Market Update

General - Bellevue - Liontown

Good afternoon

on Saturday, Australia´s currently best horse, and the highest ever price-winner, the mare Winx will try to get to her 34th successsive victory in the Queen Elizabeth Stakes , which will be her last race. She has won a remarkable 24 mill A$ in price money in her career, and has won the most Group 1 races of any horse in the world. The Australians love her, and everybody in the 42.000 people crowd in Sydney will cheer her home on Saturday! For horse watchers : Have a look at and enjoy!

Strong labor market numbers in the States, and a much higher than expected Producer Price Index, make interest rate cuts a very distant hope! Metals reacted negatively, especially nickel. Equities are slightly stronger across the board.

The China Automotive Association increased their forecast for sales of EV´s in China this year from 1.6 mill vehicles to 1.7 mill…Batteries used in these cars are getting bigger as well, and with higher energy density - even more nickel will be needed! Stainless steel production in China has been also very strong in the first Quarter - especially 300-serious steel, which needs a lot of nickel - but analysts believe, that the strong numbers cannot be expected to go forward.

Infaltion in Germany at 1,3% is stubbornly low….bonds in Europe don´t show too much action today.

Bellevue Gold - have started regional exploration in earnest. Some very good surface indicatiosn have prepared the ground for drilling programms, which should start later this Quarter, once targets have been defined further. In the emantime, 4 drill rigs continue to define the existing resource, and will continue to get results for the next resource increase late this Quarter. The stock has been consolidating the strong run over the last 12 month for a while now. I continue to see a good chance here to accumulate stock.

Liontown Resources - an updated research report sees strong re-rating potential for them, quoting multiples of the current valuation . Based on transferring the recent , very positive drilling results , the report sees a strong possibility for a substantial increase in resources to closer to 40 millt or ore at 1,4% lithium. The company is also very active currently to improve knowledge about the metallurgy - equally important as a step to further derisk the project. Again - the company is well cashed up, more drilling news + resource upgrade to come + good people on the board - great time to accumulate stock!

Have a nice evening



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