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January 9, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,559 and $1,540 so far today…as of 7:00 am Pacific, the yellow metal is down $6 an ounce at $1,549…President Trump gave a very Reaganesque speech yesterday, restoring deterrence to Iran…peace through strength, which the left and its friends in the mainstream media don’t seem to comprehend, has allowed the winds of war to recede for now, sending Gold down by as much as $72 from its Tuesday night high of $1,612…Trump will have to maintain that deterrence, and emerging this morning is a belief that the Iranians were responsible for the downing of the Ukraine 737 that killed all on board including 63 Canadians shortly after it left from an airport in Iran…Gold has a strong new floor at either $1,550 or $1,500, meaning downside risk is limited at current levels…bullion should also start to benefit from traditionally strong buying ahead of  Chinese New Year festivities later this month…Silver has retreated 22 cents to $17.85…Copper and Nickel are up slightly at $2.80 and $6.41, respectively, while Zinc is steady at $1.10…Crude Oil has eased off 46 cents to $59.15 while the U.S. Dollar Index has rebounded one-fifth of a point to 97.15…the Labor Department will report U.S. non-farm payrolls tomorrow with economists expecting the tally to show a gain of 160,000…a Japanese billionaire is giving away more than $9 million (U.S.) to 1,000 people on Twitter to see if it improves their happiness…in an announcement on YouTube, the tech tycoon called the contest a “serious social trial” to see what impact a million yen could have on a person’s life (unfortunately the entry deadline expired at midnight Tuesday)…

2. Rhodium prices have skyrocketed, which analysts and traders are attributing to strong industrial demand – particularly from the Chinese car market – at a time when supplies are unable to keep pace…further, Rhodium is one of the smallest metals markets, meaning huge spreads right now between “bid” and “ask” prices in limited trading conditions…Rhodium has already jumped about 30% during this 1st half of January with prices last trading around $7,300 an ounce…some commodity analysts and traders say that the 2008 record high near $10,000 is the new target to watch, and prices could remain at historically higher levels even when they do finally correct…“Everyone needs this metal, and we are seeing speculators now entering the market,” said Jonathan Butler, precious-metals analyst and head of business development at Mitsubishi“This has all the makings of a squeeze, and who knows where it will end”…Suki Cooper, precious-metals analyst with Standard Chartered, described the market as undersupplied…“It has very much been a demand-driven story,” Cooper said…“The prospect for future supply is a concern.  But in the near term, it’s being driven by higher (auto) emissions standards.  And given that it’s a small market, we see that tightness materializing in much sharper moves higher”

3. Skeena Resources (SKE, TSX-V), focused on the Eskay Creek and Snip high-grade Gold opportunities in the Eskay Camp, continues to hit new highs…this morning the company provided the remaining results from its 2019 10-hole Phase I surface exploration drilling program at Snip…drilling totalled 1,924 m and tested the 200 Footwall Corridor…highlights included drill hole S-19035 which successfully intersected a new zone of high-grade Gold mineralization averaging 16.6 g/t Au over 5.10 m (core length) including 2 sub-intervals grading 96.2 g/t Au over 0.50 m and 39.8 g/t Au over 0.85 m in the 200 Footwall…this zone is located 100 m vertically below surface and 370 m east of the recently reported Phase I 200 Footwall discovery intercept which graded 1,132 g/t (36.4 oz/t) Au over 1.50 m (S19044)…the area surrounding the new zone is open down-dip and down-plunge…SKE is up a nickel at 84 cents as of 7:00 am Pacific

4. The Dow is suddenly at a new record high again, up 120 points through the first 30 minutes of trading…the TSX is up 42 points with the Gold Index dipping as low as 250 before rebounding to 252 as of 7:00 am Pacific…the Venture is off a point at 577…a strong new Venture support band stretches from 580 to 560Granada Gold (GGM, TSX-V) is up sharply on strong volume after drilling 33 m from surface grading 11.45 g/t Au at its Granada Gold deposit near Rouyn, Noranda…this intersection was within the existing resource but points to the strong potential for areas of significantly higher grade…also in Quebec, QMX Gold (QMX, TSX-V) – in a new uptrend – has retreated to its 20-day SMA at 8 cents…Eldorado Gold (ELD, TSX; EGO, NYSE) recently completed a private placement in QMX at 6 cents…Eric Sprott has purchased 39 million common shares of Jaguar Mining (JAG, TSX) at a price of 18 cents per share ($7 million)…the stock was purchased by way of a block trade with a single vendor…Sprott now owns nearly 50% of Jaguar…the company is developing a Gold project in Brazil…Oreninc tabulates that from May to August 2019 alone, Sprott financed 29 companies and invested a total of $176 million…the Venture, already with too many listings, welcomed 12 new issuers in December compared with 4 in the previous month and 12 in December 2018…the new listings were 6 capital pool companies, 5 mining companies and 1 clean technology company…total financings raised last month increased by 75%, compared with the previous month, and were unchanged from December 2018

5. Palladium One Mining (PDM, TSX-V) has entered into a binding letter of intent (LOI) to buy back an existing 2% net smelter return (NSR) royalty in respect of the historic Haukiaho deposit that forms part of the Palladium dominant LK PGE-Ni-Cu Project in Finland…“The historic Haukiaho deposit is now royalty free,” said Derrick Weyrauch, President and CEO…“Buying back the existing royalty on Haukiaho eliminates a dilutive overhang on the project while also providing future optionality”…the terms of the royalty buyback include a cash payment of $50,000 and issuance of 375,000 common shares of the company on closing…the Haukiaho zone is hosted in the basal unit of the Koillismaa complex and was first discovered in the 1960’s by Outokumpu while exploring for Copper and Nickel…widely spaced historic reconnaissance drilling indicates the mineralized zone extends for at least 12 km along this basal unit…the 2013 historic Haukiaho resource estimate only covers about 2 km of this 12 km trend…the Haukiaho deposit shares many similarities to the nearby Kaukua deposit yet has a higher Copper-Nickel endowment…the historic 2013 Haukiaho resource was based on very widely spaced drilling, and as such the company decided that additional infill drilling was necessary prior to conducting a National Instrument 43-101 resource estimate…as a result, in 2019, the company focused its efforts on the Kaukua deposit and published a resource estimate last September…PDM is up half a penny at 18 cents in early trading…

6. Galway Metals (GWM, TSX-V) has drilled 20.9 g/t Au over 4.75 m at its Clarence Stream Project in southwestern New Brunswick…the latest drilling continues to fill in the gap (now just 425 m vs. 1 km a year ago) with high-grade intercepts between the Richard and Jubilee Zones…given results in this gap area to date, Galway is demonstrating that its interpretation that the Jubilee, Richard and the George Murphy Zones, which cover 2.5 km of strike length, are part of the same system…none of these three zones is in the existing resource which will be updated to incorporate them around the middle of this year…Robert Hinchcliffe, President and CEO, stated, “The Richard and Jubilee Zones are expanding towards each other, which is what we thought would happen, but at higher grades than expected.  Given the strong exploration results and the company’s successful equity financing, Galway has increased its 2020 drilling budget at Clarence Stream to 25,000 m, up from 15,000 m previously.  Galway Metals believes that Clarence Stream is an emerging new Gold district in eastern Canada”…

7. Goldman Sachs is calling Gold a “better hedge than Oil” in the wake of heightened U.S.-Iran tensions…“While tensions in the Middle East have undeniably escalated with Iran reportedly committing to retaliating, we believe that the current risk premium embedded in Brent prices (through time spreads) is already elevated, with an actual supply disruption now necessary to sustain Oil prices near current levels of $69 (Brent) per barrel,” Goldman said in a research report yesterday…“History shows that under most outcomes, Gold will likely rally to well beyond current levels.  This is consistent with our previous research, which shows that being long Gold is a better hedge to such geopolitical risks”Goldman says the Oil market has effectively already priced in an outage of 800,000 barrels a day for 3 months or a 30% chance of a 2.7 million-barrel-per-day outage for 3 months…further, the aftermath of Abqaiq attack last September shows the market has “significant supply flexibility” when Brent is around $70 a barrel, even before shale production rises, suggesting “only moderate upside” in Oil from here…

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January 8, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold shot up as high as $1,612 as Iranian missiles flew over Iraq last night, targeting military bases housing U.S. and coalition targets…there were no U.S. casualties in what seemed like a symbolic response for domestic Iranian consumption after the Trump administration took out Quds Force Gen. and terrorist Soleimani last week…Trump, who is scheduled to address the nation at 8:00 am Pacific (11:00 am EST), has so far shown restraint after last night’s Iranian aggression, temporarily de-escalating the situation…as of 7:00 am Pacific, Gold is down $2 an ounce at $1,572…strong new support at $1,550…Iranian Supreme Leader Ayatollah Ali Khamenei vowed further retaliation for the U.S.’s targeted killing of Soleimani, hours after last night’s attacks in Iraq…“Last night, they were given one slap,” he said in a speech broadcast live on state television…“Such military actions are not enough as far the importance of retaliation is concerned.  What’s important is that their corruption-creating presence should end”…Iraqi security forces said 22 surface-to-surface ballistic missiles fell on sites housing U.S. and coalition forces, including 2 that didn’t explode, but there were no casualties…Iran has about 2,000 of these missiles, partly paid for by the flawed Obama-led nuclear deal with Iran that gave the rogue nation and the world’s leading sponsor of state terror access to tens of billions of dollars…meanwhile, was Iran responsible for the downing of a Ukraine plane on its territory last night?…Ukraine has refused to rule out that the Boeing 737 that crashed in Iran and killed all 176 on board, including dozens of Canadians, was struck by a missile…asked at a briefing in Kyiv if the plane could have been downed by a missile, Ukraine’s Prime Minister Oleksiy Honcharuk refused to rule it out, but cautioned against speculation until the investigation concluded…Silver, which ran up as high as $18.93 last night, is now off 7 cents at $18.30…however, strong new support now exists at $18…base metals are firming up with Copper, Nickel and Zinc trading at $2.79, $6.33 and $1.09, respectively…Crude Oil has eased off 71 cents to $61.99 while the U.S. Dollar Index has added more than one-tenth of a point to 97.15…U.S. private payroll growth ended 2019 on a strong note with companies adding 202,000 positions in December in another sign of a healthy labor market, according to a report this morning from ADP and Moody’s Analytics…the total was well above the 150,000 consensus estimate from economists surveyed by Dow Jones and sets the stage for the government’s official count that will be released Friday…economists expect the Labor Department’s tally to show a gain of 160,000

2. Not surprisingly, inflows into exchange-traded products ended a record-breaking year on a strong note, according to the latest data from the World Gold Council (WGC)…in its monthly report, the WGC said that global Gold-backed ETF’s saw net inflows in December of 13.8 tons valued at $486 million…the increase came as prices rallied 4%, pushing back above critical resistance at $1,500 an ounce…according to the WGC, European investors led the way last month, investing $67 million in funds in France, Germany and Switzerland…looking at 2019 as a whole, the WGC noted that Gold holdings hit a new record level of nearly 2,900 tons in the 4th quarter…in total, global holdings for the year increased by 400 tons…North American Gold ETFs accounted for nearly half of all inflows in 2019, the WGC figures show, thanks to growing geopolitical tensions and the first Federal Reserve rate cuts in a decade…along with increased investor interest, the WGC also noted that global central bank demand also helped add to Gold’s bullish lustre last year…looking ahead, analysts at the council said that they expect investor demand to remain robust through 2020

3. Federal spending under Prime Minister Justin Trudeau has reached record highs, just as a new report warns that Canada is sitting on a “demographic time bomb” that will see spending on a rapidly aging population rocket…Liberal spending on public programs reached $9,066 per person in 2019, the highest in Canadian history when adjusted for inflation, according to a report by the Fraser Institute…the spending increase comes as the Trudeau government continues to expand various social programs through increased childcare benefits and higher pension plan contributions, among other things…Jason Clemens, executive vice-president of the Fraser Institute, said higher spending risks putting Canada into a difficult fiscal position that could take years to climb out of, particularly considering an aging demographic and projections of slower economic growth…

4. According to a Financial Post report this morning, senior RCMP officers are in contact with First Nations protestors opposed to the $6.6 billion Coastal GasLink pipeline, trying to negotiate a way for construction work on the project to resume in north-central British Columbia…“Our priority is to engage with CGL, Indigenous communities and government to facilitate a resolution without police enforcement,” RCMP Cpl. Madonna Saunderson said in a statement, adding that the force’s senior commander “has already been in direct contact with representatives of all these stakeholder groups, including the Hereditary Chiefs”…over the weekend, a breakaway group of hereditary Wet’suwet’en chiefs that oppose the natural gas pipeline (the elected chiefs and councils of the Wet’suwet’en support the project) actually asked the RCMP to “refrain from interference” with regard to their now illegal protest (the RCMP are just doing their job if they have to enforce a B.C. Supreme Court judgement and protect a company from those who are breaking the law)…the project is linking gas fields near Dawson Creek to the $40 billion LNG Canada export project in the community of Kitimat…

5. Discovery Metals (DSV, TSX-V) has drilled 34.7 m grading 617 g/t AgEq (200 g/t Ag, 3 g/t Au, 2.9% Pb and 1.6% Zn),including 3.7 m @ 2,524 g/t AgEq, in one of its first 4 diamond drill holes completed at its flagship Cordero Project in Chihuahua state, Mexico (Discovery acquired Cordero through the acquisition of Levon Resources) in  August 2019…results released this morning are part of a 30,00035,000 m Phase 1 drill program that Discovery plans to complete in 2020…the focus of Phase 1 is to 1) delineate, expand and then re-domain areas of higher-grade mineralization within the existing Cordero resource; and (2) test new high priority targets outside the current resource, including targets on the large 35,000 hectare property package that surrounds Cordero…Taj Singh, President and CEO, stated, “These first results from Cordero are very encouraging and support our thesis that within the very large resource area exists a shallow, higher-grade component that could redefine the Project entirely and vastly improve its economics.  The presence of higher-grade Gold in the most strongly mineralized areas is also positive.  Cordero has many attractive features: open-pittable, good metallurgy and excellent surrounding infrastructure.  We look forward to completing the exploration in 2020 required to re-scope and optimize this very exciting property”…results from the other 3 holes were highlighted by 61.6 m @ 42 g/t Ag and 0.39 g/t Au; 94.3 m @ 47 g/t Ag and 0.27 g/t Au; and 59.9 m @ 37 g/t Ag and 0.06 g/t Au…DSV is up a penny at 61 cents in early trading…

6. The Dow is 24 points higher after the first 30 minutes of trading in the wake of last night’s events in Iraq…the TSX is up 29 points while the Venture is off 1 point at 584…a strong new Venture support band stretches from 580 to 560Benchmark Metals (BNCH, TSX-V) has discovered a new and broadly mineralized zone at its Lawyers Project, just 50 m east of the known mineralization at Cliff Creek…results from Benchmark’s drill hole 19CCDD025 include high-grade and bulk-tonnage intercepts comprising 2.09 g/t Au and 87.8 g/t Ag or 3.19 g/t AuEq across 36.3 m core length, including 11.8 g/t Au and 513.2 g/t Silver or 18.24 g/t AuEq across 3.23 m core length…BNCH, at a new multi-year high, is up a penny at 47 cents…Kootenay Silver (KTN, TSX-V) has drilled 7.45 m grading 650 g/t Silver within 39.9 m grading 159 g/t at its Columba Silver Project in Mexico…the overall strike length of the F Vein has increased to 700 m…KTN is off a penny at 31 cents…more assays are pending (108 of 111 samples) from Canada Cobalt (CCW, TSX-V) after the first 3 samples from the first wedge hole at the company’s Castle East discovery returned 1,476 oz/ton Silver (51,583 g/t) over 0.60 m within 1.5 m grading 605 oz/ton…drilling is now being carried out from surface…

7. Goldman Sachs is calling Gold a “better hedge than Oil” in the wake of heightened U.S.-Iran tensions…“While tensions in the Middle East have undeniably escalated with Iran reportedly committing to retaliating, we believe that the current risk premium embedded in Brent prices (through time spreads) is already elevated, with an actual supply disruption now necessary to sustain Oil prices near current levels of $69 (Brent) per barrel,” Goldman said in a research report yesterday…“History shows that under most outcomes, Gold will likely rally to well beyond current levels.  This is consistent with our previous research, which shows that being long Gold is a better hedge to such geopolitical risks”Goldman says the Oil market has effectively already priced in an outage of 800,000 barrels a day for 3 months or a 30% chance of a 2.7 million-barrel-per-day outage for 3 months…further, the aftermath of Abqaiq attack last September shows the market has “significant supply flexibility” when Brent is around $70 a barrel, even before shale production rises, suggesting “only moderate upside” in Oil from here…

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January 7, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold pulled back after yesterday’s fresh 7-year high in a healthy unwinding of temporarily overbought conditions, but the yellow metal remains on solid footing above the key $1,550 level…as of 7:00 am Pacific, Gold is up $4 an ounce at $1,569 after dipping as low as $1,559 overnight…UBS says the current backdrop is “quite supportive for Gold” and expects the metal to average around $1,600 an ounce this year…U.S. forces and Patriot missile batteries across the Middle East were on high alert overnight to possibly shoot down Iranian drones as intelligence mounted there was the threat of an imminent attack from Iranian drones against U.S. targets, according to media reports this morning…based on the intelligence, the U.S. is watching for potential attacks specifically against American locations in Iraq, Kuwait, Saudi Arabia, the United Arab Emirates and Jordan…meanwhile, cyberattacks, already seen as the top risk of doing business by executives, are likely to receive renewed attention – and spending – as tensions between the U.S. and Iran escalate…holdings of the world’s largest Gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.10% to 896.18 tonnes yesterday, their highest since November 27Silver is up 4 cents to $18.16 as it tries to gain traction above $18…base metals are relatively flat with Copper, Nickel and Zinc trading at $2.78, $6.26 and $1.05, respectively…Crude Oil has eased off 55 cents to $62.72 while the U.S. Dollar Index has rebounded one-third of a point to 96.97…a report from Eurasia Group says the “decoupling” of the American and Chinese technology sectors represents a risk to global investors in 2020…noting that the divide had already disrupted core areas such as semiconductors, cloud computing and 5G, they warn that 2020 could see the split impact the broader economy…some tech experts have speculated that a division between U.S. and Chinese technology could eventually lead to the creation of 2 separate Internets – one led by China, another by the U.S. – in a phenomenon dubbed the “splinternet”Eurasia also warns that the technology separation would provoke further political clashes between the U.S. and China…“The two sides will continue to use economic tools in this struggle – sanctions, export controls, and boycotts – with shorter fuses and goals that are more explicitly political,” analysts wrote…

2. Goldman Sachs is calling Gold a “better hedge than Oil” in the wake of heightened U.S.-Iran tensions…“While tensions in the Middle East have undeniably escalated with Iran reportedly committing to retaliating, we believe that the current risk premium embedded in Brent prices (through time spreads) is already elevated, with an actual supply disruption now necessary to sustain Oil prices near current levels of $69 (Brent) per barrel,” Goldman said in a research report yesterday…“History shows that under most outcomes, Gold will likely rally to well beyond current levels.  This is consistent with our previous research, which shows that being long Gold is a better hedge to such geopolitical risks”Goldman says the Oil market has effectively already priced in an outage of 800,000 barrels a day for 3 months or a 30% chance of a 2.7 million-barrel-per-day outage for 3 months…further, the aftermath of Abqaiq attack last September shows the market has “significant supply flexibility” when Brent is around $70 a barrel, even before shale production rises, suggesting “only moderate upside” in Oil from here…

3. The absurdity of the United Nations is once again on full display as a UN Committee “working to end racism” is urging Canada to immediately stop the construction of 3 major resource projects until it obtains approval from affected First Nations…the Committee on the Elimination of Racial Discrimination, which monitors a convention to end racial discrimination signed by countries including Canada, is calling for a suspension of the Trans Mountain pipeline expansion, Site C dam and Coastal GasLink pipeline…the committee, made up of 18 so-called experts, says in a written directive that it’s concerned by the approval and construction of the 3 projects without the free, prior and informed consent of impacted Indigenous groups…of course, significant impact benefit agreements have been reached with a majority of First Nations covering those 3 projects but that’s apparently not good enough for the UN whose recommendation would literally put many hundreds of Indigenous people out of work…the UN committee has previously demanded a halt to Site C, which is opposed by the West Moberly and Prophet River First Nations in northeast British Columbia (more than $230 million in Site C procurement opportunities have been committed to Indigenous companies and around 400 Indigenous people are currently working on that project)…however, this marks the first time the UN committee has called for a stop to the Trans Mountain and Coastal GasLink projects…the right to “free, prior and informed consent” to resource projects is part of the UN Declaration on the Rights of Indigenous Peoples, which Canada has adopted but not yet incorporated into law as Trudeau wishes to do…the B.C. government has become the first jurisdiction in North America to commit to adapt its laws to meet the aims of the UN resolution but has not yet amended legislation…

4. The Globe and Mail reported this morning that RCMP will be cleared by the end of this week to enforce a Supreme Court injunction against protesters who are opposed to TC Energy’s (TRP, TSX) $6.6 billion Coastal GasLink Pipeline Project…Coastal GasLink launched its court case against protesters in November 2018, arguing that defendants Freda Huson and Warner Naziel are the architects behind the Unist’ot’en camp located near Houston, B.C., and that Unist’ot’en is affiliated with Dark House, 1 of 13 Wet’suwet’en Nation hereditary house groups…on December 31, a B.C. Supreme Court judge extended an injunction against protesters, saying construction of the natural gas pipeline has been harmed by Wet’suwet’en blockades…Wet’suwet’en hereditary leaders will likely have until late Thursday or early Friday to remove any obstacles that would prevent workers from getting to their construction sites on one section of the route…enforcement of the injunction order gives the defendants 72 hours to remove any structures in the way…Canada cannot allow an outlier group of First Nations disobey court orders and disrupt a major resource project…

5. Nighthawk Gold (NHK, TSX) has released drill results from seven holes (2,676 m) recently completed within high-grade Zone 3.5 and the southern area of Zone 3.0, part of the Colomac Gold project centrally located within its Indin Lake Gold Property in the Northwest Territories…highlights include 105 m (45 m true width) grading 1.35 g/t Au, including 34.50 m of 2.38 g/t, extending mineralization an additional 60 m to depth in Zone 3.5…this zone is located within the southern portion of the Colomac Main sill and represents one of the better-defined higher-grade areas…current drilling focused on expansion and infill drilling in areas within Zone 3.5’s down-plunge extension to the north and testing the underexplored southern region of Zone 3.0 located immediately north of Zone 3.5results to-date have confirmed that the mineralized sill shows a distinct widening to depth at Zone 3.5, and that a similar expansion of the deposit’s host rock (the mineralized top of the sill) to depth may exist for upwards of 3.5 kilometres of strike to the north…Dr. Michael Byron, President and Chief Executive Officer said, “Previous drilling confirmed that the well mineralized stratigraphic top of the sill (which faces east) at Zone 1.5 and the northern part of Zone 2.0 resembles a wedge form that widens significantly to depth.  Recent drilling has now confirmed that the top of the sill also appears to broaden exponentially to depth at Zone 3.5.  Additional drilling over the 3.5 km of sill that separates these two areas is expected to continue to confirm a universal widening of the mineralized portion of the intrusion to depth.  Should this hold true, Colomac may become a much larger Gold deposit and a stronger prospect for resource development with accelerated growth potential, as some areas have already shown expansions at depth to upwards of 3 times its near-surface true width”NHK is up a nickel at 52 cents as of 7:00 am Pacific

6. The Dow is 83 points lower through the first 30 minutes of trading as geopolitical concerns persist…the TSX, helped by rising Gold stocks, is up 31 points while the Venture has added 1 point to 583…a strong new Venture support band stretches from 580 to 560K92 Mining (KNT, TSX-V) is pushing higher after reporting that its Q4 production exceeded budget by 30%…23,646 ounces Gold equivalent were produced for the quarter at its Kainantu mine in Papua New Guinea…production for 2019 was a record 79,838 ounces of Gold or 82,256 AuEq ounces, compared with production of 47,237 ounces AuEq for 2019…mining operations in Q4 continued to focus on Kora North and comprised cut-and-fill stope mining from the K1 vein at the 1170, 1205 and 1125 mRL levels as well as development tonnes from the K2 vein on the 1225 mRL level…Skeena Resources (SKE, TSX-V) has hit a new high of 81 cents in early trading…Cannabix Technologies (BLO, CSE) has nearly doubled in value in recent sessions…this morning the company announced improvements in a critical component of the company’s FAIMS system as it continues to make headway in developing the Gold standard of marijuana breathalyzers…

7. Probe Metals (PRB, TSX-V) has commenced 2020 drilling at Val d’Or East…90,000 m are planned, one of the largest programs in the region this year, of which 55,000 m will focus on resource expansion, 20,000 m on infill drilling, and 15,000 m on exploratory drilling…3 drills are currently active on the property with another drill to be added next month…additional geophysical and geochemical surveys are planned to expand the limits of exploration within the company’s district scale land package to focus on new discoveries…advanced metallurgical, environmental and geotechnical work will continue to characterize potential development scenarios for the growing Gold resources…David Palmer, President and CEO of Probe, stated, “We anticipate another pivotal year for the project as we expand on the successes achieved during 2019.  The project has grown rapidly since our first exploration programs in 2016, doubling the Gold resource in successive estimates, yet we have still only scratched the surface for exploration.  In the past three years we have explored less than 5% of the area of the project and have already delivered a multi-million ounce resource with multiple new discoveries.  We believe we have confirmed our initial hypothesis that the Val-d’Or East area has the potential to host deposits on a scale similar to west Val-d’Or, which has produced more than 30 million ounces of Gold.  Our goal in 2020 is to continue unlocking ounces in this under-explored half of one of Canada’s most productive mining districts.  We will be working hard for our shareholders in 2020 as we continue to establish the Company as one of the preeminent Gold explorers in Canada”

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January 6, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold hit a new 7-year high overnight and is trying to hold most of those gains, up $20 an ounce at $1,572 as of 7:00 am Pacific…tensions in the Middle East are running high after the killing of terrorist and top Iranian general Qasem Soleimani by the United States late last week…the U.S. detected a heightened state of alert by Iran’s missile forces as President Trump warned the U.S. would strike back, “perhaps in a disproportionate manner,” if Iran attacked any American person or target…meanwhile, Iraq’s parliament yesterday recommended all foreign troops be ordered out of the country after the U.S. killing of Soleimani and an Iraqi militia leader (another terrorist) in a drone strike on a convoy at Baghdad airport…Silver has jumped 26 cents to $18.28 as it tries to gain traction above $18…base metals are flat with Copper, Nickel and Zinc trading at $2.78, $6.20 and $1.05, respectively…Palladium has hit the $2,000 level again…Crude Oil has added 42 cents a barrel to $63.47 while the U.S. Dollar Index is down one-tenth of a point at 96.71…the Labor Department releases the December jobs report on Friday…in November, the U.S. economy added a whopping 266,000 jobs and the unemployment rate slipped to 3.5%, matching September as the lowest level since 1969…economists surveyed by the WSJ forecast non-farm payrolls grew by 150,000 in December with the jobless rate holding steady at 3.5%…

2. CNBC used hedge fund analytics tool Kensho to analyze financial markets after 20 crisis events in the Middle East over the last 3 decades, including the attacks on Oil facilities in Saudi Arabia last September…the analysis found that Crude prices see a positive change more than 80% of the time in the month following major events…Gold and stocks followed as the next most successful asset classeslooking at a 3-month horizon, stocks and Oil rallied further while safe haven assets gave up their gains…Treasurys and the dollar post negative returns over this time frame, on average, while Gold prices are actually flat…

3. Wallbridge Mining (WM, TSX) has cut 32.2 g/t Au over 9.7 m in drill hole FA-19094 from the Lower Tabasco zone at its 100%-owned Fenelon Property…this hole, together with previously reported intersections of 22.7 g/t Au over 48.01 m (in hole FA-19086 located 100 m up-dip), 20.9 g/t Au over 8.54 m (in hole FA-1952 located 110 m up-dip to the southeast) as well as visually strong mineralization with assays pending in FA-19103, have defined a high-grade core of the lower Tabasco Zone…in addition, the first 2 deep holes on the Lower Tabasco Zone both intersected the zone, confirming its continuation to a vertical depth of 850 m…the 2 holes are 240 m apart along strike, and over 200 m below intersections in holes #92 and #96…hole FA-19099, the visual description of which was reported in Wallbridge news release December 3, returned 5.06 g/t Au over 15.15 m…hole FA-19104 returned a 26-m core length intersection with visible Gold and sulfide mineralization (assays pending)…“These latest results confirm the presence of a high-grade core to the Lower Tabasco Zone, which is currently defined by three holes 80 to 100 m apart, all with grades of greater than 20 grams per tonne Gold, stated Marz Kord, President & CEO of Wallbridge“In addition, our first 2 deep holes have greatly expanded the known limits of the Lower Tabasco Zone.  A major focus of our fully funded 2020 drill program of 100,000 to 120,000 m will be to complete the infill drilling necessary to bring the Lower Tabasco Zone to resource stage by early 2021WM is up a penny at 91 cents as of 7:00 am Pacific

4. Ascot Resources (AOT, TSX-V) has released further high-grade results from drill holes completed at its Silver Coin deposit, part of its Premier Gold Project near Stewart south of the Eskay Camp…highlights of 30 holes included 6.69 m grading 30.8 g/t, 3.20 m @ 29 g/t, and 4.59 m @ 12.2 g/t…Silver Coin is located approximately 5 km north of the Premier mill and 800 m south of the Big Missouri deposit…in 1991, the Premier mill processed 102,500 tonnes of Silver Coin ore at a grade of 8.88 g/t Au…Ascot acquired Silver Coin in 2018 and is currently preparing a mine plan using side hill access…Derek White, President and CEO, stated, “This concludes results from our 2019 drill campaign at Premier.  This last set of holes produced some outstanding results for the company with thick high-grade intercepts.  Overall at Silver Coin we reported 34 individual intercepts over 10 g/t Gold, including one exceptional 273 g/t Gold interval.  The new intercepts underpin a better understanding and predictability of the geological model and provides Ascot a stronger base to work from for the development of the forthcoming updated resource statement and feasibility study”Ascot will be holding a Webinar this Wednesday at 1:00 pm PacificAscot, which has advanced sharply since the beginning of December, is up 2 cents at 95 cents through the first 30 minutes of trading with the stock testing resistance at the top end of a downtrend line on its long-term chart…

5. Amex Exploration (AMX, TSX-V) has mobilized a third drill rig to its 100%-owned Perron Property near Rouyn-Noranda as part of its continuing fully financed 100,000-m drill program…the third drill will be used to test regional exploration targets along strike to the east and west of the current 3.2-km-long corridor of known Gold mineralization (Gratien Gold zone to Eastern Gold zone)…approximately 20,000 m of drilling will be dedicated to testing unexplored or under-explored structures within the Beaupre rhyolite block, which hosts the Eastern Gold zone, the Gratien Gold zone, the Central polymetallic zone and the Grey Cat zone…the Beaupre block, a highly prospective package that is known to host Gold at the Perron Property, was the subject of a detailed drone magnetic survey flown late last year….Amex expects to announce the interpretation of the drone survey and new drill targets shortly…CEO Victor Cantore stated, “The third drill will be testing areas that have never seen or have seen only very limited drilling in a package of rocks that yielded exceptional Gold results for Amex in 2019.  Two additional drills are currently on site and will continue to explore and define the Eastern Gold zone, Grey Cat zone and Gratien zone.  Approximately 60,000 of our ongoing 100,000-m program has yet to be drilled.  With the completion of our two recent financings of approximately $13 million, the company is very well capitalized for an aggressive exploration program”AMX is off 2 pennies at $1.57 as of 7:00 am Pacific

6. The Dow has fallen another 131 points in early trading today with concerns focussed on the Middle East…the TSX, helped by rising Gold and Oil prices, is unchanged while the Venture has added 1 point to 589 after its 8-session winning streak was snapped Friday…Canada Cobalt (CCW, TSX-V) is up a penny at 67 cents…drilling resumes today from surface at CCW’s high-grade Silver discovery in Northern Ontario’s Gowganda Camp, 30 km south of Alamos Gold’s (AGI, TSX, NYSE) Young Davidson Gold mine and 75 southwest of Kirkland Lake…more assays are pending from CCW’s first 4 wedge holes, including the first hole that cut a spectacular 1,476 oz/ton (>50,000 g/t) over 0.60 m within 1.5 m grading 605 oz/ton (assays pending for the remainder of a strongly mineralized 4.65-m intercept)…the massive native Silver vein shoot has been discovered at depth immediately adjacent to 3 past producing high-grade Silver mines…meanwhile, the Archean rocks above and below the Nipissing diabase (gabbro) hosting the Silver are prospective for high-grade Gold…some quality non-resource issues are picking up steam to begin the first full trading week of 2020Score Media & Gaming (SCR, TSX-V) is up 3 cents to 84 cents as it closes in on a new 52-week high…Antibe Therapeutics (ATE, TSX-V) has added a penny to 46 cents while Bee Vectoring Technologies (BEE, TSX-V) is threatening to break out above mid-40’s resistance, unchanged at 46 cents…

7. Newmont Goldcorp (NGT, TSX; NEM, NYSE)the world’s biggest Gold-mining company, says it’s focused on returning capital to shareholders as a new decade begins…the company this morning announced a plan to increase its dividend by 79% to $1 per share…the increased dividend would become effective upon approval and declaration of the first-quarter dividend in April…“We are pleased to announce a planned increase to our annualized dividend by 79% to one dollar per share and will continue demonstrating our disciplined approach to capital allocation and the confidence we have in our business to deliver substantial future cash flows and returns for shareholders,” stated Tom Palmer, President and CEO…“Our first-quarter dividend will offer investors a highly competitive dividend yield and enhanced returns from owning shares of the world’s leading Gold company”

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January 3, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold got a fresh lift overnight on a sudden flare-up in Middle East tensions as Iranian terrorist Qassem Soleimani, commander of Iran’s elite Quds Force and architect of its growing military influence in the Middle East, was killed in a drone strike by U.S. forces authorized by President Trump following the attack earlier this week on the U.S. embassy in Iraq…the yellow metal has traded between $1,538 and $1,552 so far today…as of 7:00 am Pacific it’s up $19 an ounce at $1,548Gold has already broken out above a bull flag formation on its long-term weekly chart, and a move through resistance in the $1,520’s is also significant…$1,675 is our target for the 1st half of 2020, certainly achievable during Q1…over 100,000 ounces were added to exchange-traded-fund holdings yesterday…demand for Gold in China should start to pick up in advance of the Chinese New Year period starting January 25, a key Gold buying occasion in the region…Silver is up modestly at $18.08Copper is steady at $2.78…Nickel has slipped 17 cents to $6.26 while Zinc is off slightly at $1.04…Crude Oil has firmed up on developments in the Middle East, adding $2.24 a barrel to $63.42, while the U.S. Dollar Index has rebounded one-tenth of a point to 96.95U.S. military action against Iran overshadows a very busy day for U.S. economic data, including the afternoon release of the FOMC minutes from the last meeting…traders and investors will glean the FOMC minutes for clues on the future direction and timing of Federal Reserve monetary policy…meanwhile, in some economic news just out, which has helped to give Gold another boost, the latest ISM Manufacturing Index reading came in below expectations..

2. Qasem Soleimani was arguably the world’s #1 bad guy and should have been taken out years ago…he was in control of Iran’s Quds Force for more than 20 years…he helped Bashar al Assad slaughter hundreds of thousands of his own people in the Syrian civil war, stoking the Houthis in Yemen’s civil war, and oversaw the killing of hundreds of Iraqi protestors recently demonstrating against Iranian influence in their country…but most importantly for Americans, Soleimani was behind the deaths of hundreds of American soldiers during the Iraq War…Iran of course has threatened to retaliate against the United States…the 62 year-old Soleimani was regarded as the 2nd most powerful figure in Iran after Supreme Leader Ayatollah Ali Khamenei…top Iraqi militia commander Abu Mahdi al-Muhandis, an adviser to Soleimani, was also killed in the attack…Iraq’s Prime Minister said Washington had violated a deal for keeping U.S. troops in his country…Israel has put its army on high alert and U.S. allies in Europe including Britain, France and Germany voiced concerns about an escalation in tensions…meanwhile, President Trump this morning tweeted his first statement on the attack…“Iran never won a war, but never lost a negotiation!”, an apparent reference to Obama’s flawed nuclear deal with the rogue nation…

3. Canada Cobalt (CCW, TSX-V), in the midst of the significant grassroots high-grade Silver discovery in 40 years in the Northern Ontario Silver-Cobalt District, delivered a high-grade Gold surprise this morning from underground drilling on the first level of the Castle mine…all of this comes as newcomer Matt Halliday (VP-Exploration) shapes a dynamic new course for CCW, coming over from Kirkland Lake Gold (KL, TSX, NYSE) where he was resource geologist…“The presence of Gold in gabbro (diabase) vein structures, open toward the surface and at depth, is extremely intriguing,” Halliday commented…“Through some immediate lab work we will better understand what this Gold is associated with in preparation for aggressive follow-up.  Gold content bodes very well for our underground model.  Also, this gives fresh impetus to our drive to find a high-grade Gold system in the heavily under-explored Archean rocks, a very favorable host for Gold, adjacent to our new high-grade Silver discovery at Castle East 1.9 km from Shaft #3.  These are exciting times for our geological team.  We eagerly anticipate updating shareholders with respect to the Castle East discovery where drilling is scheduled to resume Monday, January 6, with a second and larger batch of assays expected from the lab during this first half of the month”CCW this morning reported high-grade intercepts up to 22.7 g/t Au, 4% Cobalt, 4,970 g/t Ag (145 oz/ton) and 5.4% Nickel in short multi-directional drill holes (upward toward the surface and down into the floor of the first level) into a main vein structure (with associated parallel veins) extending for at least 80 m and open in all directions including to depth…nearly half of the 16 holes reported this morning (assays pending for 31 more) returned intervals >1% Cobalt (Cobalt grades from the first level of the Castle mine, previously only exploited for its high-grade native Silver, are considered very high in a global context)…meanwhile, drilling at the Castle East high-grade Silver discovery resumes Monday…more assays of recent native Silver hits are expected during this first half of January…CCW has broken out to a new 52-week high of 69 cents on strong volume, pushing through resistance in the mid-60’s…next measured Fib. resistance on the key chart we follow is $1.04

4. Tesla (TSLA, NASDAQ) has delivered a record 112,000 vehicles globally during the 4th quarter, significantly topping Wall Street estimates and achieving an ambitious year-end sales goal of CEO Elon Musk…Wall Street expected Tesla to deliver 106,000 vehicles to customers during Q4, which would have just met the company’s annual delivery goal of between 360,000 and 400,000 vehicles, a 45% to 65% increase from 2018Tesla said it delivered approximately 367,500 vehicles last year, an impressive 50% increase from 2018Tesla is up sharply to a new all-time high in early trading…

5. The Dow has fallen 191 points through the first 30 minutes of trading as nervousness builds around the situation in the Middle East…Wall Street enjoyed a strong start to the new year and decade yesterday after booking a powerful 2019 performance on Tuesday with the S&P 500 rising 28.9% for 2019…that was the broad index’s biggest annual gain since 2013 when it surged 29.6%…the Dow, meanwhile, climbed 22.3% while the NASDAQ surged more than 35%…gains were much more modest in Canada for 2019 as the TSX climbed 19.1% while the Venture eked out a 3.6% gain…the TSX, helped by rising Gold and Oil prices, is off only 31 points in early trading this morning while the Venture, on an 8-session winning streak, has added another 3 points to 591 as of 7:00 am PacificPalladium One (PDM, TSX-V), on a robust run, has eased off slightly to 19 cents but should be accumulated on any weakness based on bullish chart patterns…QMX Gold (QMX, TSX-V), a Quebec high-grade Gold play with fresh momentum after an investment by Eldorado Gold (ELD, TSX; EGO, NYSE), is looking strong at 9.5 cents…Score Media & Gaming (SCR, TSX-V) is threatening to break out to a new high, up 2 cents at 82 cents…

6. Despite Gold’s best year in nearly a decade, U.S. Gold coin sales struggled as the U.S. Mint reported the worst year on record in terms of American Eagle Gold coins sales…the Gold coin demand was extremely weak as traders opted for ETFs, futures, and record-high equity markets, according to analysts…a total of 152,000 ounces of the Gold American Eagle coins were sold in 2019, 38% less than in 2018 according to the latest U.S. Mint data…this marked the lowest sales on record since the U.S. Mint began recording the figures in 1986…sales of Silver American Eagle coins were the worst since 2007 with only 14.9 million ounces sold, down from the already weak figure of 15.7 million reported in 2018…in 2007, sales were only at 9.9 million ounces…one of the reasons behind a strong Gold price and weak demand for Gold coins is investors choosing to hold Gold in other forms, such as Gold-backed ETFs and futures…“It was mainly professionals, hedgers and you had a lot of buying from South America,” RBC Wealth Management managing director George Gero told Kitco News “Money that normally could have gone into Gold coins ended up going into Gold ETFs or Gold futures”

7. Cannabis industry insiders are bracing for a slew of bankruptcies in the coming year as small and medium-sized companies low on cash struggle to raise funds in the downtrodden sector…“We have had a busy few years, but we’re going to be busy in 2020 for a different reason – we expect a few million dollars in legal fees from insolvencies and consolidation,” stated Ranjeev Dhillon, a partner at McCarthy Tetrault LLP and the firm’s cannabis group lead, in a Financial Post report…Dhillon says that his team is already seeing companies that are heading down that path…“Companies that cannot distinguish their brands and don’t have the money to keep up operations on existing facilities will not be able to carry forward,” he told the Financial Post in an interview…“The only kind of money you can raise right now, if at all, is debt”…there are currently more than 200 cannabis companies either in the cultivation, processing or extraction businesses, primarily supplying a domestic market that has yet to cross the $1 billion mark in annual sales…although cannabis sales have been increasing on a monthly basis since legalization in October 2018, inventory has been growing much more quickly, resulting in oversupply and declining prices… “We are definitely going to see some companies struggle,” said Greg Engel, CEO of Organigram Holdings (OGI, TSX, NASDAQ) which has also been hit by slumping sales…“We’ve already seen two companies file for bankruptcy protection, and they certainly won’t be the last”…in December, Wayland Group, one of the first pot companies to obtain a cultivation licence, filed for creditor protection…2 months earlier, DionyMed Brands had entered into receivership after failing to repay debt…“Companies that don’t have a good cost structure will be in a really difficult position.  It’s not about growing cannabis anymore, it’s about how efficient you are as a consumer packaged goods producer,” Engel added…

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January 2, 2020

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Coming off its best year since 2010, Gold is off to a strong start to begin 2020 and a new decade…the yellow metal has traded between $1,518 and $1,531 so far today…as of 7:00 am Pacific it’s up $an ounce at $1,526Gold has already broken out above a bull flag formation on its long-term weekly chart, and a move through resistance in the $1,520’s would be another sign of increasing momentum…$1,675 is our target for the 1st half of 2020…demand for Gold in China should start to pick up in advance of the Chinese New Year period starting January 25, a key Gold buying occasion in the region…Silver has added 12 cents to $17.94 after briefly topping $18Copper is off slightly at $2.79…Nickel has gained 8 cents to $6.40 while Zinc is up a penny at $1.04…Crude Oil is steady at $61.08 while the U.S. Dollar Index has fallen nearly half a point to 96.81, giving commodities support…a private survey released today showed China’s manufacturing activity expanded in the month of December, but slightly below analysts’ expectations…the Markit/Caixin Purchasing Managers’ Index (PMI) for manufacturing came in at 51.5 last month after a reading of 51.8 in November…on Tuesday, China’s statistics bureau released official manufacturing PMI for December that was slightly above expectations at 50.2…President Trump confirmed on New Year’s Eve that the U.S.-China Phase 1 trade deal would be signed on January 15 at the White House…the President’s campaign announced this morning that it raised an impressive $46 million in the final quarter of 2019 as the Republican cashed in while he was being impeached by the Democratic-led House of Representatives…Trump’s total in the final 3 months of 2019 is far bigger than any quarterly total announced so far by any Democratic candidate…it also marks the best fundraising quarter for Trump’s reelection bid…the campaign also said it had $102.7 million in cash on hand heading into 2020…meanwhile, socialist Bernie Sanders amassed $34.5 million in the final 3 months of 2019, his campaign said, the most that any of the 2020 Democratic presidential candidates has raised in a single quarter…

2. Global stock markets got off to a solid start on the first trading day of the year after China’s central bank announced a fresh dose of monetary policy easing….markets in Asia and Europe were broadly up while New York and Toronto are also pushing higher in early trading today…yesterday the People’s Bank of China lowered the amount of reserves banks need to keep on hold at the central bank, essentially freeing up cash for lending into the world’s 2nd-largest economy…the PBOC announcement reinforces expectations that Beijing will follow through on promises to boost its economic growth in 2020

3. The city of Ganzhou in China’s southeastern province of Jiangxi has launched an exchange for spot transactions in rare earths and minor metals, according to a report posted by the Association of China Rare Earth Industry today…the Ganzhou Rare Metal Exchange, which was launched on December 31, will help boost the city’s global influence and pricing power for the traded products, the report by the provincial government-run Jiangxi Daily cited Ganzhou mayor Zeng Wenming as saying…the bourse is the 2nd rare earth exchange to open in China, the world’s dominant producer of the group of minerals after the launch of the Baotou Rare Earth Products Exchange in Inner Mongolia in 2014…the Shanghai Futures Exchange is also working to introduce rare earth futures…Baotou and Ganzhou are China’s 2 hubs for rare earths, which are prized for their use in consumer electronics and military equipment…

4. The Supreme Court of British Columbia has ruled that Indigenous law is not necessarily Canadian law in a decision that will enable more construction work on the $6.6-billion Coastal GasLink pipeline despite some First Nations opposition…B.C. Supreme Court Justice Marguerite Church ruled New Year’s Eve that Coastal GasLink has suffered irreparable harm after protestors built blockades and camps to stop work crews from accessing parts of the natural gas pipeline route between Dawson Creek and Kitimat, B.C., where a massive LNG export terminal is under construction…Church granted both an interlocutory injunction and an enforcement order, which will “provide a mandate to the RCMP to enforce the terms of the order”...she also noted that Indigenous laws do not become part of Canadian common or domestic law until they are enshrined through treaties, court declarations, statutory provisions or other means….“There has been no process by which Wet’suwet’en customary laws have been recognized in this manner,” the judge wrote…“While Wet’suwet’en customary laws clearly exist on their own independent footing, they are not recognized as being an effectual part of Canadian law”

5. The Dow is up 192 points through the first 30 minutes of trading to kick off 2020…Wall Street booked a strong 2019 performance on Tuesday with the S&P 500 rising 28.9% for the year…that was the broad index’s biggest annual gain since 2013 when it surged 29.6%…the Dow, meanwhile, climbed 22.3% while the NASDAQ surged more than 35%…gains were much more modest in Canada where the pursuit of economic growth under “progressive” policies seems secondary to “saving the planet”…the TSX climbed 19.1% while the Venture eked out a 3.6% gain…DynaCERT (DYA, TSX-V) has hit a new 2+ year high of 81 cents in early trading…Palladium One (PDM, TSX-V) continues to strengthen, up another half a penny to 19 cents and a fresh 52-week high…Skeena Resources (SKE, TSX-V), overcoming resistance in the mid-60’s, is closing in on a new 2-year high, up 4 pennies at 72 cents…another Eskay Camp play, Crystal Lake Mining (CLM, TSX-V), is beginning to rebound after falling into deeply oversold conditions in Q4CLM is up 2.5 cents at 14.5 cents…Lasalle Exploration (LSX, TSX-V) began trading on the Venture this morning following the successful closing of its oversubscribed $2 million IPO…the company’s primary assets include the Radisson Property in the Eeyeou Itschee-James Bay region of Quebec and the Blakelock Property in northeast Ontario along trend from the high-grade Case Berardi Gold mine operated by Hecla…the Board includes Dan Innes, Founder and past Chairman and CEO of Lake Shore Gold, and Ian Campbell, past President and CEO of Temex Resources up until its acquisition by Lake Shore in 2015

6. Most of the major licensed cannabis producersCanopy Growth (WEED, TSX; CGC, NYSE), Hexo (HEXO, TSX, NYSE) and Tilray (TLRY, NASDAQ), notably – have invested heavily in cannabis-infused drinks that will hit the market during this 1st quarter of 2020, but some industry observers are predicting that beverages might be a failed venture altogether…“When you look at the established markets in the U.S. – California, Oregon and Colorado – beverages are just 2% of those markets.  They never really took off,” said Jerome Hass of Lightwater Partners…he believes that some licensed producers are vastly overstating the impact beverages will have on overall sales…his company invested in a small brewery in Waterloo, Ontario, that he once thought would be a “perfect play” for cannabis-infused drinks…“They had a canning facility and excess capacity so we thought these guys would be a prime beneficiary of cannabis 2.0…in the end, the brewery lost interest in the venture…

7. Cannabis industry insiders are bracing for a slew of bankruptcies in the coming year as small and medium-sized companies low on cash struggle to raise funds in the downtrodden sector…“We have had a busy few years, but we’re going to be busy in 2020 for a different reason – we expect a few million dollars in legal fees from insolvencies and consolidation,” stated Ranjeev Dhillon, a partner at McCarthy Tetrault LLP and the firm’s cannabis group lead, in a Financial Post report…Dhillon says that his team is already seeing companies that are heading down that path…“Companies that cannot distinguish their brands and don’t have the money to keep up operations on existing facilities will not be able to carry forward,” he told the Financial Post in an interview…“The only kind of money you can raise right now, if at all, is debt”…there are currently more than 200 cannabis companies either in the cultivation, processing or extraction businesses, primarily supplying a domestic market that has yet to cross the $1 billion mark in annual sales…although cannabis sales have been increasing on a monthly basis since legalization in October 2018, inventory has been growing much more quickly, resulting in oversupply and declining prices… “We are definitely going to see some companies struggle,” said Greg Engel, CEO of Organigram Holdings (OGI, TSX, NASDAQ) which has also been hit by slumping sales…“We’ve already seen two companies file for bankruptcy protection, and they certainly won’t be the last”…in December, Wayland Group, one of the first pot companies to obtain a cultivation licence, filed for creditor protection…2 months earlier, DionyMed Brands had entered into receivership after failing to repay debt…“Companies that don’t have a good cost structure will be in a really difficult position.  It’s not about growing cannabis anymore, it’s about how efficient you are as a consumer packaged goods producer,” Engel added…

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December 30, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,510 and $1,516 so far today, hitting a fresh 2-month highas of 7:00 am Pacific the yellow metal is up $an ounce at $1,514Gold prices have climbed about 18% this year with the metal set to post its best annual gain since 2010Silver is 10 cents higher at $17.88…it’s a bullish omen for 2020 that the Silver juniors are leading the miners and the miners continue to lead the metals…Copper is flat at $2.81…however, the metal widely used in power and construction is near its best levels since May and is headed for its biggest monthly rise in 2 years…Nickel is up 5 cents at $6.47 while Zinc and Cobalt are both steady at $1.05 and $14.74, respectively…Crude Oil is at a 3-month high on upbeat data and fresh Middle East tensions…WTI has added 24 cents to $61.96…the Thomson Reuters CRB Index, a measure of commodity prices, is now at its highest level since April at 187…that’s a 10% gain for the year…key resistance is around 200…this week will see critical data that may or may not confirm the “global bottoming” theory: China PMI and non-PMI tomorrow, eurozone PMI on Thursday and U.S. ISM Manufacturing on Friday…a Reuters poll shows that China’s factory activity likely expanded again in December on stronger external demand and an infrastructure push at home…

2. Chinese Vice Premier Liu He will visit Washington this week to sign a Phase 1 trade deal with the United States, the South China Morning Post reported this morning…“Washington has sent an invitation and Beijing has accepted it,” the SCMP quoted a source as saying…it said the delegation was likely to stay in the United States for a few days, until the middle of next week…

3. Demand for Gold in China should start to pick up in advance of the Chinese New Year period starting January 25, a key Gold buying occasion in the region…data released today showed that China’s net Gold imports via Hong Kong in November plunged 72% from the previous month to their lowest in nearly 9 years, according to the Hong Kong Census and Statistics Department, mainly due to subdued demand…however, China’s imports via Hong Kong have steadily decreased this year in the wake of anti-government protests in the former British colony, and China has boosted Gold imports from Shanghai instead…however, recent flows across the board are still down but that hasn’t stopped Gold from pushing through the key $1,500 level…

4. As stocks close out 2019, Wall Street’s bull market is expected to continue through 2020 (albeit not without 1 or more significant corrections) as long as it appears President Trump will be re-elected…the S&P 500 is up a whopping 29.25% entering the final 2 trading days of 2019…since World War II, the average gain in the 4th year of a Presidential term is 6.3%, and it’s up 78% of the time…the S&P 500 has returned more than 50% since Trump was elected, more than double the 23% average market return of Presidents 3 years into their term going back to 1928, according to Bespoke Investment Group…on a short-term basis, the S&P 500 is due for a pullback as the RSI(14) entered this morning at 78, the highest level since January 2018

5. Tesla (TSLA, NASDAQ) has delivered the first Model 3 electric cars built at its Shanghai factory at an event today in China…the Shanghai plant, up and running in just 357 days, is part of Tesla’s plans to bolster its presence in the world’s biggest auto market and to minimize the impact of the U.S.-China trade battle…Tesla surged to a new all-time high Friday of $435.31 but the stock is off $16 a share in early trading today…shorts got some temporary help from a negative analyst report…

6. The Dow has dipped 93 points as of 7:00 am Pacific…entering the final 2 trading days the year and the decade, the S&P 500 is just half a percentage point away from its best annual gain since 1997…the NASDAQ broke an 11-session winning streak Friday, with modest losses after Thursday’s first-ever close over 9,000…year-to-date through Friday, the NASDAQ, S&P 500 and the Dow are up 35.74%, 29.25% and 22.8%, respectively…in Toronto, the TSX is 53 points lower but the Gold Index has jumped 3 points to 262Yamana Gold (YRI, TSX), notably, has cracked the $5 barrier for the first time since 2016…it’s up another 8 cents to $5.13…not only is YRI showing technical strength, but historically its 4th quarter is its best from an operational standpoint…many of the top-performing stocks on the S&P/TSX Composite Index this past year were miners: Alacer Gold (up more than 160%), Eldorado Gold (up more than 140%), Wesdome Mining (up more than 125%) and Detour Gold (up more than 110%) were just a few…the Venture, riding a 6-week winning streak, is up another 6 points at 570 as it continues to push toward the key 580 area…DynaCERT (DYA, TSX-V) is up a nickel at 75 cents, a fresh 2-year high…Canada Cobalt (CCW, TSX-V) is up a penny at 64 cents after a 1 million share cross…CCW has drilled into spectacular native Silver at Castle East, within 2 km of 3 robust past producers…more assays are pending and drilling resumes during the first week of January…another favorite Silver play is Mexico-focused Discovery Metals (DSV, TSX-V) which has jumped 8 cents to 67 cents in early trading…

7. Nevada Copper (NCU, TSX), which earlier this month opened the first new Copper mine in the United States in over a decade, announced this morning that it has identified multiple new targets at its Pumpkin Hollow Project and has intersected shallow Copper mineralization of grades up to 0.90% in structural reconnaissance drill results, including indicators of of a potential porphyry-style target and grab samples as high as 6.2% Copper at surface…the company has added more than 5,700 hectares to its land package, a 30% increase…the porphyry system signatures are important as the existing underground and open-pit deposits are skarn/IOCG-style deposits, the source of which is expected to be an undiscovered porphyry system…CEO Matt Gili stated, “Having transitioned to producer status our primary focus in the first half of 2020 will be ramping up to full commercial production, however, we will also continue advancing our regional growth strategy.  Exploration results to-date have been extremely encouraging, with multiple new targets identified across our large property, and we have increased our land position significantly”NCU is up half a penny at 37 cents as of 7:00 am Pacific…its fresh uptrend should accelerate once resistance in the mid-to-upper-30’s is conquered…

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December 19, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,473 and $1,478 so far today…as of 7:00 am Pacific the yellow metal is up $1 an ounce at $1,476Silver is steady at $16.97…base metals continue to perform well…Nickel has jumped 15 cents to $6.43 while Copper and Zinc have each added a penny to $2.79 and $1.06respectively…Crude Oil (WTI) is 8 cents higher at $61.01 while the U.S. Dollar Index is flat at 97.38… Chicago Federal Reserve Bank President Charles Evans says the U.S. economy is doing “remarkably well” with a vibrant labor market and a strong consumer, but he’s “personally worried” that inflation continues to run below the Fed’s 2% target…the Fed should allow it to rise above that level so it can average 2% over time, a position shared by Fed chief Jerome Powell…Evans voted for all 3 Fed rate cuts this year, and also supported the decision earlier this month to leave interest rates where they are in a target range between 1.5% and 1.75%…Sweden’s central bank (Riksbank) raised its key interest rate to zero percent overnight…this has some market watchers thinking other major central banks around the world which have negative interest rates are also on a path to slowly raise them – assuming, of course, global growth picks up…China has unveiled a new list of import tariff exemptions for 6 chemical and Oil products from the United States, days after the world’s 2 largest economies announced a Phase 1 trade deal…the exemptions will be for 1 year from December 26, the Finance Ministry said…

2. The far left Democrats in the U.S. House of Representatives started to think about impeaching Donald Trump as soon as he upset Hillary Clinton in the November 2016 election, before he even walked into the Oval Office…they finally realized their dream last night when Trump became just the 4th President in American history to be impeached by the House…of course this impeachment is dead on arrival in the Senate, but what the Do Nothing Democrats should really be concerned about is the nightmare to follow for them – the reaction of everyday Americans when they go to the polls again next November…Trump, focused like a laser beam on the economy which is what Americans really care about, is now is an ideal position to win a landslide in 2020 – the White House, the House of Representatives (retaking it from the Democrats) and the Senate…through the entire impeachment process, Wall Street has been hitting new record highs and one poll after another has shown a deterioration of support for impeachment while Trump’s approval numbers have been going up…the President was with the people last night, holding a massive rally in the key state of Michigan, while the Trump campaign raked in another $5 million in donations – Republican fundraising numbers are going through the roof…Democrats, who unlike Trump have no concept of branding or marketing, are doomed despite the support of their friends in the mainstream media – Wall Street knows it and loves it…the S&P 500 is up nearly 7% since House Speaker Nancy Pelosi launched a formal impeachment inquiry in September…during Clinton’s impeachment process, which ultimately didn’t work out well for Republicans, the broad index surged more than 26%…

3. Good grief – does this come as any surprise from the anti-resource globalists and climate change alarmists in Ottawa who presided over an economy that lost over 70,000 jobs last month including 6,500 in the resource sector?…federal Environment Minister Jonathan Wilkinson says he is “wrestling” with the approval of Teck Resources‘ (TECK.B, TSX) proposed Oil sands mine, saying it’s not clear the project would fit into the Liberals’ environmental goals…“That is something that we will have to be discussing and wrestling with as we make a decision one way or the other,” Wilkinson told reporters in Calgary yesterday…the Frontier Project north of Fort McMurray would mark the most significant new investment in the Alberta Oil patch in years – and Team Trudeau is “wrestling” with that concept…the Frontier Project is expected to generate 7,000 construction jobs and 2,500 permanent jobs…Wilkinson yesterday signalled that the2050 target” could weigh heavily on his decision to either approve or reject it…

4. Wallbridge Mining (WM, TSX) has raised another $7.9 million, some of it from Eric Sprott as he adds to his position in the company…a total of 5.4 million flow-through shares were issued at 95 cents per share while 5.4 million super flow-through shares were issued at $1.05 each…Sprott purchased nearly 3 million of the 95-cent shares to boost his holdings to 124,354,063 shares representing approximately 21.2% of the outstanding shares on a non-diluted basis…“The completion of this financing gives us additional financial flexibility to achieve our goals of advancing Fenelon and pursing additional advanced-stage projects which would add to the Company’s near-term project pipeline,” stated Marz Kord, Wallbridge President & CEO…“We are also pleased that Eric Sprott has chosen to participate in this private placement”WM has hit a new high of 90 cents in early trading…it’s up 3 pennies at 87 cents as of 7:00 am Pacific

5. Newly-listed HighGold Mining (HIGH, TSX-V) has drilled 29 g/t Au and 33.2 g/t AuEq over 20 m, within a broader interval of 75.1 m (253.9 to 329 m) grading 10 g/t Au and 17.8 g/t AuEq (ETW 40 m), in a hole (JT19090) designed to better define the lower portion of the Johnson Tract deposit in Alaska…this intersection expands the zone of thickest and highest-grade mineralization 20 m to the northeast…it’s open on strike to further expansion…meanwhile, another hole has produced a new Footwall Zone Discovery – a new Silver-Copper-Zinc-rich vein system discovered at depth in the footwall to the main JT deposit (20.7 m at 32 g/t Ag, 2.4% Cu and 4.9% Zn in JT19089) including 7 m @ 66 g/t Ag, 4.7% Cu and 9.7% Zn (true width unknown)…“The discovery of new, significant and distinctive mineralization in the footwall to the JT deposit is a strong indication of the high exploration potential at Johnson,” commented HighGold President & CEO Darwin Green…“What makes it all the more encouraging is that the discovery was made during a first-pass drill program focused on deposit confirmation and expansion. Equally important, this step-out drilling has expanded the thickest and highest-grade portion of the JT deposit, which remains open along strike and at depth”HIGH is up 14 cents at $1.40

6. The Dow has climbed another 53 points as of 7:00 am Pacific…in Toronto, the TSX is up just 7 points while the Venture has pushed 3 points higher to 542…based on the latest charts, the Index is expected to break out vigorously past 540 toward its 200-day SMA and Fib. resistance in the 580’s…from there, perhaps after a brief pause to catch its breath, the Index should once again get above the 600 level…the metals space should help lead the way…Balmoral Resources (BAR, TSX) hit a new high of 44 cents before backing off…Canada Cobalt (CCW, TSX-V) is briefly consolidating around the 50-cent level in a very bullish technical pattern supported by multiple factors on the ground including what’s shaping up to be the best grassroots discovery in the Northern Ontario Silver-Cobalt district in 40 years…follow the money – Eldorado Gold (ELD, TSX) is taking a 19.99% interest in QMX Gold (QMX, TSX-V) through a private placement at 6 cents per share (68.1 million shares)…this transaction significantly strengthens QMX’s balance sheet as the company works to expand its Bonnefond deposit and broadens its exploration programs to include other highly prospective targets across its nearly 200 sq. km property…QMX, focused on the Val d’Or mining camp, is up a penny at 6.5 cents as of 7:00 am PacificPalladium One (PDM, TSX-V) hit a new multi-month high of 12.5 cents yesterday following news that the company’s Palladium dominant LK PGE-Nickel-Copper Project in central Finland has had 7 of 8 exploration permit renewal applications approved by the Finnish mining authority, while the 8th remains under consideration…PDM is up half a penny at 11.5 cents…

7. A supply crunch is coming and this will cause commodities to skyrocket in 2020, according to Frank Holmes, CEO of U.S. Global Investors“This theme of ESG, environmental, social governance, is driving everything and it’s going to harm exploration.  We’re going to see a supply-side restriction but people are going to have babies and the world is going to chug along and grow, but the commodities aren’t going to be there,” Holmes said, adding that a huge price rally would follow…on equities, Holmes says U.S. markets may still be the best option for stocks…“I don’t think (stock markets) are frothy and I don’t think there are many other places to go, and I think that what you have to recognize is that some of these other central banks like Switzerland are printing money out of the thin air,” he said…Holmes noted that today’s macroeconomic environment requires investors to continue to hold Gold“You have to have Gold because there are going to be imbalances with currencies back and forth and China and India, 30 years ago, were 10% of the global consumption of Gold, but today they are 50% of the consumption of Gold and that’s correlated to rising GDP per capita”

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