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Newsletter 20 /2019

This newsletter contains news on the following topics:

Fission 3.0 + GoviEx Uranium + Fission Uranium + Rick Rule + Prime Mining + Precious Metals Summit Zürich + Mines & Money London + Share of the week: Aurania Resources + Commodities 2020 - where are we headed? + New Pacific Metals + NorZinc + Royal Road Minerals + Adriatic Metals + Torsten Dennin + Osisko Gold Royalties + Skeena Resources + EnWave + White Gold + Ronald Stöferle + Florian Grummes + Oceana Gold + ZCCM Investment Holdings + PolarX + Steppe Gold + First Cobalt + IsoEnergy + US Gold + Sibanye-Stillwater

Dear Subscriber and Roadshow participant!

We want to thank you for your support and interest in our work and companies in 2019. The year was full of surprises, a break out in gold and hopefully silver follows in 2020 and also fantastic winners like Sibanye-Stillwater. Precious Metals are a must have to insure your wealth but also companies like our clients are worth to be considered to participate in the upcoming new commodity cycle. 2020 starts not only a new year, it is the start of a new decade and we think it is a decade for commodities! Me and my fantastic team will inform you also in the next decade with quality news and companies. I have to thank also my team for another great year with top work, team spirit, ideas and great events and not to forget our new designed TV channels. Well done and we will rock 2020 again!

Merry Christmas and a Happy New Year 2020! All the best, enjoy, get some rest and stay healthy.

Kind Regards,

Jochen Staiger
CEO Swiss Resource Capital AG – Chief Editor Commodity-TV & Rohstoff-TV

In the past weeks we were able to meet and interview many company representatives, among others at the Precious Metals Summit Zurich and the Mines & Money London. Below and later in this newsletter you will find the most interesting interviews and company presentations from the past three weeks:

Share of the week: Aurania Resources

Aurania Resources finds alleged Spanish colonial road
Aurania Resources reported a few days ago that remains of an old road were found in the central part of the Lost Cities - Cutucu project in southeastern Ecuador. The road was discovered by Aurania's field teams in search of Seville de Oro, one of the two gold mining centers described in historical manuscripts from Ecuador, Peru, Spain and the Vatican. These records describe that during the colonial period the Spaniards operated the two gold mines between about 1565 and 1606. It is believed that the road discovered by Aurania's exploration teams connected Seville de Oro with the other gold mining center "Logroño de los Caballeros" as described in historical manuscripts.
This seems to have taken Aurania a step further in the search for the high-calibre gold mines of the Spaniards.
News: Aurania Finds First Field Evidence of Colonial Spanish Activity at Its Lost Cities Project in Ecuador
Video: Aurania Resources: Following Track of Possible Road - LIDAR Program Started

Aurania Resources reports strong copper anomalies
Furthermore, Aurania Resources recently reported that soil sampling shows strong copper enrichment directly above the Tsenken N2 geophysical feature identified as a second stage target by the Company's airborne magnetic survey of its Lost Cities - Cutucu project in southeastern Ecuador. The soil survey showed copper enrichment over an area of 2,000 metres in length and 300 metres in width. The copper-enriched area thus corresponds to a magnetic feature with similar dimensions. Geological mapping has confirmed that the geophysical feature is altered diorite porphyry. The superposition of a strong copper accumulation in soil over the magnetic feature Tsenken N2 and the change in sporadic outcrops indicates that this is a porphyry copper target. This realization is a major advance for the Company as many dozens of similar targets, initially interpreted as secondary, are evident in the geophysical data from this property.
News: Aurania Reports on the Copper Potential of Geophysical Targets
Interview: Aurania Resources: Following Track of Possible Road - LIDAR Program Started

Market overview:

Commodities 2020 - where are we headed?

At the end of the year it will be time for a short raw material check. We have thought about the most important raw materials and dare to make an assessment for the coming year.

Gold: The price of gold in 2019 was influenced less by geopolitical than by fiscal events. First and foremost, the FED's measures to cut interest rates led to one or two outliers upwards and overall to a very good performance for gold. In 2020, interest rates are likely to, and must, fall further, at least in the USA. The United States is supposed to become more attractive for exports. This means lower interest rates, a weaker US$, more economic growth. Trump will do everything in his power to achieve these goals as quickly as possible, after all he wants to be re-elected at the end of the year. Good for the gold price! Tendency: upwards!

Silver: Already in 2019 silver showed: 90% of silver swims in the waters of gold. Hardly any fundamental impetus of its own, but constant uncertainty about possible declines in demand due to the threat of a global recession. As with gold, the supply deficit for silver has long been increasing. The decisive factor is that silver is finding its way into more and more areas (energy, medicine, high-tech). Perhaps not yet in 2020 to a significant extent, but beyond that an increase in demand cannot only be guessed at. Tendency: upwards!

Battery metals: Lithium, cobalt and vanadium did not have it easy in 2019. The persistent fall in prices, which admittedly took place from a high level, also depressed very good stocks. There seems to be no improvement in sight in the short term. Only when above all many Australian mines, which produce lithium at very high prices, have to close, at least a certain overproduction of lithium seems to be eliminated. In addition, it is not until 2022 that really large quantities, above all from the automotive sector, will really take centre stage and stimulate demand. Cobalt will find its way into lithium-ion batteries in ever smaller quantities, in favor of nickel, which developed splendidly in terms of price in the first half of 2019, but recently had to be replaced by springs. LME nickel inventories remain close to the 5-month low. Tendency: Inconsistent!

Copper: Copper continues to be THE underestimated raw material par excellence. Although the price of copper has recently risen again somewhat, partly due to the fact that LME inventories have fallen by 40% since September, excessive demand from the automotive sector at least is not yet to be expected in 2020. In the medium to long term, the electro revolution and the advancing urbanisation, especially in Asia, should ensure that copper will again take off into the areas of old highs. Problems with the extraction of some mine closures inclusive, with only a few new, significant mines at the same time, do the rest. Tendency: stable to rising!

Uranium: Even or especially in 2019 did not bring much good for the uranium sector. If at the beginning one hoped for Trump's word of command in matters of import intensification for foreign uranium, while at the same time strengthening one's own uranium industry, nothing happened until the end. The commission set up to investigate the dependence of the USA on uranium of Russian origin and to issue a recommendation to this effect, missed several deadlines and has so far delivered nothing useful. This inaction kept the lid on the uranium spot price, just as Japanese old uranium stocks continue to do. Many old contracts are now expiring, but it seems that nobody wants to take the first step. This could change in 2020, because several uranium ETFs, as well as larger uranium producers, are in the process of buying the spot market empty and snatching the cheap uranium from established buyers, i.e. energy supply companies, especially in the USA and Europe. Tendency: Stable at low level to rising! If it goes over the 30 US$ mark, it should quickly continue in the direction of 40 to 50 US$.      


New Pacific Metals: Huge Silver Project in Bolivia - Resource Estimate Coming in Q2 2020
NorZinc: Developing High Grade Zinc-Lead-Silver Deposit in Canada
Royal Road Minerals: Multiple Exploration Assets in Nicaragua and Columbia
Adriatic Metals: Highly Economic Polymetallic Deposit in Bosnia
Prof. Torsten Dennin: "Uranium Price Will Slowly Rise to 35-40 Dollars"

Further company news:

Osisko Gold Royalties before Rebound? - Haywood sees fair price at 19.50 CA$!
The analysts at Haywood Capital Markets recently published a new assessment of Osisko Gold Royalties. They confirmed their buy recommendation and set a target price of CA$ 19.50 per share. This corresponds to a price about 60% higher than the daily price.
Research Report: Haywood analysts recommend buy for Osisko Gold Royalties - Target price 19.50 CAD

Skeena Resources receives 15 million CA$ in fresh capital
Skeena Resources announced a few days ago a non-brokered private placement of up to 18,292,683 flow-through shares at a price of CA$ 0.82 per share for total gross proceeds of CA$ 15 million.
The net proceeds of the offering will be used to fund exploration activities for the Company's projects in British Columbia's Golden Triangle.
News: Skeena Announces C$15 Million Private Placement

EnWave conquers the Swiss cannabis market
A few days ago, EnWave announced the signing of a commercial fee-based license agreement and equipment leasing agreement with a Swiss-based medical cannabidiol company ("CBD"). The license grants the royalty partner a non-exclusive right to process medical hemp for CBD production (cannabidiol) in Switzerland using the company's patented Radiant Energy Vacuum Technology ("REV™"). Under the terms of the lease agreement, the royalty partner has agreed to lease a 10 kW REV™ machine for an initial term of six months.
This is the seventh REVTM license EnWave has granted worldwide to licensed cannabis and hemp producers, but the first on the European medical hemp market. In view of the stricter processing regulations for the pharmaceutical market, this license further validates the REV™ technology in the hemp and cannabis sector and serves as a basis for the further introduction of the REV™ technology in continental Europe for the drying of medical hemp.
News: EnWave Signs Commercial Royalty-Bearing License and Equipment Lease Agreement with a Swiss Medical CBD Company

White Gold Announces High-Calibre Gold Discovery
White Gold recently announced the very first drill results from the Titan Target, Hen Property, Yukon. Rotary Air Blast drilling continued to follow the high grade prospecting results and results of the GT sample and returned 72.81 g/t Au over 6.09 m from 10.67 m depth, including 136.36 g/t Au over 3.05 m from 12.19 m depth, within a 32 m thick mineralization zone.
This is one of the most successful holes ever drilled in the White Gold District, Yukon, Canada.
News: White Gold Corp. Makes New High-Grade Gold Discovery Intersecting 72.81 g/t Au over 6.09m from 10.67m Depth

White Gold Expands Exploration Area
White Gold also recently announced that it has acquired three strategic claims (Kodiak, Kirkman & Tea) totaling 689 claims adjacent to the Company's White Gold property as well as Newmont Goldcorp's Inc. Coffee Project and Western Copper & Gold's Casino Project, all located in the productive White Gold District of Yukon, Canada. The claims further extend the Company's land package to the south through the Kodiak & Kirkman Claim Blocks located approximately 10 km south of the Company's White Gold deposit and 10 km north of the Newmont Coffee deposit and the Tea Claim Block adjacent to the Coffee Project to the south. These occurrences each have similar geological characteristics to the nearby occurrences that host significant gold deposits.
The claims increase the Company's extensive land package to 21,207 quartz claims on 33 properties totaling over 422,730 hectares, representing over 40% of the White Gold District.
News: White Gold Corp. Stakes Strategic Claims in White Gold District, Yukon & Management to Provide Corporate Update Webinar Focusing on Titan Discovery Today at 4PM EST

Ronald Stöferle: "Gold - This is the Beginning of a Bigger Move"
Florian Grummes: "In the Big Picture There is a Massive Copper Supply Shortage"
OceanaGold: Adressing Latest Issues - Strong Production Growth in the Future
ZCCM Investment Holdings: Holding 22 Investments in Zambia
PolarX: Exploring Two Porphyry Copper-Gold Deposits in Alaska

Steppe Gold starts gold mining
Steppe Gold recently announced that the ATO gold mine has been fully approved and gold production is commencing. The company has now mined, crushed and stacked approximately 300,000 tonnes of ore grading 2.13 g/t gold on the leach pad. The company's mining, crushing and stacking program is running. Full-year production for 2020 is now estimated at approximately 60,000 ounces of gold. The company will now press ahead with the feasibility study for its stage 2 expansion project at ATO colliery. The aim is to increase annual gold production from the underlying fresh rock ores to 150,000 per year. The Company continues to explore a number of additional opportunities in Mongolia, including exploration drilling on the exciting Uudam Khundii Gold Project.
Steppe Gold also announced the appointment of Bataa Tumur-Ochir as President and CEO of Steppe Gold with immediate effect.
News: Steppe Gold's ATO Mine Fully Permitted and Commencing Gold Production. Appointment of New President and CEO to Lead Aggressive Growth Strategy

First Cobalt is on track to complete feasibility study for its cobalt refinery
First Cobalt recently provided an overview of the feasibility study for the recommissioning and expansion of its Canadian cobalt refinery in collaboration with Glencore AG. Right on time for the first quarter of 2020, a pre-feasibility study for a new start with 12 tons per day will be completed plus a second final feasibility study for an expansion scenario to 55 tpd. The field program to assess the condition of the equipment and systems currently installed in the refinery was completed by Ausenco Engineering Canada Inc. The six-week programme was completed in just four weeks, mainly due to the good overall condition of the equipment tested.
There is not much in the way of a quick restart of the system.
News: First Cobalt Provides Update on Refinery Feasibility Study

IsoEnergy increases private placement
IsoEnergy recently announced that it has completed its previously announced private placement under an agreement with PI Financial Corp. for gross proceeds of approximately CA$3.5 million. The company also announced that it was increasing the size of the unbrokered private placement due to investor demand. The Company had originally planned to raise gross proceeds of CA$2.65 million under the Non-Brokered Financing and the Company will increase this amount by up to CA$572,744 consisting of up to 1,431,858 additional units at a price of CA$0.40 per unit to raise gross proceeds of up to CA$3,222,744.
This clearly shows what Rick Rule also hinted at Mines & Money at the end of November 2019 in London: Investors are again willing to invest in exploration companies and especially uranium companies.
News: IsoEnergy Closes Bought Deal Private Placement of FT Shares for C$3.50 Million and Announces Increase to Non-Brokered Portion of the Private Placement
CEO-Interview: Iso Energy: Well Financed for Further Uranium Exploration at Hurricane Zone Discovery
Interview with Rick Rule: Rick Rule: "I Feel Great About the Precious Metals Markets"

US gold receives high-calibre growth
US Gold recently announced that Ewan Downie and Mario Stifano had joined the newly formed advisory board. Downie has over 25 years experience in the exploration and mining industry and is currently President, Chief Executive Officer and Director of Premier Gold Mines Ltd. and Chief Executive Officer of Wolfden Resources Corp. Stifano is a senior executive and proven market leader with many years of experience in the capital markets who has helped raise over $650 million in cumulative financing in various industries including natural resources, technology and finance.
News: U.S. Gold Corp. Announces Formation of Advisory Board
Interviews: U.S. Gold: Best Drill Result at Keystone Gold Project to Date
U.S. Gold: Acquisition of Maggie Creek - PFS for Copper King Deposit in 2020

Sibanye-Stillwater wins environmental award
Sibanye-Stillwater recently reported having been named the most cooperative and water-efficient mining company in South Africa at the annual Rand Water Awards held on November 29, 2019. The award recognizes Sibanye-Stillwater's positive contributions and willingness, as well as the positive contribution it has made to water conservation and water demand initiatives.
News: Rand Water recognises Sibanye-Stillwater as the most ‘Collaborative’ and ‘Water saving’ company

Swiss Resource Capital AG and the authors of Swiss Resource Capital AG currently hold or intend to hold shares in the following companies mentioned in this issue: Fission 3.0 + GoviEx Uranium + Fission Uranium + Prime Mining + Aurania Resources + New Pacific Metals + NorZinc + Royal Road Minerals + Adriatic Metals + Osisko Gold Royalties + Skeena Resources + EnWave + White Gold + Oceana Gold + ZCCM Investment Holdings + PolarX + Steppe Gold + First Cobalt + IsoEnergy + US Gold + Sibanye-Stillwater.

Swiss Resource Capital AG has concluded IR consulting agreements with the following companies mentioned in this issue: Fission 3.0 + Aurania Resources + Osisko Gold Royalties + Skeena Resources + EnWave + White Gold + Oceana Gold + Steppe Gold + First Cobalt + IsoEnergy + US Gold + Sibanye-Stillwater.

This publication is based on Swiss Resource Capital AG's detailed risk warnings, limitations of liability and disclaimers, which can be viewed here: Risk Disclosure and Disclaimer

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