Marvel Discovery Corp. (TSXV:MARV)(Frankfurt:O4T)(OTCQB:MARVF) ("Marvel" or the "Company") is pleased to announce that the Company is planning a till sampling exploration program at its Victoria Lake Property for Q2 2024. The project is being planned as a follow-up to reconnaissance till and soil sampling completed in 2023 that identified anomalous gold. The Victoria Lake Property is situated over more than 15 kilometres of the Victoria Lake Shear Zone (VLSZ), part of an extensive fault corridor within Central Newfoundland that Honsberger et al. (2022)1 identified as emerging as one of the most prospective orogenic gold domains in Atlantic Canada. The project will further follow up on the second highest regional gold-in-till sample identified by the Newfoundland Geoscience Atlas, which reported 785 ppb Au from a sample collected within Marvel's Victoria Lake project
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Marvel Discovery receives TSX-V OK for BVBL disposition
Marvel Discovery Corp. (TSXV: MARV), (FWB: O4T), (OTCQB: MARVF) ("Marvel" or the "Company") is pleased to announce that it has received final approval from the TSX Venture Exchange (the "TSXV") of its previously announced disposition of the Company's Baie Verte Brompton Line ("BVBL") property. Further to its news releases dated June 8, 2023 and September 7, 2023, the Company entered into an option agreement with Carmanah Minerals Corp. ("Carmanah") whereby the Company granted Carmanah the option to earn a 100% interest in Falcon's BVBL property. The TSXV has informed the Company that all conditions have been met for final approval, including the filing of a National Instrument 43-101 technical report in respect of the BVBL property, have now been satisfied.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for more than 25 years, is a Canadian-based emerging resource company. The Company is systematically exploring its extensive property positions in: dot Newfoundland (Gander East, Gander South, Victoria Lake, Baie Verte, and Hope Brook Au Prospects) dot Atikokan, Ontario (BlackFly Au Prospect) dot Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect) dot Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect) dot Prince George, British Columbia (Wicheeda North Rare Earth Elements Prospect)
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani" Karim Rayani
President & Chief Executive Officer, Director
Tel: 604 716 0551
Email: k@r7.capital
Website: www.marveldiscovery.ca
Twitter: @marveldcorp
Facebook: @marveldiscoverycorp
LinkedIn: @marveldiscoverycorp
Instagram: @marveldiscoverycorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Disclaimer for Forward-Looking Information: Certain statements in this release are forward-looking statements that reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: the completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political, and social uncertainties, and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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Marvel Discovery
Overview
Project diversity has become one of the resource industry’s best strategies for minimizing risks and maximizing exposure to exceptional discoveries in mineral exploration projects. Companies with a diversified portfolio covering battery metals, gold, energy and rare earth elements demonstrate that mining players don’t always have to put all their eggs in one basket.
Diversification across world-class mining countries, like Canada, presents even more exceptional economic upside. Investors can gain exposure from Ontario’s prolific multi-million-ounce gold camps while leveraging the country’s hottest iron and copper mines in Newfoundland and Labrador. With the right company, operating a broad portfolio can mitigate risk without foregoing the opportunity for serious growth.
Marvel Discovery (TSXV:MARV) is a Canadian mineral exploration company focused on generating, acquiring and exploring diverse mineral opportunities across Canada. The company holds a robust project portfolio covering gold, uranium, rare earth elements (REE), lithium, nickel, platinum group elements (PGE) and battery metals.
The company’s projects host mineral richness across a wide spectrum of metals and leverage lengthy histories of mining and exploration in prolific jurisdictions, of which many are seeing an exciting revitalization.
Marvel Discovery’s outstanding gold project portfolio gives the company even more upside potential. Leveraging advantageous positioning in two of Canada’s hottest gold mining provinces, the company has identified and acquired multiple promising gold assets. They include the Blackfly project in Ontario, and the Slip, Gander, Golden Brook and Victoria Lake gold projects in Newfoundland and Labrador. Its gold portfolio poses exceptional exploration and high-grade gold mineralization opportunities.
Marvel Discovery’s Blackfly gold property is located in the historic Atikokan district in Ontario. Blackfly is strategically positioned in one of the province’s earliest gold camps and in proximity to Agnico Eagle’s Hammond Reef gold deposit, which has an estimated open-pit mineral reserve of 3.3 million ounces (Moz) of gold (123.5 million tons grading 0.84 g/t gold).
The Slip Gold project is 10 kilometers west of Newfound Gold’s (TSXV:NFG) Queensway project, the largest-ever consolidation of property within the Central Newfoundland gold belt. Drill results at Queensway demonstrate its potential to be a significant high-grade gold discovery. Historic work at Slip Gold indicates that both Queensway and Slip Gold are hosted in similar structural settings.
The Victoria Lake gold projects, Victoria Lake and Victoria Lake Southwest, in Newfoundland further contribute to the company’s gold portfolio. Historic work at Victoria Lake has indicated it is hosted within similar structural settings to Marathon Gold’s (TSX:MOZ) Valentine Lake gold deposit, which is only 18 kilometers away. Valentine Lake is poised to be the largest gold mine in Atlantic Canada. Preliminary grab samples from Victoria Lake ranged in value from 15.5 grams per ton (g/t) to 24.9 g/t gold and 18.6 g/t to 139.9 g/t silver.
Marvel Discovery’s Victoria Lake Southwest project is a 6,325-hectare land position contiguous to the Falcon Gold, Benton Resources and Buchans Minerals land package. Victoria Lake Southwest includes 253 new gold claims near existing prolific deposits, such as Matador Mining’s Cape Ray deposits, which host 837,000 ounces of gold. Additionally, it’s positioned 40 kilometers west of the Valentine gold deposit which hosts 6.8 Moz of gold.
The company Marvel has formed a strategic partnership with Falcon Gold to explore prospective claims acquired in the Hope Brook and Baie Verte Brompton Districts. The combined total of both projects covers 115,170 hectares and will be explored together on a 50-50 joint venture basis. This alliance further empowers Marvel and Falcon to work together sharing in the potential upside of this impressive land package while reducing costs and capital.
Marvel Discovery’s projects also include four rare earths, nickel and uranium projects that span across the entire country. This diverse spread of assets includes the Wicheeda North, Duhamel, East Bull and Highway North properties. The projects offer the company excellent exposure to Canada’s most prospective base and battery metal mining jurisdictions, including Ontario, British Columbia, Quebec and Saskatchewan.
At the Duhamel project, time-domain electromagnetic (TDEM) surveys that were completed identified high-priority targets, which prompted Marvel to send in a field crew for follow-up.
Future plans for the company include listing Power One, a spin-off company and previous subsidiary, to take ownership of its Serpent Rivers Pecors uranium project and the Wicheeda REE property.
In March 2022, Marvel acquired two large claim groups, the KLR and Walker, which provided the company with a highly advantageous position along the Key Lake fault adjoining both Cameco and Fission's property boundaries. The two claim groups collectively cover 14,190 hectares along the east, north and northwestern directions.Company Highlights
- Marvel Discovery focuses on generating, acquiring and exploring opportunities in Canada. The company’s robust project portfolio includes 10 highly prospective properties covering lithium, uranium, gold, nickel, rare earth elements and titanium.
- The company's portfolio provides substantial exposure and mineral diversity, covering the most prolific mining jurisdictions in the country, which include Ontario, Quebec, British Columbia, Saskatchewan, and Newfoundland and Labrador.
- Marvel Discovery holds six highly prospective gold properties, including the high-grade Blackfly gold property, which is near Agnico Eagles' Hammond Reef deposit in Ontario, estimated to hold an open-pit mineral reserve of 3.3 million ounces of gold. The company is one of the largest landholders of claims in Central Newfoundland, which are tied to the deposits of New Found Gold and Marathon Gold. These projects position the company exceptionally well for significant gold discovery and development opportunities.
- Marvel Discovery boasts a robust management team with years of experience and a proven track record in corporate finance, project development and resource-based operations.
- Marvel Discovery is in the process of listing its equity holding Power One Resources, a spin-off company for its uranium/nickel project. Marvel has reserved the trading symbol PWRO, and generally stands ready to list on the TSXV once the listing application is accepted.
- Marvel Discovery is actively exploring the Highway North, KLR & Walker Claims properties that lie within the Wollaston-Mudjactic Transition Zone of the eastern Athabasca Basin. The properties adjoin both Cameco's and Fission's property boundaries.
- The company has a joint venture agreement with Carmanah Minerals to earn a 50-percent interest in the Walker Claims located in the Athabasca Basin, Saskatchewan. Marvel holds a considerable share position now in Carmanah and will be the operator.
Key Projects
Highway North, KLR & Walker Claims - Athabasca Basin
Marvel Discovery’s uranium property in Saskatchewan lies along the Key Lake fault adjoining both Cameco’s (TSX:CCO) and Fission’s (TSX:FCU) property boundaries. The company now owns a total of 17,612 hectares within the Wollaston-Mudjactic Transition Zone , following its acquisition of the KLR and Walker Claims covering 14,190 hectares along the east, north and northwestern directions.
- Diamond Drilling Program Completed: Marvel received the necessary permits to complete an inaugural diamond drilling program at the DD and Highway Zone within the KLR-Walker Uranium project. A total of 1,343 meters were completed through six diamond drill holes. Two holes were completed at the Highway Zone and four holes were completed at the DD Zone. Each drill hole has an average length of 224 meters.
- Encouraging Historical Production: Highway North Claims contain two known mineralizations. The Key Lake deposit has previously produced 4.2 Mt of product with an average grade of 2.1 percent U3O8. Additionally, only 21 drill holes have been drilled between 1980 and 2008, which verify the presence of uranium but left much of the asset unexplored.
- Walker Claims Indicate Additional Uranium: Collectively known as the Walker Claims, this claim group covers 10,595 hectares and is contiguous to the Fission 3.0 Hobo Lake uranium assets. This claim group hosts 10 uranium showings and several unexplored EM targets.
- Joint Venture with Carmanah Minerals: Marvel Discovery’s joint venture agreement with Carmanah Minerals. (CSE:CARM) allows it to earn a 50-percent interest in the Walker Claims. Marvel and Carmanah would each own 50 percent of the project with Carmanah funding $1.5 million in exploration expenditures, paying $400,000 in cash, and issuing 3.5 million shares and 3.5 million warrants.
- Costigan Lake Acquisition: Marvel has entered into an agreement to acquire the Costigan Lake Uranium project, which covers 5,518 hectares located on the eastern side of the Athabasca Basin. The acquisition enhances Marvel's land portfolio of uranium holdings at Key Lake, which is adjacent to Cameco, F3 Uranium, Skyharbour and Abasca Resources, and increases the company's footprint to four distinct projects covering more than 23,130 hectares.
Newfoundland and Labrador Gold Projects
Marvel Discovery has more than 115,000 hectares of gold assets throughout Newfoundland and Labrador. Its Golden Brook assets, which include Hope Brook and Baie Verte properties, are a joint venture partnership with Falcon Gold Corp. Its additional assets in the province are systematically being explored for high-grade gold deposits.
- Golden Brook JV (Marvel – Falcon) Gold:
- The Golden Brook is a large land package hosting crustal-scale structures. Falcon has formed a strategic partnership with Marvel Discovery Corp. with the goal of exploring prospective claims recently acquired in the Hope Brook and Baie Verte Brompton Districts. The combined total of both projects covers 115,170 hectares and will be explored together on a 50-50 joint venture basis.
- The Hope Brook Zone is 10 kilometers away from Sokoman-Benton’s new high-grade lithium discovery. The 35 grab and chip samples noted in the Sokoman-Benton NR were collected over a 2-kilometer distance. Initial permits for the first phase of exploration on the company’s Hope Brook project include high-resolution magnetic gradiometry surveys and prospecting crews to the area.
- The Baie Verte Zone is linked to more than 100 gold prospects and zones and is located near the Four Corners Project held by Triple Nine Resources. The Four Corners Project consists of iron-titanium-vanadium mineralized rock which has been outlined for 3,000 meters in strike with intercepts 200 meters wide and 600 meters vertically. The project contains sufficient tonnage and grades to warrant developing a world-class mineral resource.
- Assay results from the late spring, early summer 2023 exploration program conducted over the Gun Flap Hill project located in Southern Newfoundland covering the northwestern portion of the Golden Brook Property identified multiple anomalies from rock samples, including copper-tantalum-vanadium, gold, nickel-chromium, multiple critical and rare elements including lithium, tantalum, cerium, lanthanum and strontium.
- Gander Zone (South, North, East) Gold: Composed of 28,950 hectares and contiguous to New Found Gold and Sassy Resources. Marvel is a major landholder within the central Newfoundland gold belt.
- The Gander South claims lie along the highly prospective northeast trending Dog Bay-Appleton-Grub Line fault system, where Newfound Gold’s (TSXV:NFG) Queensway Gold project is located.
- Gander completed a structural interpretation of the high-resolution magnetic survey at the 6,850-hectare Gander East strategically located in the Exploits Subzone and the Gander Zone and is contiguous to New Found Gold Corp’s Queensway Project.
- The company initiated a summer 2023 surface exploration program aimed to complete a till sampling program over a high-priority target associated with north-northeast-trending structures.
- Slip Gold Project: The Slip Gold project has similar structural settings to New Found Gold’s Queensway project. It is host to gold mineralization within altered intrusive rocks and quartz veins historically sampling up to 44.5 g/t gold on surface.
- The Slip Gold project spans approximately 3,700 hectares and leverages strategic positioning within the Exploits Subzone, a hotspot for a potential district-scale gold camp.
- It is tied to Marathon Gold, which is Northern Atlantic’s largest gold deposit, hovering around 4.6 Moz.
- Victoria Lake Gold Project: The Victoria Lake Gold Project is contiguous with Marathon Gold’s Valentine Lake 4-Moz gold deposit. Sampling and prospecting in 1995 from Vein #3 reported one grab sample assaying 162.7 g/t gold and 220.8 g/t silver and exhibiting similar-style gold-bearing veins within regional structural corridors. Assay results from reconnaissance till and soil sampling at the Victoria Lake Property identified multiple anomalies, including gold, barium, copper, zinc and tin. Soil geochemistry highlights include 21.7 percent of soil samples reported anomalous gold-in-soil, 16.7 percent of samples reported anomalous copper and 5 percent of samples reported anomalous zinc.
- Victoria Lake Southwest Project: This new land position, called Victoria Southwest, consists of 253 claims (6,325 hectares) and is contiguous to Falcon Gold and Benton Resources.
- The property is positioned 40 kilometers west of the Valentine gold deposit that hosts 6.8 Moz of gold. Falcon has immediate plans to begin high-resolution magnetic surveys upon approval of exploration permits.
- Benton Resources prospected the area, identifying abundant mineralized quartz vein material containing trace- to several-percent sulfides. Analysis of these grab samples assayed between 1.65 g/t to 18.2 g/t gold and between 5.4 g/t to 87.10 g/t silver in subcrop samples.
Quebec Battery Metals - Duhamel Property
The Duhamel property is located 200 kilometers northwest of the city of Saguenay, Quebec, in the Saguenay-Lac-Saint-Jean region currently containing seven occurrences of nickel-copper-cobalt sulphides and one titanium-vanadium-chromium occurrence.
- Promising Drill Results: Drill intercept highlights in the property include 1.27 percent nickel, 0.33 percent copper, and 0.12 percent cobalt over 3 meters by Virginia Gold Mines in 2000 that contained massive sulfides.
- Extended Holding Following TDEM Exploration: In 2022, Marvel received the heliborne magnetic and TDEM survey results over the Duhamel nickel-copper-cobalt and titanium-vanadium-chromium property, prompting the company to expand its land holding in the Saguenay-Lac-Saint-Jean Anorthosite Suite from 42 claims to 102 claims for a total of 5,300 hectares for staking costs.
- Follow-up Sampling Pending Results: The completed TDEM surveys highlighted high-priority targets, resulting in Marvel sending in a follow-up field crew. The crew used a portable XRF instrument to confirm ultramafic rocks containing nickel, cobalt and copper. Samples from the ground crew are presently awaiting lab analysis.
In 2022, the company applied for a drill program on the Duhamel nickel-copper-cobalt-platinum group property and a notice was sent to the Nitassinan de Mashteuiatsh First Nation for their review. Marvel Discovery received its first drill permit on Duhamel Ni-Cu-Co and Ti-V-Cr property. Following the interpretation of the TDEM and magnetic airborne survey, Marvel increased its land position in the Saguenay-Lac-Saint-Jean Anorthosite suite from 42 claims to 102 claims for a total of 5,300 hectares. The company intends to drill up to 15 holes totaling 2,000 meters targeting both the Houliere and Duhamel Zones.
Ontario Properties
Marvel Discovery’s Ontario properties include a variety of mineral deposits, including gold, nickel and PGEs. Many of the assets are in close proximity to existing known deposits and producing mines, indicating the potential of the company’s Ontario properties to become world-class mines.
- Blackfly Gold Property: The Blackfly gold property comprises 64 unpatented mining claims totaling 1,296 hectares near the historical Atikokan gold camp in Ontario, Canada. The company has already completed phase 1 drilling, with assays up to 50.6 g/t gold. The property is located along and within the Marmion Lake fault zone, approximately 13.6 kilometers southwest along the strike of Agnico Eagle’s Hammond Reef gold deposit, which has an estimated 208 million tons (Mt) grading 0.67 g/t gold containing 4.5 Moz of gold.
- Assays from phase 1 drilling indicate high-grade gold throughout the property, with assays including:
- Black Fly Northeast Zone: Drill hole BF21-19 intersected multiple gold domains, including 50.60 g/t gold over 0.50 meters from 39.20 to 39.70 meters and together with hole BF21-18, extends the Black Fly Northeast Zone by 130 meters to the northeast.
- Black Fly Main Zone: Drill hole BF21-13 intersected 1.06 g/t gold over 9.3 meters from 14.30 to 27.70 meters. Drill hole BF21-16 intersected 0.79 g/t gold over 7.70 meters from 7.30 to 15 meters. Drill hole BF21-14 intersected a broad mineralized zone with 18.20 meters grading 0.21 g/t gold, including 1.74 g/t gold over 1 meter.
- Mosquito Zone: Drill hole BF21-15 intersected multiple gold domains, including 1.96 g/t gold over 0.30 meters from 7.70 to 8 meters, corresponding to the 2021 discovery of up to 52.50 g/t gold in a grab sample. Visible gold was noted in this drill hole at 7.70 to 8 meters depth.
- Initial work documented by D.K. Burke in 1941 reported two gold vein shoots to the north and south of the property. The southern shoot averaged 11.90 g/t gold over a thickness of 0.33 meters along a strike of 21.60 meters and the northern shoot averaged 13.44 g/t gold over 0.27 meters within a 32-meter strike length.
- The project presents exciting exploration potential as a high-grade system that has never been drilled to depth. Marvel has the option to earn 100 percent in the project subject to cash and exploration conditions
- Assays from phase 1 drilling indicate high-grade gold throughout the property, with assays including:
- East Bull Property: Marvel has100-percent interest in the East Bull Property in the East Bull Lake Intrusive Complex, contiguous to Grid Metals’ and Canadian Palladium’s East Bull Lake Palladium Projects east of Elliot Lake, Ontario.
- The claim group consists of 15 mining claims totaling 5,352 hectares. Total magnetic intensity of regional OGS surveys indicates a northwest extension to the EBLI onto Marvel’s ground.
- Drilling in the area by Grid Metals Corp returned intercepts of 77 meters grading 0.80 g/t palladium equivalent in April 2021, and Canadian Palladium’s project hosts a compliant resource of 11.10 Mt grading 1.50 g/t palladium equivalent.
British Columbia – Wicheeda North Project
The Wicheeda North is a rare earth element property that consists of six mineral claims, which encompass 2135.6 ha. in the Cariboo mining division in British Columbia. The property is immediately northwest of the Wicheeda Property, which hosts the Wicheeda Carbonatite, currently being explored by Defense Metals.
- Close Proximity to Producing Mines: The claim block is in proximity of the Defense Metals (TSXV:DEFN) Wicheeda rare earth mineral project, which hosts 4.89 Mt at 3.02 percent light rare earth oxide (LREO) and an inferred resource of 12.1 Mt at 2.90 LREO using a cut off 1.5 percent total metal.
- Assays Indicate Highly Prospective Property: Past exploration on the property includes airborne geophysical surveying from 2010, which successfully mapped Wicheeda’s magnetic and conductive geological properties across a 29.4-square-kilometer area. The property remains highly prospective for Marvel.
Management Team
Karim Rayani - CEO, President and Director
For the past 15 years, Karim Rayani has focused on financing domestic and international mineral exploration and development. Most recently, Rayani was head of Bloomberry Capital, a Vancouver-based merchant bank and capital advisory firm. Before this, he worked independently as a management consultant and financier. Rayani is currently chair of R7 Capital Ventures, director of Fiber Crowne Manufacturing and chair of District 1 Exploration. Rayani has developed an extensive network of contacts throughout North America and Europe, focusing on corporate development and finance.
Brian Crawford - Chief Financial Officer and Director
Brian Crawford holds a B.Com. from the University of Toronto and brings extensive experience as a senior financial executive. He has held positions in both public and private companies and has served as a partner in a national firm of chartered professional accountants. Brian is a founder and/or co-founder of several companies currently listed on the TSXV (TSX Venture Exchange) or the CSE (Canadian Securities Exchange). Presently, Brian serves as a director, corporate secretary, and/or CFO of multiple TSXV or CSE listed companies, which include Colibri Resource Corporation, Searchlight Resources, CBLT, and Tempus Capital.
Fraser Rieche - Director
Fraser Rieche has a bachelor of arts in economics and has 25 years of experience in international project management, logistics planning and corporate finance. Rieche has worked with resource-based industries and financial institutions worldwide. He has helped develop and finance mining projects in both North America and South America, along with energy, oil and gas, fisheries and forestry projects in many different areas of the world.
Diana Alvarez - Corporate Secretary, Director
Diana Alvarez is a paralegal with 15 years of experience working in corporate and securities law. Having worked for some of the leading law firms in Vancouver, she is well-versed in corporate compliance, governance and administration of publicly traded companies. Alvarez has spent her career focused on resource issuers and has a diploma in paralegal studies.
Dr. Peter Born - Director
Dr. Peter Born is a registered geologist with the Professional Geoscientists of Ontario and a fellow of the Geological Association of Canada. Born completed his Ph.D. at Carleton University in Earth Sciences and holds a Master of Science (M.Sc.), geological and earth sciences, from Laurentian University
His extensive experience spans 35 years in exploration, modelling, and feasibility studies. He has held many senior geologist positions which include Western Mining, where he modeled mineralization on the 5-Moz Meliadine gold deposit in Nunavut. He was with Echo Bay Mines, contributing to the 1-Moz Aquarius gold deposit east of Timmins, Ontario. Dr. Born brings decades of experience from the Abitibi greenstone and gold belt in Ontario and Quebec, and in particular, the 80-Moz gold camp of Timmins in Northern Ontario, Canada.
Marvel Resumes Exploration of Gold Anomaly at Victoria Lake
Karim Rayani, Chief Executive Officer, commented; "Results from Marvel's 2023 reconnaissance till and soil sampling program were very exciting, and identified multiple gold anomalies within the western part of the property. The reconnaissance program was intended to investigate the potential for structures associated with the Cape Ray Fault Zone and Victoria Lake Shear Zone. Anomalous gold was identified in over 20% of the 2023 samples, and our 2024 program will follow up with more detailed sampling over anomalous zones. The project is located over an extensive fault and shear zone corridor which is host to numerous gold occurrences that include the nearby Valentine Gold Project. Recent news of the acquisition of the Valentine Gold Project, we believe, is a reaffirmation of our views that this entire area has immense potential for further discovery, and the reason Marvel acquired such a significant land holding. Marvel's substantial position in this camp is second only to Calibre (see Figure 1), and includes the crucial southwest extension of the Victoria Lake Shear Zone and fault corridor. In recent months we have announced a strategic reduction of some of Marvel's holdings in the Province of Newfoundland and Labrador, as we focus on our core holdings. The Victoria Lake Project is now regarded as one of our highest priority projects within the province. As gold prices surge and global uncertainties persist, our bullish outlook on gold has never been stronger, and we remain committed to and focused on the acquisition and exploration of Tier One Projects. Exploring a significant portion of one of Newfoundland's most prospective gold-bearing structures is not only thrilling but a discovery at Victoria Lake has the potential to transform Marvel and benefit our loyal shareholders."
Results from Marvel's spring 2023 program were reported on August 14, 2023 (see press release dated August 14, 2023). The 2023 exploration program conducted till sampling over two geological targets as part of the Company's investigation of the potential for structures associated with the Cape Ray Fault - Victoria Lake Shear Zone corridor. Marvel plans to complete an enhanced program of till sampling over the area in late spring-early summer 2024 and will follow up with additional sampling in areas where anomalous gold was identified. The second highest regional gold-in-till sample in the Newfoundland Geoscience Atlas database which reported 785 ppb Au was collected from within Marvel's Victoria Lake project, and the north survey grid for 2024 is intended to follow up on this historic high-grade anomaly.
Figure 1. Location of Marvel's Victoria Lake Property and Calibre Mining Corp's Valentine Gold Project in Central Newfoundland, Canada.
The Cape Ray Fault is an extensive fault corridor that is well recognized as being highly fertile for structural gold mineralization and is host to well-known gold occurrences that include the Cape Ray Deposit, the Valentine Gold Deposit, and the Wilding Lake Prospect. Marvel's Victoria Lake Property represents one of the largest land packages on strike and contiguous to Calibre Mining Corp.'s ("Calibre") Valentine Gold Project. The recent purchase of Marathon by Calibre (Calibre Mining Completes Acquisition of Marathon Gold - Junior Mining Network) marked a significant milestone for this entire area with their intention for an accelerated mine development phase. The Valentine Gold Project is anticipated to contribute an expected annual gold production of 195,000 ounces at a cost of USD$1,007 per ounce during the first 12 years of production starting in 2025. (https://calibremining.com/news/calibre-and-marathon-announce-combination-to-creat-6555/) The Valentine Lake shear zone plays a pivotal role in hosting gold mineralization within this entire camp with ongoing exploration and studies providing a greater understanding of this regional scale structure (https://journals.lib.unb.ca/index.php/ag/article/view/32972). Marvel's detailed studies of this area have demonstrated the potential for the continuation of this major structure to continue across the Victoria Lake Property (see Figure 2).
Figure 2. Total Magnetic Intensity Map of Victoria Lake Regional Area Showing Interpreted Location of Valentine Lake Shear Zone and Documented Gold Occurrences
Qualified Person
Greg Robinson, P.Geo., an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.
The QP and the Company have not completed sufficient work to verify the historical information on the properties comprising the Victoria Lake Shear Zone, particularly regarding historical exploration, neighbouring companies, and government geological work. The QP and the Company further acknowledge that the presence of mineral occurrences within property adjacent to Marvel's Victoria Lake Property cannot be used as an indication for mineralization to occur within Marvel's property itself.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for more than 25 years, is a Canadian-based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Gander East, Gander South, Victoria Lake, Baie Verte, and Hope Brook
- Au Prospects) - Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect)
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President & Chief Executive Officer, Director
Tel: 604 716 0551
Email: k@r7.capital
Website: www.marveldiscovery.ca
Twitter: @marveldcorp
Facebook: @marveldiscoverycorp
LinkedIn: @marveldiscoverycorp
Instagram: @marveldiscoverycorp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements that reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: the completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political, and social uncertainties, and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
1. Honsbergerm I.W. , Bleeker, W., Kamo, S.L., Sandeman, H.A.I., Evans, D.T.W., Rogers, N., van Staal, C.R., and
Dunning, G.R. (2022) Latest Silurian syntectonic sedimentation and magmatism and Early Devonian orogenic gold mineralization, central Newfoundland Appalachians, Canada: Setting, structure, lithogeochemistry, and high-precision U-Pb geochronology. Geological Society of America Bulletin, March 2022, 25 pages. http://pubs.geoscienceworld.org/gsa/gsabulletin/article-pdf/doi/10.1130/B36083.1/5557466/b36083.pdf
SOURCE:Marvel Discovery Corp.
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Marvel Completes Drilling at Duhamel, Nickel-Copper-Cobalt Project, North of Quebec City
Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report that the Company has completed drilling operations on its Ni-Cu-Co and Ti-V-Cr Duhamel property (the " Property ") located 350 kilometers (km) north of Quebec City, QC (Figure 1
Karim Rayani, Chief Executive Officer , states , "We are thrilled with the results of our inaugural drill campaign at our Duhamel project. Every hole was successful in intersecting our interpreted target horizons -intersecting disseminated, semi-massive and/or massive sulfide zones. At this state we have decided to pause our drilling operations and now will focus our efforts on both field and desktop studies to help us gain a better understanding of both the genesis and structural setting of these exciting massive sulfide zones. While we wait for assays on all holes, we will be conducting low frequency Borehole and Surface Time Domain Electromagnetics to assist with future targeting areas. Our field geologist is most excited with these initial results and seeing mineralized textures suggestive of these sulfides being part of a much larger sulfide pool, and we eagerly anticipate the Geophysical results to help us vector towards the higher conductance and thicker sulfide zones."
Phase 1 drilling consisted of 5 holes totaling 1,218m ( table 1 ), which targeted numerous priority airborne and ground EM conductors within the Houlière block (figure 2 ). Historical work within the Property and surrounding areas have shown these conductors are the primary target horizons.
Several sulfide-rich mineralization intervals were intersected on the five drillholes which drilled into mafic-ultramafic magmatic rocks suite located in the margin of a large anorthosite body named Saguenay Lac-Saint- Jean SLSJ Anorthosite Suite.
The first hole drilled, DU24-01, intersected a wide, 33.0m, interval of disseminated sulfide mineralization from a hole depth 69.0m- 102.0m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-60cm hosted in mafic-ultramafic magmatic rocks. Other sulfide mineralization intervals were intersected in hole DU24-01 and they are at 120.5m (5.5m), at 134m (1.0m); at 143.0m (11.3m), at 159.1m (1.6m), at 172.2m (2.4m), at 204.5m (1.6m), at 226.6m (0.7m), at 239.8m (0.3m), at 244.3m (1.0m), at 258.6m (1.5m), and at 314.2m (2 cm wide). An example of one of these massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-01 is highlighted in figure 3. Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
The second hole drilled, DU24-02, intersected a wide, 13.9m, interval of disseminated sulfides mineralization from a hole depth 7.5m- 21.4m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-70cm. An example of one of these semi-massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-02 is highlighted in figure 4. Other same disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-40cm were intersected at 32.0 (0.8m), at 37.8m (5.9m), at 99.8m (3.6m), at 135.8m (7.6m), at 169.8m (18.2m), and at 231.2m (5.7m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole some of which contains sulfides clusters and stringers.
Hole DU24-03, intersected a wide, 10.3m, interval of disseminated mineralization from a hole depth 88.6m - 98.9m and within this are semi-massive sulfide stringers and clusters zones ranging from widths of 10-50cm. Other same disseminated mineralized intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-80cm were intersected at 111.3m (2.5m), and at 121.5m (2.0m). Semi-massive and massive Fe-Ti oxide (MOX) bands ticking up to several meters in width were also intersected in this hole.
The Hole DU24-04 intersected a wide, 17.3m, interval of disseminated sulfides mineralization from a hole depth 21.7m - 39.0m and within this are semi-massive stringers zone 10cm-90cm. Noteworthy within hole DU24-04 is a significant vein of massive chalcopyrite with pyrrhotite mineralization over the interval of 79.7m - 80.1m which is highlighted in figure 5. Other same disseminated sulfide intervals with semi-massive stringers zones ranging from widths of 5cm-70cm were intersected at 71.9m (2.0m), at 76.0m (2.1m), at 89.2m (3.6m), and at 104m (1.3m).
The hole drilled, DU24-05, intersected a wide, 10.8m, interval of disseminated sulfides mineralization from a hole depth 115.0m - 125.8m and within this are semi-massive stringers and massive sulfide zones ranging from widths of 10cm-120cm. An example of these massive sulfide bands with shows a potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-05 is highlighted in figure 6 to 8. Other disseminated sulfides intervals with semi-massive stringers and massive sulfide zones ranging from widths of 5cm-120cm were intersected at 57.4m (4.4m), at 95.1m (5.6m), at 145.8m (6.4m), and at 197.2m (3.8m, open down hole). Fe-Ti oxide (MOX) mineralization as dissemination, as semi-massive and massive iticking up to dozen meters in width were intersected in this hole: at 10.0m (14.5m), at 33.0m (25.6m), at 74.7m (20.4m), and at 110.9m (10.4m). Those contains a potential for titanium and chromium.
Duhamel Project
For general information, the Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulfides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. The recalculation of 100% sulfides gave 2.42% Ni over 0.5m (hole 1279-2001-29 gave 1.4% Ni over 0.5m). Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V 2 O 5 associated with 20.8% T i O 2 and 0.13%Cr 2 0 3 .
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largest anorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government ( Sigeom, Figure 9 ).
Qualified Person
The technical information contained in this report has been reviewed by Jean-Paul Barrette Géo/ P.Geo , an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (39 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Houliere-Duhamel sector and recently made there a compilation of historical works.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland (Gander East, Gander South, Victoria Lake, and Hope Brook, Au- LiProspects .)
- Atikokan, Ontario (BlackFly - Au Prospect )
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/.
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716 0551 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel DiscoveryView the original press release on accesswire.com
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Marvel Closes Final Tranche of Private Placement
Marvel Discovery Corp. (TSXV:MARV)(FSE:O4T)(OTCQB:MARVF) (the "Company") announces that it has closed the final tranche of its previously announced non-brokered private placement (the "Private Placement") by issuing 2,525,000 non flow-through units (the "NFT Units") at $0.04 per NFT Unit for gross proceeds of $101,000 (the "Final Tranche
Each NFT Unit consists of one non flow-through share (an "NFT Share") and one share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire an additional NFT Share at an exercise price of $0.075 per NFT Share for a period of five years.
Pursuant to the Private Placement, the Company issued an aggregate 12,000,000 flow-through units (the "FT Units") at $0.05 per FT Unit and 3,775,000 NFT Units at $0.04 per NFT Unit for aggregate gross proceeds of $751,000.
The gross proceeds from the Final Tranche will be used for general working capital purposes, more specifically for general and administrative expenses (50%) and for exploration and property maintenance (50%). None of the proceeds from the Final Tranche will be used for payments to non-arm's length parties or persons conducting investor relations activities.
All securities issued in connection with the Final Tranche will be subject to a statutory hold period expiring four months and one day after the issuance date. Final acceptance is subject to the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Chief Executive Officer, Director
Tel: 604 716 1036
Email: info@marveldiscovery.ca
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Marvel Discovery Corp.
View the original press release on accesswire.com
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Marvel's CEO Issues Corporate Update Letter to Shareholders
VANCOUVER, BC / ACCESSWIRE/ February 7, 2024 / Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(MARVF:OTCQB); ( "Marvel " or the "Company" ) is pleased to report a corporate update letter in an address to shareholders from its Chief Executive Officer, Karim Rayani.
Dear Shareholders ,
As we embark on a new year, fueled by unwavering determination and a shared vision, we eagerly anticipate not only continuing our ambitious plan of furthering collaborative partnerships but to continue to look for value generation prospects. In the midst of this persistently challenging market landscape, timing remains paramount. The macro environment for precious metals and energy presents unprecedented opportunities, yet a perplexing disparity persists for companies despite the favorable backdrop.
Marvel's core and long-term philosophy remains the same. We are a versatile multi-commodity enterprise, spanning a wide array of valuable resources-from battery metals and energy to precious metals, and this diverse portfolio positions us strategically for future success as demand returns. We continue to strengthen the value proposition, with a strategic focus on both advancement and acquisition. Our portfolio spans a diverse range which makes us a unique proposition compared to our peers, especially in our market capitalization.
Notably, we've recently expanded our land holdings at the KLR-Walker Uranium Project in the Athabasca Basin , an area renowned for hosting the world's highest-grade uranium mines. This expansion positions us alongside industry giants such as Cameco and Fission , underscoring our commitment to unlocking the immense potential of uranium. Additionally, our presence in the Wollaston-Mudjactic Transition Zone aligns us with the success stories of basement-hosted uranium deposits, exemplified by NexGen Energy's Arrow Deposit -the largest undeveloped uranium deposit in Canada. Marvel is also uniquely positioned having one of the largest land positions next door to Atlantic's largest gold deposit - Valentine deposit, previously held by Marathon Gold, now purchased by Caliber Mining (January 24, 2024). As we continue to explore and develop our mineral assets, we remain steadfast in our pursuit of excellence and growth. This combined with our Nickel, Cobalt and Copper prospects in Quebec, Rare Earth projects in BC, and Gold Projects throughout Newfoundland and Ontario, make us uniquely positioned.
Highlights of our recent work include:
- Marvel Acquires Costigan Lake Uranium Prospect, at Key Lake, adjacent to F3 Uranium, receives a strategic investment from Denison Mines of 15 million.
- Advanced the KLR and Highway Uranium project , completing 1800 meters of successful drilling. Phase 2 being planned for 2024.
- Duhamel Project, Nickel, Cobalt, and Copper prospect - Drilling is currently still ongoing. Where one historical drill hole drilled in 2000 intersected .064 Ni, .029 Cu, .06 Co over 4m., approx. 2.56 m (true width) which included 0.90 Ni, 0.40 Cu, and .08 Co over 2.66 m (1.71 m true width) and also included 1.55% Ni, 0.31 Cu and 0,14 Co over 0.64 true width from hole 1279-00-01 (from 21m to 25m) along a 400m wide target (See press release dated 2024-01-23).
- Marvel holds one of the largest contiguous claim groups to Defense Metals Rare Earth project near Prince George, BC.
- Marvel creates spin off Power One Resources Corp., Battery Metals Focus (Nickel near Elliott Lake Ontario, Symbol PWRO.V.
- Marvel sells BVBL (Newfoundland) to Carmanah Minerals Corp. (CSE: CARM).
- Completes first Phase Exploration at Hope Brook, adjacent to Benton - Sokoman's Lithium Discovery.
Marvel has that decided it will not be proceeding with its green fields prospects in Newfoundland, the Valentine South West, Slip, and Gander area prospects to enable the Company to focus resources on its more advanced prospects at Hope Brook, where Piedmont Lithium recently acquired a sizable interest in the neighboring project from Benton Resources, and its Victoria Lake Project adjacent to Caliber Mining's recent purchase of Marathon's Golds Valentine Deposit.
Marvel is opportunistically positioned in the Battery Metals, Rare Earth, Gold and Energy (Uranium) sectors.
Current Joint Ventures and Asset Sale
- Marvel Joint Ventures Walker Creek Claims to Carmanah Minerals Corp. (CSE: CARM), Marvel holds a significant position in Carmanah Minerals.
- Marvel sells its BVBL- Baie Verte Brompton projects to Carmanah Minerals Corp.
- Marvel/ Falcon form Joint Alliance at Hope Brook (Golden Brook Project) to share in exploration expenditures.
Marvel Project Portfolio
- Blackfly Gold Project Adjacent to Agnico Eagle Hammond Reef Deposit, Ontario.
- Wicheeda Project, Rare Earth Elements , Prince George B.C., adjacent to Defence Metals REE project.
- Duhamel Project Quebec, Nickel Cobalt Copper - Exploration On-Going.
- East Bull, Nickel PGE's, Ontario Contiguous to Grid Metals and Power One Marvel Spin-Off.
- Hope Brook, Joint Alliance with Falcon Gold, adjacent to First Mining and Matador Deposits, recent work identified the Kraken Zone adjacent to Benton Lithium Discovery.
- KLR and Walker Uranium Projects, tied to Cameco's Key Lake Mine and Mill Complex., optioned the Walker Creek to Carmanah Minerals on a 50-50 joint venture once the earn in has been achieved.
- Highway Zone Uranium project, Key Lake. Adjacent to KLR.
- Victoria Lake Project, adjacent to Caliber Mining recent acquisition of Marathon's Valentine Gold Deposit.
Joint Ventures, Plan of Arrangement, Subsidiaries
- Power One Resources Corp. Previously wholly owned subsidiary of Marvel (Spin-Off) Listed for trading January 18, 2024. (Marvel holds approximately 15 % of Power One).
- Marvel Creates New Marvel Energy and New Marvel Gold subsidiaries .
- Marvel Joint Ventures Walker Uranium Claims to Carmanah Minerals Corp., 50-50 Joint Venture .
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland, ( Victoria Lake, and Hope Brook, Au- LiProspects.)
- Saskatchewan, (KLR, Highway, Walker Claims Uranium Prospects)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect
- Quebec (Duhamel - Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: 604 716-1036 Email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
SOURCE: Marvel Discovery Corp.
View the original press release on accesswire.com
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Marvel Completes 3 Holes at Duhamel, Nickel-Copper-Cobalt Project North of Quebec City
Marvel Discovery Corp. (TSX-V:MARV)(Frankfurt:O4T)(OTCQB:MARVF); ("Marvel" or the "Company") is pleased to report that the Company has partly completed drilling operations on its Ni-Cu-Co and Ti-V-Cr Duhamel property (the "Property") located 350 kilometers (km) north of Quebec City, QC (Figure 1). The Company previously announced on December 04, 2023,that crews were being mobilized, but due to warmer temperatures an increase in water levels caused extreme flooding in nearby creeks and rivers causing the Company to pause drill operations before the Christmas season
To date, three (3) drill holes have been completed (813m done for total of 1,200m) which are targeting numerous priority airborne and ground EM conductors within the Houlière block (figure 2). Historical work within the Property and surrounding areas have shown these conductors are the primary target horizons.
Within the first target area, one historical hole drilled in 2000, within this 1km long x 400m wide target zone, intersected 0.64% Ni, 0.29% Cu and 0.06% Co over 4m (~2.56m true width) which included 0.90% Ni and 0.40% Cu and 0.08% over 2.66m (1.71m true width and also included 1.55% Ni, 0.31% Cu and 0.14% Co over 1.0 m (0.64 m t.w.) from hole 1279-00-01 (from 21.00 to 25.00 m).
The first hole drilled, DU24-01, intersected a wide, 28.6m, interval of disseminated mineralization from a hole depth 67.8m- 96.8m and within this are semi-massive stringers and massive sulphide zones ranging from widths of 15cm-60cm. An example of one of these massive sulfide bands with shows tremendous potential for nickel, copper, and cobalt mineralization intersected in drillhole DU24-01 is highlighted in figure 3.
Duhamel Project
For general information, the Duhamel Property currently contains seven (7) occurrences of Ni-Cu-Co sulphides and one (1) Fe-Ti-V iron oxide occurrence discovered between 1997 to 2001 by previous operators who defined a 13 km long mineralized rock corridor (Figure 4). Drill intercept highlights include 1.27% Ni, 0.33% Cu, and 0.12% Co over 3.0 meters by Virginia Gold Mines in 2000 that contained massive sulfides. The recalculation of 100% sulfides from gave 2.42% Ni over 0.5m (hole 1279-2001-29 gave 1.4% Ni over 0.5m). Compilation of historic assessment reports to date reveals more than thirty (30) Ni-Cu (Co) and four (4) Fe-Ti (V, Cr) mineral occurrences which confirms this corridor to be highly prospective for new Ni-Cu-Co discoveries, as well as Fe-Ti (Cr, V) discoveries.
Further to the compilation of previously filed assessment reports Marvel recovered from historical data a grab sample (from massive Iron-Titanium Oxides), the result assaying 0.28% V2O5 associated with 20.8% TiO2 and 0.13% Cr203.
The Duhamel project is located between Chutes-des-Passes and Pipmuacan Reservoir deformation zones (or areas) included in central part of Proterozoic Grenville Geological Province (Figure 2). The Duhamel Property is characterized by the presence of large mafic to ultramafic intrusive rock bodies located in northern margin of the Saguenay‐Lac‐Saint‐Jean (SAGLSJ) Anorthosite Suite, one of the largest anorthosite intrusive bodies in the world. The Chute-des-Passes-Pipmuacan reservoir areas contains numerous massive sulfide and iron oxide mineralization occurrences recognized and documented by the Quebec government (Sigeom, Figure 3).
Karim Rayani, Chief Executive Officer, states, "Drilling results planned for late 2023 were delayed due to weather events, however we're pleased with the progress made so early in 2024. All holes to date have intersected our target areas and to see these wide intervals of sulphide mineralization in our first drill-hole is a very good sign. There remains a plethora of Airborne anomalies to follow-up on this project, and we anticipate a very busy exploration season as we follow these up with low frequency TDEM surface surveys. Moving forward we are immediately planning low frequency BHEM surveys on all holes we drill, something never completed in any of the previous exploration campaigns. This will enable us to leave no rock unturned while giving us a greater chance of success by expanding our exploration radius. We remain bullish on Nickel and Copper prices as supply shortages loom, and demand returns as the push towards electrification and greening of our cities accelerates."
Qualified Person
The technical information contained in this report has been reviewed also by Jean-Paul Barrette Géo/ P.Geo, an independent project geologist and consultant. Mr. Barrette is a member of the Ordre des Géologues du Québec (OGQ, # 619). Mr. Barrette has sufficient experience (39 years) and relevant to the style of mineralization and the type of deposit under study and the activity undertaken to qualify as a competent person as defined by NATIONAL INSTRUMENT 43-101, Standards of Disclosure for Mineral Projects. Mr. Barrette carried out several geological reconnaissance works in the Houliere-Duhamel sector and recently made there a compilation of historical works.
About Marvel Discovery Corp.
Marvel, listed on the TSX Venture Exchange for over 25 years, is a Canadian based emerging resource company. The Company is systematically exploring its extensive property positions in:
- Newfoundland, (Gander East, Gander South, Victoria Lake, and Hope Brook, Au- LiProspects.)
- Atikokan, Ontario (BlackFly - Au Prospect)
- Elliot Lake, Ontario (East Bull - Ni-Cu-PGE Prospect
- Quebec (Duhamel -Ni-Cu-Co prospect & Titanium, Vanadium, and Chromium Prospect)
- Prince George, British Columbia (Wicheeda North - Rare Earth Elements Prospect)
The Company's website is: https://marveldiscovery.ca/
ON BEHALF OF THE BOARD
Marvel Discovery Corp.
"Karim Rayani"
Karim Rayani
President/Chief Executive Officer, Director
Tel: (604) 716-1036 email: k@r7.capital
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE:Marvel Discovery Corp.
View the original press release on accesswire.com
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Barrick Announces Extensive Exploration Partnership with Geophysx Jamaica
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is pleased to announce that its subsidiary Barrick Gold (International Holdings) Ltd. ("Barrick") has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. ("Geophysx") with respect to certain properties located in Jamaica (the "Agreement").
The Agreement initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic, where Barrick operates the Pueblo Viejo mine. Barrick will have the right to work with Geophysx to earn up to an 80% joint-venture interest in designated properties upon fulfillment of certain spending obligations and study-deliverable milestones. Barrick will act as the operator, in partnership with Geophysx, leveraging Geophysx's existing personnel, knowledge, facilities and equipment.
A private mineral exploration company, Geophysx is the dominant mineral exploration force and license holder in the nation of Jamaica. The company is committed to modern and responsible exploration. Over the last six years, it has been engaged in an intensive nation-wide greenfield exploration program. Geophysx has conducted high-quality early-stage exploration work including geochemical sampling, geological mapping, and industry-leading airborne geophysical surveys. These datasets provide the two companies with an opportunity to move rapidly to target definition and accelerate the potential discovery of new resources.
Barrick President and CEO Mark Bristow commented: "We are pleased to partner with Geophysx, who have assembled a large, consolidated portfolio of work and holdings in Jamaica, a significantly underexplored and prospective region. We look forward to advancing our partnership by combining and leveraging Geophysx's capabilities and presence on the island, along with the remarkable dataset they have created, with Barrick's technical and financial resources to deliver new world class discoveries. We also look forward to partnering with the government of Jamaica to pursue projects for the benefit of the country and local communities."
Robert "Bobby" Stewart, Founder and Managing Director of Geophysx, commented: " We are excited to be partnering with Barrick, a company that not only shares our beliefs in environmentally responsible and sustainable exploration and mining, but is also a sector-leading gold and copper producer with a portfolio which spans the world's most prolific gold and copper districts. This is an amazing opportunity for Jamaica to grow a new economic base. Barrick's experience in exploring, developing, and operating projects combined with Geophyx's in-country knowledge and committed team, makes this an ideal partnership to advance the industry in Jamaica. We admire Barrick's commitment to partnering with host countries and communities to transform their natural resources into tangible benefits and mutual prosperity ."
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future exploration initiatives, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "will", "committed", "engage", "conduct", "potential", "prospective", "advance", "grow", "deliver" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's exploration partnership with Geophysx and the potential of this initiative to deliver new discoveries, growth opportunities and benefits for the government and people of Jamaica.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Jamaica and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; litigation and legal and administrative proceedings; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
Barrick to Ramp Up Production As It Remains On Track to Achieve 2024 Targets
First Quarter 2024 Results
All amounts expressed in U.S. dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today reported its first quarter results which were in line with guidance and position the Company well to meet its full year targets. Gold production is expected to ramp up steadily during the year, supported by the completion of the Pueblo Viejo plant expansion and the resumption of operations at the Porgera mine. Additionally, copper production is also on track to meet the full year's guidance.
Reporting its Q1 results, Barrick said lower production and the consequent higher costs reflected the delayed ramp up at Pueblo Viejo following reconstruction of the conveyor, which has now been completed, in addition to planned maintenance at Nevada Gold Mines (NGM) and mine sequencing at other sites. In the meantime, the Company was progressing its four major organic growth projects: the ramp up of the Goldrush gold mine in Nevada; the Pueblo Viejo expansion; the Super Pit project at the Lumwana copper mine in Zambia; and the development of the giant copper-gold mine at Reko Diq in Pakistan. Brownfields growth continues to support Barrick's unique reserve replacement record and greenfields exploration is expanding its portfolio across the world.
Financial results for the quarter show a year-over-year 143% increase in net earnings per share, a 36% rise in adjusted net earnings 1 , and a 7% increase to $907 million in attributable EBITDA 2 , with the operations delivering $760 million in operating cash flow for the quarter. The quarterly dividend was maintained at $0.10 per share.
Operational highlights for the quarter also included the accelerated ramp-up of Goldrush in Nevada after its final permitting (Record of Decision) late last year. At the nearby Fourmile project — a potentially world-class asset 100% owned by Barrick — drilling for a prefeasibility study has started to drive it up the value curve. Exploration has identified open-ended high-grade upside at Turquoise Ridge in Nevada, already Barrick's highest-grade mine, and at Kibali in the Democratic Republic of Congo, geologists have discovered a significant high-grade trend similar to the KCD deposit on which the mine was built.
Commenting on the results, president and chief executive Mark Bristow said Barrick's ability to grow its gold and copper production from its peerless asset base would amplify its profitability in the rising commodity markets.
"Our focus on exploration has placed Barrick in the unique position of more than replacing the reserves we mine year after year. Our key organic projects, such as the development of Reko Diq, the extension of Pueblo Viejo's Tier One 13 life by more than 20 years and the transformation of Lumwana into one of the world's major copper mines will secure Barrick's production profile well into the future," he said.
Barrick's holistic sustainability strategy remains foundational to all aspects of its business and continues to deliver real value to stakeholders. Bristow noted that among many other things, the Company had increased its water re-use and recycle rate to 84% last quarter, commissioned the first stage of a 100-megawatt solar array at NGM and had a 16-megawatt solar array permitted at Kibali. Power purchase agreements by NGM have avoided 75% of its emissions. On the biodiversity front, Barrick has a 730-hectare rehabilitation plan for its operating sites for 2024 and also aims to relocate 72 more white rhinos to the Garamba National Park in the Democratic Republic of Congo, in conjunction with the Institut Congolais pour la Conservation de la Nature (ICCN) and African Parks.
Financial and Operating Highlights
Financial Results | Q1 2024 | Q4 2023 | Q1 2023 |
Realized gold price 3,4 ($ per ounce) | 2,075 | 1,986 | 1,902 |
Realized copper price 3,4 ($ per pound) | 3.86 | 3.78 | 4.20 |
Net earnings 5 ($ millions) | 295 | 479 | 120 |
Adjusted net earnings 1 ($ millions) | 333 | 466 | 247 |
Attributable EBITDA 2 ($ millions) | 907 | 1,068 | 851 |
Net cash provided by operating activities ($ millions) | 760 | 997 | 776 |
Free cash flow 6 ($ millions) | 32 | 136 | 88 |
Net earnings per share ($) | 0.17 | 0.27 | 0.07 |
Adjusted net earnings per share 1 ($) | 0.19 | 0.27 | 0.14 |
Attributable capital expenditures 7 ($ millions) | 572 | 660 | 526 |
Operating Results | Q1 2024 | Q4 2023 | Q1 2023 |
Gold | |||
Production 3 (thousands of ounces) | 940 | 1,054 | 952 |
Cost of sales (Barrick's share) 3,8 ($ per ounce) | 1,425 | 1,359 | 1,378 |
Total cash costs 3,9 ($ per ounce) | 1,051 | 982 | 986 |
All-in sustaining costs 3,9 ($ per ounce) | 1,474 | 1,364 | 1,370 |
Copper | |||
Production 3,10 (thousands of tonnes) | 40 | 51 | 40 |
Cost of sales (Barrick's share) 3,11 ($ per pound) | 3.20 | 2.92 | 3.22 |
C1 cash costs 3,12 ($ per pound) | 2.40 | 2.17 | 2.71 |
All-in sustaining costs 3,12 ($ per pound) | 3.59 | 3.12 | 3.40 |
Financial Position | As at 3/31/24 | As at 12/31/23 | As at 3/31/23 |
Debt (current and long-term) ($ millions) | 4,725 | 4,726 | 4,777 |
Cash and equivalents ($ millions) | 3,942 | 4,148 | 4,377 |
Debt, net of cash ($ millions) | 783 | 578 | 400 |
Key Performance Indicators
Best Assets
- Barrick on track to achieve 2024 targets as Pueblo Viejo and Porgera ramp up
- Another strong performance from Loulo-Gounkoto and Veladero in Q1
- Costs expected to track lower through the year on steadily increasing production
- Pueblo Viejo completes conveyor rebuild, plant ramping up in Q2
- Porgera produces first gold, with plant ramp-up on track to reach capacity in 2024
- Another significant contribution from the copper portfolio with increasing production forecast through the year
- Reko Diq and Lumwana feasibility studies on track for completion by year end with long-lead orders expected to commence in Q3
- Focus shifts to Fourmile on the back of Goldrush success and exploration expands beyond brownfields targets
- Brownfields growth continues as engine for organic reserve replacement with encouraging drilling results at NGM, Loulo and Kibali
- Greenfield exploration, complemented by strategic partnerships, grows portfolio in the most prospective belts
Leader in Sustainability
- Continued focus on safety, refining our ‘Journey to Zero' program with Group-wide rollout of Fatal Risk Standards
- Differentiated and holistic approach to sustainability reinforced in Sustainability Report to be published in May 2024
- Commissioned 50% of the 200-megawatt solar facility in Nevada — an initiative supported by U.S. government incentives of over $100 million, including incentives for U.S.-manufactured solar cells
Delivering Value
- Barrick's focus on gold and copper production growth amplifies profitability in rising commodity market
- Operating cash flow of $760 million for the quarter
- Net earnings per share of $0.17 and adjusted net earnings per share 1 of $0.19 for the quarter
- $0.10 per share dividend declared
Q1 2024 Results Presentation
Webinar and Conference Call
Mark Bristow will host a live presentation of the results today at 11:00 AM ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US/Canada (toll-free), 1 844 763 8274
UK (toll), +44 20 3795 9972
International (toll), +1 647 484 8814
The Q1 presentation materials will be available on Barrick's website at www.barrick.com and the webinar will remain on the website for later viewing.
BARRICK DECLARES Q1 DIVIDEND
Barrick today announced the declaration of a dividend of $0.10 per share for Q1 2024. The dividend is consistent with the Company's Performance Dividend Policy announced at the start of 2022.
The Q1 2024 dividend will be paid on June 17, 2024 to shareholders of record at the close of business on May 31, 2024.
"The continued strength of our balance sheet and our global asset base provide us with the ability to maintain the distribution of a robust dividend to our shareholders, whilst still ensuring Barrick has adequate liquidity to invest in growing our business," said senior executive vice-president and chief financial officer Graham Shuttleworth.
WORLD-CLASS COPPER PROJECTS SET TO DELIVER INTO RISING PRICE AND DEMAND MARKET
The copper industry has traditionally suffered from underinvestment while the search for new resources to boost production has accelerated. The long lead times needed to turn discoveries into mines mean that supply is unable to meet the growing global demand, driven by the worldwide transition to renewable energy.
Foreseeing the emergence of the metal's critical importance to the greening of the global grid, Barrick made the expansion of its copper portfolio a strategic priority at the time of the merger with Randgold five years ago. A thorough review of its global assets highlighted two significant opportunities: the Lumwana mine in Zambia; and the dormant Reko Diq project in Pakistan.
The new Barrick team restructured and re-engineered the struggling Lumwana operation back to health and then embarked on a Super Pit expansion project which will transform Lumwana into one of the world's largest copper mines, with a projected annual production of around 240,000 tonnes per year over a life of more than 30 years. 14 It is a key component of the Zambian government's drive to revive the country's copper industry.
At the same time, Barrick revisited the Reko Diq project in Pakistan, which hosts one of the world's largest undeveloped copper-gold deposits. Stalled at the feasibility stage almost a decade ago, Barrick revitalized the project through a reconstituted ownership structure based on its trademark partnership model. The Company owns 50% and will operate the mine, a number of Pakistani state-owned enterprises hold 25% and, at Barrick's insistence, the remaining 25% is held by the government of the Balochistan province to ensure that the province and its people will receive a substantial economic benefit from the mine.
Both projects are on track for first production in 2028 when they will lift Barrick into the upper tier of copper miners and stand alongside its peerless gold asset portfolio as a major contributor. It is worth noting that some analysts predict that gold and copper both appear to be entering a new commodity super cycle where demand outstrips supply, leading to high prices for years to come.
President and chief executive Mark Bristow said Reko Diq was a prime example of Barrick's ability to recognize and realize value. "This is undoubtedly one of the best undeveloped copper-gold deposits in the world, with a truly unique combination of large scale, low strip and high-grade orebodies. Barrick has a long record of success in seeing projects of this magnitude through from construction to operation, and we also bring to Reko Diq our expertise in successfully partnering with host countries for the benefit of all stakeholders in developing jurisdictions globally," he said.
"There is also an enormous opportunity here to further unlock value, not only at Reko Diq but also in the wider region, which is underexplored and highly prospective."
Regarding Lumwana, Bristow said that well before the completion of its expansion program, the revived mine had already contributed almost $3 billion to the Zambian economy since 2019 in the form of royalties, taxes, salaries and the procurement of goods and services from local businesses.
As at its other operations, Barrick has also promoted the development of a sustainable local economy around the mine. Among other things, it has launched a Business Accelerator Program designed to build the commercial capacity of the contractors in its supply chain, equipping them to grow and diversify their businesses.
POWER-BASED STRATEGIES AND TECHNOLOGY DRIVE EFFICIENCIES, CUT COSTS
Barrick's group-wide transition to clean energy is making steady progress with the commissioning of 50% of the TS Solar Power facility at NGM in April marking another major milestone on our greenhouse gas (GHG) emissions reduction roadmap.
With 100 megawatts of energy-producing capacity in this first phase, the solar facility began transmitting power to NGM's operations in April.
When the second and final stage is completed in the second quarter of 2024, adding another 100 megawatts of power, the solar array will have the capacity to produce between 15% to 20% of NGM's annual power demand — reducing NGM's annual GHG emissions by 8% and Barrick's overall GHG emissions by 5% against a 2018 baseline. The U.S. government provided an important economic incentive for the development of this renewable project via a $35 million tax benefit (Barrick's share).
NGM has committed to a 20% carbon reduction by 2025 which will be achieved through the TS Solar facility and the modification of NGM's TS Power Plant providing the ability to use cleaner burning natural gas as a fuel source.
Up next at NGM is the development of an additional solar power facility with a battery energy storage system (BESS) to serve as a secondary power source, mitigating the impacts of power grid disruption, and enhancing renewable energy consumption during off-peak hours. The project has been awarded $95 million in funding from the U.S. Department of Energy following a highly-competitive process that evaluated potential clean energy projects on mine land across the country.
At Loulo-Gounkoto in Mali, the use of solar energy is also increasing with a 72-megawatt solar power facility and 38-megwatt BESS now connected to the complex's micro-grid. Solar power accounted for 28% of the total energy blend used in the first quarter of 2024, which is up from 14% in 2023 and 9% in 2022. Energy costs were down $6 million in the first quarter with this shift to solar away from heavy fuel oil.
In the Democratic Republic of Congo, Kibali's three hydropower stations provided most of the mine's power last year. At an average cost of $0.04 per kilowatt-hour, the hydropower blend is 90% cheaper than diesel fuel. The current expansion of the mine's solar plant will increase the renewable energy use from 81% to 85%, with the mine running solely on renewal power during the six-month rainy season.
In Argentina, the Libertadores powerline is supplying renewable power to Veladero from neighboring Chile's national grid, reducing GHG emissions and adding cost efficiencies. 2023 was the powerline's first full year of operation — and it's one reason Veladero exceeded its production guidance and beat its guidance on costs last year. A solar plant project at Pueblo Viejo in the Dominican Republic is also underway.
Barrick is targeting an overall 30% reduction in GHG emissions by 2030 (against our 2018 baseline) with the goal of achieving net-zero emissions by 2050.
NEVADA GOLD MINES CELEBRATES OFFICIAL OPENING OF GOLDRUSH
The Goldrush Project is officially on track to produce 130,000 ounces 15 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project's opening ceremony attended by Governor Joe Lombardo and local stakeholders.
Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000 ounces per annum 15 by 2028 (100% basis). The 24-year underground mine is expected to provide 500 jobs during its construction and employment for 570 people once operational.
More than $300 million of a $1 billion capital budget (100% basis) has been spent on the project, which is expected to generate substantial tax revenue for the state both in the form of net proceeds from minerals tax and the gold and silver excise tax, earmarked for education. in Nevada under the new mine tax framework.
Speaking at the ribbon-cutting ceremony, Bristow thanked the bi-partisan federal delegation and the governor for their active and unwavering commitment that was instrumental in obtaining the record of decision, as well as our community stakeholders for supporting the project through the permitting process. "We recognize that we have been entrusted with a tremendous economic and environmental responsibility and we look forward to sharing the benefits of this new mine with Nevada and its people," he said.
BARRICK OPENS ACADEMY AT CLOSED BUZWAGI MINE
Barrick has officially opened its world-class training academy at the old Buzwagi mine, in line with its mine closure objective of leaving a positive legacy after mining has finished.
The Barrick Academy is designed to offer tailor-made training programs aimed at developing Barrick's frontline managers to grow both as individuals and as leaders in their fields, while equipping them with the skills to manage their teams more effectively and to improve performance.
The Academy will be training more than 2,000 foremen, supervisors and superintendents from the Africa and Middle East region in the next 24 months. Looking ahead, we are also gearing up to include our contractors and expand the curriculum to cover wider disciplines, including financial leadership, advanced computer literacy and safety courses.
The opening of the Barrick Academy follows the construction of an airport terminal at Buzwagi's Kahama airstrip in January this year, which has paved the way for a scheduled airline service that can serve more than 200 passengers at a time. It is expected to be a major catalyst for economic growth in the region.
According to Barrick's chief operating officer for the Africa and Middle East region, Sebastiaan Bock, the airport terminal and Academy form part of Barrick's plan to turn Buzwagi into a Special Economic Zone. A feasibility study commissioned in 2021 showed that the creation of the Special Economic Zone (SEZ) had the potential to replace the mine as the region's economic driver and could sustainably create 3,000 jobs annually, generate more than $150,000 each year from service levies for the local municipality and deliver approximately $4.5 million in employment taxes a year. The Government of Tanzania approved the conversion of the mine into a SEZ through a Government Notice that was issued in February this year. A number of investors have started the process of setting up manufacturing industries inside this area.
"How we close our mines is just as important to us as how we build and operate them. Our Buzwagi mine was a significant economic powerhouse in the region for nearly 15 years before it poured its last gold in 2021. From our perspective, however, that is not the end of the story for Buzwagi as we transform it into an alternative productive asset that will serve the community for decades to come," Bock said.
2024 Operating and Capital Expenditure Guidance
GOLD PRODUCTION AND COSTS | ||||
2024 forecast attributable production (000s oz) | 2024 forecast cost of sales 8 ($/oz) | 2024 forecast total cash costs 9 ($/oz) | 2024 forecast all-in sustaining costs 9 ($/oz) | |
Carlin (61.5%) | 800 - 880 | 1,270 - 1,370 | 1,030 - 1,110 | 1,430 - 1,530 |
Cortez (61.5%) 16 | 380 - 420 | 1,460 - 1,560 | 1,040 - 1,120 | 1,390 - 1,490 |
Turquoise Ridge (61.5%) | 330 - 360 | 1,230 - 1,330 | 850 - 930 | 1,090 - 1,190 |
Phoenix (61.5%) | 120 - 140 | 1,640 - 1,740 | 810 - 890 | 1,100 - 1,200 |
Nevada Gold Mines (61.5%) | 1,650 - 1,800 | 1,340 - 1,440 | 980 - 1,060 | 1,350 - 1,450 |
Hemlo | 140 - 160 | 1,470 - 1,570 | 1,210 - 1,290 | 1,600 - 1,700 |
North America | 1,750 - 1,950 | 1,350 - 1,450 | 1,000 - 1,080 | 1,370 - 1,470 |
Pueblo Viejo (60%) | 420 - 490 | 1,340 - 1,440 | 830 - 910 | 1,100 - 1,200 |
Veladero (50%) | 210 - 240 | 1,340 - 1,440 | 1,010 - 1,090 | 1,490 - 1,590 |
Porgera (47.5%) 17 | 50 - 70 | 1,670 - 1,770 | 1,220 - 1,300 | 1,900 - 2,000 |
Latin America & Asia Pacific | 700 - 800 | 1,370 - 1,470 | 920 - 1,000 | 1,290 - 1,390 |
Loulo-Gounkoto (80%) | 510 - 560 | 1,190 - 1,290 | 780 - 860 | 1,150 - 1,250 |
Kibali (45%) | 320 - 360 | 1,140 - 1,240 | 740 - 820 | 950 - 1,050 |
North Mara (84%) | 230 - 260 | 1,250 - 1,350 | 970 - 1,050 | 1,270 - 1,370 |
Bulyanhulu (84%) | 160 - 190 | 1,370 - 1,470 | 990 - 1,070 | 1,380 - 1,480 |
Tongon (89.7%) | 160 - 190 | 1,520 - 1,620 | 1,200 - 1,280 | 1,440 - 1,540 |
Africa & Middle East | 1,400 - 1,550 | 1,250 - 1,350 | 880 - 960 | 1,180 - 1,280 |
Total Attributable to Barrick 18,19,20 | 3,900 - 4,300 | 1,320 - 1,420 | 940 - 1,020 | 1,320 - 1,420 |
COPPER PRODUCTION AND COSTS | ||||
2024 forecast attributable production (000s tonnes) 10 | 2024 forecast cost of sales 11 ($/lb) | 2024 forecast C1 cash costs 12 ($/lb) | 2024 forecast all-in sustaining costs 12 ($/lb) | |
Lumwana | 120 - 140 | 2.50 - 2.80 | 1.85 - 2.15 | 3.30 - 3.60 |
Zaldívar (50%) | 35 - 40 | 3.70 - 4.00 | 2.80 - 3.10 | 3.40 - 3.70 |
Jabal Sayid (50%) | 25 - 30 | 1.75 - 2.05 | 1.40 - 1.70 | 1.70 - 2.00 |
Total Attributable to Barrick 20 | 180 - 210 | 2.65 - 2.95 | 2.00 - 2.30 | 3.10 - 3.40 |
ATTRIBUTABLE CAPITAL EXPENDITURES 21 | ||||
($ millions) | ||||
Attributable minesite sustaining 8,21 | 1,550 - 1,750 | |||
Attributable project 8,21 | 950 - 1,150 | |||
Total attributable capital expenditures 21 | 2,500 - 2,900 | |||
2024 OUTLOOK ASSUMPTIONS AND ECONOMIC SENSITIVITY ANALYSIS
2024 guidance assumption | Hypothetical change | Impact on EBITDA 2 (millions) | Impact on TCC and AISC 9,12 | |
Gold price sensitivity | $1,900/oz | +/- $100/oz | ‘+/-$550 | ‘+/-$5/oz |
Copper price sensitivity | $3.50/lb | +/- $0.25/lb | ‘+/- $110 | ‘+/-$0.01/lb |
Production and Cost Summary - Gold
For the three months ended | |||||||
3/31/24 | 12/31/23 | % Change | 3/31/23 | % Change | |||
Nevada Gold Mines LLC (61.5%) a | |||||||
Gold produced (000s oz attributable basis) | 420 | 513 | (18 | )% | 416 | 1 | % |
Gold produced (000s oz 100% basis) | 683 | 833 | (18 | )% | 676 | 1 | % |
Cost of sales ($/oz) | 1,431 | 1,331 | 8 | % | 1,461 | (2 | )% |
Total cash costs ($/oz) b | 1,081 | 968 | 12 | % | 1,074 | 1 | % |
All-in sustaining costs ($/oz) b | 1,536 | 1,366 | 12 | % | 1,436 | 7 | % |
Carlin (61.5%) | |||||||
Gold produced (000s oz attributable basis) | 205 | 224 | (8 | )% | 166 | 23 | % |
Gold produced (000s oz 100% basis) | 334 | 363 | (8 | )% | 270 | 23 | % |
Cost of sales ($/oz) | 1,371 | 1,219 | 12 | % | 1,449 | (5 | )% |
Total cash costs ($/oz) b | 1,127 | 1,006 | 12 | % | 1,215 | (7 | )% |
All-in sustaining costs ($/oz) b | 1,687 | 1,506 | 12 | % | 1,689 | 0 | % |
Cortez (61.5%) c | |||||||
Gold produced (000s oz attributable basis) | 119 | 162 | (27 | )% | 140 | (15 | )% |
Gold produced (000s oz 100% basis) | 194 | 263 | (27 | )% | 226 | (15 | )% |
Cost of sales ($/oz) | 1,329 | 1,353 | (2 | )% | 1,324 | 0 | % |
Total cash costs ($/oz) b | 946 | 909 | 4 | % | 913 | 4 | % |
All-in sustaining costs ($/oz) b | 1,341 | 1,309 | 2 | % | 1,233 | 9 | % |
Turquoise Ridge (61.5%) | |||||||
Gold produced (000s oz attributable basis) | 62 | 84 | (26 | )% | 81 | (23 | )% |
Gold produced (000s oz 100% basis) | 101 | 137 | (26 | )% | 131 | (23 | )% |
Cost of sales ($/oz) | 1,733 | 1,419 | 22 | % | 1,412 | 23 | % |
Total cash costs ($/oz) b | 1,359 | 1,046 | 30 | % | 1,034 | 31 | % |
All-in sustaining costs ($/oz) b | 1,655 | 1,257 | 32 | % | 1,271 | 30 | % |
Phoenix (61.5%) | |||||||
Gold produced (000s oz attributable basis) | 34 | 41 | (17 | )% | 27 | 26 | % |
Gold produced (000s oz 100% basis) | 54 | 67 | (17 | )% | 45 | 26 | % |
Cost of sales ($/oz) | 1,595 | 1,576 | 1 | % | 2,380 | (33 | )% |
Total cash costs ($/oz) b | 767 | 787 | (3 | )% | 1,198 | (36 | )% |
All-in sustaining costs ($/oz) b | 944 | 981 | (4 | )% | 1,365 | (31 | )% |
Long Canyon (61.5%) d | |||||||
Gold produced (000s oz attributable basis) | — | 2 | (100 | )% | 2 | (100 | )% |
Gold produced (000s oz 100% basis) | — | 3 | (100 | )% | 4 | (100 | )% |
Cost of sales ($/oz) | — | 2,193 | (100 | )% | 1,621 | (100 | )% |
Total cash costs ($/oz) b | — | 990 | (100 | )% | 579 | (100 | )% |
All-in sustaining costs ($/oz) b | — | 1,074 | (100 | )% | 629 | (100 | )% |
Pueblo Viejo (60%) | |||||||
Gold produced (000s oz attributable basis) | 81 | 90 | (10 | )% | 89 | (9 | )% |
Gold produced (000s oz 100% basis) | 134 | 151 | (10 | )% | 149 | (9 | )% |
Cost of sales ($/oz) | 1,527 | 1,588 | (4 | )% | 1,241 | 23 | % |
Total cash costs ($/oz) b | 1,013 | 1,070 | (5 | )% | 714 | 42 | % |
All-in sustaining costs ($/oz) b | 1,334 | 1,428 | (7 | )% | 1,073 | 24 | % |
Loulo-Gounkoto (80%) | |||||||
Gold produced (000s oz attributable basis) | 141 | 127 | 11 | % | 137 | 3 | % |
Gold produced (000s oz 100% basis) | 176 | 159 | 11 | % | 172 | 3 | % |
Cost of sales ($/oz) | 1,177 | 1,296 | (9 | )% | 1,275 | (8 | )% |
Total cash costs ($/oz) b | 794 | 924 | (14 | )% | 855 | (7 | )% |
All-in sustaining costs ($/oz) b | 1,092 | 1,168 | (7 | )% | 1,190 | (8 | )% |
Kibali (45%) | |||||||
Gold produced (000s oz attributable basis) | 76 | 93 | (18 | )% | 64 | 19 | % |
Gold produced (000s oz 100% basis) | 168 | 206 | (18 | )% | 141 | 19 | % |
Cost of sales ($/oz) | 1,200 | 1,141 | 5 | % | 1,367 | (12 | )% |
Total cash costs ($/oz) b | 802 | 737 | 9 | % | 987 | (19 | )% |
All-in sustaining costs ($/oz) b | 1,048 | 819 | 28 | % | 1,177 | (11 | )% |
Veladero (50%) | |||||||
Gold produced (000s oz attributable basis) | 57 | 55 | 4 | % | 43 | 33 | % |
Gold produced (000s oz 100% basis) | 115 | 110 | 4 | % | 86 | 33 | % |
Cost of sales ($/oz) | 1,322 | 1,378 | (4 | )% | 1,587 | (17 | )% |
Total cash costs ($/oz) b | 961 | 1,021 | (6 | )% | 1,035 | (7 | )% |
All-in sustaining costs ($/oz) b | 1,664 | 1,403 | 19 | % | 1,761 | (6 | )% |
Porgera (24.5%) e | |||||||
Gold produced (000s oz attributable basis) | 4 | — | — | % | — | — | % |
Gold produced (000s oz 100% basis) | 14 | — | — | % | — | — | % |
Cost of sales ($/oz) | — | — | — | % | — | — | % |
Total cash costs ($/oz) b | — | — | — | % | — | — | % |
All-in sustaining costs ($/oz) b | — | — | — | % | — | — | % |
Tongon (89.7%) | |||||||
Gold produced (000s oz attributable basis) | 36 | 42 | (14 | )% | 50 | (28 | )% |
Gold produced (000s oz 100% basis) | 40 | 47 | (14 | )% | 55 | (28 | )% |
Cost of sales ($/oz) | 1,887 | 1,489 | 27 | % | 1,453 | 30 | % |
Total cash costs ($/oz) b | 1,630 | 1,184 | 38 | % | 1,182 | 38 | % |
All-in sustaining costs ($/oz) b | 1,773 | 1,586 | 12 | % | 1,284 | 38 | % |
Hemlo | |||||||
Gold produced (000s oz) | 37 | 34 | 9 | % | 41 | (10 | )% |
Cost of sales ($/oz) | 1,715 | 1,618 | 6 | % | 1,486 | 15 | % |
Total cash costs ($/oz) b | 1,476 | 1,407 | 5 | % | 1,291 | 14 | % |
All-in sustaining costs ($/oz) b | 1,754 | 1,671 | 5 | % | 1,609 | 9 | % |
North Mara (84%) | |||||||
Gold produced (000s oz attributable basis) | 46 | 59 | (22 | )% | 68 | (32 | )% |
Gold produced (000s oz 100% basis) | 55 | 71 | (22 | )% | 81 | (32 | )% |
Cost of sales ($/oz) | 1,678 | 1,420 | 18 | % | 987 | 70 | % |
Total cash costs ($/oz) b | 1,339 | 1,103 | 21 | % | 759 | 76 | % |
All-in sustaining costs ($/oz) b | 1,753 | 1,449 | 21 | % | 1,137 | 54 | % |
Bulyanhulu (84%) | |||||||
Gold produced (000s oz attributable basis) | 42 | 41 | 2 | % | 44 | (5 | )% |
Gold produced (000s oz 100% basis) | 50 | 48 | 2 | % | 53 | (5 | )% |
Cost of sales ($/oz) | 1,479 | 1,413 | 5 | % | 1,358 | 9 | % |
Total cash costs ($/oz) b | 1,044 | 1,002 | 4 | % | 982 | 6 | % |
All-in sustaining costs ($/oz) b | 1,485 | 1,376 | 8 | % | 1,332 | 11 | % |
Total Attributable to Barrick f | |||||||
Gold produced (000s oz) | 940 | 1,054 | (11 | )% | 952 | (1 | )% |
Cost of sales ($/oz) g | 1,425 | 1,359 | 5 | % | 1,378 | 3 | % |
Total cash costs ($/oz) b | 1,051 | 982 | 7 | % | 986 | 7 | % |
All-in sustaining costs ($/oz) b | 1,474 | 1,364 | 8 | % | 1,370 | 8 | % |
a. | These results represent our 61.5% interest in Carlin, Cortez, Turquoise Ridge, Phoenix and Long Canyon until it transitioned to care and maintenance at the end of 2023, as previously reported. |
b. | Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. |
c. | Includes Goldrush. |
d. | Starting in the first quarter of 2024, we have ceased to include production or non-GAAP cost metrics for Long Canyon as it was placed on care and maintenance at the end of 2023, as previously reported. |
e. | As Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023, no operating data or per ounce data has been provided from the third quarter of 2020 to the fourth quarter of 2023. On December 22, 2023, we completed the Commencement Agreement, pursuant to which the PNG government and BNL, the 95% owner and operator of the Porgera joint venture, agreed on a partnership for the future ownership and operation of the mine. Ownership of Porgera is now held in a new joint venture owned 51% by PNG stakeholders and 49% by a Barrick affiliate, PJL. PJL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and therefore Barrick now holds a 24.5% ownership interest in the Porgera joint venture. Barrick holds a 23.5% interest in the economic benefits of the mine under the economic benefit sharing arrangement agreed with the PNG government whereby Barrick and Zijin Mining Group together share 47% of the overall economic benefits derived from the mine accumulated over time, and the PNG stakeholders share the remaining 53%. In the first quarter of 2024, Porgera had gold production but did not have any gold sales. |
f. | Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. |
g. | Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). |
Production and Cost Summary - Copper
For the three months ended | |||||||
3/31/24 | 12/31/23 | % Change | 3/31/23 | % Change | |||
Lumwana | |||||||
Copper production (thousands of tonnes) a | 22 | 33 | (33 | )% | 22 | 0 | % |
Cost of sales ($/lb) | 3.41 | 2.95 | 16 | % | 3.56 | (4 | )% |
C1 cash costs ($/lb) b | 2.52 | 2.14 | 18 | % | 3.09 | (18 | )% |
All-in sustaining costs ($/lb) b | 4.33 | 3.38 | 28 | % | 3.98 | 9 | % |
Zald í var (50%) | |||||||
Copper production (thousands of tonnes attributable basis) a | 9 | 10 | (10 | )% | 10 | (10 | )% |
Copper production (thousands of tonnes 100% basis) a | 19 | 20 | (10 | )% | 20 | (10 | )% |
Cost of sales ($/lb) | 3.97 | 3.85 | 3 | % | 3.73 | 6 | % |
C1 cash costs ($/lb) b | 2.95 | 2.93 | 1 | % | 2.86 | 3 | % |
All-in sustaining costs ($/lb) b | 3.27 | 3.51 | (7 | )% | 3.22 | 2 | % |
Jabal Sayid (50%) | |||||||
Copper production (thousands of tonnes attributable basis) a | 9 | 8 | 13 | % | 8 | 13 | % |
Copper production (thousands of tonnes 100% basis) a | 17 | 16 | 13 | % | 17 | 13 | % |
Cost of sales ($/lb) | 1.61 | 1.59 | 1 | % | 1.53 | 5 | % |
C1 cash costs ($/lb) b | 1.35 | 1.32 | 2 | % | 1.39 | (3 | )% |
All-in sustaining costs ($/lb) b | 1.55 | 1.50 | 3 | % | 1.61 | (4 | )% |
Total Attributable to Barrick | |||||||
Copper production (thousands of tonnes) a | 40 | 51 | (22 | )% | 40 | 0 | % |
Cost of sales ($/lb) c | 3.20 | 2.92 | 10 | % | 3.22 | (1 | )% |
C1 cash costs ($/lb) b | 2.40 | 2.17 | 11 | % | 2.71 | (11 | )% |
All-in sustaining costs ($/lb) b | 3.59 | 3.12 | 15 | % | 3.40 | 6 | % |
a. | Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis. |
b. | Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. |
c. | Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share). |
Financial and Operating Highlights
For the three months ended | ||||||||||
3/31/24 | 12/31/23 | % Change | 3/31/23 | % Change | ||||||
Financial Results ($ millions) | ||||||||||
Revenues | 2,747 | 3,059 | (10 | )% | 2,643 | 4 | % | |||
Cost of sales | 1,936 | 2,139 | (9 | )% | 1,941 | 0 | % | |||
Net earnings a | 295 | 479 | (38 | )% | 120 | 146 | % | |||
Adjusted net earnings b | 333 | 466 | (29 | )% | 247 | 35 | % | |||
Attributable EBITDA b | 907 | 1,068 | (15 | )% | 851 | 7 | % | |||
Attributable EBITDA margin c | 41 | % | 42 | % | (2 | )% | 39 | % | 5 | % |
Minesite sustaining capital expenditures b,d | 550 | 569 | (3 | )% | 454 | 21 | % | |||
Project capital expenditures b,d | 165 | 278 | (41 | )% | 226 | (27 | )% | |||
Total consolidated capital expenditures d,e | 728 | 861 | (15 | )% | 688 | 6 | % | |||
Net cash provided by operating activities | 760 | 997 | (24 | )% | 776 | (2 | )% | |||
Net cash provided by operating activities margin f | 28 | % | 33 | % | (15 | )% | 29 | % | (3 | )% |
Free cash flow b | 32 | 136 | (76 | )% | 88 | (64 | )% | |||
Net earnings per share (basic and diluted) | 0.17 | 0.27 | (37 | )% | 0.07 | 143 | % | |||
Adjusted net earnings (basic) b per share | 0.19 | 0.27 | (30 | )% | 0.14 | 36 | % | |||
Weighted average diluted common shares (millions of shares) | 1,756 | 1,756 | 0 | % | 1,755 | 0 | % | |||
Operating Results | ||||||||||
Gold production (thousands of ounces) g | 940 | 1,054 | (11 | )% | 952 | (1 | )% | |||
Gold sold (thousands of ounces) g | 910 | 1,042 | (13 | )% | 954 | (5 | )% | |||
Market gold price ($/oz) | 2,070 | 1,971 | 5 | % | 1,890 | 10 | % | |||
Realized gold price b,g ($/oz) | 2,075 | 1,986 | 4 | % | 1,902 | 9 | % | |||
Gold cost of sales (Barrick's share) g,h ($/oz) | 1,425 | 1,359 | 5 | % | 1,378 | 3 | % | |||
Gold total cash costs b,g ($/oz) | 1,051 | 982 | 7 | % | 986 | 7 | % | |||
Gold all-in sustaining costs b,g ($/oz) | 1,474 | 1,364 | 8 | % | 1,370 | 8 | % | |||
Copper production (thousands of tonnes) g,i | 40 | 51 | (22 | )% | 40 | 0 | % | |||
Copper sold (thousands of tonnes) g,i | 39 | 53 | (26 | )% | 40 | (3 | )% | |||
Market copper price ($/lb) | 3.83 | 3.70 | 4 | % | 4.05 | (5 | )% | |||
Realized copper price b,g ($/lb) | 3.86 | 3.78 | 2 | % | 4.20 | (8 | )% | |||
Copper cost of sales (Barrick's share) g,j ($/lb) | 3.20 | 2.92 | 10 | % | 3.22 | (1 | )% | |||
Copper C1 cash costs b,g ($/lb) | 2.40 | 2.17 | 11 | % | 2.71 | (11 | )% | |||
Copper all-in sustaining costs b,g ($/lb) | 3.59 | 3.12 | 15 | % | 3.40 | 6 | % | |||
As at 3/31/24 | As at 12/31/23 | % Change | As at 3/31/23 | % Change | ||||||
Financial Position ($ millions) | ||||||||||
Debt (current and long-term) | 4,725 | 4,726 | 0 | % | 4,777 | (1 | )% | |||
Cash and equivalents | 3,942 | 4,148 | (5 | )% | 4,377 | (10 | )% | |||
Debt, net of cash | 783 | 578 | 35 | % | 400 | 96 | % |
a. | Net earnings represents net earnings attributable to the equity holders of the Company. |
b. | Further information on these non-GAAP financial performance measures, including detailed reconciliations, is included in the endnotes to this press release. |
c. | Represents adjusted EBITDA divided by revenue. |
d. | Amounts presented on a consolidated cash basis. Project capital expenditures are included in our calculation of all-in costs, but not included in our calculation of all-in sustaining costs. |
e. | Total consolidated capital expenditures also includes capitalized interest of $13 million for the three month period ended March 31, 2024 (December 31, 2023: $14 million and March 31, 2023: $8 million). |
f. | Represents net cash provided by operating activities divided by revenue. |
g. | On an attributable basis. |
h. | Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). |
i. | Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Production and sales amounts for prior periods have been restated for comparative purposes. Our copper cost metrics are still reported on a per pound basis. |
j. | Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share). |
Consolidated Statements of Income
Barrick Gold Corporation (in millions of United States dollars, except per share data) (Unaudited) | Three months ended March 31, | |||
2024 | 2023 | |||
Revenue (notes 4 and 5) | $ 2,747 | $2,643 | ||
Costs and expenses (income) | ||||
Cost of sales (notes 4 and 6) | 1,936 | 1,941 | ||
General and administrative expenses | 28 | 39 | ||
Exploration, evaluation and project expenses | 95 | 71 | ||
Impairment charges (note 8b) | 17 | 1 | ||
Loss on currency translation | 12 | 38 | ||
Closed mine rehabilitation | (2 | ) | 22 | |
Income from equity investees (note 11) | (48 | ) | (53 | ) |
Other expense (note 8a) | 17 | 52 | ||
Income before finance costs and income taxes | $ 692 | $532 | ||
Finance costs, net | (31 | ) | (58 | ) |
Income before income taxes | $ 661 | $474 | ||
Income tax expense (note 9) | (174 | ) | (205 | ) |
Net income | $ 487 | $269 | ||
Attributable to: | ||||
Equity holders of Barrick Gold Corporation | $ 295 | $120 | ||
Non-controlling interests (note 14) | $ 192 | $149 | ||
Earnings per share data attributable to the equity holders of Barrick Gold Corporation (note 7) | ||||
Net income | ||||
Basic | $ 0.17 | $0.07 | ||
Diluted | $ 0.17 | $0.07 | ||
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.
Consolidated Statements of Comprehensive Income
Barrick Gold Corporation (in millions of United States dollars) (Unaudited) | Three months ended March 31, | ||
2024 | 2023 | ||
Net income | $ 487 | $269 | |
Other comprehensive income (loss), net of taxes | |||
Items that may be reclassified subsequently to profit or loss: | |||
Unrealized gains on derivatives designated as cash flow hedges, net of tax $nil and $nil | 1 | — | |
Currency translation adjustments, net of tax $nil and $nil | — | (3 | ) |
Items that will not be reclassified to profit or loss: | |||
Net change on equity investments, net of tax $nil and $nil | 1 | — | |
Total other comprehensive income (loss) | 2 | (3 | ) |
Total comprehensive income | $ 489 | $266 | |
Attributable to: | |||
Equity holders of Barrick Gold Corporation | $ 297 | $117 | |
Non-controlling interests | $ 192 | $149 | |
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.
Consolidated Statements of Cash Flow
Barrick Gold Corporation (in millions of United States dollars) (Unaudited) | Three months ended March 31, | |||
2024 | 2023 | |||
OPERATING ACTIVITIES | ||||
Net income | $ 487 | $269 | ||
Adjustments for the following items: | ||||
Depreciation | 474 | 495 | ||
Finance costs, net | 31 | 58 | ||
Impairment charges (note 8b) | 17 | 1 | ||
Income tax expense (note 9) | 174 | 205 | ||
Income from equity investees (note 11) | (48 | ) | (53 | ) |
Gain on sale of non-current assets | (1 | ) | (3 | ) |
Loss on currency translation | 12 | 38 | ||
Change in working capital (note 10) | (241 | ) | (191 | ) |
Other operating activities (note 10) | (70 | ) | 37 | |
Operating cash flows before interest and income taxes | 835 | 856 | ||
Interest paid | (27 | ) | (23 | ) |
Interest received | 68 | 49 | ||
Income taxes paid 1 | (116 | ) | (106 | ) |
Net cash provided by operating activities | 760 | 776 | ||
INVESTING ACTIVITIES | ||||
Property, plant and equipment | ||||
Capital expenditures (note 4) | (728 | ) | (688 | ) |
Sales proceeds | — | 3 | ||
Funding of equity method investments (note 11) | (44 | ) | — | |
Dividends received from equity method investments (note 11) | 47 | 67 | ||
Shareholder loan repayments from equity method investments | 45 | — | ||
Net cash used in investing activities | (680 | ) | (618 | ) |
FINANCING ACTIVITIES | ||||
Lease repayments | (3 | ) | (4 | ) |
Dividends | (175 | ) | (175 | ) |
Funding from non-controlling interests (note 14) | 22 | — | ||
Disbursements to non-controlling interests (note 14) | (121 | ) | (62 | ) |
Pueblo Viejo JV partner shareholder loan | (7 | ) | 20 | |
Net cash used in financing activities | (284 | ) | (221 | ) |
Effect of exchange rate changes on cash and equivalents | (2 | ) | — | |
Net decrease in cash and equivalents | (206 | ) | (63 | ) |
Cash and equivalents at the beginning of period | 4,148 | 4,440 | ||
Cash and equivalents at the end of period | $ 3,942 | $4,377 |
1 | Income taxes paid excludes $17 million (2023: $28 million) for the three months ended March 31, 2024 of income taxes payable that were settled against offsetting value added tax ("VAT") receivables. |
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.
Consolidated Balance Sheets
Barrick Gold Corporation | As at March 31, | As at December 31, | ||
(in millions of United States dollars) (Unaudited) | 2024 | 2023 | ||
ASSETS | ||||
Current assets | ||||
Cash and equivalents | $ 3,942 | $4,148 | ||
Accounts receivable | 654 | 693 | ||
Inventories | 1,805 | 1,782 | ||
Other current assets | 880 | 815 | ||
Total current assets | $ 7,281 | $7,438 | ||
Non-current assets | ||||
Non-current portion of inventory | 2,684 | 2,738 | ||
Equity in investees (note 11) | 4,178 | 4,133 | ||
Property, plant and equipment | 26,648 | 26,416 | ||
Intangible assets | 148 | 149 | ||
Goodwill | 3,581 | 3,581 | ||
Other assets | 1,323 | 1,356 | ||
Total assets | $ 45,843 | $45,811 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Accounts payable | $ 1,360 | $1,503 | ||
Debt | 12 | 11 | ||
Current income tax liabilities | 317 | 303 | ||
Other current liabilities | 506 | 539 | ||
Total current liabilities | $ 2,195 | $2,356 | ||
Non-current liabilities | ||||
Debt | 4,713 | 4,715 | ||
Provisions | 2,008 | 2,058 | ||
Deferred income tax liabilities | 3,472 | 3,439 | ||
Other liabilities | 1,238 | 1,241 | ||
Total liabilities | $ 13,626 | $13,809 | ||
Equity | ||||
Capital stock (note 13) | $ 28,118 | $28,117 | ||
Deficit | (6,594 | ) | (6,713 | ) |
Accumulated other comprehensive income | 26 | 24 | ||
Other | 1,913 | 1,913 | ||
Total equity attributable to Barrick Gold Corporation shareholders | $ 23,463 | $23,341 | ||
Non-controlling interests (note 14) | 8,754 | 8,661 | ||
Total equity | $ 32,217 | $32,002 | ||
Contingencies and commitments (notes 4 and 15) | ||||
Total liabilities and equity | $ 45,843 | $45,811 | ||
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.
Consolidated Statements of Changes in Equity
Barrick Gold Corporation | Attributable to equity holders of the company | |||||||||||||||
(in millions of United States dollars) (Unaudited) | Common Shares (in thousands) | Capital stock | Retained earnings (deficit) | Accumulated other comprehensive income (loss) 1 | Other 2 | Total equity attributable to shareholders | Non-controlling interests | Total equity | ||||||||
At January 1, 2024 | 1,755,570 | $ 28,117 | ($ 6,713 | ) | $ 24 | $ 1,913 | $ 23,341 | $ 8,661 | $ 32,002 | |||||||
Net income | — | — | 295 | — | — | 295 | 192 | 487 | ||||||||
Total other comprehensive income | — | — | — | 2 | — | 2 | — | 2 | ||||||||
Total comprehensive income | — | — | 295 | 2 | — | 297 | 192 | 489 | ||||||||
Transactions with owners | ||||||||||||||||
Dividends | — | — | (175 | ) | — | — | (175 | ) | — | (175 | ) | |||||
Funding from non-controlling interests (note 14) | — | — | — | — | — | — | 22 | 22 | ||||||||
Disbursements to non-controlling interests (note 14) | — | — | — | — | — | — | (121 | ) | (121 | ) | ||||||
Dividend reinvestment plan (note 13) | 66 | 1 | (1 | ) | — | — | — | — | — | |||||||
Total transactions with owners | 66 | 1 | (176 | ) | — | — | (175 | ) | (99 | ) | (274 | ) | ||||
At March 31, 2024 | 1,755,636 | $ 28,118 | ($ 6,594 | ) | $ 26 | $ 1,913 | $ 23,463 | $ 8,754 | $ 32,217 | |||||||
At January 1, 2023 | 1,755,350 | $ 28,114 | ($ 7,282 | ) | $ 26 | $ 1,913 | $ 22,771 | $ 8,518 | $ 31,289 | |||||||
Net income | — | — | 120 | — | — | 120 | 149 | 269 | ||||||||
Total other comprehensive loss | — | — | — | (3 | ) | — | (3 | ) | — | (3 | ) | |||||
Total comprehensive income (loss) | — | — | 120 | (3 | ) | — | 117 | 149 | 266 | |||||||
Transactions with owners | ||||||||||||||||
Dividends | — | — | (175 | ) | — | — | (175 | ) | — | (175 | ) | |||||
Disbursements to non-controlling interests | — | — | — | — | — | — | (62 | ) | (62 | ) | ||||||
Dividend reinvestment plan | 58 | 1 | (1 | ) | — | — | — | — | — | |||||||
Total transactions with owners | 58 | 1 | (176 | ) | — | — | (175 | ) | (62 | ) | (237 | ) | ||||
At March 31, 2023 | 1,755,408 | $ 28,115 | ($ 7,338 | ) | $ 23 | $ 1,913 | $ 22,713 | $ 8,605 | $ 31,318 |
1 | Includes cumulative translation losses at March 31, 2024: $95 million (December 31, 2023: $95 million; March 31, 2023: $95 million). |
2 | Includes additional paid-in capital as at March 31, 2024: $1,875 million (December 31, 2023: $1,875 million; March 31, 2023: $1,875 million). |
The notes to these unaudited condensed interim financial statements, which are contained in the First Quarter Report 2024 available on our website, are an integral part of these consolidated financial statements.
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Craig Fiddes, SME-RM, Lead, Resource Modeling, Nevada Gold Mines; Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive (in this capacity, Mr. Bottoms is also responsible on an interim basis for scientific and technical information relating to the Latin America and Asia Pacific region); John Steele, CIM, Metallurgy, Engineering and Capital Projects Executive; and Joel Holliday, FAusIMM, Executive Vice-President, Exploration — each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .
All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects . Unless otherwise noted, such mineral reserve and mineral resource estimates are as of December 31, 2023.
Endnotes
Endnote 1
"Adjusted net earnings" and "adjusted net earnings per share" are non-GAAP financial performance measures. Adjusted net earnings excludes the following from net earnings: impairment charges (reversals) related to intangibles, goodwill, property, plant and equipment, and investments; acquisition/disposition gains/losses; foreign currency translation gains/losses; significant tax adjustments; other items that are not indicative of the underlying operating performance of our core mining business; and tax effect and non-controlling interest of the above items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, acquisition/disposition gains/losses and significant tax adjustments do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Adjusted net earnings and adjusted net earnings per share are intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS") and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial measures to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to Net Earnings per Share, Adjusted Net Earnings and Adjusted Net Earnings per Share
($ millions, except per share amounts in dollars) | For the three months ended | |||||
3/31/24 | 12/31/23 | 3/31/23 | ||||
Net earnings attributable to equity holders of the Company | 295 | 479 | 120 | |||
Impairment charges related to intangibles, goodwill, property, plant and equipment, and investments a | 17 | 289 | 1 | |||
Acquisition/disposition gains b | (1 | ) | (354 | ) | (3 | ) |
Loss on currency translation | 12 | 37 | 38 | |||
Significant tax adjustments c | 29 | 120 | 48 | |||
Other (income) expense adjustments d | (9 | ) | 41 | 63 | ||
Non-controlling interest e | (4 | ) | (89 | ) | (6 | ) |
Tax effect e | (6 | ) | (57 | ) | (14 | ) |
Adjusted net earnings | 333 | 466 | 247 | |||
Net earnings per share f | 0.17 | 0.27 | 0.07 | |||
Adjusted net earnings per share f | 0.19 | 0.27 | 0.14 |
a. | For the three month period ended March 31, 2024, net impairment charges were mainly related to miscellaneous property, plant and equipment assets. For the three month period ended December 31, 2023, net impairment charges mainly related to a long-lived asset impairment at Long Canyon. |
b. | For the three month period ended December 31, 2023, acquisition/disposition gains mainly related to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. |
c. | For the three month period ended March 31, 2024, significant tax adjustments were mainly related to the de-recognition of deferred tax assets and the re-measurement of deferred tax balances. Significant tax adjustments for the three month period ended December 31, 2023 related to foreign currency translation gains and losses on tax balances; the impact of prior year adjustments; and the recognition and derecognition of deferred tax assets. |
d. | For the three month periods ended March 31, 2024 and December 31, 2023, other (income) expense adjustments mainly related to changes in the discount rate assumptions on our closed mine rehabilitation provision. The three month period ended December 31, 2023 was further impacted by care and maintenance expenses at Porgera. Other (income) expense adjustments for the three month period ended March 31, 2023 mainly related to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. |
e. | Non-controlling interest and tax effect for the three month period ended March 31, 2024 primarily relates to net impairment charges. |
f. | Calculated using weighted average number of shares outstanding under the basic method of earnings per share. |
Endnote 2
EBITDA is a non-GAAP financial performance measure, which excludes the following from net earnings: income tax expense; finance costs; finance income; and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose. Adjusted EBITDA removes the effect of impairment charges; acquisition/disposition gains/losses; foreign currency translation gains/losses; and other expense adjustments. We also remove the impact of the income tax expense, finance costs, finance income and depreciation incurred in our equity method accounted investments. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact on finance costs/income, income tax expense and/or depreciation as they do not affect EBITDA. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our full business, including equity method investments, by excluding these amounts from the calculation as they are not indicative of the performance of our core mining business and not necessarily reflective of the underlying operating results for the periods presented. In the third quarter of 2023 we introduced attributable EBITDA, which removes the non-controlling interest portion from our adjusted EBITDA measure. Prior periods have been presented to allow for comparability. We believe this additional information will assist analysts, investors and other stakeholders of Barrick in better understanding our ability to generate liquidity from our attributable business and which is aligned with how we present our forward looking guidance on gold ounces and copper pounds produced. EBITDA, adjusted EBITDA, and attributable EBITDA are intended to provide additional information only and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate EBITDA, adjusted EBITDA, and attributable EBITDA differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Net Earnings to EBITDA, Adjusted EBITDA and Attributable EBITDA
($ millions) | For the three months ended | |||||
3/31/24 | 12/31/23 | 3/31/23 | ||||
Net earnings | 487 | 597 | 269 | |||
Income tax expense | 174 | 174 | 205 | |||
Finance costs, net a | 10 | (7 | ) | 37 | ||
Depreciation | 474 | 564 | 495 | |||
EBITDA | 1,145 | 1,328 | 1,006 | |||
Impairment charges of non-current assets b | 17 | 289 | 1 | |||
Acquisition/disposition gains c | (1 | ) | (354 | ) | (3 | ) |
Loss on currency translation | 12 | 37 | 38 | |||
Other (income) expense adjustments d | (9 | ) | 41 | 63 | ||
Income tax expense, net finance costs a , and depreciation from equity investees | 102 | 118 | 78 | |||
Adjusted EBITDA | 1,266 | 1,459 | 1,183 | |||
Non-controlling Interests | (359 | ) | (391 | ) | (332 | ) |
Attributable EBITDA | 907 | 1,068 | 851 | |||
Revenues - as adjusted e | 2,222 | 2,514 | 2,188 | |||
Attributable EBITDA margin f | 41 | % | 42 | % | 39 | % |
a. | Finance costs exclude accretion. |
b. | For the three month period ended March 31, 2024, net impairment charges were mainly related to miscellaneous property, plant and equipment assets. For the three month period ended December 31, 2023, net impairment charges mainly related to a long-lived asset impairment at Long Canyon. |
c. | For the three month period ended December 31, 2023, acquisition/disposition gains mainly related to a gain on the reopening of the Porgera mine as the conditions for the reopening were completed on December 22, 2023. |
d. | For the three month periods ended March 31, 2024 and December 31, 2023, other (income) expense adjustments mainly related to changes in the discount rate assumptions on our closed mine rehabilitation provision. The three month period ended December 31, 2023 was further impacted by care and maintenance expenses at Porgera. Other (income) expense adjustments for the three month period ended March 31, 2023 mainly related to the $30 million commitment we made towards the expansion of education infrastructure in Tanzania, per our community investment obligations under the Twiga partnership. |
e. | Refer to Reconciliation of Sales to Realized Price per ounce/pound on page 67 of Barrick's Q1 2024 MD&A. |
f. | Represents attributable EBITDA divided by revenues - as adjusted. |
Endnote 3
On an attributable basis.
Endnote 4
"Realized price" is a non-GAAP financial performance measure which excludes from sales: treatment and refining charges; and cumulative catch-up adjustment to revenue relating to our streaming arrangements. We believe this provides investors and analysts with a more accurate measure with which to compare to market gold and copper prices and to assess our gold and copper sales performance. For those reasons, management believes that this measure provides a more accurate reflection of our company's past performance and is a better indicator of its expected performance in future periods. The realized price measure is intended to provide additional information, and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of sales as determined under IFRS. Other companies may calculate this measure differently. The following table reconciles realized prices to the most directly comparable IFRS measure. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Sales to Realized Price per ounce/pound
($ millions, except per ounce/pound information in dollars) | Gold | Copper | |||||||
For the three months ended | |||||||||
3/31/24 | 12/31/23 | 3/31/23 | 3/31/24 | 12/31/23 | 3/31/23 | ||||
Sales | 2,528 | 2,767 | 2,411 | 163 | 226 | 171 | |||
Sales applicable to non-controlling interests | (795 | ) | (872 | ) | (723 | ) | 0 | 0 | 0 |
Sales applicable to equity method investments a,b | 151 | 183 | 126 | 136 | 168 | 160 | |||
Sales applicable to sites in closure or care and maintenance c | (2 | ) | (2 | ) | (7 | ) | 0 | 0 | 0 |
Treatment and refinement charges | 7 | 8 | 7 | 34 | 51 | 43 | |||
Other d | 0 | (15 | ) | 0 | 0 | 0 | 0 | ||
Revenues – as adjusted | 1,889 | 2,069 | 1,814 | 333 | 445 | 374 | |||
Ounces/pounds sold (000s ounces/millions pounds) c | 910 | 1,042 | 954 | 86 | 117 | 89 | |||
Realized gold/copper price per ounce/pound e | 2,075 | 1,986 | 1,902 | 3.86 | 3.78 | 4.20 |
a. | Represents sales of $151 million, for the three month period ended March 31, 2024 (December 31, 2023: $183 million and March 31, 2023: $126 million) applicable to our 45% equity method investment in Kibali for gold. Represents sales of $80 million for the three month period ended March 31, 2024 (December 31, 2023: $98 million and March 31, 2023: $98 million) applicable to our 50% equity method investment in Zaldívar and $62 million (December 31, 2023: $77 million and March 31, 2023: $69 million), applicable to our 50% equity method investment in Jabal Sayid for copper. |
b. | Sales applicable to equity method investments are net of treatment and refinement charges. |
c. | On an attributable basis. Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. |
d. | Represents a cumulative catch-up adjustment to revenue relating to our streaming arrangements. Refer to note 2e of the 2023 Annual Financial Statements for more information. |
e. | Realized price per ounce/pound may not calculate based on amounts presented in this table due to rounding. |
Endnote 5
Net earnings represents net earnings attributable to the equity holders of the Company.
Endnote 6
"Free cash flow" is a non-GAAP financial measure that deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently. Further details on this non-GAAP financial performance measure are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS measure.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
($ millions) | For the three months ended | |||||
3/31/24 | 12/31/23 | 3/31/23 | ||||
Net cash provided by operating activities | 760 | 997 | 776 | |||
Capital expenditures | (728 | ) | (861 | ) | (688 | ) |
Free cash flow | 32 | 136 | 88 | |||
Endnote 7
These amounts are presented on the same basis as our guidance. Minesite sustaining capital expenditures and project capital expenditures are non-GAAP financial measures. Capital expenditures are classified into minesite sustaining capital expenditures or project capital expenditures depending on the nature of the expenditure. Minesite sustaining capital expenditures is the capital spending required to support current production levels. Project capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of all-in sustaining costs per ounce and all-in costs per ounce. Classifying capital expenditures is intended to provide additional information only and does not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently. The following table reconciles these non-GAAP financial performance measures to the most directly comparable IFRS measure.
Reconciliation of the Classification of Capital Expenditures
($ millions) | For the three months ended | ||
3/31/24 | 12/31/23 | 3/31/23 | |
Minesite sustaining capital expenditures | 550 | 569 | 454 |
Project capital expenditures | 165 | 278 | 226 |
Capitalized interest | 13 | 14 | 8 |
Total consolidated capital expenditures | 728 | 861 | 688 |
Endnote 8
Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share).
Endnote 9
"Total cash costs" per ounce, "All-in sustaining costs" per ounce and "All-in costs" per ounce are non-GAAP financial performance measures which are calculated based on the definition published by the World Gold Council (a market development organization for the gold industry comprised of and funded by gold mining companies from around the world, including Barrick, the "WGC"). The WGC is not a regulatory organization. Management uses these measures to monitor the performance of our gold mining operations and their ability to generate positive cash flow, both on an individual site basis and an overall company basis. "Total cash costs" per ounce start with our cost of sales related to gold production and removes depreciation, the noncontrolling interest of cost of sales and includes by-product credits. "All-in sustaining costs" per ounce start with "Total cash costs" per ounce and includes sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs and reclamation cost accretion and amortization. These additional costs reflect the expenditures made to maintain current production levels. "All-in costs" per ounce start with "All-in sustaining costs" and adds additional costs that reflect the varying costs of producing gold over the life-cycle of a mine, including: project capital expenditures (capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life) and other non-sustaining costs (primarily non-sustaining leases, exploration and evaluation costs, community relations costs and general and administrative costs that are not associated with current operations). These definitions recognize that there are different costs associated with the life-cycle of a mine, and that it is therefore appropriate to distinguish between sustaining and non-sustaining costs. Barrick believes that the use of "Total cash costs" per ounce, "All-in sustaining costs" per ounce and "All-in costs" per ounce will assist analysts, investors and other stakeholders of Barrick in understanding the costs associated with producing gold, understanding the economics of gold mining, assessing our operating performance and also our ability to generate free cash flow from current operations and to generate free cash flow on an overall company basis. "Total cash costs" per ounce, "All-in sustaining costs" per ounce and "All-in costs" per ounce are intended to provide additional information only and do not have standardized definitions under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures are not equivalent to net income or cash flow from operations as determined under IFRS. Although the WGC has published a standardized definition, other companies may calculate these measures differently. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Gold Cost of Sales to Total cash costs, All-in sustaining costs and All-in costs, including on a per ounce basis
($ millions, except per ounce information in dollars) | For the three months ended | ||||||
Footnote | 3/31/24 | 12/31/23 | 3/31/23 | ||||
Cost of sales applicable to gold production | 1,761 | 1,928 | 1,761 | ||||
Depreciation | (407 | ) | (471 | ) | (445 | ) | |
Cash cost of sales applicable to equity method investments | 56 | 65 | 63 | ||||
By-product credits | (56 | ) | (66 | ) | (61 | ) | |
Non-recurring items | a | 0 | 0 | 0 | |||
Other | b | 2 | 6 | 0 | |||
Non-controlling interests | c | (400 | ) | (432 | ) | (378 | ) |
Total cash costs | 956 | 1,030 | 940 | ||||
General & administrative costs | 28 | 29 | 39 | ||||
Minesite exploration and evaluation costs | d | 13 | 4 | 11 | |||
Minesite sustaining capital expenditures | e | 550 | 569 | 454 | |||
Sustaining leases | 6 | 7 | 7 | ||||
Rehabilitation - accretion and amortization (operating sites) | f | 17 | 20 | 14 | |||
Non-controlling interest, copper operations and other | g | (224 | ) | (230 | ) | (159 | ) |
All-in sustaining costs | 1,346 | 1,429 | 1,306 | ||||
Global exploration and evaluation and project expense | d | 82 | 99 | 60 | |||
Community relations costs not related to current operations | 0 | 1 | 0 | ||||
Project capital expenditures | e | 165 | 278 | 226 | |||
Non-sustaining leases | 0 | 0 | 0 | ||||
Rehabilitation - accretion and amortization (non-operating sites) | f | 7 | 7 | 6 | |||
Non-controlling interest and copper operations and other | g | (92 | ) | (112 | ) | (88 | ) |
All-in costs | 1,508 | 1,702 | 1,510 | ||||
Ounces sold - attributable basis (000s ounces) | h | 910 | 1,042 | 954 | |||
Cost of sales per ounce | i,j | 1,425 | 1,359 | 1,378 | |||
Total cash costs per ounce | j | 1,051 | 982 | 986 | |||
Total cash costs per ounce (on a co-product basis) | j,k | 1,093 | 1,026 | 1,030 | |||
All-in sustaining costs per ounce | j | 1,474 | 1,364 | 1,370 | |||
All-in sustaining costs per ounce (on a co-product basis) | j,k | 1,516 | 1,408 | 1,414 | |||
All-in costs per ounce | j | 1,657 | 1,627 | 1,583 | |||
All-in costs per ounce (on a co-product basis) | j,k | 1,699 | 1,671 | 1,627 |
a. | Non-recurring items |
These costs are not indicative of our cost of production and have been excluded from the calculation of total cash costs. | |
b. | Other |
Other adjustments for the three month period ended March 31, 2024 include the removal of total cash costs and by-product credits associated with Pierina of $nil (December 31, 2023: $nil; March 31, 2023: $3 million), which was producing incidental ounces until December 31, 2023. | |
c. | Non-controlling interests |
Non-controlling interests include non-controlling interests related to gold production of $542 million for the three month period ended March 31, 2024 (December 31, 2023: $594 million and March 31, 2023: $529 million). Non-controlling interests include NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu. Refer to Note 4 to the Financial Statements for further information. | |
d. | Exploration and evaluation costs |
Exploration, evaluation and project expenses are presented as minesite sustaining if it supports current mine operations and project if it relates to future projects. Refer to page 48 of Barrick's Q1 2014 MD&A. | |
e. | Capital expenditures |
Capital expenditures are related to our gold sites only and are split between minesite sustaining and project capital expenditures. Project capital expenditures are capital spending at new projects and major, discrete projects at existing operations intended to increase net present value through higher production or longer mine life. Significant projects in the current year include the plant expansion project at Pueblo Viejo and the solar project at NGM. Refer to page 47 of Barrick's Q1 2024 MD&A. | |
f. | Rehabilitation—accretion and amortization |
Includes depreciation on the assets related to rehabilitation provisions of our gold operations and accretion on the rehabilitation provision of our gold operations, split between operating and non-operating sites. | |
g. | Non-controlling interest and copper operations |
Removes general and administrative costs related to non-controlling interests and copper based on a percentage allocation of revenue. Also removes exploration, evaluation and project expenses, rehabilitation costs and capital expenditures incurred by our copper sites and the non-controlling interest of NGM, Pueblo Viejo, Loulo-Gounkoto, Tongon, North Mara and Bulyanhulu operating segments. It also includes capital expenditures applicable to our equity method investment in Kibali. Figures remove the impact of Pierina up until December 31, 2023. The impact is summarized as the following: | |
($ millions) | For the three months ended | |||||
Non-controlling interest, copper operations and other | 3/31/24 | 12/31/23 | 3/31/23 | |||
General & administrative costs | (4 | ) | 7 | (6 | ) | |
Minesite exploration and evaluation expenses | (2 | ) | (2 | ) | (4 | ) |
Rehabilitation - accretion and amortization (operating sites) | (5 | ) | (6 | ) | (5 | ) |
Minesite sustaining capital expenditures | (213 | ) | (229 | ) | (144 | ) |
All-in sustaining costs total | (224 | ) | (230 | ) | (159 | ) |
Global exploration and evaluation and project expense | (44 | ) | (40 | ) | (12 | ) |
Project capital expenditures | (48 | ) | (72 | ) | (76 | ) |
All-in costs total | (92 | ) | (112 | ) | (88 | ) |
h. | Ounces sold - attributable basis |
Excludes Pierina, which was producing incidental ounces until December 31, 2023 while in closure. It also excludes Long Canyon which is producing residual ounces from the leach pad while in care and maintenance. | |
i. | Cost of sales per ounce |
Figures remove the cost of sales impact of: Pierina of $nil for the three month period ended March 31, 2024 (December 31, 2023: $nil and March 31, 2023: $3 million), which was producing incidental ounces up until December 31, 2023. Gold cost of sales per ounce is calculated as cost of sales across our gold operations (excluding sites in closure or care and maintenance) divided by ounces sold (both on an attributable basis using Barrick's ownership share). | |
j. | Per ounce figures |
Cost of sales per ounce, total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce may not calculate based on amounts presented in this table due to rounding. | |
k. | Co-product costs per ounce |
Total cash costs per ounce, all-in sustaining costs per ounce and all-in costs per ounce presented on a co-product basis removes the impact of by-product credits of our gold production (net of non-controlling interest) calculated as: | |
($ millions) | For the three months ended | ||||||
3/31/24 | 12/31/23 | 3/31/23 | |||||
By-product credits | 56 | 66 | 61 | ||||
Non-controlling interest | (18 | ) | (20 | ) | (19 | ) | |
By-product credits (net of non-controlling interest) | 38 | 46 | 42 | ||||
Endnote 10
Starting in 2024, we have presented our copper production and sales quantities in tonnes rather than pounds (1 tonne is equivalent to 2,204.6 pounds). Our copper cost metrics are still reported on a per pound basis.
Endnote 11
Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share).
Endnote 12
"C1 cash costs" per pound and "All-in sustaining costs" per pound are non-GAAP financial performance measures related to our copper mine operations. We believe that "C1 cash costs" per pound enables investors to better understand the performance of our copper operations in comparison to other copper producers who present results on a similar basis. "C1 cash costs" per pound excludes royalties and non-routine charges as they are not direct production costs. "All-in sustaining costs" per pound is similar to the gold all-in sustaining costs metric and management uses this to better evaluate the costs of copper production. We believe this measure enables investors to better understand the operating performance of our copper mines as this measure reflects all of the sustaining expenditures incurred in order to produce copper. "All-in sustaining costs" per pound includes C1 cash costs, sustaining capital expenditures, sustaining leases, general and administrative costs, minesite exploration and evaluation costs, royalties, reclamation cost accretion and amortization and writedowns taken on inventory to net realizable value. Further details on these non-GAAP financial performance measures are provided in the MD&A accompanying Barrick's financial statements filed from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Reconciliation of Copper Cost of Sales to C1 cash costs and All-in sustaining costs, including on a per pound basis
($ millions, except per pound information in dollars) | For the three months ended | |||||
3/31/24 | 12/31/23 | 3/31/23 | ||||
Cost of sales | 168 | 209 | 174 | |||
Depreciation/amortization | (60 | ) | (86 | ) | (44 | ) |
Treatment and refinement charges | 34 | 51 | 43 | |||
Cash cost of sales applicable to equity method investments | 82 | 103 | 87 | |||
Less: royalties | (12 | ) | (16 | ) | (15 | ) |
By-product credits | (5 | ) | (5 | ) | (4 | ) |
Other | 0 | 0 | 0 | |||
C1 cash costs | 207 | 256 | 241 | |||
General & administrative costs | 4 | 6 | 6 | |||
Rehabilitation - accretion and amortization | 2 | 2 | 2 | |||
Royalties | 12 | 16 | 15 | |||
Minesite exploration and evaluation costs | 0 | 0 | 2 | |||
Minesite sustaining capital expenditures | 83 | 84 | 33 | |||
Sustaining leases | 1 | 3 | 3 | |||
All-in sustaining costs | 309 | 367 | 302 | |||
Tonnes sold - attributable basis (thousands of tonnes) | 39 | 53 | 40 | |||
Pounds sold - attributable basis (millions pounds) | 86 | 117 | 89 | |||
Cost of sales per pound a,b | 3.20 | 2.92 | 3.22 | |||
C1 cash costs per pound a | 2.40 | 2.17 | 2.71 | |||
All-in sustaining costs per pound a | 3.59 | 3.12 | 3.40 |
a. | Cost of sales per pound, C1 cash costs per pound and all-in sustaining costs per pound may not calculate based on amounts presented in this table due to rounding. |
b. | Copper cost of sales per pound is calculated as cost of sales across our copper operations divided by pounds sold (both on an attributable basis using Barrick's ownership share). |
Endnote 13
A Tier One Gold Asset is an asset with a $1,300/oz reserve with potential for 5 million ounces to support a minimum 10-year life, annual production of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve. Tier One Assets must be located in a world class geological district with potential for organic reserve growth and long-term geologically driven addition.
Endnote 14
Indicative copper production profile from Lumwana, which is conceptual in nature. Subject to change following completion of the pre-feasibility study.
Endnote 15
Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.
Endnote 16
Includes Goldrush.
Endnote 17
Porgera was placed on care and maintenance from April 25, 2020 until December 22, 2023. On December 22, 2023, the Porgera Project Commencement Agreement was completed and recommissioning of the mine commenced. As a result, Porgera is included in our 2024 guidance at 24.5%.
Endnote 18
Total cash costs and all-in sustaining costs per ounce include costs allocated to non-operating sites.
Endnote 19
Operating division guidance ranges reflect expectations at each individual operating division and may not add up to the company wide guidance range total. Guidance ranges exclude Pierina which is producing incidental ounces while in closure.
Endnote 20
Includes corporate administration costs.
Endnote 21
Attributable capital expenditures are presented on the same basis as guidance, which includes our 61.5% share of NGM, our 60% share of Pueblo Viejo, our 80% share of Loulo-Gounkoto, our 89.7% share of Tongon, our 84% share of North Mara and Bulyanhulu, our 50% share of Zaldívar and Jabal Sayid and, beginning in 2024, our 24.5% share of Porgera.
Shares Listed
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Transfer Agents and Registrars
TSX Trust Company
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or
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Telephone: 1 800 387 0825
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Corporate Office
Barrick Gold Corporation
161 Bay Street, Suite 3700
Toronto, Ontario M5J 2S1
Canada
Telephone: +1 416 861 9911
Email: investor@barrick.com
Website: www.barrick.com
Enquiries
President and Chief Executive Officer
Mark Bristow
+1 647 205 7694
+44 7880 711 386
Senior Executive Vice-President and
Chief Financial Officer
Graham Shuttleworth
+1 647 262 2095
+44 7797 711 338
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Kathy du Plessis
+44 207 557 7738
Email: barrick@dpapr.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "strategy", "target", "plan", "focus", "scheduled", "ramp up", "commitment" "opportunities", "foundation", "guidance", "project", "expand", "invest", "continue", "progress", "develop", "on track", "estimate", "growth", "potential", "future", "extend", "will", "could", "would", "should", "may" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; mine life and production rates and anticipated production growth from Barrick's organic project pipeline and reserve replacement; Barrick's global exploration strategy and planned exploration activities, including discoveries at Turqouise Ridge and Kibali; our ability to identify new Tier One assets and the potential for existing assets to attain Tier One status; Barrick's copper strategy; our plans and expected completion and benefits of our growth projects; potential mineralization and metal or mineral recoveries; the completion of the TS Solar facility at Neveda Gold Mines; targeted first production for the Reko Diq project and the Lumwana Super Pit expansion project; projected annual production for the Lumwana Super Pit expansion project and the Goldrush project; the resumption and ramp up of operations at the Porgera mine; our pipeline of high confidence projects at or near existing operations, including Fourmile; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, economic contributions and education, employment and procurement initiatives, climate change, including our GHG emissions reduction targets renewable energy initiatives, and biodiversity initiatives; the potential to transform Buzwagi into a Special Economic Zone; Barrick's performance dividend policy; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; the potential impact of proposed changes to Chilean law on the status of value added tax refunds received in Chile in connection with the development of the Pascua-Lama project; expropriation or nationalization of property and political or economic developments in Canada, the United States or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to greenhouse gas emission levels, energy efficiency and reporting of risks; the Company's ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick's value chain, but outside of the Company's direct control, to achieve such targets within the specified time frames; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives, including risks related to cyber-attacks, cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
EIS Funding of $180,000 Awarded for Drilling at Caligula, a Significant Copper Target at the Arkun Project, WA
Impact Minerals Limited's (ASX:IPT) is pleased to announce that it has been awarded $180,000 under the WA Government’s Exploration Incentive Scheme (EIS) to co-fund drilling of the Caligula copper prospect at the company’s 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1 and ASX Release January 4th 2024).
- Co-funding of up to $180,000 awarded under the WA Government’s EIS scheme to drill the large and significant Caligula copper target identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data.
- Caligula comprises a 5 km by 1 km soil geochemistry anomaly containing copper-silver-cobalt+/- tellurium-bismuth-molybdenum associated with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
- Infill and extensional soil geochemistry surveys have been completed to help define specific drill targets with assays due this Quarter.
- The statutory approvals process for a drill programme has now commenced.
- The aircore drill programme at the Hyperion Prospect, which forms part of IPT’s broader Arkun Project, has been completed. Hand-held XRF data is being interpreted to help select samples for assaying, with results expected later this Quarter.
Caligula is 15 km west of the Hyperion Rare Earth Element prospect anomaly, where an aircore drill programme was recently completed (ASX Releases January 4th 2024 and April 19th 2024). The Arkun project was also recently expanded with three new tenement applications (Figure 1 and ASX Release March 14th 2024).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “This award validates our exploration programmes at Arkun over the past few years. Caligula is one of many geochemical and geophysical targets we have at the project and so the information we will gain from the proposed drill programme will add immensely to our knowledge of this poorly exposed and poorly explored area. We will now start the statutory approvals process for the drilling. We have just completed our maiden drill programme at Hyperion to test for Rare Earth Elements and are interpreting the handheld XRF data to select samples for assaying, and we are looking forward to those results”.
Figure 1. Location and regional geological setting of Impact’s Arkun and other projects shown in blue in the emerging mineral province of southwest Western Australia. Significant nickel deposits are shown in orange, lithium deposits in green and gold deposits in yellow.
Soil Geochemistry Results
The Caligula prospect comprises an area of anomalous copper-in-soils that extends over about 5,000 metres north-south and up to at least 2,000 metres east-west. It is open to the east and the southwest (Figure 2). The copper is associated with anomalous silver and cobalt and, in the southern part of the anomaly, also has a strong association with bismuth, tellurium and lesser molybdenum (Figure 2). Details about the soil geochemistry results were included in the ASX Release of January 24th 2024.
Click here for the full ASX Release
This article includes content from Impact Minerals, 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.
Tartana Drilling to Verify Upgrading of 45,000 Tonne Copper Resource
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to advise that it has commissioned AED drilling to complete a 300m diamond core PQ hole to provide bulk samples for both Tomra ore sorting and for standard copper flotation testwork. Drilling is scheduled to commence this week and will take approximately two weeks to complete.
Highlights:
- AED commissioned to drill a PQ diamond hole for metallurgical sampling
- Drill path is sited below TRC098 which previously intersected 77 m @ 0.62% Cu with the hole also improving geological interpretation and resource integrity
- Metallurical testwork will focus on ore sorting testwork where initial samples returned a 100% increase in grade and retained 76% of the metal content
- Copper flotation testwork will also be conducted to verify earlier reports which indicated high recoveries to a copper concentrate
- Positive results from the testwork will support the development of the Tartana open pit copper resource which currently stands at 45,000 t of contained copper and remains open at depth
“It is great news that we have been able to secure a rig to complete this important hole in a time when there is a high demand for drilling across the industry.
“The results of the testwork will contribute to the mine plan for the Tartana open pit and the Company is investigating options for treating the primary ore. Oxide and transition ore can be treated by the existing heap leach – solvent extraction crystallisaion plant which is current producing copper sulphate pentahydrate and which is sold through our offtake partner, Kanins International.’”
Tartana Primary Copper Project Background
The Company submitted copper mineralised samples in 2022 to Tomra for ore sorting testwork given that the primary copper mineralisation in the Tartana open pit appears restricted to stockwork and bedding plane veins in a host rock of benign arkosic sandstone. As expected, the preliminary testwork was positive and indicated a potential 100% increase in copper grade using the Tomra X-ray transmission sorter and adding back the finer material after crushing to 30 mm. The contained copper recovery was 76% of the overall samples.
Click here for the full ASX Release
This article includes content from Tartana Minerals Limited, 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.
March 2024 Quarterly Cash Flow Report
Impact Minerals Limited's (ASX:IPT) has released its Quarterly Cash Flow Report.
This article includes content from Impact Minerals, 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.
March 2024 Quarterly Report
HIGHLIGHTS
1. Lake Hope, WA (IPT 80%)
- Greater than 99.99% (4N+) High Purity Alumina (Al2O3) is produced from Lake Hope mud via the proprietary and patented Playa One Sulphate Process and a new low-temperature leach process called the LTL Process.
- The Sulphate Process underpins the recent Scoping Study, which demonstrated an NPV8 of A$1.3 billion for the project and an estimated operating cost to produce 4N HPA up to 50% lower than anyone else globally at less than US$4,000 per tonne.
- The LTL Process produced 4N within a few months, attesting to a simpler process that may lower the Capital and Operating Costs to produce HPA than the Sulphate Process.
- The LTL Process will now be integrated into the ongoing Pre-Feasibility Study at marginal extra cost.
- Production of larger quantities of HPA can now commence using the now- optimized Sulphate Process to demonstrate consistent quality to potential customers.
- Preliminary discussions with potential customers indicate very strong demand for 4N HPA.
- The Pre-Feasibility Study is on schedule to be completed in late 2024.
- Rare Earth Element anomalism of up to 5,880 ppm (0.59%) Total Rare Earth Oxide plus Yttrium (TREO+Y) and Nd+Pr of up to 21% returned from a soil geochemistry survey at the Hyperion prospect. The anomaly covers at least a 3 km2 area at greater than 1,000ppm TREO and is open along strike to the northwest and southeast.
- Another new prospect, Swordfish, and the previously identified Horseshoe prospect attest to the significant prospectivity for REE mineralisation across the Arkun project.
- Soil geochemistry and Mobile Magneto-Telluric (MMT) data at the Caligula Prospect identified a large and significant target for porphyry copper mineralisation. A 5 km by 1 km soil geochemistry anomaly contains the key metal assemblage of copper-silver-cobalt+/-tellurium-bismuth-molybdenum, all indicators of porphyry copper mineralisation, such as that found at Boddington and Calingiri in the same region of Western Australia.
- Infill and extensional soil geochemistry surveys, together with a detailed interpretation of the MMT data completed to define the extent of Caligula and identify specific drill targets.
- Three new Exploration Licence applications submitted immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly. The new licences cover a further 720 km2 and increase the size of the Arkun project to 2,900 km2 in the emerging mineral province of southwest WA.
- Statutory approvals and land access agreements are in progress for a maiden drill programme at Hyperion and other targets, along with negotiations with drilling contractors.
3. Commonwealth Project (IPT 100%)
- Agreement signed for the sale of up to 75% interest in the Commonwealth Project, NSW.
4. Other Projects
- Broken Hill: data synthesis and interpretation in progress on all data collected during the BHP Xplor Programme.
- Doonia: assays received highlighting large gold and lithium-in-soil anomalies. The company is currently assessing its options for the project.
- Southwest regional: No significant soil results were returned on the Dinninup and Mineral Hill projects, and they have been relinquished subsequent to the Quarter.
Click here for the full ASX Release
This article includes content from Impact Minerals, 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.
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