Primary Recommendations

Capital Limited - Gold boom to benefit drilling budgets

March 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Even after the recent sell-off, gold remains up 70% year-to-date and 170% over the last five years. Blue-chip miners have led the charge; Fresnillo (FRES; 3768p) and Hochschild (HOC; 675p) have seen extraordinary eight-fold gains since the start of 2024. This frenzy is largely fuelled by the geopolitical and fiscal unpredictability of the Trump administration. Between the heightened risk of conflict in the Middle East and the potential debasement of the US Dollar - driven by challenges to the Federal Reserve’s independence in Trump’s quest for interest rate cuts - investors are flocking to safety. Central banks are further powering this rally by aggressive stockpiling. For Russia and China, this is a strategic move toward "de-doll ...

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ASA International - EPS to double after yet another “beat”

Capital Ltd - Drilling services business enjoys second upgrade (December 2025)

Capital Group - Growth of higher margin labs business should re-rate shares (July 2024)

Capital Limited (March 2024)

Capital Limited (December 2023)

Capital Limited - New contract to add US$30m to sales (August 2023)

Capital Limited (June 2023)

Capital Ltd - Mining services firm enjoys buoyant gold market; rising margins not reflected in PE of 6.3 (March 2023)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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