Market Update

General - Chalice - Capricorn

Good afternoon

US-bonds trading at the lowest yield since 2016 at 1,95% - German bonds new all time low at -0,38% for the ten year….amazing….

Australia has cut interest rates for the second time in 2 month to 1% now.

von der Leyen is the new EU comissioner ( well, probably so…). She is a good choice in my opinion, but many are unhappy…

Equties are strong in Europe…metals mixed : nickel strong, gold very strong, but cannot hold the intra-day high ( 1435 US$ in Asia ! ) for now at least - the negative surprise , expected by some, from US labor numbers did not eventuate - but as I am finishing this blog off, it´s recovering back to 1420….US Services are not as strong as they used to be…further slowdown everywhere!

Australia´s iron ore exports of 8,8 bill A$ ( up 65% YoY ) strongly assist the largest ever trade surplus of more than 5 bill A$ in May.

Tesla produces a record number of EV´s last Quarter - better than expected.

Chalice Gold - sold their North American assets to Osisko´s new exploration arm, O3, for 12 Mill Can$ in shares ( 7% of the new company ) and a 1% royalty. 12 Mill Can$ is alos the cost base for CHná investment in Canada - in so far not a fantastic deal, The royalty could potentially be worth quite a bit of money. Given, that Chalice did not go anywhere with their project recently, I think this is quite a positive deal. Osisko is highly regarded, and since CHN aquired the various projects, the market in exploration assets in Canada has been terrible. CHN had 9ct cash backing as at 31.3., plus now this shareholding in a much larger company ( 4 month escrow ). Chalice can now fully concentrate on it´s gold exploration in the Bendigo area, which came to prominence ove rthe last 2-3 years because of Kirkland Gold´s tremendous success there.

Capricorn - do you like Mark Clark, the right-hand man of Nick Giorgetta ( the master of low-grade mining in Australia ) for many years, and MD of Regis from 2009-2015? Then you might have to buy some Capricorn Metals. Mark is an extremely highly regarded mining executive . He is becoming Executive Chairman, and took a large part of a 20 mill A$ placement ( at 6,5ct ) in the company. He was obviously lured into the company by this cheap entry price into the highly contested Capricorn, which a few others tried to take over without any luck. Capricorn has a 1.5 mill oz resource, of which 900.000 oz are a mineable reserve. A feasibility study for 100.000 oz p.a. at 1025 A$ AISC has been completed, for a capital cost of approx 90 mill US$. The ore grade of just 1g is pretty low - but if somebody can do it in Australia, it´s Mark Clark. You should have a good look at this - people are of critical importance, and people of this calibre are very rare. This will be the start of more to come, I am sure.

Have a nice evening


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