Gold prices may have slipped, but don't count it out just yet. Analysts still say we could see $2,500 this year. After all, most of the economic issues that supported gold in 2020 have carried over into the New Year. Analysts at Citi for example have a $2,500 price target, comparing its catalysts to that of gold's rally between 1970 and 1980. Analysts at Commerzbank say inflationary concerns could send gold to $2,000 by the end of the year. With that, some of the top companies to watch include TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF), Altius Minerals Corporation (TSX:ALS)(OTC:ATUSF), Newmont Corporation (NYSE:NEM)(TSX:NGT), Magna Gold Corp. (TSX:MGR)(OTC:MGLQF), and Amarillo Gold Corp. (TSXV:AGC)(OTC:AGCBF).
TRU Precious Metals Corp. Appointed Veteran Mining Executive to its Board of Directors
TRU Precious Metals Corp. just announced the appointment of Colin Sutherland, CPA, CA to its Board of Directors. TRU now has 5 directors, 3 of whom are independent.
Mr. Sutherland is a Chartered Professional Accountant with over 20 years of financial and operational experience in the mining industry with exploration and development-stage companies. He has held senior executive roles globally, currently with Magna Gold Corp. as its Chief Financial Officer and a director, and recently with Arizona Metals Corp., NQ Minerals Plc, Amarillo Gold Corporation, and McEwen Mining Inc. Over his career, Mr. Sutherland has led several M&A, equity and debt transactions, and has returned significant value to shareholders. Mr. Sutherland holds a Bachelor of Business Administration degree from Saint Francis Xavier University.
Along with his appointment as a director of the Company, Mr. Sutherland has also been appointed to the Company's audit committee, which is now comprised entirely of independent directors. This is consistent with the Company's broader commitment to strong corporate governance, to which end TRU has also previously adopted a Code of Business Conduct as well as a Corporate Disclosure Policy.
TRU Co-Founder and CEO Joel Freudman commented: "Colin is an excellent complement to our existing Board, bringing demonstrated and relevant mining experience, in-depth knowledge of the natural resource capital markets, and an accounting background. We believe Colin's experience and connections will further support our strategy to deliver value to our shareholders through good governance, operational excellence, and enhanced market presence."
Other related developments from around the markets include:
Altius Minerals Corporation reported attributable royalty revenue of $17.8 million ($0.43 per share) for the quarter ended March 31, 2021 which was up 9% from royalty revenue of $16.3 million ($0.39 per share) reported in Q1 2020. Adjusted EBITDA for the quarter was $14.6 million or $0.35 per share, up 15% from Adjusted EBITDA of $12.7 million ($0.30 per share in Q1 2020. The adjusted EBITDA margin for the quarter was 82%. Adjusted operating cash flow of $8.8 million or $0.21 per share is down by 33% from the comparable quarter last year mainly because of the deferred timing of corporate tax installments during the prior year period.
Newmont Corporation launched its 2020 Annual Sustainability Report, part of the suite of reports on the Company's environmental, social and governance (ESG) practices in key areas that include health, safety and security, human rights, the environment, social acceptance, governance, and inclusion and diversity. "As we celebrate our 100th year, Newmont's commitment to sustainable and responsible mining has never been stronger. Our sustainability report provides a comprehensive review of our safety, environmental and social performance," said Newmont's President and CEO Tom Palmer. "With this report we offer a transparent review of how we work toward making a positive difference in the lives of our employees, stakeholders, business partners and host communities around the world."
Magna Gold Corp. announced a non-brokered private placement of CAD$10,000,000 secured convertible debentures with Delbrook Capital Advisors Inc. on behalf of funds managed by Delbrook. The Debentures mature in 24 months from issuance and bear interest at a rate of 6.5% per year. The principal amount of the Debentures is convertible, at the election of Delbrook, into common shares of the Company at a conversion price of CAD$1.25 per common share, representing a 35.5% premium to the 10-day VWAP. The interest on the Debentures is convertible at the election of Delbrook into either cash or common shares of the Company based on the closing price on the day prior to the applicable interest payment date and will be paid in full, including in the event of early conversion. The Company will pay Delbrook a 1.25% arrangement fee on closing of the private placement. The private placement, which received approval by Magna's board of directors on May 11, 2021, is subject to the approval of the TSX Venture Exchange.
Amarillo Gold Corp., through its Brazilian affiliate, has drilled a significant gold-hosting structural zone on Lavras do Sul (LDS), the Company's property in Rio Grande do Sul, southern Brazil. Two holes located 50 metres apart along an east-west strike direction were drilled into the Matilde target, confirming the primary source of gold of an overlying gold-in-soil anomaly. The target was identified through a combination of soil geochemistry, geological mapping, surface trenching, and airborne magnetics. A recently completed ground induced polarization survey also helped define a structural corridor that is now being drill tested.
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