Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources

Page created by Andrew Palmer
 
CONTINUE READING
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Precious Metals Report 2020
Everything you need to know about gold, silver, platinum and palladium!
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Disclaimer

    Dear reader,                                           expressively not trading recommendations regar-            obligations for example additional payment liabili-       respective author are not recommendations to buy            the most current balance sheets as well as assets        mineralization, the success of the planned metallur-
                                                           ding the buying or selling of securities. All publica-     ties. Engagements in the publications of the shares       or sell a security.                                         and liabilities reports of the companies at the Secu-    gical test work, the significant deviation of capital
   Please read the complete disclaimer in the fol-         tions of Swiss Resource Capital AG represent only          and products presented in all publications of Swiss          Neither by subscription nor by use of any publica-       rities and Exchange Commission (SEC) under www.          and operating costs from the estimates, failure to
lowing pages carefully before you start reading            the opinion of the respective author. They are neither     Resource Capital AG have in part foreign exchange         tion of Swiss Resource Capital AG or by expressed           sec.gov or other regulatory authorities or carrying      receive necessary government approval and en-
this Swiss Resource Capital Publication. By                explicitly nor implicitly to be understood as guaran-      risks. The deposit portion of single shares of small      recommendations or reproduced opinions in such a            out other company evaluations. Neither Swiss Re-         vironmental permits or other project permits, chan-
using this Swiss Resource Capital Publication              tee of a particular price development of the menti-        and micro cap companies and low capitalized secu-         publication will result in an investment advice cont-       source Capital AG nor the respective authors will        ges of foreign exchange rates, fluctuations of com-
you agree that you have completely understood              oned financial instruments or as a trading invitation.     rities like derivatives and leveraged products should     ract or investment brokerage contract between               guarantee that the expected profits or mentioned         modity prices, delays by project developments and
the following disclaimer and you agree comple-             Every investment in securities mentioned in publica-       only be as high that, in case of a possible total loss,   Swiss Resource Capital AG or the respective author          share prices will be achieved. Neither Swiss Re-         other factors.
tely with this disclaimer. If at least one of these        tions of Swiss Resource Capital AG involve risks           the deposit will only marginally lose in value.           and the subscriber of this publication.                     source Capital AG nor the respective authors are
point does not agree with you than reading and             which could lead to total a loss of the invested capi-                                                                                                                           professional investment or financial advisors. The           Potential shareholders and prospective investors
use of this publication is not allowed.                    tal and - depending on the investment – to further             All publications of Swiss Resource Capital AG             Investments in securities with low liquidity and        reader should take advice (e. g. from the principle      should be aware that these statements are subject
                                                           obligations for example additional payment liabili-        are exclusively for information purposes only. All        small market cap are extremely speculative as well          bank or a trusted advisor) before any investment         to known and unknown risks, uncertainties and
We point out the following:                                ties. In general, purchase and sell orders should al-      information and data in all publications of Swiss Re-     as a high risk. Due to the speculative nature of the        decision. To reduce risk investors should largely di-    other factors that could cause actual events to dif-
                                                           ways be limited for your own protection.                   source Capital AG are obtained from sources which         presented companies their securities or other finan-        versify their investments.                               fer materially from those indicated in the for-
   Swiss Resource Capital AG and the authors of                                                                       are deemed reliable and trustworthy by Swiss Re-          cial products it is quite possible that investments                                                                  ward-looking statements. Such factors include but
the Swiss Resource Capital AG directly own and/                This applies especially to all second-line-stocks      source Capital AG and the respective authors at the       can lead to a capital reduction or to a total loss and         In addition, Swiss Resource Capital AG welco-         are not limited to the following: risks regarding the
or indirectly own shares of following Companies            in the small and micro cap sector and especially to        time of preparation. Swiss Resource Capital AG            - depending on the investment – to further obliga-          mes and supports the journalistic principles of con-     inaccuracy of the mineral reserve and mineral re-
which are described in this publication: Amex              exploration and resource companies which are dis-          and all Swiss Resource Capital AG employed or en-         tions for example additional payment liabilities. Any       duct and recommendations of the German press             source estimates, fluctuations of the gold price,
Exploration, Bluestone Resources, Caledonia                cussed in the publications of Swiss Resource Capi-         gaged persons have worked for the preparation of          investment in warrants, leveraged certificates or           council for the economic and financial market repor-     risks and dangers in connection with mineral explo-
Mining, Cardinal Resources, Condor Gold, Dis-              tal AG and are exclusively suitable for speculative        all of the published contents with the greatest pos-      other financial products bears an extremely high            ting and within the scope of its responsibility will     ration, development and mining, risks regarding the
covery Metals, Endeavour Silver, First Majestic            and risk aware investors. But it applies to all other      sible diligence to guarantee that the used and un-        risk. Due to political, economical or other changes         look out that these principles and recommendations       creditworthiness or the financial situation of the
Silver, GoldMining, MAG Silver, Osino Resources,           securities as well. Every exchange participant tra-        derlying data as well as facts are complete and ac-       significant stock price losses can arise and in the         are respected by employees, authors and editors.         supplier, the refineries and other parties that are
Osisko Gold Royalties, Skeena Resources.                   des at his own risk. The information in the publica-       curate and the used estimates and made forecasts          worst case a total loss of the invested capital and -                                                                doing business with the company; the insufficient
                                                           tions of Swiss Resource Capital AG do not replace          are realistic. Therefore, liability is categorically      depending on the investment – to further obligations                                                                 insurance coverage or the failure to receive insuran-
   Swiss Resource Capital AG has closed IR                 an on individual needs geared professional invest-         precluded for pecuniary losses which could poten-         for example additional payment liabilities. Any liabi-      Forward-looking Information                              ce coverage to cover these risks and dangers, the
consultant contracts with the following compa-             ment advice. In spite of careful research, neither the     tially result from use of the information for one’s       lity claim for foreign share recommendations, deri-                                                                  relationship with employees; relationships with and
nies which are mentioned in this publication:              respective author nor Swiss Resource Capital AG            own investment decision.                                  vatives and fund recommendations are in principle              Information and statements in all publications of     the demands from the local communities and the
Blue­stone Resources, Caledonia Mining, Disco-             will neither guarantee nor assume liability for actua-                                                               ruled out by Swiss Resource Capital AG and the re-          Swiss Resource Capital AG especially in (transla-        indigenous population; political risks; the availabili-
very Metals, Endeavour Silver, GoldMining, MAG             lity, correctness, mistakes, accuracy, complete-               All information published in publications of Swiss    spective authors. Between the readers as well as the        ted) press releases that are not historical facts are    ty and rising costs in connection with the mining
Silver, Osisko Gold Royalties, Skeena Resources.           ness, adequacy or quality of the presented informa-        Resource Capital AG reflects the opinion of the res-      subscribers and the authors as well as Swiss Re-            forward-looking information within the meaning of        contributions and workforce; the speculative nature
                                                           tion. For pecuniary losses resulting from invest-          pective author or third parties at the time of repara-    source Capital AG no consultancy agreement is clo-          applicable securities laws. They contain risks and       of mineral exploration and development including
   Swiss Resource Capital AG receives compen-              ments in securities for which information was              tion of the publication. Neither Swiss Resource Ca-       sed by subscription of a publication of Swiss Re-           uncertainties but not limited to current expectations    risks of receiving and maintaining the necessary
sation expenses from the following companies               available in all publications of Swiss Resource Ca-        pital AG nor the respective authors can be held res-      source Capital AG because all information cont-             of the company concerned, the stock concerned or         licences and permits, the decreasing quantities and
mentioned in this publication: Amex Exploration,           pital AG liability will be assumed neither by Swiss        ponsible for any resulting pecuniary losses. All          ained in such a publication refer to the respective         the respective security as well as intentions, plans     grades of mineral reserves during mining; the global
Bluestone Resources, Caledonia Mining, Cardi-              Capital Resource AG nor by the respective author           information is subject to change. Swiss Resource          company but not to the investment decision. Publi-          and opinions. Forward-looking information can of-        financial situation, current results of the current ex-
nal Resources, Condor Gold, Discovery Metals,              neither explicitly nor implicitly.                         Capital AG as well as the respective authors assu-        cations of Swiss Resource Capital AG are neither,           ten contain words like “expect”, “believe”, “assu-       ploration activities, changes in the final results of
Endeavour Silver, First Majestic Silver, GoldMi-                                                                      res that only sources which are deemed reliable and       direct or indirect an offer to buy or for the sale of the   me”, “goal”, “plan”, “objective”, “intent”, “estima-     the economic assessments and changes of the pro-
ning, MAG Silver, Osino Resources, Osisko Gold                 Any investment in securities involves risks. Politi-   trustworthy by Swiss Resource Capital AG and the          discussed security (securities), nor an invitation for      te”, “can”, “should”, “may” and “will” or the negati-    ject parameter to include unexpected economic
Royalties, Skeena Resources.Therefore, all men-            cal, economical or other changes can lead to signifi-      respective authors at the time of preparation are         the purchase or sale of securities in general. An in-       ve forms of these expressions or similar words           factors and other factors, risks of increased capital
tioned companies are sponsors of this publicati-           cant stock price losses and in the worst case to a         used. Although the assessments and statements in          vestment decision regarding any security should not         suggesting future events or expectations, ideas,         and operating costs, environmental, security and
on.                                                        total loss of the invested capital and - depending on      all publications of Swiss Resource Capital AG were        be based on any publication of Swiss Resource Ca-           plans, objectives, intentions or statements of future    authority risks, expropriation, the tenure of the
                                                           the investment – to further obligations for example        prepared with due diligence, neither Swiss Resour-        pital AG.                                                   events or performances. Examples for forward-loo-        company to properties including their ownership,
                                                           additional payment liabilities. Especially investments     ce Capital AG nor the respective authors take any                                                                     king information in all publications of Swiss Resour-    increase in competition in the mining industry for
Risk Disclosure and Liability                              in (foreign) second-line-stocks, in the small and          responsibility or liability for the actuality, correct-      Publications of Swiss Resource Capital AG must           ce Capital AG include: production guidelines, esti-      properties, equipment, qualified personal and its
                                                           micro cap sector, and especially in the exploration        ness, mistakes, accuracy, completeness, adequacy          not, either in whole or in part be used as a base for a     mates of future/targeted production rates as well as     costs, risks regarding the uncertainty of the timing
   Swiss Resource Capital AG is not a securities           and resource companies are all, in general, associa-       or quality of the presented facts or for omissions or     binding contract of all kinds or used as reliable in        plans and timing regarding further exploration, drill    of events including the increase of the targeted pro-
service provider according to WpHG (Germany) and           ted with an outstandingly high risk. This market seg-      incorrect information. The same shall apply for all       such a context. Swiss Resource Capital AG is not            and development activities. This forward-looking         duction rates and fluctuations in foreign exchange
BörseG (Austria) as well as Art. 620 to 771 obliga-        ment is characterized by a high volatility and har-        presentations, numbers, designs and assessments           responsible for consequences especially losses,             information is based in part on assumption and fac-      rates. The shareholders are cautioned not to place
tions law (Switzerland) and is not a finance company       bours danger of a total loss of the invested capital       expressed in interviews and videos.                       which arise or could arise by the use or the failure of     tors that can change or turn out to be incorrect and     undue reliance on forward-looking information. By
according to § 1 Abs. 3 Nr. 6 KWG. All publications        and - depending on the investment – to further obli-                                                                 the application of the views and conclusions in the         therefore may cause actual results, performances         its nature, forward-looking information involves nu-
of the Swiss Resource Capital AG are explicitly (in-       gations for example additional payment liabilities. As        Swiss Resource Capital AG and the respective           publications. Swiss Resource Capital AG and the re-         or successes to differ materially from those stated      merous assumptions, inherent risks and uncertain-
cluding all the publications published on the website      well, small and micro caps are often very illiquid and     authors are not obliged to update information in pu-      spective authors do not guarantee that the expected         or postulated in such forward-looking statements.        ties both general and specific that contribute to the
http://www.resource-capital.ch and all sub-websi-          every order should be strictly limited and, due to an      blications. Swiss Resource Capital AG and the res-        profits or mentioned share prices will be achieved.         Such factors and assumption include but are not          possibility that the predictions, forecasts, projec-
tes (like http://www.resource-capital.ch/de) and the       often better pricing at the respective domestic exch-      pective authors explicitly point out that changes in                                                                  limited to: failure of preparation of resource and re-   tions and various future events will not occur. Neit-
website http://www.resource-capital.ch itself and its      ange, should be traded there. An investment in secu-       the used and underlying data, facts, as well as in the       The reader is strongly encouraged to examine all         serve estimates, grade, ore recovery that differs        her Swiss Resource Capital AG nor the referred to
sub-websites) neither financial analysis nor are they      rities with low liquidity and small market cap is extre-   estimates could have an impact on the forecasted          assertions him/herself. An investment, presented            from the estimates, the success of future explorati-     company, referred to stock or referred to security
equal to a professional financial analysis. Instead, all   mely speculative as well as a high risk and can lead       share price development or the overall estimate of        by Swiss Resource Capital AG and the respective             on and drill programs, the reliability of the drill,     undertake no obligation to update publicly other-
publications of Swiss Resource Capital AG are              to, in the worst case, a total loss of the invested ca-    the discussed security. The statements and opi-           authors in partly very speculative shares and finan-        sample and analytical data, the assumptions regar-       wise revise any forward-looking information
exclusively for information purposes only and are          pital and - depending on the investment – to further       nions of Swiss Capital Resource AG as well as the         cial products should not be made without reading            ding the accuracy of the representativeness of the       whether as a result of new information, future

2                                                                                                                                                                                                                                                                                                                                                         3
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
events or other such factors which affect this infor-         Exploitation and distribution rights                     accuracy and completeness of the facts presented         chures directly on the website of the authority at           Liability limitation for availability of website             The use of contact data like postal addresses, tele-
mation, except as required by law.                                                                                     in the sources. Neither Swiss Resource Capital AG        www.bafin.de.                                                                                                             phone and fax numbers as well as email addresses
                                                                 Publications of Swiss Resource Capital AG may         nor the respective authors will guarantee or be liable                                                                   Swiss Resource Capital AG will endeavour to               published in the imprint or similar information by
                                                              neither directly or indirectly be transmitted to Great   for that all assumed share price and profit develop-                                                                  offer the service as uninterrupted as possible. Even         third parties for transmission of not explicitly re-
48f Abs. 5 BörseG (Austria) and Art. 620 to 771               Britain, Japan, USA or Canada or to an US citizen        ments of the respective companies and financial          Liability limitation for links                               with due care downtimes can not be excluded.                 quested information is not permitted. Legal action
obligations law (Switzerland)                                 or a person with place of residence in the USA, Ja-      products respectively in all publications of Swiss                                                                    Swiss Resource Capital AG reserves the right to              against the senders of spam mails are expressly re-
                                                              pan, Canada or Great Britain nor brought or distri-      Resource Capital AG will be achieved.                        The http://www.resource-capital.ch – website             change or discontinue its service any time.                  served by infringement of this prohibition.
   Swiss Resource Capital AG as well as the respec-           buted in their territory. The publications and their                                                              and all sub-websites and the http://www.resour-
tive authors of all publications of Swiss Resource            contained information can only be distributed or                                                                  ce-capital.ch – newsletter and all publications of                                                                           By registering in http://www.resource-capital.ch
Capital AG could have been hired and compensated              published in such states where it is legal by applica-   No guarantee for share price data                        Swiss Resource Capital AG contain links to websi-            Liability limitation for advertisements                      – website and its sub-websites or in the http://www.
by the respective company or related third party for          ble law. US citizens are subject to regulation S of                                                               tes of third parties (“external links”). These websites                                                                   resource-capital.ch – newsletter you give us permis-
the preparation, the electronic distribution and publi-       the U.S. Securities Act of 1933 and cannot have            No guarantee is given for the accuracy of charts       are subject to liability of the respective operator.            The respective author and the advertiser are              sion to contact you by email. Swiss Resource Capi-
cation of the respective publication and for other            access. In Great Britain the publications can only be    and data to the commodity, currency and stock            Swiss Resource Capital AG has reviewed the foreign           exclusively responsible for the content of advertise-        tal AG receives and stores automatically via server
services. Therefore the possibility exists for a conflict     accessible to a person who in terms of the Financial     markets presented in all publications of Swiss Re-       contents at the initial linking with the external links if   ments in http://www.resource-capital.ch – website            logs information from your browser including cookie
of interests.                                                 Services Act 1986 is authorized or exempt. If these      source Capital AG.                                       any statutory violations were present. At that time no       and its sub-websites or in the http://www.resour-            information, IP address and the accessed websites.
                                                              restrictions are not respected this can be perceived                                                              statutory violations were evident. Swiss Resource            ce-capital.ch – newsletter as well as in all publica-        Reading and accepting our terms of use and privacy
   At any time Swiss Resource Capital AG as well as           as a violation against the respective state laws of                                                               capital AG has no influence on the current and future        tions of Swiss Resource Capital AG and also for the          statement are a prerequisite for permission to read,
the respective authors of all publications of Swiss           the mentioned countries and possibly of non menti-       Copyright                                                design and the contents of the linked websites. The          content of the advertised website and the adverti-           use and interact with our website(s).
Resource Capital AG could hold long and short posi-           oned countries. Possible resulting legal and liability                                                            placement of external links does not mean that               sed products and services. The presentation of the
tions in the described securities and options, futures        claims shall be incumbent upon that person, but not         The copyrights of the single articles are with the    Swiss Resource Capital AG takes ownership of the             advertisement does not constitute the acceptance
and other derivatives based on theses securities.             Swiss Resource Capital, who has published the pu-        respective author. Reprint and/or commercial dis-        contents behind the reference or the link. A constant        by Swiss Resource Capital AG.
Furthermore Swiss Resource Capital AG as well as              blications of Swiss Resource Capital AG in the           semination and the entry in commercial databases         control of these links is not reasonable for Swiss Re-
the respective authors of all publications of Swiss           mentioned countries and regions or has made avai-        is only permitted with the explicit approval of the      source Capital AG without concrete indication of
Resource Capital AG reserve the right to buy or sell          lable the publications of Swiss Resource Capital AG      respective author or Swiss Resource Capital AG.          statutory violations. In case of known statutory vio-        No contractual relationship
at any time presented securities and options, futures         to persons from these countries and regions.                                                                      lations such links will be immediately deleted from
and other derivatives based on theses securities. Th-            The use of any publication of Swiss Resource             All contents published by Swiss Resource Capi-        the websites of Swiss Resource Capital AG. If you               Use of the website www.resource-capital.ch and
erefore the possibility exists for a conflict of interests.   Capital AG is intended for private use only. Swiss       tal AG or under www.resource-capital.ch – website        encounter a website of which the content violates            its sub-websites and www.resource-capital.ch –
                                                              Resource Capital AG shall be notified in advance or      and relevant sub-websites or within www.resour-          applicable law (in any manner) or the content (to-           newsletter as well as in all publications of Swiss Re-
   Single statements to financial instruments made            asked for permission if the publications will be used    ce-capital.ch – newsletters and by Swiss Resource        pics) insults or discriminates individuals or groups of      source Capital AG no contractual relationship is ente-
by publications of Swiss Resource Capital AG and              professionally which will be charged.                    Capital AG in other media (e.g. Twitter, Facebook,       individuals, please contact us immediately.                  red between the user and Swiss Resource Capital
the respective authors within the scope of the res-              All information from third parties especially the     RSS-Feed) are subject to German, Austrian and                                                                         AG. In this respect there are no contractual or qua-
pective offered charts are not trading recommenda-            estimates provided by external user does not reflect     Swiss copyright and ancillary copyright. Any use             In its judgement of May 12th, 1998 the Landge-           si-contractual claims against Swiss Resource Capital
tions and are not equivalent to a financial analysis.         the opinion of Swiss Resource Capital AG. Conse-         which is not approved by German, Austrian and            richt (district court) Hamburg has ruled that by pla-        AG.
                                                              quently, Swiss Resource Capital AG does not gua-         Swiss copyright and ancillary copyright needs first      cing a link one is responsible for the contents of the
   A disclosure of the security holdings of Swiss Re-         rantee the actuality, correctness, mistakes, ac-         the written consent of the provider or the respective    linked websites. This can only be prevented by ex-
source Capital AG as well as the respective authors           curacy, completeness, adequacy or quality of the         rights owner. This applies especially for reproducti-    plicit dissociation of this content. For all links on the    Protection of personal data
and/or compensations of Swiss Resource Capital                information.                                             on, processing, translation, saving, processing and      homepage http://www.resource-capital.ch and its
AG as well as the respective authors by the compa-                                                                     reproduction of contents in databases or other           sub-websites and in all publications of Swiss Re-               The personalized data (e.g. mail address of cont-
ny or third parties related to the respective publica-                                                                 electronic media or systems. Contents and rights of      source Capital AG applies: Swiss Resource Capital            act) will only be used by Swiss Resource Capital AG
tion will be properly declared in the publication or in       Note to symmetrical information and opinion ge-          third parties are marked as such. The unauthorised       AG is dissociating itself explicitly from all contents of    or from the respective company for news and infor-
the appendix.                                                 neration                                                 reproduction or dissemination of single contents         all linked websites on http://www.resource-capital.          mation transmission in general or used for the res-
   The share prices of the discussed financial instru-                                                                 and complete pages is not permitted and punisha-         ch – website and its sub-websites and in the http://         pective company.
ments in the respective publications are, if not clari-          Swiss Resource Capital AG can not rule out that       ble. Only copies and downloads for personal, priva-      www.resource-capital.ch – newsletter as well as all
fied, the closing prices of the preceding trading day         other market letters, media or research companies        te and non commercial use is permitted.                  publications of Swiss Resource Capital AG and will
or more recent prices before the respective publica-          are discussing concurrently the shares, companies                                                                 not take ownership of these contents.”                       Data protection
tion.                                                         and financial products which are presented in all pu-       Links to the website of the provider are always
                                                              blications of Swiss Resource Capital AG. This can        welcome and don’t need the approval from the                                                                             If within the internet there exists the possibility for
   It cannot be ruled out that the interviews and esti-       lead to symmetrical information and opinion genera-      website provider. The presentation of this website in    Liability limitation for contents of this website            entry of personal or business data (email addresses,
mates published in all publications of Swiss Resour-          tion during that time period.                            external frames is permitted with authorization only.                                                                 names, addresses), this data will be disclosed only if
ce Capital AG were commissioned and paid for by                                                                        In case of an infringement regarding copyrights             The contents of the website http://www.resour-            the user explicitly volunteers. The use and payment
the respective company or related third parties.                                                                       Swiss Resource Capital AG will initiate criminal pro-    ce-capital.ch and its sub-websites are compiled              for all offered services is permitted – if technical
Swiss Resource Capital AG as well as the respective           No guarantee for share price forecasts                   cedure.                                                  with utmost diligence. Swiss Resource Capital AG             possible and reasonable – without disclosure of the-
authors are receiving from the discussed companies                                                                                                                              however does not guarantee the accuracy, comple-             se data or by entry of anonymized data or pseudo-
and related third parties directly or indirectly expen-          In all critical diligence regarding the compilation                                                            teness and actuality of the provided contents. The           nyms. Swiss Resource Capital AG points out that
se allowances for the preparation and the electronic          and review of the sources used by Swiss Resource         Information from the Federal Financial Supervi-          use of the contents of website http://www.resour-            the data transmission in the internet (e.g. communi-
distribution of the publication as well as for other          Capital AG like SEC Filings, official company news       sory Authority (BaFin)                                   ce-capital.ch and its sub-websites is at the user’s          cation by email) can have security breaches. A com-
services.                                                     or interview statements of the respective manage-                                                                 risk. Specially marked articles reflect the opinion of       plete data protection from unauthorized third party
                                                              ment neither Swiss Resource Capital AG nor the re-          You can find further information on how to pro-       the respective author but not always the opinion of          access is not possible. Accordingly no liability is
                                                              spective authors can guarantee the correctness,          tect yourself against dubious offers in BaFin bro-       Swiss Resource Capital AG.                                   assumed for the unintentional transmission of data.

44                                                                                                                                                                                                                                                                                                                                                          5
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Imprint
                                                                                                                                         Table of Contents

                                                                                                                                         Disclaimer                                                                                                      02

                                                                                                                                         Table of Contents | Imprint                                                                                     07

                                                                                                                                         Preface09

                                                                                                                                         Precious metals defy Covid-19 pandemic – especially gold and
                                                                                                                                         silver are in demand in times of crisis!..........................................................10

                                                                                                                                         Guest Article by Prof. Dr. Torsten Dennin
                                                                                                                                         The fight against the Covid-19 pandemic is causing the national debt to
                                                                                                                                         explode. Global debt and the growing loss of confidence in the stability of the                                         Editor
                                                                                                                                         financial system are becoming an increasing problem. Why investors should                                               Swiss Resource Capital AG
                                                                                                                                         consider precious metals in their long-term asset strategy.���������������������������� 23                             Poststr. 1
                                                                                                                                                                                                                                                                 9100 Herisau, Schweiz

Invest with the commodity professionals                                                                                                  Interview with Prof. Dr. Torsten Dennin
                                                                                                                                         Founder and CEO of Lynkeus Capital LLC.......................................................26
                                                                                                                                                                                                                                                                 Tel : +41 71 354 8501
                                                                                                                                                                                                                                                                 Fax : +41 71 560 4271
                                                                                                                                                                                                                                                                 info@resource-capital.ch
                                                                                                                                                                                                                                                                 www.resource-capital.ch

                                                                                                                                         Company profiles                                                                                                        Editorial staff
                                                                                                                                                                                                                                                                 Jochen Staiger
                                                                                                                                         Amex Exploration��������������������������������������������������������������������������������������������� 32       Tim Rödel

                                                                                                                                         Bluestone Resources��������������������������������������������������������������������������������������� 36          Layout/Design
                                                                                                                                                                                                                                                                 Frauke Deutsch
                                                                                                                                         Caledonia Mining ��������������������������������������������������������������������������������������������� 40
                                                                                                                                                                                                                                                                 All rights reserved. Reprinting
                                                                                                                                         Cardinal Resources������������������������������������������������������������������������������������������ 44        material by copying in electronic

You do not have to be a stock market professional                         SRC Mining & Special Situations Zertifikat                                                                                                                                             form is not permitted.
                                                                                                                                         Condor Gold����������������������������������������������������������������������������������������������������� 48
to make wise investment decisions.                                        ISIN: DE000LS9PQA9                                                                                                                                                                     Editorial Deadline: 04/20/2020
Invest together with Swiss Resource Capital AG and                        WKN: LS9PQA                                                    Discovery Metals ��������������������������������������������������������������������������������������������� 52
Asset Management Switzerland AG in the mega­                              Currency: CHF/ Euro*
                                                                                                                                         Endeavour Silver���������������������������������������������������������������������������������������������� 56      cover: sverker, adobestock.com
trend commodities. Since 05.03.2020 the experts‘                          Certificate fee: 0.95 % p.a.                                                                                                                                                           page 13: Nils Thies, CC BY-NC-ND 2.0)
specialist knowledge has been available as a                              Performance fee: 15 % p.a.                                     First Majestic Silver������������������������������������������������������������������������������������������ 60     page 16: Mijatovic@shutterstock.com

Wikifolio certificate:                                                    *Trading in Euro is possible at the Euwax in Stuttgart.
                                                                                                                                                                                                                                                                 page 19: corlaffra@shutterstock.com
                                                                                                                                         GoldMining ������������������������������������������������������������������������������������������������������ 64   page 22: corlaffra@shutterstock.com
                                                                                                                                                                                                                                                                 page 30 Stanislaw Zarychta, unsplash
                                                                                                                                         MAG Silver������������������������������������������������������������������������������������������������������� 68
Currently the following titles are represented in the SRC Mining & Special Situations Certificate (4/2020): FRANCO NEVADA | BHP BILLI­                                                                                                                           Back
                                                                                                                                         Osino Resources���������������������������������������������������������������������������������������������� 72       1: Osisko Mining
TON | R.DUTCH SHELL B | MAG SILVER CORP. | ENDEAVOUR SILVER | AGNICO EAGLE | RIO TINTO | TOTAL FINA ELF SA B EO 10 | CALEDONIA                                                                                                                                   2: Sibanye-Stillwater
MINING O.N. | FREE MCMORAN COP | ANGLO AMERICAN | URANIUM ENERGY CORP. | DYNACERT INC. | OSISKO GOLD ROYALTIES LTD |                     Osisko Gold Royalties�������������������������������������������������������������������������������������� 76         3: © Elionora Henzler
                                                                                                                                                                                                                                                                 4: ©corlaffra/shutterstock.com
SIBANYE STILLWATER LTD | CHEVRON | FIORE GOLD LTD | URANIUM PARTICIPATION CORP. | MAPLE GOLD MINES LTD | ROYAL NICKEL CORP. |
                                                                                                                                         Skeena Resources������������������������������������������������������������������������������������������� 80
NEWMONT CORP. DL 1,60 | BLUESTONE RESOURCES | AURYN RESOURCES INC. | BARRICK GOLD                                                                                                                                                                                Charts: 04/27/2020
                                                                                                                                                                                                                                                                 by JS Charts by amCharts
CORP. | GOLDMINING INC. | COPPER MOUNTAIN MINING CORP. | MILLENIAL LITHIUM CORP. |
ISOENERGY LTD. O.N. | SKEENA RES LTD NEW | AURANIA RES CAD R.S. | ENWAVE.                                                                                                                                                                                                                                7
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Commodity-TV                                                                   Preface
                     The whole world of commodities
                     in one App!
                                                                                                    Dear Readers,

                                                                                                    Now in its fifth year of publication, we are       ally producers with dividends are now first
                                                                                                    pleased to present you our special report on       choice and prospective precious metal pro-
                                                                                                    precious metals, which follows on from our         ducers have enormous leverage on the res-
                                                                                                    successful Battery Metals and Uranium Re-          pective metal price. In this Precious Metals
                                                                                                    ports. Precious metals have become in-             Report we present some interesting compa-
                                                                                                    dispensable for one‘s own (crisis) prevention      nies that are suitable for speculation on rising
                                                                                                    and asset preservation. Not to be forgotten is     precious metal prices. We also want to give
                                                                                                    the unconditional use of precious metals as a      you the necessary basic knowledge by me-
                                                                                                    store of value and money substitute as well        ans of our general part, so that you can make      Jochen Staiger is founder and CEO
                                                                                                    as a hedge for extremely bad times. Especial-      your own decisions.                                of Swiss Resource Capital AG,
                                                                                                    ly in today‘s corona virus madness, gold is                                                           located in Herisau, Switzerland. As
                                                                                                    indispensable to park cash sensibly. One has       Our guest interview has it all again and should    chief-editor and founder of the first
                                                                                                    the feeling that people have given up their        definitely be read.                                two resource IP-TV-channels
                                                                                                    brains and are no longer thinking. The mo-                                                            Commodity-TV and its German
                                                                                                    ney-printing orgies of the central banks can       Swiss Resource Capital AG has set itself the       counterpart Rohstoff-TV, he reports
                                                                                                    no longer be stopped and with Christine Lag-       task of providing up-to-date and comprehen-        about companies, experts, fund
                                                                                                    arde as successor to Mario Draghi things will      sive information on a wide range of raw mate-      managers and various themes
                                                                                                    be worse rather than better. The US Federal        rials and mining companies to raw material         around the international mining
                                                                                                    Reserve has already lowered interest rates         investors, interested parties and those who        business and the correspondent
                                                                                                    further and the floodgates will be opened          would like to become such. On our website          metals.
                                                                                                    even wider in the wake of Corona. The 30-          www.resource-capital.ch you will find about
                                                                                                    year US yields are now below 1%, this has          20 companies and a lot of information and ar-
                                                                                   Download         never happened before! Whether there will be       ticles about commodities.
                                                                                   our unique App   a financial collapse is as always questionable
                                                                                                    and controversial. However, the financial sys-     With our special reports we would like to give
                                                                                   for free!        tem has never been more questionable than          you the necessary insights and provide you
                                                                                                    today. A major problem will now be the acce-       with comprehensive information. In addition,
                                                                                                    lerating default rates of overindebted US          our two commodity IP-TV channels www.
                                                                                                    companies. Due to the drop in oil prices, the      Commodity-TV.net & www.Rohstoff-TV.net
                                                                                                    ailing fracking companies will now also be in      are always available to you free of charge. If
                                                                                                    default. The banks, which are under pressure       you are on the move, we recommend our new
                                                                                                    anyway, are not happy about this. Please           Commodity TV App for iPhone and Android,
                                                                                                    keep in mind that in case of emergency only        which provides you with real-time charts,
                                                                                                    100,000 EUR are secured per institution! With      quotes and also the latest videos.                 Tim Rödel is Manager Newsletter,
                                                                                                    gold and/or silver ounces you can survive                                                             Threads & Special Reports at SRC
    Watch Management & Expert Interviews, Site-Visit-Videos, News Shows                             many a storm to be able to provide yourself        My team and I hope you enjoy reading the           AG. He has been active in the
                                                                                                    and your family with the most necessary food       Special Precious Metals Report and that we         commodities sector for more than
    and receive top and up to date Mining Information on your mobile device                         and preserve your wealth. But let‘s not assu-      can provide you with a lot of new information,     twelve years and accompanied
    worldwide!                                                                                      me the worst, but physical precious metals         impressions and ideas. Only those who in-          several editors-in-chief and
                                                                                                    reassure me of the possible future disloca-        form themselves in many ways and take their        editors-in-chief positions, e.g. at
                                                                                                    tions. The gold price is solid at around $1,650    investment matters into their own hands will       Rohstoff-Spiegel, Rohstoff-Woche,
    Amazing features:                                                                               an ounce and our next price target is around       be able to win and preserve their wealth in        Rohstoffraketen, the publication
                                                                                                    $1,780 an ounce. Thereafter we are looking at      these difficult times. Precious metals have
    • Company Facts                                                                                                                                                                                       Wahrer Wohlstand and First Mover.
                                                                                                    $2,030 and in the long term at $2,350 an oun-      existed for thousands of years and will conti-     He owns an enormous commodity
    • Global Mining News                                                                            ce for the next 3 years. We look positively into   nue to do so.                                      expertise and a wide-spread

    • Push Notofications                                                                            the future and take gold as a store of value                                                          network within the whole resource
                                                                                                    and inflation protection. Mining companies         Yours,                                             sector.
    • Commodity-TV, Rohstoff-TV and Dukascopy-TV                                                    have become even cheaper in addition to se-        Jochen Staiger
    • Live Charts                                                                                   veral good dividend standard stocks. Especi-

                                                                                                                                                                                                                                              9

Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz | www.resource-capital.ch
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Precious metals defy Covid-19 pandemic – especially
gold and silver are in demand in times of crisis!

                         Precious metal investors are still in the pole       ced a great surge in demand from the invest-       Gold:
                         position, precious metals have so far been
                         among the best performers of all asset clas-
                                                                              ment sector. In the future, this is probably
                                                                              where the greatest opportunities for growth
                                                                                                                                 Value retention and inflation protection
                         ses through the Covid 19 crisis, also known          are to be expected, as silver is finding its way   at the same time
                         as the Corona crisis.                                into more and more industrial applications. In
                         The price of gold weakened only very briefly         addition to the energy sector, the pharma-         Gold is a chemical element with the element         tion, it occurs on earth predominantly in solid
                         and by the editorial deadline of 20 April 2020       ceutical and medical sectors should be men-        symbol Au and the atomic number 79. it can          form, i.e. in elementary, metallic form. It can
                         was able to catapult itself back to its pre-cri-     tioned here.                                       be worked very well mechanically (moderate          be found in primary raw material deposits as
                         sis level. Here it is mainly (impending) fiscal      The bird was taken by the lesser known rho-        melting temperature) and does not corrode. It       gold-bearing rock (gold ore) and in secondary
                         and geopolitical distortions and, associated         dium, which within four years climbed from $       is not only rare, but also heavy and its yellow     deposits, including soap deposits. Up to 20%
                         with this, a certain desire for security that are    575 to $ 11,500 an ounce.                          luster is durable, which is why it is considered    of the gold mined annually is extracted as a
                         keeping the price of the yellow metal at a           In the following, this report will deal exclusi-   to be imperishable and is therefore largely         by-product, mainly from copper, nickel or
                         consistently high level and are likely to push it    vely with the four most common precious me-        used for jewelry or in coin or bar form for sto-    other precious metal mines.
                         even higher. In the vast majority of currencies,     tals gold, silver, platinum and palladium.         ring value. Gold is also considered easy to
                         gold has recently traded at all-time highs.          In doing so, we will mainly focus on the figu-     alloy, which makes it very attractive as a ma-
                         Only a still extremely strong US dollar is (still)
                         preventing gold from reaching a new all-time
                                                                              res from 2019. Reliable forecasts regarding
                                                                              supply and demand can only be made with
                                                                                                                                 terial.
                                                                                                                                                                                     Supply situation 2019
                         high.                                                difficulty and with little seriousness for the                                                         According to the World Gold Council, in 2019
                                                                              current year 2020 due to the current Covid-19                 [Xe] 4f145d106s1       79                a total of 3,463.7 tonnes of gold was extrac-

                                                                                                                                                  Au
                                                                              situation, which is characterized by a decline                                                         ted from mines and 1,304.1 tonnes were re-
                                                                              in supply as a result of mine closures and si-                                                         covered from recycling. Thus, the total gold
                                                                              multaneous declines in demand, especially                                                              supply (including recycling) increased by
                                                                              for the mainly industrial metals platinum, pal-                                                        about 82 tonnes to 4,767.8 tonnes compared
                                                                              ladium and silver, which is why we want to                       Melting Point 1337 K                  to 2018.
                                                                              focus on more medium to long-term pros-                          Boiling Point 3243 K                  The main gold mining areas are currently Chi-
                                                                              pects.                                                                  GOLD                           na, Australia, Russia, the USA and Canada,
                                                                                                                                                                                     which together account for almost half of the
                                                                                                                                                                                     total annual production. The former, until
                                                                                                                                 Most important characteristics:                     2007 absolute leader in gold production,
Goldprice US$/oz                                                              What are precious metals?                          Appearance, corrosion resistance,                   South Africa was only in ninth place in 2018.
(Surce: JS by amChart)   Palladium too, which in the past few months                                                             good processability, good contact                   Other important gold producing nations are
                         had been pushed up to new record highs of            From a purely chemical point of view, preci-                                                           Peru, Indonesia, Ghana and Mexico, where
                         up to $ 2,780 an ounce, mainly for speculative       ous metals are metals that are resistant to        Not only in the form of jewellery or coins, but     gold is mainly mined as a by-product from sil-
                         reasons, only had to take a short sinking fee-       corrosion, i.e. that are permanently chemical-     also in medical applications, gold scores           ver mines.
                         ling and recently was already trading above          ly stable in a natural environment when expo-      points above all with its resistance to corrosi-
                         the $ 2,000 mark again. Demand from the au-          sed to air and water. The group of precious        on. For example, in dental prosthetics, where
                         tomobile sector (use in petrol catalysts) play-      metals primarily includes gold and silver, as      additional precious metals such as platinum         Gold production increases only
                         ed a major role here.                                well as the so-called platinum metals plati-       are added due to the relatively high softness       marginally - gold peak reached?!
                         The situation for platinum is contrary to this.      num, palladium, ruthenium, rhodium, osmium         of gold. In industry, gold is mainly used in the
                         The increasing discrediting of the diesel engi-      and iridium. Mercury is also a precious metal.     construction of circuits as an additive (gold       From the turn of the millennium until 2019
                         ne led to a decline in demand for platinum,          In addition, there are a number of so-called       plating) to wires, printed circuit boards, switch   gold production was increasing every year,
                         which is used in diesel catalytic converters.        semi-precious metals, including copper. A          contacts and connectors.                            but recently it has been declining more and
                         However, there are signs of a renaissance            third group is formed by the so-called short-                                                          more. While in 2011, about 2,857 tons of the
                         here.                                                lived radioactive precious metals, which, ho-                                                          yellow metal were extracted from the earth
                         Silver, more than half of demand for which is        wever, play virtually no role in practice.         Occurrence and extraction                           worldwide, in 2015 the figure was 3,300 tons.
                         an industrial metal, initially had to cope with                                                                                                             Since then, production has increased only
                         large price losses but has already been able                                                            Gold is very rare in nature. For example, in the    marginally to 3,398 tonnes in 2016 and 3,455
                         to recover. With a gold-silver ratio of 125, the                                                        earth‘s crust there are on average only 4           tonnes in 2017, and contrary to all predic-
                         end was near, especially as silver experien-                                                            grams of gold per 1,000 tons of rock. In addi-      tions, gold production in 2018 increased

10                                                                                                                                                                                                                                     11
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Gold-supply/-demand                                     ticular savings have been made in explorati-     plications in smartphones or game consoles,         Summary:
                                                                                                on, which has meant that hardly any major        but above all in the electromobility sector. In     Demand at record high – supplies
                                                                                                deposits have been discovered in recent ye-      view of the incipient electric (mobility) revolu-   faltering
                                                                                                ars.                                             tion, this should lead to continued strong
                                                                                                Added to this is the current corona crisis,      growth in demand from the technology sector         The supply side will be particularly exciting. A
                                                                                                which has brought many mining activities         in the future.                                      lack of supplies in the form of high-grade new
                                                                                                worldwide to a standstill and will have a                                                            discoveries as well as increasingly cost-inten-
                                                                                                strong impact on gold production - at least in                                                       sive and difficult mining will probably lead not
                                                                                                2020.                                            Conclusion:                                         only to an imminent supply deficit but also to
                                                                                                                                                 Everything stands or falls with the                 the need for a higher gold price in order to
                                                                                                                                                 investment sector – ETF inflows                     meet demand at all. Added to this - as alrea-
                                                                                                                                                 recently at record levels                           dy indicated - are production losses due to
                                                                                                Demand situation                                                                                     the current corona-induced shutdowns of
                                                                                                                                                 Although it is the technology sector that is ex-    many mines. A further catalyst for a further
                                                                                                Central banks are buying more                    pected to generate the highest percentage           increase in the price of gold is the fact that
Gold-supply (blue) and -demand (grey)                                                           gold than ever before                            growth in demand for gold in the coming ye-         several important smelters have currently (as
(Source: own representation)                 again slightly to 3,510 tonnes. In 2019, pro-                                                       ars, everything stands or falls with the invest-    of mid-April 2020) been closed down and th-
                                             duction then fell to 3,463.7 tonnes, which         The whole thing is „tightened“ - albeit only     ment sector. Assuming that the jewellery in-        erefore the further processing of gold into
                                             could only be offset by an increased recycling     marginally at present - by the central banks.    dustry will remain at the same level in terms of    (smaller) bars is not guaranteed. This is parti-
                                             rate.                                              After decades of gold sales, they have been      demand as in the past years, it is precisely the    cularly important in the case of physical deli-
                                             It can now be assumed that the gold peak,          back on the buyer side since 2010 and have       inflows into gold-deposited ETFs that have          very claims of COMEX contracts, as this
                                             i.e. the annual gold production has reached        recently even recorded record purchases.         recorded a large surge in demand since the          could catch many sellers on the wrong foot,
                                             its peak for the time being.                       Thus, especially in 2018 and 2019, many cen-     end of 2018 and therefore offer the greatest        who would then have to cover at any price.
                                                                                                tral banks have increased their gold reserves.   potential for demand growth. In 2019 alone,
                                                                                                Above all Russia, but also Turkey, India, Po-    the global ETFs recorded an inflow of gold of
                                             The reasons for declining gold                     land, Egypt, Brazil and Kazakhstan have          over 660 tonnes! In the first quarter of 2020 a
                                             production are manifold                            bought a lot of gold in 2018 and 2019. The       further 298 tonnes were added, the highest
                                                                                                central banks thus increased their gold reser-   inflow since 2016 and even an all-time record
                                             Several factors contribute to this.                ves by 656.2 tonnes in 2018. This was 73%        for a quarter in US$!
                                             Firstly, more and more deposits are reaching       more than in 2017. In 2019 central bank
                                             the end of their life. Those that have not yet     purchases fell slightly to 650.3 tonnes. This
                                             been fully exploited have to be expanded at        meant that a large amount of the supply was
                                             ever greater expense in order to obtain further    taken off the market by the central banks alo-
                                             gold-bearing material. Some mines already          ne, once again putting them on the demand
                                             reach depths of 4,000 metres and more.             rather than the supply side.
                                             The gold content continues to fall steadily.
                                             Currently, gold deposits are still being exploi-
                                             ted at an average of just over 1 gram of gold      Demand from the jewellery and
                                             per tonne of rock (g/t). However, in the case of   investment sectors stable –
                                             deposits that have not yet been developed,         technology sector is growing
                                             there are already indications that this mark       steadily
                                             will fall to below 0.9g/t in a few years‘ time.
                                             A third point is the (missing) discovery of new    In 2019 there was worldwide demand for
                                             deposits. While more than a billion ounces of      about 4,355 tonnes of gold. The lion‘s share                                                                                                            (Photo: Gold reserves of the Deutsche
                                             gold were discovered in the 1990s, only            was accounted for by the jewellery sector,                                                                                                                                      Bundesbank
                                             slightly more than 600 million ounces were         which consumed 2,107 tonnes. In second                                                                                                                  © Nils Thies, 2017, CC BY-NC-ND 2.0)
                                             discovered between 2000 and 2014. Since            place was the investment sector, which de-
                                             then, the new discoveries have collapsed           manded about 1,272 tonnes (about 110 ton-
                                             once again. This is mainly due to the fact that    nes more than in 2018). Demand from the
                                             in recent years gold producers have concen-        technology sector was strong, reaching 326.6
                                             trated primarily on reducing mining prices         tonnes in 2019. This showed that gold is be-
                                             due to the ongoing slump in gold prices. Par-      coming increasingly popular not only for ap-

12                                                                                                                                                                                                                                                                                       13
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Silver:                                                                                                  and the total silver supply (including recy-
                                                                                                              cling) is expected to decline. This is primarily
                                                                                                                                                                                            Silver-supply/ -demand

     New uses and an undervaluation against gold                                                              due to the expected closure of several medi-
     could soon lead to a price explosion                                                                     um-sized to large zinc/lead mines and,
                                                                                                              furthermore, to a huge investment backlog
                                                                                                              that has accumulated in recent years due to
     Silver is a chemical element with the element        million ounces! In 2018 this trend continued:       the weak silver price development. Corres-
     symbol Ag and the atomic number 47 and be-           worldwide production was only 847.8 million         ponding silver projects have been put on hold
     longs to the so-called transition metals. It is a    ounces! In 2019 finally a further decline to        and only poorly developed. As a result, these
     soft, easily malleable heavy metal with the          835.5 million ounces. With an annual produc-        projects are likely to be brought into producti-
     highest electrical conductivity of all elements      tion of 180 million ounces (equivalent to           on only after a long delay. In addition, recy-
     and the highest thermal conductivity of all          around 20% of the total worldwide producti-         cling has been declining since 2011 and in
     metals. It is precisely these properties that        on) Mexico takes first place among the pro-         2019 was only about 170 million ounces -                                                                     Silver-supply (blue) and
     make it an indispensable metal for industrial        ducing nations, followed by Peru and China.         compared to 233 million ounces in 2011.                                                                        Silver-demand (grey)
     applications.                                        These three countries are thus together res-                                                           Demand situation                                     (Source: own representation)
                                                          ponsible for about half of the global silver pro-
                                                          duction.                                            Silver companies set the                           Silver with hermaphroditic
                [Kr] 4d105s1           47                                                                     priorities on cost savings                         function

                      Ag
                  Melting Point 961,78° C
                                                          Silver is above all one thing:
                                                          by-product!

                                                          Only about 30% of annual production comes
                                                                                                              The development of the mine pipeline also
                                                                                                              stalled in the past years with weak silver
                                                                                                              prices because the silver companies had to
                                                                                                              deal primarily with getting their cost structure
                                                                                                                                                                 While gold is mainly used as an investment,
                                                                                                                                                                 to maintain value and in the form of jewellery
                                                                                                                                                                 (less than 10% of annual demand comes
                                                                                                                                                                 from industry), silver has a kind of hermaphro-
                   Boiling Point 2210°C                   from pure silver mines or mines where silver is     under control. The high silver prices, primarily   ditic function. This means that recently about
                         SILVER                           the primary raw material. In contrast, the ma-      in the years 2010 to 2012, ensured that mines      56% of the total demand for silver came from
                                                          jority (70%) comes from mines in which silver       were also put into operation that had all-in       industry, while the rest was mainly demanded
                                                          is only a by-product, i.e. primarily from zinc/     costs of over US$ 20 an ounce. These quickly       by investors in the form of bars and coins and
                                                          lead mines, but also from copper and gold           became unprofitable after 2012. Instead of         by the jewellery industry.
     But silver is much more than that: unlike gold,      mines.                                              closing them, however, the companies have
     it is consumed, with the sheer number of pos-                                                            been trying to keep costs down ever since.
     sible applications growing steadily with                                                                 There was little time and even less money left     Main fields of application:
     technical progress. In addition to be an indus-      Weak base metal prices cause                        for expensive exploration and development          Electronics, alloys, photography,
     trial metal, silver is also a precious metal. Like   silver production to stagnate and                   programs. In the meantime, the vast majority       photovoltaics, pharmaceuticals/
     gold, it is basically money and serves to            overall supply to decline                           of companies have been able to reduce their        medicine
     maintain its value. It can also be seen as a                                                             costs to a tolerable and, for the most part,
     kind of hedge against advancing inflation.           This great dependence primarily on base me-         profitable level.                                  Its peak values for important properties (hig-
                                                          tals such as lead, zinc and copper has recent-                                                         hest electrical conductivity of all metals, high
                                                          ly led to weakening base metal prices and the                                                          thermal conductivity and pronounced optical
                                                          associated closure of mines or at least a re-       Recycling and central bank                         reflectivity) make silver indispensable, espe-
                                                          duction in the corresponding base metal pro-        sales should not contribute to an                  cially in the fields of electrics, electronics and
     Supply situation                                     duction also having a negative effect on the        increase in supply                                 optics or photography. These areas also ac-
                                                          production of the by-product silver. Thus,                                                             count for a good half of the total industrial
     Mexico, Peru and China                               price declines - above all for copper, but also     A further decline in supply is also to be ex-      demand of around 544 million ounces. In ad-
     are leading producing nations                        for lead - in recent years ensured that silver      pected in silver recycling. Sales by the central   dition, there are applications as silver alloys
                                                          production only increased marginally and has        banks have hardly played a role since 2011         (with copper, zinc, tin, nickel, indium), which
     According to „The Silver Institute“, global sil-     even been declining since 2016. In the co-          and should not lead to a significant increase      are used in electrical engineering and solde-
     ver production in 2015 reached a record high         ming years, silver production is expected to        in silver supply in the coming years either.       ring technology as solder alloys (so-called
     of around 892.9 million ounces. In 2016, pro-        stagnate and, due to corona, even decline                                                              brazing), contact materials (especially in re-
     duction declined for the first time in many ye-      further, especially as the output of new mines                                                         lays) and conductive material (for example as
     ars. In 2016, 892.3 million ounces of silver         will have difficulty compensating for the loss                                                         capacitor coatings). Since 2011, the photo-
     were extracted from the earth‘s crust. In 2017       of zinc/lead mines. From today‘s point of                                                              voltaic sector has also been playing an im-
     there was even a real collapse to only 863.4         view, silver production is expected to decline                                                         portant role in the demand for silver. This has

14                                                                                                                                                                                                                                             15
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
Summary:                                                           Platinum:
                                                                               Supply deficit again, great potenti-
                                                                               al to catch up with gold                                           Irreplaceable in the industry, the next upswing is
                                                                                                                                                  in sight
                                                                               In the silver sector there was for years a slight
                                                                               overnight supply that turned back into a sa-
                                                                               turated supply deficit of 50.4 million ounces in                   Platinum is considered by investors to be an         sector. Platinum is also used in alloys, for
                                                                               2019. All in all, despite the corona crisis, glo-                  absolute rarity and at the same time extre-          glass production (melting crucibles), in the
                                                                               bal demand for silver should rise again in the                     mely mysterious. Viewed in a purely sober            electrical sector in resistors and for medical
                                                                               coming years. In addition to expected rising                       way, platinum is a chemical element with the         applications and equipment.
Silverprice US$/oz                                                             ETP inflows and further physical demand, a                         element symbol Pt and the atomic number              Another large field of application is the jewel-
(Surce: JS by amChart)   stabilised in recent years at a demand of             partly drastic increase in demand is expected                      78.                                                  lery industry, where platinum is often alloyed
                         around 100 million ounces per year. China, in         from the jewellery industry as well as from se-                                                                         with other metals, mainly gold. The fourth lar-
                         particular, wants to strongly expand the share        veral industrial sectors such as photovoltaics,                                                                         ge area is the investment sector.
                                                                                                                                                              [Xe] 4f145d96s1        78

                                                                                                                                                                      Pt
                         of photovoltaic capacity. The Middle King-            touch screens and displays, but especially
                         dom alone wants to achieve 120 gigawatts of           also from the medical and pharmaceutical
                         cumulative photovoltaic capacity by 2021.             sectors. On the supply side, the same applies                                                                           Occurrence and extraction
                         This means that more and more silver will be          as for gold: Most primary silver producers
                         bound in corresponding solar modules for at           have concentrated primarily on reducing mi-                                                                             Platinum is found in solid form, i.e. in elemen-
                                                                                                                                                                 Melting Point 1768° C
                         least 20 years! In future, the pharmaceutical         ning prices in recent years due to a persistent                                   Boiling Point 3827°C                  tary form in nature. Metallic platinum (plati-
                         and medical sectors in particular are likely to       slump in silver prices. Particular savings were                                                                         num soaps) is practically no longer mined to-
                         trigger a further, greater surge in demand.           made in exploration, which has led to the fact
                                                                                                                                                                     PLATINUM                          day. Although a large proportion of the plati-
                         Since silver has an antibacterial and - current-      that in recent years virtually no major deposits                                                                        num mined is extracted from primary deposits
                         ly particularly important - antiviral effect, it is   have been discovered. And price weaknesses                                                                              in a few places, extraction is becoming in-
                         already regarded as a possible salutary agent         in several base metals also meant that the de-                                                                          creasingly important as a by-product in the
                         in medical and pharmacological applications.          velopment of mines that extract silver as a                        Most important properties:                           production of non-ferrous metals (copper and
                                                                               by-product was initially put on hold.                              Forgeable, ductile, corrosion                        nickel). This is where the platinum group me-
                                                                               There is also an enormous potential to catch                       resistant                                            tals are produced as a by-product of nickel
                         Physical demand recently higher                       up with gold, which is reflected in a record                                                                            refining.
                         again                                                 gold-silver ratio of over 110.                                     It has an extremely high density and at the
                                                                                                                                                  same time is very easy to forge and stretch.
                         Physical silver demand reached a record high                                                                             Its grey-white colour has always fascinated
                         of around 1.0735 billion ounces in 2013 and
                         fell from an extremely high level to around 966
                                                                                                                                                  people, probably also because platinum has
                                                                                                                                                  a remarkable resistance to corrosion and the-
                                                                                                                                                                                                       Supply situation
                         million ounces by 2018. In 2019, silver de-                                                                              refore does not tarnish. Due to its high dura-       South Africa, Zimbabwe, the USA
                         mand rose again significantly to 1.0735 billion                                                                          bility, tarnish resistance and rarity, platinum is   and Russia are the leading produ-
                         ounces, to the old record level, mainly due to                                                                           therefore particularly suitable for the manu-        cing nations
                         a revived investment sector. Thus, demand for                                                                            facture of high-quality jewellery.
                         coins and bars increased by 20.4 million oun-                                                                                                                                 Extensive and noteworthy primary platinum
                         ces to 186.1 million ounces from 2018 to                                                                                                                                      mining is only found in the South African Bus-
                         2019. In contrast, the global silver ETPs,                                                                               Almost infinite possibilities of use                 hveld Complex, the Stillwater Complex in
                         which still had to cope with outflows of 22.3                                                                                                                                 Montana/USA and in Russia. Over 73% of the
                         million ounces in 2018, recorded a net inflow                                                                            Platinum finds its way into a whole range of         platinum mined worldwide in 2019 came from
                         of 81.7 million ounces in 2019. This trend ap-                                                                           different applications. By far the most com-         South African mines. This was followed by
                         pears to continue in 2020. Silver ETPs recor-                                                                            mon use of platinum is in the automotive in-         Russia with about 10.8%, Zimbabwe with 7%
                         ded an inflow of over 70.5 million ounces in                                                                             dustry, where it is used in the form of automo-      and North America with 6%. All in all, plati-
                         the first three and a half months of 2020 alone!                                                                         tive catalytic converters. In addition to the        num mining is a relatively small sector, as only
                         Demand from the jewellery sector fell mini-                                                                              classic diesel oxidation catalysts, platinum is      around 6.02 million ounces were mined in
                         mally from 2018 to 2019 by 1.8 to 201.3 milli-                   Like gold, silver is in principle money and serves to   also increasingly being used in catalysts in         2019, for example.
                         on ounces, while demand for other silverware                            maintain value and protect against inflation.    fuel cells, which could be an enormous de-
                         fell by 5.6 to 59.8 million ounces.                                           (Source: Mijatovic@shutterstock.com)       mand driver in the future. The second major
                                                                                                                                                  area of application in industry is the chemical

16                                                                                                                                                                                                                                                        17
Precious Metals Report 2020 - Everything you need to know about gold, silver, platinum and palladium! - Skeena Resources
You can also read