Market Update

General - Lefroy - Antipa

Good afternoon

Trump´s tactics are becoming more and more dangerous….with Iran, as well as with China. Interesting, that US stocks get hurt more than Europeans…probably not only reasoned by previous outperformance. Do you want to own Apple/Boeing for example in a trade war, or do you want to be a US-farmer?? But I guess you do not want to be an Australian fundmanager either - nor the MD of a German car producer!

I hat political markets - and this market certainly is in the moment! Extremely difficult to have a view…but for today, it feels awful!

Bonds are very strong today, as you would expect - metals are under pressure

Gold is jumping and is testing 1300, as I am writing…1866 A$/oz and on it´s way to the second strongest close in history!

Oil is also very strong - another political market!

The International Nickel Study Group expects another supply deficit of 84.000 t this year, despite a strong rise of production in Indonesia. Last year, they estimate the deficit to have been 146.000t. Nickel stocks last year on the LME fell by 160.000t - very close to their deficit numbers.

On the 18th, Australia will elect a new Prime Minister! Well - remains to be seen, whether he will be a new one…The opposition has been leading the polls for a long time, but the lead has become less secure…

Lefroy exploration - this small stock with only 13 mill market cap has hit some success again…their Lucky Srike prospect delivered the best intersection so far, being 17m with 3,58g gold/t, following a few good intercepts earlier on. This alone would not get me excited - but Lucky Strike and the other ground, held in JV with Goldfields, is close to the recent Beta Hunt massive find of gold nugegts, and more important, close to Goldfields Invincible-discovery, which Goldfields is very bullish on. It´s also immediately South of Silver Lakes mining operation. Goldfields can earn 70% of the LEX-ground just South of Lucky Strike, by expending 25 mill A$ over 6 years. Early days, and nobody wants to hear on a day like today - but pretty exciting exploration stuff!

Antipa - announced a small, maiden resource for two of it´s targets in the Paterson Province. . 106.000 oz at 1,3g is not all that significant but increases their total resource to 827.000 at 1.9g gold /t over 3 deposits, all within 40km from Newcrests hungy Telfer mine. Perhaps more important is, that the company has started their 20.000m drilling programm in this area, which hosts the potentially very large WInu find, where currently 180 people are based to further explore and define it. Given this frentic activity, and the JV with RIO next door also very active this year, I think some kind of excitement is pretty much assured!

As I am finishing, especially the NASDAQ is looking pretty ugly…down by 3,2%! Let´s hope, that Trump will be sending out a positive Tweet!

have a nice evening, regardless!


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