Die besten Gold-/Silberminen auf der Welt
Silber ist noch für die Industrie günstig zu haben. Das heißt es ist ohne Probleme zu erwerben das muss sich erst nachhaltig ändern um einen hohen Silberpreis über Monate mal zu haben. Bei reiner Spekulation wird es wie jedesmal bisher relativ zeitnah wieder abverkauft werden. Das werden die Silberminen und Explorer dann nicht richtig nachvollziehen können. Ausnahmen bestätigen die Regel.
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TERA
CCM
SVRS
Hätte ich reingenommen wenn im Depot
OMG
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https://www.finanzen.net/aktien/great_pacific_gold-aktie@stBoerse_CDNX
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BIG ist weit vorne, jedoch schon zu krass gelaufen.
- GRAT - Gratomic ist auch echt weit vorne, habe mal ein paar zum Jahresende 2023 eingebucht.
Have a good slide everyone.
*********
Till next Year.
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Das heißt, über 2.1xx Dollar (aber nicht Intraday, das hatten wir ja schon, sonder per Schlusskurs).
Ich glaube, dies wäre ein Startschuss für eine ca. 20% Rallye in diesem Jahr. Dann würden auch die ganzen Minenaktien ausbrechen. Ein Erreichen der Höchststände bei einzelnen Werten wäre dann nicht unwahrscheinlich.
https://www.minenportal.de/artikel/...-Canada-Nickel-Company-Inc.html
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Mich überrascht, dass Agnico die Schnellsten waren. Von der Grösse des Projekts her hätte ich erwartet, dass da einer der Grossen einsteigt. Mittel bis langfristig eine gute Entscheidung. Wird ne Stange Geld kosten, das Projekt ans laufen zu kriegen.
Jan. 01, 2024 8:33 AM ETAgnico Eagle Mines Limited (AEM) Stock, AEM:CA Stock25 Comments
Taylor Dart profile picture
Taylor Dart
27.95K Followers
Summary
Agnico Eagle had a solid 2023, despite minor headwinds at multiple assets, but 2024 will be a better year with higher production of ~3.5 million ounces at lower costs.
That said, while 2024/2025 will be better years with significant free cash flow generation, the company has its work cut out for it to smooth out production in 2026-2028.
In this update, we'll look at the company's 2024 and long-term outlook, recent developments, and whether the stock is worthy of investment at current levels.
Fosterville Gold Mine
tracielouise
It's been a tough year for the Gold Miners Index (GDX) with the disappointing results of a few souring sentiment for the group and continued share-price underperformance vs. the gold price. Some of the detractors with pitiful results and/or per-share metrics (due to continued share dilution) have been Coeur Mining (CDE), First Majestic (AG), and IAMGOLD (IAG). Meanwhile, although Evolution Mining's (OTCPK:CAHPF) margins have been solid, we've seen significant share dilution with more aggressive growth by M&A, with this being the third deal in three years (Battle North, Ernest Henry, Northparkes).
On a positive note, metals prices are finally at favorable levels where the usual (share dilution) suspects might be able to avoid issuing additional shares, and the sector leaders have some of the strongest balance sheets in years on balance, while the average million-ounce producer is paying a dividend yield double that of the S&P 500 (SPY). In addition, we've seen far more disciplined growth from most miners (unlike past cycles), with one company that's done an excellent job over the past few years of beefing up its portfolio at accretive prices being Agnico Eagle Mines (NYSE:AEM). In this update, we'll look at the company's 2024 and long-term outlook, recent developments, and whether the stock is worthy of investment at current levels.
Kittila Operations
Kittila Operations - Company Website
2024 & Long-Term Outlook
2023 was a solid year for Agnico Eagle despite some hiccups (Detour downtime in Q3, restrictions at Fosterville, permit delays at Kittila), but these issues have since been resolved and the company will have another record year with production of ~3.4 million ounces. This has been helped by full ownership of Canadian Malartic (50% --> 100%) and another strong year from Meadowbank (~322,400 ounces in the first nine months of 2023) which helped to offset lower grades/mining rates at Fosterville and a change in the mining method at LaRonde. Hence, despite what was expected to be a tougher year with some uncertainty related to production rates at Fosterville/Kittila, Agnico will come in above its guidance mid-point of 3.34 million ounces, consistent with its track record of over-delivering on promises.
Agnico Eagle 2018-2025 Production & Forward Outlook
Agnico Eagle 2018-2025 Production & Forward Outlook - Company Filings, Author's Chart & Estimates
Unfortunately, while production hit a new record in 2023, costs were up sharply from the three-year average of $1,073/oz (2020-2022), impacted by inflationary pressures and higher sustaining capital (higher deferred stripping costs at Detour Lake and Amaruq, plus full ownership of Canadian Malartic). The result was that Agnico Eagle guided for higher costs of $1,140/oz to $1,190/oz in 2023, and costs look like they will come in near the mid-point for 2023, at or below $1,175/oz. On a positive note, 2024 is expected to be a much better year, with Agnico benefiting from higher production (helped by Meadowbank, Macassa/Amalgamated Kirkland, Kittila, and Canadian Malartic), with Meadowbank expected to have a near 500,000 ounce production profile in both 2024 and 2025. The higher sales combined with what could be a lower fuel price suggest a much better year on deck, with Agnico set to produce closer to 3.5 million ounces at ~$1,120/oz AISC (3% increase in output and ~5% decline in costs).
Kittila's production will benefit from the operating permit being restored to 2.0 million tonnes per annum.
Sean Boyd
Dominique, do you want to help us with the split between underground and open pit at Meadowbank as we go beyond 2023.
Dominique Girard
Yeah, the Amaruq underground is going to bring 100,000 ounces, 140,000 ounces to the game. That's going to bring overall Meadowbank getting - they're going to reach over 500,000 ounces, which is going to be our biggest operation in those years 2024, 2025.
- Agnico Eagle Mines Q4 2020 Conference Call
This improvement in the cost profile will help Agnico to regain its throne as one of the lower-cost million-ounce producers sector-wide and the higher gold price should contribute to a significant increase in operating cash flow and free cash flow when combined with more normalized sustaining capital expenditures this year. In fact, Agnico is positioned to generate up to $1.35 billion in free cash flow in 2024 if gold prices can remain above $2,000/oz, and 2025 should be just as strong with a similar production profile but at even lower costs (in line with Agnico's guidance provided at year-end 2022 that stated costs would decline from 2023 levels in 2024/2025). However, the company does have its work cut out for it in the latter half of the decade to offset depletion, and the recent Nunavut Impact Review Board's Reconsideration and Recommendation Report (which we'll discuss later) related to the Meliadine Phase 2 Expansion has added additional uncertainty.
For those unfamiliar, Meadowbank/Amaruq has been a cash cow for Agnico Eagle since it went into production in 2010 (producing well over 4 million ounces of gold to date from Meadowbank/Amaruq), and production exceeded planned levels with production originally expected to end in 2020 with ~3.6 million ounces of open-pit reserves across three pits (Vault, Portage, Goose). However, production is expected to decline in 2026 from just shy of 500,000 ounces in 2024/2025 as mining is completed at the Whale Tail Pit. Agnico noted in its Q3 2023 Conference Call that it is looking at potentially extending production past 2027 at Meadowbank, which could be achieved by completing a pushback at the IVR Pit. Still, production will be lower at this #3 asset by size (just behind Detour and Canadian Malartic) later this decade, and it's not clear how
much further the mine life can be extended past 2026.
Meadowbank Operations
Meadowbank Operations - Company Website
Simultaneously, Canadian Malartic's open-pit is being depleted while the company works to bring the more productive and higher-grade East Gouldie Mine online (part of the Odyssey Project), with Canadian Malartic's production set to decline to ~500,000 ounces from 2026-2029 without further optimization under the updated life-of-mine plan. This is a nearly 200,000-ounce headwind from 2024 levels, and while not nearly as impactful, La India in Mexico is also set to head offline in 2025. Finally, although Detour Lake has the potential to be a 1.0 million ounce per annum asset, 2026-2029 are expected to be lower-grade years for the mine. And even if we see throughputs closer to 29.5 million tonnes at Detour Lake (28.0 million tonnes assumed in 2022 TR), production should average ~690,000 ounces in the period, an additional headwind in this same 2026-2028 period.
Detour Lake Life Of Mine Plan
Detour Lake Life Of Mine Plan - Company Filings
Canadian Malartic Life Of Mine Plan
Canadian Malartic Life Of Mine Plan - Company Website
So, is Decline in Production a Big Deal?
While it looks like Agnico Eagle could see production slip to ~3.1 million ounces in 2027/2028 if the company doesn't acquire another producing asset, production is set to come roaring back at the end of the decade and could grow ~30% from the 2027/2028 trough looking out to 2030/2031 depending on the sequencing of projects. This is because Detour has the potential to be a ~1.0 million ounce per annum asset if the company green-lights Detour Underground and can take full advantage of the ~32 million tonnes per annum of permitted capacity (currently operating closer to ~26 million tonnes per annum). Meanwhile, Canadian Malartic is a ~550,000 ounce producer while utilizing just one-third of capacity, and between Camflo, near-mine opportunities, and future spokes (Upper Beaver/Wasamac alone could deliver a combined ~380,000 ounces) transported by rail to the hungry mill, the complex could also produce ~1.0 million ounces per annum.
On top of these organic growth opportunities, the company could produce upwards of ~250,000 GEOs if it green-lights San Nicolas in Zacatecas, Mexico (same state where Penasquitoa, Juanicipio, La Colorada and Camino Rojo operate). In addition, the company's Hope Bay Project (previously in operation) was bought for a song and has 350,000+ ounce per annum potential. Finally, while there are no guarantees, a new high-grade discovery at Fosterville could certainly bring this asset back into the picture (currently expected to produce at just ~200,000 ounces), and the recent Comet discovery south of Fosterville by Great Pacific Gold (5 meters at 166 grams per tonne of gold) suggests this area of Bendigo in Australia may have more left in store both south of Fosterville and on the company's existing tenements. Obviously, one hole does not make a new discovery, but I continue to be cautiously optimistic regarding a new high-grade discovery at Fosterville which could provide a lift to production later this decade.
Great Pacific Comet Prospect & Agnico Eagle Drilling Fosterville
Great Pacific Comet Prospect & Agnico Eagle Drilling Fosterville - Agnico Eagle Website, Great Pacific Gold Website
And while on the topic of Fosterville, Agnico continues to have exploration success at depth at Lower Phoenix, hitting 10.8 grams per tonne of gold over 10.0 meters in the Cardinal splay at 1,830 meters depth, 190 meters down-plunge from its current mineral reserve base. The Cardinal Zone was initially identified in 2022 by Agnico Eagle in the hanging wall of Lower Phoenix with intercepts of 1.1 meter at 365.5 grams per tonne of gold (1,680 meters depth), 1.4 meters at 226.2 grams per tonne of gold (1,715 meters depth), and 2.9 meters at 168.6 grams per tonne of gold (1,680 meters depth), so this new visible gold intercept is the deepest at Cardinal to date.
Agnico Eagle - Annual Gold Production & Conceptual Production Profile (2022-2030)
Agnico Eagle - Annual Gold Production & Conceptual Production Profile (2022-2030) - Company Filings, Author's Chart & Estimates
Taking all of this into consideration, a conceptual look at Agnico Eagle's production profile looking out to 2030 is shown above, and we can see that 2024 and 2025 should be two significant years of free cash flow generation before a slight drop off in output in 2026-2028. However, production could increase to 3.9+ million ounces in 2030 with Hope Bay and San Nicolas (50%). And while multiple growth projects (Detour Underground, Wasamac/Upper Beaver, San Nicolas (50%), Hope Bay) might seem like a lot to take on at once, it's important to note that these are shared capex and/or relatively low capex opportunities vs. building a massive stand-alone greenfields operation like Cote with a $2.5+ billion capex bill.
Why? Hope Bay benefits from existing infrastructure, San Nicolas is shared with Teck Resources (TECK), and Hope Bay/Wasamac already have a home for their ore if mines are developed at both sites. Hence, this is not like the company is building three Cotes or three Greenstones at once which would be unreasonable, and it certainly has the cash flow to support this growth with the potential for ~$1.5 billion in free cash flow in 2025. The last point worth noting is that while growth may appear to lag some of Agnico's peers, the difference is that Agnico hasn't seen its growth drop off materially from 2019-2022 and is having to grow from a high watermark vs. a low watermark such as larger gold producers whose production peaked last decade (shown below).
Major Gold Producers Annual Gold Prod
Major Gold Producers Annual Gold Production - Company Filings, Author's Chart
Finally, while gold production may decline from the expected peak in 2024/2025 to 2027/2028, it's quite possible that we could see similar revenue and cash flow generation if the gold price can finally enter a new bull market. And if Agnico really wanted to, it could plug this gap overnight with a bolt-on acquisition of a relatively low capex or already producing 300,000+ ounce per annum asset. To summarize, I don't see this production cliff as an issue to the investment thesis, but there's no question that the company has some optimization work to do to smooth out this profile as much as possible. The good news is that exploration success at multiple assets continues to come in at or above expectations, allowing other assets to maintain production profiles and extend their mine lives.
NIRB Report On Meliadine Expansion Project
Agnico Eagle responded to the Nunavut Impact Review Board [NIRB] earlier this month in relation to its Meliadine Mine (one of its largest operations producing ~400,000 ounces of gold per annum), with its response being to the NIRB's conclusion to not allow the Extension Proposal at Meliadine to proceed at this time given that "the potential for significant adverse ecosystem and socio-economic effects cannot be adequately managed and mitigation".
Images below highlight Agnico Eagle's land package, regional targets, and exploration success/upside on its massive Meliadine land package next to current reserves at Tiraganiaq, Wesmeg, and Wesmeg North.
Agnico Eagle Meliadine Mine & Exploration Highlights
Agnico Eagle Meliadine Mine & Exploration Highlights - Company Website
Agnico Eagle Meliadine & Exploration Success
Agnico Eagle Meliadine & Exploration Success - Company Website
To provide some background on the asset, Agnico Eagle's current mine plan at Meliadine runs until 2032 (commercial production began in 2019), and the company has been a massive contributor from an economic standpoint to Nunavut with its two mines (Meadowbank/Meliadine) over the past decade and a half. The plan was to extend Meliadine's mine life from 2032 to 2043 and the company had planned for an increase in throughput from ~4,500 to ~6,000 tonnes per day, with this expected to be completed by year-end 2024. However, the NIRB's recent decision to not allow this to proceed for the time being has certainly thrown a temporary wrench in these plans.
Agnico Eagle's response was that it was "surprised and disappointed", especially considering the lost economic benefit from Meadowbank, which is starting to run short on mine life. In fact, Meadowbank's operations should head offline by the end of this decade even if the company goes ahead with a planned pushback to extend production past 2027. Obviously, this will have a significant impact on Nunavut's GDP, with one of its two major mines in Nunavut already set to go offline later this decade and Agnico also stated that it is withdrawing its proposal for the Meliadine Extension immediately, but that it is not ruling out the submission of a new application at a later date when conditions are suitable.
Regarding the NIRB's decision, Agnico pointed to several inconsistencies, and it looks like there was some miscommunication of extension plans in the report. The issues raised are surprising regarding the issues with the Meliadine Extension with one sticking point being the effects on caribou migration even though the effects have actually been less than predicted initially a decade ago, and Agnico has been very accommodating at its operations with the mine shutting down for between 9-28 days in past years (all-weather access road and surface restrictions) to ensure no impact to caribou migration. Another sticking point in approving the Meliadine Extension was the proposal of a wind farm, but this was not an essential component of the planned extension.
The pushback related to the planned wind farm was that this would be the first wind farm that the caribou herd would be exposed to and it's unclear what negative effects this could have on the herd. Agnico Eagle pointed to wind farms at the Raglan and Diavik mines being directly comparable, and that no adverse impacts were identified for caribou at these operating wind farms in Nunavut. An additional sticking point discussed by the NIRB was related to worries about adding additional roads and water lines, but this is not relevant as the Discovery Site and Discovery Road are already part of the permitted project under the previous Project Certificate 006 (granted in 2015).
Third, while the project will be expanded, there will be minimal additional surface disturbance as mining will take place at the F Zone, Pump, and Discovery (portals/vent raises already within the previously approved footprint) and underground waste rock piles are within the amounts approved in the 2014 FEIS. Plus, there will actually be a reduction in waste rock storage facilities on surface as part of the Meliadine Extension, as well as a decreased TSF footprint with 13.4 million tonnes to be used underground. Finally, the overall increase in the permitted footprint is a mere 190 hectares (vs. 3,369 hectares already approved), so this is hardly a meaningful increase such as doubling the footprint where it might be reasonable to expect some pushback and not wanting to approve the project immediately.
Reconsideration Report Errors & Comments
Reconsideration Report Errors & Comments - Agnico Eagle Response to NIRB Recommendation
There were several other inaccuracies that Agnico Eagle pointed out from the Reconsideration and Recommendation Report and the company also noted that there were procedural issues including that the full sitting board of NIRB members did not participate in the vote, the admission of late filings caused confusion, and although the NIRB confirmed that the application met information requirements, it contradicted itself in the report by stating that insufficient information was available. To summarize, this appears to be more of a misunderstanding between the two parties (Agnico Eagle & NIRB) rather than hostility against Agnico Eagle, and the benefits (or lost economics benefits if not approved) are massive with Meadowbank already set to head offline later this decade.
Overall, Agnico is no stranger to permit delays/issues (Kittila, Fosterville which slightly weighed on sentiment and valuations for these mines over the past year), but both permits were since approved and I would expect the Meliadine Extension to be approved as well. In addition, Agnico Eagle contributes over 25% to the GDP of Nunavut, has paid nearly $300 million in employment income to Inuit employees since 2010 and has invested significantly in the community while investing just shy of $10 billion in Nunavut to date. Hence, this is not a case of a lack of community support or a severe environmental issue that has changed the outlook for the asset, and Agnico has always been one of the best operators of the best sector-wide for taking care of employees, its community, and being a responsible operator in regards to environmental impacts/wildfire.
As an example, it paid its Nunavut employees to stay home (75% of their salaries during COVID lockdowns) because of the more fragile healthcare system in Nunavut.
Overall, the recent decision by the NIRB is certainly a negative development short-term and could impact planned production from Meliadine in 2025/2026. In addition, it's not ideal to have added uncertainty around a major mine when the company is already working hard to offset depletion from the Canadian Malartic Open Pit, Meadowbank, La India, and lower production from Fosterville as grades have normalized after several years. That said, I ultimately expect this to be resolved in the company's favor, but it is certainly a development worth monitoring going forward.
Valuation & Technical Picture
Based on ~496 million shares and a share price of US$54.90, Agnico trades at a market cap of ~$27.2 billion and an enterprise value of ~$28.8 billion, making it one of the highest capitalization names in the sector. This is certainly justified given that it's the third largest gold producer globally, and the company has a significantly more favorable jurisdictional profile than its peers with over 95% of 2024 production coming from Tier-1 ranked jurisdictions. Meanwhile, Agnico Eagle has the best per share growth metrics among its multi-million-ounce producer peers and also boasts the highest margins, with FY2025 all-in sustaining cost margins set to come in near 50% assuming a $2,000/oz gold price. In my view, this justifies a premium relative to peers, especially given the more volatile environment from a jurisdictional standpoint that has led to divestments and some assets heading offline (Kupol, Boungou, Cobre Panama, etc.).
Agnico Eagle EV/EBITDA Multiple vs. Peers/Historical Multiple & Margins
Agnico Eagle EV/EBITDA Multiple vs. Peers/Historical Multiple & Margins - TIKR, FinBox
Agnico Eagle - Historical Cash Flow Multiple
Agnico Eagle - Historical Cash Flow Multiple - FASTGraphs.com
Looking at how the stock's valuation stacks up relative to peers, Agnico is one of the more expensive names (largely justified by its superior margins, scale, jurisdictional profile, and consistent per-share growth), but we can also see that it trades at a significant discount to where it has since the secular bear market for gold ended in 2015. Meanwhile, the stock also remains reasonably valued from a price to cash flow standpoint, sitting at just ~9x FY2024 cash flow per share estimates vs. a historical multiple of ~13.4x (15-year average). And even if we use more conservative multiples of 1.40x P/NAV and 11.5x cash flow and a 65/35 weighting (P/NAV vs. P/CF), I see a fair value for the stock of US$69.00. This points to a 25% upside from current levels or closer to a 28% upside on a total return basis when including its ~3.0% dividend yield.
As for the technical picture, investors have bid up high-flying retail and tech names to levels of significant extension past their most recent base breakouts, with names like e.l.f. Beauty (ELF), Nvidia (NVDA), Super Micro Computer (SMCI), and Costco (COST) up between 70% and 250% last year alone. However, if one is willing to shop around in different sectors, names like Agnico Eagle are quietly building decade-long cup and handle bases, with the current base in Agnico Eagle being quite similar to the one that sent the stock up ~350% in barely three years from its 2005 breakout. Given the size of the company relative to 2005, I would not expect a repeat from a percentage standpoint. Still, if the stock does break out of this base, the measured move would easily exceed its previous highs of $90.00 per share, pointing to a significant potential upside from current levels.
AEM Yearly Chart
AEM Yearly Chart - Worden.com
Some investors might question what the catalyst would be for Agnico Eagle to head back to new all-time highs, but as I've pointed above, the stock actually trades at a very reasonable valuation today and well below the ~20x cash flow multiple that it traded at its 2020 peak. This is despite the fact that the company has a stronger pipeline, a larger production profile, and has held the line on costs better than peers. Plus, Tier-1 jurisdiction operators have never been in more demand after we just saw one of the largest copper mines taken offline in Panama which had led to enormous losses for First Quantum (OTCPK:FQVLF) investors. Hence, even if the stock traded at ~15x cash flow which isn't that much of a stretch given the premium that Tier-1 operators should command, this would translate to a share price of ~$90.00 based on FY2024 estimates.
Summary
Agnico Eagle has had another transformational year in what's been a transformational decade for the company and its 2024 results should be even better. This is evidenced by the company gaining 100% ownership of two ~700,000 ounces per annum assets with each asset having the potential to operate ~1.0 million ounces per annum in an upside case scenario. The fact that these are Tier-1 jurisdiction operations is a massive advantage for investors that want a "sleep-well-at-night" investment, and the company's robust pipeline outside of these assets (San Nicolas 50%, Hope Bay, Hammond Reef optionality, Upper Beaver/Wasamac as spokes for Canadian Malartic) means Agnico Eagle is not desperate for M&A to grow and should be able to grow into a ~4.0 million ounce producer by 2030.
Agnico Eagle Shares, Dividend Per Share & Production Growth Per Share
Agnico Eagle Shares, Dividend Per Share & Production Growth Per Share - Company Filings, Author's Chart
While this may not make Agnico the biggest producer, the company's discipline and laser focus on staying true to its model (regional miner) and per-share growth make it arguably the best producer, and also one of the most consistent names from an income standpoint with a dividend that's grown at a higher pace (24% compound annual growth rate) than many Dividend Aristocrats. Finally, the company has a phenomenal track record of adding value to its mining assets, and being one of the most aggressive drillers in the sector has paid off by extending mine lives and not needing to do over-priced M&A like some of its peers to fill gaps in its production profile (ultimately affecting other producers' per share growth).
In summary, with a very reasonable valuation, a bright future ahead, and a disciplined team at the helm, I see Agnico Eagle as a staple for any precious metals portfolio, and I would view any sharp pullbacks as buying opportunities.
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.... heute minus 40%
EM tristesse geht weiter während BTC wieder +5% weiter steigt
Wie Regionalzug (EM) und Hochgeschwindigkeitszug (BTC)
Steigerung von Geduld ist ... Langmut ..... allen Mitleidenden
... und alles gute fürs neue Jahr vor allem Freude & Gesundheit
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Andere leidvolle Beispiele z. B.
Heute wird NWST für 31M CAD gehandelt. Von 0,91 auf 0,16 CAD.
235.45 metres 1 of 2.92% copper equivalent (“CuEq”) 2 comprising 2.00% copper, 1.21 g/t gold and 5.3 g/t silver.
https://northwestcopper.ca/news/...ersects-33-60-cueq-over-9-40-3646/
https://ceo.ca/nwst
Zwar Standort Kasachstan aber etwas in die Richtung.
Arras wird für 22 M CAD gehandelt - immerhin gibt es positive Tendenzen.
https://ceo.ca/@globenewswire/...les-ni43-101-resource-of-175-million
https://ceo.ca/@globenewswire/...intercepts-11204m-059-cueq-including
https://ceo.ca/ark
Carnarby, Cannindah, Superior Resources hatten auch mal ihre Glanzzeiten aber zurzeit ist der Lack einfach ab.
https://hotcopper.com.au/asx/cnb/?keywords=CNB
https://hotcopper.com.au/asx/cae/
https://hotcopper.com.au/asx/spq/
Sunshine Gold wurde auch gleich wieder gestaucht, nach dem die ersten Bohrergebnisse falsche Hoffungen geweckt haben.
https://stocknessmonster.com/charts/shn.asx/
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Wertpapier: Gold |
Oder ist es der menschliche Irrglaube, immer das "Unmögliche" zu erwarten?
Keine Ahnung, aber mir fällt da ein Sprichwort der nordamerikanischen Ureinwohner (früher auch
"Indianer" genannt) ein:
"Wenn du merkst, dass du ein totes Pferd reitest, spring ab!"
Manchmal ist man mit solchen alten Weisheiten auch an der Börse gut beraten.
Die guten Zeiten eines Kostolani sind allerdings längst vorbei!
Euch allen noch ein frohes neues Jahr!
• Life of mine pre-tax cash of $35.7 million at $3,000/oz gold price.
• Average monthly gold production of 2,169 oz over 23 months with 92% gold recovery.
• Mine design based on mechanised mining methods. Long hole open stoping with remotely operated
loaders was selected as the primary stoping method.
• Planned processing of 181kt of material at a head grade of 9.3 g/t for 49,890 ounces of gold recovered.
Reward Gold Project PFS demonstrates strong
economics and a robust base for future growth
https://stocknessmonster.com/announcements/vtx.asx-6A1188656/
Es ist noch etwas Puls da bei den Minen.
American Eagle Gold
https://ceo.ca/ae
Siren Gold
https://stocknessmonster.com/charts/sng.asx/
Challenger Gold
https://stocknessmonster.com/charts/cel.asx/
Cooper Metals
https://stocknessmonster.com/charts/cpm.asx/
Talisman Mining
https://stocknessmonster.com/charts/tlm.asx/
Indiana Resources
https://stocknessmonster.com/charts/ida.asx/
Santana Minerals
https://stocknessmonster.com/charts/smi.asx/
Metalstech
https://stocknessmonster.com/charts/mtc.asx/
Vielleicht wirds nach den Heiligen 3 Königen ja wieder besser.
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https://finanzmarktwelt.de/...-kommt-erste-senkung-der-zinsen-296627/
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Wertpapier: Gold |
New Found Increases Queensway Drill Program to 650,000 Metres, Seismic Interpretation to Guide 2024 Targeting
New Found Gold Corp. (“New Found” or the “Company”) (TSX-V: NFG, NYSE-A: NFGC) is pleased to announce an expansion of the exploration program at its 100% owned Queensway Project (“Queensway”), located on the Trans-Canada Highway 15km west of Gander, Newfoundland.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240104537087/en/
Figure 1. An inclined 3-D view of the approximately 6km north-south mineralized corridor along the Appleton Fault Zone at Queensway North with modelled zones. (Graphic: Business Wire)
Figure 1. An inclined 3-D view of the approximately 6km north-south mineralized corridor along the Appleton Fault Zone at Queensway North with modelled zones. (Graphic: Business Wire)
Highlights:
To date the Company has completed 516,263m of drilling at Queensway. During 2023, New Found drilled 195,899m of core, employing an average of 10 drill rigs, equating to 15,400m of core production per month and leading to the discoveries of Iceberg, Iceberg East, K2, Monte Carlo, and Jackpot.
New Found is now planning to drill a total of 650,000m as part of its ongoing drilling program at Queensway, an increase of 150,000m over the Company’s initially planned 500,000m.
Much of the 2024 drilling will be designed to target prospective areas both peripheral to and beneath the current mineralized zones defined to date by New Found along the Appleton North Corridor. Drilling will also occur along the parallel JBP Fault Zone, located 5km to the east, as well as at Queensway South.
In 2023, the Company contracted HiSeis to complete an industry-leading 3D seismic program covering the Appleton North Corridor at Queensway North that is capable of capturing high-resolution imagery down to a depth of 3,000m. The Company expects to receive an initial interpretation of this data in the coming weeks.
Melissa Render, VP of Exploration of New Found, stated: “Much of the initial 500,000m of drilling undertaken by New Found has been focused along the Appleton North Corridor, where a combination of systematic grid drilling and targeted drilling has successfully outlined a multitude of zones forming a ‘string-of-pearls’ configuration that spans approximately 6km of strike and includes several key discoveries such as Keats, Keats West, Iceberg, Golden Joint, Lotto, K2 and Jackpot. As shown in Figure 1 below, these zones are clustered along the Appleton Fault, a regional scale structure that we believe is responsible for channelling mineralizing fluids towards surface and depositing epizonal gold mineralization at Queensway.
“While our initial drilling has been focused on drill defining the near-surface, low-hanging fruit, our exploration thesis and accompanying geological model illustrate a scenario whereby gold mineralization is not necessarily constrained to the near-surface domain, but instead has the potential to persist to depth. Queensway mineralization is in an orogenic gold system – a system that often extends deep along the structures that form them.
“As we move into 2024, our exploration team will focus its attention on unlocking the next layer of the cake through targeted deeper drilling. In addition, we will continue to look for new areas of mineralization that are peripheral to the Appleton Fault Zone, the 110km of strike that is covered by the Queensway Project. The discovery of Iceberg East and Jackpot, which are zones located at distances ranging from 300m-500m away from the Appleton Fault, highlight the ability of this system to concentrate gold well outside of the narrow window we were initially targeting. We have been fortunate to identify a system of scale that starts at surface, with the majority of the drilling completed testing only the top 250m vertical. We will now apply the knowledge garnered from our near-surface exploration, combined with the results of the 3D seismic program, to unlock what lies further outside and beneath our current discoveries made to date (Figure 2).”
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Canagold Appoints Chris Pharness as Senior Vice President Sustainability and Permitting
Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) announces today that the Company has appointed Mr. Chris Pharness as Senior Vice President Sustainability and Permitting, effective immediately.
Mr. Pharness has 30 years of experience as an Environmental Professional. He has a proven record of success in community engagement, relationship building and negotiation, and demonstrated achievement in project permitting, Environmental Assessment, and environmental and regulatory compliance. For the past decade Mr. Pharness has represented Barkerville Goldmines Ltd. as VP Environment and Sustainability and more recently with Osisko Development Corps. as VP Sustainable Development, after Osisko Acquired Barkerville in 2019. During this period, he:
Led Indigenous relationships, engagement, consultation and negotiations through Bonanza Ledge Mine Permit Amendment Process, Cariboo Gold Project Environmental Assessment, and various exploration activities.
Initiated and led the Cariboo Gold Project Environmental Assessment baseline studies, initial Project description, Early Engagement phase and Detailed Project Description. He successfully adhered to regulated timelines to distinguish the Cariboo Gold Project as being the first major project through the BC Environmental Assessment updated process.
Canagold CEO, Catalin Kilofliski said, “Chris is uniquely qualified for bringing New Polaris through permitting in British Columbia. He has vast experience identifying and communicating solutions to complex social, environmental, and regulatory issues for Sustainable Natural Resource Development. He has extensive personal and professional experience and insight working with Indigenous communities and is passionate about producing positive outcomes in Indigenous / resource industry relationships.
“We are excited that Chris will continue to nurture our relationship with the Taku River Tlingit First Nation (TRTFN) and the stakeholders in and around Atlin, B.C. as we advance the New Polaris high grade gold project through feasibility, permitting and ultimately into production.”
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CEO.CA Presents the Chairman's Briefing - January 4th, 2024
"The reason we need to have a gold and silver-based currency is to bring discipline to the financial system so the government can’t go out and do all sorts of bad things."
—Bernard von NotHaus
Metals/Crypto Prices
*Metal and cryptocurrency data as of 4:00pm ET yesterday.
In Today's Briefing
Gold
Looking back over the past twelve, with the dust having settled, the precious metal rose roughly 13% to close out the year north of $2,000 for the first time in its trading history. Though it's consolidating its recent gains after taking a few (unsuccessful) runs at $2100, it's printing a picturesque stair-stepping pattern on the daily price chart.
Gold stocks, by comparison, did the square root of dick over the same period, landing only 1% in the green. Lousy investor sentiment—investors failed to see any meaningful upside thinking the metal would stumble all year long—was responsible for the neglect, but there may be an opportunity here. They (the equities) could catch a bid in a spirited round of catchup. The serially successful mining legend Pierre Lassonde believes that's how things'll play out.
Peter Schiff is on the same page as Lassonde—going long gold equities could prove one of the sharper plays over the next twelve months...
In 1924, the macroeconomist John Maynard Keynes called gold a “barbarous relic.” Flashing forward, taking a gander at the price performance among the loftier assets since the beginning of this century, gold is leading the way with a weighty 617% gain. Real estate ranks second with a 579% gain.
A barbaric relic?
Copper
Some analysts believe that 2050 (annual) copper demand will dwarf all the metal consumed between 1900 and 2022. The short-term setup is also compelling.
BMI, a Fitch Solutions research unit, sees the decarbonization and electrification revolution and a weaker greenback as likely catalysts for a substantial move in the metal over the coming months.
Citibank analysts say the sixty-plus countries backing a plan to triple global renewable energy capacity by 2030, “would be extremely bullish for copper.”
In a recent report, Citibank projected that the positive fundamentals underpinning Cu could push prices to $15,000 a ton in 2025.
This might be a good time to add a few high-quality Cu exploration and development plays to your watchlist.
A few exploreco (assay-related) headlines...
... that crossed our screens over the past two weeks. We'll start with the most recent and work back toward mid-December (this is NOT an exhaustive list by any means).
Collective Mining (CNL.TO)
Arguably, one of the more significant Au discoveries to light up trading screens in recent months is Collective Mining's Apollo porphyry target at its Guayabales Project in Caldas, Colombia (this is the same team that discovered and developed the Buriticá Au deposit, which it sold to Zijin Mining for C$2 billion).
Assay-related results, released on Dec. 11, showed 389.45 Metres at 1.36 g/t AuEq. More recently, the company dropped the following headline - Collective Mining Announces a New Discovery at the ME Target and 2024 Exploration Plans.
This new discovery—the ME Target—tagged roughly 800 meters southeast of the Apollo system, is marked by a highlight interval of 111.25 meters @ 1.00 g/t Au (from 130 meters downhole).
Quoting the company's CEO, Ari Sussman: "The mineral endowment within the Guayabales project's 4.5 kilometre long porphyry corridor continues to amaze with drilling new discoveries being the norm instead of the exception. Our 2024 exploration plans will remain steadfast in trying to extract as much value out of the ground through exploration and growth drilling in order to best arm ourselves with an idea of the potential scale of the mineralized systems in order to advance to the next stage of development for this remarkable asset."
Snowline Gold (SGD.V)
Snowline is another standout in what's been a brutal market for junior equities. The company's Valley target at its flagship Rogue Project in Canada's Yukon Territory has been generating a steady stream of impressive results of late.
The company dropped its latest results from the Valley Target today (Jan. 3) - Snowline Gold Expands Footprint of Widespread, Near-Surface Mineralization with Drill Results up to 308.8 m of 2.2 Grams Per Tonne Gold Including 180.3 M Of 3.2 grams per tonne gold from Surface at Its Valley Target, Rogue Project, Yukon.
The hit highlighted in the text of this headline (Hole V-23-064)—an interval that's par for the course for what the company has been trotting out of late—includes a higher-grade sub-interval of 180.3 meters grading 3.23 g/t Au from surface (with the top 68.3 meters averaging 5.03 g/t Au).
Also reported are drill holes V-23-062 and V-23-063 that show "high grades and strong consistency in the northwestern part of the Valley target, returning 417.0 m averaging 1.41 g/t Au (including 2.25 g/t Au over 110.0 m) and 342.0 m averaging 1.59 g/t Au (including 2.00 g/t Au over 189.5 m) respectively, with both intervals beginning from surface."
CEO Scott Berdahl: "The latest results from the Rogue Project's Valley target further emphasize the continuity of strong, near-surface gold mineralization present across a wide area. V-23-064 is drilled through one of the largest remaining gaps in the central part of the target, carrying an average grade of >3 g/t Au over a 180 m downhole interval from surface. As is generally the case at Valley-and as seen in holes drilled in every direction around V-23-064-mineralization is remarkably consistent. Every single assay in the first 100 m downhole returned >1.0 g/t Au. On the high side, only three samples in V-23-064 returned >10 g/t Au, so the intervals are not heavily influenced by outliers but are carried instead by consistent grade. Additional holes V-23-062 and 063 bolster the known scale of the northern part of the system, where we are still chasing open boundaries to mineralization. With results for six holes remaining from the 2023 drill program at Valley, we are excited by the large robust mineral system taking shape at the target."
Hercules Silver (BIG.V)
Hercules Silver (BIG.V) lit up trading screens last October when the company tagged an impressive 185 Meters of 0.84% Cu, 111 ppm Mo and 2.6 g/t Ag at their flagship Hercules Property in western Idaho. Another feeding frenzy ensued when mining colossus Barrick increased its stake in the exploreco from 2.7% to 12%.
All told, Hercules Silver racked up gains of roughly 500%, at its peak on the heels of this 185-meter discovery hole.
Boasting a lofty market cap in the neighborhood of $319M in the sessions leading up to the final trade of 2023, expectations surrounding the next round of assays out of Hercules were high (big ass understatement). Too high for what the company was ultimately able to deliver in a 450-meter stepout hole released on January 2, 2024 - Hercules Silver Drills 161 Meters of 0.45% Cu, 148 ppm Mo, 4.4 g/t Ag, including 79 Meters of 0.53% Cu, 7.3 g/t Ag in 450 Meter Step-Out.
It can be argued, rationally, that these are early days in the exploration cycle for a project of this scale (there appears to be a very large mineralized structure lurking in these subsurface layers). Quoting this Jan. 2 press release regarding a recent round of geophysics...
"A new property-wide deep-penetrating IP survey demonstrates that the 2022 anomaly represents just a small part of a much larger, 4 kilometer long, potentially zoned system which largely remains to be tested."
Early days, perhaps, but the market's reaction to these disappointing (sub-economic) values may create some overhang for those who bought near the highs. There's also a whack of in-the-money warrants which could generate additional selling pressure.
Amex Exploration (AMX.V)
Working toward a resource estimate, Amex Exploration just delivered a round of definition drill results from its Eastern High-Grade Zone at its 100% owned high-grade Perron Gold Project in Rouyn-Noranda, Quebec - Amex Further Defines High Grade Zone at Depth with Results up to 23.81 g/t Au over 4.30 m and Provides Corporate Update.
CEO Jacques Trottier: "Today's results are focused on the definition drilling of the Eastern High Grade Zone at depth. As the Amex team continues to work towards releasing a resource estimate in 2024, tighter drill spacing is required to be able to properly classify both indicated and inferred resources. Even at a vertical depth of well over a kilometre now, the High Grade Zone continues to show remarkable continuity, which bodes well for the potential extraction of the orebody."
Benton Resources (BEX.V)
Benton dropped a round of assays from a recently completed phase-I campaign at its Great Burnt Copper deposit in south-central Newfoundland - Benton Intersects 5.51% Copper over 25.42m Including 8.31% over 9.78m in GB-23-12 at Great Burnt.
Highlights from this round include drill hole GB-23-12, which cut 25.42 meters grading 5.51% Cu, including a higher-grade sub-interval of 8.77% Cu, 4.43g/t Au, 82.00g/t Ag, and 1.12% Zn over 1.00 meter.
Founders Metals (FDR.V)
Founders Metals recently released additional drill results from its Antino Gold Project in southeastern Suriname. These results represent the discovery of a new parallel zone within the Antino Gold Trend that extends some 8-plus kilometers - Founders Metals Discovers New Parallel Zone; Hits 14.5 m of 16.26 g/t Gold and 26.0 m of 4.86 g/t Gold.
Aside from the values highlighted in the text of the above headline (14.5 meters of 16.26 g/t Au), this round of results include:
11.6 meters of 2.59 g/t Au down hole from surface;
13.0 meters of 6.29 g/t Au from 42 m down hole;
26.0 meters of 4.86 g/t Au from 56 m down hole;
6.0 meters of 8.52 g/t Au from 117 m down hole.
Red Pine Exploration (RPX.V)
Red Pine recently reported results from its Wawa Gold Project in Northern Ontario where the company is probing the subsurface stratum of a mineralized corridor that extends some six kilometers along strike - Red Pine Intersects Significant Mineralization within a gap of the existing resource – 3.80 g/t gold over 36.94m including 11.01 g/t gold over 5.60m.
The other drill hole values presented in this Dec. 18 press release aren't as fat as the interval highlighted in the text of the above headline, but they're decent enough.
CEO Quentin Yarie: “The intersection of further continuous mineralization is a reminder of our continued positive results from our ongoing exploration program. As we expand our focus in the Jubilee Shear we remain on track for our revised resource in Q3 of 2024.”
Anton Resources (AAN.V)
Aton released a very decent set of RC drill hole results from its Semna prospect located within its wholly-owned Abu Marawat Concession in the Eastern Desert of Egypt - Aton Reports the Final RC Drill Results from its New Semna Drill Discovery, Including 50.07 g/t Au Over an Interval of 6 Metres from Drill Hole SMP-016.
Significant results from the Semna Main Vein zone:
50.07 g/t Au over 6 meters, including 222 g/t Au over 1m;
28.36 g/t Au, 28.4 g/t Ag and 1.15% Cu over 4 meters, including 94.8 g/t Au, 88.2 g/t Ag and 3.47% Cu over 1m;
11.98 g/t Au over 16 meters, including 36.03 g/t Au over 4m;
10.61 g/t Au, 24.0 g/t Ag and 1.20% Cu over 9 meters, including 37.00 g/t Au, 145.0 g/t Ag and 8.72% Cu over 1m, from 133m (this hole also tagged separate intervals of 5.82 g/t Au over 3 meters and 9.10 g/t Au over 2 meters);
5.73 g/t Au over 14 meters, including 14.85 g/t Au over 3m, and 8.67 g/t Au over 3m.
i-80 Gold (IAU.TO)
i-80 Gold's 100%-owned Ruby Hill Property in Eureka County, Nevada, continues to crank out exceptional (high-grade) results - -80 Gold Releases High-Grade Results from Underground Drilling at Granite Creek.
These results stem from an underground drill campaign designed to target the upper part of the South Pacific Zone, where initial mining is planned.
Management characterizes the following values as some of the best they've encountered in the South Pacific Zone:
16.9 g/t Au over 5.7 meters;
37.7 g/t Au over 7.6 meters;
19.2 g/t Au over 4.3 meters;
31.1 g/t Au over 21.9 meters;
27.3 g/t Au over 4.0 meters;
19.5 g/t Au over 4.1 meters;
28.7 g/t Au over 16.5 m and 11.9 g/t Au over 21.6 meters;
20.6 g/t Au over 6.1 meters;
15.4 g/t Au over 7.9 meters and 31.0 g/t Au over 2.4 meters.
This just in (there's still plenty of theatre here)...
Barrick sounds out First Quantum holders on possible bid
Barrick Gold Corp. has spoken with some of First Quantum Minerals Ltd.’s major investors to gauge their support for a potential takeover, after the sudden closure of its flagship mine left the Canadian copper producer reeling and wiped out more than half its market value.
Barrick Chief Executive Officer Mark Bristow approached some of First Quantum’s largest investors late last year, according to people familiar with the situation, who asked not to be identified as the talks were private. It wasn’t immediately clear if Barrick has made a fresh approach to First Quantum, and there’s no guarantee it will make a formal offer.
Hits of the Week
The head of a Vietnamese province was arrested by police for allegedly helping a company illegally mine sand, in part blamed for shoreline erosion and sinkholes across the Mekong Delta — the nation’s rice boiwl - Vietnam top official held over sand mining as sinkholes spread
Saudi Arabian Mining Company (Maaden) said on Thursday it had discovered multiple gold deposits south of its existing Mansourah Massarah gold mine, indicating the potential to expand gold mining in the area (Mansourah Massarah had gold resources of almost seven million ounces at year-end 2023 and nameplate production capacity of 250,000 ounces a year, according to the statement) - Saudi mining company Maaden finds new gold deposits - statement
Cynthia Kelly thought she was buying Halloween-themed Reese’s Peanut Butter Pumpkins with a “cute” carving of a pumpkin’s mouth and eyes, as pictured on the product’s packaging. But when she opened it, she was horrified to find that there was no pumpkin carving at all. It was just a regular-looking piece of chocolate - Hershey is sued for selling Reese’s Peanut Butter cups without ‘cute pumpkin faces’
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Great News. Until you learn that Defizit grew by 621,5 Billion US Dollar in the Same Quarter.
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