General - Resolute - Cassini

Good afternoon!

Johnson with landslide! As it turned out, just too hard for No-Brexiters to vote for a hardcore socialist??? We will never know - but England is gone now! Pity!

Trump envisages to sign Phase One trade deal…well we will see what´s happening! The market wants details! We are sick&tired of this!

Base metals, initially stronger today, are now read …just.Palladium continues it´s amazing run, while gold is now slightly up - holding surprisingly well given the fact, that markets this morning were celebrating a trade deal! Perhaps some people are understanding, that gold should not be bought because of just trade wars!

The US$ is fluctuating against Euro - tendency:slightly weaker, again - the A$ st.ill relatively strong. More comments about a growth pick-up next year around the world. But this certainly assumes some halfway serious trade deal!

Interesting, how aalmost dramatically weak the larger, Australian miners have been today! Was thisin expectation of a trade deal, or are some investors expecting a strengthening A$? This could certainly happen, as the mood for a small growth recovery and stronger commodities in 2020 is getting better. We might well see a nice recovery on Monday!

Resolute - once again, are reviewing what to do with Bibiani in Ghana. Planned to produce 100.000 oz over 4.5 years, the project is pretty marginal. Macquarie gives it a value of 54 mill$ - unless gold is going substantially higher, this sounds about right to me. This is an old asset - it´s not that you suddenly will find another mill ounces here. I believe,, that RSG will be inclined to sell it for a relatively small amount - say 30-40 mill$ (?)…especially given their relatively tight balance sheet. Nobody wants to see more debt in Resolute, I think!It´s much more important to get the start-up of the roaster right over the next few days, and the underground mining operations of Syama. The next Quarterly should give some strong indications!

Cassini - management is exercising options worth 830.000$ at 6.8ct - not a large disount. I believe, that this amunt is relatively serious money for them, and hence, a strong indication! In January, we are supposed to see the PFS from Oz MInerals, finally - that´s only 4 -5 weeks to go! The stock is strongly undervalued - that´s assuming a positive study, which is a high chance.

Have a nice weekend!

WS

General - Tietto - Resolute

Good afternoon

Trump Tweeds: We are getting close to a big deal with China! We will find out…whether, and if yes, whether it´s a BIG deal!

Not least since the FED-statement last night, markets are getting a bit more constructive with regards to growth for next year…more positive comments on nickel, copper, major mining stocks…steel and iron ore currently surprising to the upside…the A$ has been the strongest currency over the last two days as well…

Following Trump´s comments, equities really got into it - and bonds slumped. Metals, which were a bit cautious this morning, are now recovering and strat to turn green.

Labor market numbers in the States mixed, but still pointing to a tight market. Producer Price Index very subdued.

PGM´s continuing their run…South Africa is a basket case! Difficult to run a country with major electricity outages!!! I am nearly on my way - spending Christmas in Capetown….will have to put on the grill! Gold is strong today, helped along by a weak US$ and a continuing, subdued outlook for bond yields. It feels like it will test 1500$ again, soon? But this sentence was written at mid-afternoon - following trade hopes, gold is now down by 7$.

Another massive rise of nickel LME-stocks - this time 25.000 t! But prices are holding in London.

The US-military wants to finance a rare earth seperation facility in the US…Lynas seen as major beneficiary??Well, it certainly helps to have a mine in Australia, as opposed to say Africa!

BMW has signed an agreement with Ganfeng for the supply of 500 mill$ worth of lithium for the next few years until 2024…coming from Australia!

The Boss of RIO stated, that it might make sense for the big boys to look at smaller projects, which can be developed faster and easier, and still might have options to grow. Be prepared for RIO taking on smaller companies?? Well, Sheffield would come to my mind….unlike RIO´s major operation Richards Bay, not located in a difficult country like South Africa, but potentially, having a fully permitted mine in Western Australia within 2 years, and in an area, which is shaping up to be a real “mineral sands province”! But I guess he was thinking rather of copper or nickel…

Tietto - some nice drilling results from their project in Ivory Coast, 25m with 3,24g/ 7m with 3,77g / 4m with 4g / 4m with 4,7g are exciting enough, as they extend the depth of the resource down to 400m, the deepest drilling yet. The results are just underneath their high grade resource of 19 mt at 2,2g for 1.38 Mill oz of gold. Additional, Tietto had visible gold in more drilling, which has yet to be assayed. The company is purchasing a 4th, Chinese drill rig to advance the current 50.000m drilling program. TIE is one of the exciting exploration stocks in my portfolio.

Resolute - announced some very strong drilling results from their Tabakoroni project, in trucking distance to Syama in Mali. The best result was a stunning 12m at 93g gold, within sulphide ore, which - subject to furtehr metallurgical testing - should be able to be treated at Syama. There are numerous, otehr good drill intercepts as well. The underground resource stands at 850.000oz grading 5.1g so far, and looks set to be increased over 2020. The company has also been successfull in delineating two more nearby resources of gold in oxide ore - one with 100.000z, the otehr one with 270.000 oz. As we have seen recently, these oxide resources are very valuable, whenever the Syama roaster is either out of operations, or is subject to yearly repair work. Very promising results, reducing the risk to exposure to the highly automated Syama Mine.

Have a nice evening!

WS

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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

General - Oklo - Legend - Resolute - Metro

Good afternoon

Sydneysiders are getting there daily carton of cigaretts for free these days…pretty bad news for the city!! But it should be a lot cooler the next few days, bringing some relieve!

South Africa´s electricity blackouts reach record levels, hurting the mining industry. Not good to have a blackout, when you need a lift to come up from 4000m depth! And also not good, to have to restart a smelter!

Markets are nervous ahead of Central Bank meetings, UK-elections and not least, the 15th of Dec-deadline on more tariffs…

While Chinese exports yesterday were weak, Germany´s exports were surprisingly strong…

There have been various comments from China, suggesting more support for the economy…leading to a recent high of the iron ore price, as well as copper.

Plat/Pall-complex strong…Citi forecast 2500 US$ for Palladium in 2020…the combined price for both commodities is 4130 A$/oz, yet another high. Base Metals are slightly up , incl nickel, despite stock piles rising by 14.000t - strange games

Fortescue is hitting consecutive, new alltime highs…

Takeover rumors surrounding First Qnatum, the large copper producer…Chinese names as well as RIO are being mentioned…

Legend - came back trading yesterday…drilling results, where great, but not nearly as good as the rumors…15m with 1,07% nickel and 0,75% copper are nice - and within a 70m disseminated sulphide section. of which 40m of assays are still pending - are nice, but don´t make a mine yet! We will have to wait for more results here to see, whether the Fraser Range can deliver another nickel mine !

Oklo Resources - reported another outstanding intersection from Seko, just 30 km or so from the famous Fekola Mine in Mali, of 65m with 7,1g gold. Looking at the drilling, and despite some more, recently announced top-results, this does not look like anotehr multi-million ounce deposit - at least not for now. The really strong numbers have been received from a relatively small footprint. Nevertheless, these results are very promising, and should lead to a first resource estimate in the second Quarter 2020. OKU are holding a lot of prospective ground in the vicinity of a few great mines, and Seko is just the most promising of it´s assets. Worth watching!

Resolute - have completed the repairs of it´s roaster at Syama ( essential to treat sulphide, underground ore ) on time and withing budget. The company has also used the downtime for maintenance work, which will probably extend the continued operation to January 2021, without downtime for maintenance. The roaster will start treating ore in 5 days. It´s not merely routine to bring a roster back on, so the market will probably watch it, until it´s all working as usual again.

Metro Mining - announced another strong month of production for November, even though not as outstanding as the previous two month. The companmy stated to be on track to deliver at the top end of production-guidance for this year. Well, with only 270.000t needed to get there ( following 452.000t in Nov ) this should not be too hard, evenm with the mine closing down from Christmas for the usual 3-month break ( due to the rainy season ,and associated high swells ). The final decision to proceed with the expansion from 3.5 millt to 6 millt p.a., is still oustanding, pending the finalisation of detailed engineering. Financing via the Northern Australian Infrastructure Fund, on very preferential terms, has already been announced. Stock is very cheap - but once the enxt Quarterly is out, it will enter a quiet phase until April.

Lynas - have announced, that the company will build a new cracking & leaching plant in Kalgoorlie. Good news for Australia and the old gold mining city, creating some 200 permanent jobs in a space, which could well see more to come in the future.

Have a nice evening

WS

Schröder Equities GmbH

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Tel. +49-89-4613440-0

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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

General - Venturex - Legend - St Barbara - Strike

Good afternoon

equity markets trade a little stronger today, as are base metals. The US$ is weaker, ttrading at 1.1107 US$/Eur in the moment.

German Industrial Produktion very weak. Later this afternoon, US payroll numbers coming out

Legend Mining - the company has been suspended for a week or so, waiting for what are rumoured to be stunning exploration results for nickel in the Fraser Range, where IGO´s Nova project is located. The rumors have been responsible for some strong moves of neighbouring companies. One of the stocks affected is my little Carawine, about which I briefly reported the other day. Legend´s suspension is expected to be lifted on Monday - there could be some excitement!

Venturex - Northern Star is lending them 2 mill A$ to get through the enviromental approval process, as unsecured loan - they are showing their continued support for this small copepr/zinc developer in Western Australia. The project is a bit stale - has been around for many years - but ahs also progressed over time. The departure of the MD a few weeks ago did not help! But I think it´s worth keeping a foot in the door here.

St Barbara - the long standing Bob Vassie is retiring from his MD + CEO role in February, to be succeded by Craig Jetson, who has held a very senior position at Newcrest recently. Bob Vassie has been responsible for one of the most remarkable turnarounds in Australian gold mining - from near bancrupcy and trading at 10ct 5 years ago, SBM hit a high of 5$ in 2018 - all based on the greatly enhanced operation at Gwalia, which is Australia´s deepest gold mine , I think. The history of this mine is remarkable as well - when I started working in 1985 , the then-owner Sons of Gwalia was the first “modern” gold mine in Australia, getting into production with a 5 year mine life…today, 34 years later, it has a mine life of probably 10years +….Lesson from this? Excellent gold mines are ( nearly ) never stopping, as we have seen in many instances - look at the Golden Mile, for example…Granny Smith…Jundee, Cadia, Lihir, Ernest Henry, Fosterville, .etc etc, just to mention a few Australian names.

Strike - some new research out from small broker State One…you can access it via the ASX.com.au page…I disagree with many aspects of the report - I think it´s way too conservative on the Western Australian assets, valuing them at only 27ct - and also way too bullish on the Cooper Basin assets, valuing them at an additional 17ct/share. Anyway - it´s another positive assessment on the company.

Have a nice weekend!

WS

Schröder Equities GmbH

Seitzstr.7a

80538 München

Tel. +49-89-4613440-0

Fax +49-89-4613440-10

email: wschroeder@schroeder-equities.com

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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

General - Panoramic - Breaker

Good afternoon

as Bloomberg said today: No news on the trade front is good news for equities…bonds slightly weaker..no action in metals

German factory orders slightly weaker, against slightly positive numbers expected..

Vale is thinking about closing/selling Goro, their problematic nickel mine, which never lived up to expectations of 60.000t yearly nickel production, and which is 23.000t of nickel p.a. in the moment. I guess this has helped the nickel price today.

Panoramic - announced the expected capital raising today…1:6 at 30ct, to raise about 31.5 mill A$ after costs. The main shareholder Zeta ( 35% ) will take up it´s rights, and the issue is underwritten by broker Morgan´s. Zeta will not be allowed to underwrite, because of takeover rules. PAN´sboard strongly recommended not to accept the IGO-bid. Outcome of all details of the operational review still to come…The proceeds will be used to pay back Zeta´s short term loan ( 10.5 mill ), for bringing Savannah North into full production, and exploration ( espcially following up on recent, strong results ). The current bid bx IGO expires on the 27th of December. Usually, these bids get extended a few times…but in the case of the highly conditional bid, IGO can always step aside. So at this stage, there is no need at all to do something for shareholders - even if you accept, you might not IG shares, as the most important condition is, that IGO wants a minimum of 50.1%. So far, nobody has accepted!

Breaker - BRB have announced a big explorationpush, drilling with 3 rigs for the next few month, to extend the current resource. It´s crucial for the project to move a step ahead , and this is recognized by management. As you will remember, Breaker did a 8 mill$ placement to a US-fund a few weeks ago and is well cashed up.

Have a nice evening

WS