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Millennium Minerals has identified a “major new greenfields exploration target” near the Nullagine mine’s Golden Eagle deposit.
Millennium Minerals (ASX:MOY) has identified what it calls a “major new greenfields exploration target” near the Golden Eagle deposit at its Nullagine gold mine in the East Pilbara region.
Located just under 2 kilometers southwest of Golden Eagle, the new and appropriately dubbed Golden Eagle South West target was identified through a new methodology that combines 3D magnetic inversion, structural analysis and soil geochemistry.
The new tactic is based on a reinterpretation of Millennium’s exploration data sets, and will now be applied across all of the company’s tenements in Western Australia’s Mosquito Creek Basin.
Reconnaissance drilling returned assay results including 12 meters at 0.87 grams per tonne (g/t) gold from 184 meters, including 1 meter at 3.13 g/t gold from 191 meters. The company considers these results significant as they confirm the magnetic signature is associated with gold mineralization, and has similar alteration to the Golden Eagle deposit.
“This is an outstanding result, demonstrating that our new exploration targeting approach is capable of identifying new, high-quality exploration opportunities at depth,” Millennium Chief Executive Peter Cash said in a statement.
“While most of our exploration at Nullagine has historically been directed towards outcropping geochemical targets — which have been very successful in delivering ongoing increases in resources and reserves — we believe that an integrated targeting methodology based on a mineralized system approach has the potential to unlock major new discoveries,” he added.
Through the usage of 3D magnetic inversion, Millennium was able to identify additional magnetic targets, which the company says it will now “prioritize and pursue.” Follow-up exploration is set to commence shortly, and will be comprised of a gravity survey and additional drilling.
“This represents an enormously important technical breakthrough for the area and Millennium,” Cash said, emphasizing that the company will continue to explore at Nullagine.
Millennium’s Nullagine gold mine currently produces around 80,000 ounces per year, with material sourced from five mining centers over a 40-kilometer strike length.
The company’s owned land through the project covers 264 square kilometers of the Mosquito Creek gold belt, and hosts a mineral resource of 850,000 ounces of fresh ore. The company’s share price closed Tuesday (August 28) at AU$0.20.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
"I'm bearish on the markets, (but) I'm bullish on gold — physical bullion — and farmland right now," said Mercenary Geologist Mickey Fulp.
Mickey Fulp VRIC 2022 youtu.be
With the general markets in turmoil, Mercenary Geologist Mickey Fulp sees few places to turn.
"It's a difficult situation," he said at the recent Vancouver Resource Investment Conference (VRIC). "I am very bearish, not necessarily on commodity prices, but on the whole resource space and the ability of companies to explore, develop, produce — there's a variety of factors against that right now."
Those include resource nationalism, socialism, anti-development initiatives and green agendas, Fulp explained. Meanwhile, mining companies are seeing energy and labor costs pushed up by inflation.
"The cost margins, profit margins, are going to decrease," he told the Investing News Network. "I don't foresee the kind of profitability we had in Q3 of 2020 — all-time records highs. That was really when we had very high prices for base and precious metals, but costs had not caught up — we didn't have the rampant inflation."
Speaking about where he does see opportunity, Fulp pointed to two key areas.
"I'm always bullish on something. I'm bearish on the markets, (but) I'm bullish on gold — physical bullion — and farmland right now. I am basically exiting the junior resource space at every opportunity where I can take profits, break even," he said. "Or I'll do some tax-loss selling at year end and convert that to US dollars."
Despite that bearish take, Fulp did offer one stock pick: Nevada-focused Allegiant Gold (TSXV:AUAU,OTCQX:AUXXF).
Watch the interview above for more from Fulp on the resource space and his advice for investing during volatile times. You can also click here for our full VRIC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Driven by foreign investment, mining has become one of Argentina's fastest-growing sectors; Australian companies make up a particularly large segment of this industry.
Mining in Argentina has become one of the fastest-growing sectors in the nation’s economy. Argentina’s ample and comparatively underexplored gold and precious metals resources are a valuable opportunity, and will likely drive considerable growth in the country’s mining sector in the coming years.
In comparison to its neighbour Chile, Argentina’s mining sector has a lot of room to grow. Attractive incentives, including favourable mining policies, competitive mining investment laws and mineral-rich geology, have been seen as positive steps towards a strong Argentinian mining industry.
Mining giants are definitely attracted. Barrick Gold (TSX:ABX,NYSE:GOLD) has staked a claim in Argentina alongside its partner Shandong Gold Mining (HKEX:1787), extending the life of the country's largest gold mine, Valadero, with a US$75 million investment. On the other hand, Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), the second largest metals and mining company in the world, recently acquired the Rincon lithium project. Formerly owned by Rincon Mining, the undeveloped lithium brine project is situated in Argentina's Salta province. It represents the latest in a series of acquisitions and developments in the region by Australian businesses.
Mining in Argentina: A brief history
Unlike other regions, Argentina's mining sector doesn’t have a particularly long history. A 2016 study released by KPMG International notes that the Argentina mining sector's first significant milestone was the 1813 enactment of the Mining Promotion Law. Designed to encourage exploration, research and production of the country's extensive mineral wealth, this law ultimately laid the foundation for modern-day Argentina's welcoming attitude towards mining.
Argentina went on to adopt the Argentine Mining Code in 1887, a regulatory framework that established state ownership of the country's subsoil while still allowing for private exploration. The fledgling industry developed slowly over the next several years. Although it received some benefits due to increased demand and mineral prices during the First and Second World Wars, this was not enough to inspire significant growth.
It was not until near the end of the 20th century that the sector began to flourish. Constitutional reform in 1994 shifted ownership of natural resources from state to province, while a new regulatory framework attracted considerable investment from both Canada and Australia. Notably, from 1990 to 1999, joint production of minerals increased by 104 percent. During this period, the gross domestic product of Argentina's mining industry grew at a rate of between 5 and 7 percent per annum.
Mining in Argentina soon became the primary target of foreign direct investments. The production of common metals such as steel and aluminium were the primary beneficiaries of this surge of investment.
Unfortunately, growth soon slowed to the point of stagnation, the result of several factors. First, the country's mining code was unnecessarily complex and cumbersome to navigate. Second, socioeconomic strife created more risk than some investors were willing to accept. And finally, the introduction of controversial legislation such as the 2002 Glacier Protection Law alienated the mining sector, leading to multiple high-profile exits.
Mining in Argentina: The revitalization
In 2017, Argentina further deepened its trade relationship with Australia, signing a memorandum of understanding that saw the two countries collaborate on building education, research and capacity across multiple sectors. This agreement, which placed particular emphasis on mining, established a strong foundation for any Australian company looking to conduct exploration or production in the country. The 2019 election of a new president only further moved the dial, with President Alberto Fernández swearing to revise the country's mining code and reconsider its Glacier Protection Law.
Moreover, as the world has continued the push for cleaner energy and carbon neutrality, demand for battery materials such as copper and lithium — both of which are abundant throughout the country — has sharply increased.
Because Argentina is currently at the heart of a global lithium rush, it's easy to forget the fact that it also houses significant mineral wealth in both gold and precious metals. These ample, comparatively underexplored resources represent an incredibly valuable opportunity. It is likely that, alongside lithium, they will drive considerable growth in the country's mining sector.Political instability in Chile may also contribute to Argentina's rise, as investors seek an alternative to its well-developed mining sector. Ultimately, Argentina has set a goal of US$10 billion in mining exports by 2030.
Mining in Argentina: ASX gold companies
Australian mining and exploration companies have a significant presence in Argentina and exert considerable influence over the country's mining industry.
Challenger Exploration (ASX:CEL) has also established itself in the gold-rich province of San Juan with the Hualilan project. Consisting of 15 mining leases and an exploration licence application over 26 square kilometres, Hualilan contains a high-grade historical resource of 627,000 ounces of gold that remains open in all directions.
The company has had nine rigs drilling at the project for almost a year, and is due to release its maiden resource estimate shortly. The project will use the same rail shipping methods as the highly successful Josemaria copper project, recently acquired by Lundin Mining (TSX:LUN,NASDAQ:LUMI).
Another ASX-listed explorer in Argentina, E2 Metals (ASX:E2M), which has the El Rosillo and Conserrat projects in Patagonia, counts Eric Sprott as one of its largest shareholders. This follows his decision to cornerstone a capital raise in March 2022. Sprott is a well-recognized investor with a strong history in mining.
When referring to its efforts to promote mining efforts, San Juan’s mining ministry said, “It has become a state policy. We provide the fiscal conditions, social licences and the legal certainty schemes necessary for the full development of mining. Our territory concentrates 50 percent of the country’s mining potential.”
Finally, Austral Gold (ASX:AGLD,OTC Pink:AGLDF) in 2019 acquired a 100 percent interest in the Casposo silver-gold mine through a share purchase agreement with Troy Resources (ASX:TRY). A combination open-pit and underground mine, Casposo began production in 2011. It is currently undergoing care and maintenance, and a reopening date has yet to be announced.
Despite a troubled political history, Argentina is incredibly well-positioned to turn this around, and the country maintains a strong relationship with Australian mining companies. Favourable mining policies and competitive mining investment laws, combined with mineral-rich geology, have the potential to greatly strengthen the country's mining industry.
This INNSpired article is sponsored by Challenger Exploration (ASX:CEL). This INNSpired article provides information that was sourced by the Investing News Network (INN) and approved by Challenger Exploration in order to help investors learn more about the company. Challenger Exploration is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Challenger Exploration and seek advice from a qualified investment advisor.
"I'm no market forecaster, but part of me suggests this could get worse before it gets better," said Rick Rule of Rule Investment Media.
Rick Rule: Gold, Oil and Gas, Coal, Water — Commodities for Now and Later youtu.be
As the broader markets face volatility, what is investor and speculator Rick Rule doing with his money?
Speaking to the Investing News Network at the recent Vancouver Resource Investment Conference, Rule, who is proprietor at Rule Investment Media, said he sees the current circumstances as an opportunity.
"What bear markets really are is sales, and if you think that sales are good, then these are good," he said. He has a shopping list ready and is looking for places he can scale in, but did urge listeners to proceed with caution.
"I'm no market forecaster, but part of me suggests this could get worse before it gets better," he noted.
Don't forget to follow us @INN_Resource for real-time updates!
The gold price is trading lower than some market watchers would prefer, but the top-performing ASX gold stocks so far this year are making leaps.
Click here to read the previous best ASX gold stocks article.
While 2021 was a disappointing year for gold, analysts are optimistic about the outlook for 2022.
The yellow metal passed the US$2,000 per ounce mark as tensions between Russia and Ukraine heated up, but has since pulled back to trade closer to US$1,800. However, diverse factors could combine to push it higher.
Demand for gold jewellery, gold bars and coins, and the metal’s use in the technology sector are still going strong, and supply is also a growing concern due to decreased gold exploration efforts in recent years.
Against this backdrop, many Australian gold stocks are doing well. And with the precious metal generally considered a safe investment, it's worth being aware of the county's top-performing companies.
Here the Investing News Network looks at the best ASX gold stocks of the year so far by year-to-date gains. The list of stocks below was generated on April 29, 2022, using TradingView’s stock screener, and all companies included had market caps over AU$30 million at that time.
1. Xantippe Resources
Year-to-date gain: 180 percent; market cap: AU$107.3 million; current share price: AU$0.01
Xantippe Resources (ASX:XTC) is focused on Western Australia's Southern Cross region, which is widely known for its past gold production. The precious metals explorer's Southern Cross project is made up of 20 prospecting licences and six exploration licences, and holds a number of key priority targets.
In late April, Xantippe confirmed the acquisition of lithium tenements in Argentina with the hope of commencing exploration activities in the third quarter.
2. Minrex Resources
Year-to-date gain: 55.81 percent; market cap: AU$63.05 million; current share price: AU$0.07
The company started off the year with high-grade gold drill results from its work at the Queenslander gold prospect within its Sofala project. The prospect is centred around the past-producing Queenslander mine.
3. Aston Minerals
Year-to-date gain: 38.1 percent; market cap: AU$164.19 million; current share price: AU$0.15
Gold and nickel-cobalt explorer Aston Minerals (ASX:ASO) is moving forward at its Edleston gold project, located in the Cadillac-Larder Lake fault zone of Canada's Abitibi greenstone belt. Edleston is its flagship asset, and according to the company, it is the first in over a decade to drill in this area.
Aston continues to focus on gold at Edleston, but its Boomerang nickel-cobalt target has come to the forefront in recent months, with the company announcing the results of its maiden hole there in early December.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Marlee John, currently hold no direct investment interest in any company mentioned in this article.
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"Buy the dip and hold on for dear life, as the crypto kids say — HODL," said Frank Holmes of US Global Investors.
Frank Holmes: Gold Advice as Price Falls — Buy the Dip and HODL youtu.be
The gold price has tumbled since last week's US Federal Reserve meeting, which saw the central bank raise rates by 50 basis points for the first time since 2000 in an effort to combat inflation.
Speaking to the Investing News Network, Frank Holmes, CEO and chief investment officer at US Global Investors (NASDAQ:GROW), pointed out that the yellow metal's decline is a buying opportunity.
"Buy the dip and hold on for dear life, as the crypto kids say — HODL," he said. HODL is a term that originated in the cryptocurrency community, although it’s since gained mainstream usage through popular memes.
Even as the gold price dips, Holmes said that physical demand for the yellow metal is high, and gold companies continue to produce strong results. "A lot of the gold stocks are doing well — 60 percent of the gold producers have free cash flow," he said, noting that this is a crucial element for him.
In terms of inflation, Holmes pointed out that it's much higher than official numbers suggest.
"The cost for anything has just gone up dramatically. I believe that ... if you use the 1980 Consumer Price Index indicator, inflation is at 15 percent. It's not 8, 9 percent," he said. However, Holmes noted, the market is anticipating that rates can't be raised too much since midterm elections will be happening later this year.
Outside the US, Holmes is watching China closely to see when COVID-19 lockdowns are relaxed.
"What'll happen is that when they open up their floodgates it's going to be like every other thing — there's huge binge demand," he said. He expects this eventual demand to create problems with supply chain balance.
"I think when China opens up, buy every commodities stock that has real reserves in the ground in a safe jurisdiction, because I think they just pop like we've never seen before," Homes said.
Watch the interview above for more of his thoughts on gold, bitcoin and more.
Don't forget to follow us @INN_Resource for real-time updates!
The securities of Kairos Minerals Limited (‘KAI’) will be placed in trading halt at the request of KAI, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 25 May 2022 or when the announcement is released to the market.
Adviser, Listings Compliance (Melbourne)
This article includes content from Kairos Minerals , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A Canadian fund provider is debuting a version of its popular bitcoin ETF in Australia. Is now the best time for this launch?
Australian investors are getting a new way to invest in the volatile bitcoin space thanks to a deal between an asset management company and a Canadian fund provider.
On May 12, Canadian fund maker Purpose Investments launched a version of its bitcoin exchange-traded fund (ETF) in the Australian market by way of a partnership with Cosmos Asset Management, which is owned in part by the Australian division of Mawson Infrastructure Group (NASDAQ:MIGI).
“We have brought together a team of global experts to offer Australian investors access to a truly high-quality product,” Dan Annan, Cosmos Asset Management CEO, said in a statement to investors.
ETF maker pursues rising international interest in cryptocurrencies
In an interview with the Investing News Network (INN), Vlad Tasevski, chief operating officer and head of product at Purpose Investments, said the firm has been actively pursuing ways to offer its crypto funds internationally.
The executive said there has been widespread interest in BTCC since its launch back in February of last year.
As the firm began evaluating how to approach this demand, the company considered setting up shop in the Australian market, Tasevski said. However, eventually the Canadian fund provider went with the partnership route.
Tasevski called Australia “the next logical jurisdiction" for the firm as it expands with its crypto funds.
When asked what makes Australia so attractive for the expansion of BTCC, the executive said it has a similar market structure to Canada, and credited securities regulators in the nation for being more comfortable with cryptocurrency listings than other jurisdictions.
Purpose has strong long-term outlook for digital assets
Although crypto assets are facing a serious ongoing downturn in value that has created significant losses, Tasevski told INN that Purpose Investments is undeterred in its long-term crypto outlook.
“The amount of capital and the amount of people involved in the space has never been higher,” Tasevski said.
The executive said he views his company's offerings as very flexible for investors. “We'll be here for (investors) to actually give them the ability to very easily access it whenever they feel it is appropriate for them,” he said.
Tasevski added that he views the current downturn for bitcoin as “one of the best entry opportunities in the last year and a half.”
As bitcoin struggles, ETF firm celebrates structural victory
Purpose Investments has suggested to investors that accessing the bitcoin market through its funds is a safer route than going it alone, especially given the current period of remarkable losses.
According to Tasevski, the firm's products offer liquidity to investors and provide a measured approach for people who want exposure in this segment.
“We have been very clear that this is a volatile asset class,” he told INN. “And investors should kind of understand the level of volatility that they will be taking on.”
The investment executive said the infrastructure security provided by the rules ETFs must follow has been a boon as the crypto space faces major volatility.
Even so, BTCC has been rocked in 2022 based on the performance of bitcoin. Over a year-to-date period, the fund had gone down in value by over 35 percent as of the closing bell in Canada on May 11. In the past month alone, BTCC has dropped in value by over 20 percent.
Som Seif, founder and CEO of Purpose Investments, recently said crypto is a “core component” for the firm “when solving problems for (its) customers.”
Digital assets have never been more easily available as tools for all types of investors.
While many experts remain confident in the long-term outlook for bitcoin and other cryptocurrencies, the considerable volatility prevailing in the market can make the space difficult for newcomers to stomach.
So far in 2022, bitcoin losses have highlighted the lack of stability in digital coins — but of course, as some have argued, these big moves can also provide entry points and opportunities for savvy investors.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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European Lithium Executive Chairman Tony Sage: Developing the First Lithium Hydroxide Plant in Europe
European Lithium Executive Chairman Tony Sage said, “There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”
European Lithium Executive Chairman Tony Sage: Developing the 1st Lithium Hydroxide Plant in Europe youtu.be
European Lithium (ASX:EUR,FWB:PF8) Executive Chairman Tony Sage discussed the company’s Wolfsburg project in Austria, a country with a rich mining history dating back to WWII that maintains its infrastructure.
Wolfsburg continues that tradition, positioned only 45 kilometres from the city that hosts the largest Samsung battery factory.
"It’s quite unique. In Europe, a lot of the lithium mines are at the exploration stage," Sage said. "This mine was built back in the '80s by the Austrian government. So all the work has been done. If we were going to do this project today, we would have to get environmental approval and spend about $100 million — but they did all the work and the licence is in perpetuity.
“We can now access that mine and start mining immediately. In fact, in 2017, we mined it and took out 1,500 tonnes, which is a massive advantage in the lithium industry because we were able to build a pilot plant and put 300 tonnes of the material through the pilot plant, which gave us the results that we were looking for in that it's high-grade product.”
Sage also discussed European Lithium’s goals with the project. “Our aim is to mine it. It's a very simple mining process. We're in the process now of trying to acquire land nearby so we can actually put a conversion plant and a hydroxide plant on it. There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”
Sage told the Investing News Network that the government is supportive of its endeavours. “The Austrian government is very keen for us to build hydroxide plants so they can actually entice vehicle companies to build a factory nearby the hydroxide plant. This way, we can have a mine right through to the battery solution for the Austrian government. In the end, all we can do is get the mines up and operating, build the hydroxide plant and see what happens.”
The mine itself is underground. “Underground mining techniques are used all around the world. When they built it, they actually overbuilt — so when we decided to mine back in 2017, it was quite easy for us to find the seam of the orebody and then take the ore out," Sage said.
“We completed a prefeasibility study in 2018. The cost structure then was about US$7,500 per tonne to produce the hydroxide. Right now, the hydroxide price is around US$69,000 a tonne — that’s a massive profit margin that we don’t see as sustainable long term. When we do our definitive feasibility study, we're probably going to use an average price over the life of mine of about US$25,000 — but that's still a huge profit margin. That feasibility study is coming within the next four months, when we’ll be in a good position to partner with someone.”
Watch the full interview of European Lithium Executive Chairman Tony Sage above.
Disclaimer: This interview is sponsored by European Lithium (ASX:EUR,FWB:PF8). This interview provides information that was sourced by the Investing News Network (INN) and approved by European Lithium in order to help investors learn more about the company. European Lithium is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with European Lithium and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.