Gold prices could still see $2,500 this year, says Goldman Sachs. In fact, according to Kitco.com, “The U.S. Goldman Sachs bank expects that the prices of the gold ounces would exceed $2500 this year. Economists at the bank said that this increase is due to the continued Russia-Ukraine war, and the slowdown of the world economy, alongside the increase in the raw material, and products after the imposing of the sanctions against Russia. Even silver could see further upside. According to Coin Week, “This year, the outlook for silver demand remains bright, with a 5% increase seen due to industrial fabrication, according to Metals Focus. Meanwhile, the global supply is forecast to rise by 3%.” All could be positive for gold and silver companies, such as Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), First Majestic Silver Corp. (NYSE: AG) (TSX:FR), and Endeavour Silver Corp. (NYSE: EXK) (TSX: EDR).
Look at Benchmark Metals Inc. (TSXV: BNCH) (OTCQX: BNCHF)
Benchmark Metals Inc. just announced signing of a new Agreement with the Tahltan Central Government (TCG) on May 2, 2022. The Agreement establishes collaborative processes to support the constructive engagement of the TCG in Benchmark’s exploration program at the Lawyers Gold-Silver Project and ensure the TCG can meaningfully participate in all aspects of the exploration program and the associated economic benefits. The Agreement is an important step towards developing a strong collaborative relationship with TCG and advancing Benchmark’s gold-silver project. The Agreement is a key component towards social license for mine permitting and is intended to form the basis of a larger agreement when the project advances towards regulatory approvals for an operational mine. Benchmark will work constructively with Indigenous Nations and advance the Project in a sustainable manner that provides social and economic opportunities. Benchmark’s flagship Lawyers Gold-Silver Project is road accessible and located within the Golden Horseshoe area of north-central British Columbia, Canada.
John Williamson, CEO, commented, “Benchmark is very encouraged to be working cooperatively with the TCG. Building a collaborative and meaningful relationship with TCG will enable continued success to advance the Lawyers Gold-Silver Project to a mining decision. Benchmark is rapidly advancing its Project that continues to deliver near-term results and major milestones during 2022 and 2023.”
The signing of this collaborative Agreement is considered a major achievement to advance the Company’s project to a production scenario. Benchmark will continue to engage and utilize First Nations talent for employment and consultancy work with near-term achievements that include:
- Technical, environmental, mineral resource expansion and regional discovery drilling during 2022;
- Potential for additional new discoveries;
- Q2, 2022 – Expanded Mineral Resource Estimate (MRE);
- Q3, 2022 - Preliminary Economic Assessment (PEA), and;
- 2023 – Feasibility Study and entry into environmental assessment processes.
Other related developments from around the markets include:
Barrick Gold Corporation announced a $0.20 per share quarterly dividend, the first to include a $0.10 per share performance component in line with its new dividend policy. President and chief executive Mark Bristow said the Company’s net cash balance at the end of Q1 stood at $743 million, reflecting cash flow from the operations, the continuing sale of non-core assets, and its share of a further $0.6 billion in cash distributions by Kibali.
Newmont Corporation announced first quarter 2022 results. "Newmont delivered a solid first quarter performance with $1.4 billion in adjusted EBITDA as we safely managed through the Omicron surge. The strength of our proven operating model and global portfolio in the world's best mining jurisdictions is the foundation of Newmont's clear and consistent strategy to create value and improve lives through sustainable and responsible mining. In April, we published our 18th Annual Sustainability Report, which provides a transparent look at our ESG performance and the issues and metrics that matter most to our stakeholders. As a values-based organization and the gold sector's recognized sustainability leader, Newmont has a long history of leading change in our approach to ESG and our core values are fundamental to how we run our business and where we choose to operate,” as noted by Tom Palmer, Newmont President and Chief Executive Officer.
First Majestic Silver Corp. announced that it has entered into a definitive agreement dated May 24, 2022 to sell its 100% owned past producing La Guitarra Silver Mine located in the Temascaltepec mining district, Mexico State to Sierra Madre Gold & Silver Ltd. for total consideration of US$35 million. It is a condition to closing of the Transaction that Sierra Madre raise a minimum of CDN$10 million in a private placement concurrent with or prior to closing of the Transaction. Total consideration consists of 69,063,076 Sierra Madre shares at a deemed price of $0.65 per Sierra Madre Share, having an aggregate value of US$35 million.
Endeavour Silver Corp. announced its financial and operating results for the three months ended March 31, 2022. “Our first quarter performance was strong, putting us on track to achieve our 2022 production guidance,” stated Dan Dickson, CEO of Endeavour Silver. “High-grade ore at Guanacevi was a driving force and is expected to continue throughout the balance of the year, while production at Bolanitos remains solid. Industry-wide inflation is a growing challenge and we continue to look for ways to mitigate its negative impact.” Added Mr. Dickson, “Looking ahead to the second quarter, we are targeting two major milestones: securing debt financing for Terronera and closing the Pitarrilla transaction. This acquisition, which is fully financed, is expected to close this quarter following receipt of approval from the Mexican Federal Economics Competition Commission. After the deal closes, drilling will commence to verify Pitarrilla’s historical data and update the historical resource. This will become a key focus for us for the balance of 2022.”
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