Market Update

General - Dacian - St Barbara

Good afternoon

Industrial Production in Germany stronger than expected ...Labor data in the US without clear direction

Metals are fighting the tide, which is clearly aginst them! They are seen currently as the prime victim of the trade war.

Nickel Pig Iron production in China keeps on falling...

The Queen is having coffee with Trump next week...I would love to look behind her fassade!

St Barbara - amazing - these guys surprise more or less every Quarter - the last one was a new record, with fantastic production from Gwalia ( grades were stunning at 13.4g ) and Simberi also very strong. Full Quarterly will be released later - but cash on hand of 344 mill vs 262 mill 3 month earlier is indicating extremely strong cost performance. Incredible...and nevertheless - stock is all but cheap. They could/should announce a very nice dividend next month.

Dacian - production report for their first Quarter...ramping up should be finished by the end of this year ( which sound s a bit conservative to me ). Their brand-new mine produced 34.000oz in the Quarter, and company has kept guidance of 180-210.000 oz at 1000 A$ AISC  for the financial year just started unchanged. Current net debt is about 100 mill A$, giving them an EV of 700 Mill A$. 3 mill oz of resources - 1.2 mill ounces of reserves, with a very high chance to add to the reserves, and probably also resources. Next resource statement in July - next reserve statement a few month later. 

The stock is fairly priced, in my opinion.

Have a nice weekend!