Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Thematic (Sector/Industry)

<ul><li>We attended the 2024 Australian Gold Conference last week at a time when gold is coming back in vogue with the gold price continuing to push to new highs in CY24, exceeding US$2,500/oz or a little over A$3,800/oz.</li><li>This environment has been good for producers, particularly the higher cost miners that have the most operating leverage to higher gold prices.</li><li>However, there are early signs that investor interest is starting to flow down through to developers, in particular more advanced ones.</li></ul>

We attended the 2024 Australian Gold Conference last week at a time when gold is coming back in vogue with the gold price continuing to push to new highs in CY24, exceeding US$2,500/oz or a little over A$3,800/oz.This environment has been good for producers, particularly the higher cost miners that have the most operating leverage to higher gold prices.However, there are early signs that investor interest is starting to flow down through to developers, in particular more advanced ones.

Australian Gold Conference 2024 Highlights: Who and What Did We Find Interesting at the Event?

Materials Analyst/Strategist, Janus Analysis

Gaius King

Materials Analyst/Strategist

Janus Analysis

Equity Bottom-Up

<ul class="">
<li>Iron Ore fallen &gt;27% in nine days, trader driven, as opposed to fundamentals</li>
<li>Chinese iron ore consumption growth &gt;4% over the pcp</li>
<li>Supply shortages structural, limited capacity for near-term iron ore expansion</li>
<li>Retain BUY recommendation on FMG, Rio Tinto, BHP</li>
<li>Change SELL recommendation on Vale to HOLD</li>
<li>China actively exploring demand-side solutions, increased infrastructure investment</li>
<li>Yuan devaluation unlikely to adversely impact domestic seaborne iron ore demand</li>
<li>Decline in the LCE (lithium carbonate equivalent) price accelerating</li>
<li>Re-iterate SELL on all Lithium Explorers</li>
<li>
<a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU), </a><a href="https://www.smartkarma.com/entities/vale-sa" target="_blank" data-smartkarma-citation="entities:23731:1" rel="noopener">Vale SA (VALE US), </a><a href="https://www.smartkarma.com/entities/bhp-billiton-ltd-adr" target="_blank" data-smartkarma-citation="entities:5424:1" rel="noopener">Bhp Billiton Ltd (Adr) (BHP US), </a><a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU), </a><a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU), </a><a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU, </a><a href="https://www.smartkarma.com/entities/pensana-metals-ltd" target="_blank" data-smartkarma-citation="entities:2106:1" rel="noopener">Pensana Metals (PM8 AU), </a><a href="https://www.smartkarma.com/entities/peel-mining-ltd" target="_blank" data-smartkarma-citation="entities:4111:1" rel="noopener">Peel Mining Ltd (PEX AU), </a><a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">Azumah Resources (AZM AU), Ausmex (ASX: AMG), </a><a href="https://www.smartkarma.com/entities/navarre-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2688:1" rel="noopener">Navarre Minerals (NML AU)</a><a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">, Ekorre Resources (ASX: ERX), Bardoc (ASX: BDC), </a><a href="https://www.smartkarma.com/entities/emerald-resources-nl" target="_blank" data-smartkarma-citation="entities:17495:1" rel="noopener">Emerald Resources Nl (EMR AU), </a><a href="https://www.smartkarma.com/entities/vango-mining-ltd" target="_blank" data-smartkarma-citation="entities:19897:1" rel="noopener">Vango Mining (VAN AU), </a><a href="https://www.smartkarma.com/entities/emmerson-resources-ltd" target="_blank" data-smartkarma-citation="entities:18705:1" rel="noopener">Emmerson Resources (ERM AU), </a><a href="https://www.smartkarma.com/entities/firestone-diamonds-plc" target="_blank" data-smartkarma-citation="entities:23522:1" rel="noopener">Firestone Diamonds (FDI LN), </a><a href="https://www.smartkarma.com/entities/alliance-resources-ltd" target="_blank" data-smartkarma-citation="entities:7038:1" rel="noopener">Alliance Resources (AGS AU), </a><a href="https://www.smartkarma.com/entities/blackstone-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28181:1" rel="noopener">Blackstone Minerals Ltd (BSX AU), Spectrum Metals (AS: SPX), </a><a href="https://www.smartkarma.com/entities/atrum-coal-nl" target="_blank" data-smartkarma-citation="entities:9553:1" rel="noopener">Atrum Coal Nl (ATU AU), </a><a href="https://www.smartkarma.com/entities/alkane-resources-ltd" target="_blank" data-smartkarma-citation="entities:19111:1" rel="noopener">Alkane Resources (ALK AU), Blackcat (ASX: BC8), </a><a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU), </a><a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU), </a><a href="https://www.smartkarma.com/entities/cardinal-resources-ltd-9e1d58d4-8d9b-48dd-a059-3f04f896e3ee" target="_blank" data-smartkarma-citation="entities:28182:1" rel="noopener">Cardinal Resources Ltd (CDV CN), Bellevue Gold (ASX: BGL), </a><a href="https://www.smartkarma.com/entities/breaker-resources-nl" target="_blank" data-smartkarma-citation="entities:19210:1" rel="noopener">Breaker Resources Nl (BRB AU)</a><a href="https://www.smartkarma.com/entities/cardinal-resources-ltd-9e1d58d4-8d9b-48dd-a059-3f04f896e3ee" target="_blank" data-smartkarma-citation="entities:28182:1" rel="noopener"> </a><a href="https://www.smartkarma.com/entities/azumah-resources-ltd" target="_blank" data-smartkarma-citation="entities:5124:1" rel="noopener">      </a>
</li>
</ul>


Iron Ore fallen &gt;27% in nine days, trader driven, as opposed to fundamentals
Chinese iron ore consumption growth &gt;4% over the pcp
Supply shortages structural, limited capacity for near-term iron ore expansion
Retain BUY recommendation on FMG, Rio Tinto, BHP
Change SELL recommendation on Vale to HOLD
China actively exploring demand-side solutions, increased infrastructure investment
Yuan devaluation unlikely to adversely impact domestic seaborne iron ore demand
Decline in the LCE (lithium carbonate equivalent) price accelerating
Re-iterate SELL on all Lithium Explorers

Fortescue Metals (FMG AU), Vale SA (VALE US), Bhp Billiton Ltd (Adr) (BHP US), Rio Tinto Ltd (RIO AU), Gold Road Resources (GOR AU), Lynas Corp Ltd (LYC AU, Pensana Metals (PM8 AU), Peel Mining Ltd (PEX AU), Azumah Resources (AZM AU), Ausmex (ASX: AMG), Navarre Minerals (NML AU), Ekorre Resources (ASX: ERX), Bardoc (ASX: BDC), Emerald Resources Nl (EMR AU), Vango Mining (VAN AU), Emmerson Resources (ERM AU), Firestone Diamonds (FDI LN), Alliance Resources (AGS AU), Blackstone Minerals Ltd (BSX AU), Spectrum Metals (AS: SPX), Atrum Coal Nl (ATU AU), Alkane Resources (ALK AU), Blackcat (ASX: BC8), Liontown Resources (LTR AU), Tietto Minerals Ltd (TIE AU), Cardinal Resources Ltd (CDV CN), Bellevue Gold (ASX: BGL), Breaker Resources Nl (BRB AU)       



New J Hutton – Exploration Report Pt 1 (Weeks Ending 02/08/19)

Australia

Navarre Minerals Ltd. explores for metals.  The Company explores for gold on the Bendigo North, Ballarat South and Kingston properties; and copper, zinc and gold in the Black Ranges, all located in Victoria, Australia.

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Navarre Minerals (NML AU)

Australian Gold Conference 2024 Highlights: Who and What Did We Find Interesting at the Event?

We attended the 2024 Australian Gold Conference last week at a time when gold is coming back in vogue with the gold price continuing to push to new...

Research as a Service (RaaS)

New J Hutton – Exploration Report Pt 1 (Weeks Ending 02/08/19)

Iron Ore fallen >27% in nine days, trader driven, as opposed to fundamentals Chinese iron ore consumption growth >4% over the pcp Supply...

Gaius King

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