Beiträge von Sorgenfrei

Rule Classroom Recap – Lesson #4: Royalty & Streaming Companies

https://juniorminingworld.com/…ing-companies/2023/01/09/

RE Royalties Declares 2022 Fourth Quarter Shareholders Dividend Payment

https://www.accesswire.com/734…eholders-Dividend-Payment

VANCOUVER, BC / ACCESSWIRE / January 11, 2023 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF) ("RE Royalties" or the "Company") is pleased to announce that the Board of Directors of the Company has declared a cash distribution of $0.01 per issued and outstanding common share for the quarter ending December 31, 2022.

The distribution is payable on February 22, 2023, to shareholders of record on February 1, 2023. The distribution is designated by the Company to be a dividend for the purpose of the Income Tax Act (Canada) and any similar provincial or territorial legislation. The cumulative amount of dividends declared for the 2022 fiscal year has been $0.04 per common share.

Sandstorm Gold Royalties Announces Record Sales and Revenue in 2022

https://www.prnewswire.com/new…ue-in-2022-301718637.html

VANCOUVER, BC, Jan. 11, 2023 /CNW/ - Sandstorm Gold Ltd. ("Sandstorm Gold Royalties" or the "Company") (NYSE: SAND) (TSX: SSL) is pleased to report that the Company sold approximately 82,400 attributable gold equivalent ounces¹ and realized preliminary revenue² of $148.7 million for the full 2022 year, both representing a record for the Company (67,548 attributable gold equivalent ounces and $114.9 million in revenue for the comparable period in 2021). Preliminary cost of sales, excluding depletion² for the full 2022 year was $23.4 million resulting in cash operating margins¹ of approximately $1,511 per attributable gold equivalent ounce¹ ($16.8 million and $1,539 per attributable gold equivalent ounce for the comparable period in 2021, respectively).

During the three months ended December 31, 2022, the Company sold approximately 21,800 attributable gold equivalent ounces¹ and realized preliminary revenue² of $38.4 million (16,586 attributable gold equivalent ounces and $29.8 million in revenue for the comparable period in 2021). Preliminary cost of sales, excluding depletion² for the three month period was $5.5 million resulting in cash operating margins¹ of approximately $1,493 per attributable gold equivalent ounce¹ ($3.7 million and $1,574 per attributable gold equivalent ounce for the comparable period in 2021, respectively).

OTC Markets Group Welcomes Empress Royalty Corp. to OTCQX
https://ceo.ca/@globenewswire/…s-empress-royalty-corp-to
NEW YORK, Jan. 11, 2023 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for 12,000 U.S. and international securities, today announced Empress Royalty Corp. (TSX-V: EMPR; OTCQX: EMPYF), a global royalty and streaming creation company, has qualified to trade on the OTCQX® Best Market. Empress Royalty Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Empress Royalty Corp. begins trading today on OTCQX under the symbol “EMPYF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“Commencing trading on OTCQX is an important step for Empress which allows a greater number of US investors the opportunity to invest in our Company,” stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. “Enhancing company visibility, growing market presence, increasing share liquidity, and improving access to capital are key business goals that we have successfully achieved and will be further supported by trading on OTCQX. Empress is focused on delivering shareholder value and we look forward to offering new US investors, the opportunity to strategically invest in gold and silver.”

Royal Gold: Doubling Down On The Cortez Complex
https://seekingalpha.com/artic…-complex#comment-94207359
Summary

• Royal Gold had a tough year in 2022, with lower-than-planned contributions from Khoemacau, deferred silver ounces from PV, and weaker metals prices impacting revenue and cash flow.
• The result is that Royal Gold is on track to see cash flow dip ~12% year-over-year despite its inflation-resistant business model, with FY2022 cash flow per share estimated at ~$6.00.
• However, with multiple royalty/streaming acquisitions over the past two years and considerable progress in its development pipeline, Royal Gold's portfolio looks better than ever, and its future is quite bright.
• So, while we will see weaker results in FY2022, I see a strong year ahead for RGLD, and I see the stock as one of the best ways to get exposure to gold, provided the stock is bought during violent corrections.

[Blockierte Grafik: https://static.seekingalpha.com/uploads/2023/1/9/45984866-16732938146057432_origin.png]

[Blockierte Grafik: https://static.seekingalpha.com/uploads/2023/1/9/45984866-167329592163065_origin.png]

Triple Flag Announces Record Metal Sales for Q4 and FY 2022
https://www.businesswire.com/news/home/20230110005996/en/
TORONTO--(BUSINESS WIRE)--Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is pleased to announce record quarterly revenues of approximately $43.9 million for the fourth quarter of 2022 and record annual revenues of approximately $151.9 million in full-year 2022, subject to completion of year-end reporting and audit procedures. These results represent record metal sales of 25,428 gold equivalent ounces (“GEOs”)¹ for the fourth quarter of 2022 (a 23% increase over the same period in the prior year) and metal sales of 84,571 GEOs for full-year 2022, representing quarterly and annual record GEO sales, respectively. This represents the sixth consecutive annual GEO record, translating to a 21% cumulative annual growth rate in GEOs since 2017. All amounts are expressed in US dollars.
Q4 and FY 2022/2021 GEO Sales and Revenue
GEOs Sold and Revenue by Commodity ²

The operational performance of the portfolio was broadly in line with our expectations, however non-operational timing delays represented a reduction of over 3,850 GEO sales versus the annual guidance issued in our Q3 2022 results release. Timing differences were dominated by the previously announced increase in the time for quotational period settlements for Cerro Lindo concentrates, and associated silver streaming volumes, representing a reduction of approximately 1,850 GEO sales in Q4. Rail and shipping delays at Northparkes, linked to severe weather events in New South Wales, caused a reduction of over 900 GEO sales in the quarter. We believe the Northparkes team did a remarkable job of mitigating these impacts, narrowly missing an anticipated shipment to Triple Flag in December that was delivered on January 6, 2023. The remaining delays of approximately 1,100 GEOs are linked to slight delays in settlements anticipated in December that slipped into 2023 at Buriticá and ATO, of which over 400 GEOs were received in the first week of January.

[Blockierte Grafik: https://pbs.twimg.com/media/FmIC9UWXEAAoFMO?format=jpg&name=large]

G Mining Ventures Completed Significant Milestones in 2022, Positioned for Growth in 2023 and Beyond

https://www.newswire.ca/news-r…and-beyond-887702916.html

Osisko Announces Record Preliminary Q4 2022 Deliveries and Provides Company Update
https://ceo.ca/@globenewswire/…minary-q4-2022-deliveries
PRELIMINARY Q4 2022 RESULTS

Osisko earned approximately 25,023 attributable gold equivalent ounces¹ (“GEOs”) in the fourth quarter of 2022, for a total of approximately 89,367 GEOs in 2022, representing record quarterly and annual deliveries for the Corporation.

Osisko recorded preliminary revenues from royalties and streams of $61.9 million during the fourth quarter and preliminary cost of sales (excluding depletion) of $4.7 million, resulting in a record quarterly cash margin² of approximately $57.2 million (or 92%).

For the year 2022, preliminary revenues from royalties and streams reached a record $217.8 million and preliminary cost of sales (excluding depletion) are estimated at $16.1 million, resulting in a record annual cash margin² of approximately $201.7 million (or 93%).

As at December 31^st, 2022, Osisko’s cash position amounted to approximately $90.5 million, after repaying, in full, the $300 million convertible debentures on December 31, 2022 and advancing US$50 million to SolGold plc (“SolGold”) pursuant to the previously announced royalty financing on the world-class Cascabel copper-gold property. The Corporation’s revolving credit facility was drawn by approximately $150 million at the end of 2022, with an additional amount of $400 million available to be drawn, plus the uncommitted accordion of up to $200 million.

Sandeep Singh, President and CEO of Osisko, commented: “2022 was an exceptionally positive year for Osisko. We had successive quarters of record GEOs earned, revenues and cash margins, we added world-class assets to an already high-quality portfolio, took advantage of volatile markets to buy-back 1.7 million common shares for $22.1 million, reactivated stream payments from the Renard mine, simplified the business with the deconsolidation of Osisko Development Corp. realigning Osisko as a pure-play royalty and streaming business and continued to strengthen and diversify our Board of Directors.

“Our GEOs earned, year-over-year, increased by 12% in 2022 but fell slightly short of the low end of our guidance of 90,000 ounces. This was partly due to the Eagle mine still working towards steady-state production and the Mantos mine facing delays in the ramp up of their mill expansion. That extra growth will flow into upcoming quarters and we expect significant upward momentum in deliveries from both mines going forward. The higher gold-silver price ratio, experienced mostly in the second and third quarters, also reduced GEOs earned by approximately 1,550 ounces in 2022 versus expectations.

“Our asset base continues to outperform through numerous expansions, mine life extensions and reserve and resource replacement, and we look forward to continuing to showcase the depth and quality of our asset base throughout 2023.”

Zitat von GoldmanSachse

Hervorragende Produktionszahlen zum 4. Quartal 22. Mich wundert, weshalb die Aktie die letzten Tage und Wochen nicht aus dem Quark kommt. Die Finanzzahlen sollten hinsichtlich des höheren Silber-Durchschnittspreises in Q4 weitaus besser ausfallen als die vorangegangenen Quartale. Zudem darf man gespannt sein, 0b ein Teil der in Q2 zurückbehaltenen 1,6 Millionen Unzen Silberäquivalent (im Fertigwarenbestand) für den Verkauf genutzt wurden.

...Sold Majority of Withheld Metal Inventory: Management took advantage of the rebound in silver prices during Q4, 2022 by reducing held inventory to 525,485 oz silver and 1,512 oz gold of bullion inventory and 4,766 oz silver and 195 oz gold in concentrate inventory at quarter end. Sold 2,816,881 oz silver and 11,843 oz gold during the quarter.

[Blockierte Grafik: https://pbs.twimg.com/media/Fm…sPy?format=jpg&name=small]
https://ceo.ca/@thenewswire/ab…gh-grade-feeder-structure

Toronto, ON - TheNewswire - January 10, 2023 - AbraSilver Resource Corp. (TSXV:ABRA) (OTC:ABBRF)(“AbraSilver” or the“Company”) is very pleased toannounce the discovery of a new high-grade feeder structure at therecently discovered Southwest zone (JAC target), located severalhundred metres beyond the current Mineral Resource estimate on themain Oculto deposit at the Company’s Diablillos project(“Diablillos” or the “Project”).
Hole DDH 22-067 encountered thehighest-grade intercept to date, on asilver-equivalent basis, at the JAC target, with 871 g/t AgEq over 27m in sulphidemineralization. That interval is located immediately beneath a furtherhigh-grade oxide intercept grading 522 g/t AgEqover 36m.
Highlights and detailed results are shown below alongwith accompanying figures:

• Hole DDH 22-067 intersected a new high-grade feeder structure at the JACtarget and encountered two separate high-grade zones:
  
  
  • 36m at 463 g/t Ag and 0.71 g/t Au in oxidesfrom 143.0m
  • 27m at 745 g/t Ag, 1.54 g/t Au and 1.23% Cuin sulphides from 179.0m
• The other four reported holes tested the margins of thehigh-grade silver mineralization at the JAC target, with hole DDH22-065 encountering 35m at 82 g/t Ag from a downhole depth of83.0m

[Blockierte Grafik: https://thenewswire.com/data/t…c1e12af4633039ea62c8_.png]

2022 In Review: Generation Mining Advances Marathon Palladium-Copper Project Towards Construction

https://www.businesswire.com/news/home/20230110005462/en/

TORONTO--(BUSINESS WIRE)--Management of Generation Mining Limited (TSX: GENM) (OTCQB: GENMF) (“Gen Mining” or the “Company”) reflects on a year that has been action-packed as we’ve advanced the Marathon Palladium-Copper project in Northwestern Ontario (the “Marathon Project”), held through the Company’s wholly-owned subsidiary Generation PGM Inc. (“Gen PGM”), closer to construction. In the 42 months since Gen Mining first acquired an interest in the Marathon Project, the Company has significantly advanced the Marathon Project towards becoming the next greenfield critical minerals mine in Canada by preparing a feasibility study and 43-101 Technical Report, obtaining the federal and provincial government environmental assessment approvals, entering into agreements with affected Indigenous communities, including the Community Benefits Agreement with the Biigtigong Nishnaabeg First Nation, and advancing significant financing arrangements to fund construction of the mine.
In January 2022 Gen Mining kicked off the year by completing the acquisition of the remaining 16.5% interest in the Marathon Project from Stillwater Canada Inc. (“Stillwater”), a subsidiary of Sibanye Stillwater Limited (“Sibanye-Stillwater”). The Company issued 21,759,332 common shares in Gen Mining to Stillwater to hold 100% of the Marathon Project. As part of the transaction the joint venture agreement between Stillwater and Gen PGM was terminated. Sibanye-Stillwater (including its affiliates) owned 32,813,127 common shares of the Company, representing 18.2% of the issued and outstanding common shares on a non-diluted basis as at December 31, 2022.
In addition to acquiring 100% ownership interest in the Marathon Project, the completion of the acquisition allowed Gen Mining to proceed, in March 2022, with the first early deposit drawdown under the streaming transaction with Wheaton Precious Metals Corp (“Wheaton”) announced late in 2021, described more fully below.
Late in January 2022 a Memorandum of Agreement was signed with the Biigtigong Nishnaabeg (“BN”), an Indigenous community located near the Project. Formalizing the Company’s commitment to work with BN was a critical step in completing the Community Benefits Agreement with BN, which was ratified by the BN community and executed in mid-November 2022.
In March 2022, Gen PGM received the first of two C$20 million payments from the Precious Metal Purchase Agreement (the “PMPA”) with Wheaton. Under the terms of the PMPA, Wheaton will pay Gen PGM total cash consideration of C$240 million in return for a stream on all gold production and 22% of platinum production from the Marathon Project. Wheaton will purchase (a) 100% of the payable gold production until 150 thousand ounces (“koz”) have been delivered, thereafter dropping to 67% of payable gold production for the life of the mine; and (b) 22% of the payable platinum production until 120 koz have been delivered, thereafter dropping to 15% for the life of mine. Wheaton will make ongoing payments for the gold and platinum ounces delivered equal to 18% of the spot prices (“Production Payment”) until the value of gold and platinum delivered less the Production Payment is equal to the upfront consideration of C$240 million, at which point the Production Payment will increase to 22% of the spot prices...

Franco-Nevada Provides Additional Update on Cobre Panama

https://www.prnewswire.com/new…bre-panama-301717676.html
TORONTO, Jan. 10, 2023 /PRNewswire/ - Franco-Nevada Corporation ("Franco-Nevada") (TSX: FNV) (NYSE: FNV) has been advised by its partner First Quantum Minerals Ltd. ("First Quantum") that engagement between First Quantum, Minera Panama, S.A. ("MPSA"), the operator of Cobre Panama, and the Government of Panama (the "Government") continues regarding the long-term future of the Cobre Panama mine. First Quantum remains ready to reach an agreement that is fair and equitable to both First Quantum and the Government.
As previously announced by First Quantum, MPSA is working through a number of steps to address the resolution from the National Directorate of Mineral Resources of the Ministry of Commerce and Industries requiring MPSA to suspend commercial operations at Cobre Panama. MPSA will deliver a plan to put the mine under "care and maintenance" to the Government, for review and response. At this time, the timing and impact of any care and maintenance regime enacted by the Ministry remain uncertain. First Quantum reported that in the interim, operations at Cobre Panama continue as normal, with no disruption to production as yet.

Endeavour Silver Surpasses Upper Range of Production Guidance by Delivering 9.0 Million Silver Equivalent Ounces in 2022

https://ceo.ca/@globenewswire/…upper-range-of-production
VANCOUVER, British Columbia, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE: EXK; TSX: EDR) (“Endeavour” or the “Company”) is pleased to report full year 2022 production of 5,963,445 silver ounces (oz) and 37,548 gold oz, for silver equivalent¹ (“AgEq”) production of 9.0 million oz. Fourth quarter production was 1,830,835 silver oz and 10,370 gold oz, for silver equivalent production of 2.7 million oz.

The Company’s 2022 full year production exceeded the upper range of its guidance of between 7.6 million oz and 8.0 million oz AgEq (revised upwards in August) due to continuing strong performance at Guanacevi. Annual silver and gold production exceeded the upper range of guidance by 17% and 4% respectively.

“We are very pleased to have exceeded the top end of the 2022 production guidance, with full year silver equivalent production improving by 9% year over year and fourth quarter silver equivalent production up 21% over the prior year period. Fourth quarter throughput and grades at Guanaceví exceeded plan, contributing to the significant out-performance of the Guanaceví operations during 2022,” stated Dan Dickson, Chief Executive Officer. “I am extremely proud of the operations group collective desire to deliver safe production on a daily basis. The results over the past 2 years is a reflection of a dynamic team that is engaged and committed. Again, I am very proud of our team.”

Q4 Highlights

• Exceeded Production Guidance: Consolidated production remained strong as silver and gold production at each mine met or exceeded revised 2022 guidance and exceeded plan.
• Guanaceví Continued to Outperform: Silver and gold grades continued to deliver well above plan. Additionally, throughput exceeded plan as plant modifications and refurbishment completed in 2022 increased plant capacity to enable throughput to average 1,297 tpd during Q4, 2022.
• Bolañitos Performance Remained Steady: Increased silver production from higher silver grades and increased throughput were offset by the impact of lower than expected gold production due to lower gold grades.
• Sold Majority of Withheld Metal Inventory: Management took advantage of the rebound in silver prices during Q4, 2022 by reducing held inventory to 525,485 oz silver and 1,512 oz gold of bullion inventory and 4,766 oz silver and 195 oz gold in concentrate inventory at quarter end. Sold 2,816,881 oz silver and 11,843 oz gold during the quarter.
• Construction Preparation Advances at the Terronera Project: Progress on predevelopment activities include onsite delivery of mobile mining equipment, procurement of major equipment purchases, and assembly of initial project infrastructure such as the temporary mine maintenance shop and a permanent camp facility. Earthworks included site clearing, road upgrades and underground mine access development, near portal #2.
• Financial Due Diligence Continues on Financing the Terronera Project: The Company intends to make a formal construction decision subject to completion of a financing package and receipt of additional amended permits in the coming months.
• Published Initial Mineral Resource Estimate for the Pitarrilla Project: One of the world’s largest undeveloped silver projects, Pitarrilla will form the cornerstone of the Company’s growth profile, together with Terronera and Parral. The Indicated Mineral Resources totals 158.6 million tonnes containing 491.6 million oz Ag grading 96.4 gpt, 1.1 billion pounds (lbs) of lead (Pb) grading 0.31%, and 2.6 billion pounds of zinc (Zn) grading 0.74%. The inferred Mineral Resource totals 35.4 million tonnes containing 99.4 million oz Ag grading of 87.2 gpt, 281 million lbs Pb grading 0.36%, 661 million lbs Zn grading 0.85% (see News Release dated December 8, 2022).

Altaley Mining Provides Tahuehueto Pre-Production Update
https://ceo.ca/@thenewswire/al…eto-pre-production-update
Altaley MiningCorporation (the “Company” or “Altaley”) is pleased to provide the following update on its pre-production efforts during mill commissioning at its Tahuehueto Gold Mine Project.
Tahuehueto is currently operating one ball mill in a commissioning phase, as part of the initial 500tpd project, producing precious metals-rich, commercial grade lead and zinc concentrates. All the associated productionsystems are operating satisfactorily, and pre-production will continue to generate revenue whilst the remaining definitive operations systems are completed.
Sept. 2022 to Dec. 2022 – Lead and Zinc Concentrate Production
During September and October 2022 approximately 11,259 tonnes of mill feed was provided by a temporary crushing system, whilst the definitive crusher circuit was being completed. During this period throughput was constrained by the non-ideal feed sizing from these temporary systems to the mill, but this was resolved in late October with the commissioning of the definitive crushing system. The current installed comminution capacity is 350 tpd, and since crusher commissioning the mill has processed approximately 18,341 tonnes of ore at an average of 297 tonnes per day over 62 operating days. The nameplate 500 tpd installed comminution capacity will be achieved by the installation of closed-circuit cyclones, and this is expected to be completed before end Q1, 2023, subject to a successful outcome from the forthcoming rights offering...

Mike Struthers, CEO commented: “We have been very pleased with the progressive improvements in the pre-production plant performance at Tahuehueto, thanks largely to the team on site and helped by the mining of higher-grade ores from the Creston vein. Early pre-production was largely from stockpiled material, and some of this was partially oxidized which impacted on the plant performance.However, the fresh ores are performing well, in line with expectations from metallurgical testwork. This gives us confidence in future plantperformance. Some initial challenges with zinc suppression in the leadcircuit were resolved, so we are now producing zinc concentrates with grades above the minimum commercial specification. The precious metals grades in our lead concentrates are also especially pleasing with, for example, an average of 55.74 g/t Au and 693.2 g/t Ag in December.
I look forward to providing further updates as we finalize Tahuehueto construction.”

Orogen Acquires New Epithermal Gold-Silver Target in Nevada
https://www.accesswire.com/734…d-Silver-Target-in-Nevada
Celts Project Highlights

• Untested advanced argillic alteration cell overlying possible epithermal gold mineralization at depth
• Alteration indicative of steam-heating, implying a boiling zone and possible gold-silver mineralization hidden below the surface
• Surface expression similar to AngloGold Ashanti NA's ("AngloGold") Silicon deposit in southwestern Nevada, that contains 3.37 million ounces of gold in preliminary Inferred Resource¹, where Orogen holds a 1% net smelter return ("NSR") royalty
• Celts has been acquired through staking on Bureau of Land Management ("BLM") ground under the Altius Minerals Corp. Exploration Alliance (previously announced September 12, 2022)

[Blockierte Grafik: https://www.accesswire.com/users/newswire/images/734300/orogen-imageone-010623.jpg]Figure 1: Location map

Celts is available for option or sale.
More details on the Celts property including a technical presentation can be found at https://orogenroyalties.com/project-generation/project-generation/#available-projects

K92 Mining Announces Executive Promotions of David Medilek to President and Warren Uyen to Chief Operating Officer
https://ceo.ca/@GlobeNewswire/…utive-promotions-of-david

GOLDMINING ANNOUNCES THE APPOINTMENT OF DAVID GAROFALO AS CO-CHAIR

https://www.prnewswire.com/new…s-co-chair-301715896.html
GoldMining Inc. (the "Company" or "GoldMining") (TSX: GOLD) (NYSE American: GLDG) is pleased to announce the appointment of David Garofalo as a director and co-Chair of the Company.
Amir Adnani, founder and Co-Chair of GoldMining, commented: "David brings more than 30 years of leadership experience in the gold mining industry, including leading the largest merger in gold industry history between Goldcorp and Newmont. His addition to our leadership team will be invaluable as we continue our value creation strategy, which recently has included the successful IPO of Gold Royalty and recent optioning of the Almaden Project."
He added: "David has been a member of our advisory board since 2020 where we partnered to complete the IPO of Gold Royalty in 2021. I look forward to working closely alongside David as co-Chair as we continue to execute our strategy."
Mr. Garofalo has worked in various leadership capacities in the natural resources sector over the last 30 years. He has served as Chairman & CEO of Gold Royalty Corp since August 2020, President and CEO of Goldcorp Inc. from 2016 to 2019, President & CEO of Hudbay Minerals Inc. from 2010 to 2015, Senior Vice President, Finance & CFO of Agnico-Eagle Limited from 1998 to 2010 and as treasurer and other various finance roles with Inmet Mining Corporation from 1990 to 1998.

Altius Provides 2022 Year-End Project Generation Update

https://www.businesswire.com/news/home/20230105006056/en/

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) (“Altius”) is pleased to provide an update on its Project Generation (“PG”) business activities and its public junior equities portfolio. The market value of the junior equities portfolio at December 31, 2022 was $50.3 million, compared to $43.5 million at September 30, 2022 and $55.5 million at December 31, 2021. During the year, new cash-based investments amounted to $5.4 million and the market value (year-end basis) of shares received as part of property sales agreements totaled $5.6 million. Sales of public equities from the portfolio totaled $3.4 million while income of $4.3 million was recorded in relation to Altius’ exit from a private Chile based project generation investment vehicle. An updated list of the public equity holdings has been posted to the Altius website at http://altiusminerals.com/projects/junior-equities.

New investments completed during the year included equity purchases of Gungnir Resources Inc. (TSX-V: GUG), Marimaca Copper Corp. (TSX: MARI), Callinex Mines Inc. (TSX-V: CNX), Lara Exploration Ltd. (TSX-V: LRA), and Archer Exploration Corp. (CSE: RCHR). Altius also increased its equity exposure to several existing investments including Orogen Royalties Inc. (TSX-V: OGN) (“Orogen”), Adventus Mining Corp. (TSX-V: ADZN) (“Adventus”), AbraSilver Resource Corp. (TSX-V: ABRA) (“AbraSilver”) and Wolfden Resources Corp. (TSX-V: WLF) (“Wolfden”).

Zitat von Real de Catorce

War and Peace - Zoltan Pozsar - 2023-01-06
Quelle

saludos

What does all this mean for one’s portfolio and the price of various instruments:
1. 60/40 won’t cut it anymore and should be 20/40/20/20 instead, with the weights representing cash, stocks, bonds, and commodities.

2. Cash, while the curve remains inverted, is “king”. It provides a nice yield, has no duration risk, and, as Warren Buffet said, it has an option value.

3. Commodities should include three types of gold: yellow, black, and white.
Yellow gold is gold bars. Black gold is oil. White gold is lithium for EVs.

4. Commodities should also include a range of other stuff like copper,
cobalt, et cetera, and the general theme driving commodities is that...

5. ...after years of underinvestment, supply became extraordinarily tight,
just as we re-arm, re-shore, re-stock, and re-wire the grid (see here).

6. The U.S. dollar won’t be de-throned overnight...

7. ...but on the margin, de-dollarization and digitization (CBDCs) by BRICS+
central banks will reduce dollar dominance and demand for Treasuries.

8. The dollar’s strength or weakness should be thought of in the context
of the four prices of money (that is, par, interest, FX, and the price level):

9. The U.S. dollar will remain “FX” strong versus other DM currencies...

10. ...but will be become “price level” weak (that is, outright devalue)
versus commodities and “FX” weak versus most BRICs currencies...
...which will guarantee plenty of volatility in all four prices of money this decade.
Good luck in 2023 and beyond