the price of gold soared 2.36% on US economic news, and the realisation that rate cuts are off the table for now and the FED is in a tight corner.

Sadly this came so late in the week that it didn’t have too much of a positive effect don the producinh miners’ share prices. Hopefully that may change of this price holds or rises on Monday.

The price of Lithium and nickel is starting to rise and I wonder if these two have finally bottommed out? I will keep and eye on them for the nexxt couole of weeks to make sure.



Orla Mining acquired Contact Gold, to increase the size of their South Railroad Project in Nevada. This looks like a smart deal in my opinion, expanding their project size and allowing them to use their financial strength to fund exploration far quicker than Contact could have done.  Contact were a C$3 million company, financing would have rbeen difficult to near to impossible in this market.

Wesdome Gold Mines produced the only drill results from our watchlist this week, and they pleased the market with high-grade mineralisation at the Falcon 311 Zone at Eagle River.

I remain convinced that the producers are the place to be, and with the rising price of gold to a new record high, they must surely begin to increase in value soon?

I sold a couple of my remaining explorers this week, and took the painful financial hit required in both cases, to make an initial investment in Capricorn Metals, and I also increased my holding in Calibre Mining to a more substantial level.

Both these companies are in production, but also constructing major growth projects through cashflow, a model I personally prefer. In both cases the new projects are already funded, scaleable, with serious exploration ongoing, funded from cashflow, not dilution.

Add in the fact they are both in tier 1 jurisdictions (Western Australia and Newfoundland respectively), and close to their new production coming online, I personally feel confident that as long as the gold price holds these look to have very good potential to create shareholder value.

I am careful not to place too much faith in any one investment having learnt that very painful lesson in the past.

Calibre are currently in production in Nicaragua, as well as having small production in Nevada, and they have nearly finished the construction of the new Valentine Mine in Newfoundland.

I sense they are trying to diversify their country risk as fast as they can in case the US further sanctions Nicaragua, and jeopardises their operations there, despite the fact they are doing very well  with low cost production and multiple exploration successes.

As long as politics don’t interfere, there’s no reason why they cannot continue to reap the rewards of the low cost of mining and exploration in that country.

Rumours amongst Condor Gold shareholders that Calibre are looking to buy their project at La India are wide of the mark, according to my discussions with management.

I think they have enough on their plate at the moment and whilst they didn’t totally rule out a deal, I sense it is not in their thoughts currently. maybe if the attempted sale of La India drags on and gold roofs it there may be a discussion to be had at some point, who knows?

In the meantime in my opnion it’s just wishful think by Condor’s shareholders desperate for a deal to be done to end their prolonged suffering.



News from our watchlist companies last week is below, please click on the links to be taken to the full story.

  Market Review for February 2024  Published

  Wesdome Gold Mines Continues to Grow Falcon 311 Zone at Eagle River

  Capricorn Metals Published a New Corporate Presentation

  Orla Mining Acquired Contact Gold

  Gold Road Resources Published 2023 Full Year Results

  G Mining Ventures Is Named in the TSX Top 50

  Mining Update 25th February 2024



Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices

Gold price in UK £ 1648 2.55%
Gold 2083 2.36%
Silver 23.14 0.83%
Palladium 952 -1.45%
Platinum 886 -1.88%
Rhodium 4400 -2.76%
Copper 3.81 -1.04%
Nickel 7.91 2.73%
Zinc 1.08 0.93%
Tin 11.95 1.53%
Cobalt 12.68 0.16%
Manganese 2.94 2.44%
Lithium 13405 9.65%
Uranium 94.15 -3.93%
Iron Ore 115.8 -4.30%
Coking Coal 306 -0.33%
Thermal coal 132.5 6.00%
Magnesium 2849 -3.75%

Metal ETFs

GDX 27.33 2.51%
GDXJ 33.24 2.85%
Sil 23.76 1.84%
SILJ 8.3 2.34%
GOEX  (PCX) 22.54 2.73%
GLD 192.89 2.26%
URA 28.29 4.86%
COPX 36.45 0.03%



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The writer holds shares In Calibre Mining, Capricorn Metals, G Mining Ventures, and Gold Road Resources.