The Conversation (0)
- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Top Stocks
Top Resource Stocks
Top Tech Stocks
Top Life Science Stocks
Trending
Trending Articles
Trending Press Releases
Trending Companies
Trending Reports
Resource
Popular Lists
Investing Ideas
Outlook Reports
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
Investing Guides
Tech
Popular Lists
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
Investing Ideas
Outlook Reports
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
Investing Guides
Life Science
Popular Lists
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
Outlook Reports
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Investing Guides
AIM Listing, Director & Broker Appointment and Drilling Update
October 17, 2021
Future Metals NL ("Future Metals" or the "Company", ASX | FME) is pleased to provide an update on its admission to trading on the AIM market of the London Stock Exchange ("AIM") and its operational progress.
Highlights
- Admission to AIM
- Admission to trading on the AIM market of the London Stock Exchange expected to take place at 8:00a.m. (London time) on 21 October 2021 under trading code 'FME' ("Admission")
- Highly respected UK-based company director, Elizabeth Henson, to be appointed to the Board as an Independent Non-Executive Director on Admission
- Appointment of W H Ireland Limited ("WH Ireland") as UK Broker with effect from Admission
- Operational update
- Drilling progressing as planned at Panton, with approximately 3,000m completed to date across thirteen holes
- Samples submitted for assaying for initial ten holes drilled with results pending
- Drilling is continuing and currently targeting shallow mineralisation across the B Zone and C Zone where the Company sees potential for broad mineralisation outside of the current Panton 2.4Moz JORC Mineral Resource Estimate ("MRE") (refer Appendix One)
Admission to AIM
It is expected that the Company's ordinary shares will be admitted to trading on AIM at 8:00a.m. (London time) on 21 October 2021. On Friday, 15 October 2021 the Company published an AIM Admission Document, which will be made available on the Company's website at www.future-metals.com.au from Admission.
In conjunction with Admission, the Company has secured the appointment of a highly credentialed UK-based director to augment the Company's existing board of directors. It is proposed that Elizabeth Henson will be appointed to the Board of Future Metals with effect from Admission.
Ms Henson was formerly a senior international private tax partner of PricewaterhouseCoopers (PwC) in London, having founded and led PwC's International Wealth business. She is an experienced company director and holds a Master of Laws and Tax from Queen Mary, University of London, along with a Bachelor of Laws (LLB) and Bachelor of Art from Rhodes University, South Africa.
FME:AU
29 October
Top 5 Palladium and Platinum Countries by Production
Platinum-group metals (PGMs) include platinum, palladium, rhodium and other metals, all of which are prized for their durability, resistance to corrosion and excellent catalytic properties.
The automotive industry is the world’s largest consumer of these metals, which among other things are used in catalytic converters for vehicle exhaust systems. A rebound and continued growth in auto production is projected in the coming years, particularly in developing markets, and this should increase demand for PGMs, especially when it comes to platinum and palladium. On the supply side, the platinum market is expected to slide into a significant deficit in 2024 and beyond.
But where do platinum and palladium come from? The list of the world’s top palladium- and platinum-mining countries is a short one, and most PGMs come from South Africa and Russia.
Russia's ongoing war in Ukraine and electricity shortages in South Africa are expected to seriously hamper the ability of these nations to bring PGMs to market. So what other countries are platinum and palladium producers, and which countries hold the most platinum and palladium reserves? Below is a list of the five top producers in 2023, as per the latest data from the US Geological Survey.
1. South Africa
Platinum production: 120,000 kilograms
Palladium production: 71,000 kilograms
PGM reserves: 63 million kilograms
South Africa is top of the list of the world’s top platinum producers, with production of 120,000 kilograms in 2023. The country is also a major producer of palladium, taking second place globally with 71,000 kilograms last year. South Africa also holds the largest-known reserves of PGMs globally at 63 million kilograms.
According to the US Geological Survey, 2023 production of PGMs in South Africa "decreased compared with that in 2022 owing to disruptions to the supply of electricity and multiple issues related to rail transport. Declining prices also contributed to decreased production."
The Bushveld complex is the largest PGMs resource in the world, and represents a large majority of annual global production of platinum and palladium. Impala Platinum Holdings (OTCQX:IMPUY,JSE:IMP), commonly called Implats, is a significant producer in the complex, which hosts the company's Impala Rustenburg mine, Marula mine, Bafokeng and Two Rivers joint venture.
2. Russia
Platinum production: 23,000 kilograms
Palladium production: 92,000 kilograms
PGM reserves: 5.5 million kilograms
Despite being the world’s second biggest platinum-mining country, Russia’s annual production trails behind South Africa’s by a large margin, coming in at 23,000 kilograms for 2023. That said, Russia was the top palladium producer, putting out 92,000 kilograms last year — 21,000 kilograms higher than South Africa’s output.
Russia-focused Norilsk Nickel (MCX:GMKN) is the world’s largest palladium producer, and it plans to invest US$35 billion in infrastructure upgrades between 2021 and 2030, which will ultimately result in higher metals output.
There have been questions about how Russia's war in Ukraine could impact the Russian mining sector. The USGS reports that for 2023, "Production in Russia, the world’s leading producer of palladium, increased owing to higher metal grades and ore recovery as well as increased processing of inventory." In October 2024, as the war continued, the US suggested that Group of Seven countries sanction Russia's palladium production, leading prices to jump significantly on supply concerns.
3. Zimbabwe
Platinum production: 19,000 kilograms
Palladium production: 15,000 kilograms
PGM reserves: 1.2 million kilograms
Zimbabwe is a major producer of both platinum and palladium, producing 19,000 and 15,000 kilograms of the precious metals respectively in 2023. Zimplats (ASX:ZIM,OTC Pink:ZMPLF) is the biggest platinum miner in the country, and it is 87 percent owned by Implats.
In October 2022, Zimbabwe introduced a policy that allows it to stockpile physical metals, including PGMs. A change to the country's existing cash royalties on miners, the rules require mining companies to pay royalties based on their production in a combination of cash and refined physical metals.
The policy currently applies to PGMs, gold, diamonds and lithium. However, it is dynamic, with the option to add or subtract affected metals and change royalty percentages based on factors such as geological scarcity and demand trends. For example, Zimbabwe doubled its royalties for platinum miners to 5 percent this past January, and intends to up the royalties for lithium as well.
4. Canada
Platinum production: 5,500 kilograms
Palladium production: 16,000 kilograms
PGM reserves: 310,000 kilograms
Canada’s strong palladium production of 16,000 kilograms was the third highest globally in 2023. Canada's platinum production is also significant, with 5,500 kilograms. The North American country's palladium and platinum production were nearly both on par with the previous year.
The country only holds 310,000 kilograms of known PGMs reserves — the lowest total reserves on this list — but companies continue to explore for PGMs in Canada in search of more deposits.
Canadian PGMs production takes place mainly in the province of Ontario, but PGMs output also comes out of Québec and Manitoba. The country has one primary PGMs-producing mine, the Lac des Iles mine in Western Ontario, which is owned by Implats Canada. The remainder of the country's production is as a by-product of Canada’s primary nickel mines.
5. United States
Platinum production: 2,900 kilograms
Palladium production: 9,800 kilograms
PGM reserves: 820,000 kilograms
The United States produced 9,800 kilograms of palladium in 2023 alongside 2,900 kilograms of platinum.
Sibanye Stillwater’s (NYSE:SBGL) Stillwater Complex in Montana is the only primary producer of PGMs in the US. The company also maintains a smelter, refinery and laboratory in Montana and recovers PGMs from spent catalyst material.
Low palladium prices have forced Sibanye Stillwater to curtail production and layoff about 700 employees at the Stillwater Complex in 2024. The company has pointed to Russia flooding the palladium market to depress prices. In response, Montana's two US senators introduced a bill calling for a ban on imports of Russian palladium.
FAQs for investing in palladium and platinum
What is platinum?
Platinum is the namesake of the PGMs category and is also a precious metal. Signified by the symbol Pt and atomic number 78 on the periodic table, platinum has a silverish-white hue.
What is platinum used for?
Platinum plays a large role in the auto industry for its ability to reduce emissions. Additionally, platinum is in high demand for jewelry and as an investment metal.
Platinum is also benefiting from growing demand from the hydrogen fuel cell sector. The metal is a key catalyst in the process that converts hydrogen into electricity.
What is palladium metal?
Palladium fits into the precious metals category and is a PGM. It is represented by the symbol Pd and atomic number 46 on the periodic table of elements. Palladium has a silvery-white color and is prized for its rarity.
What is palladium used for?
The automotive sector is the primary end user of palladium. The metal is a key component in the catalytic convertors of internal combustion engine vehicles, where it is used to reduce emissions.
Like platinum, palladium is used in jewelry and valued as an investment. It has other smaller-scale uses, and is consumed in various ways by the medical and dental fields, among others.
What is the best way to invest in palladium?
While there is no single best way to investing in palladium, those interested in gaining exposure to this market have a variety of options. Investors who prefer more tangible assets can add physical palladium to their portfolios, including palladium bullion and coins. Palladium exchange-traded funds such as the Sprott Physical Platinum and Palladium Trust (ARCA:SPPP) and the Aberdeen Standard Physical Palladium Shares (ARCA:PALL) offer another route. Palladium-focused stocks are yet another option, with pure-play palladium miners including Sibanye-Stillwater and Impala Platinum Holdings.
Why are metals like gold, platinum and palladium so expensive?
Precious metal gold has long been valued as a form of currency and a store of wealth, all of which have built up its high intrinsic value. Platinum and palladium are 30 times rarer than gold, much harder to mine and are in high demand due to their important industrial uses.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
15 October
Australian Government Grants Chalice Mining’s Gonneville Major Project Status
Commonwealth Minister for Industry and Science Ed Husic has awarded major project status to the Gonneville platinum-group elements discovery, owner Chalice Mining (ASX:CHN,OTC Pink:CGMLF) said.
The designation comes shortly after the project received strategic project status from Western Australian Premier Roger Cook on September 17, highlighting its importance in Australia’s future critical minerals ambition.
“Chalice would like to thank Minister Husic and the Australian Federal Government for recognising the national significance of the Gonneville Project as the first major Platinum Group Element discovery in Australia,” commented Alex Dorsch, CEO and managing director of the company, on Monday (October 14).
Having major project status will pave the way for additional support and coordinated approvals for Gonneville.
The asset is wholly owned by Chalice and is located 70 kilometres northeast of Perth, Western Australia. It sits on Chalice-owned farmland with access to nearby established road, rail, port and high-voltage power infrastructure, along with a significant "drive-in, drive-out" mining workforce, according to the company.
The project is centred on the Gonneville deposit, which was discovered by Chalice geologists in 2020. The resource is a Tier 1 scale greenfield find hosting a mix of critical and strategic minerals: palladium, platinum, nickel, copper and cobalt.
A scoping study was completed for the project in August 2023, outlining “a new long-life, low-cost, low-carbon critical minerals mine in Western Australia with the potential to deliver strong financial returns and regional benefits.”
Chalice has said that a prefeasibility study (PFS) will follow. In July, the company signed a strategic memorandum of understanding (MOU) with Japanese conglomerate Mitsubishi (TSE:8058) to collaborate on the study.
The MOU established a framework for collaboration on technical, financing, marketing and offtake aspects of the project, with the intention of forming a potential binding partnership within 90 days of the PFS' completion.
Chalice added that it recognises the need to develop the project “sustainably and responsibly,” approaching environmental, social and cultural heritage management using a best practice approach.
“We look forward to continuing to work with the Commonwealth and Western Australian Governments, local communities, Traditional Owners, and Mitsubishi Corporation under our strategic MOU as we progress approvals and project studies to advance this important project towards development," the company said.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
07 October
Costco Adds Platinum Bars to Precious Metals Investment Offerings
Costco (NASDAQ:COST), the US-based retail giant, has expanded its range of precious metals investments by introducing platinum bullion bars and coins to its product line.
Following the successful launch of its gold bullion investment offerings in 2023, which quickly became a popular option among its members, the company has now made 1 ounce platinum bars and coins available for purchase through its online platform.
The platinum bar joining Costco’s growing rank of investment options is a 999.5 fine Fortuna platinum bar, minted by PAMP Suisse, a well-known precious metals refiner. Each bar is individually registered and comes in sealed protective packaging with an Assay Certificate, ensuring the accuracy of the metal content and weight.
Costco also added to its offerings the 2024 1 ounce platinum Canadian Maple Leaf coin, minted by the Royal Canadian Mint, which is struck in 999.5 fine platinum.
Both products are available in limited quantities, with a maximum purchase limit of one transaction containing no more than five bars or coins per Costco member.
Platinum, though not as widely known as gold, is gaining attention due to its industrial applications, such as in automotive catalytic converters, which are essential in reducing vehicle emissions.
Additionally, platinum is used in the production of jewelry and various industrial processes, making it a versatile metal in terms of both investment and practical uses.
The availability of platinum products at Costco further broadens access to precious metals investments, a market that was once considered niche but is now growing in popularity among retail investors. Investors seeking to diversify their portfolios often look at precious metals as a hedge against inflation and market volatility.
Costco’s expansion into platinum also follows a broader trend of precious metals being viewed as an essential part of retirement portfolios. In the US, platinum bars and coins, like gold bullion, can be included in Individual Retirement Accounts and 401(k) accounts, providing a tax-advantaged way for investors to hold physical assets.
However, despite the growing interest in platinum, the metal has not experienced the same level of price appreciation as gold and silver. Over the last year, platinum's price has increased by just over 10 percent, while gold and silver's prices have climbed 37 percent and 39 percent, respectively.
Nevertheless, platinum is seen by some analysts as an underappreciated asset that could see greater demand as industrial needs grow and supply remains tight.
At 3 p.m. PDT on October 7, the spot price for platinum was about US$975 per ounce. Costco’s price for its one ounce products is set at US$1,089.99.
Gold bullion "flying off" Costco shelves
Costco’s gold bullion sales have also been skyrocketing as the yellow metal's price hits record highs.
The retailer is currently moving over US$100 million worth of gold bars in a single quarter, which is equivalent to about 51,740 ounces.
Shoppers are enticed by Costco’s relatively low premiums — just 1.6 percent above spot prices, compared to higher margins at traditional dealers — and the added rewards from membership perks.
A Bloomberg survey also found that of the stores that responded, 77 percent of Costco outlets that stocked gold bars were sold out in the first week of October, showing the fierce demand.
With gold prices surpassing US$2,650 per ounce this year, customers are flocking to the big-box retailer to capitalize on the metal’s safe-haven appeal amidst economic uncertainty and inflation concerns.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
02 October
Infographic: Growth of Hydrogen Economy Fueling Rising Platinum Demand
As efforts to decarbonize accelerate globally, hydrogen is emerging as a key energy source and is driving new demand for platinum, according to a recent infographic released by the World Platinum Investment Council.
Hydrogen fuel cell technologies, which rely heavily on platinum, are becoming central to energy transition strategies as industries move toward cleaner alternatives to fossil fuels.
Platinum's role in the energy transition.
Infographic via the World Platinum Investment Council.
Platinum’s role is particularly significant in proton exchange membrane (PEM) technologies, which are essential for both hydrogen production and utilization. PEM electrolyzers, which generate hydrogen by splitting water molecules using electricity, depend on the metal serving as a catalyst.
When powered by renewable energy, these systems produce green hydrogen, a zero-emission fuel that can serve as a replacement for carbon-heavy fuels in multiple sectors.
PEM fuel cells, which also rely on platinum catalysts, convert hydrogen into electricity, emitting only water and heat. These fuel cells are used in fuel cell electric vehicles (FCEVs), as well as in stationary power applications.
Hydrogen-powered FCEVs, such as trucks and buses, are leading the push toward hydrogen-based transport as fuel cells offer a longer driving range and faster refueling times compared to battery electric vehicles.
Hydrogen-powered transport is also expanding into the rail and maritime sectors, and even aviation.
Growth in markets for platinum-based PEM technology.
Infographic via the World Platinum Investment Council.
Beyond transportation, platinum is playing a critical role in stationary energy systems, where PEM fuel cells are increasingly being used to provide backup or off-grid power for critical infrastructure.
Data centers, telecommunications towers and industrial facilities are increasingly looking to hydrogen fuel cells as a reliable, low-emission alternative to diesel generators. Analysts expect hydrogen-related demand for platinum to reach nearly 900,000 ounces by 2030, with PEM fuel cells alone accounting for over 600,000 ounces.
Governments around the world are promoting hydrogen as a key component of their long-term decarbonization strategies, with over 60 countries having adopted hydrogen policies or strategies. China is currently forecast to be the largest market for FCEVs, while Europe and North America are also experiencing growth in hydrogen investments.
Platinum benefiting from hydrogen demand.
Infographic via the World Platinum Investment Council.
The WPIC also highlights that this global shift toward hydrogen is due to drive more than US$300 billion in hydrogen-related investments through 2030. Currently, 60 percent of platinum demand comes from fuel cells, while 11 percent of future platinum demand is expected to be driven by hydrogen applications to 2030.
Click here for the full World Platinum Investment Council infographic.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
13 September
Top 5 Canadian Mining Stocks This Week: Clean Air Metals Soars 85 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 35.21 points this week to close at 580.43. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 787.22 points to finish the week at 23,568.65.
The US Bureau of Labor Statistics released its final two inflation reports ahead of the next meeting of the Federal Open Market Committee on September 17 and 18. The central bank is widely expected to make a 25 basis cut to its key policy rate, however, there has been some speculation it is considering a larger 50 point cut as inflation eases and it seeks to normalize the economy.
First, on Wednesday (September 11), the Bureau detailed its consumer price index (CPI) for August. In the release, it indicated that all items inflation increased 0.2 percent on a monthly basis and 2.5 percent year-on-year. The 12 month increase was the lowest, February 2021 when it increased by 1.7 percent. It’s also an indicator that inflation is edging closer to the Fed’s 2 percent target rate.
The Bureau followed up on Thursday (September 12) with the release of producer price index (PPI) data for August. It showed a monthly increase of 0.2 percent in final demand owed to a 0.4 percent increase in services, which had declined 0.3 percent in July. On a 12 month basis, the PPI saw a 1.7 percent gain in August.
Across the Atlantic, the European Central Bank made a 0.25 percent cut to its benchmark rate Thursday, the second of the year, as inflation there also tracks closer to the bank's 2 percent target. Much like the US Federal Reserve, the ECB is taking a data-based approach in setting its policy, offering little insight into future decisions and making decisions on a meeting-by-meeting basis.
The combined news caused the price of gold to soar toward the US$2,600 mark, trading at US$2,580.76 at 4:00 p.m. EDT on Friday (September 13). Silver also saw strong gains, breaching the US$30 mark for the first time since July 18, to end the day at US$30.74. More broadly, commodities saw gains with the S&P GSCI (INDEXSP:SPGSCI) gaining 1.61 percent on the week to close Friday at US$519.09
Equity markets, which largely fell off following Wednesday’s CPI release, also saw broad gains at the end of the week, with the S&P 500 (INDEXSP:INX) gaining 3.4 percent to close at 5,626.01, the Nasdaq 100 (INDEXNASDAQ:NDX) jumping 5.04 percent to 19,514 and the Dow Jones Industrial Average (INDEXDJX:.DJI) increasing 2.07 percent to 41,393.77.
How has this week’s news impacted Canadian resource stocks? Here are the top 5 gainers on the TSX and TSX Venture Exchange.
1. Clean Air Metals (TSXV:AIR)
Weekly gain: 87.5 percent; market cap: C$15.06 million; share price: C$0.075
Clean Air Metals is a junior platinum group elements (PGE) exploration company focused on its 100 percent owned Thunder Bay North critical minerals project.
The site lies within a region that hosts several mining operations including the Lac Des Iles mine owned by Impala Platinum Holdings (OTCQX:IMPUF,JSE:IMP) and the Eagle mine owned by Lundin Mining (TSX:LUN,OTC Pink:LUNMF).
Shares in Clean Air saw gains this week after it provided an exploration update on Tuesday (September 10) from Thunder Bay North. In the announcement it said it had received assay results from the first two holes of its summer drilling program.
The company provided highlighted intercept of 4.92 grams per metric ton (g/t) platinum, 4.66 g/t palladium, 1.07 percent copper and 0.55 percent niobium over 51.79 meters, including 25.82 g/t platinum, 24.5 g/t palladium, 6.94 percent copper and 3.87 percent niobium over 0.97 meters.
2. Orosur Mining (TSXV:OMI)
Weekly gain: 66.67 percent; market cap: C$15.42 million; share price: C$0.075
Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America.
Its flagship Anzá gold project in Colombia is a 49/51 joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont (TSX:NGT,NYSE:NEM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).
MMA is currently the operator of Anzá. Exploration has revealed multiple gold deposits at the site, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.
Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.
Shares in Orosur gained this week following an announcement on Tuesday (September 10) that the company had completed negotiations for the binding share purchase agreement of the Anza gold project originally announced in March. Once completed, Orosur will once again own a 100 percent share of the project.
Under the amended terms of the agreement, MMA will receive a 1.5 percent net smelter royalty, plus a fixed royalty of US$75 per ounce of gold or gold equivalent of the first 200,000 ounces produced.
3. Q2 Metals (TSXV:QTWO)
Weekly gain: 54.84 percent; market cap: C$99.51 million; share price: C$0.72
Q2 Metals is a gold and lithium exploration company with operations in the Eeyou Istchee James Bay region of Québec, Canada, as well as in Queensland, Australia.
Its flagship asset is the Mia lithium property in Québec, which consists of 171 mineral claims. Exploration at the site began in 2023, with surface mapping taking place in June and its inaugural drill program commencing in October. In addition to Mia, the company also owns the Stellar Lithium property 6 kilometers north of Mia, which consists of 77 claims covering 3,972 hectares.
The company’s lone Australian asset is the Big Hill gold project, which comprises several historic mines including Big Hill, Queenslander, Monte Cristo and Sultan, and Taylor.
Shares in Q2 saw gains this week after the company provided visual results from the three holes drilled for its summer drill program at the Cisco lithium project. In the announcement, Q2 said it had encountered the longest continuous spodumene-pegmatite interval produced on site at 347.1 meters.
4. Western Resources (TSX:WRX)
Weekly gain: 55.56 percent; market cap: C$28.62 million; share price: C$0.07
Western Resources is a potash exploration and development company working to advance its flagship Milestone project.
Located 35 kilometers south of Regina, Saskatchewan, Canada, Milestone is situated on 84,557 acres of Crown held mineral leases and 65,305 acres of freehold leases. To date the company has completed 11 exploration wells on the property along with 2D and 3D seismic studies.
According to a November 2021 NI 43-101 report, proven reserves stood at 11.7 million metric tons with an average grade of 32.4 percent potassium chloride (KCI), with probable reserves of an additional 19.5 million metric tons at an average grade of 33.5 percent KCI.
In the company’s most recent management discussion and analysis released on August 14, it detailed the progress of the progress, indicating construction of the first phase of the project was completed in August 2023 and entered into the operational readiness stage in September 2023, with first trial production commencing in November and December 2023.
The second trial production ran from March to early May 2024 after which operations were suspended on site to focus on obtaining additional project financing.
Western Resources saw gains this past week but hasn’t released further updates on financing for the Milestone project.
5. Magna Mining (TSXV:NICU)
Weekly gain: 50 percent; market cap: C$156.04 million; share price: C$1.20
Magna Mining is a mineral exploration and development company focused on advancing its Crean Hill nickel-copper-PGE project and Shakespeare nickel project in Canada. Both Crean Hill and Shakespeare are brownfield projects located near Sudbury, Ontario, that have seen historic mining operations.
The more advanced 255.9 hectare Crean Hill project has seen extensive exploration and development work during the first six months of the year, and signed a milling agreement with Glencore (OTC Pink:GLCNF, LSE:GLEN) June 4 for a surface bulk sampling program. The company expects work on the sampling program to be completed during the second half of the year.
Shakespeare is composed of 29 patented and 787 mining claims covering an area of 18,074 hectares. The site hosts a past-producing mine and has permits in place for a 4,500 metric ton per day mine, mill and tailings storage.
Shares in Magna saw gains this week following an announcement on Thursday that it entered into a definitive share purchase agreement with KGHM International a subsidiary of KGHM Polska Miedź (OTC Pink:KGHPF) subsidiary to acquire the producing McCreedy West copper mine, the past producing Levack mine, Podolsky mine and Kirkwood mine along with controlling stakes in several exploration properties in the Sudbury Basin.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 1:00 p.m PST on September 13, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXV with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
10 September
WPIC: Platinum Deficit Forecast Upgraded, Will Exceed 1 Million Ounces in 2024
The platinum sector is projected to experience a significant industry deficit in 2024, marking the second consecutive year where demand for the precious metal far outpaces supply.
In its latest Platinum Quarterly, the World Platinum Investment Council (WPIC) predicts that the deficit will exceed 1 million ounces this year, with supply forecast to drop by 1 percent and demand expected to grow by 3 percent.
Global platinum supply is projected to fall to 7.09 million ounces in 2024, 8 percent less than the 10 year average. The decline is attributed to reduced mined supply, particularly from South Africa and Russia.
Despite a 4 percent uptick in the second quarter of this year, South Africa's mined output for 2024 is expected to fall by 2 percent, leading to total mined supply of 5.51 million ounces, which is a four year low.
On the demand side, platinum consumption is projected to rise in 2024, driven by growth in the investment, jewelry, industrial and automotive sectors. Investment demand is expected to increase by 15 percent to 517,000 ounces, supported by rising demand for large bullion bars in China and strong inflows into platinum exchange-traded funds.
Jewelry demand jumped in Q2, exceeding 500,000 ounces and contributing to forecast growth of 7 percent for 2024. Demand was particularly strong growth in India, where fabrication increased by 15 percent year-on-year.
For the full year, demand for platinum jewelry is projected to reach 1.99 million ounces with notable growth in India, Europe and Japan. It is being driven largely due to the widening price gap between platinum and gold.
Platinum industrial demand is seen rising by 1 percent in 2024, reaching 2.37 million ounces. The WPIC says this increase will primarily be driven by a 47 percent year-on-year surge in demand from the glass sector.
Meanwhile, automotive demand for platinum is expected to rise by 1 percent in 2024, despite an anticipated decline in global vehicle production. In its report, the WPIC attributes this growth to the increasing adoption of hybrid vehicles and the continued use of platinum-rich tri-metallic catalysts, particularly in North America.
Platinum price rangebound, when will it move?
Despite its strong fundamentals, the price of platinum has stayed rangebound in 2024.
According to the WPIC, this stagnancy is primarily due to an overhang of stockpiled inventories, which stood at 4.03 million ounces as of the end of 2023. These inventories are expected to decline to 3.01 million ounces by the end of 2024, but their presence continues to weigh on the precious metal's price.
WPIC CEO Trevor Raymond noted that platinum price activity has for a long time been more influenced by sentiment than by supply/demand fundamentals, but said that as aboveground stocks deplete this should change.
He added that Volkswagen's (OTC Pink:VLKAF,ETR:VOW) "Dieselgate" incident and the rise of electric vehicles have contributed to negativity toward platinum, but said that these feelings are abating.
Watch Edward Sterck, director of research at the WPIC, discuss the organization's latest report.
"As things stand, while Dieselgate has led to a dramatic decline in diesel passenger vehicle production, growing substitution of platinum into gasoline catalytic converters, coupled with much slower than anticipated electrification, means that automotive demand for platinum is now well above pre-Covid levels," Raymond said.
"Drivetrain electrification is expected to continue to slow, and with increasing hybridisation of the drivetrain, we see sentiment shifting toward higher-for-longer automotive platinum demand," he continued.
At the same time, platinum's role in the hydrogen sector is a point of optimism.
Continued allocation of government subsidies and incentives for hydrogen-based technologies, particularly in Europe and North America, are expected to support further growth in platinum demand from the hydrogen sector.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Keep reading...Show less
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.