General - Tietto - Chalice -Perseus

Good afternoon

Merkel and Macron hammered out a massive stimulus deal…I have to say: In times of US, China and Russia not being our friends, a strong and united Europe is very important, and I am proud of them - not even ignoring the massive cost of it. But this is an important manifest! I know, that I am controversial here - but this money is political money, and I think it´s well spent. I am also sure, though, that the giving countries will somehow have to raise the funds for it - and what is easier than taxing the rich? And equitiy-profits…and property, like Biden is proposing! But it´s a price we should pay…in my very personal opinion.

Gold was trying to go higher in European trading, but after lunch here, it took really off. Gold is currently at 1837 US$/oz. As you would expect, gold stocks are very strong in North America , GDXJ is up by about 3,5%.

Gold ETF´s saw strong inflows yesterday of 318.000 oz, more than double of recent numbers.

Secondary placements in gold stocks, according to Bloomberg numbers, were 2,4 bill US$ in the second Quarter, highest by a long shot since 2013. Gold is very much wanted!

Yesterday was the 20th of July - important date in Germany, as Stauffenberg and friends tried to kill Hitler on that date and saved the German soul!

Equity markets are relieved and have yet another excuse to go higher!

Base metals are also stronger - BHP warned about copper production in Chile and forecast 20%or so smaller production for their mines in Chile in the current fiscal year. The company produced a record amount of iron ore last Quarter - but Vale had slightly disappointing numbers, so iron ore made a new high on the Dalian Exchange.

The A$ is very strong against a weaker US$…highest at 0,71 US$ since April 2019…neadless to say, that once again, the A$ gold price is unchanged at 2592 A$/oz currently.

Tietto - announced some high grade, strong intersections yesterday, from about 180m below the base of the current resource , of 5m with 8,3g and 1m with 35g, at a depth of about 400m. The next resource estimate in September should be fun! I am not convinced as aet, that we will also see an underground mine here - but it´s certainly a possibility and further drilling will probably tell!

Chalice - farmed into a property about 300 km from Julimar, which includes a look-a-like Ni-Cu-PGE target over 20km strike length. CHN will spend 3,7 Mill A$ over 4 years to earn 70% of the project. Chalice is obviously big believers in the entire area!

Perseus - had an ok Quarter. Production was better than the previous Quarter, but slightly below expectations - at relatively low costs vs expectations of AISC 935 US$/oz. The guidance for the current half year is also slightly disappointing - but the company emphasizes, that this is the case because of potential virus impact. Very positive is, that Yaoure construction continues very positively, and is tracking slightly below cost-and time budget, for a start-up in december of this year. Yaoure will be their most important asset. The takeover of Exore is nearly complete - at todays gold price of 1840 US$, it looks like a very timely and probably rather cheap aquisition. All fine with PRU - they will probably run with the gold price. The stock is ok priced - but then, some others appear rather pricey! But we will have elections in Ivory Coast this year, and there could be some trouble ahead. In my opion: At the current gold price,a nd above 1.50 A$, nothing wrong with taking a few off the table! Endeavour as the kind of flagship company in Western Africa is underperforming - perhaps this fate is near for PRU. And I can only repeat myself: WAF is just so much cheaper!

Have a nice evening

WS

Schröder Equities GmbH

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General - Resolute - Strike - Graphex

Good afternoon

markets are expecting an agreement in Europa - finally - about the solidarity agreement…..hard fight…Understandably, some members are not happy to give away several hundred billion Euro´s, without getting much say in it!

Astra Zeneca is making strong progress for a vaccine.

From a mixed opeining, markets are gradully moving higher, as are base metals. Just copper looks a little sick today - Chile continus to produce a lot of copepr despite the virus!

Gold wants to leave it´s relatively tight trading range of the last few days to the top-side…currently at 1816US$, but unchanged in A$ at 2594 A$/oz. Gold stocks as measured by the GDXJ have confirmed their break-out as well.

Strike - have JV´s their 100% interest in Walyering, which is also an asset in the Perth Basin, but on a different structure than the main assets surrounding Erregulla. The JV partner, Talon Petroleum, will be a single asset company at this stage, with enough cash to spend 6 Mill A$ - as required by the JV agreement - on drilling of Walyering, to earn 45%. Strike will remain the operator, and will keep 55% of the asset. All in all, a good deal for Strike - but for speculators, also TPD might be a good punt. The company is today completing a fund raising to fund their share of 6 mill$ for the drilling.For Strike, the announcement is a positive but relatively small beer.

Resolute - have announced an updated LifeofMine Plan ( LOM ) for their Mako Mine in Senegal, which is 90% owned. The gold price used has been increased from 1300 US$/oz to 1500 US$/oz. This together with an increased trhoughput rate of 2,2 millt vs the original 1.8 Millt p.a. have resulted in a lower cut-off grade. The mine will produce an additional 200.000oz over the mine life to 2027, at AISC of 900 US$ vs the original 840 US$/oz. Between 2022 and 2024, higher waste stripping to expose the additional ore will be needed, resulting in lower cash flow for those years. Overall this is a positive announcement, and proves, that Mako will have been a good investment for Resolute. I think it has already proven that anyway, delivering substantial cash flow at a time, when the Syama ramp-up was slower than expected. Will be interesting to see teh Quarterly within the next few days, to find out, how Syama is doing - it´s still the most important mine for RSG by a long shot.

Graphex - all resolutions have been passed today at the AGM. The company should relist tomorrow under the name of Graphex Mining, and will be traded cum entitlement of the 1:1 rights issue at 2ct - I have not seen the announcement as yet, but I understand, that the stock will trade ex entitlement on Thurdays, and will also change the name th Marvel Gold on that day. Could be an exciting and volatile day for GPX tomorrow - I would expect substantially better prices than the last trade at 3,9ct/share!

Have a nice evening

WS

Schröder Equities GmbH

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General - Oceana

Good afternoon

while the US corona-situation is at it´s worst, and the same for Brazil, some small counties are also experiencing second waves, or are doing badly, like for example South Africa, Chile or Peru. Unfortunately, Australia is also among them and expereinced 500 new cases yesterday - most of them in Victoria.

Markets don´t like that - and I can understand it. While companies like Moderna and Biontec, among others, seem to make excellent progress to develope a vaccine, many issues with the virus are still a mystery. It looks to me, that this story is not nearly over…and could cause longer damage than expected a few weeks ago. This could be fairly negative for the world economy, and the pace of recent spending to mitigate economic effects cannot be sustained for much longer. An interesting feature of many equity markets seems to be, that the recent weakness has been used by private investors to invest big time in equities, vs institutions, which have been selling mostly. This might also be unsustainable?

Equity markets, and also commodity markets ahve shrugged the effects off , to a large degree, and have normalized. Not sure, whether we will see more of that - the risks might shift to the downside!?

Sofar today, equity markets are just about holding their respective levels…base metals are a little weaker, and again, nickel is the worst metal. Gold feels like it will not do, what it did for most of the week - that is becoming stronger in early US-trading hours, but falling back towards the end! It´s currently - at lunch time New York - trading at 1809 US$/oz, and gold stocks are strong.

Daimler reported record sales in China in the last Quarter - the German car industry is living of China these days, like most of the world economy.

Chile´s two largest copper mines, accounting for 30% of Chilean production, have actually increased production last Quarter. Unsustainable, I guess, as tehy are working with 60-70% of the usual workforce - but nevertheless, it hardly smells like big interrutions in the moment - and the copper market is probably pricing some of it in. Apparently, virus infections are rising still very strongly in copepr producing areas, though.

Oceana - announced the review of the NZ-based assets. All good - but the real benefits will not be felt for years. Capital of 447 Mill US$ needs to be spent, most of it up-front, resulting in production of 2,2 mill oz until 2036. Most of the increased production will only be felt from 2024 or 2025 - that´s a long time off, and I am not convinced, that it will be that easy to find the capex. Didipio looks a long way off from coming back into production and cash flow! While it´s nice to have long mine life, I think Oceana is still somewhere in nowheres land it might well continue to be there for a while…

Not that much to report today…

Enjoy your weekend!

WS

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General - Tietto - Panoramic

Good afternoon

most of the imporant US-banks have reported now - mostly with stronger than expected earnings, despite large write-offs because of the virus. If it stays that way, it would be surprising and a sign of real strength, I think! But the virus ist just raging through the uS - another 67.000 cases yesterday…that´s bad indeed, and there still is a lot of neglect! I hope it will cost Trump the re-election!!

Australian state Victoria also announced the highes number of new infections yet…not good! The labor market in Australia has been extraordinary strong in June - this will not continmue thanks to the new outbreak in Victoria!

The US continues to surprise with strong retail sales in June - again - I doubt whether this can be repeated in July, especially, as the labor market ( unsurprisingly ) is still very weak over there. NASDAQ continues to underperform - a trend, which has been established a few days ago, despite some good moves from pharma- and biotech stocks.

European car industry is slowly but surely coming back on it´s feet - but numbers are still far from being satisfying!

China GDP was strong last Quarter at + 3,2% YoY - but retail is still very weak and weaker than expected, a fact the market did not like today.

Base metals are green except for nickel, which is slightly weaker Gold continues it´s struggly just above 1800 US$ - but my feel is, that it needs to come down a bit and take a breather, before we can see much higher prices!

Tietto - Quarterly out. Most of the enws had been reported earlier - strong exploration results / very positive results from metallurgical testwork / application of mining license / work on ppre-feasibility study / some enviromental work have made this a very positive and busy Quarter. Rightly, the MD got a salary incerase to 400.000 A$ p.a. - Caigen is doing an excellent job for Tietto. The company has had 11.7 mill A$ left at the end of the June Quarter. They could do without fresh equity for some time - I would not be completely surprised, though, if the company would make hay while the sun shines, and raises another 15 mill or so, once the new and hopefully positive resource estimate is out in Sept ( hopefully close to 3 mill oz?!).

Panoramic - as well all know, a very difficult Quarter for Panoramic - closing down operations, raising a lot of cash etc. PAN are now debt free, and have roughly 37 mill A$ cash + receivables in the bank as at today. They could have more, if management would not have been forced to sell the remaining stake in Horizon to - then - largest shareholder! Complete rip-off!!! I am very happy. that Zeta and asociates now only control 13% and that Western Areas have overtaken as largest shareholder with 19,9% now. PAN will start with development of the venitalion drive, and underground development in August, once the contractor has mobilized again. Exploration will also start in earnest again shortly. The company is re-awakeing from the various shocks - but I think they will need a few positive developments to recover in terms of market sentiment!!! The share price is certainly a joke - enterprise value is only just above 100 Mill A$ and is strongly undervaluing the asset - if you believe ( like I do! ) in a halfway positive future for battery-nickel!

You ahve a very nice evening!!

WS

Schröder Equities GmbH

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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 - Oceana - Tietto - Warrego - Strike - RIO - Metro - Cardinal

Good afternoon

Apple has won big tax-court case against the EU…undeserved, but equities like it! What they like even more is strong progress by Moderna and others to find a vaccine. Among them is also German company Biontec…their main shareholder with 50% ( and wirth roughly 10 bill US ) are the two Struengmann-brothers from Munich. The interesting part of the story: The y sold their family-pharma business 10-15 years ago for 7 - or 8 bill Euro…and they have been extremely successfull investors in pharma-related businesses since then, including some large realisations. I believe, that they have been less successfull in other inevstments…tells us once again, that you should only invest in things you understand!

Biotec´s and pharma-related stocks are leading equity markets higher today, as well as cyclicals. Iron ore is making new, recent highs - filling the coffers of the large , diversified miners and Fortescue, which made a new alltime high today. Base metals are having a volatile week - strong on Monday, weak yesterday - had a good start today, but relatively weak now. A little surprising, given the equity markets tedancy towards cyclicals, and relatively positive eco-numbers in the States.

Industrial Production in the US in June was stronger than expected - I guess July won´t be as strong? Import and export prices are rising quite strongly in the US.

Oceana - have lost the cort appeal in the Phillippins to re-start the Didipio Mine. This country is just a mess…and corona is also raging through the country. No need to own OGC, I fear…Tomorrow, tehy will update on their activities in New Zealand, which will probably me pretty positive - but that´s not for this year!

Tietto - have already lodged their application for a mining license with the Ivorian government. That´s a substantial piece of work,. and I am psoitievly surprised, that the have done so at this relatively early point in time. Work on tehir Enviromental & Social impact study is also progressing well, and the ESIA will be submitted in the 4th Quarter of this year. In the emantime drilling is ongoing, and the company expects to finish their 50.000 m - drilling program in August, which will be followed by a new resource stimate - which some people believe will hit the 3milloz-mark! All good here!

Warrego - Canaccord have initiated research coverage with a 37ct share price target! The stock is cheap - cheaper even than their JV-partner and operator of the main asset, Strike ( which is operator 9. But I am not sure, whether WGO have raised enough money for the enxt two wells…

Strike - Quarterly out today. Not unexpected at all, but still a touch negative: The company is writing off Jaws, the gas development in the Cooper Basis. Well, at least STX will not pay tax for a while! Construction of drill platform etc for West Erregulla drilling hast started - the well has been delayed by 2 weeks to late August/early September. no drama..just 2 weeks more waiting for this very imporatant well, which will give us further clarity as to their recent find, which looks to be an outstanding gas resource. I understand, that the company will be on a roadshow next week - I assume digitally! Strike at 21.6 mill A$ left at the end of June, which should be sufficient for the enxt two wells - 10-15 mill A$ each, and 50% of that to be born by STX. STX remain debt free.

RIO - I was surprised to read today, that RIO is already starting to make first preparations for starting up an operation in the Paterson Province, at their recent exploration success called Winu. It seems that tehy will start a phased mining operation with planned start-up in 2023, and start of construction in 2021. I recently pointed to little Antipa AZY, which has arguably the best ground position in the paterson - JV´t in three large JV´s to IGO, RIO and Newcrest. Those 3 will spend 20 mill A$ in commttied exploration over the enxt 2 years on t eJV-ground. AZY themselves have 9 mill in cash to continue exploring their 100%-owned ground there, which includes a 700.000 oz gold resource.

Metro Mining - Metro will announce their Quarterly some time next week, I think. While bauxite has had a difficult Quarter - not much rading going on, consumers reducing stock, corona hiiting demand for alumia etc ,the alumina price has gone up nicely very recently ( 60% or so of Metro´s sales are currently based on the price of alumina ) and is now nearly back to US$-based pricing from pre-corona and last year. The A$ is very slightly higher - but only 3-4%. So I think pricing is normalizing for bauxite. Also, the wet season in Western Africa ( i.e. Guinea , where most of the new supply is coming from ), is starting generally now - reducing exports to China. I think this will at least result in a stabilisation of the market, and stronger demand for Australian product. Freight rates are also slowly but surely increasing again - that benefits Metro as well. As a very rough guide, freight for them to China is 10$/t, while it´s 20$ from Guinea. When freight rates go up, they go up stronger for Guinea producers than for Northern Australia ones like RIO and MMI. I also believe, that RIO has set higher prices for their bauxite for the next month. So while prodcution at MMI is going extremely well, the prices for their product are also going up. And as we all know, the economy in China is already back on it´s feet ( well we will know more exactly tomorrow, after Chines GDP numbers ). I think our little MMI could move relatively quickly to the 15-20ct prive level, from the current 10-11-12ct level. Not a bad, potential return from an investment in a very well run, albeit small, mining company!

Cardinal - nice little takeover-fight here! Nord Gold from Russia has bid 69ct in cash now, topping the Chinese bid at 66ct. The market is guessing, that the Chinese company Shandong might come over the top, once again! I would have thought, that the margins will be getting slim here! Good for the market in gold stocks - many gold funds are invested in CDV, and the bid will free up cash for re-investment. It shoudl also help to reduce the discount being put on West African gold developers/producers.

Have a nice evening"!

WS