Market Update

Conference Rundown

Good afternoon

I am skiing this week - so just a quick update, and rundown of companies presenting at our conference last week:

PMI´s around the world still looking strong, while Trump starts to behave like a president...or at least close to it!

Trump´s relatively sanguine words last night reduce the immediate appeal of gold, as investors start to concentrate on a likely rate-hike in in March - but equity-and base metal markets are somewaht relieved - both are pretty strong today.

Conference

We have had our yearly conference in Zurich last Friday. A few last-minute cancellation had investor numbers a little bit down on last year, but I thionk it´s fair to say, that the mood has been much improved from last years event, when things were very bleak indeed!

We have had some very good companies presenting...and I think it´s very hard to say, which one was the most promising...A quick rundown:

Perseus - Jeff made clear, that he is strongly believing, that the bad times are behind PRU now. The company has had a good start to teh year, and while he stated, that the company is now in best shape for a long time, he is aware of the markets reluctance to give them credit. One-two good Quarters can do wonders here, I think, and we will increasingly see more information on the new asset, Yaoure, as well. Once the market gets more confident on the new mine plan for Edikan, we could have some fun here. Financing for Sissingue should be fixed shortly, alleviating market concerns, that PRU would beed more equity.

Panoramic - PAN have had major success on the exploration side during the last 12 month, and Peter strongly believes, that the resource will become substantially larger over time. The company is working on ideas to increase payability of their significant cobal production, which is today trading at 22.76 US$/lb vs PAN´s feasibility study-estimate of 14.40 US$. Copepr and cobalt as significant by-products will decrease costs for the nickel production, and teh company is probably pretty cllose to push the button. PAN are working with potential off-takers to finance the new start-up of their existing plant at Savannah, which would only need a few month after decision has been made, to produce first nickel in concentrate. Analyst estimates range from 100.000 to 250.000 t of additional nickel needed in 10 years time, by batteries for electrical cars. For this type of used, the Chinese-produced NPI is unsuitable, and it relies on "traditional" nickel like the nickel produced by PAN, or the smalter resp.

Prairie Mining - I think investors were pretty impressed, until one investor asked about timing of first production, the answer to which was 2022. Silence in the room! But this is not a gold mine...development of coal mines always take a lot longer, and the combined NPV of both the companies projects is most probably above 2 bill US$ ( Scoping study for the hard coaking coal mine Debiensko out very soon ), vs a current market cap of just 52 Mill US$. That´s massive upside, and part of this upside should be delivered progressively over the next few years. Trigegrs will be teh scoping study, and the "chinese" feasibility study for their sem-soft coking coal/thermal coal mine this summer.

Genex Power - also a very good presentation! The companies proejcts continue to be de-risked. The current capital raising is sending a few last tremours through the market - shares have been allotted now, creating what could be the last cheap buying opportunity for this stock. The final feasibility study for the solar project Stage 2 ( 270 MW vs the current 50 MW ) should be out any day now, but without any doubt, the pump-hydro power project is the real trophy here. Again, the time table is a bit of a stretch - we are probably talking 4 years to production - but again, I believe, that a lot of value will be created much earlier - final feasibility, government guarantees/subsidies/potential JV-partner etc. This proejct is at the top of the political agenda in Australia!

Breaker Resources - a very technical, yet still interesting presentation! I think most investors understood well, that this little comapny has definitely turned it´s fortunes around, and is sitting on a gold mine - just the size remains to be seen. many believe, that 1 mill oz will just be the beginning here, as every round of drilling so far has found mineralisation - the same again today. The company will not need any cash for the next 12 month at least, and I am sure, that a few mid-sized gold producers are carefully watching here!!

Finders - great presentation from an MD, who travels to Europe from Australia economy, despite generating a lot of cash now! Barry is clearly very hands-on and is keeping a very clsoe eye on costs! It ahs not been an easy task to bring a copper-cathode producer on an island close to the end of the world into production - Barry has done so in line with budget or just below! The mine is producing wonderfully now, and he left no doubt, that he will increase production past the name plate capacity over the next few Quarters, as well as finding more reserves close to the mine....Especially at a time, when copper is back en vongue, this is certainly a stock to own!!

Evolution - the only problem with Evolution is, that Jake has made us become very used to excelelnt presentations, excellent delivery of promises, and continuing expansion at falling costs! We will see further incremental expansion of production,e specially at Cowal, and we will probably see further asset-improvements via exploration, or sale . The company would now look past Australia to invest in top-assets. They are only interested to buy something which they can operate themselves, which makes sense - hence I would not expect EVN to look at Barrick´s 50% stake in the Golden Mile. For me, this is Australia´s No.1 gold producer... a core holding for any gold investor.

Energia - zinc in Italy - sounds very odd, but there has been a lot of historical production in the country. The MD Alex Burns  has delivered a succesfull development before, and I think we will have to wait for the feasibility study, out over the enxt month or so, to really asses this project!

Peak Resources - the market is very slowly waking up to special metals/minerals, which have been in teh doldrums for a long time! MD Darren Townsend, whom many have met last year, is in the very final bits of his bankable feasibility study to produce rare earth, namely Neodynium and Praesodynium, to be delivered in a few weeks time. So is Chairman, Peter Harold, had to do the presentation. I think it became clear, that PEK has got one of the very few ( well, I do not know another one! ) projects nearly ready for construction, as soon as priecs for rare earth will recover somewhat. We have seen with cobalt, how quick and explosive such a move can be, and hence we are seeing a few early investors taking positions now. I think this will continue!

Crusader - Rob Smakman has presented a few times before, and I think it´s fair to say, that the company has not really delivered so far! But I came back with teh distinct feeling, that this should change...Juruena is well capable of being brought into production for very little money, and relatively short time - I am expecting first production in 12 month time! The great potential for this asset to produce from several mines and a substantial,. total reserve is undisputed, and the initial production could give them the cash flow for systematic exploration and more. Definitely one worth to watch - once tehy bring out teh study fopr Juruena, tehy could move quickly.

Sorry to be short - enjoy the week!

WS

 

 

 

 

 

 

General - Foran - Perseus - Prairie - Fortescue - Tiger

Good afternoon

A very valued  reader has complained to me about writing too much about Trump...and I guess he is right. But to my defense, I want to point out, that political developments are somewhat important to gold especially....and I firmly believe, that he has substantially increased political risks for all of us. I will try to refrain a little...at least once in a while!

Plenty of action...Euro pretty weak..and could be on it´s way to parity against the US! I guess this might well happen, looking at the elections chedule coming up this year: rassist/nationalistic parties strong in France + Netherlands, potentially upsetting Euroland...and a much more left social democratic party than in more recent times gaining the upper hand in the polls to Merkel recently in Germany ( elections in Sept ), while Italy is still looking pretty f....ed!

And the Aussie is strong against the US itself, resulting in a chart break of Aussi/Euro, which is now on it´s way to regions not seen since the "great commodity boom" 5 years ago. If we assume a strong US$, and an even stronger A$ ( at current prices, Australia will be exporting 100 bill A$ worth of iron ore this year! ), the chart target of 1.20 against the Euro from the current 1.36 does not seem so much out of this world! 

Russia bought another 31t of gold last month...

European CPI up by 1.8%, as expected - partially driven by energy/oil. This is the strongest number since late 2012. German IFO-Institue survey for Business Confidence very strong.

Steel production around the world is pretty strong, alongside strong manufacturing - picking up strongly in the US. and China is seriously thinking of imposing coal-production curbs again, which would see a rebound of coking coal as well as thermal coal prices...The resources sector is very sexy indeed, and especially the big boys will continue to benefit. At the same time, all of them are showing constraint in capex - so no new projects, but higherr prices = massive cash flow = very strong dividends. 

Metals as well as gold are actually performing pretty well today ( largely unchanged ), in light of a strong US$. 

Fortescue - the theme of strong div´s was exhibited by them as well today: Better than expected result, massive increase in divdends ...and more to come, as the company would be completely debt free at current iron ore prices in 6 month time...from 13 bill US$ just a few years ago!!! And management interest is firmly aligned here with shareholders, as Andrew Forrest still owns more than 30% of the company and the only way to realise some cash out of the company is a massive pay-out to all shareholders. Not hard to see 40ct div this year - implying a nice and tidy ( and well deserved ) 400 mill$ pay-cheque to Andrew!! FMG expects the iron ore price to "moderate", and might look at aquiring coking coal assets, which would be complementary for their marketing, as the consumers are identical. The company is also generally looking for the next big thing - they have also aquired some copper/gold ground recently in Ecuador.

Goldmans only see further strength in commodities on more tangible progress on demand, reduced stock levels etc ( they do expect this for the 2.nd Quarter )...I can understand them, and I also believe, that we need some consolidation - but we have already seen much evidence , in my opinion, for increasing demand. 

Independence Gold reported a very unexpected delay in production ramp-up of their Nova Nickel Deposit...the reason for it is interesting: The underground contractor has problems in getting enough staff! This could be an indication of the labor market in Western Australia being much tighter than thought, and a precursor for rising labor costs for the mining sector. I think costs of Australian miners are generally probably past the best ( = the lowest! ), as the A$ is rising, and oil price is up as well and seems to be holding. It won´t be easy for Aussie miners to hold costs....That´s a clear negative for my sector, I fear.

Tiger Resources - the desaster has been going on for some time now...all sort of technical problems, and production has been very weak - only 1.500t in Jan. Stock is suspended and is talking to it´s creditors...I am pretty sure, that they are etchnically bust, but major shareholders and I believe also creditors RCF and Taurus, two very well respected names in the industry, will probably keep them alive. TGS are one more name adding to a shortfall in copper production - no big number, perhaps 20.000t less than planned - but it all adds up, while Feeport and Escondida-problems have not gone away as yet!

Foran Mining - are starting their first drill hole to test a relatively deep , but very strong conductor. If they hit the right stuff here and can prove, that there is much upside to the resource, it will make it even sexier for the Glencore´s and Hudson bay´s of this world. A recent analyst study has valued the stock at 1.18 Can$, which in my opinion - and looking at the PEA - is a conservative target! The stock is one of my largest investments in the fund.

Prairie Mining - came out with a very positive update of their scoping study today. Total expenditure for upgrading power, road, water and rail is planned to be 9.4 mill US$. Power will be supplied at a price of 6.8 USct/Kwh for up to 30 MW - that´s very cheap, and power line already exists. For a mine this size, I would say infrstructure expenditure of several hundred mill $ would not be that unusual. The scoping study will be released within a " few weeks" - I´s say around the end of March, but definitely in time for the next Quarterly Report. I think the market is still cautious on this one, as Australian investors are not very much used to Poland - and the time table will only see production of one or both mines within several years. But both projects alone could be worth a few times the current share price on their own. So you need some patience to make serious money here - but in the meantime, I do expect a gradual increase of the companies valuation. I am holding a reasonable significant position here as well. In today´s announcement, they are talking about a relatively fast track to production..so I am very curious to see some more evidence of this at our conference on Friday, or latest from the scoping study....

Perseus - have updated the Life-Of-Mine plan for the remaining 6.5 years of mine life. Production will be 240.000 oz p.a. for 5 years starting 1st of July, at an average of 875 US$ All-in site costs ( that incl all stripping, royalties, sustaining capex etc , only coprorate headoffice costs not included as well as financing costs , should they occure ) sound like a great plan, delivering cash flow after tax of 403 mill US$ or 523 mill A$ at todays currency and at 1200 US$/oz, vs a market cap of 335 Mill A$ ( and 50 mill or so in cash ). Effectively, the stock is priced at only Edikan, not paying anything for Yaoure at all. Obviously, the stock has a credibility problem, following the grade problems at Edikan, and the negative announcement back in November. I think this is overdone - but one has to accept it and work at it! Jeff Quartermaine will update us this Friday in Zurich.

have a good day!

WS

WS

Schröder Equities GmbH

Seitzstr.7a

80538 München

Tel. +49-89-4613440-0

Fax +49-89-4613440-10

email: wschroeder@schroeder-equities.com

website: www.schroeder-equities.com

 

eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder

 

The information contained in this communication is confidential and is intended only for the use of the addressee. Unauthorised use, disclosure or copying is strictly prohibited. If you have received this communication in error, please delete it and notify us by telephone at +49-89-4613440-0, by fax at +49-89-4613440-10 or by e-mail at wschroeder@schroeder-equities.com immediately. Please note that this communication does not constitute and may not be construed as investment advice and / or referral to buy or sell financial instruments. Unless specified otherwise, the views expressed in this communication are solely subjective notions of the individual sender and / or the entity or individual stated as the author of any information submitted. Performance in the past may in no case be considered as an indication for future performance. Please also note that Schröder Equities GmbH and / or its officers or employees may have interests in financial instruments referred to this communication. A current list of shareholdings can be emailed on request. Furthermore, our clients are hereby informed that Schröder Equities GmbH renders advisory services to Nestor Australien Fonds, an investment fund administered by Nestor Investment Management S.A. Luxemburg. Please also note that e-mails can be intercepted by unauthorized persons.

 

 

 

 

Good afternoon

while iron ore and steel rebar are making new highs, the good news for manufacturing around the world continues: European PMI today at it´s highest since 2011 and better than expected. Base metals are taking a little breather so far today, and gold gives up some ground, as recent inflow into gold ETF´s stops, and the US$ is gaining.

The world´s largest zinc smelter is cutting production rates due to a shortage of zinc concentrate...

Following Foran´s break-out the other day, today Panoramic has cleared all chart resistance and is on it´s way to 60ct - but for that target to be reached, better nickel prices will be needed. The market seems to discover smaller stocks now!

Beadell - raised 51 Mill A$ at 29ct today...a relatively large discount to the the price of around 35ct prior to the suspension. The company will sue the funds for general working capital, a ball mill to treat different ore, and exploration. No doubt, that the exploration potential is substantial - and the ball mill was always needed at some stage....Still, I find the dilution disappointing at a time, when the company should have made strong cash flow from Duckhead. I am not a friend of these guys...But obviously, some investors have a different view, as a large London-based fund has taken a large chunk of this placement ( Blackrock? We will find out soon ). At 29ct, perhaps an opportunity. for a large gold fund...but these guys have to deliver yet!

Regis - a very different type of company! Again, they have produced a strong result, with a nice dividend - but the stock is probably a little overpriced at the current A$ gold price, given the limited mine life. But I would much prefer to buy a frugal, well-managed company like RRL, which has had substantial exploration success over the years and still has, than Beadell...

BHP, the world´s largest mining company, have come out with a very good result today, and a strong Dividend. No doubt, that the current half will be much stronger, even though Escondida is on strike. But iron ore, and a better oil price will help them a lot. Management made positive comments on the oil price going forward, and was much more cautious on iron ore than RIO or Fortescue in their recent comments. But whatever tehy said - fact is, that iron ore is extremely strong and shows little willingness to go down, as all of us have expected for some time now!

have a nice evening

WS

 

 

Itinery Resources Conference - General - West African - Paringa - Peak - Perseus

Good afternoon

Big week coming up for us with our 16th Australian Resources Conference in Zurich. It´s always one of our yearly highlights to meet up with a bunch of great guys and hear about their companies prospects. Here is the itinerary for the day, which starts at 9 am and should be finished by 3 pm ( please scroll down a little , once you have clicked on this link ):

 

http://www.schroeder-equities.com/conference/

 

Market Update

I am getting very seriously worried about the Trump administration. I think I have never ever seen as contrasting, diffus and completely disharmonised comments out of a new government - perhaps except for the Phillippines.....!!!This will end in desaster - the only question being, whether it´s just desaster for Trump, for the American democracy, or for all of us! And I can only repeat: I am amazed, that gold is still trading so low, and world equity markets so high!

Metals are trading very strongly in London today....Freeport still in strife, Escondida as well - Citibank, which has the top rated commodities research team, publishes a very bullish paper on copper. They are calling it to 7.000 US$ this year, and hitting 8.000 US$t before 2020, based on a supply deficit this year, and increasing deficits thereafter. This will be music to many stocks I am monitoring - starting with Finders, to Panoramic ( more than 35% of total revenue is from copper + cobalt - which is trading at 21.50 US$ today!! ) to Foran Mining ( nearly as much copper by value as zinc production ), to speculative stocks like Caravel Minerals ( like an option on copper ), Venturex or some top-quality gold producers like Evolution, having sizeable exposure via the Ernest Henry mine.

You cal almost feel, that the market is now warming up to  smaller stocks...Finders has managed to stay at the year high despite a large shareholder selling,/ Panoramic is holding at chart resistance level after trippling over the last 12 month / Foran exploding on Friday and moving swiftly through resistance level. There is more fun in store for anyone of the above names, I think! As you know, I am holding all of the above stocks.

West African Resources - well, that was not that much fun today! The feasibility study was in line with what one could seriously expect - but the market has not been that happy with it! The pre-tax NPV5% of the project stands at 143 Mill US$ = 189 Mill A$, IRR of 27%, on capx of 131 Mill US$. AISC first 3 years 705 US$/oz, 759 US$/oz over the mine life. Pay Back of 2 years. All this on 894.000 oz in probable reserves, and producing 150.000 p.a. over the first three years. The main point here is: The company will convert the inferred resources to probable reserves to get them into the mine plan, and is working on plans to have the M1 deposit ( hosting the high grade part of the resource ) going underground much earlier than currently planned ( the current scenario has very high mining costs because of very high stripping ratio ). All of this is not really such a big surprise - but I can understand the criticism of some, that the company have gone into a bankable feasibility study too early and before finishing the exploration- as well as planning work. But I guess we all know better in hindsight, and small companies are certainly always under pressure to release findings as soon as possible. 

The above measures can easily increase the NPV by 80 Mill US$ or so....and this is before further exploration success ( except for converting the inferred resource ). 17 mill  cash + about 6.5 mill$ from options, maturing in August and owned by macquarie Bank. This is much more than needed for drilling out the project - I would say something like 5 mill$ - and further planning on the underground mine ( I´d say about 1.5 mill $ ). This leaves them with a lot of spare cash to drive reginonal exploration. I firmly believe, that todays weakness represents a great buing opportunity for the stock.

Perseus - announced the upgraded, indicated resource for the Bele deposit, 40 km from the Siisingue deposit. It came out at 1.9 millt at 2g for 130.000 oz, plus another 25.000 oz in inferred resources. This is less than the previously announced, inferred resource, but at better grades, and brings the total Sissingue M&I resource of the Sissingue project to 830.000 oz. This is just 50.000oz less than the original resource, before it was downgraded in a disppointing announcement in November.

The additional resource will make financing of the project a lot easier, and should make Sissingue a robust development at current gold prices. Nevertheless, I believe that the  market had hoped for a slightly larger resource. It will be important to see, whether their bankers, Macquarie, are happy enough with it to progress the financing, as this decision could decide on whether PRU will need some more equity. In absence of another issue, I think PRU are pretty cheap down here!

Paringa - announced the resource for the additional coal seam No.11 at their planned Poplar Mine in Kentucky today. It came out at 62 Millt, nearly doubling the existing resource. The coal quality is very similar: very high energy content, low ash and low chlorine, but higher sulphur content vs the original No.9 seam. This resource will now form the basis of the feasibility study, which should be announced within the next 2 month. 

This project has become a better one for quite a few Quarters now, as witnessed in the shareprice of PNL, which I believe is far from being expensive. I am expecting the revised feasibility study ( incorporating seam No.11 ) to come out at higher capex, but larger production and a significantly improved NPV. Limited risk + limited upside - well, if you call 50% + ove rthe next 12 month or so "limited". I still believe, that Alliance, as the largest producer in the area, has to be very tempted to take this upcoming competitor out, which would be valuation-positive for Alliance , for as long as they do not bid a crazy price.

Peak Resources - announced some more exciting exploration results today, discovering more fluorite. It´s early days as yet, but it seems, that PEK could have a sizeable resource here, adding to one of the worlds largest rare earth deposits under development. Fluorite is mainly used in the smelting industry, costs about 260 US$/t and is classified as a Critical Raw Material by the European Union. About 50% of world production is currently based in China. This could turn out to be a sizeable adjunct to PEK´s rare earth deposit in the same area. Just in time for our conference , PEK are trading at a three-year high, which respresents some formidable chart resistance as well., Once gone through the current 10ct-level, the stock could double again on the charts. Fundamentally , this could easily be justified, if prices for Praesodynium and Neodynium go anywhere close to where I expect them to  in 12 month time, driven by electrical motors in cars and wind turbines. 

One word to finish: You might have seen the crazy move up by cobalt from 21.000$/t to 47.500 US$/t today in just 12 month. This has been coming for a long time, in my opinion. It´s backed by very strong fundamentals, but the recent price spike undoubtedly has been driven by hedge funds bidding up a very small market. I have very little doubt, that the same could happen to rare earth prices anytime soon - and probably rather sooner than later. There are many similarities between cobalt and rare earth, and most importantly, the great demand outlook. Once this starts, we could have a lot of fun to come in PEK, which at current prices, probably does not have a project - but could find itself very quickly as owning a strategic resource! Again, I want to state, that I am a relatively large shareholder via my fund, and might even sell a few here and there for risk.-management purposes.

Have a quiet evening, as the US and Canada are closed today!

WS

Schröder Equities GmbH

Seitzstr.7a

80538 München

Tel. +49-89-4613440-0

Fax +49-89-4613440-10

email: wschroeder@schroeder-equities.com

website: www.schroeder-equities.com

 

eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder

 

The information contained in this communication is confidential and is intended only for the use of the addressee. Unauthorised use, disclosure or copying is strictly prohibited. If you have received this communication in error, please delete it and notify us by telephone at +49-89-4613440-0, by fax at +49-89-4613440-10 or by e-mail at wschroeder@schroeder-equities.com immediately. Please note that this communication does not constitute and may not be construed as investment advice and / or referral to buy or sell financial instruments. Unless specified otherwise, the views expressed in this communication are solely subjective notions of the individual sender and / or the entity or individual stated as the author of any information submitted. Performance in the past may in no case be considered as an indication for future performance. Please also note that Schröder Equities GmbH and / or its officers or employees may have interests in financial instruments referred to this communication. A current list of shareholdings can be emailed on request. Furthermore, our clients are hereby informed that Schröder Equities GmbH renders advisory services to Nestor Australien Fonds, an investment fund administered by Nestor Investment Management S.A. Luxemburg. Please also note that e-mails can be intercepted by unauthorized persons.

 

 

 

 

Conference 24.2.2017, Zurich - Beadell - Oklo

Good afternoon

In case you have not registered for next weeks conference as yet, please do not forget to do so! In case yoú have done already, no reason to do it again. And if you want to bring a colleague - please feel free , but tell them to register:

We would like to invite you to our yearly Australian Resources Conference in Zurich, 24th of February, Hotel Baur au Lac. As always, the attending companies are inviting all interested investors and other interested followers. Please pass on the information to your colleagues as well! 

Please register by clicking this link:

Australian Resources Investment Conference

This year, following companies will attend:

Evolution Mining / Perseus Mining / Panoramic Resources / Prairie Mining / Genex Power / Crusader Resources / Breaker Resources / Peak Resources / Finders Resources / Energia Minerals

 

 

Market Update

our new president is completely out of his brain...watching this press conference raises serious doubts as to his mental fitness....This is really serious stuff, and I am surprised, that gold ist still trading at only 1241 US$.

The Leading Index in the US strong at +0,6%

Beadell - trading is halted for a capital raising. Unless they have a very good reason to do so, this is a very disappointing move....Let´s wait and see for further details on Monday.

West African Resources - they have scheduled a conference call for Monday morning to announce details of their bankable feasibility study....Took a bit longer - but should be an excellent one!

Oklo Resources - the next West African to attract some attention: Stock shot up , as Chalice have bought 6.3% in the market - very unusual for Tim Goyder, who has been - probably rightly so - criticised in the past for being too tight and hardnosed in is negotiations! Some other gold mining company is also rumoured to have bought on market. I ahve followed OKU in the past, and have also been a shareholder for a short while...looks like I have overlooked something? The company had some very nice, early drilling results some time ago, but has not announced anything meaningful since then. A large amount of drilling results should be outstanding from the current drilling program. The main asset is located 20 km from the Fekola Project in Mali, which is owned by B2Gold now ( Papillon in the old days ).

Have a great weekend!

WS

Schröder Equities GmbH

Seitzstr.7a

80538 München

Tel. +49-89-4613440-0

Fax +49-89-4613440-10

email: wschroeder@schroeder-equities.com

website: www.schroeder-equities.com

 

eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder

 

The information contained in this communication is confidential and is intended only for the use of the addressee. Unauthorised use, disclosure or copying is strictly prohibited. If you have received this communication in error, please delete it and notify us by telephone at +49-89-4613440-0, by fax at +49-89-4613440-10 or by e-mail at wschroeder@schroeder-equities.com immediately. Please note that this communication does not constitute and may not be construed as investment advice and / or referral to buy or sell financial instruments. Unless specified otherwise, the views expressed in this communication are solely subjective notions of the individual sender and / or the entity or individual stated as the author of any information submitted. Performance in the past may in no case be considered as an indication for future performance. Please also note that Schröder Equities GmbH and / or its officers or employees may have interests in financial instruments referred to this communication. A current list of shareholdings can be emailed on request. Furthermore, our clients are hereby informed that Schröder Equities GmbH renders advisory services to Nestor Australien Fonds, an investment fund administered by Nestor Investment Management S.A. Luxemburg. Please also note that e-mails can be intercepted by unauthorized persons.