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GOLD INDUSTRY SENSITIVITY OF VALUATIONS TO A $50/OZ PRICE GAIN 6/17/2019

LUNDIN MINING CHAPADA ACQUISITION AND LOWER METALS PRICES BUILT INTO OUR MODELS  6/17/2019

METALS EXPANSIONS- – VOLUME 49 WE TABULATE 12 NEW METALS PLANTS MOSTLY IN STEEL AND 8 SHUT OR DELAYED MOSTLY IN NONFERROUS METALS IN JUNE 2019  7/2/2019

SPOT MARKETS – -CONTAINERBOARD SCRAP BREAKS BELOW MARCH 2009 LOWS; MANY PRICE LEVELS LOW ENOUGH TO ENCOURAGE BUYING OR DISCOURAGE DESTOCKING 7/3/2019

VALE MOVES TO “DRY PROCESSING” REMOVES LESS IMPURITIES TO DISPOSE OF FEWER TAILINGS 6/16/2019

VALE TO APPLY TO MINE 50 MMT MORE AT CARAJAS, WET PROCESSING, 30 MMT BRUCUTU RESTART AND BRAZILIAN PROCEEDINGS  6/27/2019

METALS – – BRAZIL’S SENATE WANTS 40% TAX ON MINING, ALL TAILINGS DAMs ILLEGAL, ENVIRONMENTAL LAW AND MURDER INDICTMENTS  7/2/2019

OSISKO GOLD ROYALTIES MODEL UPDATED FOR LOWER DIAMOND PRICES AND 12.4 MM SHARE REPURCHASES 7/3/2019

GOLD INDUSTRY LOW IN DIVIDENDS, CASH FLOW, ROE & RETURNS; WE CITE 11 INDUSTRIALS AT < 9X FREE CASH OR 15 WITH YIELDS > 4%  061519

GOLD INDUSTRY – – MEGA ANXIETY RALLY PROMPTS US TO DOWNGRADE SEVERAL COMPANIES NEARER TO OUR PRICE TARGETS 061419