IAU, WM, EDV, RIO
You may see some odd trading in i-80 Gold aka IAU in about four months. That's because EQX is yet again running out of money, a specialty of theirs, so they have sold a package of over $32M worth of IAU shares and half warrants they acquired in the transactions that created IAU in the first place. The only information we are given is that the sale was to ' a team of underwriters' and has a four month hold. Similar transactions will probably occur again, as EQX still owns 19.7% of the shares of IAU, 17.6% fully diluted.
ca.finance.yahoo.com
Wallbridge Mining aka WM continued its recent flurry of news by releasing its 3rd PR in 5 days, this one announcing the beginning of exploration drilling around their flagship Fenelon gold deposit in Quebec, We get more detail on the six targets defined by geophysics they are chasing. These targets reflect a new understanding of how the Jeremie fault is a key control for the gold minerlaization, which is mostly found within the quartz in the Jeremie Diorite.
If the new interpretation is correct, the drilling should come up with significant mieralization to add to the overall resource.
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You'd never know it from how the shares have been trading of late, but west African gold producer Endeavour Mining aka EDV released a bang-up annual report. The numbers are impressive, meeting the top end of guidance by producing 1.4M oz Au in 2022 while also meeting cost guidance in spite of inflationary pressures, making 2022 the 11th straight year they have met or exceeded guidance. For the first time they exceeded $1B in cash flow for a calendar year, allowing them to return $299M t shareholders, which amounts to $212 per oz Au produced.
This coming year they will be putting a strong focus on exploration, perhaps because even as they managed to keep M&I Resources at 27.3M oz Au after mining depletion, P&P Reserves fell by 1M oz to 16,8M oz Au. They can certainly afford it. During 2022 they were able to increase their cash stash by $45M to $951M while maintaining long term debt at $830M. Now we'll need to watch out for cost escalation on their two major expenditures for 2023: $170M for the Sabodala-Massawa BIOX Expansion project and $230M for the Lafigué project.
EDV is targeting 2023 production of between 1.33-million and 1.43-million ounces with AISC guidance of $1 315/oz to $1 400/oz,
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As befits such an energetic management group, the folks who run Rio2 aka RIO have not been sitting still since an environmental permit for their Fenix gold project in northern Chile was denied, seemingly under the orders of a Chile's then newly-elected government. Today we hear what they been up to.
First off, they are restructuring the financial arrangements already in place by bringing in a new financial advisor, talking to WPM about revising their streaming agreement, and engaging with other potential lenders. Second, they are taking advantage of the delay by beginning a new FBS. (So far they have completed a PFBS and then revised it.) And they continue to engage in the mandated review process in the hopes of receiving the permit they were denied, while continuing to carry out environmental studies on the site. It should be noted that the current Chilean government continues to soften its former anti-mining stance.
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Saville is worried that gold testing its recent low so quickly increases the possibility of a quick spike below that low before it makes a substantial move up, meaning we have traded higher short term risk for less long term risk for gold prices. He also points out that gold has already taken off in currencies such as the $A and the $C. |
