TD PM Price Deck, WM, CEE
FWIW, TD has lowered their price deck for PM due to rising interest rate expectations due to rising inflation. For 2002, they have lowered their gold price from %US1819/oz to $US1796/oz. with the 2023 price lowered from $US1800 to $US1750. Their silver price deck was dropped a similar percentage, but they are maintaining the PM miners sector rating at Overweight.
In consequence, they have lowered their target of many (but not all) of the PM stocks they cver. Some examples incl BTO, still rated Buy, dropped $9 to $8.50, WDO kept at Buy but dropped from $14.50 to $12.50, and SSL kept at Buy but dropped from $10.50 to $19.
Wallbridge Mining aka WM has come up with a cheap method of adding to the gold resources at their Genelon project in Quebec, going back and sampling previously drilled core in what was thought to be areas barren of minerlaization. So far they have resampled over 23 km of their 30km target, and they continue to find lots of good ore, as evidenced by assays like 72.00 g/t Au over 1.50m, 5.95 g/t Au over 4.50 m, and 15.12 g/t Au over 1.00 m highlighted in this NR.
These results will not contribute to the upcoming revised Resource Report which will be released in Q1 (And the PEA to be released in Q2), but also suggest areas to be followed up with further exploration.
Message 34046175
Centamin aka CEE released their Q3 results and the changes instituted to their Sukari gold mine in Egypt by the new management continue to bear fruit, with production of 128k oz Au, well above expectations and 16k oz more than Q2, Bringing mining in house with a new fleet has significantly increased earth moving capacity and flexibility, resulting in higher grades for the mill, lover cash costs, down to $811/oz in Q3, and a reaffirmation of 2022 guidance. They also increased their cash stash to $154M and remain debt-free.
We can expect further cost savings this quarter as the newly commissioned solar plant reduces fuel costs and various other initiatives kick in. CEE is really in a sweet spot right now. I just might have to buy some more.
Message 34046214
FWIW, BMO released a new analyst report on CEE, seeing the Q3 results as Slightly Positive while maintaining them at Ourperform. Their target has been reduced to $C1.86, but that is because they issue the target in British pounds, for which the exchange rate and the Canadian dollar has plummetted.
Also, Saville notes that the PoG might have recently put in a double bottom, but in his opinion for that low to hold, the US 10-years TIPS yield has to have made a top. He does note one positive indicator, that PM stock prices held up much better than the prices of the metals themselves during the recent dip.
Oh, and I should mention that I did add appreciably to my holdings in ORS in the wake of the PR the other day. I think they have a decent chance of coming up with at least one large deposit on their Captain property in north central BC. |
