Ann: Quarterly Activities Report, page-40

Well...US$ Index has broken support at 93 which means that US$ should head lower and POG therefore higher. Aussie Dollar on the other hand is depreciating because of dovish outlook. This means: USD/AUD probably stable in a range of +/- 2% but POG heading higher. This is good for a gold producer in my view. For a e.g. in this context this is an appealing base scenario for an European investor. Basically a currency hedge with some upside. POG ticking up currently. Some economic figures from the US due this week could help further to move again direction USD/oz 2000 and beyond in Q1 2021.

CU price in a very interesting chart technical constellation. Check a long term chart. I would say a break of US$/LB 3.27/3.30 could trigger a substantial move towards 4+ in the coming 12-18 months. If Joe Bidens win we can expect infrastructure programs in the US in the multi billion range. Besides that CU demand is increasing because of different reasons (e.g. electrification, climate change and bla bla...).

I am expecting a higher POG anyway. So Instos might try to put a cover on the SP but on the long run the fundamentals will be stronger. I - like probably many other - would like to see interesting, solid - maybe even exciting drilling results from Federation or in general.

I still believe that we will see a SP above 60c before Christmas.