Investment Rating - Industry rating: Recommended [5] Core Insights - The report highlights a significant increase in gold production and sales for B2Gold in Q3 2025, with total gold production rising by 10.8% quarter-over-quarter to 254,369 ounces (7.91 tons) and total sales increasing by 18.8% to 249,925 ounces (7.77 tons) [2][4] - The adjusted net profit for Q3 2025 reached $180 million, reflecting a 10.4% increase from the previous quarter and a remarkable 520.7% increase year-over-year [4] - The average realized gold price in Q3 2025 was $3,133 per ounce, which is a 4.8% decrease from the previous quarter but a 26.2% increase year-over-year [2] Production and Operational Performance - The cash operating cost per ounce of gold produced in Q3 2025 was $780, which is a 4.7% increase quarter-over-quarter but a 26.5% decrease year-over-year [3] - The all-in sustaining cost (AISC) for Q3 2025 was $1,479 per ounce, down 2.6% from the previous quarter and down 10.4% year-over-year [3] - The company expects Q4 2025 to be the highest production quarter of the year, driven by the performance of the Fekola, Masbate, and Otjikoto mines [2][7] Financial Performance - Total revenue for Q3 2025 was $783 million, representing a 13.2% increase quarter-over-quarter and a 74.7% increase year-over-year [4] - The net income for Q3 2025 was $23.1 million, a significant recovery from a loss of $631 million in the same period last year [4][14] - Cash generated from operating activities in Q3 2025 was $171.4 million, a decrease of 32.9% from the previous quarter but a recovery from a negative cash flow in the same period last year [4] Future Outlook - B2Gold anticipates total gold production for 2025 to reach between 890,000 and 965,000 ounces, with the Goose mine expected to contribute 50,000 to 80,000 ounces [7] - The company is also focusing on optimizing existing operations and exploring new development opportunities, including the Gramalote project in Colombia, which shows promising economic viability [12][9] - The approval of the Antelope underground deposit at the Otjikoto mine is expected to enhance production significantly in the coming years [11]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 02 Dec 2025 环球富盛理财有限公司 中国罕王 China Hanking Holdings (3788.HK) ➢ 邱博士及 Cygnet Gold 少数股东对罕王黄金增资。基于对 Cygnet 金矿项目及罕王黄金未来发展的信心，邱博士及 Cygnet Gold 少数股东拟认购罕王黄金的新发行股份。 2025 年 10 月 27 日，公司附属公司罕王黄金与 Qiu Family 及 Golden Resource（均由邱博士控制）订立认购协议，据此，罕王黄金同意配发及发行，而 Qiu Family 及 Golden Resource 同意以每股 2.62 港元的认购价认购 8,700,000 股罕王黄金股 份（邱博士认购增资），此认购价与公司于 2025 年 9 月 30 日所公布与六名认购人订立的认购协议所载认购价相同。 同日，罕王黄金与 Cygnet Gold 的少数股东 订立认购协议，据此，罕王黄金同意配发及发行，而 Cygnet Gold 的少数 ...

Core Viewpoint - Barrick Gold is planning to package its core North American gold assets for an initial public offering (IPO) to optimize its asset structure and focus on core strengths amid rising global mineral resource development costs and operational challenges in overseas projects [2][4]. Group 1: Strategic Move - The company's board has unanimously approved the decision to initiate the formation of a subsidiary and prepare for the IPO, while retaining absolute control over the new entity to ensure strategic oversight of core assets [4]. - The proposed asset package includes key mining interests in Nevada, significant equity in the Pueblo Viejo mine in the Dominican Republic, and the wholly-owned Fourmile exploration project in Nevada [4]. - Barrick plans to release only a small minority stake in the IPO to attract market capital while maximizing its own interests [4]. Group 2: Market Reaction - Following the announcement, Barrick Gold's stock price saw a notable increase, rising 4.4% in pre-market trading on the New York Stock Exchange and 1.6% on the Toronto Stock Exchange [8]. - Investors have shown approval of the asset optimization strategy, contrasting with Barrick's underperformance compared to peers like Agnico Eagle Mines over the past year [8]. Group 3: Investor Expectations - Some investors, including Elliott Management, have called for a more comprehensive business split to clarify the risks and values of different regional assets, urging Barrick to isolate low-risk North American mines from higher-risk operations in Africa [5]. - Analysts from Jefferies view the spin-off positively, suggesting that the independent North American gold company will attract interest from major gold producers, as it will have a more manageable asset scale and lower integration risks [6]. Group 4: Challenges Ahead - Barrick faces significant challenges in 2025, including a $1 billion asset impairment due to operational issues in Mali, which has raised concerns about the continuity of its strategic execution [9]. - The company plans to complete a comprehensive evaluation of the spin-off by early 2026 and will provide updates during the release of its 2025 annual performance report [9].

Core Viewpoint - Zhufeng Gold (01815) has seen a significant increase in stock price, rising over 30% in the last four trading days, with a current price of 2.59 HKD and a trading volume of 32.42 million HKD [1] Group 1: Stock Performance - The stock price of Zhufeng Gold increased by over 10% recently, with a cumulative rise of over 30% in the past four trading days [1] - As of the latest update, the stock is trading at 2.59 HKD, with a trading volume of 32.42 million HKD [1] Group 2: Fundraising Announcement - Zhufeng Gold announced plans to issue a total of 248 million subscription shares at a subscription price of 1.61 HKD per share, representing a discount of approximately 19.50% compared to the previous trading day's closing price [1] - The net proceeds from this fundraising are expected to be approximately 397.975 million HKD, primarily allocated for exploration and assessment expenditures at the Shannan and Shigatse mines in Tibet [1] - The remaining 20% of the funds will be used for working capital, aimed at enhancing the company's self-sufficiency in raw materials to meet the resource development demands amid rising gold prices [1]

Core Viewpoint - Zhu Feng Gold (01815) has seen a significant increase in stock price, rising over 30% in the last four trading days, with a current price of 2.59 HKD and a trading volume of 32.42 million HKD [1] Group 1: Stock Performance - Zhu Feng Gold's stock price increased by over 10% recently, with a current rise of 7.92% [1] - The cumulative increase over the last four trading days is more than 30% [1] Group 2: Fundraising Announcement - The company announced plans to issue a total of 248 million subscription shares at a price of 1.61 HKD per share, representing a discount of approximately 19.50% compared to the previous trading day's closing price [1] - The net proceeds from this fundraising are expected to be around 397.975 million HKD [1] Group 3: Use of Proceeds - The funds raised will primarily be used for exploration and assessment expenditures at the Xizang Shannan Mine and the Rikaze Mine [1] - An additional 20% of the funds will be allocated for working capital to enhance raw material self-sufficiency in response to the rising demand for resource development amid increasing gold prices [1]

证券研究报告|行业研究报告 [Table_Title] 纽蒙特 2025Q3 权益黄金产量/销量分别环比减少 4.1%/4.0%至 44.2 吨/40.68 吨，调整后净利润环比 增长 18.1%至 18.83 亿美元 [Table_Title2] 有色金属-海外季报 [Table_Date] 2025 年 12 月 1 日 2025Q3 纽蒙特权益黄金总销量为 130.8 万盎司（约 40.68 吨），环比减少 4.0%，同比减少 15.7%。 2025Q3 公司黄金平均实现价格为 3539 美元/盎司，环比上涨 6.6%，同比上涨 40.5%。该价格包含每盎司 3,484 美元的总收 款价、暂定定价销售按市价计价带来的每盎司 62 美元利好影 响，以及处理和精炼费用的每盎司 7 美元减项。 2025Q3 不计入副产品收益，黄金单位销售成本（CAS）为 1185 美元/盎司，环比减少 2.5%，同比减少 1.8%。较上季度略 有下降，因纽蒙特持续推进成本管控与生产效率提升，抵消了 销量下滑及金价走强环境下特许权使用费、生产税和利润分成 协议相关成本的上升。 2025Q3 计入副产品收益，黄金单位销售成本（C ...

Core Viewpoint - Barrick Mining is planning an initial public offering (IPO) for its North American gold assets due to operational issues and cost control challenges [1] Group 1: IPO Plans - The board of Barrick Mining has unanimously approved management's plan for an IPO of a specific division [1] - The IPO will be based on Barrick Mining's joint interests in Nevada Gold Mines and Pueblo Viejo, as well as the wholly-owned Fourmile gold discovery project in Nevada [1] - The new company will issue a small portion of equity [1] Group 2: Market Reaction - Following the announcement, Barrick Mining's stock price increased by nearly 4% in pre-market trading on Monday [1]

Group 1 - Barrick Gold Corporation plans to explore an initial public offering (IPO) for its North American gold assets [1]

黄金牛市远未结束? 纽曼矿业(NEM.US)、Northern Star Resources和Evolution Mining是澳大利亚主要的黄金生产商。澳大利亚矿业与勘探公司协会首席执行官沃伦·皮尔斯 (Warren Pearce)在一份声明中表示："黄金已证明自身在维持勘探商兴趣方面表现卓越且韧性十足，近期金价高企和全球市场持续不确定性显然对此 形成了支撑。" 金价在近日迎来反弹，部分原因是对美联储降息预期的重新升温。截至发稿，黄金现货涨0.54%，报4253.68美元/盎司。 智通财经APP获悉，随着今年金价飙升至历史新高，澳大利亚矿业公司正在加大勘探力度，以寻找新的黄金矿藏。根据澳大利亚统计局的数据，在截 至9月的三个月内，澳大利亚矿企在勘探上合计投入了4.315亿澳元(约合2.38亿美元)，这是自1994年有统计以来的最高季度勘探支出。 今年以来，从散户投资者到对冲基金，各类投资者纷纷转向黄金这一传统上被视为动荡时期避险资产的大宗商品，将其作为抵御通胀风险、地缘政 治裂痕和美元贬值的保护性对冲工具。全球各国央行也纷纷涌入黄金市场，被其高流动性、无违约风险以及作为储备资产的大致中立地位所吸引。 在多重 ...

公司对遇难者和英勇殉职的消防员致以沉痛哀悼，对所有受灾人士致以诚挚慰问，对救援的医护团队致 以崇高敬意，并衷心祈愿所有伤者早日康復，受灾人士早日渡过难关。作为一家矿业企业，经营发展依 赖宝贵的自然资源，我们始终坚持以人为本，推动可持续发展的重任。 智通财经APP讯，万国黄金集团(03939)发布公告，2025年11月26日，香港新界大埔区宏福苑发生五级大 火，造成重大人员伤亡，引发社会广泛关注，牵动着全国以及海外人民的心。作为回应，万国黄金集团 有限公司迅速启动紧急援助机制，将捐助善款700万港元，以支援受灾家庭的应急生活所需及社区重 建，以实际行动履行企业的社会责任。 ...