Palm Beach, FL – December 9, 2020 – All through history, people have found security in gold during good times and especially in times of crisis. There are many purported reasons for this but does it really matter ‘Why”? Some would say “it just is, that’s all that matters! Gold continues to hold its value and at times, repeatedly, surges, breaking existing all-time-highs and making new ones. In 2013 the US Federal Reserve Chairman Ben Bernanke said: “Nobody understands gold prices, and I do not pretend to understand it either.” A market report from Statista concluded: “Over the last decade, global demand for gold has increased constantly… This makes it clear that gold is still one of the world’s most coveted commodities and most rewarding investments… financial markets are unlikely to stabilize until a coronavirus vaccine is widely available. Markets will remain volatile “until we have a clearer understanding of when the economy can get back to ‘normal,” NPR said that: “And as long as that uncertainty continues, gold prices could keep rising.” Active stocks in the mining markets this week include Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Newmont Corporation (NYSE: NEM) (TSX: NGT), B2Gold Corp. (NYSE: BTG) (TSX: BTO), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM).
Recently, just over the last decade, global demand for gold has increased constantly. Worldwide gold demand amounted to 4,356 metric tons in 2019. Demand has been noticeably higher since the Financial Crisis. Many investors look to gold in periods of market turmoil because they believe that it holds value through recessions better than other assets. The supply of gold depends largely on mine production. Production, in turn, depends on two factors. The countries with higher reserves of gold work harder to extract their gold when the price of gold increases, following standard theory that quantity supplied increases with price. Similarly, the expectation of higher prices in the future prompts speculators to explore for new reserves. As they discover new lodes, the supply of gold increases. Investments in gold always reach higher highs during times of crisis.
Golden Independence Mining Corp. (CSE: IGLD) (OTCQB:GIDMF) BREAKING NEWS: GOLDEN INDEPENDENCE RELEASES INDEPENDENCE ASSAYS – Golden Independence (the “Company”) is pleased to announce drill results from previously-unreleased holes completed on the Independence project subsequent to the 2010 Historical Resource Estimate (the “Historical Resource”). These highlight assay results are from 44 reverse circulation (RC) holes drilled between 2009 and 2010 by a previous operator. These 44 RC holes were not available for the Historical Resource but will be included in the upcoming resource update in Q1/21 in addition to RC holes from the Company’s ongoing drill program.
- 155 feet grading 3.94 g/t gold in hole GM-128 including 5 feet grading 99.33 g/t gold
- 45 feet grading 9.52 g/t gold in hole GM-127 including 10 feet grading 33.84 g/t gold
- 180 feet grading 1.20 g/t gold in hole GM-088 including 10 feet grading 7.65 g/t gold
- 100 feet grading 1.63 g/t gold in hole GM-103 including 10 feet grading 8.52 g/t gold
- 85 feet grading 1.88 g/t gold in hole GM-111 including 5 feet grading 5.01 g/t gold
“These 44 drill holes expanded the oxide mineralization both to the north and at depth as well as highlighted higher-grade zones within it,” commented Golden Independence CEO Christos Doulis. “We anticipate the inclusion of these historic holes along with our ongoing drilling will result in a significant increase in the historic oxide resource at the Independence project.” Read this entire release along with charts and images for the Golden Independence news at: https://www.financialnewsmedia.com/news-igld/
Other recent developments in the markets include:
Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) and AngloGold Ashanti Limited (JSE:ANG)(NYSE:AU) recently concluded the sale of their interest in Morila Gold Limited, which owns 80% of the Morila gold mine in Mali, to Firefinch Limited (previously named Mali Lithium Limited) for $28.8 million cash. The state of Mali continues to hold the remaining 20%.
Noting that all Morila employees had been re-employed by Firefinch, Barrick president and chief executive Mark Bristow said the transaction would benefit the mine’s Malian stakeholders by giving Firefinch the opportunity to extend its life by accessing satellite resources and adapting the infrastructure. The mine had been scheduled for closure in 2021.
Newmont Corporation (NYSE: NEM) (TSX: NGT) announced this week its 2021 outlook with attributable gold production guidance of 6.5 million ounces and AISC of $970 per ounce. Attributable gold production is expected to be between 6.2 and 6.7 million ounces per year in 2022 and 2023, increasing to between 6.5 to 7.0 million ounces in 2024 and 2025 while improving costs.
“Newmont’s outlook remains strong and stable as we apply the rigor and discipline of our proven operating model across our world-class portfolio. Our five-year outlook reflects improving production and costs as we continue to deliver value from superior operational and project execution,” said Tom Palmer, President and Chief Executive Officer. “Our strong financial position allows us to continue investing in profitable, organic growth while simultaneously returning cash to shareholders through our industry leading dividend framework.”
B2Gold Corp. (NYSE AMERICAN: BTG) (TSX: BTO) recently announced that its Board of Directors (the “Board”) has declared a cash dividend for the fourth quarter of 2020 of $0.04 per share (or an expected $0.16 per share on an annualized basis), payable on December 18, 2020, to shareholders of record as of December 8, 2020. All dollar figures are in United States Dollars unless otherwise indicated.
As part of the long-term strategy to maximize shareholder value, B2Gold expects to declare future quarterly dividends at the same level. This dividend is designated as an “eligible dividend” for the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident withholding taxes.
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) recently reported quarterly net income of $222.7 million, or net income of $0.92 per share, for the third quarter of 2020. This result includes non-cash mark-to-market gains on warrants of $20.9 million ($0.09 per share), foreign currency translation gains on deferred tax liabilities of $14.3 million ($0.06 per share), derivative gains on financial instruments of $5.1 million ($0.02 per share), non-cash foreign currency translation losses of $4.3 million ($0.02 per share) and various other adjustments losses of $2.5 million ($0.01 per share). Excluding these items would result in adjusted net income of $189.2 million or $0.78 per share for the third quarter of 2020. For the third quarter of 2019, the Company reported net income of $76.7 million or $0.32per share. Included in the third quarter of 2020 net income, and not adjusted above, are a non-cash stock option expense of $3.1 million ($0.01 per share) and workforce costs of employees affected by the COVID-19 pandemic (primarily Nunavut-based) of $2.2 million ($0.01 per share).
In the first nine months of 2020, the Company reported net income of $306.4 million, or $1.27 per share. This compares with the first nine months of 2019, when net income was $141.5 million, or $0.60 per share. In the third quarter of 2020, cash provided by operating activities was $462.5 million ($434.4 million before changes in non-cash components of working capital), compared to the third quarter of 2019 when cash provided by operating activities was $349.2 million ($275.3 million before changes in non-cash components of working capital). The cash provided by operating activities in the third quarter of 2020 sets a quarterly record for the Company and resulted in strong quarterly free cash-flow generation.
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