Quarterly Activities/Appendix 5B Cash Flow Report

The precious metals market is in the midst of a powerful upswing. The gold price has surged beyond US$3,300 per ounce, silver is pushing toward US$38 per ounce — reaching its highest levels in over a decade — and copper has seen renewed investor interest on the back of long-term supply deficit forecasts.

These moves have set off a chain reaction across the mining investment spectrum.

In a rising precious‑metals environment, the initial beneficiaries are the senior producers, whose revenues rise quickly as metal prices move higher. As their valuations improve, however, capital tends to flow down the chain to junior exploration companies, which offer the greatest leverage to a bullish market.