Market Update

General - Dacian Gold

Good afternoon

IFO business confidence in Germany rises for the first time in 7 month.

Equities are a little weaker again, following a slightly better start - not really recovering from Friday´s sell-off.

Chaotic court-action in Brazil - iron or mines get opened and closed again, following court decisions.

Canadian researcher Adamas Intelligence ( I have not heard of them before ) believes, that the use of nickel in batteries produced in China increased by a staggering 253% in January form pcp. More EV-sales, but mainly larger batteries and a shift to NCM-technology are seen as the reason. If those numbers are true, we are on track for nearly 100.000t of nickel in battery-usage this year. Sounds high to me - but it seems to go into the right direction.

Newmont/Goldcorp might well go ahead now, after Newmont offers a 88ct dividend to smooth the process…

Gold price back through 1320 US$…and 1357 A$, the highest since end February. A mixed day for base metals - following weaker prices around lunchtime, copper + zinc are slightly up now, while nickel is down by 0,4%.

Dacian Gold - their ramp-up has had it´s fair share of problems…the mine started producing about 12 month ago, and was originally expected to produce around 190.000oz this financial year. They have had a few issues since in production - the latest one being announced today: Equipment availability will result in underground development reaching better grades a bit later than expected. Expected production for this financial year is now down to around 155.000 oz. The June Quarter should be fairly assured to produce at a yearly rate of 200.000oz+, at AISC of around 1100 A$/oz. Once again - it shows us, that it´s not THAT easy to bring a new mine into production - not even in Australia! I will keep them on my radar screen - the stock is probably in value-territory now….

Not much happening elsewhere today!

have a nice evening



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