Ann: Rupice Ore Reserves Upgrade, page-43

Is it time for investors to pile into gold, silver and to a lesser extent zinc, lead and copper stocks?

2022 and 2023 were the years when investors (retail, institutional, etc) piled into lithium stocks and were the subject of M&A. Lithium stocks were the talk of the town, every day. Much money was made but investors are now losing a lot of money in lithium stocks. Smart money will have sold out of lithium stocks a while ago and invested in other commodity stocks (I sure did).

But, lithium prices are in the doghouse now and mines are being shut (eg CXO) and others are losing money eg Bald Hill, Mt Marion and probably more to come. Lithium stocks are the most shorted in the market and for good reason.

Gold, silver, since, lead and copper stocks have been in the doghouse and very much under valued and still are.

Market experts expect the price of gold, silver and to a less extent other metal prices to increase in 2024 with lower interest rates, lower US $ and other factors impacting demand for gold (eg central bank buying).

Investors are starting to lose their love affair with lithium stocks and it will probably continue.

So will we likely see a re-rating of gold and silver stocks especially small to medium sized producers especially if POG increases and stays above $US2,100 and silver will likely follow POG trends? Yes in my view in 2024 and 2025. Not sure about other metal prices like zinc, lead and copper prices and stocks though.

Will we see ADT shine in 2024 especially with probably over 50% of revenue being from precious metals? Quite possibly and pending production could not be better timed (assuming they are close to meeting production and cost numbers).