Endeavour Mining (TSX:EDV,OTCQX:EDVMF) reported its first gold pour at the Sabodala-Massawa BIOX expansion in Senegal just 24 months after construction of the project commenced. “We are proud to have achieved our first gold pour at the Sabodala-Massawa BIOX Expansion with over 3.5 million man hours worked with no lost time injuries,” commented CEO Ian Cockerill in the company’s announcement. “We have commissioned the project and delivered first gold in only 2 years, marking the fourth capital project that we have completed in the last 10 years. All of these have been completed in two years or less, and have been delivered on schedule, on budget and with no lost time injuries. This is a testament to the quality of our projects team and the competitive advantage we have in West Africa,” he added.The operation is expected to achieve commercial production in late Q2 of this year, ramping up to its nameplate capacity of 1.2 million metric tons annually in Q3. Since the start of wet commissioning in February, approximately 50,000 metric tons of ore have been processed through the project, with operations meeting expectations so far.The gravity circuit's first gold pour came on April 18, followed by the first gold pour from the BIOX circuit on April 28.
Endeavour planning "aggressive" exploration campaign
The Sabodala-Massawa expansion, which began in early 2022, is anticipated to yield incremental production of 1.35 million ounces of gold at an all-in sustaining cost (AISC) of US$576 per ounce over the life of the project.When it was announced, the company said the work would elevate Sabodala-Massawa to expected average annual production of 373,000 ounces over the next five years at an average AISC of US$745 per ounce.With an upfront capital requirement of US$290 million, the expansion project was also expected to be self-funded by the existing Sabodala-Massawa operation. Endeavour acquired Sabodala-Massawa from Teranga Gold in February 2021. The asset was formed through Teranga's acquisition of the Massawa project from Barrick Gold (TSX:ABX,NYSE:GOLD) in early 2020, which combined the Sabodala mill and deposits with the nearby Massawa deposits.The mine is comprised of two mining licenses, with Endeavour holding a 90 percent stake in each license, and the government of Senegal holding the remaining interest.Looking ahead, Endeavour plans to focus on an aggressive exploration program at Sabodala-Massawa, targeting resource-to-reserve conversion and adding near-mine refractory and non-refractory resources. Proven and probable reserves currently amount to 3.5 million ounces of gold, with measured and indicated resources reaching a figure of 5.4 million ounces.
Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
FXEmpire.com - Natural Gas Technical Analysis
We’ve been in a consolidation phase for some time in the natural gas markets and judging by the early action on Tuesday, we are going to stay there. The market could very well pull back from here, but I don’t necessarily think that it
FXEmpire.com - Market Overview
Natural gas futures held above $2 on Tuesday, extending gains from the previous session. The rally was fueled by several factors, including the full restart of Freeport LNG’s third train, supply interruptions in the Permian Basin, and forecasts indi
FXEmpire.com -
Market Overview
In Tuesday’s early trade, oil prices modestly fell as progress in Israel-Hamas ceasefire talks eased tensions in the Middle East, potentially i
Prices for Brent Crude and West Texas Intermediate trended higher during the first quarter of 2024, following a volatile 2023 which saw prices make broad fluctuations but end the year range bound at their start levels.Ongoing tensions stemming from the Russia-Ukraine conflict led to concerns about potential disruptions to global oil supplies, contributing price support. Global economic conditions, such as inflation concerns, monetary policy decisions, and geopolitical tensions in oil-producing regions, played a significant role in shaping oil price movements during the quarter with both benchmarks registering a 14 percent and 18 percent (WTI) increase over the 90-day session.Prices were also supported by several OPEC countries, including Saudi Arabia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, extending voluntary production cuts totaling 2.2 million barrels per day to support oil market stability.Additionally, Russia also committed to a voluntary production cut of 471 thousand barrels per day for the second quarter of 2024, alongside reductions in exports.OPEC’s decision to curb output in the name of stability was a factor Eric Nuttall partner and senior portfolio manager at Ninepoint Partners pointed to as a Q1 catalyst.“Oil volatility has actually fallen,” said Nuttall during an April 5 interview. “You wouldn't know it necessarily when looking at the oil price, but volatility is low. I think you can attribute that to the OPEC cut, that was one of the biggest goals of OPEC’s intervention into the market was to reduce volatility.”As Nuttall explained, the effort to minimize volatility was successful and helped keep the benchmarks between US$70 – US$87 per barrel throughout the 90-day session.
Oil market update: Rebounding prices
Chart via TradingEconomicsAfter reaching a 2023 high of US$93.10 (Brent) on September 11, prices spent the remainder of the year sliding until bottoming at US$75.80 on December 4.WTI followed a similar trajectory displaying slightly more volatility, reaching a yearly high of US$91.43 in late September, then slipping to US$68.71 in early December.
Chart via TradingEconomicsThe subsequent upswing in prices can be attributed to several factors, according to Nuttall, Firstly, values are rebounding from a period of low activity, driven by unfounded concerns about weak demand and exaggerated fears of increased US shale production.Secondly, OPEC's production cuts which played a significant role in reducing oil inventories.He explained that typically, demand is weakest at the beginning of the year, but this time, inventories have only seen a minimal increase compared to the substantial buildup last year. This underscores the effectiveness of OPEC's cuts in counteracting the impact of strategic petroleum reserve releases and stabilizing oil prices.“Lastly, we do have a geopolitical risk premium and the oil price now, I'm guessing US$5 a barrel,” said Nuttall.He continued: “We haven't had a risk premium in quite a while. But what we're seeing in the Middle East, what we're seeing [with] Russia, Ukraine, it just fast forwarded where I thought we were going to be, I thought we'd be at US$90bbl in the summertime, we’re there a few months earlier than I thought.”
Oil market update: Strategic reserves
At the end of January oil prices dipped below US$77bbl (Brent) following a rally that took futures into overbought territory. Despite military tensions escalating in the Middle East, abundant supplies contributed to the decline, with OPEC+ exports exerting additional pressure on prices.Prices began to recover in early February, breaking through the US$80bbl level on February 5, and remaining above the threshold for the remainder of the quarter.On February 26, The US Department of Energy released a solicitation to purchase up to 30 million barrels of crude oil for the Strategic Petroleum Reserve (SPR), aimed at enhancing the nation's energy security.In 2022 the Biden administration withdrew 32.3 million barrels from the SPR for domestic consumption.“Analysis from the Department of the Treasury indicates that SPR releases in 2022, along with coordinated releases from international partners, reduced gasoline prices by as much as 40 cents per gallon,” the government announcement noted.Less than a week later the administration scrapped a purchase that would have added 3 million barrels back to the SPR, citing high prices.While Ninepoint’s Nuttall doesn’t think SPR restocking will impact broader oil prices, he was surprised by the government’s decision to restock.“The biggest threat to his re-election is inflation. And the biggest input to inflation is energy pricing, specifically oil and gasoline,” said Nuttall. “So, it was counterintuitive to me, and I think it was purely for political theater, that he started to refill it.”By the end of March prices had breached US$85bbl and closed the three-month period above US90bbl.
Oil market update: Long term bullishness
In a special report from FocusEconomics, panelists are forecasting a 10 percent decline in spot prices for Brent and WTI crude oil over the next decade compared to 2023 levels.However, prices are anticipated to remain historically high in the near term due to increased demand from China and India.The consensus among the FocusEconomics panelist is for Brent crude oil prices toaverage around US$85 per barrel for the remainder of the year.Nuttall is taking a more bullish stance, supported by an increase in demand while global inventories are already at multi-year lows.Using the Days of Supply metric, a calculation that estimates how many days current inventory levels will last, based on the current consumption rate, Nuttall expects inventories to reach the “lowest level in history later this year.”“That's very supportive of a high price,” he said.Similar to FocusEconomics’ analysis, Nuttall sees oil prices remaining in the US$90bbl range.He noted that geopolitical events have accelerated the approach to this price target, and the subsequent trajectory of prices will depend on when Saudi Arabia decides to return barrels, the pace of that return, and developments in the Middle East and Russia.While there are uncertainties, such as potential infrastructure damage and the impact on oil flow, factors like stronger US demand, better-than-expected European performance, and solid demand from India contribute to his bullish outlook.“But we're not calling for US$150 oil, we just don't think that's reasonable right now.”
Gas market update: Q1 2024 in review
While oil prices remained relatively stable throughout Q1 2024, gas prices sank to multi decade lows, hitting US$1.55 per Metric Million British Thermal Unit (MMBtu).The decline was attributed to a warmer than expected winter in the Northern Hemisphere and ample supply.
Chart via TradingEconomics“Higher LNG production (up by 3 percent y-o-y), together with stronger piped gas deliveries to Europe and China, further eased supply fundamentals and supported demand growth,” the International Energy Agency’s (IEA) latest gas report stated.The market overview also noted that global demand was up 2 percent for the quarter but was more than offset by the production uptick.
Gas market forecast: Geopolitical fragility
Looking forward prices are expected to remain well below the highs set in 2022 when values neared US$10MMBtu, propelled by market uncertainty brought on by Russia’s invasion of Ukraine and fears around supply security.After a steep decline in late 2022, prices have remained below US$5MMBtu throughout 2023. Although concerns about the Panama Canal and Red Sea disruptions led to speculation about a geopolitical premium, the uptick has yet to materialize in the gas market.For the remainder of the year, FocusEconomics panelists expect natural gas prices to decrease in Asia and Europe compared to 2023 averages, while remaining steady in the US, staying below the pre-pandemic 10-year average.Prices could see declines brought on by an abundance in gas inventories in all regions, attributed to mild weather conditions from the El Niño pattern and subdued industrial activity.Europe will continue to be the region to watch as ongoing sanctions on Russian gas, conflict in Ukraine and supply security trends could add tailwinds to prices.“The structural deficit in European natural gas has yet to be fully resolved with increased LNG supply not yet fully making up for lost Russian imports. Thus, European gas prices remain vulnerable to supply interruptions or increases in demand,” a Goldman Sachs (NYSE:GS) analyst said. “This is especially the case during winter, when weather-dependent heating comprises the bulk of demand and bouts of cold weather can lead to rapidly falling stocks and higher prices.”Moving into 2025, increased US LNG export capacity could facilitate a price convergence among regions by the end of the year.“In 2025, US natural gas prices are expected to surpass the pre-pandemic average, with Europe seeing a slight increase and Asia maintaining stability,” FocusEconomics Natural Gas Market Outlook read.” The absence of El Niño is predicted to boost heating demand, while industrial output growth will drive up consumption.”
Don’t forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
The gold price started 2024 coming off December's record highs. A combination of central bank buying and geopolitical uncertainty helped gold remain above US$2,100 per ounce for the first eight weeks of the year.However, a rally in early March gave gold renewed momentum. Support came on the back of contracting US manufacturing numbers, which caused investors to speculate that the US Federal Reserve would start rate cuts in June. This belief gained further strength when the central bank met on March 19 and 20, and indicated that it was done with rate hikes and was expecting to make three cuts before the end of 2024.This news caused the gold price to see significant gains, setting a quarterly high of US$2,264.52 on March 31.How have these gains affected gold stocks on the ASX? Read on to learn about the biggest gainers in Q1. Data for this article was retrieved on April 2, 2024, using TradingView's stock screener, and only companies with market capitalisations greater than AU$50 million are included.
1. WIA Gold (ASX:WIA)
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Company Profile
Year-to-date gain: 85.71 percent; market cap: AU$75.5 million; current share price: AU$0.08WIA Gold is an exploration company focused on developing projects in Africa.The company's primary goal is to advance the Kokoseb deposit at its Damaran gold project. Kokoseb is located on WIA's Okombahe exploration licence, which consists of 12 tenements across a 2,700 square kilometre area within the Damaran Belt in Northwest Namibia. WIA Gold holds an 80 percent stake in the exploration licence, with the remaining 20 percent owned by Namibian state-owned mining company Epangelo.WIA Gold began exploration at the site in late 2021, with drilling commencing during the second quarter of 2022. On April 16, the company released an updated resource estimate for Kokoseb, reporting 2.12 million ounces of gold from 66 million tonnes at 1 gram per tonne (g/t) gold with a cut off of 0.5 g/t gold.The company also owns the early stage Bouafle project in Côte d'Ivoire, which has been granted two exploration permits, with a third under application. On January 22, the company reported the discovery of mineralised trends at the site following the drilling of 142 aircore holes. Results returned a highlighted intercept of 6.04 g/t gold over 10 metres.Shares of WIA Gold reached a quarterly high of AU$0.082 on March 21 alongside a rally in the gold price.
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2. Southern Cross Gold (ASX:SXG)
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Company Profile
Year-to-date gain: 46.61 percent; market cap: AU$341.4 million; current share price: AU$1.84Southern Cross Gold is an exploration company that is working to advance its flagship Sunday Creek project located north of Melbourne, Australia. The property covers an area of 19,385 hectares and hosted previous gold mining between 1880 and 1920. More recently, it has seen exploration work during the 1990s that was focused on shallow, previously mined workings. Since being spun out by Mawson Gold (TSXV:MAW,OTC Pink:MWSNF) in 2021, Southern Cross has drilled 110 holes for a total of 44,083 metres along 1,200 metres of strike.To date, the company has not prepared a resource estimate for Sunday Creek, but exploration at the site has revealed high-quality assays. On March 5, the company reported the best hole drilled so far, with an interval of 7.2 g/t gold over 455.3 metres, including an intersection of 2,318 g/t gold over 1 metre.The most recent exploration results from Sunday Creek came on April 15, when the company reported eight intervals over 50 g/t, including 327.7 g/t gold over 0.9 metres. Southern Cross said exploration at the site will continue as it works on an additional 10 holes focused on demonstrating the district-scale potential of Sunday Creek.Shares of Southern Cross reached a quarterly high of AU$2.05 on March 11.
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3. Theta Gold Mines (ASX:TGM)
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Company Profile
Year-to-date gain: 45.83 percent; market cap: AU$124.52 million; current share price: AU$0.18
Theta Gold Mines is an Australian gold development and exploration company with operations focused on the Eastern Transvaal gold fields northeast of Johannesburg, South Africa.
Its core project is a 74 percent stake in the Transvaal Gold Mining Estate (TGME), South Africa’s first mining company; the minority 26 percent stake is owned by Black Economic Empowerment, which includes a group of local community and employee trusts along with a strategic partner. The TGME gold mine site hosts four planned mines.
Theta announced on February 14 that it had selected Yellow River, a subsidiary of Power Construction Corporation of China (SHA:601669), as its preferred partner to build the first stage of the mining facility at the TGME gold plant. The two companies are now working on the contract, which it anticipates will be finalised in Q2.
A month later, on March 14, Theta announced it was fully permitted for three of the four mines at TGME. It said its plan moving forward was to focus on finalising funding packages and work with Power Construction to build the gold plant. The company said it is a major development and will pave the way for the commencement of mining operations.
Shares of Theta reached a quarterly high of AU$0.175 on March 28.
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4. Tribune Resources (ASX:TBR)
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Company Profile
Year-to-date gain: 33.9 percent; market cap: AU$199.38 million; current share price: AU$3.95ASX-listed Tribune Resources is a gold exploration and production company with exploration assets in Ghana and the Philippines, as well as a stake in mining operations in Australia.Tribune’s primary focus has been on the East Kundana joint venture, which includes two underground mines: Raleigh and Rubicon-Hornet-Pegasus. Tribune owns 36.75 percent of East Kundana alongside its partners Gilt Edge Mining, a subsidiary of Northern Star Resources (ASX:NST,OTC Pink:NESRF), at 51 percent, and Rand Mining (ASX:RND), which owns the remaining 12.25 percent. The joint venture partners are also further exploring and developing East Kundana.The company also has two wholly owned exploration projects. The Japa gold project is located in Western Ghana's Akropong Belt, an offshoot of the Ashanti Belt, and hosts indicated and inferred resources totaling 1.81 million ounces of gold.Tribune’s other exploration project is the Diwalwal gold project, located 120 kilometres northeast of Davao City, Philippines. The site consists of several targets, including the Balite and Buenas Tinago veins, which have seen previous small-scale mining and host numerous access tunnels. The company has worked to refurbish these while exploring other targets.Shares of Tribune have seen modest gains in 2024 following the January 31 release of the company’s report for the quarter ending in December 2023. In the announcement, it said its share of gold produced from East Kundana was 3,488 ounces for the period. Aside from that, the company discussed ongoing work at the main vein at Raleigh, including resource definition drilling, which was completed during the quarter.The company also announced it was initiating a share buyback that would see Tribune purchase 5,246,807 shares between February 21, 2024, and February 20, 2025. This represents 10 percent of its total shares.Tribune shares reached a quarterly high of AU$3.80 on March 28.
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5. West African Resources (ASX:WAF)
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Company Profile
Year-to-date gain: 33.51 percent; market cap: AU$1.23 billion; current share price: AU$1.28West African Resources is a mid-tier gold-mining and exploration company with operations in Burkina Faso.The company’s principal operation is the Sanbrado gold mine, located 90 kilometres east-southeast of the capital of Ouagadougou. West African holds a 90 percent stake in the mine, with the remaining 10 percent being owned by the Burkina Faso government. The mine is comprised of both open-pit and underground mines.In an announcement on January 10, the company reported that it had achieved its 2023 guidance. It produced 226,823 ounces of gold at Sanbrado and saw sales of 224,970 ounces. In addition to its mining operations at Sanbrado, the company has also been working to expand the underground resources at the site. West African reported results from exploration at the M1S deposit at Sanbrado on March 15 and April 16. The two press releases show highlighted assay results of 133.1 g/t over 2 metres and 55.79 g/t over 24 metres, respectively.West African has also been working to advance its Toega gold deposit. On March 22, the Burkina Faso Council of Ministers recommended the approval of a mining permit for the site. Under the terms of the country’s mining code, this will give the company 90 percent ownership of the mine, with the remaining 10 percent held by the state.According to the company, the deposit hosts a resource of 1.27 million ounces of gold with reserves of 569,000 ounces. It is expected to begin delivering ore to the Sanbrado processing plant starting in 2025.Shares of West African reached a quarterly high of AU$1.20 on March 28.
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FAQs for ASX gold stocks
How to invest in gold on the ASX?
As Australia is a top gold-mining jurisdiction and the country's government is supportive of mining, there are plenty of options for investing in gold on the ASX. Between gold miners operating major projects and gold explorers hunting for the next significant gold discovery, investors can choose what kind of company matches their risk appetite and portfolio.When looking for a gold company to invest in, be sure to do your due diligence and learn about the company's key characteristics, including its leadership team, its finances and the geology of its projects.
How to buy gold on the ASX?
Once you’ve selected a company or multiple companies to invest in, you can buy gold stocks using trading apps with access to ASX stocks, or you can get the help of a stock broker.
How to buy gold ETFs on the ASX?
For investors who prefer broader exposure to a sector, exchange-traded funds (ETFs) are a good option, and the ASX is home to multiple gold-focused ETFs. Because they are traded on exchanges like stocks, you can buy ETFs using the same methods described above. ASX-listed gold ETFs to consider include:ETFS Physical Gold (ASX:GOLD), which promises "low-cost access to physical gold via the stock exchange" and can be redeemed for physical gold.Perth Mint Gold (ASX:PMGOLD), which tracks the international price of physical gold.BetaShares Gold Bullion (ASX:QAU), which also tracks the physical bullion price.The Van Eck Gold Miners ETF (ASX:GDX), which tracks the NYSE Arca Gold Miners Index (INDEXNYSEGIS:GDMNTR).
Don’t forget to follow us @INN_Australia for real-time updates!Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Silver demand is forecast to reach its second highest level in 2024 at 1.2 billion ounces, driven by industrial segments including photovoltaics and electric vehicles. The high demand is coming alongside flat production growth and is creating a situation that would seemingly be ripe for a price breakout. However, the first months of the year saw the white metal trading in the US$22 per ounce to US$24 per ounce range. The end of February saw a shift in the market and the price of silver started to make significant gains. With a contraction of US manufacturing and the belief of a June rate cut from the Federal Reserve seeming more likely silver saw gains from precious metals investors and reached a quarterly high of US$25.71 on March 20 before going on to set an 11-year high of US$28.85 on April 14. How have these prices benefited silver stocks on the TSX and TSX Venture Exchanges? These five companies have seen the biggest gains since the start of the year, all had market caps over C$10 million at that time. Data was gathered using TradingView's stock screener on April 02, 2024.
1. GR Silver Mining (TSXV:GRSL)
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Press Releases
Company Profile
Year-to-date gain: 137.5 percent; market cap: C$49.63 million; current share price: C$0.19GR Silver Mining is a small-cap exploration and development company that is working to advance its Rosario mining district in Sinaloa, Mexico to production. The district consists of three core mining areas: Plomosas, San Marcial and La Trinidad. The company’s primary focus has been on the development of Plomosas and neighboring San Marcial, a 9,764-hectare land package that hosts a past-producing silver, gold, lead and zinc underground mine. In March 2023, the company released an updated mineral resource estimate for Plomosas reported total indicated quantities of 97 million ounces of silver equivalent, with additional inferred quantities of 53 million ounces of silver equivalent.Shares of GR Silver saw significant gains alongside a rising silver price and a March 4 news release. In the announcement, GR Silver reported that it had started small bulk sampling and test mining at Plomosas. The company will use existing permits and infrastructure to undertake the sampling with up to 4,500 MT of ore per month being used for metallurgical sampling from historic mine sites. GR Silver reached a quarterly share price high of C$0.17 on March 28.
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2. Defiance Silver (TSXV:DEF)
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Press Releases
Company Profile
Year-to-date gain: 54.17 percent; market cap: C$34.40 million; current share price: C$0.185Defiance Silver is an exploration company working to advance its district-scale Zacatecas silver project in Zacatecas, Mexico. The project consists of a 4,300 hectare land package and includes four project areas: San Acacio, Lucito, Panuco and Lagartos. Both San Acacio and Lagartos have seen previous exploration and mining activity.On January 15, the company announced results from its 2023 drill program at the San Acacio target, reporting well-developed silver and zinc values with elevated gold and copper. This includes a highlighted assay of 223.53 g/t silver over 12.82 meters with an interval of 306.86 g/t silver over 7.79 meters.The most recent news from the project came on April 15, when the company provided an update on a surface-sampling campaign from the Lucita target. It shows widespread high-grade polymetallic mineralization and returned highlighted grades of up to 795 g/t silver from Lucita North and 2,350 g/t from Lucita South. The company said the results reinforce the district-scale potential at Zacatecas.Shares of Defiance reached a quarterly high of C$0.135 on March 18.
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3. Avino Silver and Gold Mines (TSX:ASM)
{"@context":"http://schema.org","@type":"Corporation","name":"Avino Silver & Gold Mines Ltd.","url":"http://www.avino.com","description":"Avino Silver & Gold Mines Ltd is a mineral resource company. It is engaged in the exploration, extraction, and processing of silver, gold, and copper. The company generates most of its revenues through the sale of silver produced from its mines. Its project portfolio includes Avino; San Gonzalo; Oxide Tailings; Bralorne Gold and others.","tickerSymbol":"TSX:ASM","sameAs":[],"image":"https://investingnews.com/media-library/image.gif?id=29647954&width=980","logo":"https://investingnews.com/media-library/image.gif?id=29647954&width=210"}
Company Profile
Year-to-date gain: 42.25percent; market cap: C$132.60 million; current share price: C$1.01Avino Silver and Gold Mines is a precious metals miner with two primary silver assets: the producing Avino silver mine and the neighboring La Preciosa project in Durango, Mexico.Avino, the company's only producing asset, features 2,500 MT per day ore processing capabilities, and according to its management’s discussion and analysis for 2023, was responsible for the extraction of 928,643 ounces of silver, 7,335 ounces of gold and 5.3 million pounds of copper. While within the company's guidance, there was a 6 percent decrease in silver production over 2022, when it produced 985,195 ounces in the same time frame.In addition to its mining operation, Avino is also working to advance its La Preciosa project toward the production stage. The site covers 1,134 hectares, and according to a resource estimate from its February 2023 technical report, holds measured and indicated quantities of 98.59 million ounces of silver and 189,190 ounces of gold. On February 28, the company provided an update for La Preciosa, saying it was preparing for the first phase of production at the Gloria and Abundancia veins. Avino also stated it has the equipment necessary to commence operations at the site once it receives the necessary environmental permits, which it expects later in 2024. Avino's share price marked a quarterly high of C$0.84 on March 28.
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4. Southern Silver Exploration (TSXV:SSV)
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Press Releases
Company Profile
Year-to-date gain: 40.63 percent; market cap: C$56.85 million; current share price: C$0.225Southern Silver Exploration is a small-cap exploration company focused on the advancement of its Cerro Las Minitas project. Located in Durango, Mexico, the project is comprised of 25 mining concessions covering an area of 34,450 hectares within a region that has produced more than 3 billion ounces of silver. To date, Southern Silver has conducted more than 97,384 meters of drilling across 226 holes and has identified seven mineral deposits.Its most recent resource estimate from March 2023 produced indicated quantities of 140 million ounces of silver from 12.5 million MT ore with an average grading of 106 g/t silver, and additional inferred quantities of 210 million ounces from 21 million MT ore with an average grading of 118 g/t silver. No further updates about the project have been provided since the start of the year. Shares have been trading alongside a sharp gain in silver prices and reached a quarterly high of C$0.175 on March 13.
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5. Gatos Silver (TSX:GATO)
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Company Profile
Year-to-date gain: 39.21percent; market cap: C$793.84 million; current share price: C$11.93Gatos Silver is a silver-focused production and exploration company. Its flagship asset is the Cerro Los Gatos mine and district south of Chihuahua City, Mexico. The site consists of 14 predominantly silver, lead and zinc mineralization zones, and is a joint venture with Dowa Metals and Mining (TSX:5714), which holds a 30 percent stake in the operation; Gatos owns the remaining 70 percent. On February 21, the company released its full-year results for 2023, indicating it had produced 9.2 million ounces of silver, marking a decline from the 10.3 million ounces produced in 2022. However, the company said it improved operational efficiencies to offset inflationary pressure to lower the all-in-sustaining costs (AISC) to the lower end of 2023 guidance. In the release, it also said that it expects similar production totals for 2024 and within a range of 8.4 million to 9.2 million ounces of silver at an AISC of US$9.50 to US$11.50 per payable ounce. The company expects exploration efforts at the South-East deeps target will further extend the life of the mine. In an update on April 9, the company reported that production through Q1 was near the top end of guidance with 2.37 million ounces produced, slightly off the 2.43 million from the same period in 2023.Shares of Gatos reached a quarterly high of C$11.63 on March 20.
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Don’t forget to follow us @INN_Resource for real-time news updates!Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
FXEmpire.com - Natural gas rose above Friday’s high on Monday before triggering a breakout above the top of a symmetrical triangle at 2.01 (B). The high of the day at the time of this writing was 2.04, which was followed by an intraday pullback. Of interest will be the daily clos
FXEmpire.com - Natural Gas
Natural Gas 290424 Daily Chart
Natural gas gains ground as traders focus on Freeport LNG resumption and bet on a rebound from recent lows.
FXEmpire.com - Gold
Gold 290424 Daily Chart
Gold gains some ground as traders focus on the upcoming Fed Interest Rate Decision, which will be released on Wednesday. U.S. dollar’s pullback and falling Treasury yields provide additional support to gold markets.
Newmont (TSX:NGT,NYSE:NEM) released its Q1 results on April 25, saying it is on track to achieve guidance.In Q1, the world's largest gold miner reported attributable gold production of 1.7 million ounces, up from the previous year's 1.3 million ounces. The company's shares rose as much as 13.57 percent on the news to hit US$43.84. Emphasizing the strength of its Tier 1 gold and copper assets, Newmont said it generated US$776 million in cashflow from operating activities during the period, net of working capital changes of US$666 million. The company continues working to divest non-core assets and streamline its workforce to reduce debt following the completion of its approximately US$17 billion acquisition of Australian miner Newcrest in November."Given the strong gold price environment, we believe that future asset sales may prove well timed with respect to maximizing value received for these assets," National Bank of Canada Financial Markets analysts said.
Newmont highlights performance of Tier 1 assets
Newmont's Q1 performance demonstrated strong output across its managed Tier 1 assets.Despite challenging conditions, the Tanami mine in Australia maintained solid production levels as planned, even amid heavy rainfall. The company said plant maintenance conducted during the quarter positions Tanami for improved production in the upcoming quarter, reflecting proactive operational management.Similarly, Newmont's Boddington operation, also in Australia, successfully increased stripping activities in both the North and South pits, according to the planned schedule. The implementation of autonomous haul fleet technology contributed to enhanced material movement, driving operational efficiency at the site.For its part, the Peñasquito mine in Mexico reported robust silver and lead production in the first quarter of the year, indicating strong operational performance. With gold production anticipated to be 60 percent weighted toward the second half of the year, Peñasquito's strategic planning remains on track.Strong Q1 production at Ahafo in Ghana was attributed to the continued optimization of the processing circuit. Infrastructure improvements, such as the delivery of a girth gear, are set for replacement in May this year. Australia's Cadia mine demonstrated exceptional performance by delivering the highest grades as planned. Ongoing progress on tailings expansion projects positions Cadia for sustained production growth in the future.Lihir in Papua New Guinea advanced its full potential initiatives, aiming to generate over US$150 million in value. Preparations for an autoclave shutdown in Q3 aim to optimize production weighting for the first half of the year.In addition to its strong operational performance, Newmont made significant strides in advancing key projects during the first quarter of the year. Its Tanami Expansion 2 project aims to enhance production efficiency and reduce operating costs. The construction of a 1.5 kilometer deep production shaft is underway, and the company expects it to reduce operating costs by approximately 30 percent through efficiency improvements.The development of Ahafo North, a new mine with a 13 year life and an average annual production target of 300,000 ounces of gold, is also progressing steadily. Infrastructure construction and waste-stripping activities are advancing, with the company putting a strong emphasis on safety and productivity. Lastly, Newmont's Cadia Block Caves project focuses on the development of two caves to recover 5.9 million ounces of gold reserves and 1.3 million metric tons of copper reserves.
Company on track to achieve 2024 guidance
The gold price took off during the first quarter, rising approximately 8.2 percent from January to March, enabling Newmont to realize higher prices per ounce compared to the previous year.However, the company has also faced challenges this year, with operations at its Cerro Negro mine in Argentina suspended for investigation following the deaths of two workers on April 9. Despite this setback, Newmont remained resilient, posting net income of US$0.55 per share on an adjusted basis, surpassing estimates of US$0.36 per share, according to LSEG data.The company attributed part of its success to reduced costs, including lower contractor, diesel and energy expenses. Nonetheless, all-in sustaining costs for gold production rose to US$1,439 per ounce from US$1,376 per ounce in the previous year, reflecting broader industry trends.Looking ahead, Newmont is maintaining its 2024 production forecast of 6.9 million ounces of gold at an all-in-sustaining cost of US$1,400 per ounce.
Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
FXEmpire.com - Natural Gas Technical Analysis
It looks like we are going to continue to grind back and forth in the natural gas markets as we just don’t have anywhere to be. This is a market that, if you’re a short term scalper, okay, you have a market to trade in as it’s fairly
FXEmpire.com - U.S. Natural Gas Market Update
U.S. natural gas futures edged higher early Monday on the New York Mercantile Exchange, attempting to stabilize after last week’s sharp decline, which saw prices plummet to their lowest since late March. This modest rebound came as th
The gold price corrected this week, even falling briefly below US$2,300 per ounce. While that's down from levels of over US$2,400 earlier this month, most experts aren't concerned about the yellow metal's price activity.I asked Craig Hemke of TFMetalsReport.com about the recent pullback, and he said that it's completely normal — he noted that nothing ever goes straight up, and emphasized that a "two steps forward, one step back" pattern is healthy.With that said, Hemke does see strong upside potential for the precious metal in 2024. He said there are a lot of technical targets that line up with US$2,650 or US$2,700, and said that's probably the next point to watch for. While those heights won't necessarily be achieved this year, he thinks gold could finish the period at US$2,400 or US$2,500."Let’s just say, maybe we can finish the year at US$2,400, US$2,500. That would be a pretty good year, that would be 20 percent — that would double what the average has been since the turn of the century” — Craig Hemke, TFMetalsReport.comGold's price activity comes against a backdrop of interesting economic data. Friday (April 26) brought the latest personal consumption expenditures (PCE) price index numbers out of the US, and they show that the all-items gauge rose 2.7 percent year-on-year and 0.3 percent from the previous month. PCE is the US Federal Reserve's preferred measure of inflation, and it's in focus as the central bank gears up to meet next week.Attracting perhaps even more attention was Thursday's (April 25) GDP report, which shows that the US economy grew at an annualized rate of 1.6 percent during Q1, down from 3.4 percent in Q4 of last year. With inflation still not in line with the Fed's 2 percent goal, experts are now concerned that a stagflationary scenario could be building.
Bullet briefing — Anglo rejects BHP, copper hits US$10,000
Anglo rejects BHP's US$39 billion offerMajor diversified miner BHP (ASX:BHP,LSE:BHP,NYSE:BHP) turned heads this week when it made a US$39 billion takeover offer for Anglo American (LSE:AAL,OTCQX:AAUKF), another global powerhouse. "The combined entity would have a leading portfolio of large, low-cost, long-life Tier 1 assets focused on iron ore and metallurgical coal and future facing commodities, including potash and copper" — BHPBHP has touted potential synergies, but Anglo American doesn't see it the same way — the company quickly rejected the proposal, calling it "opportunistic" and saying it fails to value its prospects. BHP is widely expected to make another bid.Copper price hits US$10,000A tie up between BHP and Anglo American would create the world's largest copper miner, and the possible deal has directed even more attention to the red metal. Copper has been in focus since mid-March, when Chinese smelters announced plans to work together to cut output. The move came on the back of reduced supply of the red metal, which forced the smelters to drastically reduce treatment and refining charges.Since then, there's been broader recognition of copper's tight supply and demand fundamentals, and this week brought prices to US$10,000 per metric ton for the first time in two years. While Chinese demand could be a pain point, usage from the green energy transition is expected to boost copper in the years to come.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.And don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
London-based Anglo American (LSE:AAL,OTCQX:AAUKF) has rejected mining behemoth BHP's (ASX:BHP,LSE:BHP,NYSE:BHP) US$38.8 billion bid to acquire the company. "The BHP proposal is opportunistic and fails to value Anglo American's prospects, while significantly diluting the relative value upside participation of Anglo American's shareholders relative to BHP's shareholders," said Anglo Chairman Stuart Chambers in a Friday (April 26) statement. BHP's offer for the company was made public on Thursday (April 25). The proposal, whose aim is to create the world's largest copper miner while divesting Anglo's iron ore and platinum assets in South Africa, has been met with mixed reactions from market watchers.BHP is keen to gain access to Anglo's copper mines in Chile and Peru. Combined, their output would total around 2.6 million metric tons annually, surpassing competitors such as Freeport-McMoRan (NYSE:FCX) and Chile's Codelco.
Will BHP kick off mega M&A deals?
BHP's offer of 25.08 pounds (US$31.39) per Anglo share is a premium of 31 percent from Wednesday's (April 24) closing price. If completed, it would be BHP's second big acquisition in a year after its 2023 purchase of OZ Minerals.It would also be the first mega deal among the world's largest diversified miners in over a decade.After years of caution following a series of failed transactions, including an attempted acquisition of Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) in 2007, BHP may now be poised to lead a resurgence in M&A activity.Beyond copper, the proposal also holds implications for BHP's potential venture into the diamond business, as Anglo American holds an 85 percent stake in diamond giant De Beers. Unlike Anglo American Platinum and Kumba Iron Ore, which BHP wants to see distributed to shareholders before proceeding, Anglo's diamond business would be subject to a strategic review post-transaction.
Industry reactions and future implications
Todd Warren, an Anglo shareholder and portfolio manager at Tribeca Investment Partners in Sydney, said BHP’s first offer only sought to feel out Anglo’s stance, adding that he does not expect BHP to give up easily."With regards to a price, I think it's pretty clear that the initial shot fired is just that. It’s just the first shot — it's not their best and final. We would need to see more money on the table before we sold our shares,” he said.As mentioned market analysts and industry leaders have offered mixed reactions to the proposed deal. While some shareholders have expressed concern over the quality of BHP's bid, others anticipate further interest in Anglo, potentially igniting additional large-scale consolidation within the mining sector. Analysts at Jefferies, led by Christopher LaFemina, told Fortune that BHP’s first bat will lead to more bids emerging.They indicated that an offer valuing Anglo at US$42.6 billion, representing a 28 percent premium based on its latest share price, could be sufficient to push the deal across the finish line.BHP's 2023 copper production of about 1.2 million metric tons on an equity basis surpasses Anglo's output of 826,000 metric tons; combined they would have a substantial 10 percent share of global mine supply. However, analysts have cautioned that antitrust issues may pose a significant challenge, as governments often view copper as a strategic mineral. The proposal for Anglo may also prompt other mining giants to make moves. Rio Tinto, the second largest mining company, has been actively investing in copper production, while Glencore (LSE:GLEN,OTC Pink:GLCNF) made an unsuccessful bid for Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) last year before eventually reaching a deal for the Canadian company's coal assets.For their part, BHP investors remain optimistic about the prospect of restructuring the offer to secure the deal."I am a bit surprised that the deal is not an agreed deal. It likely means BHP will need to offer more to win over shareholders and management and risks creating unhelpful animosity," said Pendal portfolio manager Brenton Saunders in comments to Reuters.
Don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
FXEmpire.com - Natural Gas Technical Analysis
You can see that we continue to just hang around the same area right around the 20 day EMA. That’s not a huge surprise this time of year because Natural gas does almost nothing. So, unless you’re a short term scalper, there’s really n
FXEmpire.com - Natural Gas Market Update
U.S. natural gas futures softened on Friday, marking a monthly low in early trading. The focus among investors shifted to the latest U.S. Energy Information Administration (EIA) report, which indicated an unusually large injection into gas
FXEmpire.com -
Market Overview
Oil prices experienced a slight increase in Asian trading on Friday, positioning for a weekly gain amidst continuous geopolitical tensions in
James Henry Anderson, senior market analyst at precious metals dealer SD Bullion, shared his thoughts on gold and silver, including what factors are moving the metals right now and where they could go in 2024. In his view, the precious metals sector is undergoing a tectonic shift with far-reaching impacts. "Ultimately I think US$2,400 (per ounce gold) is going to be looked back in time as being cheap," he said.Watch the interview above for more of Anderson's thoughts on gold and silver. Don’t forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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