Precious Metals

pgm miners- eurasia mining

Sign up for our  latest research

Welcome to ACF Equity Research’s Precious Metals page – this page provides examples of relatively recent leading investment / equity research derived from our expert analysis and insights on the precious metals market. We provide in-depth reports, thematics and engaging blogs on gold (Au), silver (Ag), platinum group metals (PGM / PGE), we are always adding to our coverage, highlighting market trends and valuable investment opportunities and ideas. ACF Equity Research delivers investment research that moves prices, increases volumes and helps educate investors, thorough, accurate, clear and insightful award winning products, analysis and services.

Start your journey into the world of precious metals with us today.

Note that whilst investment research does not guarantee outperformance, stocks without research coverage generally underperform the market.

gold-12m price target 2024

Our 12m gold price target is $2,400/t oz. up 9% or $200 from our previous $2,200 12m price target, achieved with days to spare! Our hypothesis is that Central Banks will continue to buy above recent averages as they did in 2023, that ETFs anticipating lower interest rates and a weaker USD will move back to gold and that other market participants are anticipating these activities,
taking positions and driving the price upwards. In turn mine supply should rise but with a lag effect. We also propose that gold supply is leaking from the formal market into the informal market and its return faces extended lags, thereby tightening the market. We propose a leakage mechanism below….READ MORE ON GOLD 12M PRICE TARGET UPDATE-2024

mining MandA - net zero emissions will change everything

Mining mergers and acquisitions (M&A) continues to increase in volume and value in 2023. Demand for basic materials is growing, this is a primary M&A driver. Cash-rich miners use acquisition to fund resource, reserve and production base expansion. A secondary and possibly equally important M&A driver is sustainability. We explore the factors fueling mining M&A activity, from the green energy transition to the need for reserve replacement….READ MORE ON MINING M&A

ACF Equity Research_Gold-Poised-to-Shine

We expect the gold price to increase in 2023 driven by rising recession expectations coupled with prospects of a weak dollar and higher inflation. Geopolitical tensions have led to risk-off sentiment supporting gold demand (safe-haven asset). In contrast, higher rates are negative for gold. Peak central bank rates expected in mid-2023 (US 4.9%, UK 4.5%, EU 3.75%), could be a key trigger for gold prices. We expect central bank interest rates to….READ MORE ON GOLD (Au) MARKET

Perpetua Resources Corp (PPTA) Update Note Filling the US Critical Minerals Supply Gap ACF Equity Research 08032023

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. ACF is releasing a valuation increase for PPTA based on milestones achieved since our initiation note. ACF identifies PPTA as a US national strategic asset (Sb) and best-in-class gold asset. On Dec 19, 2022 PPTA received a critical minerals award from the DoD of up to $24.8m for environmental/engineering studies to complete FEIS, RoD/permits and advance year 1 construction readiness. PPTA is an ESG leader amongst junior miners (long run lower WACC). PPTA holds a unique antimony (Sb) reserve in the US and is positioned to be….READ MORE ON PERPETUA RESOURCES

perpetua resources investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/ESG leader amongst junior miners (long run lower WACC). PPTA holds the only economic antimony (Sb) reserve…READ MORE ON PERPETUA RESOURCES

ppta pre-presults investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. We expect 3Q22E evidence steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. Since our initiation, on Oct 28, 2022, the USFS chose PPTA’s Stibnite Gold Project as the Preferred Alternative on the SDEIS. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has completed its summer 2022 water quality improvement project at Stibnite. PPTA holdsthe only economic Sb reserve in the US and is positioned to be…READ MORE ON PERPETUA RESOURCES

Perpetua resources investment research

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. PPTA is a sustainability/ESG leader amongst junior miners (LR lower WACC) – PPTA has produced sustainability reports since 2014 and has begun a water quality improvement project at Stibnite. PPTA holds the only economic Sb reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand). The US is heavily reliant on Sb for defense and ammunition. PPTA was recently awarded $200k from the DoD through the Defense Logistics Agency, to evaluate if its Sb meets military specifications…READ MORE ON PPTA Initiation 

AFC Equity Research Silver Market The Janus-Metal

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (>50% of global silver demand) and monetary policy trends will exert donward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver…READ MORE ON Silver Market – The Janus Metal

PGM deficit drivers in 2021 and 2022 – make uncertainty the norm

The continued supply deficit of PGM – in particular palladium (Pd) – has been a growing cause for concern or interest, depending on one’s perspective, since 2018. As a result of the Pd deficit and the less than robust supply of Pt, prices for both Pd and Pt have increased rapidly and significantly since 2019. The direction of travel of PGM prices is correlated with the PGM deficit, but the supply/demand equilibrium is more complex than it appears at first glance. This complexity means that prolonged or intermittent unpredictable individual mine closures could lead to sustained additional rises in PGM prices, particularly, Pd, Pt and Rh. We assess that this unpredictability of supply is an inherent characteristic of PGM pricing….READ MORE ON PGM Value Drivers – is Norilsk Key?

Where is the gold price going

We assess that the gold price will continue its long-term rise. The general case for investing in junior miners remains strong and the stock specific case will only grow in importance.

In this ACF analytical blog we assess the items driving the price of gold, what the implications of the pandemic and longer-term post-pandemic conditions are and why, in our view, the upward trend is set to continue.

In general, we are witnessing an increase in structural, political and economic instability in the global economy. The Covid pandemic has become an additional element driving this instability. The Covid-19 restrictions that forced mining suspensions, meant less exploration, which led to a market perception of lower reserve horizons and less gold for spot delivery…READ MORE ON GOLD CONSOLIDATION CONTINUE

top 5 investment research tips

Expanding your investor base is hard work. We know that stress and risk is involved. Here we share 5 uses of investment research by our clients to expand investor reach and add major institutions.

Want to know more about our products and services?

Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


Amalia Barnoschi, Head of Operations, ACF Equity Research

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Head of ESG / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF, two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC.

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

At ACF, as part of my staff analyst role, I am also Head of ESG / Sustainability and its products and services.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages