The Conversation (0)
(TheNewswire)
 | |||||||||
 |  |  |  | ||||||
With a portfolio of past-producing gold assets with a resource potential of 1 to 4 million ounces, Providence Gold Mines (TSXV:PHD,OTCQB:PRRVF,GR-FRANKFURT:7RH1) is a compelling investment opportunity for those seeking exposure to high-potential gold assets amid a current gold bull market.
Providence Gold Mines focuses on revitalizing the historic Providence Group of Mines. The company aims to unlock the potential of its high-grade gold deposits within the Mother Lode Gold Belt in Sonora, California. This prolific gold district has historically reportedly produced over 128 million ounces of gold, making it one of North America's most significant gold-producing regions.
The Providence Group of Mines consists of seven patented mineral claims: Bonita, Consuelo, Fair Play, Good Enough, McCarthy, Mexican and Providence. With a portfolio of past-producing gold mines, high-grade drill targets, and a near-term pathway to production through stockpile processing, the company is poised to generate significant value for shareholders.
Company Highlights
- Providence Gold controls a portfolio of gold mines in Tuolumne County, California, situated in the heart of the historic Mother Lode district, a region that has produced over 128 million ounces of gold to date.
- The Providence Group of Gold Mines, consisting of seven patented staked mineral claims, was historically a high-grade producer, with reported grades grossly exceeding 1.0 oz/ton.
- The company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple gravity-based processing.
- Utilizing 3D terrestrial LIDAR laser scanning technology and traditional exploration methods, Providence Gold has identified new high-grade drill targets beneath and between historical stopes, supporting a resource potential estimate of 1 to 4 million ounces.
- The company has outlined a 4,000-meter core drilling program, targeting high-grade zones identified through 3D modeling, trenching and soil geo chemistry and traditional mapping.
This Providence Gold MInes profile is part of a paid investor education campaign.*
Click here to connect with Providence Gold Mines (TSXV:PHD) to receive an Investor Presentation
PHD:CC
Providence Gold Mines Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Providence Gold Mines
Investor Insight
Providence Gold Mines’ portfolio of past-producing gold assets with a resource potential of 1 to 4 million ounces, makes it a compelling investment opportunity for investors seeking exposure to undervalued, high-potential gold assets amid a current gold bull market.
Overview
Providence Gold Mines (TSXV:PHD,OTCQB:PRRVF,GR-FRANKFURT:7RH1) is a junior gold exploration company focused on the revitalization of the historic Providence Group of Mines and further unlocking the potential of its high-grade gold deposits within the Mother Lode Gold Belt in Sonora, California. This prolific gold district has historically reportedly produced over 128 million ounces of gold, making it one of the most significant gold-producing regions in North America.
Providence Gold is strategically positioned to benefit from the current gold bull market, as global economic uncertainty, inflationary pressures, and rising demand for safe-haven assets continue to drive gold prices to historic highs. With a portfolio of past-producing gold mines, high-grade drill targets, and a near-term pathway to production through stockpile processing, the company is poised to potentially generate significant value for shareholders. The Providence Group of Mines consists of seven patented mineral claims: Bonita, Consuelo, Fair Play, Good Enough, McCarthy, Mexican and Providence.
This past-producing gold asset was historically one of the more famous high-grade mines in the Mother Lode Belt, with reported production grades exceeding 1 oz/ton (or 31 g/t gold). Mining operations ceased in 1916, leaving behind significant unmined high-grade ore at depth, as well as gold-bearing stockpiles that have since been identified as a near-term cash flow opportunity.
Providence Gold Mines is led by professionals with extensive experience in discovery of new mines in the mother lode district and corporate finance. Their combined expertise in geology, capital markets and project execution positions the company for successful exploration and potential near-term production. This, combined with high-grade historical production, modern geological exploration techniques, and near-term catalysts, Providence Gold is well-positioned to emerge as a high-value gold exploration and development play in a rising gold market.
Company Highlights
- Providence Gold controls a portfolio of gold mines in Tuolumne County, California, situated in the heart of the historic Mother Lode district, a region that has produced over 128 million ounces of gold to date.
- The Providence Group of Gold Mines, consisting of seven patented staked mineral claims, was historically a high-grade producer, with reported grades grossly exceeding 1.0 oz/ton.
- The company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple gravity-based processing.
- Utilizing 3D terrestrial LIDAR laser scanning technology and traditional exploration methods, Providence Gold has identified new high-grade drill targets beneath and between historical stopes, supporting a resource potential estimate of 1 to 4 million ounces.
- The company has outlined a 4,000-meter core drilling program, targeting high-grade zones identified through 3D modeling, trenching and soil geo chemistry and traditional mapping.
Key Project
Providence Group of Mines
The Providence Group of Mines, located in Tuolumne County, California, sits within the Mother Lode Belt, a historic gold-producing region responsible for over 128 million ounces of gold production since the 19th century. The Mother Lode Belt is one of the most significant gold districts in the United States, characterized by high-grade mesothermal vein-hosted orogenic gold deposits. The district features structurally controlled mineralization associated with regional shearing and faulting, forming a series of gold-bearing quartz veins that have been the focus of both historic and modern mining operations.
Gold mining at the Providence Mines dates back to 1894, with extensive production recorded until 1916. At the time of closure, the mine was actively extracting high-grade ore, but operations ceased due to a dispute and a regional fire that destroyed surface infrastructure, rather than depletion of mineral resources. Historical reports indicate the mine's lower levels, specifically from the 10th to 12th levels, were actively being developed into rich ore shoots at the time of shutdown, suggesting that significant mineralization remains in place.
The ore shoots within the Providence Gold system are reported to have historically produced between 30,000 to 50,000 ounces per stope, with average gold grades exceeding 1 oz/ton (31 g/t gold). The McCarthy Mine, one of the key areas within the Providence Group, has returned surface samples with gold assays ranging from 77 g/t to 97 g/t gold, further demonstrating the district’s exceptional high-grade potential. Importantly, the historical mine workings only reached a depth of 100 feet, leaving down-dip extensions of the ore body entirely unexplored.
Modern structural interpretations and geophysical surveys suggest that gold mineralization at Providence is open at depth and along strike, with a strong likelihood of additional undiscovered high-grade ore shoots. Given that mining operations in the early 20th century were limited by technology and capital, the potential for discovering new gold zones using modern exploration techniques remains highly attractive.
Exploration and Development Plans
Providence Gold has embarked on a multi-phase exploration strategy designed to assess the down-dip and strike extensions of near surface, historically mined high-grade gold veins, as well as evaluate the potential for bulk-tonnage, low-grade gold mineralization at surface. The company’s technical approach integrates cutting-edge technologies, including 3D terrestrial LIDAR scanning, geophysical surveys and targeted diamond drilling.
One of the most significant near-term opportunities is the processing of historical stockpiles, which were initially misclassified as waste but have since been confirmed to contain gold mineralization. Recent trenching and bulk sampling returned positive assay results, with recovery tests demonstrating that gold can be efficiently extracted using simple crushing and gravity separation methods. Since the stockpile material is already milled, this initiative could provide a near-term source of revenue while exploration drilling advances.
The primary exploration initiative at Providence is a 4,000-meter core drilling program, targeting previously untested areas near surface, beneath and between the historical stopes. The company has identified high-priority drill targets based on 3D geological modeling and interpretation of compiled data, which suggest that gold-bearing structures extend well beyond the historically mined zones.
Another key aspect of Providence’s exploration strategy is the development of a digital 3D mine model, integrating historical production data, drill results, 3D Lidar surveys and structural interpretations. This modeling enables the team to simulate mineralized zones, predict ore shoot continuity, and optimize future mining scenarios.
Near and Long-term Development Plan Going Forward
In the near-term, the company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple crushing and gravity-based processing.
In the long-term, Providence remains focused on developing its assets through a phased approach which includes:
- Phase 1 Drilling (2025-2026): Targeting high-grade extensions of previously mined stopes, validating historical resource potential.
- Phase 2 Resource Definition (2025-2026): Expanding the drill program to delineate an NI 43-101 compliant resource, incorporating both high-grade underground targets and bulk-tonnage surface mineralization.
- Preliminary Economic Assessment & Engineering Studies (2026-2027): Evaluating the feasibility of underground mining operations, along with potential processing of the historical stockpiles for early cash-flow generation.
- Permitting & Development (2028+): Advancing toward potential production, leveraging California’s permitting framework and existing infrastructure within the Mother Lode Belt.
Management Team
Ronald A. Coombes - President, CEO & Director
Ronald Coombes brings over 25 years of experience in mineral exploration and project development. He has successfully managed multiple mining ventures, including a molybdenum project that grew from a $1.5 million to $288 million market cap in just 12 months. Throughout his career, Coombes has reviewed and assessed over 100 mining projects across Canada, the US and Mexico, specializing in fundraising, acquisitions and early-stage resource development. He is also a director of Lincoln Mining, which is currently advancing the Pine Grove Gold Deposit in Nevada.
Rodger Young - Chairman, Vice-president & Director
Rodger Young has extensive expertise in international financing, particularly in the natural resources sector. He was the founder and director of a major finance house based in London, specializing in raising capital for mining and resource-based projects. His experience in corporate governance, financial structuring, and investment strategies provides Providence Gold with a strong foundation for securing capital and advancing its projects.
Dr. Lee Groat - Qualified Person & Senior Advisor
Dr. Lee Groat is a renowned geologist and professor at the University of British Columbia. With expertise in structural geology, economic mineral deposits, and exploration strategy, he has contributed significantly to advancing mineral projects globally. His technical leadership ensures Providence Gold’s exploration programs are guided by cutting-edge geological analysis and best industry practices.
Unlocking untapped, high-grade gold deposits in the historic Mother Lode Gold Belt in California
Providence Gold Mines Inc. Announces Extension of Private Placement
January 16, 2025 TheNewswire - (TSX-V: PHD) ( OTC: PRRVF ) Providence Gold Mines Inc. (the "Company") announces that it has received an extension from the TSX Venture Exchange ("TSX-V") with respect to the duration of its previously announced private placement (the "Private Placement") (please see the Company's press releases dated November 20, 2024 and December 6, 2024). The outside date upon which final acceptance of the Private Placement will be granted by the TSX-V has been extended by 30 days. While the Company has closed a first tranche of the private placement it applied for an extension to January 28, 2025.
As previously announced the private placement of up to $1,700,000 Cdn for 34,000,000 units at $0.05 per unit. Each unit will comprise of one common share and one non-transferable warrant, exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing.
The funds from this placement will be used for evaluation of the new gold surface discovery reported for reference on May 6,2024 and for a significant drilling program of up to 2500m designed to target the historical McCarthy and Mexican shafts and as well as an area north of the Mexican shaft where significant ground preparation provides a favorable structural setting for hanging wall splay veins analogous to the historical "Bonanza" stope at the Providence mine first stope at surface alone produced 50,000 ounces. Ron Coombes states, "exploration efforts have modelled potential for robust significant high grade gold targets".
All securities issued will be subject to a hold period of four months and one day from the closing date of the private placement, in accordance with applicable Canadian securities laws.
Qualified Person
Lee Groat Ph.D., P. Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved of the technical information contained in this news release.
Neither the 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
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
Copyright (c) 2025 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
What Was the Highest Price for Gold?
Some have posited that the gold price may break US$3,000 per ounce and carry on as high as US$4,000 or US$5,000. Now that it has broken US$3,000 for the first time, how high could it go? There are even those with hopes that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all time high? In the past year, a new gold all time high (ATH) has been reached dozens of times, and we share the latest one and what has driven it to this level below. We also take a look at how the gold price has moved historically and what has driven its performance in recent years.
In this article
How is gold traded?
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price. In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
What was the highest gold price ever?
2025 gold price chart for December 31, 2024, to March 27, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,059.12, its all-time high, during trading on March 27, 2025. What drove it to set this new ATH?
Gold set its 18th new high price of 2025 on March 27, a day after US President Donald Trump announced 25 percent tariffs on all vehicle imports, which will go into affect April 2.
Why is the gold price setting new highs in 2025?
This string of record-breaking highs this year are caused by several factors. Increased economic and geopolitical turmoil caused by the new Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including currently paused blanket tariffs on long-time US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these wide-spread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the United States may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
What factors have driven the gold price in the last five years?
Five-year gold price chart for March 26, 2020, to March 27, 2025.
Chart via the Investing News Network.
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout the third quarter. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to be on the path to drop below the US$1,800 level.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and rising expectations that the US Federal Reserve would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 per ounce and closed at US$2,007.08 on October 27. As the Israel-Hamas fighting intensified, gold reached a then new high of US$2,152.30 during intraday trading on December 3.
That robust momentum in the spot gold price has continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 per ounce in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 per ounce on May 20.
Throughout the summer, the hits have just kept on coming. The global macro environment is highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on former US President Donald Trump and a statement about coming interest rate cuts by Fed Chair Jerome Powell, the gold spot price hit a new all-time high on July 16 at US$2,469.30 per ounce.
One week later, news that President Joe Biden would not seek re-election and would instead pass the baton to his VP Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 per ounce on July 22.
However, the bullish factors supporting gold over the past year remain in play and the spot price for gold has gone on to breach the US$2,500 level first on August 2 on a less than stellar US jobs report before closing just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, to close above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By Friday, September 20, it moved above US$2,600 and held above US$2,620.
In October, gold breached the US$2,700 level and continued to set new highs on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following President Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.
Gold has seen upward momentum in the last year on a variety of factors. In 2025, the gold price was on the rise early in the new year as President Trump and his team began to talk seriously about a wide-ranging set of tariffs on several countries in the run-up and following his inauguration on January 20.
On January 29, the Bank of Canada shaved 25 basis points off its policy interest rate, marking its sixth consecutive decrease, and announced plans to end quantitative tightening. On the same day, the US Federal Reserve opted to leave its interest rate unchanged. The following day, President Trump announced it very likely will be placing 25 percent tariffs on Mexico and Canada as of February 1, alongside tariffs on the EU and China.
Gold price set new highs in all currencies alongside a weakening US dollar, the US Federal Reserve leaving interest rates unchanged, a rush to safe haven assets and the looming threat of US President Donald Trump's tariffs on February 1. Additionally, new US economic data showed inflation-adjusted gross domestic product in the country increased an annualized 2.3 percent in the fourth quarter of 2024 after rising 3.1 percent in the third quarter.
Some other factors supporting gold to new highs include Trump threatening to annex Greenland, Canada and the Panama Canal, Trump's proposed resettlement of Palestinians out of the Gaza Strip to develop it into "the Riviera of the Middle East," a suggestion that has been condemned globally, and him appearing to side with Russian President Vladimir Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
What's next for the gold price?
What's next for the gold price is never an easy call to make. There are many factors that affect the gold price, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.” Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons each year between 2018 and 2020 to around 3,000 to 3,100 metric tons each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 metric tons in 2022.
The World Gold Council has reported that central bank gold purchases in 2023 came to 1,037 metric tons, marking the second year in a row above 1,000 MT. In the first half of 2024, the organization says gold purchases from central banks reached a record 483 metric tons.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, said in an email to the Investing News Network (INN) at the beginning of Q4.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold.
“I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios.
“When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN's Charlotte McLeod in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. According to Smallwood, he is seeing an influx of fund managers wanting to learn about precious metals.
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
Should you beware of gold price manipulation?
As a final note on the price of gold and buying gold bullion, it’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation. Early in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (NYSE:BNS) and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013.
Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America’s (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
Investor takeaway
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
YUKON METALS ANNOUNCES UPSIZE IN PRIVATE PLACEMENT TO C$10M
/Not for distribution to United States newswire services or for dissemination in the United States . Not an offer of securities for sale in the United States /
Yukon Metals Corp. (CSE: YMC) (FSE: E770) (OTC: YMMCF) (" Yukon Metals " or the " Company ") is pleased to announce that in connection with its previously announced "best efforts" private placement, the Company and Cormark Securities Inc. together with Canaccord Genuity Corp. (the " Co-Agents "), have agreed to increase the size of the previously announced private placement for aggregate gross proceeds of up to approximately C$10 million (the "Offering" ).
The Offering will consist of the issuance and sale of 18,181,818 units of the Company (the " Units ") at a price of C$0.55 per Unit (the " Issue Price "). Each Unit will consist of one common share of the Company (each, a " Unit Share ") and one-half of one common share purchase warrant (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to purchase one common share of the Company (each, a " Warrant Share ") at a price of C$0.80 at any time before 5:00 p.m. ( Toronto time) on the date that is 36 months following the Closing Date (as defined below).
The Company has granted the Co-Agents an option, exercisable in whole or in part, at any time prior to 48 hours before the Closing Date, to increase the size of the Offering to raise additional gross proceeds of up to C$1,500,000 .
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), the Units will be offered for sale to purchasers resident in Canada , except Québec, or other qualifying jurisdictions pursuant to one or more of the following exemptions from the prospectus requirement under National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "): (i) the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption "); and (ii) other available exemptions under NI 45-106. To the extent that any Units exceed the maximum value of securities permitted to be sold pursuant to the Listed Issuer Financing Exemption, such Units shall be offered and sold by way of a concurrent private placement in reliance on other available exemptions from the prospectus requirements under applicable securities laws. The Co-Agents will also be entitled to offer the Units for sale in the United States pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933 , as amended, and in certain other jurisdictions outside of Canada and the United States provided it is understood that no prospectus filing or comparable obligation, ongoing reporting requirement or requisite regulatory or governmental approval arises in such other jurisdictions.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This press release does not constitute an offer to acquire securities in any jurisdiction.
There is an amended and restated offering document with respect to the portion of the Offering being conducted pursuant to the Listed Issuer Financing Exemption that can be accessed under the Company's profile at www.sedarplus.ca and the Company's website at https://yukonmetals.com/ . Purchasers of Units issued under the Listed Issuer Financing Exemption will have the benefit of the amended and restated offering document and the rights provided under the Listed Issuer Financing Exemption. Prospective investors of Units issued under the Listed Issuer Financing Exemption should read this amended and restated offering document before making an investment decision.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
The Offering is expected to close on or about April 9, 2025 , or on such other date as may be agreed to by the Company and the Co-Agents, subject to compliance with applicable securities laws (the " Closing Date "). Notwithstanding the foregoing, the closing of any Units issued pursuant to the Listed Issuer Financing Exemption must occur no later than the 45th day after the news release dated March 26, 2025 .
The completion of the Offering is subject to customary conditions, including, but not limited to, the negotiation of an agency agreement between the parties with respect to the Offering and the receipt of all necessary approvals, inclusive of (if applicable) the approval of the Canadian Securities Exchange.
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets. The Yukon Metals portfolio consists primarily of copper-gold and silver-lead-zinc assets, with a substantial gold and silver component. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10th most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project – Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
"ON BEHALF OF THE BOARD OF YUKON METALS CORP."
"Rory Quinn"
Rory Quinn
President & CEO
Email: roryquinn@yukonmetals.com
Phone: 604-366-4408
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, statements regarding the closing of the Offering, the timing of the closing of the Offering, the use of proceeds from the Offering, the receipt of regulatory approvals and future results of operations, performance and achievements of the Company. Although the Company believes that such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors and risks, including, uncertainties with respect to obtaining all regulatory approvals to complete the Offering, uncertainties of the global economy, market fluctuations, the discretion of the Company in respect to the use of proceeds discussed above, any exercise of termination by counterparties under applicable agreements, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the Yukon having the potential to generate fresh district-scale mining opportunities and other risks identified in its disclosure documents filed at www.sedarplus.ca . This news release is not, and is not to be construed in any way as, an offer or recommendation to buy or sell securities in Canada or in the United States.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual events, results and/or developments may differ materially from those in the forward-looking statements. Readers should not place undue reliance on the Company's forward-looking statements. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise any forward-looking statements to reflect new events or circumstances, except in accordance with and as required by applicable securities laws.
SOURCE Yukon Metals Corp.
View original content: http://www.newswire.ca/en/releases/archive/March2025/27/c7073.html
News Provided by Canada Newswire via QuoteMedia
B2Gold Announces Updated Mineral Reserve Life of Mine Plan for the Goose Project; Commencing a Study to Expand Mill Throughput at the Goose Project; B2Gold Confirms Construction and Mine Development Cash Expenditure Estimate of C$1,540 million
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") is pleased to announce the results of a technical report in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI-43-101") for the Company's Back River Gold District located in Nunavut, Canada titled "Goose Project and Back River District, Nunavut, Canada, NI 43-101 Technical Report" (the "Back River Technical Report"), dated effective December 31, 2024. The primary purpose of the Back River Technical Report is to provide an updated life of mine plan for the Goose Project based solely on an updated Mineral Reserve estimate. All dollar figures are in United States dollars unless otherwise indicated. The Back River Technical Report will be filed on SEDAR+ before March 31, 2025.
The Back River Gold District consists of 11 mineral claims blocks along an 80-kilometer ("km") belt. Construction is underway at the most advanced project in the district, Goose, with construction and development on schedule for first gold pour in the second quarter of 2025, followed by ramp up to commercial production expected in the third quarter of 2025.
Highlights of the Back River Technical Report
- Robust Mineral Resources at the Goose Project, with further potential to expand known deposits and discover additional mineralization
- Indicated Mineral Resource estimate of 3,560,000 ounces of gold (15.5 million tonnes grading 7.16 grams per tonne ("g/t") gold;
- Indicated Mineral Resource gold grade is a 16% improvement versus the Indicated Mineral Resource gold grade in the last published technical report on the Goose Project (the "Prior Report") by the prior owner;
- Inferred Mineral Resource estimate of 2,440,000 ounces of gold (10.1 million tonnes grading 7.54 g/t gold);
- Inferred Mineral Resource gold grade is a 14% improvement versus the Prior Report;
- When compared to the Prior Report, the new B2Gold geological model used in the Back River Technical Report includes a revised methodology for mineral resource estimation which resulted in a reclassification of a portion of the previously reported Indicated Mineral Resources to Inferred Mineral Resources, through the application of more stringent specifications for drill hole spacing that B2Gold felt was more appropriate for the deposit;
- The combined effect of B2Gold's proprietary changes is reflected in a commensurate shift in the respective totals for Indicated and Inferred Mineral Resources as expected from B2Gold's acquisition due diligence;
- At Umwelt underground, B2Gold completed infill drilling designed around its revised drill hole spacing parameters, which contributed to improving the mine design and efficiencies while reducing operational risk;
- The Company remains highly confident that with additional in-fill drilling to be completed over time, a large portion of the Inferred Mineral Resources will convert to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves; and
- Historically across its existing operations, B2Gold has converted in excess of 75% of Inferred Mineral Resources to Indicated Mineral Resources through in-fill drilling.
- Indicated Mineral Resource estimate of 3,560,000 ounces of gold (15.5 million tonnes grading 7.16 grams per tonne ("g/t") gold;
- Meaningful gold production profile enhances and diversifies B2Gold's existing gold production
- Open pit and underground gold mine with an initial Mineral Reserve mine life of approximately 9 years ("Mineral Reserve Life of Mine");
- The Mineral Reserve Life of Mine only contemplates the mining of the Echo, Umwelt, Llama, and Goose open pits, plus the mining of Umwelt underground;
- The Company remains highly confident that multiple areas that were contemplated to be mined in the Prior Report (Echo underground, Llama underground, and Goose underground) will be converted from Inferred Mineral Resources to Indicated Mineral Resources with additional in-fill drilling;
- Mineral Reserve Life of Mine production of approximately 2.3 million ounces of gold;
- Average annual gold production of approximately 300,000 ounces per year for the first six full years of production from 2026 through 2031 in the Mineral Reserve Life of Mine;
- Average annual gold production of over 310,000 ounces per year from 2027 through 2031, which the Company views as representative steady state years for the Goose Project;
- Average gold grade processed of 6.82 g/t gold over the Mineral Reserve Life of Mine, a 14% improvement compared to the Prior Report; and
- Average gold recovery of 92.5% over the Mineral Reserve Life of Mine.
- Open pit and underground gold mine with an initial Mineral Reserve mine life of approximately 9 years ("Mineral Reserve Life of Mine");
- Attractive all-in sustaining costs ("AISC") anticipated at the Goose Project
- AISC (see " Non-IFRS Measures ") from 2025 through 2027 are impacted by sustaining capital costs to develop and install a new power solution for the Back River Gold District, including a power plant optimization and the installation of a renewable energy facility, both of which are classified as sustaining capital costs but are one-time costs that will potentially benefit the operation for decades;
- The Company believes the weighted average AISC of approximately $1,360 per ounce from 2027 through 2031 is a better representation of long-term Goose Project potential AISC, to be supported by the goal of further expanding Mineral Reserves over time; and
- Projected AISC of approximately $1,547 per gold ounce over the Mineral Reserve Life of Mine, which the Company anticipates will reduce with the delineation of additional Mineral Reserves through the conversion of existing Inferred Mineral Resources and the discovery of additional resources, both of which have the potential to extend mine life;
- Excluding the one-time costs to implement a renewable energy facility and optimize the power plant, Mineral Reserve Life of Mine AISC would be approximately $1,490.
- Excluding the one-time costs to implement a renewable energy facility and optimize the power plant, Mineral Reserve Life of Mine AISC would be approximately $1,490.
- Updated Mineral Reserve estimate of approximately 2.5 million gold ounces
- The Mineral Reserve estimate that forms the basis for the Goose Project Mineral Reserve Life of Mine includes a Probable Mineral Reserve estimate of 11.3 million tonnes grading 6.82 g/t gold for a total of 2,480,000 ounces of gold; and
- Ongoing exploration drilling on the Back River Gold District demonstrates potential to significantly increase the Mineral Reserve estimate in the future, specifically at the Echo, Llama, and Goose underground deposits which require tighter spaced drilling to justify conversion from Inferred Mineral Resources to Indicated Mineral Resources and therefore be eligible for classification as Mineral Reserves.
- Significant exploration potential remains across the Back River Gold District
- A total of $32 million is budgeted for exploration at the Back River Gold District in 2025, of which $21 million is allocated to the Goose Project; and
- A significantly increased budget of $11 million is allocated for Back River Gold District regional exploration, including the prospective George Project located 50 km northwest of the Goose Project;
- The George Project hosts an Indicated Mineral Resource estimate of 420,000 ounces (1.7 million tonnes grading 7.85 g/t gold) and an Inferred Mineral Resource estimate of 1,120,000 ounces (3.7 million tonnes grading 9.32 g/t gold).
- Multiple Goose Project optimization studies are underway, or set to commence, to enhance the long-term value of the operation
- On the processing side, B2Gold is currently evaluating a flotation / concentrate leach process as a potential option to increase gold recovery and reduce operating costs, and is commencing a study on the installation of a semi-autogenous grinding ("SAG") mill to be paired in conjunction with the existing 4,000 tonnes per day ("tpd") ball mill, which could potentially expand mill throughput capacity (discussed in further detail below);
- On the mining side, the Company will evaluate underground and open pit mining strategies to both lower costs and capture additional existing Mineral Resources into the mine plan; and
- On the logistics side, B2Gold is evaluating the viability of constructing and running the Goose Project winter ice road on a less than annual basis.
- Based on the updated Goose Project Mineral Resource inventory, combined with the exploration upside across the Back River Gold District, the Company is commencing a study to analyze the potential to increase mill throughput at the Goose Project from 4,000 tpd potentially up to 6,000 tpd
- In order to optimize the long-term value of the Goose Project, B2Gold plans on initiating a study to explore adding a SAG mill to the processing flowsheet, to be paired with the existing 4,000 tpd ball mill;
- The Company believes that the addition of a SAG mill could result in an increase in the mill throughput from 4,000 tpd potentially up to 6,000 tpd;
- The Goose Project is permitted for mill throughput of up to 6,000 tpd;
- With an increase in mill throughput, B2Gold anticipates that the Goose Project could achieve an increase in average annual gold production, a reduction in life of mine AISC, and an increase in net present value of the project;
- Based on the robust existing Mineral Resource inventory across the Back River Gold District, combined with the gold mineralization prospectivity across the entire nearly 100,000-hectare land package, B2Gold believes it can sustain a mill throughput of 6,000 tpd over a mine life well in excess of the existing Mineral Reserve Life of Mine; and
- The results of this study are expected to be finalized in late 2025 or early 2026.
Back River Technical Report Overview
The Back River Technical Report was prepared by B2Gold technical staff, with an effective date of December 31, 2024, and evaluates recovery of gold from four open pit deposits and one underground deposit. The open pit mining operation contemplates moving up to approximately 50,000 tpd (approximately 18 million tonnes per annum ("Mtpa")), while the underground mining operation contemplates mining up to approximately 1,600 tpd (approximately 0.6 Mtpa). Open pit and underground ore is expected to be processed in a 4,000 tpd (approximately 1.5 Mtpa) processing plant that includes crushing, grinding, gravity concentration, with fine grinding and agitated leaching of the ore, followed by a carbon-in-pulp recovery process to process doré bullion. The Mineral Reserve estimate for the Goose Project that forms the basis for the Back River Technical Report includes Probable Mineral Reserves of 11.3 million tonnes grading 6.82 g/t gold for a total of 2,480,000 ounces of gold.
The Back River Technical Report assumptions include revenues using broker consensus gold price forecast, which includes a long-term gold price assumption of $2,212 per ounce, and current prices for the Canadian dollar exchange rate, fuel, reagents, labour, power and other consumables. The key parameters of the technical report are presented in the following tables:
Table 1 – Summary Results of the Goose Project Mineral Reserve Life of Mine Plan
| Representative Steady State Years (2027 – 2031) | Mineral Reserve Life of Mine | |
| Production Profile | ||
| Years | 5 | 9 |
| Ore tonnes processed (Mt) | 7.1 | 11.3 |
| Average gold grade processed (g/t) | 7.40 | 6.82 |
| Gold recovery (%) | 92.5 | 92.5 |
| Gold ounces produced (oz) | 1,553,000 | 2,294,000 |
| Average annual gold production (oz) | 311,000 | 270,000 1 |
| Operating Costs | ||
| Cash operating costs 2 ($/oz gold) | 962 | 1,129 |
| All-In Sustaining Costs 3 ($/oz gold) | 1,363 | 1,547 |
| Open pit mining cost ($/t moved) | 4.53 | 4.62 |
| Underground mining cost ($/t mined) | 109.89 | 116.76 |
| Processing cost ($/t processed) | 44.55 | 45.04 |
| Site general cost ($/t processed) | 64.00 | 68.31 |
| Distributable MLA and WIR ($/t processed) | 40.83 | 43.44 |
| Capital Costs | ||
| Sustaining capital ($M) 4 | 141 | 279 |
Notes:
- Average annual production calculated as total gold ounces produced divided by the mill processing life of approximately 8.5 years.
- Cash operating costs consist of mining costs, processing costs and site general costs.
- AISC consist of cash operating costs, royalties, corporate general and administrative costs, selling costs, silver credits and sustaining capital expenditures but exclude construction costs and non-sustaining capital expenditures.
- Sustaining capital costs exclude open pit deferred stripping and underground capitalized development.
Back River Gold District Mineral Resource Estimate Details
Table 2 – Back River Gold District Mineral Resource Estimate
| Category | Mine, Project or Area | Tonnes (x 1,000) | Gold Grade (g/t Au) | Contained Gold Ounces (x 1,000) |
| Indicated | Goose Claims Group | 15,460 | 7.16 | 3,560 |
| Indicated | George Claims Group | 1,680 | 7.85 | 420 |
| Total Indicated Mineral Resources | 17,140 | 7.23 | 3,990 | |
| Category | Mine, Project or Area | Tonnes (x 1,000) | Gold Grade (g/t Au) | Contained Gold Ounces (x 1,000) |
| Inferred | Goose Claims Group | 10,060 | 7.54 | 2,440 |
| Inferred | George Claims Group | 3,730 | 9.32 | 1,120 |
| Total Inferred Mineral Resources | 13,780 | 8.02 | 3,550 | |
Notes:
- Mineral Resources have been classified using the CIM Standards and have an effective date of December 31, 2024. Mineral Resources are reported in situ or in stockpiles, inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are reported on a 100% project and attributable basis.
- The Qualified Person for the Mineral Resource estimate is Andrew Brown, P.Geo., B2Gold's Vice President, Exploration.
- The Qualified Person for the stockpile estimate is Peter Montano, P.E., B2Gold's Vice President, Projects.
- Goose Claims Group: Mineral Resource estimates that are amenable to open pit mining methods are reported within conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of US$107.50/oz gold produced including royalties and levies, and operating cost estimates of US$5.99–6.63/t mined (mining), US$32.40–32.72/t processed (processing) and US$22.27/t processed (site general), pit slope angles of 45º, and an exchange rate of C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut-off grade of 0.9 g/t gold. Mineral Resource estimates potentially amenable to underground mining are reported at a cut-off grade of 2.2 g/t gold, assuming a gold price of US$2,100/oz, process recovery of 92.5%, variable mining costs by deposit of US$134.20–171.18/t mined, processing cost of US$54.72/t processed, and a selling cost of US$107.50/oz produced. No stope or other constraint was applied.
- George Claims Group: Mineral Resources potentially amenable to open pit mining methods are reported within conceptual open pit shells based on a gold price of US$2,100/oz, metallurgical recovery of 92.5%, selling costs of US$107.50/oz including royalties and levies, and operating cost estimates of US$6.56/t mined (mining), US$57.94/t processed (processing) and US$26.55/t processed (site general), pit slope angles of 43º, and an exchange rate of C$1.33:US$1.00. Mineral Resources potentially amenable to open pit mining methods are reported at an average cut-off grade of 1.4 g/t gold. Mineral Resource estimates potentially amenable to underground mining are reported at a cut-off grade of 3.1 g/t gold, assuming a gold price of US$2,100/oz, process recovery of 92.5%, mining costs of US$175.46/t mined, processing cost of US$84.50/t processed including haulage, and a selling cost of US$107.50/oz gold produced. No stope or other constraint was applied.
- Mineral Resources at the Echo pit account for mining depletion as of December 31, 2024.
- All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Goose Project Mineral Reserve Estimate Details
Table 3 – Goose Project Mineral Reserve Estimate
| Category | Mining Method | Tonnes (x 1,000) | Gold Grade (g/t Au) | Contained Gold Ounces (x 1,000) |
| Probable | Open Pit | 7,300 | 6.19 | 1,450 |
| Probable | Underground | 3,800 | 8.30 | 1,010 |
| Probable | Stockpiles | 240 | 2.76 | 21 |
| Total Probable Mineral Reserves | 11,300 | 6.82 | 2,480 | |
Notes:
- Mineral Reserves have been classified using the CIM Standards, are reported at the point of delivery to the process plant, and have an effective date of December 31, 2024.
- Mineral Reserves are reported on a 100% project and attributable basis within the Goose Claims Group .
- The Qualified Person for the Open Pit and Stockpile Mineral Reserve estimate is Peter Montano, P.E., B2Gold's Vice President, Projects.
- The Qualified Person for the Underground Mineral Reserve estimate is Michael Meyers, P.Eng., B2Gold's Manager, Projects.
- Mineral Reserves from open pit mine methods and stockpiles are based on a conventional open pit mining method, gold price of US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies, average mining cost of US$4.92/t mined at surface, average processing cost of US$41.08/t processed, and site general costs of US$66.95/t processed. Reserve model dilution and ore loss were applied through whole block averaging such that at a 1.65 g/t Au cut-off, for all pits combined there is a 32% increase in tonnes, a 25% reduction in grade, and a 1% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves that will be mined by open pit methods or are in stockpiles are reported above a cut-off grade of 1.65 g/t gold.
- Mineral Reserves that will be mined by underground methods assume longhole stoping mining methods, gold price of US$1,750/oz, metallurgical recovery of 92.5%, selling costs of US$90.00/oz including royalties and levies, average mining cost of US$120.13/t ore mined, average processing cost of US$41.08/t processed, site general costs of US$66.95/t processed, dilution % variable by stoping area, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 4.64 g/t gold.
- All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
Goose Project Development
B2Gold recognizes that respect and collaboration with the Kitikmeot Inuit Association ("KIA") is central to the license to operate in the Back River Gold District and will continue to prioritize developing the project in a manner that recognizes Inuit priorities, addresses concerns, and brings long-term socio-economic benefits to the Kitikmeot Region. B2Gold looks forward to continuing to build on its strong collaboration with the KIA and Kitikmeot Communities.
All planned construction activities in 2024 were completed and project construction and development continue to progress on track for first gold pour at the Goose Project in the second quarter of 2025 followed by ramp up to commercial production in the third quarter of 2025. The Company continues to estimate that gold production in 2025 will be between 120,000 and 150,000 ounces.
The 2025 Winter Ice Road campaign is well underway with the transportation of all materials from the Marine Laydown Area to the Goose Project expected to be completed by mid-May 2025.
Development of the open pit and underground remain the Company's primary focus to ensure that adequate material is available for mill startup and that the Echo pit is available for tailings placement. Open pit mining of the Echo pit continues to meet production targets and is anticipated to be ready to receive tailings when the mill starts. The Umwelt underground development remains on schedule for the commencement of high-grade stope ore production in the third quarter of 2025.
Based on the construction and mine development cash expenditures incurred to date, combined with the estimated expenditures to be incurred through to first gold pour in the second quarter of 2025, the Company reiterates the total Goose Project construction and mine development cash expenditure estimate of C$1,540 million, as announced on September 12, 2024.
Goose Project Opportunities
With first gold production for the Goose Project expected within three months, B2Gold has begun multiple optimization studies with the goal of maximizing the long-term value of the Back River Gold District. These studies include:
- Evaluating a flotation / concentrate leach process as a potential option to increase gold recovery and reduce operating costs;
- Evaluating the installation of a SAG mill to be paired in conjunction with the existing 4,000 tpd ball mill, which could potentially expand mill throughput capacity (discussed in further detail below);
- Evaluating the viability of constructing and running the Goose Project winter ice road on a less than annual basis;
- Evaluating underground mining methods and the potential to exceed the planned production from the Umwelt underground by increasing the mine production rate through development of more active production levels, and consideration of alternate mine methods to both lower costs and capture additional existing Mineral Resources into the mine plan; and
- Assessing the feasibility of remote operation of surface and underground equipment as it presents an opportunity to optimize production efficiencies and reduce employee transportation costs.
In connection with these studies, B2Gold will be reviewing any regulatory requirements and engaging with the KIA and local communities to ensure any optimization of the Goose Project provides benefits to all stakeholders.
Based on the updated Goose Project Mineral Resource estimate combined with the exploration upside across the Goose Project claim block, and with the optimization studies listed above, the Company plans on initiating a formal study to analyze the potential to increase mill throughput at the Goose Project from 4,000 tpd potentially up to 6,000 tpd. The Goose Project is currently permitted for mill throughput of up to 6,000 tpd, so no additional permits or permit amendments would be required if the results of the formal study on a mill expansion are positive. The results of this study and the corresponding changes to the economics of the Goose Project are expected to be finalized in late 2025 or early 2026, with the results anticipated to be press released once completed.
Back River Gold District Exploration
The updated Back River Gold District Mineral Resource estimate provides a strong baseline for B2Gold's exploration team to continue building on. Areas of significant focus for the 2025 exploration program at the Back River Gold District include the following:
- Enhancing and growing the significant mineral resource base at the Goose Project;
- 12,000 m of drilling is planned at the Goose Project targeting extensions of the largest and highest-grade resources at the Llama and Umwelt deposits;
- In addition, drilling is planned to follow up on the significant results returned in 2023 and 2024 at the Nuvuyak, Mammoth and Hook targets;
- Continuing to realize the excellent prospectivity of the region, with the goal of identifying new regional targets;
- Several new conceptual shallower targets will be tested with drilling in 2025; and
- Regional exploration, including geophysics, mapping, prospecting and till sampling at the George, Boot, Boulder, Del, Beech and Needle Projects;
- This work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2024 summer regional exploration program.
- This work will also include an estimated 13,000 m of diamond drilling to follow up drill ready targets defined during the 2024 summer regional exploration program.
The Company anticipates that based on the objectives of the 2025 and future exploration programs at the Back River Gold District, there is potential to further convert more Inferred Mineral Resources to Indicated Mineral Resources as well as continue to grow the total Mineral Resource inventory across the entire nearly 100,000-hectare land package.
About B2Gold
B2Gold is a responsible international gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
Qualified Persons
Peter Montano, P.E., Vice President, Projects, a qualified person under NI 43-101, has approved the scientific and technical information related to operations matters contained in this news release.
Andrew Brown, P. Geo., Vice President, Exploration, a qualified person under NI 43-101, has approved the scientific and technical information related to exploration and mineral resource matters contained in this news release.
ON BEHALF OF B2Gold Corp.
"Clive T. Johnson"
President and Chief Executive Officer
Source: B2Gold Corp.
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024 for a discussion of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation, including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated financial and operational performance, gold production and sales, revenues and cash flows, and capital costs (sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets; future or estimated mine life, metal price assumptions, ore grades or sources, gold recovery rates, stripping ratios, throughput, and ore processing; statements regarding anticipated exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and including, without limitation: estimate of Mineral Reserves and Mineral Resources; statements regarding the anticipated conversion of Inferred Mineral Resources to Indicated Mineral Resources; Life of Mine production of approximately 2.3 million ounces of gold; average gold production of 310,000 ounces per year from 2027 through 2031; estimate of producing 120,000 to 150,000 ounces in 2025; AISC of approximately $1,360 per ounce from 2027 to 2031 and projected AISC of approximately $1,547 per ounce over the Life of Mine; the potential to significantly increase the Mineral Reserve estimate in the future; B2Gold's continued prioritization of developing the Goose Project in a manner that recognizes Inuit priorities, addresses concerns and brings long term socio-economic benefits to the Kitikmeot Region; the potential for first gold pour in the second quarter of 2025 and commercial production in the third quarter of 2025; and the total Goose Project construction and mine development cash expenditure estimate of $1,540 million. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty of mineral reserve and resource estimates; not achieving production, cost, economic returns or other estimates; actual production, development plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain and maintain any necessary licences, permits, consents or authorizations required for mining activities; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; operational risks and hazards; the ability to replace mineral reserves and identify acquisition opportunities; the unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisitions; fluctuations in exchange rates; market fluctuations; the availability of financing; financing and debt activities, including potential restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows; generate sufficient cash to service debt; remote operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other inputs necessary for mining operations; shortages or cost increases in necessary equipment, supplies and labour; failing to maintain satisfactory labour relations; regulatory, political, economic and country risks, including local instability or acts of terrorism and the effects thereof; the reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; the dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable or uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies; community support for B2Gold's operations, including risks related to strikes and the halting of such operations from time to time; risks related to community relations and community action, including Indigenous and local community title claims and rights to consultation and accommodation; conflicts with small scale miners; failures of information systems or information security threats; the ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media and B2Gold's reputation; global geopolitical risks; impairment charges or reversals; supply chain disruption; cybersecurity failure; as well as other factors identified and as described in more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and Exchange Commission (the "SEC"), which may be viewed at www.sedarplus.ca and www.sec.gov, respectively (the "Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; forecasting long term gold price for planning purposes; and other assumptions and factors generally associated with the mining industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
Historical results or feasibility models presented herein are not guarantees or expectations of future performance. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty of measured, indicated or inferred mineral resources, these mineral resources may never be upgraded to proven and probable mineral reserves. Investors are cautioned not to assume that any part of mineral deposits in these categories will ever be converted into reserves or recovered.
Non-IFRS Measures
This news release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash operating costs" and "all-in sustaining costs" (or "AISC"). Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The projected range of AISC is anticipated to be adjusted to include sustaining capital expenditures, corporate administrative expense, mine-site exploration and evaluation costs and reclamation cost accretion and amortization, and exclude the effects of expansionary capital and non-sustaining expenditures. Projected GAAP total production cash costs for the full year would require inclusion of the projected impact of future included and excluded items, including items that are not currently determinable, but may be significant, such as sustaining capital expenditures, reclamation cost accretion and amortization. Due to the uncertainty of the likelihood, amount and timing of any such items, B2Gold does not have information available to provide a quantitative reconciliation of projected AISC to a total production cash costs projection. B2Gold believes that this measure represents the total costs of producing gold from current operations, and provides B2Gold and other stakeholders of the Company with additional information of B2Gold's operational performance and ability to generate cash flows. AISC, as a key performance measure, allows B2Gold to assess its ability to support capital expenditures and to sustain future production from the generation of operating cash flows. This information provides management with the ability to more actively manage capital programs and to make more prudent capital investment decisions.
The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with B2Gold's consolidated financial statements. Readers should refer to B2Gold's Management Discussion and Analysis, available on the Websites, under the heading "Non-IFRS Measures" for a more detailed discussion of how B2Gold calculates certain such measures and a reconciliation of certain measures to IFRS terms.
Cautionary Statement Regarding Mineral Reserve and Resource Estimates
The disclosure in this news release uses Mineral Reserve and Mineral Resource classification terms that comply with reporting standards in Canada and the Mineral Reserve and Mineral Resource estimates are made in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council – Definition Standards for Mineral Resources & Mineral Reserves adopted by CIM Council on May 19, 2014 (the "CIM Standards"), which were adopted by the Canadian Securities Administrators' (the "CSA") National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the CSA that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.
For United States reporting purposes, the SEC has adopted amendments to its disclosure rules (the "SEC Modernization Rules") to modernize the mining property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934 (the "Exchange Act"). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system with the U.S., B2Gold is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and the Company provides disclosure under NI 43-101 and the CIM Definition Standards. Accordingly, mineral reserve and mineral resource information contained in this news release may not be comparable to similar information disclosed by United States companies.
As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the SEC has amended its definitions of "proven mineral reserves" and "probable mineral reserves" to be "substantially similar" to the corresponding CIM Definition Standards that are required under NI 43-101. While the above terms are "substantially similar" to CIM Definition Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance that any mineral reserves or mineral resources that we may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had we prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules. Further, estimates of inferred mineral resources have significant geological uncertainty and it should not be assumed that all or any part of an inferred mineral resource will be converted to the measured or indicated categories. Mineral resources that are not mineral reserves do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com
News Provided by GlobeNewswire via QuoteMedia
Providence Gold Mines Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects