RSD Weekly Recap: Almadex Minerals (TSX-V: AMZ), Millrock Resources (TSX-V: MRO), Leading Edge Materials (TSX-V: LEM)
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
Gold closed down, closing at $1,280 per ounce for a weekly loss of 0.6%
Silver was down 3.5% for the week, closing at $16.42 an ounce.
The dollar closed at 92.90.
Copper slid to $3.09/lb. for a weekly loss of 2.5%. Copper did break below the $3.00/lb. level this morning. It will be interesting to see how copper reacts the rest of the week.
Platinum was relatively flat, losing $2 and closing at $939 an ounce.
Palladium broke through the $1,0000 level, closing at $1,014 an ounce for a weekly gain of 2.5%, the highest close since 2001.
Zinc was flat for the week, closing at $1.48/lb. although it has followed copper lower and is now at $1.43/lb.
Oil was relatively flat as well, closing at $58.36 a barrel for the week.
Uranium closed the week at $23/lb. for a weekly loss of 5% but the news yesterday out of Kazakhstan that Kazatomprom would be curtailing production to the tune of 20% over the next three years sent uranium and the best uranium juniors soaring.
I’ve said repeatedly that 2018 would be a critical year for uranium and I believe the table is set for a new uranium bull market.
The bottom line is the major uranium producers have decided they are no longer depleting reserves at a loss and that bodes well for speculators positioned correctly.
Speaking of being positioned correctly, Almadex Minerals (TSX-V: AMZ) CEO Morgan Poliquin has another discovery on his hands at the El Cobre copper-gold project in Veracruz, Mexico.
We spoke about the exciting discovery at the Raya Tembrillo area and why El Cobre is shaping up to be a new copper-gold district. Assays are still pending and I expect those this week.
Millrock Resources (TSX-V: MRO) CEO Greg Beischer went over plans for 2018, the recently announced $1.6 million financing and the near-term catalysts that could set Millrock up for an exciting 2018.
Leading Edge Materials (TSX-V: LEM) CEO Blair Way provided an important update on several projects the company is working on. In addition to the flagship Woxna graphite project, it also has two world-class rare-earth assets and an early-stage but very prospective lithium asset that recently returned the thickest interval of mineralization to date.
That’s all for this week. This is Gerardo Del Real with the Resource Stock Digest weekly recap.