KRR, ODV, GOT, OGC, BTO
We already knew that Australian gold miner Karora Resources aka KRR had a bang-up Q1 in terms of production with a record output of 39827 oz Au, but these days the focus with miners is on costs, and with the release of their financial results we learn they did pretty well there too, with a cash cost of $1124/oz Au, slightly up from Q4 but down almost 20% from Q1 2022. Likewise, metrics such as cash flow and revenue were roughly comparable to those from Q4 2022 and up considerably from Q1 2022, but they did record a small loss on the quarter due to adjustments in financial derivatives. As a result of this and an extensive capital programme, their cash stash dropped slightly to $65.9, but they expect this to grow through the rest of 2023.
Message 34291455
Osisko Development aka ODV released drill results from ongoing drilling in the Trixie area of its Tintic Au/Ag property in Utah, including underground drill holes from with the Trixie mine and the rest of last year's results. Underground, they continue to intercept narrow high grade intercepts like 23.49 g/y Au and 58.79 g/t Ag over 1.37m, and 191.00 g/t Au and 707.00 g/t Ag over 1.07m as they continue to get a handle on the vein distribution. These results will feed into a new Resource Estimate. As well, exploration drilling stepping out distances up to half a kilometre out found some useful results. which will be followed up with more drilling. As well, in Q3 they will be exploration of potentially very large Cu/Mo targets on the property.
I spent some time on the weekend comparing IAU and ODV. In terms of buying shares, I think IAU is a much stronger company so would go for them every time, but I am happy with the ODV.WT.A warrants I picked up last, as I think their leverage could lead to a quick double at some point during the warrants' remaining years of life. FWIW, I am already up about 15%.
Message 34294893
We got two related pieces of news from Goliath Resources aka GOT, who are drilling up the Surebet Au/Ag deposits on their Golddigger property in BC's Golden Triangle. First, we hear they have upsized and closed a PP for $9.65M.
ca.finance.yahoo.com
The next day, GOT announced the details of this year's drill programme. Last year mot of the drilling was aimed at infill and extensions of the main Suebet zone; this year there will be more emphasis on exploration across a number of targets across Golddigger, which over the winter was more than doubled in size to 59K ha and now includes 56 km of the Red Line, which seems to be the main source of minerlaization in the area.
They will also test some extensions to Surebet, but I am most excited about the initial drilling on the Goldswarm zone, located 4km north of Surebet, where sampling found some high grade Au assays. They will also be looking for the underlying porphyry source of mineralization, as well as numerous promising targets along the Surebet Corridor along the Red Line.
If they can manage to hit big on even a few of these targets, this could finally be the year when GOT gets out from under the effects of third party promotions which have capped the share price and those sucked in by the schemes.
Message 34295945
FWIW, Raymond James updated their model for Oceanagold aka OGC, maintaining their rating at Outperform while raising their target to $4. They also instituted coverage on B2Gold aka BTO at Outperform with a target of $US5. |
