Market Update

General - Perseus - Resolute - Breaker - Metro Mining

Good afternoon

jobs numbers in the States a little weaker than expected, while Factor Orders in Germany were much stronger than expected.

Goldman´s reaffirm their view, that now is a good time to buy metals, as even a war on tariffs would not substantially reduce demand. let´s hope, that they are right! I am not so sure!

The American Ambassador to Germany has a meeting with thetop bosses of the German car industry and reportedly has suggested, that all tariffs  - for German cars in the US, and vice versa - will be abandoned. Once a gain, a surprising move - and highly unusual to have this suggested by an ambassador....Be that as it may - a solution like that would be very positzive. German car stocks up quite strongly today...metals also a little better, and a relieve-rally in European equities today.

Resolute - following on from the positive, updated feasibility study the other day, the company announced some excellent drilling results from their near-mine underground project Nafolo, as well as from Tabakoroni, which is hoped for to be a source of oxide ore in the future, 35 km away from Syama. The latter delivered an intersection of 5m at 493 g from 167m !! Clearly good news ....stock closed at a 15 month- high. It now looks pretty sexy on the charts as well!

Perseus - early production update...Edikan going well, and Sissingue going very well! This ahs been a record Quarter for the company, and the second best Quarter from Edikan. If we will see more of the same, the big target of financing Yaoure from cash flow and debt only is getting closer. Stock had a nice move today - but the 100$-oz retreat of the gold price since mid-April is clearly hurting a highcost producer like PRU. More info will come with the full Quarterly Report.

Breaker - since announcing the disappointing 622.000 oz resource in April, they have twice announced some excellent drilling results. Especially teh latest report from mid-June has been excellent, with some long high grade intersections, mainly from outside of the current resource. The stock is till in the sin-binn...but it´s consolidating now in the mid-twenties, and I think the next move might be up again - assumed more, nice drilling results. They are still drilling extremely actively, spending about 1 mill / month on drilling. I think one should start accumulating this one again.

Metro Mining - surprisingly, they wre a little weaker ove rthe last two days - even though they came out with a strong production update yesterday. Monthly mining is going up strongly, monthly shipping as well, and the last ship has been loaded in record time. Clearly, the teething problems seem to be behind the company, and the recent placement at 20ct has put them on more than a sound footing. As usual in these situations, the company probably raised much more than would have been needed, accounting for all sort of potential problems, especially a slower than expected ramp-up of spot sales. I think everything is going very well here now, and the share price is not showing this as yet. Good time to accumulate

Have a nice evening



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