Market Update

General - Metro Mining

Good afternoon

no big moves in equities, bonds or metals today - except for stronger zinc and lead ( Nyrstar closing a facility ?)

Jobs numbers in the States as expected

The A$ gold price took a bit of a beating recently…down from 1750 two weeks ago, to 1680 today…slightly weaker gold price, and slightly higher A$…

And nothing much new coming across my screan as well!

except for

Metro Mining - following a recent marketing trip to China, management decided to run a few upgrades to their operations in the short term, prior to the planned doubling of production , for which a feasibility study will be finished in the 2nd Quarter 2019. These upgrades will cost just under 7 mill$, will increase production from 3- to 3.5 millt of bauxite in 2019 - and I believe, that all of that material has found buyers already. The increased volume should lead at least an additional 10 mill$ in EBITDA, if no more. There have been three main risks to the stock: The ability to find buyers - done / the ramping up of mining/transport operations - done / and lastly, price-risk, which is looking positive as well. Still - nobody wants to buy it! There seems to be a larger seller around , and also, I think not many investors understand bauxite…so this company will need to convince investors by profits and cash flow - and naturally, that takes a bit of time. I am very confident, though, that this will happen!

Have a nice evening


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