Market Update

General - Foran Mining

Good afternoon

have had a few meetings today - so just a quick one today:

Consumer Confidence in the States is very strong - even expectations are going up now, and are at a 6-month high. I think the man on the street likes Trump´s strong-man attitude! And still - bonds continue their massive run - US 10 year now at 2,27% only vs 2.8% at year end. and 3.2% in early November 2018! Perhaps consumers are stupid enough to buy his story, and bond investors are not??? Sorry, that´s not nice, but might well be true…

Foran Mining - finally, the long awaited , new resource estimate - and it´s a very good one! They increased Indicated Resources for Mcilvenna Bay by 69% in total - 680.000t on Zn; 267.000t of copper, grade is 10,25% Zn-equivalent for the Main Lense, 6,45% ZnEq for the Lens 3, and the otehr 3 zones at copper rich with just under 2% Cueq. The additional inferred resource containes 200.000t of Zn and 154.000t of copper. This is a pretty big resource, and Glencor now has to do the job to finish the final feasibility study, which should be done some time in the 4th Quarter. I have not had the chance to talk to the company as yet - I will come back with more info, hopefully tomorrow. But I think this is very good news, and confirms the project as large enough to be of interest to investors, as well as to Glencore or Hudbay, their neighbouring smelter. I think a lot of investors have been in here for some time, and quite a few of them might well be stale bulls - normally, this little thing should trade way higher than the current 43 Mill can$, which are a joke, in my opinion…

Have a nice evening



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