We attended the Precious Metals Summit at Beaver Creek, Colorado this week. We attended presentations from the bulk of the ASX stocks in attendance, which included seven stocks within our coverage universe (BGL, DEG, FFM, NVO, OBM, PDI and SPR). We also hosted numerous 1on1 meetings with emerging exploration and development companies with assets across all jurisdictions. The overall mood of the conference was surprisingly pessimistic, particularly with gold hitting record levels during the week. We believe this reflects the lack of liquidity and difficulty in raising capital to fund exploration, that prevails, particularly on the TSX. The smaller ASX listed exploration plays were generally more bullish on current market conditions and the outlook.
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