Gold prices now sit at a record high of $2,682.10 and could push even higher. All of which is great news for gold stocks, such as Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
Fueling upside are economic uncertainties, especially with consumer confidence sinking, nearing presidential elections, dovish comments from the Federal Reserve, as well as growing, explosive tension in the Middle East. In addition, the People’s Bank of China just announced a major stimulus package to jumpstart growth in China. As noted by Reuters, “The broader-than-expected package offering more funding and interest rate cuts marks the latest attempt by policymakers to restore confidence in the world's second-largest economy after a slew of disappointing data raised concerns of a prolonged structural slowdown.”
Look at Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF), For Example
Renegade Gold Inc. just reported report further results from the second phase of drilling at its advanced Newman Todd Deposit, which continues to support the Company’s new geological model and exploration strategy. Hole NT-24-019 intersected 14.0 g/t Au over 7.3 m including 28.3 g/t Au over 3.5 m at 200 m below surface. Drilling has successfully increased mineralization at depth by an additional 500 m, confirming the deposit extends down from surface to just over 800 m to date.
Highlights
- High-Grade Gold Intersections at Key Location: Drilling has confirmed high-grade gold mineralization at the intersection of the Hinge Fault and the Newman Todd deposit. Hole NT-24-019 intersected 14.0 g/t Au over 7.3 m including 28.3 g/t Au over 3.5 m at 200 m below surface (Figures 1 and 2). Hinge is one of multiple faults that intersects the Newman Todd deposit and was the primary focus for phase two drilling.
- Further Confirmation of the New High-Grade Geological Model: The strength of mineralization in hole NT-24-019, together with other recently announced high-grade holes (see Renegade news release dated September 12, 2024) provides strong confirmation of Renegade's updated geological model. The model indicates major potential for new, high-grade zones within the Newman Todd deposit, located where faults intersect the 2.2 km long Newman Todd strike.
- Ongoing Drilling Strategy: Future drilling efforts will focus on areas down plunge from the intersection of the Hinge Fault and Newman Todd Zone. Targets will also include previously undrilled areas, as well as new zones of mineralization within the hanging wall and foot wall of the Newman Todd structure.
Nav Dhaliwal, President and CEO for Renegade, commented, “These new results are further confirmation that the mineralized system Newman Todd is far larger, and much higher grade, than was previously understood. The new model of mineralization developed by our team earlier this year has resulted in superb drill targeting - extending the deposit in width and depth, and now returning some of the strongest grades drilled on the property to date.”
Other related developments from around the markets include:
Barrick Gold reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share3 increased by 68% to $0.32, and the quarterly dividend was maintained at $0.10 per share. President and chief executive Mark Bristow said while steering the Company towards the achievement of its 2024 guidance, management was also maintaining its focus on value creation and growth.
Royal Gold announced that its Board of Directors has declared its fourth quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, October 18, 2024, to shareholders of record at the close of business on Friday, October 4, 2024.
Franco Nevada announced that its wholly-owned subsidiary has acquired from Compan~i´a de Minas Buenaventura S.A.A. and its subsidiary, an existing 1.8% net smelter return royalty on all minerals covering Newmont Corporation’s Yanacocha mine and adjacent mineral properties located in Peru. Consideration for the Royalty consists of $210 million paid in cash on closing, plus a contingent payment of $15 million in Franco-Nevada common shares, payable upon achievement of certain conditions. “We are pleased to partner with Buenaventura to acquire this existing Royalty which adds immediately cash flowing gold production and growth from a leading gold operator,” said Paul Brink, President & CEO of Franco-Nevada. “Yanacocha has been one of the largest gold mines globally and the district covered by the Royalty remains highly prospective with over 47 Moz AuEq in total reserves and resources. The Royalty covers current oxide production, the planned sulfide project and high-quality growth projects, including Conga, which together have the potential to add decades of contributions to Franco- Nevada.”
Newmont Corp. 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 CEO. "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 Renegade Gold Inc. by Renegade Gold Inc. We own ZERO shares of Renegade Gold Inc. Please click here for disclaimer.
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