Good afternoon
markets are expecting an agreement in Europa - finally - about the solidarity agreement…..hard fight…Understandably, some members are not happy to give away several hundred billion Euro´s, without getting much say in it!
Astra Zeneca is making strong progress for a vaccine.
From a mixed opeining, markets are gradully moving higher, as are base metals. Just copper looks a little sick today - Chile continus to produce a lot of copepr despite the virus!
Gold wants to leave it´s relatively tight trading range of the last few days to the top-side…currently at 1816US$, but unchanged in A$ at 2594 A$/oz. Gold stocks as measured by the GDXJ have confirmed their break-out as well.
Strike - have JV´s their 100% interest in Walyering, which is also an asset in the Perth Basin, but on a different structure than the main assets surrounding Erregulla. The JV partner, Talon Petroleum, will be a single asset company at this stage, with enough cash to spend 6 Mill A$ - as required by the JV agreement - on drilling of Walyering, to earn 45%. Strike will remain the operator, and will keep 55% of the asset. All in all, a good deal for Strike - but for speculators, also TPD might be a good punt. The company is today completing a fund raising to fund their share of 6 mill$ for the drilling.For Strike, the announcement is a positive but relatively small beer.
Resolute - have announced an updated LifeofMine Plan ( LOM ) for their Mako Mine in Senegal, which is 90% owned. The gold price used has been increased from 1300 US$/oz to 1500 US$/oz. This together with an increased trhoughput rate of 2,2 millt vs the original 1.8 Millt p.a. have resulted in a lower cut-off grade. The mine will produce an additional 200.000oz over the mine life to 2027, at AISC of 900 US$ vs the original 840 US$/oz. Between 2022 and 2024, higher waste stripping to expose the additional ore will be needed, resulting in lower cash flow for those years. Overall this is a positive announcement, and proves, that Mako will have been a good investment for Resolute. I think it has already proven that anyway, delivering substantial cash flow at a time, when the Syama ramp-up was slower than expected. Will be interesting to see teh Quarterly within the next few days, to find out, how Syama is doing - it´s still the most important mine for RSG by a long shot.
Graphex - all resolutions have been passed today at the AGM. The company should relist tomorrow under the name of Graphex Mining, and will be traded cum entitlement of the 1:1 rights issue at 2ct - I have not seen the announcement as yet, but I understand, that the stock will trade ex entitlement on Thurdays, and will also change the name th Marvel Gold on that day. Could be an exciting and volatile day for GPX tomorrow - I would expect substantially better prices than the last trade at 3,9ct/share!
Have a nice evening
WS
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