Start of year - Warm-up phase

First of all, I wish everyone a Happy New Year. Good health and happiness and, if at all possible, a huge bunch of money.

I already mentioned that it will be very difficult to make a forecast for 2023.

However, I already see some interesting developments that have nothing directly to do with Hammer. Oil prices and energy prices are falling due to a very mild winter in Europe. Putin seems to have miscalculated this. The rouble is weakening. This is important because a large part of the inflation - especially in Europe but also in the US - was driven by higher energy prices.

The rising gold price could be an indication that calm will soon return to the interest rate front. The Fed is certainly waiting a little longer - but the market could anticipate certain developments.

The copper price is moving in a narrow range. It will be important to see what happens in China. I suspect that a second Corona wave will roll over the country after the Chinese New Year (22 January) - after that it will all die down and possibly from March we could see a strong revival of the economy - and copper goes above USD/lb 4.00 - could then also reach 4.20 to 4.50 in the summer - that in turn should have an impact on the SP of Hammer.

By mid-year, the war of attrition in Ukraine could move towards peace negotiations. The head of the Wagner Group - Piroshkin - seems to be growing in the Russians' esteem - quite in contrast to Putin. A change at the top could open the way to a negotiated settlement.

Of course, Australia is far away and that is of less interest - but an easing of tension on the geopolitical front could shift the focus back to a few other things - e.g. energy transition.

I don't expect any sensations on the Hammer front in January. I think if there were already any exciting visual indications of high grades in the drilling cores - then we would have heard something about it. The most likely surprise could be the REE drilling in Hardway. The rest (e.g. Kalman) is probably solid and according to plan, but not in such a way that one immediately falls off the chair and euphoria breaks out.

The follow-up drilling programmes from February at best (depending on the weather) - could then again bring life into the joint. However, we will probably only see results in March or April - so patience is needed.

Of course I would like to be surprised by "whatever" but I rather think that the SP will move in a range between 6 and 8 - upper end rather questionable in my view. If the SP moves at the lower end (or below), then I will accumulate a little more.

Anyway, I'm keeping my fingers crossed for all of us. I think the chances are not so bad that 2023 will be a good year - even a decisive year for Hammer. I'am rather relaxed and I think the HMX team will break the code.