Market Update

General - Bellevue - Strike - Silver Lake - Oklo - Resolute

Good afternoon

not a lot happening in equity-markets so far today…and even less in bond markets. Not much in base metals, either, except for nickel up by approx 1.7%.…gold continues to trickle higher, even against a stronger US$. Only oil is a little stronger, backed by continuing trouble in Iraq, Iran and Libya.

The IMF cuts it´s forecast for OECD growth this year slightly to 3,3% - from 2.9% in 2019.

Bellevue Gold - Quarterly out today..29.000m of the major 80.000m drilling program have bene completed, delivering a lot of good results…At the Tribune Lode, 9.6m with 14g gold / 3m with 33g….at the Viago Lode, 5m with 11g / 3m with 20g. The above from infill drilling. At the Deacon Lode, 2.3m with 39g / 3.5m with 12.4g; at the Bellevue Lode, 3.5m with 12g / 2.8m with 47g and 3m with 2og…the latter from resource extension drilling. The company will continue to utilise 8 drill rigs until I guess April/May - the next resource update in Quarter2, potentially a new update for inferred resources prior to that. The company has a healthy cash balance of 20.7 mill A$ - 10 mill $ will be spent in the current Quarter, before drilling should quieten somewhat for the next resource estimate to be prepared. The dewatering of the old underground mine hast started, and once complete, will make it a lot easier and cheaper to convert resources to the indicated status. I continue to like them - they will also present at our conference 21.2.2010 in Zurich! Next real ttrigegr will be the next resource upgrade - the market has got used to good drilling results from them!

Strike Energy - Quarterly out today. Not much news to report…doing seismic and more work like that, before drilling again in the second half. The next trigger here could be the announcement of a drill rig in a few month time….but in the meantime, a very interesting comment in the Market Talk-colum of the AFR : late today , they said, that the neighbouring Waitsia-owners, Mitsui and Beach, would be close to signing a deal for delivery of their cheap onshore-gas into the giant North-West-Shelf JV, owned by a few major companies like BHP, Woodside etc. This would be major good news - firstly, Waitsia is very close to West Erregulla, owned by Strike/Warrego - potentially opening this door as well for them, and secondly, it would remove a major source of gas from the currently oversupplied, West Australian gas market. It could trigger a scramble for gas at reasonable prices in Western Australia. This is the space to watch!!!! If the Waitsia-deal comes true, very bullish stuff! A strong cash position of 27.2 mill A$ is another positive…but Jaws in the Cooper Basin seems to be a longway from being commercial - even though STX have not given up on it, yet!

Oklo - nice, but not spectacular drilling results from their Seko prospect in Mali - this time very wide, but lower grade intersections of 52m with 1,27g and 25m with 1,21 g. Certainly economic intersections! More drilling news over coming weeks, including drilling near their great intersection of 47m with 11g, reported recently.

Silver Lake - repoted a strong Quarterly today, with 68.500 oz at 1192A$ AISC - both significantly better than expected from both operations, because of better grades. Cash equivalents of 186 mill A$ will let them watch for aquisitions- perhaps Bellevue? Cash increased by 31 mill A$ in the Quarter. SLR increased guidance for the full year to June by 10%. The stock has had a good run lately, confirmed by the excellent results out today. They are probably largely reflected in the share price.

Resolute - increased hedging again today, by 37.000 oz to a total of 215.000 oz until June 2021. I guess they have had little choice, and it might have been driven by their relatively large debt position….not everybody will like the hedging in a rising gold price enviroment.

have a nice evening

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General - crazy Palladium! - Horizon Gold - Warrego/Strike - Metro

Good afternoon

Chinese GDP growth of 6,1% last year, and 6% yearly rate in the 4th Quarter, is in line and I think pretty positive - provided we can trust the numbers! Industrial output , Fixed Asset Investment as well as retail all pretty much as expected in December. Housing starts in the US were very strong, Industrial Production a little weaker.

Equities are continuing the recent run…today, Europe is playing catch-up with the US markets, which made new highs yesterday and again today.

Base metals slightly stronger…should be supported by Chinese numbers.

Despite a slightly stronger US$, gold continues to edge higher….while Palladium and Platinum are still shootimng all the lights out! The combined A$ price for the two metals is 5144A$/oz PT+PD (!!!!) now, and Rhodium also continuing to make new 10-year highs ( and nearly all time highs, up by 6% today alone and by 50% this year ) ). Sibanye, Norilsk are laughing all the way to the bank!! And probably also shareholders of the Candian company Regency, which seems to be a shell company and bought Panoramic´s Canadian PGM asset. Palladium is crying for a correction….but I thought that yesterday as well, and today it´s up by 212 US$/oz !! Well, taht´s at 4.15 pm German time! God knows, where it will close…

Metro Mining - now I know the reason fr the stronger share price! Australian broker Shaw ( one of the largest private client brokers in Australia ) initiated coverage, and has a valuation of 30ct ( share price target 24ct, because of execution risk of the expansion ). Their assumptions are very reasonable - perhaps even conservative….they expect a 2ct Div from 2021 on….I agree….as you know, my 2 year target ist also 30ct…

Horizon Gold - the stock had a bit of a move today, finally…2260 A$/oz is a great gold price, and the company has 1 4 mill oz in resources, of which 8200.000 oz are non-refractory. The Swan- and the Swift resources alone are just above 400.000 oz, at an average grade of 7g/t….The striping ratio will be high, but if I assume very high AISC incl pre-strip of 1700 A$/oz, this would leave still 560 A$ divided equally by the toll-treatment plant and Horizon = 118 mill A$ in undiscounted cash flow…vs a current market cap of just 20 mill A$. In my opinion, this stock could well be worth 50 mill A$ or more = more than double the current price. The above numbers are pure speculation, though…Panoramic have done a scoping study on it, and have spoken to possible toll-treatment partners - but none of this has been made public, as the Australian watchdog does not allow these numbers to be announced, if they are based on inferred resources only. In my opinion, Horizon should raise 3-4 mill A$, drill the ore body into indicated status, and announce the numbers! The stock is very thinly traded and hard to buy - but I know, that many are following it , as it´s 51% owned by Panoramic - and quite a few of my readers own it from the time it was spun off a few years ago! Don´t sell it, at least not so, if you believe in gold.

Warrego - respected broker Hartley´s have initiated research on them , and value the stock at 35ct, which is nearly double the current price. In a very detailed report, they spend a lot of time to look at the Western Australian gas market, which currently, looks oversupplied. The story for Strike and Warrego - both own 50% of West Erregulla , their recent top-class gas discovery - remains unchanged: Whilst their project will be much cheaper to produce from than gas from the very large, offshore LNG producers, the real upside is to find enough gas in the area ( which is a distinct possibility ) to have enough to feed into the LNG plants. On such a basis, both companies could still multiply in value from todays level - due to about 2-3x higher gas prices via LNG. I am still holding a large position in Strike, and a small one in Warrego. A real trigger would be, if a large broking company would take up research coverage…and obviously, more success with their next well some time in the second half. Hartley stated also, that the purchases of Waitsia in 2017, by Beach Petroleum and Mitsui, valued resurces at more than double the value , implied by todays share price of Warrego.

Have a nice weekend!

Schröder Equities GmbH

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eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder

General - Perseus - Metro

Good afternoon

Retail Sales in the States have been quite strong last month…

Germany will exit coal by 2038…

US equities are leading the way…up on good company earnings - Europe has been lagging behind, and finished stronger as well..

Base metals are mixed today - pretty volatile day intraday…and gold is feeling pressure from the current goldilocks-enviroment for stocks.

Perseus - a strong Quarterly, a touch bettehr than expected. cash generation is strong, and the best news is a strong hinto from management, that the mine life of Erdikan in Ghana might well be increased substantially, by exploration and by using a 1300 U$ gold price, which looks reasonable. A 3-4 year extension of the ( currently ) relatively short mine life could be pretty bullish for the company. The otehr good news: Yaoure, the new mine development in Ivory Coast,. is well on track for production start-up late this year, and costs are also in line. Credit lines might be sufficient for it - but inluding cash flow, hwich should be strong this year, it looks easily financed. Guidance for the current half is stronger than the last half - based mainly on better grades - so all is good here.

The company is working on a new mine plan..using 1300 US$…and is beefing up exploration surrounding the tewo existing mines, both look like seeing extensions to the mine life. All going well here - worth holding at these levels!

Metro Mining - timing of investments is the most difficult thing! Don´t ask me, why the stock is finally moving now! They should have long ago, and have been very cheap for the last few month. The next stop for the share price apepars to be 20ct, looking at the charts. That would be easily justifyable. Longer term, and once production from the extension is getting closer, I think the stock might well test the old highs.

Not much to report otherwise!

have a nice evening

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

General - Osino - Resolute - PGM´s booming

Good afternoon

The PPI in the States lower than expected. German GDP rowth in 2019 was 0,6% - the lowest since 2013, but the 10th consecutive year of growth.

30-80 mm of rain expected in NSW for the next 2-3 days…let´s hope for a lot!

Equities Europe are down a little today - but stronger in the States. Kudlow saying, that the government is planning on even lower taxes by mid-year.

Platinum and Palladium are absolutely smashing it today - the combined price in A$ is a new all time high of 4734 A$ currently, in Rand Pall is up by 80% since 1.1.2019, Plat is up by 27.5% and gold by 20.7%…something like Sibanye must be cheap, I guess! What a fantastic aquisition Stillwater was for them - at the time, it was an ultra-agressive move and looked pretty crazy, given the massive debt involved they took on! And I guess Norilsk looks the same, still yielding 9% for this year according to Bloomberg - and earnings estimate would not take into account this years massive move in PGM prices!

Iron ore also continues to rise - nearly back to 100 US$/t - great news for all the big boys!

Base metals are mixed, with nickel gaining nearly 3%

The Center of Automotive Management says, that market share of EV ( incl Hybrids ) in Germany increased from 2- to 3% last year, to a total of 109.000 new cars - ahead of Norway with 80.000 EV´s, China was down by 4% to 1,2 mIll cars, and the US down 10% to 324.000 . Demand in the Netherlands was up by 150% to 70.000 . Europe is gathering pace…but is still small compared to China/US! 2020 will be an important year, with a large range of new models hitting the market - especially the new mass-market model of Volkswagen. The research body expects a small increase in Chinese registrations this year.

Osino Resources - the Canadian company, exploring in Namibia, has raised 10 mill Can$ at 0,78 Can$ including half a warrant, exercisable at 1,05 . Market cap is now 62.5 mill Can$. Excellent deal for the company, in my opinion! Small discount to the share price, and giving them ample money to go full steam ahead in 2020/2021! Recent drill hits indicate potential for a large, low-grade resource - with better grades hopefully complementing it. My relative, Heye Daun, who is the MD, is doing a great job here! Without the placement, I think the recent success in exploration would have driven it to 1$ - but that´s the way…small companies always have to look at their cash position! Placement was taken up by a wide range of international gold funds, incl what they call “insiders” in Canada. This placement has put the company on the radar screen of many investors, I think. The stock is not cheap in so far, as they don´t have a resource as yet - but this cannot be the priority. For now, they have to get a feel for the potential of their assets, which are close to two existing mines. And all indications are very strong. I think this is a great stock to have a really good look at - but keep in mind, that I am biased as a shareholder, as well as a relative! This stock fels very much like Auryx in it´s early days, which is now producing 170.000oz p.a. . But until then, a lot of water will flow down the Isar!

Resolute - have sold Ravenswood and thereby, completely exited Australia to concentrate on Africa! 50 Mill$ front up, and 50 mill in a note, yielding 6% and redeemable in 4 years. That does not take away all concerns with regards to their cash position…but 50 mill is better than nothing, and Ravenswood needs a lot more capital over the next 1-2 years. A satisfactory ramp-up of Syama underground remains paramount to the stock.

Have a nice evening

Schröder Equities GmbH

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eingetragen im HR München, HRB 166985

Geschäftsführer: Wilhelm Schröder

Panoramic attending conference - General - Fortescue - Oklo - Saturn Metals - Panoramic

Good afternoon

we are having a late entry to our resources conference in Zurich , Panoramic Resources. Please find following link for invitation/registration/presenters

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

I am very happy, that we will be able to have Victor Rajasooriar , the new MD, finding the time to come to Zurich!! Panoramic is one of the most widely held small resources companies in Switzerland, and so much has happened at Panoramic since last February - some production issues, capital raisings, management change, takeover bid etc etc….I am very keen to see, what Victor, who is an impressive MD, will be able to tell us about production progress, progress at Panton, as well as at Horizon, which I believe is worth much more than the current share price does suggest!

The CPI in the States was a touch below expectations and is still very subdued at 2.3%

JP Morgan with the most profitable year ever, at 36.4 bill US$ and above estimates. Citi also with a strong earnings report.

Equities are seeing little change in prices today. Base metals recover during the day - nickel is weaker , though quite a bit above the lows. Copper is up again. Palladium with yet another record today, and gold is trading above it´s lows, but down a few $.

Battery stocks in China ticked up again today, and there was strong follow-through of Australian battery-related mining companies. Mineral Resources, which also profits from the strong iron ore market, made a new 18month high today.

Endeavour dropped takeover-talks with Centamin today.

Oklo Resources - announced a few very good drill hits, 2 km South of their main location , Seko in Mali. Best holes were 37m with 3,2g gold/t, and 29m with 3,5g. The company is mobilising another drill rig to drill the gap, from next week. Quite a few more results are outstanding still, especially from follow-up drilling of the recent hole, which found 47m with 11g gold. The company is still well cashed up from the placement late last year. There is a lot of work left to be done ahead of the first resource estimate in the 2nd Quarter, and most probably, after that! OKU are shaping up well…

Saturn Metals - the same can be ais about them. The company has announced several rounds of positive drilling results since Nov 2019, including todays best result ever of 12m with 10 g gold, 36m with 1,3g and 13m with 1,2g gold/t. The company ahs so far established a resource of 700.000 oz at just above 1g. Grades are obviously a bit skinny - but the last few results will not only increase the resource, but should also increase the average grade. Their are continuing to do a very good job with little money…but to to be a real chance of success ( = a mining project ), we need to see a bit more of the same. The market cap of 29 mill A$ is not demanding.

Fortescue - reportedly, the discount for 58% iron ore is widening again - but the price itself is holding up extremely well at about 96 US$/t. The forthcoming Quarterly should be very strong, as production looks like having been good, prices strong, A$ weak. Some analysts are tipping a pay-out of 80% of profits, given the relatively low capital needs! A big dividend could be announced, once again - filling up the bank account of Andrew Forrest, who´s charity gave 70 mill A$ recently as donation for several bushfire-related causes!!! Good on him - we have not heard of something large coming from Gina Rhinehardt, who is estimated to be even wealthier than him!

Panoramic - the recent rights issue got 72% acceptance - that´s a little disappointing, given that the largest shareholder with around 35% took up his full entitlement. Again and again amazing to see, how shortsited investors can be! We are looking forward to updates in the Quarterly report, how the change to contractor mining is doing - as you can imagine, that can be disruptive. But I continue to see great value in PAN - mainly because of Savannah North, but also because of the hidden value in Horizon Gold ( the 51% holding could be worth 50 mill $ or more!? ) and Panton PGM ( anybodies guess, but potentially a similar amount or more). Following the rights issue, there are 763 mill shares outstanding, valuing the entire company at 228 mill A$ ( which should be roughly equivalent to Enterprise Value as at today ). I think we already would have a new bid on the table today, if not for the reluctance of the major shareholder to sell - in fact, I believe, that IGO would also be there still, if they had a chance to get the company?!

Have a nice evening

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