Stay ahead with our weekly Nickel Market Insights with Mark Selby, Nickel Market Commentator and CEO of Canada Nickel Company (TSX-V: CNC). Stay up to date by listening to our weekly market roundup on Nickel.

Prices finally came off - consolidating the big moves of the last few weeks. Elon Musk hasn't said anything else. Will see a few more weeks of consolidation.

July numbers just out and finally seeing some fundamental follow-through: Net refined nickel imports highest since August 2019 – last choice for stainless producers (can explain choice of feed), non-stainless sectors globally weak.

Philippines 1.5% ore price highest in 2-years.

Nickel sulphate production rebounding – approaching spring 2019 peak levels. Back to premium for first time since end-2019.

Chinese stainless prices increased by 20% - watch for prices going to 15 – 16.000 RMB/tonne.

Stainless production growth now 3-months in a row with August, 10%.

For end of year, the big triangle - Indonesian NPI - Philippine ore - Chinese demand - 2/3 of pointing higher.

Ore stockpiles not growing - only 3 more months to grow before Philippines slows down - setting up for big compression by year-end. Demand seems to be pushing higher.

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Is a boutique investment management company. It specialises in actively managed equity and bond strategies, and has a longstanding history of expertise in gold and precious metals, natural resources and emerging markets.

Holmes started his career by graduating from the University of Western Ontario with a bachelor’s degree in economics, then working for some larger firms. He decided to go out on his own with a small group of "highly successful entrepreneurs," with an investment firm in the world capital of mining: Toronto (60% of global mining finance). He purchased a controlling interest in US Global Investors in 1989 and became CEO 1999. He was the 2006 Mining Journal mining fund manager of the year; he clearly knows a thing or two about investing and general market dynamics and is a gold-focussed investment mind.

Today, he regularly goes on major news broadcasters like CNBC, Bloomberg, BNN and Fox Business, and he has also been profiled by the FT.

The Red Dinosaur behind Holmes, designed by a famous Chinese sculpture artist, is a social/political statement that China is making everything for the world, and the T-Rex represents that China is "eating the world." Holmes believes the Chinese are monopolising all manner of commodities, production and industry. Whilst the dollar is weak right now, Holmes thinks America will get through this because of its unique DNA of adaptability, even though all of the G20's finance ministers and their central bankers are functioning like a currency-defacing cartel. He was one of the first fund managers to make use of digitisation, scientific processes and a systematic approach towards investment decisions rather than the historical norm of reputation and bluster. Investors could learn a thing or two from this. Homes thinks a vaccine for COVID-19 would be a game-changer for market sentiment, but he doesn't think it would change the current bull run gold is on. If Biden wins, taxes will be raised and "radical left politicians" will put Biden under immense pressure. All in all, it will be bad for the stock market. We will have to "see what happens." A lot of people won't admit they are voting for Trump, hence the polling numbers VS Clinton last time out.

Since the gold peak in 1980, the definitions of inflation and Consumer Price Index (CPI) have changed 3 times says Holmes. If one was to use the CPI number in 1980 today, gold should be US$7,000/oz. Inflation has gone up, rendering the old indicator meaningless. The algorithm for the old CPI number is no longer relevant. Driven by maths and quantum, Holmes looks at the centre deviation moves over a rolling 12-month period, going back over a decade, and he looks at 60-days going back 5-years. We are up "two standard deviations over 60-days," and we are up "one deviation over a rolling 12-months." Mathematically, this means there is an 80% probability that we will have a 10% correction over the next 60-days. It is likely to trackback to c. US$1,800/oz, but Holmes thinks the long trend will continue.

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Interview with Thomas Larsen, CEO of Eloro Resources (TSX-V: ELO).

Eloro Resources is a mineral exploration company with assets in Bolivia, Peru and Canada. ISKA ISKA, in Bolivia, is 99%-owned by Eloro and has never been drilled. It is the core focus for the company and is a gold, silver, zinc and lead prospect in the South Mineral Belt. Encouragingly, it is aligned with Cerro Rico along the same corridor structure. La Victoria, a Peruvian gold-silver project, is 82% owned by Eloro. It is in Peru’s North-Central Mineral Belt and is situated in close proximity to gold and silver majors like Pan American Silver and Barrick Gold.

La Victoria is being farmed into by an Australian mining company and a 2,000m diamond drilling program is planned with the aim of confirming high-value, high-grade gold-silver veins. Dr. Quinton Hennigh of Novo Resources recently helped the company raise capital to finance this. In terms of an exit, Larsen is pragmatic; he has a track record of taking projects through to a PFS, and he doesn't want to kid anyone into thinking he and his team are necessarily mine builders.

Company Page: https://www.elororesources.com/ 

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Interview with George Paspalas, President & CEO of MAG Silver Corp. (TSX, NYSE: MAG).

Who doesn't like the MAG Silver story? These guys know how to conduct and grow an exceptional silver mining operation, and the share price performance for 2020 has been outstanding. To see a major silver developer still managing to return major accretive growth to shareholders is something for all companies to look towards as a benchmark, as many become quote stagnant at this scale. The silver price has obviously helped matters, but MAG Silver is clearly a really well-run silver vessel.

The company has one of the largest, highest-grade silver projects in the world in Mexico, called the Juanicipio JV. It is 44% MAG Silver, 56% Fresnillo, with underground production earmarked for 'Mid-2020,' and the commissioning of the Juanicipio Mill targeted for Mid-2021. The silver mining company has an unconventional approach of getting into production early. Other than the 2017 PEA, MAG Silver has not followed conventions. In May, the company put out an updated silver resource/reserve to give investors insight as to how much progress has been made, but the Juanicipio system is unique: a very well defined structure and very homogenous. This means MAG Silver doesn't need to do exhaustive, expensive, and time-consuming studies. It could be timing its entry into the silver production market at the perfect moment.

Company Page: https://magsilver.com/ 

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Interview with Mark Santarossa, VP Corp. Development of Aurion Resources (TSX-V: AU).

Aurion Resources is a Canadian mineral exploration company listed on the CVE and the OTCQX Best Market. The central strategy is to acquire early-stage precious metals projects and advance them via 'direct exploration,' driven by its experienced management team and business/JV partnerships.

The focus for this gold explorer right now is on exploring its flagship Finland-based Risti and Launi Projects. The gold player also aims to advance JVs with Kinross Gold, B2 Gold, and Strategic Resources in Finland. It is an interesting, multifaceted gold mining story that is hoping to leverage the soaring gold price.

Company Page: https://www.aurionresources.com/ 

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Interview with Brad Humphrey, President & CEO of QMX Gold Corp. (TSX-V: QMX).

QMX Gold is a gold exploration & development company based in Quebec. It owns a large, under-explored land package on the Abitibi Greenstone Belt and claims to have a strong balance sheet and exploration pipeline with favourable corporate sponsorship. There is no shortage of encouraging gold mining stories right with the current gold bull market and the gold price touching US$2,000/oz. What sets QMX Gold apart? Why choose QMX Gold over other gold juniors?

QMX Gold, formerly Alexis Minerals, has been around since 1988, but Humphrey only came to the party in 2016. The market reacted positively about this gold story in 2017 and the early part of 2018, but it has been a lacklustre few years since then. The share price has started to slowly, consistently rise since the turn of the year, but this is primarily down to current gold market conditions.

QMX Gold has now started drilling. It is aiming to drill up to 80,000m with 35,000m planned before the end of this year. Now, it is Humphrey's job to market this effectively, make it look sexy and exciting, and boost that share price of long-suffering investors. Humphrey is confident that QMX Gold could be on the verge of a revaluation, and he is very happy with the work he has done since 2016. Is anyone who gets out now and cuts their losses getting out too early?

Company Page: https://www.qmxgold.ca/ 

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Interview with Greg Romain, President & CEO of gold developer, Gowest Gold (TSX-V: GWA)

Gowest Gold is a Canadian gold development story that is 12-years in the marking. Over the course of its 12-year life, the company has disappointed shareholders and made mistakes. Now, is Gowest Gold on the verge of making a comeback? The share price has doubled, and the early signs are positive, but there is still a long way to go.

Gowest Gold is about to begin a bulk sampling process whilst it continues to seek out the ideal gold strategic partner; hopefully, a North American institution. The company looks on course to hit its deliverable and deliver 50,000oz pa of gold to the market within 16-months. There is talk of this eventually heading up to 100,000oz, but right now there isn't enough evidence to expect this.

This is a gold mining story with a lot to prove, and whilst the share price has double recently, most, if not all, of this is attributable to the gold rush we are currently experiencing. Let's hope Romain and his team can fulfil their targets and deliver a strong gold resource to the market.

Company page: https://www.gowestgold.com/ 

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Interview with Christian Easterday, Managing Director of Hot Chili (ASX: HCH)

Could Hot Chili spice up your investment portfolio? I'm not sorry ;-) ...

Hot Chili is an ASX-listed copper-gold explorer, developer and producer with assets in (you guessed it) Chile. It claims to have delivered 5 of the world’s best copper-gold porphyry drill results, confirming its flagship Cortadera project as one of 'the most significant copper-gold discoveries of the past decade in Chile.' if this is the case, why are trading volumes so low and why is the share price close to a 10-year low? Chile is far from the easiest mining jurisdiction to operate and permit in, and there is quite a negative investor sentiment around it. Is there a meaningful discount being applied to Hot Chili's market cap?

Easterday now believes that Hot Chili is well-positioned and he is ready to get this copper-gold mining story off the ground and take advantage of this favourable copper-gold environment.

Can Hot Chili's advanced Chilean coastal portfolio finally deliver value to investors after 12 long years? What is the plan to turn this copper-gold miner into a profitable enterprise?

Company Page: https://www.hotchili.net.au/ 

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Interview with Clive Line, Finance Director of Serabi Gold following the Q2/20 Quarterly Results.

We were keen to understand how this gold producer has been resolving their balance sheet balancing act of last year. This gold bull run has helped a lot of marginal gold producers build up cash reserve and resolve balance sheet issues. Serabi Gold has cash in the bank and are making money. The Sprott debt has now been paid. The company still owes Equinox $12M but has agreed to pay this off in instalments. And it seems to be coping with the COVID restrictions admirably. Line talks us through their thinking in terms of activity and sequencing to manage expenditure whilst they prepare their new asset Coringa.

Company Page: https://www.serabigold.com/ 

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Interview with David Suda, President & CEO of Gold Terra Resource (TSX-V: YGT)

Gold Terra Resource, formerly TerraX, is a junior gold explorer that owns a district-scale land position next to the City of Yellowknife in the Northwest Territories, Canada.

Ex-broker, Suda joined this story a couple of years ago, and he is coming at it from a financial perspective. He used to work in financial markets in Toronto, so bringing his commercial knowledge was key to TerraX's transformation from a technically and geologically driven company on a slow decline to a gold explorer with strong credentials.

Suda has brought in several new faces and has strengthened the balance sheet, changed the share registry and significantly enhanced the general direction of this gold junior. Gold Terra Resource is now on the comeback trail, and it looks like it has the start of 2 decent gold projects, Yellowknife City Gold and Mulligan Gold. Now, it is up to Suda and his team to monetise them and return value to their patient investors.

Company Page: https://goldterracorp.com/ 

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