Core Viewpoint - Barrick Gold Corp. reported a significant increase in quarterly earnings but experienced a nearly 5% drop in share price due to plans for an IPO of its North American assets [1] Financial Performance - Fourth-quarter net earnings rose 151% year-on-year to $1.43 per share, driven by higher gold prices and strong operational performance [1] - Attributable EBITDA reached $3.08 billion, an 82% increase from the previous year, while operating cash flow climbed 96% to $2.73 billion [2] - Free cash flow more than tripled to $1.62 billion [2] IPO Plans - The company confirmed plans to proceed with an IPO of its North American gold assets, including stakes in Nevada Gold Mines, the Pueblo Viejo project, and the Fourmile discovery [3] - Barrick will retain a controlling interest in the new entity and has appointed Mark Hill as CEO for the IPO process, expected to be completed by late 2026 [3] Production and Cost Outlook - Quarterly production totaled 871,000 ounces of gold, slightly below Jefferies' estimate of 875,000 ounces but above consensus of 864,000 ounces [5] - Cash costs were reported at $1,205 per ounce, higher than analyst projections, while all-in sustaining costs (AISC) reached $1,581 per ounce [5] - The company provided a three-year production outlook, forecasting attributable gold output of 2.9 to 3.25 million ounces in 2026, increasing to 3.3 to 3.65 million ounces in 2027 and 3.4 to 3.75 million ounces in 2028 [6] Analyst Ratings - Analysts at Jefferies maintained a "Buy" rating on Barrick, citing a strong fourth-quarter earnings performance and conservative guidance for 2026 [4] - The firm expects 2026 gold production of approximately 3.1 million ounces at AISC of about $1,855 per ounce, partly based on an assumed gold price of $4,500 per ounce [4]

Core Viewpoint - Sandstorm Gold Ltd. reported strong financial results for Q1 2025, driven by high commodity prices, with record revenues and net income, alongside ongoing share buybacks and deleveraging efforts [2][7][12]. Financial Highlights - Record revenue of $50.1 million, up from $42.8 million in Q1 2024 [7][12]. - Production of 18,492 attributable gold equivalent ounces, down from 20,316 ounces in the same period last year [7][12]. - Cash flows from operating activities of $40.8 million, compared to $32.6 million in Q1 2024 [7][15]. - Net income of $11.3 million, a significant improvement from a net loss of $3.9 million in Q1 2024 [7][15]. Shareholder Returns - The company repurchased approximately 3.1 million common shares for $19.1 million during Q1 2025, with an additional 270,000 shares purchased for $2.0 million post-quarter [2][3]. - Sandstorm renewed its normal course issuer bid (NCIB) allowing for the purchase of up to 20 million common shares, indicating a strategic focus on share repurchases [3]. Deleveraging Efforts - The company made $15 million in net debt repayments during the quarter, with an additional $12 million repaid after the quarter ended [4]. - As of May 6, 2025, Sandstorm has an outstanding balance of $328 million on its revolving credit facility, with an undrawn balance of $297 million [4]. Production and Revenue Breakdown - Approximately 73% of gold equivalent production was from precious metals, 20% from copper, and 7% from other commodities [12]. - Revenue from precious metals was $34.8 million, copper revenue was $11.3 million, and other commodities contributed $4.0 million [13]. Project Developments - The Hod Maden joint venture is advancing with approved early-works capital investments of $60–$100 million for 2025 [5]. - Glencore is expected to submit an application for the MARA copper-gold project under Argentina's RIGI, which aims to support large investments [6][8]. Production Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11].

Core Insights - NevGold Corp. has staked an additional 147 claims, covering approximately 1,000 hectares or 10 square kilometers, at the Zeus Copper Project in Idaho, indicating strong geological prospectivity [1][4] - The Zeus Copper Project shares geological similarities with Hercules Metals Corp.'s copper porphyry discovery, including comparable soil survey geochemical results [1][4] Company Developments - The Zeus Copper Project now encompasses 392 claims, totaling approximately 2,900 hectares or 29 square kilometers, in the Hercules Copper Trend [4] - The newly staked claims are underlain by the Lower Huntington Formation and Triassic age intrusive rocks, both known to host copper mineralization [4][6] - The CEO of NevGold expressed satisfaction with the acquisition of additional ground, highlighting the strategic importance of the area adjacent to Barrick Gold Corp.'s established claim block [3][4] Exploration Activities - NevGold plans to continue its active exploration program at the Zeus Copper Project in 2025, which includes geological mapping, surface geochemical sampling, and a ground geophysical program [8] - The company is preparing an application for a drill permit and aims to drill test copper targets identified through ongoing exploration activities [8]