Gold Developers Re-Eye Re-Rate as Gold Prices Hit $4,200/Oz
Gold developers that were sold off during the Iran War are now eyeing a re-rate as gold prices hit almost $4,200 an ounce.
According to Alex Rovira, boss of Brightstar Resources (ASX:BTR), the sector has been experiencing a 'buyer's strike' in recent months, with some companies pulling back 30-40% on not meaningful volumes.
Marc Ducler, boss of Astral Resources (ASX:AAR), is '100% certain of a re-rate' once permitting progresses ahead of a planned Q1 2027 definitive feasibility study for its 1.74Moz Mandilla project near Kambalda in WA's Goldfields.
With a $65 million cash balance and more than enough runway from a cash and time perspective, Ducler is confident that Astral will be able to enter production as planned next year via a JV deal with Mineral Mining Services (MMS).