Gold prices are back above $2,000. In fact, it just hit $2,024.96, and could run to $2,500. All after the Federal Reserve kept its interest-hiking options on the table after raising rates by another quarter point today. “The Committee will closely monitor incoming information and assess the implications for monetary policy. In determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments,” the central bank added. All could be substantial catalysts for gold stocks, such as NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Royal Gold Inc. (NASDAQ: RGLD).
Look at NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF)
NevGold Corp. announced further drilling has intercepted strongly oxidized, silicified sandstone with quartz veining from surface at the Nutmeg Mountain gold project in Idaho. The Project hosts a 2020 historic Mineral Resource Estimate of 910,000 Indicated ounces of gold (43.5 Mt @ 0.65 g/t Au), and 160,000 Inferred ounces of gold (9.1 Mt @ 0.56 g/t Au) (see Note 1). The Company is awaiting assay results from the further drilling completed at the Project.
Key Highlights
- Hole NMD0004 Intercepted Strongly Oxidized, Silicified Sandstone with Quartz Veining: the signatures and textures intercepted in Hole NMD0004 (Figure 1) are similar to other holes drilled in the current program including NMD0003 (Figure 3, Released on April 13, 2023) which intercepted 0.72 g/t Au over 79.3 meters from 10.4 meters depth (heap-leachable), including 2.32 g/t Au over 13.4 meters from 25.6 meters depth (heap-leachable). Historical drillholes in the 2020 resource area that have been re-logged also exemplify similar characteristics. (Note 1)
- Long Intercept From Surface: Hole NMD0004 intercepted over 120 meters of strongly oxidized, silicified sandstone from surface.
- Resource Growth Potential: the Project has significant resource growth potential along strike and at depth. There is over 100 vertical meters of identified resource potential outside of the US$1500/oz Au pit shell used in the 2020 resource. (Note 1) The focus of the 2023 drill program is to advance Nutmeg Mountain to an updated Mineral Resource Estimate.
NevGold CEO, Brandon Bonifacio, comments: “It is very positive to see our inaugural drill program continue to track at Nutmeg Mountain. We eagerly await assay results from Hole NMD0004 which is currently cut and at American Assay Lab in Sparks, Nevada, with final assays pending. The signatures that we are seeing at or near surface are encouraging. Our technical group is gaining a strong understanding of the regional and localized structures and textures having spent the past 10 months re-logging historical drilling, and after each drillhole is completed in this program. We are looking forward to providing further updates over the coming weeks and months from the drill program.”
Other related developments from around the markets include:
Barrick Gold announced the declaration of a dividend of $0.10 per share for the first quarter of 2023. The dividend is consistent with the Company’s Performance Dividend Policy announced at the start of 2022. The Q1 2023 dividend will be paid on June 15, 2023 to shareholders of record at the close of business on May 31, 2023. “Through the maintenance of a robust balance sheet, we are able to continue to provide a strong base dividend to our shareholders, with our Performance Dividend Policy providing shareholders with the potential for additional upside going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth.
Newmont Corporation’s Board of Directors declared a dividend of $0.40 per share of common stock for the first quarter of 2023, payable on June 15, 2023 to holders of record at the close of business on June 1, 202. Annualized dividend payout range for 2023 of $1.40 to $1.80 per share. "Since transforming Newmont's business four years ago, we continue to lead the gold sector in sustainability, profitable gold production and shareholder returns due to the strength of our team and the quality of our world-class portfolio. During the first quarter, we delivered on our expected results, generated nearly $1.0 billion in adjusted EBITDA and returned $318 million to shareholders through our industry-leading dividend framework. We remain on track to achieve our full year guidance ranges and build upon our track record of safely delivering long-term value to all of our stakeholders through sustainable and responsible mining,” added President and CEO Tom Palmer.
Franco Nevada Corp. just released its Q1 2023 earnings results, noting, “Our diversified portfolio continues to generate strong cash flows and high margins. The first quarter was impacted by production disruptions at Cobre Panama and Antapaccay as well as lower energy prices. Stronger precious metal deliveries are anticipated in Q2 with both assets having returned to normal operations. “Cobre Panama’s CP 100 Expansion is on-track for year-end and we look forward to initial contributions from Magino, Se´gue´la and Salares Norte during the year”, commented Paul Brink, CEO. Franco-Nevada is debt-free, is growing its cash balances and has a strong pipeline of growth opportunities.
Royal Gold Inc. announced its guidance for expected total stream and royalty sales volume; depletion, depreciation and amortization expense. and effective tax rate for calendar year 2023. The 2023 GEO sales guidance is based on publicly available production forecasts and certain confidential information and production forecasts provided to Royal Gold from certain operating counterparties. These third-party forecasts have been adjusted by Royal Gold where appropriate based on management’s experience.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for NevGold Corp. by NevGold Corp. We own ZERO shares of NevGold Corp. Please click here for disclaimer.
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