Larisa Sprott of Sprott Money and Argo shares her thoughts on the gold and silver markets, saying she sees the ‘smart money’ continuing to gravitate toward these metals.
In her view, price dips present a chance to get in at lower levels.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
McLaren Minerals Limited (ASX: MML) (‘McLaren’ or ‘Company’), is pleased to provide a further update on the phase 1 Drill Program at its wholly owned McLaren Titanium Project in the western Eucla Basin, Western Australia. This update is driven by the completion of geological interpretation of all the drilling during this campaign, in the absence of laboratory results.
Highlights
McLaren Titanium Project
McLaren Mineral Sands Managing Director, Simon Finnis, commented:
“While we have not yet received any assays, phase 1 has delivered strong confidence to our team regarding this project. The most recent interpretation not only confirm the integrity of our geological model, but importantly, demonstrates the scale of the opportunity ahead. Defining substantial potential for mineralisation outside the current Resource boundary positions us well for future resource growth. We’ve also made solid ground operationally—drilling was completed on time, we’ve brought costs down, and we’re seeing strong local support. Taken together, these outcomes give us a great deal of confidence as we move toward the next phase of work and continue building long-term value for shareholders.”
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Challenger Gold Limited (ASX: CEL) (‘CEL’ or the ‘Company’) is pleased to announce it has entered into an Investment Protection Agreement (“IPA” or “the Agreement”) with the Government of Ecuador for its 100% owned El Guayabo Project (“El Guayabo” or “the Project”). Under the terms of the IPA, the Government of Ecuador has granted CEL legal protections including stability of the regulatory framework, resolution of disputes through international arbitration, and protection of CEL’s investment.
The IPA covers US$75 million in investment from CEL encompassing expenditures from CEL’s initial acquisition of the project in 2019 and expenditure incurred until the end of 2027. It has an initial term of 8 years and is renewable. Key incentives and protections under the IPA include:
Commenting on the Investment Protection Agreement, CEL Managing Director, Mr Kris Knauer, said
“The completion of the Investment Protection Agreement is a significant development for the Project..
The IPA provides certainty with respect to the legal framework governing the Project, including stable mining regulations and fiscal terms, and security of title and investment for the term of the agreement. Additionally, it provides protection from all forms of confiscation and a mechanism for international arbitration should there be any disputes related to the project.
The IPA is also timely given recent corporate action in Ecuador as we take steps to monetise our Ecuador assets following the significant resource upgrade from 4.5 million ounce1 to 9.1 million ounces1,2,3.‘
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Brazil’s President Luiz Inácio Lula da Silva was diagnosed with labyrinthitis Monday after suffering from vertigo, hospital officials said.
The 79-year-old leftist leader has already returned to the country’s presidential residence, where he is resting.
The Sirio-Libanes Hospital said in a statement that Lula underwent imaging and blood tests, and its results came within normal limits. Labyrinthitis is an inflammation of the labyrinth in the inner ear, which is responsible for hearing and balance.
The health scare adds to Lula’s recent medical worries, which are also part of his allies’ concerns ahead of his likely bid for reelection next year.
The most serious is a fall he had in the bathroom of the presidential residence in Brasília on Oct. 19.
Almost two months later, he was transferred to São Paulo for surgery after suffering headaches caused by new a bleeding in his head.
He was discharged Dec. 15.
India’s financial capital and one of its largest cities has experienced its wettest May in more than a century, with the unusually early arrival of the monsoon season causing a ferocious weekend downpour that turned roads into rivers and flooded a newly inaugurated underground train station.
Mumbai, a city of more than 12 million, has recorded more than 400 millimeters of rainfall this month so far, according to data from the Indian Meteorological Department (IMD), with much of the downpour arriving late last weekend.
The deluge caused chaos and delays across transport networks, including at the newly inaugurated Worli Metro Station.
Video published by local media outlets showed travelers wading knee-deep in flood water, water gushing down a station staircase, and water leaking heavily from the ceiling onto a train platform.
India’s $4 trillion economy is heavily dependent on the monsoon, which brings rains that farmers depend on to support the country’s agricultural sector, which employs nearly half of the country’s 1.4 billion people.
The rains, which usually arrive in June and last through September, are needed to grow crops, irrigate farmland and replenish India’s reservoirs. But this year’s early arrival has caused havoc across Mumbai, India’s finance capital and home to its vaunted Bollywood film industry, flooding roads and submerging cars.
Some experts say that global warming is increasing the variability of India’s monsoon rains faster than previously projected.
The onset of the southwest monsoon in Mumbai on May 26 is the earliest advancement over the city since 1950, Nair said.
Each year the monsoon causes chaos across Mumbai, particularly for commuters travelling on its hectic, overcrowded public transport system.
Last year in May, heavy rains caused a huge billboard to collapse, killing at least 14 people and injuring dozens more.
Prime Minister Narendra Modi inaugurated the Worli Metro station just earlier this month, part of his ambitious plan to modernize India’s aging transport network and transform the country’s infrastructure to achieve his goal of turning it into a developed nation by 2047.
Further rains are forecast for the region this week, the IMD said, potentially causing further flooding.
The southern state of Kerala over the weekend also saw an unusually early arrival of the monsoon, bringing some respite after experiencing days of an unrelenting heatwave.
Indian capital New Delhi last week also experienced widespread rain, lightning, and thunderstorms, causing a canopy at the city’s airport to collapse from waterlogging.
India’s defense minister has approved a framework for building the country’s most advanced stealth fighter jet, the defense ministry said on Tuesday, amid a new arms race with Pakistan weeks after a military conflict between the neighbors.
Indian state-run Aeronautical Development Agency, which is executing the program, will shortly invite initial interest from defense firms for developing a prototype of the warplane, envisaged as a twin-engine 5th generation fighter, the ministry said.
The project is crucial for the Indian Air Force, whose squadrons of mainly Russian and ex-Soviet aircraft have fallen to 31 from an approved strength of 42 at a time when rival China is expanding its air force rapidly. Pakistan has one of China’s most advanced warplanes, the J-10, in its arsenal.
Militaries of nuclear-armed neighbors India and Pakistan faced-off in four days of fighting this month, which saw use of fighter jets, missiles, drones and artillery by both sides before a ceasefire was announced by US President Donald Trump.
It was the first time both sides utilized drones at scale and the South Asian powers are now locked in a drones arms race, according to Reuters’ interviews with 15 people, including security officials, industry executives and analysts in the two countries.
India will partner with a domestic firm for the stealth fighter program, and companies can bid independently or as a joint venture, the defense ministry said in a statement, adding that the bids would be open for both private and state-owned firms.
In March, an Indian defense committee had recommended including the private sector in military aircraft manufacturing to shore up the capabilities of the Indian Air Force and reduce the burden on state-owned Hindustan Aeronautics Ltd, which makes most of India’s military aircraft.
Air Chief Marshal Amar Preet Singh has previously criticized Hindustan Aeronautics for slow delivery of light combat Tejas aircraft, a 4.5 generation fighter, which the firm blamed on slow delivery of engines from General Electric GE.N due to supply chain issues faced by the US firm.
Germany and other Ukrainian allies have lifted restrictions on Kyiv firing long-range missiles into Russia for the first time, the German chancellor said Monday, after days of Russia bombarding the capital and other regions with massive aerial attacks.
It marks a significant change in approach from key allies, which until now had largely resisted Ukraine’s requests to use Western-supplied weapons deep inside Russia.
“There are no longer any range restrictions on weapons supplied to Ukraine,” German Chancellor Friedrich Merz said at a European forum in Berlin on Monday. “Neither from the British, nor from the French, nor from us. Nor by the Americans.”
“In other words, Ukraine can now also defend itself by attacking military positions in Russia, for example,” he added.
The announcement comes in the wake of record-breaking drone and missile attacks on Ukraine over the weekend. Russian President Vladimir Putin is facing international pressure to accept a ceasefire deal, including from US President Donald Trump, who has grown increasingly frustrated by the slow progress.
Merz was appointed chancellor several weeks ago – and his declaration stands in stark contrast with his predecessor Olaf Scholz, who had repeatedly rejected Ukraine’s calls to lift the restrictions.
However, Merz did not say whether Germany would supply Ukraine with its powerful long-range Taurus missiles – something he had supported when Scholz was still in power, Reuters reported.
The United States lifted its restrictions last November, with former President Joe Biden authorizing Ukraine to use the US-supplied long-range Army Tactical Missile Systems, or ATACMS, inside Russia.
But that, too, was a controversial decision that took months of discussion to reach. The US refused to even provide ATACMS to Ukraine for the first two years of the war, only delivering the missiles for the first time in April 2024. Some American officials worried about escalating the war, now in its fourth year, while others worried about the Pentagon’s dwindling weapons stockpiles.
Russia has openly threatened that any lifting of restrictions on long-range weapons would mean war with NATO. Putin has warned the West that Moscow would consider any assault supported by a nuclear power to be a joint attack – and that Russia could use nuclear weapons if it was struck with conventional missiles.
Kremlin spokesperson Dmitry Peskov slammed Merz’s announcement on Monday, saying the lifting of restrictions was “rather dangerous,” according to Russia’s state-owned news agency TASS.
“If such decisions are made, they will absolutely go against our aspirations to reach a political settlement and the efforts being made within the framework of the settlement,” he said, according to TASS.
Ukraine’s President Volodymyr Zelensky is expected to visit Berlin on Wednesday, Reuters reported, citing several sources.
Russia’s attacks over the weekend killed more than two dozen people, including children, as Ukraine urged Western allies to continue pressuring Moscow to end the war.
“Without really strong pressure on the Russian leadership, this brutality cannot be stopped,” Zelensky said on Sunday.
Trump on Monday voiced increasing frustration with Putin, saying the Russian leader had “gone absolutely crazy” – while also criticizing Zelensky’s statements as causing “problems.”
Pressure is also building from within Trump’s Republican base, with a number of congressmen – including Sens. Chuck Grassley and Lindsey Graham, and Reps. Brian Fitzpatrick and Don Bacon – urging the president to impose stringent sanctions on Russia.
“It is a time for honesty. Peace talks are having zero effect on Putin,” Bacon wrote on X. “The US and allies must arm Ukraine to the teeth.”
Hong Kong’s first locally born giant pandas have finally been named and introduced as Jia Jia and De De.
The names of the cubs, affectionately known as “Elder Sister” and “Little Brother,” were announced Tuesday in a ceremony at Ocean Park, the theme park housing them, their parents and two other giant pandas that arrived from mainland China last year.
The names were the winning suggestions from residents in a naming contest that drew more than 35,700 entries.
The Chinese character “Jia,” from the female cub’s name “Jia Jia,” carries a message of support and features an element of family and a sense of auspicious grace. The name embodies the prosperity of families and the nation and the happiness of the people, the park said.
The Chinese character “De,” from the male cub’s name, means to succeed, carrying the connotation that Hong Kong is successful in everything. De also has the same pronunciation as the Chinese character for virtue, the park said, suggesting giant pandas possess virtues cherished by Chinese people.
Ocean Park chairman Paulo Pong said they followed tradition by using Mandarin pronunciation for the pandas’ English names. He said “Jia” sounds like a word in the Cantonese term for elder sister, while “De De” sounds a bit like the Cantonese phrase for little brother. Cantonese is the mother language of many Hong Kongers.
“It’s a very positive pair of names,” he said. “We have to be a bit creative here with the names.”
The twins’ birth in August made their mother, Ying Ying, the world’s oldest first-time panda mom. Their popularity among residents, visitors and on social media raised hopes for a tourism boost in the city, where politicians touted the commercial opportunities as the “panda economy.”
Observers are watching whether housing six pandas helps the park revive its business, especially when caring for the animals in captivity is expensive. Ocean Park recorded a deficit of 71.6 million Hong Kong dollars ($9.2 million) last financial year.
The park recorded a nearly 40% growth in visitor flow and 40% increase in overall income during a five-day holiday beginning May 1 in mainland China, said Pong, who hopes the growth momentum will continue through summer, Halloween and Christmas seasons.
Pandas are considered China’s unofficial national mascot. The country’s giant panda loan program with overseas zoos has long been seen as a tool of Beijing’s soft-power diplomacy.
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU) advises that 50% owned Cuban joint venture mining company, Minera La Victoria SA, and a major global commodities trading house have signed two off-take agreements for the purchase of the gold concentrates and the copper/gold concentrates to be produced by the Nueva Sabana mine (“Nueva Sabana Mine”).
The proposed payables for metals outlined below are 12% higher for the gold concentrate, and the same for the copper/gold concentrate, that were included in the Nueva Sabana Pre-Feasibility Study (‘PFS’), the results of which were advised to ASX on 13 January 2025, together with the production schedule and target specifications for the two concentrates on market-based terms
Additional details on the commercial arrangements include the following:
The counterparty is a major global commodities trading house with a diverse portfolio including substantial interests in metals and minerals and an annual group revenue in excess of billions of dollars. The Company confirms that it does not consider the identity of the counterparty to be information that a reasonable person would expect to have a material effect on the price or value of the Company’s securities. The Company confirms that this announcement contains all material information relevant to assessing the impact of the off-take agreements on the price or value of the Company’s securities, and is not misleading by omission.
LISTING RULE CONFIRMATION
The Company confirms that all material assumptions underpinning the production target and the forecast financial information derived from the production target in the revised MRE for Nueva Sabana advised to ASX on 2 October 2024 continue to apply and have not materially changed.
The Company also confirms that it is not aware of any new information or data that materially affects the information included in previous market announcements and all material assumptions and technical parameters underpinning the mineral resources in the 13 January 2025 market announcement continue to apply and have not materially changed.
The Chairman of Antilles Gold, Mr Brian Johnson, commented“finalisation of the concentrate off-take agreements is a major step forward in arranging financing for the Nueva Sabana project, and positive negotiations are progressing with potential lenders for the construction of the mine.
The mine is fully permitted, and the aim is to finalise the financing within the next 3 months to allow construction commencement, with commissioning 12 months later”.
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WIN Metals Ltd (ASX: WIN) (“WIN” or “the Company”) is pleased to announce an Exploration Target for the high-grade Golden Crown gold deposit, part of the Company’s Butchers Creek.
Highlights
The potential quantity and grade of the Exploration Target is conceptual in nature and, as such, there has been insufficient exploration drilling conducted to estimate a Mineral Resource. At this stage it is uncertain if further exploration drilling will result in the estimation of a Mineral Resource. The Exploration Target has been prepared in accordance with the JORC Code (2012). This exploration target is exclusive of the 2021 Golden Crown Mineral resource estimate of 400kt at 3.10g/t Au for 38,000oz of gold.
Gold Project (“BCGP”) located in the East Kimberley region of Western Australia. The BCGP currently contains a global Mineral Resource of 5.63Mt @ 1.98g/t Au for 359,000oz of gold.
The Golden Crown Exploration Target, which lies below the current Inferred Resource, is estimated at between 400kt to 700kt @ 2.4g/t to 3.2g/t Au, representing an additional 23,000oz to 73,000oz of gold beyond the current MRE.
WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented:
“The establishment of an Exploration Target at the high-grade Golden Crown gold deposit following our highly successful 4-hole drilling program late in 2024 marks another important milestone in WIN’s strategy to unlock value from the project. The potential for additional gold at Golden Crown represents a compelling resource growth opportunity that could see Golden Crown be a meaningful satellite producer complementing the main Butchers Creek body of mineralisation.
With a very targeted, low-cost exploration approach this supports our vision of becoming the next gold producer in Kimberley region of WA. The upcoming S,000m drill campaign is designed to test the potential and deliver further value to shareholders through disciplined, high-impact exploration. We’re suitably enthused by what lies ahead.”
Exploration Target Basis
During WIN’s 2024 drilling campaign, 4 holes for 873m were drilled at Golden Crown demonstrating the resource growth potential. In aggregate, 159 holes for 12,570m have been drilled at Golden Crown along the lightly tested 2km strike.
Highlights from WIN’s drilling included:
The Golden Crown Exploration Target was generated using the following parameters:
Heritage Clearance for 2025 Drilling Programme
All drilling proposed in the 2025 heritage survey has been approved by the Koongie Elvire Traditional Owners Group following the completion of a heritage survey in April. This approval enables WIN to accelerate its 2025 drilling programme, focusing on growing the Golden Crown resource and testing the EIS co-funded exploration target, Ganymede3.
Future Work
The 2025 field season has commenced with reconnaissance work underway, now both heritage survey and the necessary clearances have been received. The drilling program will primarily focus on resource growth at the Golden Crown gold deposit, with 9,000m of drilling planned to commence in June/July 2025. An updated MRE for Golden Crown is expected later in 2025.
Location and Project History
The Golden Crown gold deposit is within exploration licence E80/4976, which is 4.5km north of the Butchers Creek gold mine and 30km southeast of Halls Creek in the Kimberley region of Western Australia. The project is accessible via the Duncan Road that connects the BCGP to the town of Halls Creek and the Great Northern Highway.
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