Core Insights - Dryden Gold Corp. has successfully expanded the Gold Rock Camp with high-grade gold discoveries at the Mud Lake Target Area, confirming the geological potential for multiple gold-bearing structures [1][3][5] - The exploration program aims to validate the theory of periodicity of deposits in the Gold Rock Camp, with initial results indicating a promising geological setting [3][5] - The company plans to continue developing additional targets in the Gold Rock Camp following the successful step-out drilling at Mud Lake [1][3] Exploration Results - The first pass 3-hole exploration program at Mud Lake revealed significant gold grades, including a quartz vein intersecting as high as 43.10 g/t gold over 0.50 meters [5][8] - Surface sampling indicated a high-grade shear zone with 93.00 g/t gold, suggesting a potential 1-kilometer mineralized footprint similar to the Gold Rock target area [5][9] - The geological interpretation of the Mud Lake footprint is ongoing, with initial findings confirming a flexure in the mineralized trend, which is common in shear zone systems [6][10] Future Plans - The company will analyze data collected from the summer Mud Lake program to plan for permitting and further testing [6][12] - A webinar is scheduled for December 4, 2025, to provide an overview of the 2025 exploration program and details about upcoming initiatives for the 2026 drill program [12] - Dryden Gold aims to leverage its strategic land position in the Dryden District of Northwestern Ontario, which includes historic gold mines and significant exploration potential [16]

Core Insights - STLLR Gold Inc. has announced a maiden Mineral Resource Estimate (MRE) for its Hollinger Tailings Project, indicating a significant step towards potential cash flows and environmental remediation [2][3][4] Mineral Resource Estimate Summary - The Hollinger MRE includes a total of 412,000 ounces of gold in the Indicated category and 93,000 ounces in the Inferred category, with an average grade of 0.35 g/t Au [5][6] - Phase 1 of the project has an estimated 16.1 million tonnes at a grade of 0.41 g/t Au, containing 212,000 ounces of gold [5][6] - The resource estimate is based on 11,230 meters of sonic drilling from 423 holes, with 82% of the mineralization classified as Indicated [15][20] Business and Development Strategy - The company aims to generate near-term cash flow with minimal capital intensity due to existing infrastructure and high metallurgical recoveries from tailings [3][4] - STLLR has initiated permitting under Ontario's new Recovery of Minerals Regime, designed to expedite the development of such projects [3][18] - The company is exploring mining sequence analysis and operating scenarios tailored to Phase 1 to position it as the starting point for future production [3][4] Community and Environmental Impact - The Hollinger project is expected to provide environmental rehabilitation by reprocessing a century-old tailings facility, benefiting the local community and shareholders [4][22] - The Mayor of Timmins highlighted the project's potential for sustainable development through the remediation of historic mine tailings [4][22]

Core Viewpoint - B2Gold (BTG) is highlighted as an intriguing gold mining company with a distressed valuation despite gold prices being near all-time highs [1] Company Analysis - B2Gold is currently experiencing a valuation that is considered distressed, which may present potential investment opportunities [1] Industry Context - The gold mining sector is characterized by high gold prices, which are near historical peaks, suggesting a favorable environment for gold miners [1]

Core Insights - Desert Gold Ventures Inc. has released an updated Preliminary Economic Assessment (PEA) for its SMSZ Gold Project in Mali, indicating a robust economic outlook with an after-tax NPV of USD $61 million and an IRR of 57% at a gold price of USD $2,850 per ounce [2][4][10] Project Overview - The PEA includes the Barani and Gourbassi deposits, projecting an increase in production capacity from 18,000 tonnes per month to approximately 36,000 tonnes per month over a mine life of 10 years [3][6] - The total gold production is estimated at 130,700 ounces, with 113,100 ounces expected to be recoverable through a gravity and CIL processing method [4][25] Financial Metrics - At a gold price of USD $2,850 per ounce, the project shows an after-tax NPV of USD $61 million and an IRR of 57%, with a payback period of 2.5 years [4][10] - If the gold price rises to USD $4,070, the after-tax NPV increases to USD $124 million, with an IRR of 101% and a payback period of 2.1 years [5][10] Production and Cost Estimates - The average all-in sustaining cost (AISC) is estimated at USD $1,137 per ounce, with total cash costs at USD $29.70 per tonne processed [7][22] - The project anticipates a cumulative cash flow of USD $126 million after tax over the 10-year mine life [11] Mining and Processing Strategy - The mining plan is structured in two phases, starting with Barani East and transitioning to Gourbassi, utilizing a modular processing plant to minimize initial capital costs [6][58] - The average strip ratio for the combined operations is estimated at 2.60:1, with a total of approximately 11 million tonnes of waste rock and 4.24 million tonnes of ore planned to be mined [9][37] Mineral Resource Estimate - The current PEA focuses on oxide and transitional mineralization, with total Measured and Indicated Resources at 11.12 million tonnes grading 0.94 g/t Au for 336,800 ounces [27][30] - The study excludes deeper sulfide mineralization, which may provide additional resources for future evaluations [28][33] Exploration and Future Plans - The company plans to continue exploration across Barani, Gourbassi, and Gourbassi East, with multiple near-mine targets identified for potential resource expansion [8][60] - Advanced discussions are underway with potential partners for funding to commence construction at Barani East [60]

Harmony Gold Mining has approved the development of the Eva Copper Project in Northwest Queensland, Australia, following the completion of an updated feasibility study and the final investment decision (FID) by its board. The Eva Copper Project is a 100%-owned, high-margin, long-life asset that is expected to significantly expand Harmony’s copper portfolio. The proposed open-pit mine will have a low strip ratio and is forecast to produce approximately 65,000 tonnes per annum (tpa) of copper in concentrat ...

Barrick agrees to a $430 million settlement with Mali, as part of a deal to end a two-year dispute https://t.co/JBtFl43lam ...

Core Insights - Sitka Gold Corp. announced significant drilling results from its RC Gold Project in Yukon, highlighting the expansion of gold mineralization at the Blackjack and Saddle zones, as well as the discovery of a new mineralized area at Blackjack South [2][3][4] Drilling Results - At the Blackjack Deposit, drill hole DDRCCC-25-099 intersected 310.0 meters of 0.61 g/t gold, including 172.4 meters of 0.90 g/t gold and 33.4 meters of 2.40 g/t gold, extending known mineralization further southwest [3][5] - Drill hole DDRCCC-25-102 returned 191.8 meters of 0.65 g/t gold, including 24.3 meters of 2.33 g/t gold, indicating strong mineralization outside the current Mineral Resource Estimate (MRE) margin [5][6] - At the Saddle Zone, drill hole DDRCCC-25-104 intersected 44.4 meters of 1.33 g/t gold from surface, extending near-surface mineralization further west [4][5] - New mineralization was identified at Blackjack South, with drill hole DDRCCC-25-110 intersecting 44.5 meters of 0.70 g/t gold, including 8.8 meters of 1.18 g/t gold [4][5] Mineral Resource Potential - The drilling results reinforce the potential for significant gold ounces to be added within the conceptual pit shell of the Blackjack gold deposit, with ongoing drilling expected to further define and expand the resource [6][19] - The RC Gold Project now has pit-constrained mineral resources totaling 1,291,000 ounces of gold in the indicated category and 1,044,000 ounces in the inferred category at Blackjack, along with 440,000 ounces in the inferred category at Eiger [36][41] Project Overview - The RC Gold Project covers a 431 square kilometer area in Yukon's Tombstone Gold Belt, strategically located between the Eagle Gold Mine and the Brewery Creek Gold Mine [35][41] - The project is accessible year-round via a secondary gravel road, facilitating ongoing exploration and development efforts [35][41]

Core Viewpoint - Caledonia Mining Corporation has decided to proceed with the Bilboes Gold Project following the completion of a feasibility study, which indicates robust economic viability across various gold price scenarios [1][10]. Economic Analysis - The project demonstrates a positive business case under three gold price scenarios, with an average price of US$2,548/oz yielding a post-tax NPV of US$582 million and an IRR of 32.5% [4][6]. - At a spot price of US$3,648/oz, the post-tax NPV increases to US$1,234 million, with an IRR exceeding 50% [7]. - The project has a payback period of 1.7 years and an all-in sustaining cost (AISC) of US$1,061/oz [6][18]. Mineral Reserves and Resources - Proven and probable mineral reserves are estimated at 1.749 million ounces (Moz) of gold at a grade of 2.26 g/t [5][15]. - Measured and indicated mineral resources total 532,000 ounces at 1.37 g/t, while inferred resources are 984,000 ounces at 1.62 g/t [5][15]. Production Profile - The project plans to process 240,000 tonnes per month for the first six years, reducing to 180,000 tonnes per month thereafter, with a life of mine production of 1.55 Moz over 10.8 years [5][24]. - The first full year of production is expected to yield approximately 200,000 ounces in 2029 [5][24]. Funding Strategy - The peak funding requirement is estimated at US$484 million, with additional needs for interest and working capital totaling approximately US$150 million [8][20]. - The funding strategy aims to minimize equity dilution while maintaining a quarterly dividend of 14 cents per share [20][21]. Project Timeline - The front-end engineering design (FEED) phase will commence immediately, with first production anticipated in late 2028 [12][24]. - Construction is expected to take about two years, followed by a ramp-up period of five months [24]. Community and Economic Impact - The project is expected to significantly benefit Zimbabwe by enhancing its status as a gold destination and contributing to foreign exchange earnings and tax revenues [13][19]. - Caledonia plans to replicate successful community engagement strategies from its Blanket Mine operations [14].

Core Insights - Barton Gold Holdings Limited has successfully completed upgrade drilling for the S1 and S2 pits at the Tunkillia Gold Project ahead of schedule and under budget [1] - The S1 'Starter Pit' is projected to yield 206,000 ounces of gold at a cost of A$997 per ounce, generating over A$800 million in operating cash during the first year of operations [1] Drilling Performance - A total of 18,893 meters were drilled across 209 holes in 62 days, achieving over 300 meters drilled per day [1] - The drilling was completed ahead of the planned timeline and under the allocated budget [1] Financial Projections - The S1 pit is expected to produce significant cash flow, with the potential to repay development costs two times over in the first year [1]

Core Insights - Lundin Gold is recognized for its high-quality operations, characterized by expansive margins and strong cash generation, alongside significant geological potential [1] Company Analysis - The company operates in a complex and dynamic market, particularly in Latin America, which allows for in-depth analysis of local assets while considering broader regional and global trends [1] - The investment approach focuses on deep value and long-term perspectives, emphasizing underfollowed names and structural stories within leading companies [1]