Gold prices now sit at record highs above $2,400 and could push aggressively higher. All thanks to a higher likelihood of interest rate cut from the Federal Reserve this year. “Lower yields, some safe-haven buying and then the idea of a weakening economy which is bringing rates lower along with the dollar, all of those are in support of the gold market,” said David Meger, director of alternative investments and trading at High Ridge Futures,” as noted by CNBC. All of which is a solid catalyst for gold and gold stocks, including Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
At the moment, according to the CME Group’s Fed Watch, there’s now a nearly 80% chance we’ll see a rate cut of between 4.75% and 5% at the September 18 meeting.
Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), For Example
Calibre Mining Corp. announced that the Honorable Steven Guilbeault, Minister of Environment and Climate Change Canada, has approved the addition of a third open pit, the Berry Deposit at its 100% owned Valentine Gold Mine. In August 2023, an environmental assessment update was submitted to the Impact Assessment Agency of Canada regarding proposed changes to Valentine to include the Berry Pit, and associated infrastructure changes.
Following IAAC’s thorough analysis of the submitted update, including the results of consultation with Indigenous groups, communities, stakeholder organizations, and reviewing the results of IAAC’s public comment process, Minister Guilbeault signed an Amended Decision Statement approving the addition of the Berry Pit.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am pleased to announce that we have obtained Federal Environmental approval for the development of the Berry Pit at Valentine. With this approval and the recent issuance of Provincial mining and surface leases for Berry and associated infrastructure, we now have the major approvals required for the three-pit mine plan included in the 2022 Feasibility Study."
“Since acquiring Valentine in January, we have progressed engineering to 98%, advanced construction from 50% to 77%, and employed an experienced operations team, positioning us to deliver first gold in Q2, 2025.”
To view the Amended Decision Statement and IAAC’s Analysis of the Berry Pit Expansion, please click the links below:
Link 1 – Amended Decision Statement
Link 2 – Analysis of Marathon Gold Corporation Proposed Changes to the Valentine Gold Project
Other related developments from around the markets include:
Barrick Gold reported preliminary Q2 production of 948 thousand ounces of gold and 43 thousand tonnes of copper, as well as preliminary Q2 sales of 956 thousand ounces of gold and 42 thousand tonnes of copper. As previously guided, Barrick’s gold and copper production in 2024 is expected to progressively increase each quarter through the year with a higher weighting in the second half. The Company remains on track to achieve our full year gold and copper guidance. The average market price for gold in Q2 was $2,338 per ounce while the average market price for copper in Q2 was $4.42 per pound. Preliminary Q2 gold production was higher than Q1, as a result of increased production at Turquoise Ridge, following the completed maintenance at the Sage autoclave in Q1, continued successful ramp up at Porgera and significant increases at Tongon, North Mara and Kibali.
Royal Gold announced that its wholly owned subsidiary, RGLD Gold AG, sold approximately 52,600 gold equivalent ounces comprised of approximately 39,200 ounces of gold, 593,200 ounces of silver and 1,500 tonnes of copper related to its streaming agreements during the three-month period ended June 30, 2024 (the “second quarter”). The Company had approximately 12,000 ounces of gold and 450,500 ounces of silver in inventory at June 30, 2024. RGLD Gold AG’s average realized gold, silver and copper prices for the second quarter were $2,339 per ounce, $28.46 per ounce and $9,475 per tonne ($4.30 per pound), respectively. Cost of sales was approximately $459 per GEO for the second quarter. Cost of sales is specific to the Company’s streaming agreements and is the result of the Company’s purchase of gold, silver or copper for cash payments at a set contractual price, or a percentage of the prevailing market price of gold, silver or copper when purchased.
Franco Nevada announced that its wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation acquired a gold stream from SolGold with reference to production from the Cascabel project located in Ecuador. FNB has partnered with Osisko Gold Royalties Ltd.’s subsidiary, Osisko Bermuda Limited, to provide a syndicated financing package on a 70%/30% basis. FNB will provide a total of $525 million and Osisko a total of $225 million of funding for a total $750 million. FNB will provide $70 million and Osisko $30 million for a total of $100 million in pre-construction funding available as three equal sized staged payments. The first tranche will be funded at closing with two further tranches, subject to development milestones.
Newmont announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share. "Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow," said Tom Palmer, Newmont's President and Chief Executive Officer. "We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining Corp. Please click here for disclaimer.
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