‘The more money there is the less it is worth’ reads like a pithy proverb or Zen Koan ready to be copy-pasted into an Instagram reel but, of course, it also happens to be one of the golden rules of economics.
Indeed, it is the underlying principle that drives inflation and, significantly, drives investors to literal gold.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has earned a price target raise and repeat ‘Buy’ rating from Canaccord Genuity (TSX:CF, LSE:CF)'s analysts who say the company remains one of their top picks among senior gold producers.
The analysts wrote in a note to clients that they were raising their target price for the stock from C$43 to C$45 following the company’s fourth-quarter 2022 results and year-end 2022 reserve and resource update.
Gold spot prices surged above US$2,000 per ounce for the first time in over 12 months on Monday, marking a record high of £1,645 per ounce against the pound sterling.
Gold’s safe haven properties have come to the fore amid widespread market uncertainly following Silicon Valley Bank’s collapse and Credit Suisse’s pending takeover by rival UBS.
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11)’s “exciting” Ewoyaa spodumene lithium project in Ghana is progressing well, with the definitive feasibility study on track to finish in the second quarter of 2023, according to analysts at house broker Liberum.
On the exploration front, drilling is planned to test for concealed pegmatites containing large lithium deposits which would “improve resource confidence and potentially add to the current resource estimate”.
Ahead of a webinar later today Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) shared additional information coming from a Wood MacKenzie report which described the company’s Theta West as “the fourth-biggest discovery well globally in 2022".
As the company itself has stated, the expert industry consultancy noted in its report that Theta West still needs additional drilling and testing before potentially being considered commercial.
Atlantic Lithium Limited (AIM:ALL, OTCQX:ALLIF, ASX:A11) said auger drilling has commenced at the Ewoyaa lithium project, with part of the 2023 exploration and resource drilling programmes underway.
The AIM-listed company said roughly 20,000 metres (m) of auger drilling over a five-month period to test multiple targets within the project and broader portfolio is planned for this year.
Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF) told investors that a new ‘multiverse’ non-fungible token (NFT) standard (ERC-5606), developed in a project backed by the company, has now been approved on Ethereum.
The NFT standard is described, in a statement, as a significant contribution to building interoperable Web3 infrastructure on the Ethereum blockchain, and, it is fully compatible with, the most popular NFT standards today (ERC-721 and ERC-1155).
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it has now mobilised the service rig to site for the upcoming new perforation and production testing at the State 36-2 LNW-CC well, in Utah.
The company, in a statement, said that operations on the ground have now commenced. It added that it has made progress in spite of difficult winter weather conditions in Utah.
Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) has commenced key workstreams to advance the Phalaborwa rare earths project in South Africa to the definitive feasibility study stage.
The pilot plant design and setup are progressing in line with expectations, with commissioning to commence in the second quarter of 2023.