Gerardo Del Real,
Editor
Sept. 2, 2024
This is your Resource Stock Digest editor Gerardo Del Real here with some Monday coffee talking points.
We’re on the road this week conducting a site visit to a place that I believe will become a new frontier for copper-gold exploration and, eventually, production. We're going to be taking a firsthand look at a brand new, undiscovered, unexplored copper-gold belt in South America. Hint, it’s one of the world’s top copper-producing nations.
While I’m away, I’ll be continuing to watch to see if gold can hold the US$2,500 per ounce level. We’ve been seeing higher-lows along with the higher-highs, which is a favorable trend we see continuing.
We’re currently witnessing a degree of dollar strength, which is interesting to me. At last check, the dollar index is sitting right around the 102 mark. Just a few days ago, it was close to breaking below the 100 level… so I’ll be curious to see how that 100-plus environment for the greenback holds up in the coming days and weeks.
Also curious to see if lithium spodumene prices start ticking upward. We’ve been seeing earnings from several major producers such as MinRes and Pilbara and a few others. And look, they're all basically saying the same thing… that very few producers are going to be able to turn a profit in the current price environment. And thus, the cure for low prices is always low prices!
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I absolutely expect more lithium production to come offline as we make our way through the second half of the year. And despite what you may be hearing from pundits in terms of sales stagnation across the EV/hybrid sector, demand remains robust, particularly out of China.
Hence, I am anticipating a second half that’ll be a lot kinder to us than what we’ve been enduring the last several quarters in terms of lithium prices and lithium equities. In other words, there are a lot of phenomenal bargains out there in the lithium space at present.
I’ll also be looking to see if copper can continue to catch a bid. After flirting with the sub-US$4 per pound mark, the red metal is now firmly at the US$4.15/lb level and hopefully and most likely heading higher in the coming weeks and months.
As contrarians, we're keeping a close eye on the uranium space as, much like lithium, you’ve gotta like the current pricing of select uranium equities… especially those with projects in safe, tier-one mining jurisdictions such as Canada’s Athabasca Basin.
Again, lots of bargain hunting opportunities out there, folks.
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Last but not least, I can't leave without mentioning the fact that I'm waiting on Q2 Metals (TSX-V: QTWO)(OTC: QUEXF) to report additional recently completed drill holes from their flagship, 100%-owned Cisco lithium exploration project in James Bay, Quebec.
Remember, the company recently reported on drill hole CS24-018, which produced a continuous interval of 215.6 meters (total cumulative width of 363.4 meters) of spodumene pegmatite, the longest interval announced by the company to date.
We’re awaiting results from several more holes from around 2,700 meters of drilling at Cisco. And if the grades are at all similar to what we witnessed in the last couple of press releases (in that 1.7% Li2O range), we could see tonnage being calculated very quickly. So looking forward to additional news out of QTWO — among others.
I hope everyone has a great week. We’ll be back with a full report and video presentation from this new South American copper-gold belt before you know it.
Now’s the perfect time to be positioning in the commodities supercycle that’s just now underway.
Let's get it,
Gerardo Del Real
Editor, Resource Stock Digest