Mining Review 4th February 2024

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Cabral Gold, i-80 Gold, and Orla Mining all reported strong drilling results this week. 

 

 

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City Investors Circle Mining Review 4th February 2024

 

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Gold remained above the key $2,000 level despite the hawkish interest rate comments. This was probably helped by the US announced intention to bomb targets in the Middle East, which eventually occurred on Friday night, after days of announcing their intention to do so.

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Turning to companies on our watchlists, there were some positive drill results from Cabral Gold, i-80 Gold, and Orla Mining reported during the week.

One disappointment was the results from Gold Road Resources  where production for the year was at the low end of guidance, and AISC higher. This resulted in a share pullback, and a share that was trading at just above A$2 on the 29th December is now back at A$1.51!

This is really disappointing after waiting so long for GOR to break through the A$2 resistance level, and one reason why I was opposed to them commencing dividend payments.

The guidance for 2024 is around the same so despite such as strong gold price the share price looks as though it will settle down at this lower level once again, and it’s incredibly disappointing.

On the plus side, despite paying the dividend they have a strong treasury and significant investments in IGO and De Grey, amongst others, so the company looks healthy moving forward.

All the news form the last week for our watchlist companies is listed below, click the links to be taken to the full story.

 

Market Data

Weekly Price Changes

(US$ unless stated)

 

Metal Prices

Gold price in UK £	1616	1.57%
Gold	2039	1.04%
Silver	22.68	-0.57%
Palladium	946	-0.84%
Platinum	893	-2.83%
Rhodium	4450	-2.39%
Copper	3.82	-0.78%
Nickel	7.25	-2.29%
Zinc	1.12	-5.08%
Tin	11.65	-2.84%
Cobalt	12.9	0.00%
Manganese	2.92	0.00%
Lithium	12048	0.02%
Uranium	106	4.95%
Iron Ore	130.7	-3.54%
Coking Coal	312	-3.70%
Thermal coal	117	-3.31%
Magnesium	2926	-2.04%
Metal ETFs
GDX	28.02	-0.18%
GDXJ	34	-0.38%
Sil	25.59	0.31%
SILJ	8.81	-3.82%
GOEX  (PCX)	23.04	-1.03%
GLD	188.61	0.86%
URA	31.52	6.52%
COPX	35.8	-1.89%

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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.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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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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