IAU, CEE, EDV
i-80 Gold aka IAU released its Q4 and annual results. When reading them you have to keep in mind that they are currently building four mines in Nevada while their only income comes from residual heap leach production at Lon Tree and Ruby Hill. Mind you, they did well on that front in Q4, producing 6769 oz Au at a cash cost of $1037/oz Au. This meant that in spite of all the money they are spending on exploration and development plus buying new properties, they still have $81M on hand, albeit $33 of that is currently restricted. Another source of funding will be the refractory development ore they are sending to NGM's facility for processing. Bottom line -- they won't need cash for a while, though if they keep on getting favourable financing offers they might take advantage.
I won't review in detail their plans for 2023 as I have discussed them before, but trust me that there will be constant newsflow through the year.
I took advantage of the current dip to add to my stash of IAU shares. And I forgot to mention I added a bunch more HMLO to my holdings last week.
Message 34223992
Centamin aka CEE released their Q4 and annual results. It was generally a good year for the company, as new management continued to implement changes aimed at restoring production at their Sukari gold mine in Egypt to 500k oz Au per year by 2024. With mining now back in house, a new more robust mine plan, a reinstated exploration programme, and a new solar plant which is already reducing energy costs, management thinks they have Sukari ready to resume being the robust cash spinner it used to be.
2023 production at Sukari in 2023 increased 6% to 440974 oz Au, allowing them to end the year with a cash stash of $157M, plus a new $150M credit line that remains undrawn, i.e they remain debt-free. They also reaffirmed 2023 guidance of 450-480K oz Au at a cosh cost of $840-990/oz, and that the PFBS for their Doporo Au project in Cote d-Ivoire will be completed mid-2023.
Message 34225395
Endeavour Mining aka EDV released their annual report. I won't say much because it doesn't contain any new information, but it is worth a look because it is presented in more detail and in a much more readable format than we get in new releases.
endeavourmining.com
Saville tells us to keep an eye on the closing price of the Gold Miners ETF GDX this week. If it can close above resistance at $30, that will be a good sign that the cyclical bull in gold stocks has resumed. If not, we'll have to wait a little longer, perhaps until the price of gold has retraced all or part of its gains this week and started back up. |
