News

Plus, cashed-up Kairos set to start the rig turning again at its 640,000oz Pilbara project

Here’s one for lazy investors looking for leveraged exposure to near-record Australian gold prices – DGO Gold (DGO). Led by Ed Eshuys of Plutonic, Bronzewing and Jundee gold deposits discovery fame, and Bruce Parncutt of analyst/investment banker fame with McIntosh Securities and Merrill Lynch, DGO has a somewhat unique strategy for a junior.

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WA explorer Syndicated Metals says a newly acquired, early stage project resembles the +6 million-ounce Tropicana deposit. Here’s hoping (reports Stockhead). Today, Syndicated (ASX:SMD) scored itself a second major landholding in the Laverton gold district of WA, buying an 80 per cent interest in the Edjudina project from Gateway Mining (ASX:GML). For Gateway, which is focused on its +240,000oz Gidgee project, Edjudina is a non-core asset.

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Silver Lake Resources has been forced to lift its stalled takeover offer for developer EganStreet Resources after EganStreet received a higher offer (reports MiningNews). EganStreet confirmed late Friday it had received an indicative, non-binding A40c per share cash takeover proposal from unlisted Adaman Resources. Adaman, which owns the Kirkalocka gold mine near EganStreet's Rothsay project, needed to secure a $60 million funding facility from Remagen Capital Management to fund the buy.

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Analysts remain cautiously optimistic on Dacian Gold after a strong quarter at its Mt Morgans gold operation near Laverton in Western Australia

Analysts remain cautiously optimistic on Dacian Gold after a strong quarter at its Mt Morgans gold operation near Laverton in Western Australia (reports MiningNews). As previously reported, the open pit and underground operation produced 42,002 ounces of gold in the September quarter, up from 36,658oz in the June quarter. The result puts Dacian ahead of its half-year guidance of 67,000-77,000oz of gold. All-in sustaining costs were A$1423 an ounce, and all-in costs were $1557/oz.

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Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation

Sydney-based institutional broker Petra Capital has upgraded its price target for gold producer Red 5 (ASX: RED) by 13 per cent to 58c-a-share (more than double the recent trading price of 27-28c) and reaffirmed its BUY recommendation following its recent September quarterly report. And Morgans Stockbroking has maintained a 50c price target and ADD rating for the stock, with the brokerage picking a number of positives out of Red 5’s September quarterly results.

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In November, explorer Hill End Gold changed its name to reflect its focus on the burgeoning high purity alumina (HPA) sector (reports Stockhead). HPA is used in lithium-ion battery components, LED lights, smart phone screens, and surgical tools. And demand is on the way up. Hill End was now Pure Alumina (ASX:PUA) – the name of the company Hill End bought in July 2017. This deal included its now-flagship Yendon HPA project.

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Plus, the nickel planets look to be lining up for Mincor and its latest find

Junior explorers/developers vacated the WA iron ore space in a hurry back in 2011-12 when the iron ore price began its almighty slide from $US168/t down to $US55/t in 2015. But a couple of dam tragedies in Brazil and an annual global steelmake that has continued to surprise to the upside resulted in the iron ore price steadily rebuilding to an impressive $US102/t in the September quarter. Add in the lower exchange rate and iron ore is again a licence to print money for the big three of the WA industry – Rio Tinto, BHP and Fortescue.

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Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America

Gold recovered a little lost ground this week but the more important development was a double-dose of “outage” events in South America which reinforced the investment case for copper and iron ore. Industrial and civil unrest in Chile and Peru, two of the world’s major copper producing countries, lifted the copper price by US8 cents a pound to $US2.64/lb, its highest for six weeks – even as underlying demand remained flat thanks to the US v China trade war.

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