I wish everyone a good start to 2025 and let's see what...

I wish everyone a good start to 2025 and let's see what surprises it has in store for us.

Isn't it interesting that after the general euphoria regarding future copper price developments in the first 3 quarters of 2024, the mood changed in Q4 2024 and suddenly 90% of analysts withdrew their forecasts for 2025? The chart seems more interesting to me. See below. My interpretation: CU will decide in the next 2 months where the journey will take us in 2025. Trump casts his shadow ahead. The USD Dollar Index seems to want to form a shoulder-head-shoulder formation. Which could mean a setback towards 100 - and would support the CU case. Gold seems to want to find its way - a decision seems to be imminent here. Most experts see higher prices - moderately higher prices. A few see massively higher prices. Let's see who is right. I dare say that China will play a role in this context. I am curious to see what Trump will do and whether he will realize what he has ‘promised’. After all - the wall to Mexico still hasn't been built - but New York and Denmark are being spied on by UFOs. An alien invasion seems imminent - perhaps Elon is the leader.

What could happen at HMX? The mood is pretty depressed. This applies to the whole sector. Slightly higher copper prices will hardly ‘move’ anything. The same applies to gold. At least the sellers seem to have ‘run out a little’.

The former owner of Lady Jenny also had a hand at Mt Hope. If I assume that he had a clue about geology, it could be that Lady Jenny - as in the case of Mt Hope - could be good for surprises. There seem to be stranded projects within a 10km radius. For example Lady Ethleen (Cyclone Metals) but also others like Wee MacGregor, Rosebud, Inkerman....and obviously other prospects in HMX hands. Lady Ethleen was drilled and found high grade copper (5-8%, Cyclone 2021). In a perfect world, a centralised processing hub could be established here. Obviously not something that happens in 2 months - but on the way to becoming a ‘developer’ or even a ‘producer’ - there could be some upward pressure on the SP.

Bullrush: the magnetic response and residual gravity results leave room for imagination (the similarity with some world-renowned deposits leaves at least some hopeful imagination). Sumitomo seems to me to be a sparring partner that takes it very seriously. The fact that they are continuing here could be confirmation that they also see Tier 1 potential - I don't think Sumitomo is interested in ‘small stories’. Of course it's not that simple but a drilling result plus a confirmation of it could change the starting point massively.

Mt Isa Valley: The Mount Annable No. 8 Prospect is around 500-1000m from the Mt Isa Fault. Coincidentally, Mt Isa and Georg Fisher are a similar distance from this fault. Doesn't necessarily mean anything - but leaves room for Tier 1 fantasy (although the George Fisher Deposit in particular is very specially ‘folded’). With South 32, we have someone on board who has a clue. Should South32 continue to pursue the project (after appropriate results), then it cannot be that the SP remains at the same level as 5 years ago and pretty much everything around it is simply faded out.

North Orelia is not far away from NST. With some good results, this prospect / deposit could be spiced up - the rest could depend on the gold price development. Leaves room for possible developments - Bronzewing is currently living a shadowy existence and is hardly mentioned anymore.

Kalman: What do we do with it? As it is hardly included in the market cap, we can simply ‘keep’ it. In my view, it would need some really good drilling results in shallow depths around Kalman to strengthen the open pit case. Together with rising moly and/or CU prices, Kalman would quickly be worth 200-300m. I know, nobody believes that.

I don't think that's such a bad starting point for an exciting 2025. It doesn't have to be exciting - but we could see a game changer. I mentioned that I would sell between 25-30c in 2025. I don't really know - I think I'm wrong about that. I'm probably a bit too pessimistic in this context.

; )

DYOR