Palm Beach, FL – April 29, 2021 – The pandemic has spurred an historical rise in the price of gold but investors are wondering “Which way will gold go in 2021?” They are asking can the precious metal ever return to the record $2,000 per ounce level reached in August ,2020? The precious metal hit an all-time high of $2,069.40 per ounce in August 2020, driven by weakness in the value of the US dollar as low interest rates and government economic stimulus during the Covid-19 pandemic sent investors toward precious metals. The gold price fell to $1,686 per ounce on March 30 but then hiked to $1,728.40 per ounce on April 1 as the Biden Administration announced a $2 trillion infrastructure spending plan and the prospect of further stimulus measures further increased expectations of higher inflation. Gold is typically held in investor portfolios as a hedge against inflation. So… will the gold price rise in years to come? A recent article on Capital.com addressed this issue, interviewing several industry analysts. It reported that: “According to analysts at Australian bank ANZ, “gold’s upside looks limited by rising yield and buoyant risky assets”. ANZ’s gold price prediction puts the precious metal at an average of $1,850 per ounce at the end of June, rising to $2,000 per ounce by the end of September, but then falling back to $1,900 by the end of 2021 and $1,800 by mid-2022. Analysts as Citibank, as well as ABN, noted that the gold price has dropped below technical support at $1,750-1,765 per ounce, and their year-end target of $1,700 per ounce, before ticking higher.” Active stocks in the mining markets this week include St. James Gold Corp. (OTCQB: LRDJF) (TSX-V: LORD), Newmont Corporation (NYSE: NEM) (TSX: NGT) Kinross Gold Corporation (NYSE: KGC) (TSX: K), Teck Resources Limited (NYSE: TECK) (TSX: TECK.A), New Found Gold Corp. (OTCPK: NFGFF) (TSXV: NFG).
Capital.com continued quoting Wenyu Yao, senior commodities strategist at ING bank, who added: “Meanwhile, cryptocurrencies do appear to have stolen gold’s thunder, and it’s particularly true given cryptocurrencies’ possible wider acceptance from institutional investors… Further ahead, should inflation overshoot expectations, this may see risk-conscious investors return to gold. Contrary to the outlook from analysts, the latest gold forecasting from algorithm-based site Wallet Investor shows the price trending higher in the coming years. It predicts gold will rise from $1,739.74 per ounce at the end of June and $1,852.69 at the end of December. For the longer term, the service predicts the price to reach $2,093.05 per ounce at the end of 2022, $2,377.07 per ounce by the end of 2023 and $2,898.61 per ounce at the end of 2025.”
St. James Gold Corp. (OTCQB: LRDJF) (TSX-V: LORD) BREAKING NEWS: ST. JAMES GOLD CORP. ANNOUNCES APPOINTMENT OF CHIEF OPERATING OFFICER: TRADING IS REINSTATED ON THE OTCQB – St. James Gold Corp. (the “Company” or “St. James Gold “) introduced Mr. Timothy Lallas, CPA, CMA, as Chief Operating Officer. Mr. Lallas brings over 20 years of progressive experience encompassing financial management, global risk management, procurement, Sarbanes Oxley implementation, and M&A due diligence. His appointment is welcomed as the Company ramps up its activities for the upcoming exploration season.
Among his many roles as a senior executive with various junior exploration companies, Mr. Lallas has served as VP Finance of Granada Gold Mines, VP Finance of Calvista Gold Corporation, CFO of Greystar Resources Ltd., CFO of Bell Copper Corporation and CFO of Latin American Minerals, Inc. He served as Deputy Finance Manager for ArcelorMittal during their $1.5 billion Mont Wright Expansion Project, as Director of Risk Management for both Thompson Creek Metals and Goldcorp., Inc. and as Director of Internal Audit at Teck Resources.
In his new role, Mr. Lallas will be instrumental in implementing corporate governance policies with regards to contract procurement, internal controls, disclosure policies and manuals for the Board of Directors. He will facilitate business process improvements, management change, Technical Committee compliance, and work with legal counsel to ensure compliance of all disclosures with the requirements of National Instruments and regulatory bodies. Mr. Lallas will also improve the Company’s efforts to liaise with the investment community and provide advice on strategic initiatives including corporate finance and business development.
The Company also recently announced that it has received a technical report prepared in accordance with National Instrument 43-101 entitled Florin Gold Project NI 43-101 Technical Report, Mayo and Dawson Mining Districts, Yukon Territory, by Ronald G Simpson, P.Geo. of GeoSim Services Inc., dated April 6, 2021 (the “Technical Report”).
The Florin Gold Project contains an inferred resource of 2,474,000 oz gold contained in 170,993,000 tonnes grading 0.45 g/t with a cutoff of 0.30g/t, at a $1,650 gold price. This represents a 27% increase in total ounces of gold over the historical 2012 inferred resource (Cole, 2012). In addition, the resource has been upgraded from a block model and now includes a pit whittle shell. Read these entire releases for the St. James Gold at: https://www.financialnewsmedia.com/news-lord
Other recent developments in the mining markets include:
Newmont Corporation (NYSE: NEM) (TSX: NGT) recently announced that its Board of Directors declared a quarterly dividend of $0.55 per share of common stock, payable on June 17, 2021 to holders of record at the close of business on June 3, 2021.
The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. Newmont is the world’s leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
Teck Resources Limited (NYSE: TECK) (TSX: TECK.A) recently announced its unaudited first quarter results for 2021. “Strong first quarter operational performance, in line with plan, and higher commodity prices contributed to a very solid start to 2021,” said Don Lindsay, President and CEO. “We achieved major milestones for our priority projects, including surpassing the half-way point at our flagship QB2 copper growth project and moving into the commissioning phase of our Neptune steelmaking coal terminal upgrade. We remain absolutely focused on implementing the necessary protocols to mitigate transmission of COVID-19 and protect the health and safety of our people and local communities.”
Highlights were: Adjusted profit attributable to shareholders1 of $326 million or $0.61 per share in Q1 2021, an increase of 247% compared to the same period last year; Adjusted EBITDA1 of $967 million in Q1 2021, an increase of 59% compared to the same period last year; Overall QB2 project progress surpassed the half-way point in April; Our Neptune port upgrade is now in the commissioning phase and ramp-up will continue as planned. To date 18 vessels have been loaded using the new outbound system; Our operations continue to be resilient despite ongoing challenges associated with COVID-19, with production in line with plan across our business units and sales meeting our Q1 2021 guidance; Our copper business unit had a strong Q1 2021 with an increase in gross profit before depreciation and amortization1 of 76% compared to the same period last year, supported by an average realized copper price of US$3.92 per pound and copper production of 71,700 tonnes, in line with plan; Sales of steelmaking coal were 6.2 million tonnes in Q1 2021, with approximately 2 million tonnes sold to Chinese customers based on CFR China prices, which were significantly higher than FOB Australia prices; Teck Coal Limited has resolved Fisheries Act charges in connection with discharges of selenium and calcite from our steelmaking coal operations in the Elk Valley of British Columbia in 2012; The Elkview Saturated Rock Fill (SRF) was successfully commissioned in Q1 2021, on schedule and below budget. The SRF is now treating and reducing selenium and nitrate and improving water quality in the receiving environment; and Liquidity of $6.3 billion as at April 27, 2021.
Kinross Gold Corporation (TSX:K; NYSE:KGC) recently provided updates on its development projects, exploration program and its estimated mineral reserves and resources.
Development projects: Tasiast 24k: Project advancing on schedule and on budget with Tasiast expected to increase throughput to 21,000 t/d by year-end 2021 and to 24,000 t/d by mid-2023; Udinsk: Drilling and study work are progressing well. The pre-feasibility study has now commenced and is expected to be completed in Q4 2021; added 259 Au koz. to estimated measured and indicated resources and 94 Au koz. to inferred resources; La Coipa Restart: Pre-stripping started on schedule in early January 2021 and first production remains on-track for mid-2022; added 103 Au koz. and 3,266 Ag koz. to mineral reserve estimates as a result of mine plan optimization; Lobo-Marte: Feasibility study is on-track for completion in Q4 2021; Fort Knox Gilmore: First gold ounces were produced from the new heap leach pad in January 2021 and construction was completed on schedule and under budget; and Peak: Commenced drilling program and studies for permitting after acquiring 70% of synergistic, Fort Knox “bolt-on” project in September 2020.
New Found Gold Corp. (OTCPK: NFGFF) (TSXV: NFG) recently announced assay results from an additional four holes drilled at the Keats Zone. These holes were drilled as part of the Company’s ongoing 200,000mdiamond drill program at its 100%-owned Queensway Project, located on the Trans-Canada Highway 15 km west of Gander, Newfoundland.
Greg Matheson, P.Geo., Chief Operating Officer of New Found, stated: “The intervals of 63.7g/t Au over 8.45m and 16.9g/t over 2.5m in Hole NFGC-21-143 extend the Keats high-grade zone approximately 50m down plunge from the deepest previously reported hole NFGC-21-118, which returned 61.8g/t over 13.7m. We are very encouraged that we continue to hit high grade as we step out in this direction, with the zone remaining wide open in the down plunge direction. The interpreted south plunging dilation zone is now drill defined over 350m down plunge and two drills are continuing step-outs in this direction, with results pending from several additional holes in the down plunge direction (Figure 1). Drilling has also continued to intercept high-grade gold mineralization outside of this dilation zone within the broader host Keats Baseline fault zone, particularly between this dilation zone and surface, and one drill is dedicated to infilling this area. We are excited that the size of the drill defined high grade gold mineralization at Keats continues to build with the ongoing step out and infill drilling.”
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