Market Update

General - Gascoyne - Kingsgate - Paringa - Liontown

Good afternoon

equities keep on running, metals keep on running….metal stocks falling still ( except for the large deliveries of copper late last week )….nickel at a new 6-year low….palladium/platinum strong as a bull…al being helped by a slightly weaker US$. Gold looking good aswell, and iron ore is seeing another leg up the last few days, as Vale had to close another mine in Brazil.

Factory Orders/ Durable Goods in the US relatively subdued…German investor confidence is rising again.

Kingsgate - has settled on Political Risk Insurance for a payment of 82 mill$….can now pay back all corporate debt, have enough funding for all other litigation. The company can now concentrate on a proper sales process for their Chilean silver assets…and will further pursue other litigation to fully recover the worth of the Chatree Mine in Thailand. I guess the chances to recover those insurances have risen now.

Liontown - has found an extension of their lithium resource at Kathleen Valey, which could be sizeable. Very good drill results, with grades looking better than the current resource….

Gascoyne - strange situation…company got suspended for failing to release financial reports prior to the 15th of March. In a statement today, the company said,that they will issue further guidance later this week, following a worse than expected mine performance in the current Quarter so far. This does not sound good at all….looks like the refinancing has hit a snag as well???? Nothing you can do in the moment…stock suspended anyway….But be prepared for a bad statement later this week.

Paringa - Australian newspapers report about a full refinancing of debt - Macquarie Bank to be paid back, a hedge fund to provide an increased loan to the company. Stock is also suspended - but I guess a statement will be released tomorrow, and stock shoudl come out of suspension. I am sure, that the ehadge fund has not handed out any presents to Paringa - but a refinancing would be very good news and certainly better, than another equity issue at depressed share price! The market has been very sceptical about PNL´s ability to get into production without any further dilution of equity…

Have a good evening


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