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![Sarama Resources](https://investingnews.com/media-library/sarama-resources.png?id=49847902&width=1200&height=802)
Management’s Discussion and Analysis of Financial Results - Q2 2024 Interim Financial Statements
For the three months (second quarter) and six months ended June 30, 2024
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is a Canadian-incorporated mineral exploration and development company whose principal business objective is to explore for and develop mineral deposits in prospective jurisdictions as opportunities may present.
The Company was incorporated on April 8, 2010 under the Business Corporations Act (British Columbia). The Company’s primary office is located in Perth, Western Australia. The Company’s common shares are listed on the TSX Venture Exchange (“TSXV”) and Chess Depositary Interests (“CDIs”) on the Australian Securities Exchange (“ASX”) under the codes ‘SWA’ and ‘SRR’ respectively.
The Company built and advanced substantial exploration landholdings in prospective and underexplored areas in south-west Burkina Faso, West Africa and has interests in three projects located principally in the Houndé and Banfora Belts. Separate to its interests in Burkina Faso, the Company is actively assessing and pursuing opportunities in other more favourable jurisdictions.
The Sanutura Project (the “Project”) is principally located within the prolific Houndé Greenstone Belt in south- west Burkina Faso and was the exploration and development focus of the Company. The Project hosts the Bondi Deposit which has a mineral resource of 0.5Moz gold (Inferred)(3). The Project also formerly hosted the Tankoro Deposit (Mineral Resource of 0.6Moz Au (Indicated) plus 1.9Moz Au (Inferred)(2) until August 2023, when the Company was notified (“Notification”) by the Ministry of Energy, Mines and Quarries of Burkina Faso (the “Government”) that its rights to the Tankoro 2 Exploration Permit (the “Permit”), which hosts the Tankoro Deposit, had been withdrawn in a manner the Company considers to be unlawful (refer news release dated September 6, 2023). The Notification stated that the Company’s application for the Permit was unsuccessful. This is inconsistent with, and contradictory to, formal correspondence from the Government. The Company vigorously disagrees with the illegal withdrawal of its rights. The Tankoro Deposit formed the central component of the Project for which the Company was in the final stages of completing a Preliminary Economic Assessment (“PEA”) to advance the Project toward development.
Prior to the illegal withdrawal of the Permit, the Tankoro and Bondi Deposits presented a mine development opportunity featuring a long-life project which the Company believed would have generated very robust and attractive financial returns and could have been established and paid for using the significant oxide mineral resource base. In 2023, Sarama commenced and substantially completed development study work on the Project which was subsequently suspended following receipt of the Notification. See further details on the status of the Permit below under the heading “Status of Mineral Tenure – Tankoro 2 Exploration Permit”.
Sarama has a 100%-owned(10) exploration position in the Banfora Belt in south-western Burkina Faso. The Koumandara Project hosts several regional-scale structural features and extensive trends of gold-in-soil anomalism.
Sarama also holds an approximate 18% participating interest in the Karankasso Project Joint Venture (“JV”) which is situated adjacent to the Project in Burkina Faso and is a JV between Sarama and Endeavour Mining Corp (“Endeavour”) in which Endeavour is the operator of the JV. In February 2020, an updated mineral resource estimate of 709koz gold (Inferred)(9) was declared for the Karankasso Project JV.CORPORATE
As at June 30, 2024, the Company had cash and cash equivalents of $596,282.
On April 17, 2024, the Company announced that it had completed the previously announced A$520,000 equity placement (the “April Placement”) (refer to Sarama news releases dated 18 December 2023 and 22 December 2023). The second and final Tranche of the April Placement raised aggregate gross proceeds of A$50,000 with the Company issuing 2,500,000 Chess Depository Instruments (“CDIs”) at an issue price of A$0.02 per CDI to a director, Mr Andrew Dinning. The issuance of the CDIs to Mr Dinning was subject to shareholder approval, as required by the ASX Listing Rules, which was obtained at a special meeting held on 11 April 2024.
On June 25, 2024, the Company announced that it had completed tranche 1 of its previously announced A$1m equity placement (the “June Placement”) (refer to Sarama’s news release dated 18 June 2024. Tranche 1 of the Placement raised aggregate gross proceeds of A$900,000 with the Company issuing 45,000,000 Chess Depository Instruments (“CDIs”) at an issue price of A$0.02 per CDI. Each new CDI issued under the June Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in one common share of the Company. Tranche 2 of the June Placement will consist of the remaining 5,000,000 CDIs. The issuance of the CDIs pursuant to tranche 2 will be subject to shareholder approval at a general meeting expected to be held in September 2024. Total funds received from Tranche 2 are expected to be A$100,000.
Funds raised from the Private Placement will be used to assess and pursue a potential acquisition, undertake exploration on the Company’s properties and for general working capital purposes
Q2 2024 Interim Financial Statements
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Manuka Resources Aiming to Restart Mount Boppy Gold Mine in Q4
Manuka Resources (ASX:MKR) shared an update on the restart of its Mount Boppy gold mine on Monday (August 12), saying it's targeting the fourth quarter of this year for first output from the site.
The company is in the midst of building a fit-for-purpose processing and gold production facility at the Mount Boppy site for a cost of AU$11.6 million, a strategy it disclosed to the public last April.
Previously, ore produced at Mount Boppy was taken 150 kilometres south to Manuka's carbon-in-leach plant at the Wonawinta silver mine. A 400 kilowatt ball mill is now being relocated from Wonawinta to Mount Boppy,
According to Manuka, Mount Boppy, which is located in New South Wales' Cobar Basin, will be a high-margin operation with an average EBITDA of AU$19 million per year over an initial period of five years.
The company has already saved AU$850,000 following its AU$266,000 purchase of a new InLine Pressure Jig and Intensive Leach Reactor from Gekko Systems via auction; its original budget was AU$1.1 million.
Manuka said both items are currently undergoing refurbishment at Gekko Systems.
Mount Boppy is a historic mining site, and was formerly one of the largest gold producers in Australia. The company states on its website that underground mining at the property started in 1901 and last until 1923, with 417,000 ounces of gold from ore produced at a notional grade of 15 grams per tonne (g/t) gold.
Up to 7,000 ounces of gold production were added until around 2002. Manuka acquired the project in 2019, and started processing ore from the site in April 2020. In April of this year, it delivered an updated resource estimate for the site. Mount Boppy's resource now stands at 4.28 million tonnes at 1.19 g/t Au for 163,000 ounces of contained gold.
The company is currently looking at ways to the increase milling capacity at Mount Boppy and to accelerate the mine's gold production; it plans to keep investors updated in the coming months.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Manuka Resources is a client of the Investing News Network. This article is not paid-for content.
Proposed Consolidation of Capital
Labyrinth Resources Limited (‘the Company’ or ‘Labyrinth’) advises that it is seeking shareholder approval at the upcoming Extraordinary General Meeting of Shareholders (‘EGM’) to be held on Friday, 13 September 2024, to consolidate the issued capital of the Company.
Labyrinth is proposing to consolidate:
a) every 10 Shares into 1 Share;
b) every 10 Options into 1 Option; and
c) every 10 Performance Rights into 1 Performance Right, (‘Consolidation’).
As the Consolidation applies equally to all security holders, it will have no material effect on the percentage shareholding interest of each individual shareholder.
The indicative timetable for the Consolidation is as follows:
The above dates are indicative only and subject to change.
For further details in respect of the proposed Consolidation, refer to the Company’s Notice of EGM lodged with the Company’s ASX platform on 14 August 2024.
Click here for the full ASX Release
This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sarama Resources Advances Acquisition of Gold Project in Western Australia
Binding Agreement Executed for the Large, Effectively Unexplored Cosmo Newbery Gold Project
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce that it has entered into a binding agreement to acquire a majority interest(1) in the Cosmo Newbery Gold Project (the “Project”) in Western Australia (refer Figure 1).
The 580km² project(2) covers the entirety of the Cosmo-Newbery Greenstone Belt and is located approximately 85km north-east of Laverton in a region known for its prolific gold endowment. As one of the last effectively unexplored greenstone belts in Western Australia, the Project presents a unique and compelling opportunity for the Company.
Highlights
- Binding agreement to acquire majority interest and control of Cosmo Newbery Gold Project in Western Australia
- 580km² landholding capturing +50km strike length in highly prospective gold producing region One of the last effectively unexplored greenstone belts in Western Australia
- Virtually no effective exploration undertaken for several decades
- Excellent access to infrastructure and nearby producing gold mines
- Sarama to initially acquire an 80% interest in the majority of the Project(1)
- Ability for Sarama to increase ownership to 100% in the majority of the Project(1) via an option to acquire the vendor’s remaining interest within a 2-year period post completion
Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are pleased to have reached this milestone in the acquisition of a majority interest in the Cosmo Newbery Gold Project and look forward to completing the transaction in due course. The Company considers the Project to be highly prospective for a number of commodities and its scale, location, favourable geological setting and truly underexplored status presents a unique exploration opportunity.”
Cosmo Newbery Project
The Project is comprised of 7 contiguous exploration tenements covering 580km² in the Eastern Goldfields of Western Australia, approximately 85km north-east of Laverton and 95km west of the ~7Moz(3) Gruyere Gold Mine. The Project is readily accessible via the Great Central Road which services the Cosmo Newbery Community.
The Project captures one of the last unexplored greenstone belts in Western Australia and with a strike length of +50km, the Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
Despite this significant prospectivity, the Project has seen virtually no modern exploration or drilling of merit due to a lack of land access persisting over a significant period. As a result, the Project has not benefited from the evolution of geochemical and geophysical techniques which now facilitate effective exploration in deeply weathered and complex regolith settings which is particularly pertinent given approximately 75% of the Project area is under cover.
Following the relatively recent securing of land access, the Project is now available for systematic and modern-day exploration programs to be conducted on a broad-scale. It is anticipated that future exploration programs will initially follow-up preliminary targets generated from regional soil sampling and limited reconnaissance drilling programs, a majority of which extended to approximately 5m below surface with a small percentage extending up to 30m below surface.
Figure 1 – Cosmo Newbery Project Location
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Golden Mile Confirms Joint Venture-Acquisition Over Highly Prospective Copper Project in Arizona, USA
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to report the Company has completed successful due diligence and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) over the Pearl Copper Project located in Arizona, United States of America (“USA”).
HIGHLIGHTS
- Golden Mile has entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) for the Pearl Copper Project located in Arizona, United States.
- Initial field reconnaissance has delineated multiple targets within the project area. This highlights the near-term drill, and company making potential, of the Odyssey and Ford Prospects.
- At Odyssey, which hosts the historic artisanal Pearl (Cu-Zn-Ag-Au) Mine, multiple vein targets up to five metres wide extend continuously for approximately 800m and are evident at the surface.
- At Ford, limited historic data indicates a shaft was developed to a depth of around 70 metres. Polymetallic Cu-Pb-Ag-Au-Zn vein type mineralisation, up to five metres wide, was mined before excess water halted operations in circa 1942.
- Due Diligence indicates the Pearl Copper Project not only hosts near-term vein targets but also shows widespread surface alteration, suggesting the presence of intrusive disseminated mineralisation, making it a significant Cu-porphyry target.
- Golden Mile and Outcrop have agreed on terms for Golden Mile to acquire up to a 100% ownership of the Pearl Copper Project through a staged, earn in and dilution, investment of up to $A 12 million over eight years along with up to a 2% net smelter royalty.
Photo 1: Odyssey Prospect rock chip - Photo 2: Ford Prospect Alteration
Overview
A recently completed field trip, undertaken as part of the due diligence, has confirmed the very high prospectivity of the project area for company-making copper resources.
Figure 1: Significant Copper Mines and Projects in Arizona USA
This field examination, undertaken in late July, and while only preliminary in nature, has delineated the Odyssey and the Ford prospects within the Pearl project area as immediate highly prospective, exploration drill targets.
At Odyssey, a sub outcropping multiple vein copper target with surface mineralised widths up to five metres and a strike length of around 800 metres has been mapped. This prospect hosts the historic largely artisanal Pearl working’s where historical records indicate around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941 (Force, 1997).
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Peter Grandich: US$5,000 Gold No Longer Looks Foolish; Uranium, Silver, Copper Outlook
Peter Grandich of Peter Grandich & Co. shared his updated thoughts on the resource sector now that the year is more than halfway through, honing in on gold's price drivers and path forward in 2024 and beyond.
Notably, he sees much higher price levels for the yellow metal in the years to come.
"I was always the guy who stood at a show and said, 'Yes, I'm bullish on gold, but to talk about US$5,000 (per ounce) gold or US$10,000 gold — I think that's foolish, you shouldn't,'" he said during the interview. "It's not foolish anymore. There's legitimate possibilities for those type of numbers to be reached, certainly within a matter of a couple of years."
Grandich also discussed his stance on uranium stocks, silver price manipulation and the outlook for copper.
Watch the interview above for more from Grandich on those topics.
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.
Top 10 Gold-mining Companies (Updated 2024)
Regardless of how the gold price is doing, the top gold-mining companies are always making moves.
Right now, the yellow metal is in the limelight — stimulated by increasing global inflation, geopolitical turmoil and recession fears, the price of gold set records in 2024, breaking through the US$2,450 per ounce mark.
Rising demand for gold alongside concerns over gold mine supply have pushed the metal to record highs in recent years, and market watchers are eyeing world's top gold-mining companies to see how they respond to market dynamics.
According to the most recent US Geological Survey data, gold production came in at 3,000 metric tons in 2023. China, Australia and Russia were the top three gold-producing countries last year.
But what were the top gold-mining companies by production in 2023? The list below was compiled by the team at LSEG, a leading financial markets data provider, with numbers reported in US tons.
Read on to find out which companies produced the most gold this past year.
1. Newmont (TSX:NGT,NYSE:NEM)
Production: 172.3 tons
Newmont is the world's top gold-mining company. The firm holds significant operations in North and South America, as well as Asia, Australia and Africa. Newmont produced 172.3 tons of gold in 2023.
In early 2019, the miner acquired Goldcorp in a US$10 billion deal, and followed that up by starting a joint venture with Barrick Gold (TSX:ABX,NYSE:GOLD) called Nevada Gold Mines. Nevada Gold Mines is 38.5 percent owned by Newmont and 61.5 percent owned by Barrick, which is also the operator. Considered the world’s biggest gold complex, Nevada Gold Mines was the top-producing gold operation in 2022 with output of 94.2 metric tons.
In 2023, Newmont added to its portfolio when it merged with Australia’s Newcrest Mining in a blockbuster US$16.8 billion deal, becoming the largest gold-mining company in the world. Newcrest’s production in 2022 was 67.3 metric tons of gold.
Newmont’s gold production guidance for 2024 is set at 6.9 million ounces of gold, or 215.6 tons.
2. Barrick Gold (TSX:ABX,NYSE:GOLD)
Production: 126 tons
Barrick Gold lands in second place on this list of top gold producers.
The company has been active on the M&A front in the last five years — in addition to merging its Nevada assets with Newmont in 2019 as discussed above, the company closed its acquisition of Randgold Resources the prior year.
Aside from Nevada Gold Mines, the major gold company's mines include the Pueblo Viejo mine in the Dominican Republic and the Loulo-Gounkoto mine in Mali, which respectively produced 335,000 ounces and 547,000 ounces of gold in 2023.
In its Q2 2024 report, Barrick reported that through the first six months of 2024, it had produced 1.89 million ounces of gold, a 4 percent decrease over the same period in 2023. It attributed the lower gold volumes to reduced grades and a reduction in throughput and capacity at its North Mara mine in Tanzania, as well as lower amounts of ore mined at the Cortez operations, which are part of Nevada Gold Mines, as it transitions to Phase 6.
Barrick has set its 2024 production guidance at 3.9 million to 4.3 million ounces (121.9 to 134.4 tons).
3. Agnico Eagle Mines (TSX:AEM,NYSE:AEM)
Production: 106.8 tons
Agnico Eagle Mines produced 106.8 tons of gold in 2023 to take the third spot on this top 10 gold companies list.
The company has 11 operating mines in Canada, Australia, Finland and Mexico, including 100 percent ownership of two of the world's top gold-producing mines — the Canadian Malartic mine in Québec and the Detour Lake mine in Ontario — which it acquired from Yamana Gold (TSX:YRI,NYSE:AUY) in early 2023.
The Canadian gold miner achieved record annual production in 2023, and also increased its gold reserves by 10.5 percent to 53.8 million ounces of gold (1.29 million metric tons grading 1.3 grams per metric ton gold). Its gold production for 2024 is expected to reach 3.35 million to 3.55 million ounces (104.7 to 110.9 tons). Based on its near-term expansion plans, Agnico Eagle is forecasting production levels of 3.4 million to 3.6 million ounces in 2025 and 2026.
4. Polyus (LSE:PLZL,MCX:PLZL)
Production: 90.3 tons
Polyus produced 90.3 tons of gold in 2023 to take fourth place among the top 10 gold-mining companies. It is the largest gold producer in Russia and holds the highest proven and probable gold reserves globally at more than 101 million ounces.
Polyus has six operating mines located in Eastern Siberia and the Russian Far East, including Olimpiada, which ranks as the world's third largest gold mine by production. The company expects to produce approximately 2.7 million to 2.8 million ounces (84.4 to 87.5 tons) of gold in 2024.
5. Navoi Mining and Metallurgical Company
Production: 88.9 tons
Navoi Mining and Metallurgical Company is not yet listed on western exchanges, but ranks among the top producers of gold in the world, producing 88.9 tons of the precious metal in 2023.
The company has been in operation since the 1960s, producing its first gold ingot in 1969 from its Muruntau mine. Muruntau is the fifth deepest open-pit mine in the world, and hosts one of the single largest deposits of gold.
The company is working to expand its production to over 3 million ounces of gold per year and expects to achieve that goal in 2025. In 2024, the company has an exploration budget of over US$100 million.
6. AngloGold Ashanti (NYSE:AU,ASX:AGG)
Production: 82 tons
Producing 82 tons of gold in 2023, AngloGold Ashanti has nine gold operations in seven countries across three continents, as well as numerous exploration projects around the world. The bulk of AngloGold's production came from its African operations, which produced 1.54 million ounces, 59 percent of the company’s total production, in 2023.
In 2023, the company saw a slight decline in gold production. It fell 3 percent to hit 2.59 million ounces, down from 2.67 million ounces in 2022. Despite the decrease, production came in above AngloGold's guidance range.
In its first half 2024 earnings report, AngloGold Ashanti said it had produced 1.25 million ounces of gold and set its guidance for the year at 2.59 to 2.79 million ounces of gold.
7. Gold Fields (NYSE:GFI)
Production: 71.7 tons
Gold Fields comes in at number seven with gold production for 2023 totaling 71.7 tons. The company is a globally diversified gold producer with nine operating mines in Australia, Chile, Peru, West Africa and South Africa.
Gold Fields and AngloGold Ashanti recently joined forces to combine their Ghana exploration holdings and create what the companies claim will be Africa's biggest gold mine. The joint venture has the potential to produce an annual average of 900,000 ounces (or 28.1 tons) of gold over its first five years of operation.
The company’s output guidance for 2024 is in the range of 2.33 million to 2.43 million ounces, or 72.8 to 75.9 tons.
On August 12, Gold Fields announced it would be acquiring Canada's Osisko mining for US$1.6 billion. In 2023, Osisko produced 2.94 million ounces of gold.
8. Kinross Gold (TSX:K,NYSE:KGC)
Production: 67 tons
Kinross Gold has six mining operations across the Americas (Brazil, Chile, Canada and the US) and East Africa (Mauritania). Its largest producing mines are the Tasiast gold mine in Mauritania and the Paracatu gold mine in Brazil.
In 2023, Kinross produced 67 tons of gold, up 10 percent from its 2022 production level. The company attributed this increase to higher production levels at its La Coipa mine in Chile, as well as to higher mill grades at Tasiast.
In its second quarter results, Kinross reported that it was on track to meet its 2024 guidance of 2.1 million ounces.
9. Freeport-McMoRan (NYSE:FCX)
Production: 62 tons
Better known for its copper production, Freeport-McMoRan produced 62 tons of gold in 2023. The vast majority originated from the company's Grasberg mine in Indonesia, which is the world's second largest gold mine by production.
In its 2023 results, Freeport-McMoRan states that long-term mine development activities are ongoing at Grasberg's Kucing Liar deposit. The company anticipates that the deposit will ultimately produce more than 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041.
In its second quarter 2024 earnings report, the company announced that it had lowered its guidance to 1.8 million ounces. The new amount represents an adjustment of 150,000 ounces as a result of changes in mine sequencing due to wet conditions at its Grasberg block cave underground mine.
10. Solidcore Resources (AIX:CORE)
Production: 53.72 tons
Formerly known as Polymetal International, Solidcore Resources is a gold-producing company with two operating mines in Kazakhstan. The company had several more operational assets in Russia, but sold them off during the first quarter of this year, a move that will significantly reduce its output in 2024.
Including its Russian mines, the company produced 1.71 million ounces of gold in 2023, but saw decreases at its core Kazakh operations of Kyzyl and Varvara due to reduced grading. Solidcore's guidance for 2024 is about 475,000 ounces of gold equivalent from its remaining assets, which produced 486,000 ounces in 2023.
Though production at its principal operations declined last year, the company’s ore reserves in Kazakhstan increased by 3 percent during the period to reach 11.6 million gold equivalent ounces.
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.
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