With U.S. elections nearing, geopolitical tension, and interest rate cuts from the Federal Reserve, gold prices are now at record highs above $2,540. All of which is great news for gold companies including Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT).
Moving forward, gold could hit $3,000 by 2025, according to Bank of America. In fact, according to the analysts, “We believe gold can hit $3,000/oz over the next 12-18 months, although flows do not justify that price level right now,” as quoted by Investing.com. Even Goldman Sachs says gold could rally to $2,700 by early next year. “Imminent Fed rate cuts are poised to bring Western capital back into the gold market, a component largely absent of the sharp gold rally observed in the last two years,” added Goldman Sachs, as quoted by LiveMint.com.
Look at Renegade Gold Inc. (TSXV: RAGE) (OTCQX: TGLDF), For Example
Renegade Gold Inc. just reported initial results from the second phase of drilling at its advanced Newman Todd Deposit. Drilling to date has successfully increased mineralization at depth by an additional 500 m, confirming the deposit extends down from surface to just over 800 m. Of particular importance, the results have also increased the overall width of the structure by up to 100 m near surface and confirmed new high-grade corridors within the hanging wall of the Newman Todd Structure.
Highlights
– Width of Newman Todd mineralization increased by up to 100 m near surface. Holes NT-24-017 and NT-24-018 specifically targeted an underexplored area in the footwall of the Newman Todd. The strong mineralization intersected by both holes from the east side of the Newman Todd Structure confirms a significant increase in the near-surface mineralization.
– Hole NT-23-017 intersected 9.2 g/t Au over 2.7 m, 4.5 g/t Au over 2.5 m and 2.4 g/t Au over 18.0 m. These results add approximately 75 m width to the Newman Todd Structure in the shadow of previous drilling.
– Hole NT-23-018 intersected 9.8 g/t Au over 1.5 m and 2.8 g/t Au over 8.5 m, including 8.1 g/t Au over 1.0 m and 3.4 g/t Au over 4.4 m. These results add approximately 100 m width to the Newman Todd Structure below previous drilling.
– Results confirm significant down dip potential of the Newman Todd Structure. Hole NT-23-016 intersected 4.9 g/t Au over 2.5 m at approximately 650 m below surface. Previous drilling was limited to a single hole at 835 m depth.
– Hole NT-24-016 encountered strong mineralization in the 400 m gap between historical drilling and hole NT-129, further increasing continuity of the current geological model.
– Through ongoing analysis of the 2024 results, Renegade has identified significant geological parallels to other gold zones within the regional deformation fold corridor, which includes West Red Lake Gold’s Rowan Deposit and Mount Jamie Zone. These insights will guide ongoing exploration at the Newman Todd Deposit and other prospective areas.
Nav Dhaliwal, President and CEO for Renegade, commented, “Renegade Gold’s 2024 drilling at the high-grade Newman Todd deposit has been a huge success and it speaks to the quality of our technical team, as well as the incredible potential of the project. In just one program, we have extended mineralization by an additional 500 m in depth and 100 m in width and have identified a number of new mineralized areas. The rapid growth we’re seeing at Newman Todd suggests we’ve only just begun to unlock the value of this project, and the team is now hard at work planning our next steps.”
Other related developments from around the markets include:
Barrick Gold reported increased earnings and production for its second quarter, in line with guidance, and said the Company was on track for a strong second half of the year. Net earnings1 were up 25% and the attributable EBITDA margin2 was up 17% quarter on quarter to 48% with strong operating cash flows of $1.16 billion and a material increase in free cash flow3 to $340 million. Net earnings per share were up 24% to $0.21, adjusted net earnings per share3 increased by 68% to $0.32, and the quarterly dividend was maintained at $0.10 per share. President and chief executive Mark Bristow said while steering the Company towards the achievement of its 2024 guidance, management was also maintaining its focus on value creation and growth.
Royal Gold announced that its Board of Directors has declared its fourth quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, October 18, 2024, to shareholders of record at the close of business on Friday, October 4, 2024.
Franco Nevada announced that its wholly-owned subsidiary has acquired from Compan~i´a de Minas Buenaventura S.A.A. and its subsidiary, an existing 1.8% net smelter return royalty on all minerals covering Newmont Corporation’s Yanacocha mine and adjacent mineral properties located in Peru. Consideration for the Royalty consists of $210 million paid in cash on closing, plus a contingent payment of $15 million in Franco-Nevada common shares, payable upon achievement of certain conditions. “We are pleased to partner with Buenaventura to acquire this existing Royalty which adds immediately cash flowing gold production and growth from a leading gold operator,” said Paul Brink, President & CEO of Franco-Nevada. “Yanacocha has been one of the largest gold mines globally and the district covered by the Royalty remains highly prospective with over 47 Moz AuEq in total reserves and resources. The Royalty covers current oxide production, the planned sulfide project and high-quality growth projects, including Conga, which together have the potential to add decades of contributions to Franco- Nevada.”
Newmont Corp. announced second quarter 2024 results and declared a second quarter dividend of $0.25 per share. “Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow,” said Tom Palmer, Newmont’s President and CEO. “We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt. As we head into the second half of the year, we remain confident in our ability to continue executing on shareholder returns, meet our full year guidance and deliver on our commitments.”
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 Renegade Gold Inc. by Renegade Gold Inc. We own ZERO shares of Renegade Gold Inc. Please click here for disclaimer.
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