MTA, Blue Jay Gold, SNAG, IAU, EDV
Metalla Royalty & Streaming aka MYA released its Q3 results. The big news was that for the first time MTA managed to have a quarter with positive net income, albeit only $600k. They also managed to set quarterly records for revenue, cash flow, and adjusted EBITDA. Gold Equivalent Ounces (GEOs) were up around 40% from Q2 to 1155, while cash cost per GEO was up slightly to $8.
The PR also included a number of asset updates, mostly good news, e.g. SM.V plans to triple production at La Guitarra, on which MTA holds a 2% NSR, over the next few years, while SVRS.V has pushed forward plans to restart production at La Parrilla, on which MTA holds a 2% NSR, to as early as the middle of next year.
These and other positive developments among their royalties and streams will make MTA an even better candidate for M&A, be it as the pursuer or the pursued.
Message 35330439
Blue Jay Gold, which was spin out by Riverside Resources but is not yet listed, released an update. Blue Jay was originally created to hold RRI's Ontario gold prospects but has since picked up the Skukum gold prospect in Yukon Territory, which seems to have become their main focus.
The main purpose of this PR was to announce the completion of a $5M PP, the proceeds of which will be used to initiate exploration at Skukum as well as further explore the Pichete property in Ontario.
Now, when are they going to get listed?
globenewswire.com
Silver North Resources aka SNAG announced they had completed an 8-hole drill programme at the Haldane property in Yukon Territory, located adjacent to Hecla Mining's producing Keno Hill Ag/Pb/An mine. I am assuming SNAG's goal is to prove up enough mineralization to prompt Hecla to buy either Haldane or the entire company.
The eight holes covered 150m of strike along the Main Fault zone. We are told the initial assays are 'imminent'.
Message 35329479
Nevada gold miner i-80 Gold aka IAU released its Q3 results. IAU remains in a transitional phase, with increasing gold production plus many feasibility studies and technical reports underway, plus the looming completion of their recapitalization efforts. It feels like the company is in a sort of limbo until all the other shoes fall, to stretch a metaphor.
On to the numbers...
There is still residual heap leach production, but now Granite Creek underground is starting to make a meaningful contribution, so gold sales in Q3 increased to 7325 oz Au. As you would expect from a company at this stage, they are still losing money, almost $28M this quarter, but thanks to a recent capital raise, they ended the quarter with a cash stash of $103M. As well, they started construction at Archimedes underground during the quarter.
I'll leave it you to read all the details of everything going on at IAU. At this point, the key is how much dilution is to come. If the PoG stays high and they can sell the FAD property, that would really help will minimizing the damage, but rest assured, damage there will be.
Message 35329338
West African gold miner Endeavour Mining aka EDV released their Q3 results. At first glance the numbers don't look great in and of themselves, but if you've been following the company you will know they are in line, allowing EDV to reiterate its full year guidance.
Production in Q3 was 264k oz Au at a cash cost of $1336/oz Au, so they are making plenty of money. Even after spending $479M paying down debt, $150M in dividend payouts, and $14M in share buybacks, their cash stash was reduced but still healthy at $262M, while debt has been reduced to $678M. Net earnings for the quarter were $556M while FCF was $680M, both numbers above consensus.
EDV's growth story remains. Even as they finish digesting the last round of builds, Assefou received its environmental permit in Q3 with final permits expected in Q1, when we can also expect an FBS and then a production decision, and they are contuing large exploration campaigns on a number of their properties
EDV continues to be a cash flow machine, and based on these numbers, you can see why the shares are up big today.
Message 35329282
FWIW, TD released a new analyst report on EDV. Calling the impact Positive, they kept EDV at Buy with a target of $C72. |
