2025.10.15 本文字 数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿元，同比 增幅达83.9%至98.5%。 关于黄金继续创新高，博时基金基金经理王祥认为，以黄金为代表的贵金属乐观行情受到多重因素的影 响，首先是时隔七年之后，美国政府再次出现关门，停摆在时间上与市场关注的"经济数据时点"高度重 合，产生了比以往更加直接和明显的市场信心冲击。此外，中美贸易摩擦再度升温，中国增加了对稀土 出口的管制，特朗普则威胁要对中国进口商品加征100%关税，导致市场避险情绪增加。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当日， 该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当季 利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能是三 季度支出增加，影响了利润表现。 山东黄金公 ...

Core Viewpoint - Shengton Mining plans to acquire all issued shares of Canadian company Loncor for approximately CAD 261 million (around RMB 1.35 billion) through its wholly-owned subsidiary in Canada, enhancing its gold resource reserves and operational performance [2][3]. Group 1: Acquisition Details - The acquisition price is set at CAD 1.38 per share, with the total transaction amount being approximately CAD 261 million [2]. - The funding for the acquisition will come from the company's own or raised funds [2]. - Upon completion of the transaction, Shengton Mining will hold 100% equity in Loncor, gaining control over the Adumbi gold project located in the Democratic Republic of Congo [2]. Group 2: Asset Overview - Loncor's core asset is the Adumbi gold project, which has significant resource potential and favorable development conditions [2]. - According to a preliminary economic assessment report from December 2021, the Adumbi gold project has a controlled resource of 1.88 million ounces of gold, with an ore resource of 28.185 million tons and an average grade of 2.08 grams per ton [2]. - The inferred resource is estimated at 2.09 million ounces of gold, with an ore resource of 22.508 million tons and an average grade of 2.89 grams per ton [2]. Group 3: Development Conditions - The Adumbi gold mine is located in the Ituri rainforest, with relatively simple hydrological, geological, engineering, and environmental conditions [3]. - The shallow ore bodies (above +400m) are suitable for open-pit mining, while deeper ore bodies are suitable for underground mining [3]. - There are no adjacent mining rights or permanent structures within a 300-meter radius of the mining area, providing a favorable development environment [3]. Group 4: Strategic Importance - The acquisition is a significant step for Shengton Mining in its international development strategy and resource reserve expansion [3]. - The company has identified the development of its gold business as a key strategic direction, and this transaction is expected to substantially enhance its gold reserves and solidify the foundation for its gold business [3].

山东黄金公告称，2025年前三季度，黄金价格上行因素影响，公司利润同比涨幅较大。为实现资源 综合利用，该公司抓住黄金价格上涨的有利时机，加大各类基础工程投入，调整矿山边际品位，充分 2025.10. 15 本文字数：1196，阅读时长大约2分钟 作者 | 第一财经 李隽 金价连创新高，山东黄金三季度的业绩，却出现了环比大幅下滑。 山东黄金（600547.SH，01787.HK）10月14日晚披露，预计前三季度实现净利润38亿元至41亿 元，同比增幅达83.9%至98.5%。 今年一、二季度，山东黄金净利润分别为10.26亿元，17.82亿元。由此估算，该公司三季度净利润 在11亿元左右，虽然同比增速超过60%，但环比二季度缩水了大约四成。 10月15日盘中，山东黄金一度大跌超过6%，且在金价连创新高的背景下，连续两天出现下跌。当 日，该公司A股下跌2.77%，报收41.7元。 广州一位私募人士向第一财经分析，三季度金价大幅走强，金矿股总体涨幅也比较大，而山东黄金当 季利润情况比预期要差一些，反映出来的是盈利不如预期，投资者借势抛售。出现这种情况，有可能 是三季度支出增加，影响了利润表现。 推荐阅读 利用低品位 ...

Core Viewpoint - The company intends to acquire all issued shares of the Canadian-listed company Loncor at a price of CAD 1.38 per share, totaling approximately CAD 261 million, equivalent to about USD 190 million, which will result in the company holding 100% ownership of Loncor [1] Group 1 - The acquisition price is set at CAD 1.38 per share [1] - The total transaction amount is approximately CAD 261 million, or USD 190 million [1] - Loncor's core asset is the Adumbi gold mine project located in the Democratic Republic of the Congo, which has significant resource potential and expansion capabilities [1]

Group 1 - International gold prices reached a historic high, with New York futures surpassing $4200 per ounce and London spot gold also rising significantly, indicating sustained market enthusiasm for gold assets [1][3] - The auction for exploration rights of the Xinhe Mining Company in Jilin Province was highly competitive, with the final bid reaching 15.06 million yuan, a 488.93% increase from the starting price of 2.5566 million yuan [1][2] - The exploration rights, valued at 1.249 million yuan, have appreciated significantly since 2019, when they were valued at 471,100 yuan, reflecting a doubling in value over six years [2] Group 2 - The exploration rights have a validity period from September 24, 2021, to September 24, 2026, with planned investment for exploration increasing from 4.31 million yuan in 2020 to 6.4594 million yuan in 2021 [2] - The gold mining sector has seen increased activity, with companies like Zijin Mining acquiring gold assets, such as the 100% stake in the Raygorodok gold mine in Kazakhstan for $1.2 billion, indicating a trend of consolidation in the industry [4][5] - Analysts predict that gold prices may continue to rise due to ongoing geopolitical tensions and a weakening dollar, with major mining companies looking to enhance their competitiveness through acquisitions [5]

Core Viewpoint - Tongguan Gold (00340) has seen a significant increase in stock price, rising over 7% and currently trading at 3.01 HKD, with a transaction volume of 79.79 million HKD. The company announced the acquisition of Rongchang Investment Co., Ltd., which adds 26 tons of gold resources, increasing total resources from 55 tons to 81 tons, a 47% increase, marking a new stage in resource reserves [1] Company Developments - On October 10, Tongguan Gold disclosed details regarding the acquisition of the Su Bei mining area, which is expected to enhance its resource base significantly [1] - The company signed a gold flow agreement with Zijin Mining in April, where Zijin prepaid 25 million USD as initial funding, with a commitment to deliver approximately 422 kilograms of gold over the next nine years [1] Strategic Insights - Guosen Securities highlighted Tongguan Gold as a small yet attractive regional gold mining company, with future strategic goals focused on increasing research into mineralization patterns in Gansu and Tongguan, and actively pursuing external mergers and acquisitions for growth [1] - The strategic partnership with Zijin not only secures part of the production revenue but also introduces 25 million USD in initial funding, which is less dilutive compared to equity financing. This partnership enhances the availability and stability of funding for project development [1]

Core Viewpoint - Tongguan Gold (00340) has seen a significant increase in its stock price, rising over 7% and currently trading at 3.01 HKD, following the announcement of the acquisition of Rongchang Investment Co., which enhances its gold resource reserves by 47% [1] Group 1: Acquisition Details - On October 10, Tongguan Gold disclosed details regarding the acquisition of Rongchang Investment Co., acquiring 100% of its shares, which adds 26 tons of gold resources, increasing the total from 55 tons to 81 tons [1] - This acquisition marks a new stage in the company's resource reserves, reflecting a substantial growth in its operational capacity [1] Group 2: Strategic Partnerships - In April, Tongguan Gold signed a gold flow agreement with Zijin Mining, where Zijin prepaid 25 million USD as initial funding, with a commitment to deliver approximately 422 kilograms of gold over the next nine years from the Su Bei Bei Dong mining area [1] - The partnership with Zijin Mining is seen as a strategic move to secure part of the production revenue while minimizing dilution compared to equity financing, enhancing the project's funding accessibility and stability [1] Group 3: Future Strategy - According to Guosen Securities, Tongguan Gold is characterized as a small but efficient regional gold mining company, with future strategic goals focused on increasing research into mineralization patterns in Gansu and Tongguan regions and actively pursuing external acquisitions for growth [1]

Core Viewpoint - China Rare Earth Holdings (03788) saw its stock price increase by over 9% during trading, currently reported at 4.83 HKD with a trading volume of 15.18 million HKD, following the announcement of a fundraising initiative by its subsidiary, Rare Earth Gold [1] Group 1: Fundraising and Financial Details - Rare Earth Holdings announced a pre-IPO fundraising for its non-wholly owned subsidiary, Rare Earth Gold, issuing a total of 436 million shares at a price of 2.62 HKD per share, raising a total of 1.14 billion HKD [1] - The funds raised are intended to support the development of an Australian gold mining project and to repay approximately 86 million AUD in internal loans [1] - The company plans to independently list Rare Earth Gold on the main board of the Hong Kong Stock Exchange through an introduction listing [1] Group 2: Share Placement and Strategic Partnerships - The company placed a total of 75 million shares to Zijin Mining's Zijin Global Fund and Jinshan at a placement price of 3.13 HKD per share, with net proceeds estimated at 231 million HKD, which will be used alongside the company's own funds to support the development of the Australian gold mining project [1] - Following the placement, Zijin Mining will hold a 3.69% stake in the expanded issued share capital of the company [1]

Core Viewpoint - China Rare Earth Holdings (03788) saw its stock price increase by over 9% during trading, closing up 6.42% at HKD 4.81, with a trading volume of HKD 14.308 million [1] Group 1: Fundraising and IPO Plans - China Rare Earth announced a pre-IPO fundraising for its non-wholly owned subsidiary, Rare Earth Gold, issuing a total of 436 million shares at a price of HKD 2.62 per share, raising a total of HKD 1.14 billion [1] - The funds raised will be used to support the development of an Australian gold mining project and to repay approximately AUD 86 million in internal loans [1] - In July, China Rare Earth revealed plans to spin off its subsidiary, Rare Earth Gold, for an independent listing on the Hong Kong Stock Exchange [1] Group 2: Share Placement Details - The company placed a total of 75 million shares to Zijin Mining's Zijin Global Fund and Jinshan at a placement price of HKD 3.13 per share, with net proceeds estimated at HKD 231 million [1] - The proceeds from the placement will be combined with the company's own funds to support the development of the Australian gold mining project [1] - Following the placement, Zijin Mining will hold a 3.69% stake in the expanded issued share capital of the company [1]

Core Viewpoint - China Hanking (03788) shares rose over 9% during trading, currently up 6.42% at HKD 4.81, with a trading volume of HKD 14.308 million [1] Group 1: Fundraising and IPO Plans - China Hanking announced a pre-IPO fundraising for its non-wholly owned subsidiary Hanking Gold, issuing a total of 436 million shares at HKD 2.62 per share, raising a total of HKD 1.14 billion [1] - The funds raised will be used to support the development of an Australian gold mining project and to repay internal loans of approximately AUD 86 million [1] - In July, China Hanking revealed plans to spin off Hanking Gold for an independent listing on the Hong Kong Stock Exchange through a backdoor listing [1] Group 2: Share Placement and Strategic Partnerships - The company placed a total of 75 million shares to Zijin Mining's Zijin Global Fund and Jinsan at a placement price of HKD 3.13 per share, with net proceeds of approximately HKD 231 million [1] - The proceeds will be combined with the company's own funds to support the development of the Australian gold mining project [1] - Following the placement, Zijin Mining will hold a 3.69% stake in the expanded issued share capital of China Hanking [1]