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1、Everything you need to know about gold,platinum and palladium!Precious Metals Report23DisclaimerDear reader,Please read the complete disclaimer in the fol-lowing pages carefully before you start reading this Swiss Resource Capital Publication.By using this Swiss Resource Capital Publication you agre
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3、ss Resource Capital AG directly own and/or indirectly own shares of following Companies which are described in this publication:Calibre Mining,GoldMining,Gold Royalty,Mawson Gold,OceanaGold,Revival Gold,Sibanye-Stillwater.Swiss Resource Capital AG has closed IR consultant contracts with the followin
4、g compa-nies which are mentioned in this publication:Calibre Mining,GoldMining,Gold Royalty,Maws-on Gold,OceanaGold,Sibanye-Stillwater.Swiss Resource Capital AG receives compen-sation expenses from the following companies mentioned in this publication:Calibre Mining,GoldMining,Gold Royalty,Mawson Go
5、ld,Oce-anaGold,Revival Gold,Sibanye-Stillwater.There-fore,all mentioned companies are sponsors of this publication.Risk Disclosure and LiabilitySwiss Resource Capital AG is not a securities ser-vice provider according to WpHG(Germany)and BrseG(Austria)as well as Art.620 to 771 obliga-tions law(Switz
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40、 contain risks and uncertainties but not limited to current expectations of the company concerned,the stock concerned or the respective security as well as intentions,plans and opinions.Forward-looking information can of-ten contain words like“expect”,“believe”,“assu-me”,“goal”,“plan”,“objective”,“i
41、ntent”,“estima-te”,“can”,“should”,“may”and“will”or the negati-ve forms of these expressions or similar words suggesting future events or expectations,ideas,plans,objectives,intentions or statements of future events or performances.Examples for forward-loo-king information in all publications of Swis
42、s Resour-ce Capital AG include:production guidelines,esti-mates of future/targeted production rates as well as plans and timing regarding further exploration,drill and development activities.This forward-looking information is based in part on assumption and fac-tors that can change or turn out to b
43、e incorrect and therefore may cause actual results,performances or successes to differ materially from those stated or postulated in such forward-looking statements.Such factors and assumption include but are not limited to:failure of preparation of resource and re-serve estimates,grade,ore recovery
44、 that differs from the estimates,the success of future explorati-on and drill programs,the reliability of the drill,sample and analytical data,the assumptions regar-ding the accuracy of the representativeness of the mineralization,the success of the planned metallur-gical test work,the significant d
45、eviation of capital and operating costs from the estimates,failure to receive necessary government approval and en-vironmental permits or other project permits,chan-ges of foreign exchange rates,fluctuations of com-modity prices,delays by project developments and other factors.Potential shareholders
46、 and prospective investors should be aware that these statements are subject to known and unknown risks,uncertainties and other factors that could cause actual events to differ materially from those indicated in the forward-look-ing statements.Such factors include but are not li-mited to the followi
47、ng:risks regarding the inac-curacy of the mineral reserve and mineral resource estimates,fluctuations of the gold price,risks and dangers in connection with mineral exploration,de-velopment and mining,risks regarding the credit-worthiness or the financial situation of the supplier,the refineries and
48、 other parties that are doing busi-ness with the company;the insufficient insurance coverage or the failure to receive insurance covera-ge to cover these risks and dangers,the relationship with employees;relationships with and the de-mands from the local communities and the indi-genous population;po
49、litical risks;the availability and rising costs in connection with the mining cont-ributions and workforce;the speculative nature of mineral exploration and development including ris-ks of receiving and maintaining the necessary licen-ces and permits,the decreasing quantities and gra-des of mineral
50、reserves during mining;the global fi-nancial situation,current results of the current exploration activities,changes in the final results of the economic assessments and changes of the pro-ject parameter to include unexpected economic factors and other factors,risks of increased capital and operatin
51、g costs,environmental,security and authority risks,expropriation,the tenure of the com-pany to properties including their ownership,increa-se in competition in the mining industry for proper-ties,equipment,qualified personal and its costs,risks regarding the uncertainty of the timing of events inclu
52、ding the increase of the targeted pro-duction rates and fluctuations in foreign exchange rates.The shareholders are cautioned not to place undue reliance on forward-looking information.By its nature,forward-looking information involves nu-merous assumptions,inherent risks and uncertain-ties both gen
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93、contact data like postal addresses,tele-phone and fax numbers as well as email addresses published in the imprint or similar information by third parties for transmission of not explicitly re-quested information is not permitted.Legal action against the senders of spam mails are expressly re-served
94、by infringement of this prohibition.By registering in www.resource-capital.ch web-site and its sub-websites or in the www.resour-ce-capital.ch newsletter you give us permission to contact you by email.Swiss Resource Capital AG receives and stores automatically via server logs in-formation from your
95、browser including cookie infor-mation,IP address and the accessed websites.Reading and accepting our terms of use and privacy statement are a prerequisite for permission to read,use and interact with our website(s).67Disclaimer 02Table of Contents|Imprint 07Preface 09Gold is in the starting blocks f
96、or a rally of the century+Platinum and palladium soon with supply deficit .10Expert-Interview with David GarofaloChairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals Fund.20Company profiles Calibre Mining.22GoldMining.26Gold Royalty.30Mawson Gold.34OceanaGold.38 Revival
97、 Gold.42Sibanye-Stillwater.46EditorSwiss Resource Capital AG Poststr.19100 Herisau,Schweiz Tel:+41 71 354 8501Fax:+41 71 560 4271inforesource-capital.ch www.resource-capital.chEditorial staffJochen StaigerTim RdelLayout/DesignFrauke DeutschAll rights reserved.Reprinting material by copying in electr
98、onic form is not permitted.Editorial Deadline:09/30/2022Cover:adobe Page 11:zlataky,Page 14:Page 17:All pictures and graphics have been provided by the companies,unless otherwise stated.Back:#1:Mawson Gold#2:Sibanye-Stillwater#3:Sibanye-Stillwater#4:shutterstockCharts:10/19/2022JS Charts by amCharts
99、Invest with the commodity professionalsYou do not have to be a stock market professional to make wise investment decisions.Invest together with Swiss Resource Capital AG and Asset Management Switzerland AG in the mega-trend commodities.Since 05.03.2020 the experts specialist knowledge has been avail
100、able as a Wikifolio certificate:SRC Mining&Special Situations ZertifikatISIN:DE000LS9PQA9WKN:LS9PQA Currency:CHF/Euro*Certificate fee:0,95%p.a.Performance fee:15%We recommend that interested parties and potential investors obtain comprehensive information before making an investment decision.In part
101、icular,about the potential risks and rewards of the security.You are about to purchase a product that is not simple and can be difficult to understand.Further,important information can be found at:www.resource-capital.ch/de/disclaimer-agb*Trading in Euro is possible at the Euwax in Stuttgart.Current
102、ly the following titles are represented in the SRC Mining&Special Situations Certificate(10/2022):AGNICO EAGLE MINES|ALPHA LITHIUM CORP.|ANGLO AMERICAN|ARIS MNG.CORP.|AURANIA RESOURCES|BARRICK GOLD|BHP BILLITON|CALEDONIA MINING|CALI-BRE MINING|CANADA NICKEL|CHESAPEAKE GOLD|CONDOR GOLD|CONSOLIDATED U
103、RANIUM|COPPER MOUNTAIN MINING|CYPRESS DEVELOPMENT|DENARIUS METALS CORPORATION|DISCOVERY SILVER CORP.|ENDEAVOUR SILVER|FRANCO-NEVADA|FREEPORT-MCMORAN|FURY GOLD MINES|GOLD ROYALTY CORP.|GOLD TERRA RESOURCE|GOLDMINING|HANNAN METALS|ISOENERGY|KARORA RESOURCES|KUTCHO COPPER|LABRADOR URANIUM INC.|LI-METAL
104、 CORP.|MAG SILVER|MAPLE GOLD MINES|MAWSON GOLD|MEDMIRA INC.|NEWMONT GOLDCORP|OCEANAGOLD|OSISKO GOLD ROYALTIES|PETROBRAS(ADR)|REVIVAL GOLD|RIO TINTO|SATURN OIL&GAS|SIBANYE STILLWATER|SKEENA RESOUR-CES|SUMMA SILVER CORP.|TIER ONE SILVER INC.|TORQ RESOURCES INC.|TRILLIUM GOLD MINES|TUDOR GOLD|URANIUM E
105、NERGY|VICTORIA GOLD|VIZSLA SILVERTable of ContentsImprint9Dear Readers,It is with great pleasure that we present our special report on precious metals,which follows our successful silver,battery metals and uranium reports.Precious metals are today in times of high inflation,with simultaneously low i
106、nterest rates and increasing geopolitical uncertain-ties(keyword Russia-Ukraine crisis)all the more indispensable for ones own(crisis)provision and wealth preservation per se.Even if it does not seem so far that the crisis status has fueled prices,we see massive manipulative moves in the futures mar
107、kets.Meanwhile,so much paper gold and paper silver is traded that one can get dizzy.If it comes to the oath on the futures markets,i.e.contracts are delivered physically ins-tead of being settled in cash,it is game over“for the futures exchanges.Years of cheap money policies by central banks around
108、the world,including zero interest rate policies,are making life hell for savers,pensioners and tenants.Food,fuel and energy prices are exploding,causing mas-sive problems.The result:zero return on savings and,at the same time,exorbitantly rising prices.The specter of stagflation is spreading and cau
109、sing additional worry lines.With gold,but also with platinum and palla-dium,you can weather many a storm to preserve your wealth.We look positively into the future and take gold as a store of value and inflation protection.Platinum and palladium are facing revaluations,because here the Russia sancti
110、ons lead to a shorta-ge on the world market.In this respect,mining companies are still valued far too cheaply.Especially budding precious metal producers have an enor-mous leverage on the respective metal price,but also established producers that already pay dividends are massively under-valued.Pref
111、aceIn this precious metals report,we will intro-duce you to some interesting companies that are suitable for speculation on rising precious metals prices.We also want to give you the necessary basic knowledge by means of our general part,so that you can make your own decisions.Swiss Resource Capital
112、 AG has made it its business to inform commodity investors,interested parties and those who would like to become one,up-to-date and compre-hensively about the most diverse commo-dities and mining companies.On our web-site www.resource-capital.ch you will find more than 35 companies and a lot of info
113、r-mation and articles about commodities.We would like to give you the necessary insights and inform you comprehensively through our special reports.In addition,our two commodity IP-TV channels www.Commodity-TV.net&www.Rohstoff-TV.net are always available to you free of charge.For on the go,we recomm
114、end our new Commodity TV App for iPhone and And-roid,which provides you with real-time charts,quotes and also the latest videos.My team and I hope you enjoy reading the Special Report on Precious Metals and hope to be able to provide you with a lot of new information,impressions and ideas.Only those
115、 who inform themselves in a versatile way and take their investment matters into their own hands will be able to win in these difficult times and preserve their assets.Precious metals have endured for thousands of years and will continue to do so.Yours,Jochen StaigerThe whole world of commodities in
116、 one App:Commodity-TV CEO and expert interviews Site-Visit-Videos Reports from trade shows and conferences around the world Up-to-date mining information Commodity TV,Rohstoff-TV and Dukascopy TV Real-time charts and much more!Swiss Resource Capital AG|Poststrasse 1|9100 Herisau|Schweiz|www.resource
117、-capital.ch|inforesource-capital.chcreated byFree download here:Jochen Staiger is founder and CEO of Swiss Resource Capital AG,located in Herisau,Switzerland.As chief-editor and founder of the first two resource IP-TV-channels Commodity-TV and its German counterpart Rohstoff-TV,he reports about comp
118、anies,experts,fund managers and various themes around the international mining business and the correspondent metals.Tim Rdel is Manager Newsletter,Threads&Special Reports at SRC AG.He has been active in the commodities sector for more than 15 years and accompanied several chief-editor positions,e.g
119、.at Rohstoff-Spiegel,Rohstoff-Woche,Rohstoffraketen,the publications Wahrer Wohlstand and First Mover.He owns an enormous commodity expertise and a wide-spread network within the whole resource sector.1011Gold is in the starting blocks for a rally of the century+Platinum and palladium soon with supp
120、ly deficit Gold:If the interest rate turnaround comes,the rally comesSomething is brewing.a rally of the century in gold is imminent.Actually,the situation for gold is already almost perfect.Countless geopolitical trouble spots,high inflation and a looming global recession should actually have made
121、gold explode as the safe haven par excellence long ago.If there were not one crucial thing still holding back the gold price:The strong U.S.dollar,caused by the U.S.Federal Reserve(FED),which is steadily raising key interest rates to combat high in-flation.This makes gold more expensive in many othe
122、r currencies and thus less attracti-ve to investors.Nevertheless,many inves-tors continue to look for a storage option for their savings,which are massively devalued by the persistently high inflation rates.A strong transfer from West to East can cur-rently be observed in the case of gold.While gold
123、 stocks are being reduced,especially in North America and Europe,the Chinese and Indians are buying vast quantities of gold.Gold is still obviously undervalued,even though some high premiums had to be paid on the current price recently.This shows that demand is very high and at the same time supply
124、is very limited.This trend is likely to continue,because the supply will continue to decline in the coming years.At the same time,the gold price should be able to pre-sent new highs as soon as a turnaround in the FEDs interest rate policy is foreseeable.Investors can still take advantage of this fo-
125、reseeable trend at an early stage and invest in corresponding gold mining stocks.Palladium:Should Russia not deliver,carmakers have a problemPalladium is mainly an industrial metal.It is mainly used in catalytic converters of gaso-line vehicles,which is why palladium has developed very well in terms
126、 of price in recent years.However,production has been declining for years.Particularly preca-rious is the fact that sanctioned Russia is the worlds largest palladium producer with almost 40%.In addition,the production of the second largest producer,South Africa,is declining more and more.There is a
127、dan-ger that Western countries will experience a massive undersupply.Rising prices are li-kely to be the consequence.Platinum:Surplus demand could stay for nowPlatinum has not performed well in recent years.The increasing shift away from diesel as the number one combustion engine led to a decline in
128、 demand for platinum,which is mainly used in diesel catalytic converters.The situation looks better for the future.In the foreseeable future,platinum will increa-singly be used in catalysts to accelerate the reaction of hydrogen and oxygen in fuel cells.The main focus here is on the mass use of fuel
129、 cells in commercial vehicles,above all in trucks.For both platinum and palladium,a supply slump is to be expected in the coming ye-ars,as the important South African mines in particular will not be able to maintain their production to the usual extent.Even rising prices are unlikely to contribute t
130、o an im-provement.What are precious metals?From a purely chemical point of view,preci-ous metals are metals which are corrosi-on-resistant,i.e.which are permanently chemically stable in a natural environment under the influence of air and water.The group of precious metals primarily includes gold an
131、d silver,as well as the so-called pla-tinum metals platinum,palladium,rutheni-um,rhodium,osmium and iridium.Mercury is also a precious metal.In addition,there are a number of so-called semi-precious metals,including copper.A third group is formed by the so-called short-lived(radio-active)transition
132、metals,such as Darmstad-tium or Roentgenium,which,however,play virtually no role in practice.Melting Point 1337 KBoiling Point 3243 KAuXe 4f145d106s1 79GOLDGold:Proven as a store of value for thousands of yearsGold is a chemical element with the ele-ment symbol Au and the atomic number 79.Due to its
133、 moderate melting temperature,it is very easy to work mechanically and does not corrode.It is extremely rare,and its yel-low luster is also durable,which is why it is considered imperishable and is therefore largely processed into jewelry or used in coin or bar form to store value.Gold is also consi
134、dered to be easily alloyable,which makes it very attractive as a material.Gold has proven its worth as a store of value for thousands of years and is therefore mainly considered an investment.Main properties:Appearance,corrosion resistance,good workability,good contact Not only in the form of invest
135、ment objects such as jewelry or coins,but also in medical applications,gold scores above all with its corrosion resistance.In dental prosthetics,for example,additional precious metals such as platinum are added to achieve the necessary hardness.In industry,gold is used primarily in the construction
136、of circuits as a gold-plating additive for wires,printed circuit boards,switching contacts and connectors.Occurrence and extractionGold occurs very rarely in nature,but it is pure.On average,there are only 4 grams of gold per 1,000 tons of rock in the earths crust.It is found in primary raw material
137、 de-posits as gold-bearing rock(gold ore)as well as in secondary deposits,among others in placer deposits.Up to 20%of the gold mined annually is extracted as a by-product,mainly from copper,nickel or other precious metal mines.Supply situation According to the World Gold Council,a to-tal of 3,474.7
138、tons of gold was mined in 2020 and 1,292.3 tons was recovered from recycling.Thus,the total gold supply(inclu-(Source:zlataky,)1213ding recycling and hedging)fell by about 187 tons to 4,721.1 tons compared to 2019.In 2021,3,560.7 tonnes of gold were mined,and 1,149.9 tonnes were recycled.In the firs
139、t half of 2022,1,764.3 tonnes were mined,and 592.2 tonnes were recycled.This indicates slightly weaker mining for the year as a whole,but a higher recycling rate.The main gold mining regions are currently China,Russia,Australia,the USA and Ca-nada,which together account for almost half of the total
140、annual output.They are fol-lowed by Peru,Ghana,South Africa,Mexi-co and Brazil.In Europe,only Sweden and Finland have significant gold production.Gold production remains below peakSince the turn of the millennium,gold pro-duction has risen every year until 2018,but has recently been weakening more a
141、nd more.While around 2,862 tons of the yellow metal were extracted from the earth world-wide in 2011,the figure was 3,336 tons in 2015.Since then,production rose only mar-ginally to 3,667.8 tons in 2018.In 2019,pro-duction then fell for the first time to 3,531.8 tons.In 2020,another decline occurred
142、 to only 3,474.7 tons,mainly due to plant closu-res caused by the Covid 19 pandemic.In 2021,an increase occurred again,but it was about 3%below the record high of 2018.It can be assumed that the gold peak,i.e.the annual gold production,has reached its peak in 2018.In all likelihood,this will not cha
143、nge in 2022 either.The eligible average grades are getting lower and lowerSeveral factors contribute to this.First,more and more deposits are reaching the end of their life.Those that have not yet been fully exploited have to be expanded at ever greater expense in order to access further gold-bearin
144、g material.Some mines already reach depths of 4,000 meters and more.The gold content continues to decline stea-dily.Currently,gold deposits are still being exploited at an average of just over 1 gram of gold per ton of rock(g/t).However,there are already indications that this mark will fall to below
145、 0.9 g/t in a few years for depo-sits that have not yet been developed.A third point is the(lack of)discovery of new deposits.While more than one billion oun-ces of gold were discovered in the 1990s,between 2000 and 2014,only slightly more than 600 million ounces were discovered.Since then,new disco
146、veries have once again plummeted.This is mainly due to the fact that in the past few years,due to the slump in gold prices at the time,the gold producers have concentrated primarily on reducing mining prices.Particular savings were made in exploration,which led to the fact that hardly any larger dep
147、osits were discovered in recent years.Demand situation Demand from jewelry sector remains very high,investment sector contin-ues to be strong,technology sector with increases In 2020,global demand for gold was only around 3,759.6 tons,almost 627 tons or 14.3%less than in 2019.In 2021,however,Gold-su
148、pply(blue)and-demand(grey)(Source:own representation)the gold sector then experienced a rebound in demand to a total of 4,021 tons.The jewelry sector played a large part in the surge in demand following the 2020 corona year,consuming 2,221 tons,up 67%from 2020.In the first half of 2022,global de-man
149、d from the jewelry industry was around 999.6 tons of gold.Demand from this sec-tor thus remains at a high level.The investment sector(bars and coins)re-corded a 31%increase to 1,180 tons in 2021,which represented an 8-year high.In-flation fears and exuberant debt orgies of many central banks worldwi
150、de are certainly to be mentioned here as the main reasons for the flight of many investors into physical gold.An opposite trend was seen in gold ETFs,which recorded net outflows of 173 tons in 2021,after adding 874 tons in 2020.In the first half of 2022,investors demanded 760.1 tons of gold,indicati
151、ng a strong in-crease in demand for the year as a whole.Despite continued Corona-related produc-tion losses,demand from the technology sector was also strong,increasing by 9%to 330 tons.This showed that gold is increa-singly finding its way into the electromobili-ty sector in particular.A circumstan
152、ce which,in view of an incipient electric(mobi-lity)revolution,is likely to lead to continued strong growth in demand from the techno-logy sector in the future.In the first half of 2022,the industry demanded around 160 tons of gold.Central banks are buying more and more goldCentral banks are back on
153、 the buying side after decades of selling gold since 2010.Thus,especially in 2018 and 2019,many central banks have increased their gold re-serves.First and foremost,Russia,but also Turkey,India,Poland,Egypt,Brazil and Ka-zakhstan bought gold heavily in 2018 and 2019.Thus,central banks increased thei
154、r gold reserves by 656.6 tons in 2018.This was 73%more than in 2017,and in 2019 central bank purchases amounted to about 605 tons.Thus,a large amount of supply was taken off the market by central banks alone,once again acting on the demand side rather than the supply side.In 2020,by contrast,central
155、 bank gold purchases fell sharply.In 2021,global central banks reported net purchases of 463 metric tons,an 82%increase over 2020,pushing cent-ral bank gold holdings to nearly a 30-year high.In the first half of 2022,central banks added 269.6 tons of gold,suggesting net purchases of well over 500 to
156、ns for the year as a whole.Summary:Inflation and uncertainty will continue to support gold prices once the interest rate turnaround comes and the US$falls The gold price has not been able to gain much ground so far in 2022 at least in US$terms as competing forces have ac-ted on it.In the short term,
157、the gold price is likely to continue to react negatively to ri-sing interest rates,although it will depend on how quickly the central banks tighten their monetary policy and when they will start the interest rate turnaround.Interest rate hikes often mean headwinds for the gold price,but history teac
158、hes us that their(initially negative)effect on the gold price can turn into the opposite quite quickly.Continued very high inflation and geopoliti-cal challenges should continue to drive de-mand for gold as a hedge.Continued pent-up demand for gold from the jewelry sector and central banks should fu
159、rther support the gold price.Goldprice US$/oz(Surce:JS by amChart)Gold-supply and-demand1415Platinum is not so much an investment ob-ject,but above all an important building material in the automotive industry.The sil-ver-gray metal is a chemical element with the element symbol Pt and the atomic num
160、-ber 78.Main properties:forgeability,duc-tility and corrosion resistance It has an extremely high density,but at the same time it is very malleable and ductile.Its gray-white color has fascinated people since time immemorial,probably also because platinum has remarkable corrosi-on resistance and the
161、refore does not tar-nish.Due to its high durability,tarnish re-sistance and rarity,platinum is therefore particularly suitable for the production of high-quality jewelry.The possible uses are broadPlatinum finds its way into a whole range of very different applications.By far the most common use of
162、platinum is in the automoti-ve industry,where it is used in the form of auto catalysts.In addition to the classic diesel oxidation catalysts,platinum is also increasingly finding its way into catalysts in fuel cells or as a substitute for the far more level of 2019.A total of 6.20 million ounces of
163、platinum were mined in 2021 and 1.66 million ounces of platinum were recovered from recycling.This meant that a total sup-ply of 7.86 million ounces of platinum was available in 2021.For 2022,the experts at Johnson Matthey expect the platinum sup-ply to decline to 6.85 million ounces(exclu-ding Russ
164、ia).Demand situationPlatinum flows mainly into industrial applicationsSimilar to silver,platinum has a kind of hy-brid function.This means that about two-thirds of total platinum demand comes from industry,while the rest comes prima-rily from the jewelry industry and from in-vestors in the form of b
165、ars and coins.The main demand is from the auto-motive industry followed by the jewelry industry In terms of figures,it is the automotive sec-tor that demanded the most platinum in 2021.2.35 million ounces were used for catalytic converter construction.The jewel-ry industry demanded 1.48 million ounc
166、es.Demand from the rest of the industry rea-ched 2.9 million ounces.Platinum:The precious metal for a clean futureexpensive palladium,which could be an enormous demand driver in the future.The second major area of application in industry is the chemical sector.Platinum is also used in alloys,for gla
167、ss production(crucibles),in the electrical sector in resistors and for me-dical applications and equipment.Another large field of application is the je-welry industry,where platinum is often allo-yed with other metals,mainly gold.The fourth major area is the investment sector.Occurrence and extracti
168、onPlatinum occurs naturally in the form of ele-ments.Metallic platinum(platinum soap)is practically no longer mined today.Although a large proportion of the platinum mined is from primary deposits in a few places,its extraction as a by-product in the producti-on of non-ferrous metals(copper and ni-c
169、kel)is becoming increasingly important.There,the platinum group metals are pro-duced as a by-product of nickel refining.Supply situationSouth Africa and Russia produce 85%of all platinumThere is extensive and significant primary platinum mining only in the Bushveld com-plex in South Africa,further i
170、n the Stillwater complex in Montana/USA and in Russia.74.4%of the platinum mined worldwide in 2021 came from South African mines.This was followed by Russia with around 10.3%,and all other countries with a total of around 15%.Overall,platinum mining is a relatively small sector,as for example only a
171、round 6.2 million ounces were mined in 2021.High recycling rateAlthough a certain amount of gold is also recycled,recycling accounts for a very high percentage of platinum.For example,about 1.66 million ounces were recovered from recycling in 2021.Recycling thus accounted for 21.1%of the total plati
172、num supply for the year.Supply slumped in 2020,almost back to pre-crisis level in 2021,expected to weaken in 2022Overall,the global platinum supply in 2020 really collapsed due to Covid 19.While around 7.8 million ounces of platinum were available in 2013(of which around 5.8 milli-on ounces came fro
173、m mining and just under 2 million ounces from recycling),around 8.2 million ounces of platinum entered the open market in 2019(mining:6.1 million ounces,recycling:2.1 million ounces).In 2020,plati-num supply fell to 6.64 million ounces(mi-ning:4.94 million ounces,recycling:1.70 million ounces).In 20
174、21,platinum supply recovered and almost reached the pre-crisis(Source:)Platinum-supply(blue)and-demand(grey)(Source:own representation)Platinum-supply and-demandMelting Point 1768 CBoiling Point 3827CPtXe 4f145d96s1 78PLATINUM1617The investment sector,which saw demand plummet from a net 361,000 ounc
175、es in 2017 to just 67,000 ounces in 2018,expe-rienced a true renaissance in 2019,with demand exploding to 1.13 million ounces.Despite Corona,this trend was maintained,so that in 2020 around 1.02 million ounces of platinum still flowed into the investment sector.In 2021,there was a net outflow of 28,
176、000 ounces from the investment sector,which was mainly due to outflows from ETFs and central bank sales.Overall,platinum demand fell by around 440,000 ounces from 2020 to 2021 to 6.75 million ounces.This results in a supply surplus of around 1.10 million ounces of platinum in 2021.In 2020,the sector
177、 still recorded a supply deficit of 559,000 oun-ces.For 2022,the experts at Johnson Matthey assume a slight increase in de-mand to a total of around 6.8 million oun-ces of platinum.Future demand drivers continue to come from the automotive sectorFor the future,platinum is seen above all as a metal t
178、hat will continue to be used in the automotive sector,albeit less in combusti-on models and increasingly in fuel cell ve-hicles.Innovative hydrogen storage tech-nologies are already being researched in several countries.Power generation using platinum electrodes is the big issue here.Cost-effective
179、hydrogen storage systems for fuel cell vehicles and portable applica-tions are still dreams of the future,but Chi-na alone plans to produce two million hy-drogen fuel cell vehicles by 2030.In Ger-many,the worlds first hydrogen fuel cell train has entered service.A major platinum company is already i
180、nvesting in the de-velopment of hydrogen compression tech-nology together with Shell Technology.These so-called platinum electric vehicles,as the name suggests,need platinum as their basic raw material.Leading experts predict that by 2030 at the latest,the purchase cost of a fuel cell-powered truck
181、will be lower than that of a diesel truck.Summary:High supply surplus likely to turn into supply deficit soonThe supply surplus was surprisingly high in 2021,after platinum production rose to a five-year high(mainly due to an almost 50%increase in platinum production in South Africa)and demand from
182、the invest-ment sector fell by over 1 million ounces.In 2022,on the other hand,demand especi-ally from the automotive sector is expec-ted to increase,coupled with falling pro-duction rates and a continuing uncertain situation regarding the amount of platinum that will be produced in Russia but possi
183、b-ly not exported.The continuing relatively low platinum price should stabilize the in-vestment sector again,before new techno-logical developments above all in the area of locomotion will ensure a return to the area of high supply deficits in the follo-wing years.Record production in South Af-rica
184、will decline by an estimated 400,000 ounces in 2022,mainly due to increasingly difficult production,but also due to uncer-tainties regarding strikes,etc.Platinumprice US$/oz(Source:JS by amChart)Palladium:The existing supply deficit will again be drastically worsened by the Russia sanctionsPalladium
185、 is a chemical element with the element symbol Pd and atomic number 46.It is considered by many experts to be a substitute for platinum in several applica-tions,mainly in the production of catalysts,as it is very similar to platinum in chemical behavior.Main properties:Low melting point,reactivity a
186、nd absorbency Palladium has the lowest melting point among the platinum metals and is also the most reactive.At room temperature,it does not react with oxygen.It retains its metallic luster in air and does not tarnish,which makes it interesting for jewelry and,to a lesser extent,for the investment s
187、ector.Its low melting point makes it easier to pro-cess than platinum.Palladium also has the highest absorption capacity of all elements for hydrogen.At room temperature,it can bind up to 3,000 times its own volume.Main applications:Exhaust gas catalysts,alloys,electrode materialsFinely divided,pall
188、adium is an excellent catalyst for accelerating chemical reac-tions,in particular for the addition and eli-mination of hydrogen and for cracking hy-drocarbons.By far the most important ap-plication for palladium is thus in the field of exhaust gas catalysts for gasoline engines.Around 82.6%of the pa
189、lladium demanded(Source:)Melting Point 1828 KBoiling Point 3233 KPdKr 4d105s0 46PALLADIUM1819Palladiumprice US$/oz(Source:JS by amChart)Palladium-supply(blue)and -demand(grey).(Source:own presentation)700,000 more ounces of palladium in 2021 than it did in 2020,which was also more than in the pre-Co
190、rona years.High recycling rateSimilar to platinum,a large recycling quota for palladium also helps to cover most of the demand.In 2021,a total of 3.36 million ounces of palladium were recycled.This was 33.4%of the total palladium supply.Supply initially rises againThe palladium supply showed stable
191、to declining trends in the past three years accelerated again by Corona-related pro-duction cuts with this rising again some-what after the exceptional year 2020.This is attributable to several decisive factors.Palladium production still rose moderately by 92,000 ounces from 2018 to 2019 to 7.117 mi
192、llion ounces,but in 2020 it collap-sed completely.In total,only 6.16 million ounces were mined in 2020.In 2021,there was an increase to 6.79 million ounces,which meant that the pre-crisis level could not be reached.Recycling rose above 3 million ounces for the first time in 2018,exactly 3.11 million
193、 ounces were recycled in 2018.Finally,in 2019,3.40 million ounces.A dip to 3.14 mil-lion ounces followed in 2020,and in 2021 the yield from recycling grew to 3.36 million ounces.For 2021,the PGM experts at Johnson Matthey expect a recycling rate of 3.21 million ounces of palladium.Net returns from t
194、he investment sector,mainly from corresponding palladium-ba-cked ETFs,turned into net inflows in 2021.For example,659,000 ounces of palladium returned to the open market in 2015,646,000 ounces in 2016,386,000 ounces in 2017,and about 574,000 ounces in 2018.In 2019,net returns were only 87,000 oun-ce
195、s,in 2020 190,000 ounces,and in 2021 a net 17,000 ounces even flowed back into corresponding ETFs.For 2022,a net zero sum game is to be assumed.This caused total palladium supply(inclu-ding recycling)to increase from 9.214 milli-on ounces in 2015 to as high as 10.50 milli-on ounces in 2019,before co
196、llapsing to just 9.307 million ounces in 2020.An expected increase to 10.157 million ounces then oc-curred in 2021.A statement for 2022 is dif-ficult in that no figures and possibly no ex-ports are expected from the dominant pro-ducing country Russia.As with platinum,the recycling rate for pal-ladiu
197、m is expected to increase in recent ye-ars,but at the same time production will decline.Demand situationA high supply deficit became a minimal demand surplus in 2021A significant supply deficit has prevailed in the palladium market for years,amounting to about 721,000 ounces in 2017 and about 216,00
198、0 ounces in 2018.In 2019,this then jumped to about 936,000 ounces,while in 2020 this amounted to 647,000 ounces.In 2021,on the other hand,60,000 more oun-ces were offered than demanded.A surpri-se that had mainly to do with the fact that South Africa produced almost 700,000 ounces more palladium tha
199、n a year earlier.Car manufacturers demand almost as much palladium as before the crisisThe main reason for a consistently high supply deficit is the strong increase in de-mand from the automotive sector.While in 2015 there was demand for 7.7 million oun-ces of palladium,mainly for use in catalytic c
200、onverters,in 2016 the figure was already 7.98 million ounces,in 2017 as much as 8.42 million ounces and in 2018 8.84 million ounces.Finally,2019 saw another jump of 800,000 ounces to 9.65 million ounces.Al-though only“8.50 million ounces of palla-dium were still in demand in 2020 due to Corona,catal
201、yst producers ordered 8.34 million ounces in 2021,almost as much as before the Corona crisis.If demand for gasoline engines declines,however,palla-dium demand will also fall.This may be off-set by use in fuel cell-powered vehicles,but these are still a long way off.Slightly in-creasing demand from t
202、he automotive sec-tor is expected for 2022.Summary:Steadily declining production meets rising demandFor palladium,a high supply deficit prevai-led for many years.This was mainly due to a steady decline in production and a simul-taneous increase in demand.The extent to which this will continue or dis
203、sipate in the coming years depends not only on the pal-ladium price,but also on how the gasoline combustion engine will fare.Palladiums dependence on the automotive industry is unmistakably high,which makes it a riskier investment than gold,for example.The best precious metal stocks promise multipli
204、cation potential!Precious metal stocks are still strongly un-dervalued compared to the major(stan-dard)indices.We have taken this as an op-portunity to present some promising preci-ous metal companies to you in the following.We focus mainly on development compa-nies with extremely promising projects
205、 and on already producing mining companies with established and profitable deposits.in 2021 was required for catalytic converter construction.Furthermore,palladium is frequently used for alloys in the jewelry sector;here especially in combination with gold,resulting in so-called white gold.Pal-ladiu
206、m is also used as an electrode materi-al for fuel cells and as a contact material for relays.Occurrence and extractionMetallic palladium and palladium-bearing alloys are mainly found in river sediments as geological placers,but these are largely exploited.Most of it is extracted as a by-product from
207、 nickel and copper mines.Supply situationSouth Africa and Russia dominate palladium miningSouth Africa and Russia have emerged as the clearly dominant palladium producing nations in recent years.In 2021,Russia ac-counted for 39.6%of total production,fol-lowed by South Africa with 39.0%.Most of the r
208、emaining palladium production was shared by the U.S.and Canada,as well as Zimbabwe.Overall,platinum mining is a re-latively small sector,with,for example,only about 6.79 million ounces produced in 2021.Strikingly,South Africa mined nearly Palladium-supply and-demand2021money printing,it only makes s
209、ense to shift some of that exposure to precious metals which will see a relative increase in value.The next question you need to ask your-self is what is the best way to play the ri-sing price of gold.I would argue that roy-alty and streaming companies provide the best leverage to a rising gold pric
210、e en-vironment while insulating investors from large overhead costs and increasing input costs in the mining industry.When choosing individual royalty and streaming companies to invest in,the most important aspect is asset quality.In-vesting in companies with high-quality long-life assets,with stron
211、g operators,in favourable mining jurisdictions is the best way to have exposure to reliable revenues tied to the price of gold.same headcount.3.Insulation from cost inflation Royalties and streams provide top-line exposure and company profits are not exposed to rising operating or capital costs.Due
212、to these reasons,royalty and strea-ming companies enjoy the best multiples in the industry,with the seniors trading at 2.0 x to 3.0 x their underlying net asset value.Ive only recently positioned myself in the royalty space having spent the ma-jority of my career with producers of both precious and
213、base metals,including exe-cutive roles at Agnico Eagle,Hudbay,and Goldcorp.A primary reason for this shift is,given the outlook on inflation,gold mi-ners will underperform relative to royalty and streaming companies as operating costs increase,undermining profit margin leverage to an increasing gold
214、 price.What would you currently advise inves-tors who want to enter the precious metals market?The case for hard assets is obvious.If your savings are in a currency that is ra-pidly losing its purchasing power due to inflation through precious metals,where the value cannot be eroded through a rapid
215、increase in supply.Recently,precious metals have been going crazy also due to the Russia-Uk-raine conflict.Has this a lasting effect on the precious metals sector?At the end of the day,gold is a currency and is directly negatively correlated to real rates.While geopolitical turmoil can see gold pric
216、es rise as investors seek a safe haven for their capital,the interaction of global currencies and interest rates is go-ing to be what drives gold higher in the long run.As I previously noted,inflation is rampant in the economy with no signs of slowing down and central banks are suppressing nominal r
217、ates through an expansionary monetary policy.As a result,real rates are falling further into negative territory.This will inevitably drive precious metals higher as the real value of fiat currencies continu-es to be debased.You are the CEO of a precious metals royalty company.What makes this busi-ne
218、ss model particularly attractive to in-vestors?The royalty and streaming model is the best way to play the price of gold for nume-rous reasons:1.Exposure to rising gold prices with free upside exposure to exploration,mine life extensions,and operating capacity expansions.2.Minimal overhead costs roy
219、alty com-panies do not require large operating teams.Gold Royalty currently has 7 full-time employees,and we could run a company 10 times the size with the Interview with David Garofalo Chairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals FundMr.Garofalo,you are a true
220、luminary of the precious metals sector.Can you give our readers a brief overview of your career in the precious metals sector so far?I currently serve as Chairman&CEO of Gold Royalty Corp.and Chairman&CEO of the Marshall Precious Metals Fund.Prior to that,I was President&CEO and Director of Goldcorp
221、(2016-2019),culminating in the largest merger(US$32 billion)in gold mining history.I also served as President&CEO and Director of Hudbay from 2010,Senior Vice President and CFO and Direc-tor of Agnico-Eagle from 1998 and Treasu-rer of Inmet Mining from 1990.I was reco-gnized as The Northern Miners M
222、ining Person of the Year for 2012 and awarded Canadas CFO of the Year by Financial Executives International Canada in 2009.Central banks around the world have opened the money gates in recent ye-ars,inflation is rising to unimagined heights in your opinion,is there a real exit strategy?Frankly,the o
223、utlook is very concerning for the reasons you outline above.Inflation is rampant as a result of historically low inte-rest rates and a relentless increase in mo-ney supply over the last 15 years.Further-more,western economies are over levered and central banks can hardly afford to raise interest rat
224、es significantly to combat inflati-on,as we saw in the 80s,without ban-krupting governments.Even with modest recent increases in nominal interest rates,weve seen debt service costs nearly dou-ble,as a result I foresee this tightening to be short lived.The inevitable outcome of this is the degra-dati
225、on of fiat currency and the destruction of investors purchasing power.This is why now,more than any other time in the past 30 years,investors need to hedge against While geopolitical turmoil can see gold prices rise as investors seek a safe haven for their capital,the interaction of global currencie
226、s and interest rates is going to be what drives gold higher in the long run.“2223Calibre Mining Low-cost production with high growth potential+Gigantic exploration potentialCalibre Mining is a Canadian mining de-velopment company specializing in the mi-ning of gold deposits in Nicaragua and Ne-vada.
227、There,the company focuses on the hub-and-spoke“strategy and produces at low cost from three operating mines.The company currently has overcapacity in Ni-caragua,which will allow Calibre Mining to sharply increase recovery in the coming ye-ars.In addition to a high resource base,the company has a dis
228、proportionately higher resource potential,as recent drilling results impressively demonstrate.With the acqui-sition of the Pan Mine in Nevada,Calibre Mining is preparing to establish a second hub-and-spoke operation.In the first two quarters of 2022,more than 111,000 oun-ces of gold have already bee
229、n produced.The trend is strongly upward.Hub-and-spoke strategy and growth targetsThe companys hub-and-spoke strategy is to have material from multiple mines(spo-kes)processed at a central processing plant(hub).Accordingly,in the case of Cali-bre Mining,the plant base in Nicaragua in-cludes multiple
230、ore sources,an installed mill capacity of 2.7 million tonnes per year in two processing plants,reliable in-country infrastructure and favorable transportation costs.Resources from the Limon and Pa-von mines are transported to the Libertad hub,“with transportation costs from Li-mon/Pavon to Libertad
231、of around US$25 to US$30 per ton.There is immense growth potential here,as there is currently around 1.5 million tons of excess capacity per year.Already in 2021,a record production of 182,755 ounces of gold was reported.For 2022,the company aims to achieve an an-nual production of up to 235,000 oun
232、ces of gold.By 2024,production is to be increa-sed to up to 300,000 ounces of gold per year.El Limn mine and processing plantEl Limn comprises a mining permit of 12,000 hectares plus the Bonete-Limn,Guanacastal III,San Antonio and Guana-castal II exploration permits,which are ad-jacent to the mining
233、 permit and cover a to-tal area of 8,147 hectares,and the Villanue-va 2 exploration permit,which covers 1,200 hectares.The deposit currently hosts approximately 1.175 million ounces of gold in the indicated category(including 529,000 ounces of gold in reserves)plus 177,000 ounces of gold in the infe
234、rred category.Mining is carried out in the conventional Limn Central open pit mine and in the Santa Pancha underground mines.The an-nual throughput is about 500,000 tons per year and the historical recovery is 94%to 95%.El Limn has a high exploration potential,which has been impressively confirmed b
235、y recent drilling.Among others,17.8g/t gold over 7.3 meters,66.03g/t gold over 5.6 me-ters and 52.59g/t gold over 3.8 meters were encountered in the Panteon North zone.La Libertad mine and processing plantLa Libertad has a mining concession cover-ing an area of 10,937 hectares and also in-cludes the
236、 Buenaventura and Cerro Quiroz exploration concessions adjacent to the La Libertad mining concession,covering a to-tal area of 4,600 hectares.The project hosts approximately 631,000 ounces of gold in the indicated category(including reserves of 484,000 ounces of gold)plus inferred re-sources of 726,
237、000 ounces of gold,accor-ding to the latest estimates.The project is located about 110 kilometers east of Nicaraguas capital Managua and is accessible by road.The La Libertad pro-cessing plant is capable of processing approximately 2.25 million tons per year,with current gold recoveries of approxima
238、-tely 94%to 95%.Currently,the plant is fed with ore from Limon and Pavon,as well as ore mined near the mill at the Jabali under-ground mine.The Jabali Antenna and San Antonio mines,which were operated in the past,are also planned to be reactivated in the future.Calibre Mining has embarked on an exte
239、n-sive exploration program at La Libertad fo-cused on resource expansion and disco-very.La Libertad has a total of 411 square kilometers.Most recently,exploration acti-vities indicated shallow open pit potential in several target areas.Amalia and El Nispero are located approximately 30 km from the L
240、ibertad mill.Pavon MinePavon is located within the Natividad and Las Brisas exploration concessions with a total area of 31.5 square kilometers located approximately 300 kilometers on paved highways from the Libertad processing plant.Pavon was or is designed to feed the La Libertad processing plant,
241、supplying approximately 320,000 tons of rock per year.In addition to reducing overcapacity at La Libertad,work at Pavon is focused on increasing resources.Currently,the project has 230,000 ounces of gold in the indicated category(including 200,000 ounces of gold in reserves)plus 62,000 ounces of gol
242、d in the inferred category.Pavon represents an emerging gold district in Nicaragua,in a region largely unexplored by modern methods.Recent drilling(inclu-ding 12.4 meters at 11.56g/t gold)confir-med the high-grade nature of the mine.Pa-von is scheduled to begin production in the first half of 2023.T
243、he company has already received the environmental permit required for this.Eastern Borosi Gold-Silver ProjectThe Eastern Borosi gold-silver project,located in northeastern Nicaragua in a low-sulphidation epithermal area and hos-ting numerous high-grade gold-silver vein systems,covers approximately 1
244、76 square kilometers.The vein systems,which host the current inferred resource of 700,500 ounces of gold and 11,359,000 ounces of silver,can be further expanded along with numerous undrilled targets.Several gold-bearing zones promise immensely high resource potential.For example,the Cadillac zone,wh
245、ich yielded 2.6 meters averaging 8.93g/t gold and 57.4g/t silver,The La Libertad processing plant can process about 2.25 million tons per year(Source:Calibre Mining)(Source:Calibre Mining)2524rate of return(IRR)of a strong 32.5%,with a mine life cash flow of US$149.0 million.Gold Rock has indicated
246、resources of 403,000 gold ounces,in addition to the in-ferred resource of 83,000 gold ounces,with excellent potential to expand the resource.Recent drilling returned impressive results including 2.19g/t gold over 44.2 meters.Anticipated production at Gold Rock,com-bined with Pan,could organically in
247、crease Nevada production to over 100,000 ounces annually.Gigantic exploration campaigns in 2022In addition to increasing gold production,Calibre Minings main focus in the current year 2022 is on resource expansion.To this end,an exploration budget of US$40 milli-on to US$42 million has been firmly b
248、udge-ted for 2022.This includes 85,000 meters of drilling in both Nicaragua and Nevada focused on resource expansion and disco-very with a total of 17 drill rigs.Summary:Higher capacity utilization and thus higher output firmly plannedCalibre Mining has mill overcapacity of approximately 1.5 million
249、 tonnes in Nicara-gua alone.As a result,the Company will continue to optimize its mine and proces-sing plans in 2022,while pursuing a hub-and-spoke“approach to maximize value and enable the Company to rapidly transla-te exploration successes into production and cash flow.Particular initial focus is
250、on El Limon/Panteon North in Nicaragua and Gold Rock in Nevada.The exploration po-tential is almost gigantic,which is impressi-vely proven again and again by the large drilling programs as well as steady full hits.Calibre Mining has a high cash position,no debts and is strongly undervalued compa-red
251、 to companies of the peer group.the San Cristobal zone,which yielded 5.7 meters averaging 10.92g/t gold and 859.0g/t silver,the Veta Loca zone,which yielded 5.4 meters averaging 10.15g/t gold and 6.9g/t silver,and the La Luna South zone,which yielded 12.7 meters averaging 5.75g/t gold and 34.3g/t si
252、lver.Pan MinePan is a Carlin-style heap leach open pit mine located in east-central Nevada,appro-ximately 28 kilometers southeast of the town of Eureka,on the prolific Battle-Moun-tain Eureka gold trend.The mine achieved gold production of 45,397 ounces in 2021,benefiting from an expansion of the he
253、ap leach pad and primary crushing circuit.Pan hosts proven and probable reserves and measured and indicated resources of 290,500 ounces and 427,400 ounces,res-pectively.An additional 61,000 ounces are in the inferred category.Recent drilling con-firmed the mines tremendous exploration potential.Amon
254、g other things,3.35g/t gold were encountered over 18.3 meters.Darren Hall,CEOExclusive interview with Darren Hall,CEO of Calibre MiningWhat have you and your company achie-ved in the past 12 months?In early 2022,Calibre completed the acqui-sition of Fiore Gold,resulting in the diversi-fication of ou
255、r gold production and explora-tion portfolio into Nevada.This acquisition provided the immediate opportunity to in-crease our 2022 gold production outlook to 220koz to 235koz.Subsequently,Calibre advanced 170 kilometres of drilling bet-ween Nicaragua and Nevada resulting in a new high-grade discover
256、y at our Limon operation.We continued successful opera-tions generating strong operating cash flow to self-fund organic growth leading to 2023 and 2024 grade driven production increa-ses up to 300,000 ounces.With the increa-sed production we anticipate a lower cost per ounce profile,building on the
257、compa-nys strong balance sheet.What are the most important company catalysts for the next 6 to 12 months?Calibre continues to advance resource ex-pansion and discovery drilling in Nevada and Nicaragua.We have five drill rigs tes-ting extensions to our new high-grade dis-covery along strike and down
258、plunge at Panteon North,where we do not have any resources declared however expect to have a maiden resource in Q1,2023.Additional results from our ongoing 170-kilometre drill program will continue to be announced along with production updates.How do you see the current situation on the market for p
259、recious metals?We are in a state of extreme uncertainty,vo-latility,a rising US dollar and high inflation rates leaving the central banks scrambling to combat all of these market challenges.On the back of COVID 19 the gold price rose to all time highs.With markets readjus-ting back to normal and dig
260、esting high in-flation,central banks are raising interest rates which has historically been negative for gold.During 2022 the gold price has fal-len 10%from its highs reached during the global pandemic.Historic patterns can help us to understand,and potentially anticipa-te,the future,as one can assu
261、me at some point the US dollar will roll over and begin to weaken,so trade can flow beneficially,rate hikes will slow and ultimately cease,leading to an eventual pivot and reduction of interest rates both of which are inversely related to gold therefore benefitting preci-ous metals.I anticipate,beca
262、use of this,continued global geo-political tensions,excessive global debt levels,and lowering purchase power of our currencies the gold price will rise and,again,in the near term see all time highs.ISIN:CA13000C2058WKN:A2N8JPFRA:WCLATSX:CXBFully diluted shares:497 million Contact:Phone:+1-604-681-Ca
263、libre Mining Corp.(Source:Calibre Mining)Gold RockGold Rock is a government-approved pro-ject with a grade 30%higher than the Pan Mine,located about 30 kilometers away.In 2020,the former operator Fiore Gold pub-lished a positive PEA.Based on an achie-vable gold price of US$1,600/ounce,the project yi
264、elds an after-tax net present value(NPV5%)of US$77.2 million and an internal 2627Yellowknife Gold Project Northwest Territories,CanadaThe Yellowknife Gold Project consists of several properties(Nicholas Lake,Ormsby,Goodwin Lake,Clan Lake and Big Sky)co-vering portions of the Yellowknife Greensto-ne
265、Belt from 17 to 100 kilometers north of the city of Yellowknife.GoldMinings project areas have seen over$60 million in past ex-ploration,underground development and camps.Adjacent to the former Discovery Mine are the two high-grade target areas of Ormsby and Bruce,with the Nicholas target area appro
266、ximately 10 kilometers away.In March 2019,GoldMining was able to pre-sent its first own resource estimate for Yel-lowknife.According to this,the project has at least 14.1 million tonnes of rock avera-ging 2.33g/t gold(equivalent to 1.059 milli-on ounces)in the indicated category and 9.3 million tonn
267、es averaging 2.47g/t gold(739,000 ounces)in the inferred category.Whistler Project Alaska,USA Spin-off to U.S.GoldMining The Whistler Project is located approxima-tely 150 kilometers northwest of Anchorage and has an airstrip,as well as the ability to access the Donlin Gas Pipeline.The project has d
268、istrict character with an area of 170 square kilometers and hosts several ne-ar-surface porphyry deposits.Currently,Whistlers resource base consists of 2.99 million gold equivalent ounces in the mea-sured and indicated category and 6.45 mil-lion gold equivalent ounces in the inferred category.In add
269、ition,there is significant po-tential for high-grade epithermal mineraliza-tion.Although 70,000 meters have been drilled,some areas remain poorly explored.Several areas need to be explored in more detail,including one area where previous drilling has returned 435.2 meters avera-ging 0.72g/t gold and
270、 0.12%copper.GoldMining is currently working to better evaluate the full potential of Whistler by for corresponding deposits.A PEA publis-hed in 2022 calculated an after-tax NPV 5%of US$231 million and an after-tax IRR of 15%.Initial capital costs were reported at US$300 million,and all-in sustainin
271、g costs at just under US$700 per ounce.Relatively conservative price assumptions of US$1,600 per ounce gold,US$21 per oun-ce silver and US$3.39 per pound copper provide further upside.GoldMining recently received very good drill results at La Mina.Drilling encountered 345 meters of 0.74g/t gold equi
272、valent,431 meters of 0.73g/t gold equivalent and 118 meters of 1.01g/t gold,among others.Yarumalito Project ColombiaThe Yarumalito Gold Project is located approximately 60 road kilometers south of Titiribi and covers 1,453 hectares.It has an inferred resource of 1.23 million ounces of gold and 129 m
273、illion pounds of copper.Dril-ling work has proven several intercepts with high gold grades.For example,2.10 meters at 12.67g/t and 1.85 meters at 33.75g/t gold.More importantly,however,are the low-grade,long intercepts of 257 metres at 0.51g/t,250 metres at 0.51g/t and 141.4 metres at 0.77g/t gold,a
274、mong others,sug-gesting high tonnage.Successfully bought back a 1%net smelter royalty in March 2022.Crucero Project PeruThe Crucero Project is located in the very southeast of Peru,within what is known as the Orogenic Gold Belt,and comprises three mining licenses and five exploration licenses on 4,6
275、00 hectares.The A1 deposit hosts at least 993,000 ounces of gold in the indicated category and 1.147 million oun-ces in the inferred category.In addition,the project has high exploration potential as se-veral other targets have not been drilled to date.cated category and 538,000 ounces in the inferr
276、ed category and a total of three sepa-rate deposits in the western license area.The eastern portion of the shear zone,on the other hand,has not been adequately explored.The holes drilled to date have been advanced to an average length of 100 meters.This gives Cachoeira a high explo-ration potential
277、at depth.The other 5 projects have only been spora-dically explored for gold occurrences to date,with no resource estimate at all availa-ble for three of them.Para State boasts an excellently developed infrastructure.In addition,the state has a very low corporate tax rate of only 15.25%.By compariso
278、n,most other Brazilian states charge 34%.The state therefore offers a very good environment for interested de-velopment companies.Titiribi&La Mina Gold Project ColombiaThe so-called Mid-Cauca Belt runs from north to south across Colombia.This is considered one of the most prospective gold belts in t
279、he world and has yielded dis-coveries of about 100 million ounces of gold in the past 10 years alone.Neverthe-less,the entire gold belt is considered un-der-explored compared to other regions of South America.The two gold-copper por-phyry and epithermal gold deposits,Titiribi and La Mina,respectivel
280、y,are located about 100 kilometers southwest of Medellin and are 100%owned by GoldMining.They are connected to excellent infrastructure and already host offices,drill core storage and a power supply.The two deposits have a combined 6.2 million ounces of gold,1.6 million ounces of silver and 1.2 bill
281、ion pounds of copper in the measured and indi-cated category,and 3.45 million ounces of gold,772,000 ounces of silver and 294 mil-lion pounds of copper in the inferred cate-gory.Several drill areas have been identi-fied but have not yet been further explored GoldMining is a Canadian mining develop-m
282、ent company specializing in promising gold projects in North and South America.As a so-called mineral bank,the business model consists of buying up high-caliber projects at the most favorable conditions possible in bear market phases and selling them again at the highest possible price or generating
283、 development partners for them in bull market phases.GoldMining currently holds a total of more than 15 projects in its portfolio.In addition,the company holds a high stake in the royalty company Gold Royalty,which guarantees a high annual di-vidend yield.In addition,GoldMining recently made its fir
284、st major option deal when it was able to sell the Almaden project to NevGold.This deal can bring GoldMining up to CA$16.5 million,while GoldMining 2020 had to pay just CA$1.15 million for it.Around 32 million ounces of gold equivalent on the credit sideGoldMining has already made several high-profil
285、e acquisitions in recent years,demonstrating a resource base that now exceeds 25 million ounces of gold.Inclu-ding all other raw materials,namely silver and copper,GoldMinings projects even have more than 30 million ounces of gold equivalent.The most important projects are presented below.Para State
286、 Projects Brazil7 projects are located within or just outside the Brazilian state of Para State.4 of them already have a combined resource base of almost 3.5 million ounces of gold.With 711,800 ounces of gold in the indica-ted category and 716,800 ounces in the in-ferred category,Sao Jorge is the le
287、ading of the Para State Projects.It is an open pit project with average indicated grades of 1.55 grams of gold per tonne of rock(g/t).Cachoeira has 692,000 ounces in the indi-GoldMiningOver 30 million gold equivalent ounces and first major option deal2829ISIN:CA38149E1016WKN:A2DHZ0FRA:BSRTSX:GOLDFul
288、ly diluted shares:165.8 million Contact:Phone:+1-855-630-Gold Mining Inc.Summary:High leverage on the gold price First large option trade executedGoldMining was able to assemble a consi-derable portfolio of projects,which to-gether amount to more than 30 million ounces of gold equivalent.At the same
289、 time,the projects have not even been completely explored,and the deposits have not yet been delineated in several di-rections and at depth.GoldMinings suc-cessful management team is also working on further acquisition opportunities.Gold-Mining was able to announce a first option deal in June 2022,w
290、hen the Almaden pro-ject was sold to NevGold.In return,the company initially received CA$3 million in NevGold shares.Additional payments could generate another CA$13.5 million.A good deal for GoldMining,the Almaden project cost just CA$1.15 million in 2020.With a further rising gold price,GoldMining
291、 should also be able to sell further projects or find development partners for them.spinning off the project into a separate company called U.S.GoldMining.This should similar to Gold Royalty lead to an improved market valuation and also provide more attention as an independent compa-ny,especially in
292、 the USA.Rea Uranium Project Alberta,CanadaAnother potential trump card up our sleeve is the Rea uranium project in the western Athabasca Basin,currently the hottest ura-nium hot spot in the world.With its 125,000 hectares,it has district potential.It sur-rounds Oranos(ex-AREVA)high-grade Maybelle d
293、eposit,which has already pro-duced 17.7%U3O8 over 5 meters,among other grades.Orano is actively exploring the Maybelle project there.Rea is 75%owned by GoldMining,with Orano holding the remaining 25%.Similar to Whistler,Rea could be spun off into a separate company in the future.The prerequisite for
294、 this is a further increase in uranium prices.What have you and your company achie-ved in the past 12 months?Through the last decade,during the bot-tom of the gold cycle,GoldMining Inc as-tutely acquired and accumulated a portfo-lio of large,diversified gold-copper pro-jects across the Americas whic
295、h has exposure to 16.2 million gold equivalent ounces of M&I resources and a further 16.2 million gold equivalent ounces of in-ferred resources.Now that the cycle has turned,we have shifted our strategy to annual dividend cash flows to the company.In June,we announced an option agree-ment with NevGo
296、ld where NevGold will ac-quire the Almaden project in Idaho for total option and contingent payments of C$16.5 million.We acquired Almaden in March 2020 for only C$1.15 million.This transac-tion represents significant returns for our shareholders while we retain exposure to exploration upside throug
297、h our equity ow-nership in NevGold.In South America,our team completed our first exploration drilling program in Colom-bia safely and on budget.The drilling pro-gram targeted the expansion of the La Garrucha discovery at the La Mina project.Initial drilling highlights included hole LME1108 which inc
298、luded 431.23 meters at 0.73 g/t AuEq.Also this year,we created a new wholly owned subsidiary called U.S.GoldMining Inc.to unlock the potential of our Whistler project located in Alaska.Whistler is a lar-ge gold-copper project with indicated re-sources of 3.0 million gold equivalent oun-ces and infer
299、red resources of 6.5 million gold equivalent ounces.U.S.GoldMining Inc.has a dedicated team and board that is focused on advancing the asset and will operate as a separate public company fol-lowing a planned IPO later this year.What are the most important company catalysts for the next 6 to 12 month
300、s?The IPO of U.S.GoldMining Inc.,expected in Q4 2022,will be a significant catalyst for GoldMining Inc.This injection of capital into the entity,raised through the IPO will allow the team to drive forward explorati-on,spotlighting the scale,quality,and up-side potential of the asset.In Colombia,we w
301、ill build on the success of our drilling program at the La Mina pro-ject by initiating an update to our mineral Exclusive interview with Alastair Still,CEO of GoldMining Alastair Still,CEOstart unlocking the value of our portfolio that we benefit from today at significantly discounted valuations.Gol
302、dMining Inc.has had a dynamic 12 months with several exciting catalysts prepared for our key projects in 2022-23.In early 2021,GoldMining Inc.crystallized significant value through the successful IPO of Gold Royalty Corp(NYSE:GROY).GoldMinings interest in Gold Royalty now represents a value of over$
303、60 million and is expected to provide roughly$1 million in resource estimate in Q4,which will include a maiden resource estimate on the La Gar-rucha deposit.Leveraging this updated mineral resource estimate,we intend to in-itiate an updated Preliminary Economic Assessment for the La Mina project in
304、2023.How do you see the current situation on the market for precious metals?Despite headwinds from central banks rai-sing nominal rates,the reality is global debt levels have made it impossible for central banks to increase nominal rates in a fiscally responsible way to combat infla-tion.Inevitably
305、this will result in negative real interest rates for the foreseeable fu-ture,a strong environment for gold to in-crease in price.3031Gold Royalty Strong gold portfolio and fixed quarterly dividendGold Royalty is a Canadian royalty and stre-aming company specializing in precious metals and providing
306、financing solutions to the metals and mining industries.Gold Royaltys diversified portfolio consists of nearly 200 royalties located in mining-fri-endly jurisdictions across the Americas.As a result,in the first 9 months of fiscal 2022,they have already achieved revenues of US$3.1 million.The trend
307、is strongly upward.Focus on Nevada and QuebecWithin the portfolio,which currently con-sists entirely of royalties and streams from the Americas,the main focus is clearly on the top mining jurisdictions of Nevada and Quebec,as evidenced by the current core projects,which are presented in more detail
308、below.Canadian Malartic Quebec/CanadaGold Royalty holds a 3.0%net smelter roy-alty(NSR)on the Odyssey underground ex-pansion at Canadas largest gold mine,Ca-nadian Malartic.The expansion of the Agni-co Eagle and Yamana Gold operated mine in Quebec is currently in the construction phase and is expect
309、ed to produce first gold deposits in 2023.The NSR covers the East Malartic,Jeffrey Zone and Barnat Extensi-on areas.Yamana Gold most recently re-ported an updated mineral resource for the Odyssey underground project of 2.35 milli-on ounces of gold in indicated mineral re-sources and 13.15 million ou
310、nces of gold in inferred mineral resources.The Odyssey underground project is expected to pro-duce approximately 500,000 ounces of gold per year over a mine life of more than 18 years,with potential for additional ex-pansion.Jerritt Canyon Nevada/USAFirst Majestic Silvers Jerritt Canyon Mine in Neva
311、da is currently operating as an under-ground mine and has a capacity of 4,500 tons per day.The Company produced 68,567 ounces of gold from the Jerritt Ca-nyon Gold Mine in 2021 and projects total production of between 116,000 and 129,000 ounces of gold in the current year of 2022.Gold Royalty holds
312、a 0.5%NSR and a sliding royalty per tonne(PTR).The project site consists of a large,unde-veloped land package covering 30,821 hectares.First Majestic Silver has identified several opportunities to improve both the cost and production profile of Jerritt Ca-nyon,as well as near-term brownfield po-tent
313、ial between the SSX and Smith mines and long-term cross-property exploration potential.135,000 metres of drilling are planned for 2022.By year end,the West Generator underground mine,a portion of the Jerritt Canyon property subject to Gold Royaltys NSR,is expected to come online.Marigold Nevada/USAM
314、arigold is located on the Battle Moun-tain-Eureka gold trend in eastern Nevada and consists of 205 unpatented mining claims covering 7.8 square kilometers wit-hin SSR Minings operations.SSR Mining has delineated three resources within the Marigold claims:8N,8D and 8 South Exten-sion.Based on the upd
315、ated mine life plan,the mine is expected to produce an average of approximately 211,000 ounces of gold per year going forward.Gold Royalty holds a 0.75%NSR in Marigold.Ct Gold Ontario/CanadaFor IAMGolds Ct Gold Project,Gold Royalty holds a 0.75%NSR on the southern portion of the proposed open pit.Th
316、is co-vers zones of higher-grade mineralization that are expected to be mined in the initial production phases.Ct is located in Onta-rio and hosts approximately 7.2 million oun-ces of gold.The mine is in the construction phase and is expected to begin production in the second half of 2023.Expected p
317、ro-duction is approximately 489,000 ounces of gold in the first 5 years and 367,000 ounces of gold per year over the life of mine.Furthermore,the project has high explorati-on potential.REN Nevada/USABarrick Golds REN Project has an inferred resource of 1.24 million ounces of gold at average grades
318、of 7.3g/t gold.Among the standout drill results was a 40.2-meter in-tercept grading 27.60 g/t gold.Barrick has highlighted that REN represents future growth for the Carlin Complex and has the potential to contribute to the mine life plan in the near future.Gold Royalty holds a 1.5%NSR and a 3.5%net
319、profit interest(NPI).Lone Tree Nevada/USALone Tree is owned by i-80 Gold and is ex-pected to become the hub“of the Compa-nys Hub and Spoke“development plan in Nevada.The goal here is to become one of Nevadas largest gold producers and even-tually produce over 500,000 ounces of gold annually.Autoclav
320、e studies and residual le-aching programs are underway,with first gold production expected before the end of 2022.I-80 Gold has a world-class manage-ment team with a track record of operatio-nal excellence in Nevada.Gold Royalty holds a 1.5%NSR in Lone Tree.Nevada Gold Mines RoyaltiesGold Royalty en
321、tered into an agreement with Nevada Gold Mines LLC in August 2022 to acquire several royalty interests in Nevada properties for a total consideration of US$27,500,000,which was settled at closing through the issuance of 9,393,681 common shares of the Company.This is a 10%NPI in the high-grade produc
322、ing Gra-nite Creek Mine,payable upon cumulative production of 120,000 ounces of gold or its equivalent from this project.Further,a 2.00%NSR on the Bald Mountain mine operated by Kinross Gold Corporation,payable upon production of 10 million oun-ces of gold from the properties and a 1.25%NSR on the B
323、ald Mountain joint venture zone,also operated by Kinross.Fenelon Qubec/CanadaThe Fenelon Project is owned by Wallbridge Mining and is located in Quebec,within the Detour-Fenelon Gold Trend.It hosts at least 2.13 million ounces of gold in the indicated category and another 1.47 million ounces of gold
324、 in the inferred category.Wallbridge announced a CA$70 million drilling program in 2022,of which 115,000 meters are planned at Fenelon.The goal is to expand resources and prepare a feasibility study.Gold Royalty holds a 2%NSR in Fenelon.Beaufor Quebec/CanadaThe former producing Beaufor Mine will be
325、restarted in the current year 2022.Operator Monarch Mining is currently seeking to ex-pand the approximately 340,000-ounce gold resource.Gold Royalty holds a 2.75%NSR on a portion of the mine and a PTR(CA$3.75 per tonne processed from Be-aufor+CA$1.25 per tonne processed from the other areas).Borden
326、 Ontario/CanadaThe Borden mine is operated by Newmont near Chapleau,Ontario.Described as a mine of the future“,Borden features state-of-the-art health and safety controls,digital mining technologies and processes,and low-carbon energy vehicles.In addition,Bordens all-electric underground fleet eli-m
327、inates diesel particulates from the under-ground environment and reduces green-house gas emissions.Newmont began pro-duction at Borden in late 2019.Bordens production was 103,524 ounces of gold in 2021,and the latest available Mineral Re-serve and Mineral Resource Statement shows Proven and Probable
328、 Mineral Reser-3332David Garofalo,CEOves of 0.95 million ounces of gold,Measu-red and Indicated Mineral Resources of 0.56 million ounces of gold,and Inferred Mineral Resources of 0.41 million ounces of gold.The royalty covers a five-kilometer area of interest with a 0.50%NSR on cer-tain claims.In Ju
329、ly 2022,it was confirmed that mining was taking place at the Borden Mine on the relevant claims and Newmont has therefore commenced royalty pay-ments.Gold Royalty has therefore received approximately$1.4 million in back royalty payments.Annual sales growth of 60%+analyst estimates+dividendWith over
330、30 license areas already in pro-duction or development,Gold Royalty is expected to generate revenues of approxi-mately US$7 million in 2022 and grow by an industry-leading 58%in each of the next two years to approximately US$17 million in 2024,based on analyst consensus esti-mates.Gold Royalty pays
331、a quarterly divi-dend of US$0.01 per share.Summary:More and more projects are going online and generating revenueGold Royalty has an attractive royalty port-folio with some important core projects,some of which are already generating re-venues,such as Borden.However,things will only get really inter
332、esting when large projects such as Odyssey,Ct,REN,Fe-nelon and some others come on stream or as in the case of Nevada Gold Mines Royalties achieve corresponding pro-duction figures.With sales picking up quickly,there is an additional opportunity for an increase in the quarterly dividend.Gold Royalty
333、 has the expertise and the fi-nancial means to generate further firecra-cker royalties a la Ct or Nevada Gold Mines.For further financing,a US$25 milli-on credit line with BMO was recently ex-tended by two years.Exclusive interview with David Garofalo,CEO of Gold RoyaltyWhat have you and your company achie-ved in the past 12 months?Despite a challenging equity market back-drop,Gold Royalty has con