OGC, IAU, MIRL, NRN
Oceanagold aka OGC reported their 2022 financial results and it is safe to say it was a good year for the company. They generated enough free cash flow to pay down debt by $70M and are now reinstating their dividend after meeting annual guidance. This was achieved largely on the basis of a strong year at the Haile gold mine in South Carolina and bringing the Didipio Au/Cu mine in the Philippines back to full production ahead of schedule after permit problems.
Q4 production was 121k oz Au, resulting in annual production of 427k oz Au. 2023 guidance is for production of 460-510k oz Au and 12-14kt Cu at a cash cost of $800-900 per oz Au, and they are aiming for 600k oz Au by 2025 as they increase production at Haile and Didpio as well as their gold mines in New Zealand. in 2022 they generated a net profit of $133M, a third of that in Q4, and at year end their cash stash had grown to $83M while their debt had declined to $170M.
If they can keep costs in line while growing production as expected over the next few years, the should be able to pay off that debt and become an obvious M&A candidate, either as buyer or target.
Message 34198360
I-80 Gold aka IAU is going to hold what they are calling a 'Ruby Hill technical teach-in' this Thursday at 12:00pm EST, Ruby Hill in Arizona, which they will be bringing into production in the next few years, with its multiple styles of minerlaization is such an intriguing property I plan to watch this myself. Details can be found at this link.
ca.finance.yahoo.com
Minera IRL aka MIRL announced 2022 gold production from their Corihuarmi gold mine in Peru. However, there is no mention of finding a way not to go bankrupt or lose their main asset in the face of an enormous looming debt, or getting rid of the corrupt CEO busy enriching himself and his friends and family.
Message 34198423
Northern Shield Resources aka NRN released an unintentionally funny (to me) PR today regarding their exploration at the Root & Cellar Au/Ag/Cu prospect in Newfoundland. These guys are the masters of finding promising leads that amount to nothing, so it is kind of funny when they say that this is third time they have found visible gold in the area without the previous two instances amounting to anything. They go on to say that there has been so much rain and snow they have to temporarily abandon on sire examination. Welcome to midwinter on the Burin Peninsula, which juts out into the North Atlantic.
One presume the weather will in time allow them to resume proper exploration. In the meantime they are running some geophysics.
Message 34198440 |
