Morning Briefing: Elemental Altus Reports Record Q4

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Monday May 1st.

Last week gold traded between $2020 and $1984, with the front-month June gold contract settling a nudge below $2000 at $1999.40. The Mining Stock Journal said that an enormous effort was exerted by the precious metals price management squad to push the yellow dog below the key technical level of $2,000. Every sell-off in the price last week occurred after Asia closed for the day and paper jockeys took over. The manipulation effort was even more blatant in silver, as the Comex banks overtly tried to take May silver below $25 in order to force the massive iceberg of open calls at $25 to expire worthless. The market maker banks short calls to speculators and harvest big profits on the calls that expire worthless. After trading as high as $25.32 on the April 26th options expiration day, the paper silver price was blatantly ripped down below $25, settling at $24.94. Mission accomplished. However, despite another round of carpet-bombing the price on Thursday with paper ammo, May silver closed out the week at $25.08, while the new July front-month contract closed the week at $25.20. 

The Mining Stock Journal noted that the price manipulation team is having remarkable trouble pushing silver below $25 and gold below $2000. THe mining stocks also drifted sideways last week, with the GDX pretty much flat for the week. The Mining Stock Journal expects another bout of volatility in the markets this week, particularly the precious metals, as the FOMC meets mid-week and April employment report is released Friday morning.

We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.

This episode of Mining Stock Daily is brought to you by…Fireweed Metals.

Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

And here’s what you need to know this morning….

Late last week, Elemental Altus Royalties provided their financial results for the fourth quarter and full year of 2022. The quarters revenue of $2.6 million was up about 11% from the previous year’s Q4 quarter, and attributed to the full year revenue of $9.6 million. Adjusted revenue tagged $10.5M for the year, which is up 59% from 2021. Furthermore, the company announced 2023 guidance of between 9,000 to 10,200 GEOs representing at its midpoint an approximate 65% increase on the 5,800 GEOs received in 2022. Elemental Altus Royalties trades on the TSXV with ELE and on the OTCQX with ELEMF. News Release

Bonterra Resources announced more results from the completed infill and expansion drilling campaign at the Barry underground project, which holds 500,000 ounces of Measured and Indicated Mineral resources and 700,000ounces of Inferred Mineral resources according to the last mineral resources estimate. Highlights included 6.2 g/t Au over 7.7 m, including 12.8 g/t Au over 2.8 m and 13.0 g/t Au over 0.5 m and 26.3 g/t Au over 1.2 m, including 38.1 g/t Au over 0.7 m. The primary goal of this campaign was to convert mineral resources to a higher confidence category and enhance the interpretation and grade continuity of the mineralization, primarily in the upper section of the deposit. Bonterra Resources trades on the TSXV with BTR and on the OTCQX with BONXF. News Release

Emerita Resources announced additional assay results from 21 holes from ongoing delineation drilling at its La Romanera Deposit, part the Iberian Belt West Project (IBW).  Highlights included 29.3m grading 0.3 % Cu; 1% Pb; 3.4 % Zn; 3.83 g/t Au and 39.4 g/t Ag in hole 118 in the lower lens, including 5m grading 0.5 % Cu; 2.6 % Pb; 8.3 % Zn; 6.25 g/t Au and 78.2 g/t Ag. These results will be included in the upcoming maiden mineral resource estimate, with results from an additional 14 holes are expected to be received within the next week which will be the final assays required to complete the estimate, expected in the middle of May. The drilling focus now switches from resource delineation to resource expansion to and regional exploration. Emerita Resources (TSX - V: EMO; OTCQB) news release

NexGen has received initial interest from prospective financial institutions, including commercial lenders and export credit agencies, for providing project financing for the Rook I Project. To date, NexGen has received non-binding expressions of interest totalling over US$1 Billion in available debt for the Project, subject to acceptable financing terms and conditions as well as satisfactory due diligence and the entering into of definitive documentation. Finalization of the agreements is scheduled for Q4 2023 in line with the Project development schedule. Nexgen Energy trades on the TSX and the NYSE with NXE. News Release

Sticking with Uranium, enCore Energy announced today that it has made its first delivery into one of the Company's four previously announced contracted uranium sales agreements. This delivery of 200,000 pounds U3O8 represents the first portion of the annual deliveries into the 5-year agreement which covers 2 million pounds U3O8 of uranium with significant delivery flexibility for market related pricing.  The Company successfully acquired uranium under favorable pricing terms in 2022 from a third party and delivered it into this agreement using current spot market pricing indicators to establish the sales price. enCore trades on the TSXV and the NYSE American with EU. News Release

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