Altus Strategies (AIM:ALS) – 17,500m drilling programme starts at Diba eyeing MRE expansion
Beowulf Mining (AIM:BEM) – MRE upgrade results in 12.5% resource increase at Kallak
Bluejay Mining (AIM:JAY) – Drilling starts at Enonkoski in jv with Rio Tinto
Chaarat Gold (AIM:CGH) – Updated Tulkubash BFS
IronRidge Resources (AIM:IRR) – Additional high-grade intersections reported adjacent to ELP
Mkango Resources (LON:MKA) – Mkango Q1 results announcement looks for completion of Songwe Hill feasibility study in Q4
Red Rock Resources (AIM:RRR)– Drilling planned for Luanshimba, DRC
Shanta Gold (AIM:SHG) – Drilling at West Kenya returns exceptional high grade results
China’s Renminbi hits three-year high against dollar on China’s economic rebound and capital inflows
WTI Oil US$64.3/bbl vs US$65.3/bbl yesterday
Natural Gas US$2.91/mmbtu vs US$2.93/mmbtu yesterday
Oil Price News
Money managers continue to take a bullish stance in oil futures and options contracts, estimating that oil prices will increase later this year as economies reopen and travel and fuel demand rise
In the week to 4 May, hedge funds bought the equivalent of 40MMbbls in both Brent and WTI according to Reuters
This was the fourth week in a row in which portfolio managers have added long positions in oil futures
In the week to 27 April, hedge funds added the equivalent of 30MMbbls in the six most important petroleum futures and options contracts
MiFID II exempt information
– see disclaimer below - FCA looks to scrap MiFID research rules on small-caps in UK competitiveness drive (Investment Week)
Canyon Resources (ASX:CAY) – Minim Martap bauxite project mineral resource upgrade
(Altus Strategies is invested in Canyon Resources)
Marvel Gold (ASX:MVL) – Chilalo Graphite Project spin out
(Altus Strategies holds a JV agreement with Marvel Gold)
Metal Tiger (AIM:MTR) – Drilling Commenced at KML copper project
Serabi Gold (AIM:SRB) – Drilling confirms lateral and depth extensions to mineralisation at Palito
The company has a historic ‘high-grade’ copper mine which was abandoned >100 years ago.
Drilling is planned to test two large geophysical targets underneath the historic mine may be mineralised porphyry structures.
Aluminium US$ 2,437/t vs US$2,430/t last week
Nickel US$ 17,945/t vs US$17,525/t last week
Zinc US$ 2,981/t vs US$2,906/t last week
Lead US$ 2,166/t vs US$2,127/t last week
Tin US$ 29,060/t vs US$28,735/t last week
Oil US$68.3/bbl vs US$68.4/bbl last week
Investment in new oil and gas projects last year fell to the lowest in 15 years at US$350bn.
As the world continues its battle against Covid-19 and as the energy industry increasingly looks towards diversification outside its core business, it is doubtful how soon, if ever, investments in new upstream projects will recover to pre-pandemic levels.