There are certain correlations between copper and gold...

There are certain correlations between copper and gold (gold/copper ratio). While copper is needed for industrial purposes, gold is needed (except in the jewelry industry and to a limited extent in electronics) to "hedge" (safe haven).

Currently, the divergence in the ratio indicates that treasury yields should fall in the course of 2024 (I estimate 100-150 BPS for the 10-year). Lower interest rates increase the attractiveness of gold (as gold pays no interest).

Lower USD interest rates could also cause the USD index to fall - which in turn leads to a lower USD and this usually leads to higher commodity prices - copper is mainly traded in USD.

I am positive on gold. I think we will see at least a USD/oz price of 2300 over the next 12 months. If Trump is re-elected, I see prices above 2500 USD.

We have often discussed the possible price trend for copper. I think it is not a question of if, but when the price of copper will rise substantially. China is a certain uncertainty factor here - although in my view a lot of negative factors have been priced in and yet the CU price has proved very resilient. If it turns out that the negative forecasts for China are not so negative after all, this would have a strong impact on the CU price.

If you look at HMX's portfolio, it should be clear that they are taking a diversified approach. I think it's a good idea not to focus on just "one metal". Lithium could perhaps be a new addition. And again - there will also be gold drilling in Yandal - gold remains part of the plan.