Has gold’s run to record highs got ahead of itself?
Analysts at RBC suggest it might and that the fundamentals point to a correction over the longer term.
Ferrexpo PLC (LSE:FXPO)’s full-year results were a mixed bag, according to Liberum analysts, as revenue beat estimates but pre-tax earnings missed.
Ukraine-based, the iron ore pellet producer recorded a US$85 million pre-tax loss for the year to December on Thursday, against a US$220 million profit last year.
Anglesey Mining PLC (AIM:AYM), which is developing the Parys Mountain project, has appointed former Rio Tinto executive Rob Marsden as its new chief executive starting in May.
A graduate of the Camborne mine school, Marsden spent 18 years at Rio before founding his own consultancy in 2013.
Empire Metals Ltd (AIM:EEE) has completed a third phase of reverse circulation (RC) drilling at the Pitfield project in Western Australia.
The aim of the 40-hole programme was to test and delineate the two known zones of high-grade, bedded mineralisation.
Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF) said it is on track to meet its target of between 95-100,000 ounces of gold from the Segilola mine in Nigeria even after a slower start than expected due to plant upgrades.
Segun Lawson, chief executive, stated: “We expect a stronger level of production during the remainder of the year and are tracking to meet this year's guidance of 95,000 to 100,000 ounces at an AISC of $1,100 to $1,200 per ounce.”
Following a recent successful placement on the Alternative Investment Market (AIM) that brought in £922,000 before costs for Celsius Resources Ltd (ASX:CLA, AIM:CLA), substantial shareholder Silvercorp Metals has opted to exercise its participation right, raising an extra £117,317.
Funds for development works
Metals One shot higher on confirmation it expects to announce the results from the un-assayed intersections at its P5 target at the Black Schist Ni-Zn-Cu-Co Project in Finland in May.
The explorer added it still expects to share its findings having updated the block model and resource estimate in the second half of 2024 as previously advised.
Wealth platform AJ Bell has pushing against some strong headwinds recently and UBS says the things to watch for are assets under administration, in particular net flows, and customer numbers.
"AJB has indicated pricing tariff changes from April 2024 so the focus for the Mar quarter will be on business momentum before those changes come in," added the bank
The London Metal Exchange (LME) has recently enacted measures that, while significant, are not expected to induce an immediate supply-demand shock in the metals market, according to Goldman Sachs.
Despite barring new Russian supplies from April 13 onwards, these changes are primarily procedural, affecting how metals are traded rather than trade fundamentals, said the Wall Street bank.
Shares in Brazil-focused Serabi Gold (AIM:SRB, TSX:SBI) PLC were up 9% after a better-than-expected first-quarter production report - with the outperformance driven by the success of its Coringa operation.
Output for the period topped 9,000 ounces of the yellow metal, a high not seen since Q3 of 2021.
Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF)'s share price rose almost 3% on a more upbeat outlook about China from the miner.
Iron ore accounts for more than 80% of Rio’s underlying operating earnings and the miner expects prices to rise as demand from China, its main customer, starts to recover.
Empire Metals Ltd (AIM:EEE) has tweaked the terms of its agreement over the Pitfield project in Pilbara Australia to give it full control over all minerals discovered there.
Pitfield has the potential to be one the world’s largest titanium deposits believes Empire, which said the change removes any possible ambiguity about the ownership rights.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) said it is waiting for permission to restart full operations at its Gedabek gold and copper mine in western Azerbaijan but expects approval to be issued shortly.
The miner wants to raise the tailings dam wall at Gedabek and the mine has been partially shut down until approval comes through.
Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI) said almost half of its latest drilling programme at the Basin Project in Arizona is complete with ‘excellent’ early clay thicknesses identified from visual inspection.
Four wide space holes were drilled with 85m the average Upper Clay thickness, based on visual inspection of the drill core, and a range from 73m to 103m.
Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) has reported high grades from grab samples collected during due diligence site visits to the BKM project area in Central Kalimantan, Indonesia.
Several visits were undertaken to the KSK licence area in recent months by prospective partners or acquirers, said Asiamet, with four surface grab samples collected for confirmatory analysis during one of these visits.
Deutsche Bank has announced an upward revision of its gold price forecasts, now expecting the precious metal to reach $2,400 per ounce by the end of this year and $2,600 by December 2024.
It follows the more bullish stance taken by Goldman Sachs, which, on Monday, adjusted its forecast to $2,700 per ounce, up from $2,300, in recognition of a robust bull market.
Shanta Gold said drilling at its West Kenya development continues to indicate economic grades and continuity of the mineralisation across its prospects.
Eric Zurrin, chief executive, said: "At Ramula, the 2,911 metres of assays reported today should allow us to convert Inferred resources to Indicated category resources.
Golden Metal Resources PLC (AIM:GMET) told investors it has unearthed significant results from its magnetic geophysics survey at the Garfield project in the Walker Lane Mineral Belt, Nevada.
The survey revealed three significant magnetic anomalies in the Power-Line Zone and High-Grade Zone.
Cornish Metals has reiterated the preliminary economic assessment for the South Crofty mine in Cornwall is on track for completion in this quarter while noting a rally in the price of tin.
Refurbishment of New Cook's Kitchen (NCK) shaft is progressing as planned, it said, with the two winders and cages now installed, fully commissioned and certified to allow for safe transport of equipment and workers within the shaft.
Rainbow Rare Earths said test results from its second project in Brazil suggest eventually might be larger than the Phalaborwa development in South Africa, its current main focus.
Mineralogy and hydrometallurgical studies carried out on phosphogypsum material from the Uberaba site showed the highest grades came from the most recently deposited phosphogypsum material at between 4,520 to 7,912ppm total rare earth oxides (TREO).
Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has completed an internal project review of its Karratha Gold Precinct in the West Pilbara region of Western Australia, uncovering historical gold and copper targets.
These targets include previous drill assays of 5 metres at 6.23% copper, 3.01 g/t gold and 45.32 g/t silver as well as rock chip assays of 23 g/t gold.
Aura Energy Ltd (ASX:AEE, AIM:AURA) and Curzon Uranium Ltd have struck a restructured offtake deal concerning the Tiris Uranium Project, considerably increasing the project’s financial projections and value.
The restructure will increase the fixed price of uranium by 70%, enhancing revenue and the project's net present value (NPV).
The new US and UK sanctions on Russian metals should be good for aluminum, copper and nickel producers, analysts at Jefferies suggest, as prices are likely to gain support.
The ban applies to metal produced after 12 April, with preexisting stocks exempt from the sanctions.
European Green Transition PLC (AIM:EGT) said it had received permission from landowners and the Kalmar County board to drill at the Olserum rare earth project in Sweden.
Approval has been given for an initial drilling program of up to 9,000m across 42 drill holes, with the flexibility to alter the program within the agreed working areas.
Blencowe Resources PLC (LSE:BRES) said commercial-scale testing has started as part of its definitive feasibility study at the Orom-Cross graphite project in Uganda.
A 600-tonne bulk sample test is underway at the Jilin Huiyang facility in China.
The Conservation Farming Program of Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) in Malawi is on track to triple crop yields as the company actively executes its environmental, social and governance (ESG) strategy whilst developing the Kasiya Rutile-Graphite Project.
This sustainable farming initiative program is aimed at improving the livelihoods of local communities through the creation of successful smallholder farmers. It ultimately aims to provide a platform where smallholder farmers can produce sufficient surplus crops to generate sustainable household income.
Celsius Resources Ltd (ASX:CLA, AIM:CLA) has boosted its war chest by £922,000 after completing a placement in AIM with the funds to advance its suite of copper-gold projects in the Philippines.
The company has placed 153,666,663 new ordinary shares to certain institutional and other investors at 0.6 pence per share along with 153,666,663 new warrants for every one placing share subscribed.