Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to report that on 18 September 2024, it had completed the issue of shares in part settlement of deferred executive salaries and director fees (the “Compensation Shares” or the “Shares for Debt”) as previously announced in a news release dated 17 July 2024.
The Shares for Debt arrangement comprised the issue of 22,348,980 Chess Depository Instruments (“CDIs”) at a deemed issue price of A$0.02 per CDI, equivalent to A$446,979.60 as detailed in Table 1 below. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in one common share of the Company. The issuance of the Shares for Debt was subject to TSXV and shareholder approval which was obtained at the annual general meeting held on 11 September 2024 (the “Meeting”).
Table 1
The Compensation Shares and Shares for Debt were issued upon receipt of shareholder approval, as required by the Australian Securities Exchange Listing Rules, at the Meeting. An Appendix 2A was announced to the ASX on 18 September 2024 and provides further detail on the issue of the Compensation Shares and Shares for Debt.
The Share for Debt arrangement will reduce the Company’s liabilities.
The CDIs issued under the Placement are subject to a TSX Venture Exchange (“TSXV”) “hold period” of 4 months and one day from the date of issue of the CDIs.
The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act), nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sarama Resources offers a compelling investment opportunity fueled by a multi-million dollar, fully-funded arbitration claim and two new gold projects encompassing 1,000 sq km of the Cosmo Newbery and Mt Venn Greenstone Belts in Western Australia’s Eastern Goldfields.
Sarama Resources (TSXV:SWA,ASX:SRR) is a gold-focused Australian mineral exploration and development company. Sarama has two core components to its business, one being a significant and fully funded arbitration claim, and the other being two highly prospective gold projects totaling 1,000 sq km in area in the Eastern Goldfields of Western Australia. Individually, each component significantly derisks the company and together they present significant value and upside optionality for investors.
Sarama recently acquired the Cosmo and the Mt Venn gold projects which cover 580 sq km and 420 sq km, respectively, and encompass most of the greenstone belts in which they are situated. These greenstone belts are located in the Eastern Goldfields of Western Australia, and both have historical gold workings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +8 Moz Gruyere gold deposit.
The Cosmo and Mt Venn gold projects offer a unique and promising opportunity for exploration in a region known for its prolific gold endowment.
The company is also pursuing a significant arbitration claim which is fully funded through a non-recourse loan facility. Boies Schiller Flexner who have an excellent track record of securing large settlements has been appointed to assist with the claim. The damages being sought are not less than cAU$200 million plus interest, and have the potential to be significantly more.
Sarama is led by an experienced board and management team with more than 30 years of individual experience and a proven track record of discovery and development of large-scale gold deposits including the +25 Moz world-class Kibali Gold Mine (formerly Moto Gold), and the +3 million ounce Sanutura gold project.
The Cosmo Gold project is an underexplored, belt-scale gold asset in Western Australia's Eastern Goldfields. The project spans 580 sq km covering the entirety of the Cosmo-Newbery Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s and where rock chip sampling has returned grades up to 52 g/t gold. Cosmo Gold comprises seven contiguous exploration tenements and is located approximately 85 km northeast of Laverton in a region known for its prolific gold endowment.
The Mt Venn Gold project has many similarities to the nearby Cosmo gold project and the company views it as an underexplored, belt-scale gold asset. The project spans 420 sq km and covers a large portion of the Mt Venn Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s. Limited drilling has returned multiple intersections of merit, and the project has a 35km long gold corridor marked by semi-contiguous gold-in-soil anomalism, old workings and drill intercepts. Mt Venn comprises three contiguous exploration tenements and is located approximately 35 km west of Gold Road’s 8 Moz, +300,000 oz/yr Gruyere gold mine and 40 km east of the company’s Cosmo gold project.
Project Highlights
Andrew Dinning is a founder, managing director and CEO of Sarama Resources. Dinning is committed to development in Africa and recently retired as a board member of The Australia-Africa Minerals and Energy Group (AAMEG) after eight years of service. AAMEG is a peak body representing Australian companies engaged in the development of Africa's resource industry.
Dinning has over 35 years of experience in the international mining arena and has worked in the Democratic Republic of Congo, West Africa, the UK, Russia and Australia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector. Dinning was a director and president of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009. Dinning has an MBA, a first-class mine managers certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
Jack Hamilton is a founder and the vice president of exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines. in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 20 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede is a major shareholder and the vice president of corporate development at Sarama Resources. He is a mining engineer with over 25 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was vice president of operations and project development at Moto Goldmines. At Moto Goldmine, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Gold Fields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry –– 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining. which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Simon is a Chartered Accountant with over 25 years of experience in the mining sector. He is the chairman of Predictive Discovery and non-executive director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity markets management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass has more than 25 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in several countries. He has also held several executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
Byass holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Byass is currently on the board of multiple ASX-listed companies, including Galena Mining, Kaiser Reef, Kingwest Resources and Infinity Lithium.
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
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.
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.
2025 gold price chart for December 31, 2024, to March 27, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,127, its all-time high, during trading on March 31, 2025. What drove it to set this new ATH?
Gold set its 20th new high price of 2025 on March 31, as US President Donald Trump's messaging continued to change with regards to the tariffs he plans to implement on April 2.
On March 30, during an interview with NBC, Trump also said he was "pissed off" with Russian President Vladimir Putin as Putin drags out peace talks. Trump threatened to put tariffs of 25 to 50 percent on US imports from any country buying Russian oil "if a deal isn't made, and (Trump thinks) it was Russia's fault."
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.
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 Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
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.
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.”
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.
(TheNewswire)
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March 31, 2025 TheNewswire - Vancouver, British Columbia Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has closed a third tranche of its previously announced non-brokered private placement (the "Offering"), bringing the total funds raised across the three tranches to $2,646,750 .
In this third tranche, the Company issued 5,397,000 units (the "Units") at a price of $0.25 per Unit, raising gross proceeds of $1,349,250 .
"We are very pleased to close another successful tranche of our financing, which saw participation from both new and existing shareholders," said Rana Vig, President and CEO of Blue Lagoon Resources . "This continued support underscores the confidence in our vision as we move closer to commencing gold and silver production at Dome Mountain . These funds will be instrumental in completing the final preparations of the mine site , including the completion of our water treatment facility , and will also provide initial working capital to support the transition to production ." he said.
Each Unit in the Offering consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one additional common share of the Company at an exercise price of $0.35 per share until March 28, 2027. The proceeds raised from the Offering are expected to be used to finish the installation of the water treatment facility at the mine site, other preparatory work and for general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on July 29, 2025, in accordance with applicable Canadian securities laws.
Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. 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 results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
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