Mining Monthly: January Edition
What you need to know:• Following two months of poor returns, the metals and mining market rose sharply in January as tariff uncertainties rose and the treasury yields decreased.
• In January, gold was up 6%, silver was up 7%, and copper was up 7%. The equities exhibited leverage to the commodity price increases, with the GDX up 16%, GDXJ up 15%, and SILJ up 10%.
• Donald Trump introduced the “Unleashing American Energy” executive order, urging agencies to review regulatory policies for oil, natural gas, coal, hydropower, biofuels, critical minerals, and nuclear energy.
The metals and mining market posted a strong month in January as uncertainties rose based on Donald Trump’s tariff policies and treasury yields decreased materially. The U.S. 10-year declined from highs of 4.8%, down to 4.5%, providing support for the gold price. Gold was up 6% in the month, reaching all-time highs of $2,856/oz. This compares to silver up 7% and platinum up 15%. The equities exhibited leverage to the commodity prices (for once) with the GDX up 17%, GDXJ up 15%, and SILJ up 10%. This compares to broader markets with the S&P500 and TSX up 5% and 4%, respectively. Copper also posted a strong month with spot prices up 7% while the COPX lagged, being up only 2%. The other metals and commodities were mixed, with palladium as the best performer (up 17%) and cobalt as the worst performer (-11%). We are excited about the new inflows of capital into the sector this month and look forward to what we believe will be a strong year across the industry.
Financings remained elevated in January as generalist investors continued to return to the sector given the commodities reaching new highs. M&A was quite muted in January as corporate development teams gear up for the year ahead and firm up new budgets based on increased cash flows. We expect M&A to be a major theme for the sector in 2025 as many companies trade at
Amerigo Resources is engaged in the production of copper and molybdenum concentrates with operations in Chile. Through its subsidiary, Minera Valle Central S.A., Co. has a contract with Chile's state-owned copper producer National Copper Corporation to process the tailings from El Teniente underground copper mine.
Endurance Gold is engaged in the exploration and development of mineral properties in North America and has not yet determined whether its properties contain ore reserves that are economically recoverable. The recoverability of the amounts expended on mineral interests by Co. is dependent upon the existence of economically recoverable reserves, the ability of Co. to obtain necessary financing to complete exploration and development of its mineral properties and upon future profitable production or proceeds from disposition of its mineral interests.
Nicola Mining is a fully integrated silver mining, exploration and development company.
Santacruz Silver Mining is engaged in the operation, acquisition, exploration and development of mineral properties in Mexico, with a primary focus on silver, but also including gold, zinc and lead. Co. is focused on meeting and maintaining its primary production objective of producing approximately 1.5 million silver equivalent ounces on a yearly basis at its producing property, the Rosario Mine. In addition, Co. is exploring three other mineral properties, being the San Felipe Project (an advanced stage project), the Gavilanes Project (an exploration project), and the El Gachi Property (an early stage exploration project).
Tempo Gold is in the exploration stage and is engaged in the acquisition, exploration and development of gold resource properties in Tanzania, East Africa.
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.