News - Market Insights

Australia's big miners are cheap on a global basis and may drive the S&P/ASX 200 index as high as 8,000 points in the second half of 2021, according to Mike Aked, Director of Research for Australia at Research Affiliates (reports The Australian).

While banks have surged this year because of very low interest rates and the resulting rise in property prices Australia-wide, he says they are expensive on a global basis. "Because our financial companies are expensive on a global basis and our miners are cheap, we would expect that Australian resource companies are much more likely to drive our local market higher over the second half of 2021, to fresh all-time highs over 7,400, possibly rising to as high as 8,000 given the momentum in commodity prices," he says.

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One of the great unknowns about Chalice Mining’s exciting Julimar project is whether its proximity to Perth is a blessing or a curse (reports The Australian Financial Review).

The PGE (platinum group element) discovery – which includes nickel, copper, cobalt, gold and palladium –- sits a little more than 70 kilometres north-east of the city in farmland and state forest. Chalice is waiting for permission to drill in the state forest as it tries to establish just how big a deal it has on its hands with Julimar, and if it is of a size that supports one or more mines.

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There are times when Chalice Mining managing director Alex Dorsch looks out of the window of his West Perth office and shakes his head in wonder (reports The Australian Financial Review).

Less than 80 kilometres from the suburb, which is home to Australia’s greatest concentration of junior mining and exploration companies, sits the company’s Julimar discovery. Julimar is a rare beast: a shallow nickel-copper-cobalt-palladium-gold deposit in a nation where there have been few platinum group element (PGE) discoveries, let alone many of size.

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Activity at Calidus Resources’ Warrawoona gold project is ramping up ahead of first production next year (reports MiningNews).

The A$106 million project, outside Marble Bar in the Pilbara, is only 15 weeks into construction, which is going "seamlessly" according to workers on site during an analyst and media visit this week. "We're pretty proud of what's happening here - the guys on site are doing a sensational job," Calidus managing director Dave Reeves said. Construction kicked off in late March and remains on time and on budget for first gold in the June quarter of 2022. Earlier this month, Calidus drew down on the first $25 million of a $110 million Macquarie debt facility.

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Momentum is steadily building for uranium companies, as investors who have bet on the bottom for the past several years begin to see returns amid broader positive sentiment in the market (reports Stockhead).

Percolating in the background is a wave of optimism that nuclear energy will become a core part of the power mix as the world shifts away from fossil fuels and towards low-emissions power generation. Much of that comes from the US, where nuclear power makes up around 20% of the national electricity market.

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Growing up on the family property in country Victoria, James Stewart’s favourite pastime involved dismantling toys to understand the mechanics of how they worked (reports The Australian Financial Review).

“When I was five, I was pulling an alarm clock apart and my aunt tried to stop me,” Stewart recalls. “My mum just told her to let me figure out how it works – she knew I wouldn’t stop until I worked it out.” This innate curiosity saw Stewart build his first car at 15 years of age and then his first engine a year later before undertaking a degree in mechanical engineering at Monash University. Fast-forward a number of decades, and the co-portfolio manager of Ausbil’s global resources fund applies the exact same thinking to picking stocks.

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Gateway Mining’s Gidgee gold project in WA is turning up more high-grade results, with infill RC drilling at the Evermore prospect returning coarse visible gold (reports Stockhead).

Highlight results from 10 of the 91 hole 14,311m RC program included: 10m at 2.8g/t from 101m, directly ‘up dip’ of a previously identified high-grade intercept (7m at 11.7g/t from 97m); and 2m at 10.8g g/t from 87m. In addition, the first diamond drill hole results from the six hole 2,550m program returned 1.9 metres at 22.4 g/t, including visible gold:

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Kairos Minerals (ASX: KAI) has started drilling a “sizeable” gold target at its Kangan project, 70km south of Port Hedland in Western Australia and only 20km from De Grey Mining’s (ASX: DEG) Hemi discovery (reports Small Caps).

The company has kicked-off a 5,000m aircore drilling program to test the sizeable Target 1 gold anomaly, which is adjacent to major structures identified through aeromagnetic and soil geochemistry data. Kairos noted the zone is about 1km wide and hosts similar large regional structures adjacent to the Hemi deposit which has more than 6.8 million ounces in gold resources with mineralisation remaining open along strike and at depth.

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