A Hold recommendation for Northern Star Resources Limited ( NESRF ), whose shares are traded on the US OTC market, is, in our opinion, entirely justified. As long as the sharesAlberto holds a Master's degree in Business Economics. During his academic career he acquired an extensive managerial and economic background, with a solid quantitative basis. He covers all sectors and the different types of stocks. Essentially describes a useful investment strategy that fits the profile of any investor, whether they ...

Global X Management Company has launched the Global X Gold Miners ETF (AUAU) Wednesday, tracking companies involved in gold and silver mining as the precious metal trades near record highs. The launch comes as gold miners posted triple-digit returns in 2025, outpacing gold's own advance. ...

Summary of Discovery Silver Conference Call Company Overview - **Company**: Discovery Silver - **Key Executives**: Mark Utting (Senior Vice President of Investor Relations), Eric Kallio (Senior Vice President of Exploration and Growth) - **Stock Performance**: Stock price increased from CAD 0.72 at the beginning of the year to just under CAD 8, indicating significant growth potential remaining [4][5][10] Acquisition Details - **Acquisition**: Porcupine Complex from Newmont - **Transaction Value**: CAD 200 million in cash and CAD 75 million in equity, with deferred consideration of CAD 150 million in four equal annual payments starting two years from now [5][6] - **Assets Acquired**: Three operating mines (Hoyle Pond, Borden, Pamour) with potential for at least three new operating gold mines and significant exploration upside [5][6][10] Production and Economic Outlook - **Production Forecast**: Expected production of approximately 220,000 ounces this year, increasing to about 340,000 ounces in the coming years [7] - **NPV Calculation**: Using a gold price of $3,800, the NPV of the technical report was estimated at $4.5 billion, which reflects the current valuation of the company [7][10] - **Cordero Project**: Anticipated to produce about 37 million ounces of silver equivalent over the first 12 years with a 20-year mine life. NPV at $40 silver is just shy of $2.5 billion, and at $60 silver, it could reach $4.5 billion [8][9] Exploration Potential - **Dome Mine**: Contains an inferred resource of 11 million ounces, with plans to bring it back into production. Historical production was 17 million ounces since 1910 [10][11] - **Exploration Program**: Aiming for over 200,000 meters of drilling next year, with positive results reported from various locations including Hoyle Pond, Borden, and Pamour [42][43] - **Geological Insights**: The Timmins area is part of the Abitibi Greenstone Belt, known for significant gold deposits. The geology includes various formations and structures conducive to gold mining [46][49] Financial Position - **Cash Reserves**: Company reported cash of $342 million at the end of September, with no outstanding debt [23] - **Liquidity**: Completed a revolving credit facility providing an additional $250 million of liquidity [23] Infrastructure and Operational Plans - **Dome Mill Expansion**: Plans to increase milling capacity from 12,000 tons per day to 30,000 tons per day, which would significantly enhance production capabilities [89][90] - **Cost Reduction**: Potential to reduce processing costs by $5-$10 per ton by optimizing existing infrastructure [88] Regulatory and Permitting Updates - **Cordero Project Permitting**: Increased confidence in obtaining environmental impact assessment approval in the near future, which is critical for advancing the project [9] Conclusion - **Investment Thesis**: Discovery Silver presents a compelling growth story in both the gold and silver industries, with significant upside potential from existing assets and exploration opportunities. The company is well-positioned financially to capitalize on these opportunities and drive future growth [4][10][23]

Summary of Liberty Gold Conference Call - December 10, 2025 Company Overview - **Company**: Liberty Gold (OTCPK:LGDT.F) - **Focus**: Development of oxide gold projects in the U.S. Great Basin, transitioning from an exploration company to a developer [2][4][5] Key Points Industry Context - **Mining Lifecycle**: Discussion of the Lassonde Curve, illustrating the mining industry's phases from exploration to production, highlighting the "orphan period" where share prices may stagnate [3][4] - **Oxide Gold Mining**: Emphasis on the advantages of oxide gold projects, which allow for simpler, more environmentally friendly processing compared to sulfide gold mining [6][7] Project Development - **Black Pine Asset**: Located in southern Idaho, identified as a significant opportunity for share price appreciation as the company transitions to a developer [5][12] - **Pre-feasibility Study**: Conducted in October last year, indicating a resource of nearly 5 million ounces and a reserve of 3 million ounces, with potential for growth [14][15] - **Economic Metrics**: At a gold price of $2,000, the project has an NPV of $500 million, with a payback period of about one year and an IRR in the triple digits [16][17] Financial Position - **Cash Position**: As of the last filing, Liberty Gold had $32 million in cash, bolstered by a $20 million investment from Centerra Gold, which holds a 9.9% stake [10][11] - **Warrants**: Upcoming warrants due in May 2026 and April 2027, with a current share price around CAD 0.80, indicating potential for additional capital [11] Environmental and Community Considerations - **Water Rights**: Secured water rights from local farmers, ensuring no new water extraction from the basin, which is a significant environmental advantage [13][20] - **Community Support**: Strong community backing due to responsible water management practices [20] Future Plans and Timeline - **Feasibility Study**: Expected to be published in October next year, with detailed engineering and project financing to follow [26][28] - **Permitting Process**: Anticipated to receive a notice of intent in Q1 2026, with a decision expected by late 2027, allowing for construction to begin in Q1 2028 [27][33] Additional Assets - **Goldstrike Asset**: Currently on hold while confirming water supply, with plans to potentially spin off the antimony mineralization into a separate entity [12][31][32] Other Important Insights - **Technical Team**: Strong in-house technical team with experience in oxide gold projects, enhancing the company's development capabilities [8][9] - **Market Position**: Liberty Gold is positioned uniquely in the Great Basin, with no other similar-sized projects not held by major companies, presenting a significant growth opportunity [29] This summary encapsulates the key aspects of Liberty Gold's conference call, highlighting the company's strategic direction, project details, financial health, and future outlook in the mining industry.

Deal Overview - Barrick Mining Corporation plans to evaluate an Initial Public Offering (IPO) of its North American assets, forming a subsidiary (NewCo) to house its highest-quality gold assets [2][4] - NewCo will include Barrick's 61.5% interest in the Nevada Gold Mines joint venture, a 60.0% stake in the Pueblo Viejo mine, and the 100%-owned Fourmile project in Nevada [2][4] Strategic Rationale - The move aims to address the valuation gap between Barrick and its North American peers, as Barrick currently trades at an EV/EBITDA multiple of 7-8x compared to 10-11x for pure-play North American producers [7] - By separating its North American operations, Barrick seeks to eliminate the conglomerate discount associated with its higher-risk assets in Africa and Asia, thereby attracting investors focused on stable, high-margin gold production [6][7] Asset Quality - NewCo will benefit from the high-quality asset base, including the Nevada Gold Mines complex, which is the largest gold-producing complex globally, and the Fourmile project, which has high ore grades (12-16 g/t) and significant production potential [8] - Fourmile is projected to produce 600,000–750,000 ounces annually over a 25+ year mine life, with all-in sustaining costs estimated at $650–$750 per ounce, making it a key contributor to Barrick's overall production [8] Market Conditions - The favorable backdrop of rising gold prices, driven by macroeconomic uncertainty and strong central bank demand, enhances the attractiveness of Barrick's proposed IPO [9] - Elevated gold prices are expected to drive margin expansion and increase the valuation premium for operations in low-risk jurisdictions, making this an opportune time for monetization [9] Parent Company Focus - Following the IPO, Barrick will continue to operate its diversified global portfolio, focusing on copper growth projects such as Reko Diq in Pakistan and Lumwana in Zambia, while leveraging cash flow from its gold mines [5][10] - This bifurcation clarifies the investment proposition for both entities, with NewCo offering stability and dividends, while RemainCo targets growth in copper and energy transition metals [10] Financial Implications - The IPO is expected to serve as an efficient capital-raising mechanism, with North American assets generating over $2.8 billion in EBITDA during 9MFY25 [11] - Proceeds from the offering could strengthen Barrick's balance sheet, enabling funding for capital-intensive projects or returning capital to shareholders without diluting equity [11] Company Overview - Barrick Mining Corporation is a leading global mining company focused on gold and copper production, with a strategic vision centered on owning Tier One assets [12][26] - The company operates in 18 countries and is the largest gold producer in the United States, with a diverse portfolio that includes twelve producing gold mines and three producing copper mines [13][26]

Financial Data and Key Metrics Changes - 2025 was a transformative year for the company, with record production and sales in Q4, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [10][11] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, contributing to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [11][12] - For the full year, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [16][17] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, leading to record results in Q4 and positive working capital, with accounts payable back within 60 days on average [10][12] - The stockpile position improved, with about 15,000 ounces at year-end, growing to over 20,000 ounces, allowing for continuous mill feed and supporting blending strategies [12][13] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices, which are crucial for financial performance [11][19] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability [36][38] Company Strategy and Development Direction - The company plans to expand operations in 2026, with a focus on increasing production capacity from 2,000 tons per day to 3,000 tons per day, along with additional processing facilities [18][41] - There is a strong emphasis on exploration, with plans to drill in areas like Stanford Bridge and Eastern Porphyry, supported by a completed geophysics study to identify additional targets [19][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [20][29] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][57] Other Important Information - The company has not issued equity in the market recently, focusing instead on generating cash flow from operations to fund growth initiatives [28][57] - The management team is committed to maintaining low general and administrative costs while focusing on capital allocation for plant expansions and drilling [28][84] Q&A Session Summary Question: Can you provide details on the drilling focus and costs? - The company plans to start drilling at the Eastern Porphyry Pit at a cost of about $25 per meter, significantly lower than the typical contracting rate of $50 [66] Question: What are the key catalysts for the company in the next 12 months? - Management identified potential upside in financial results, a new government agreement, and exploration opportunities as key catalysts [71][73] Question: Is there a plan for a stock buyback? - While no promises were made, management indicated that stock buybacks are being considered, especially if gold prices remain strong [83]

Core Insights - Celanese Corporation (CE) has received Carbon Footprint Certification from the International Sustainability & Carbon Certification (ISCC) for its Hostaform and Celcon POM ECO-C grades at production sites in Frankfurt, Germany, and Bishop, Texas, enabling customers to reduce carbon footprints and achieve sustainability goals [1][7] Group 1: Sustainability Initiatives - The certification highlights Celanese's commitment to transitioning to a circular economy, supported by significant investments in Carbon Capture and Utilization (CCU) technology at its Clear Lake, Texas facility, part of a joint venture with Mitsui & Co., Ltd. [2] - The CCU process effectively captures CO2 emissions and converts them into methanol, allowing for a reduction in fossil-based inputs while maintaining material performance [3] Group 2: Product Performance and Transparency - The certified products are recognized for their high stiffness, thermal stability, sliding performance, and wear resistance, contributing to overall sustainability efforts [3] - Celanese's digital assistant, AskChemille.com, provides Product Carbon Footprint letters, enhancing transparency and informed decision-making regarding Greenhouse Gas emissions [4] Group 3: Market Performance - Celanese's shares have declined by 40.8% over the past year, contrasting with the industry's 10.4% decline, indicating potential challenges in market performance [4] - In comparison, other companies in the Basic Materials sector, such as Kinross Gold Corporation, Fortuna Mining Corp., and Harmony Gold Mining Company, have shown stronger performance with significant increases in their share prices over the past year [5][8][9]

Financial Data and Key Metrics Changes - Q4 2025 was the strongest quarter for the company, with record production and sales, producing over 6,400 ounces of gold and selling almost 7,000 ounces, marking a significant increase quarter over quarter [11][12] - The company realized a record gold price of $3,363 in Q4, with current sales exceeding $4,200, leading to record revenue, gross profit, net income, operating cash flow, and Adjusted EBITDA [12][18] - For the full year 2025, the company produced just under 19,000 ounces, generating almost $60 million in revenue and a gross profit of just under $25 million, with a gross profit margin of 53% in Q4 [17][18] Business Line Data and Key Metrics Changes - The company underwent a significant stripping campaign that reset the mine plan, allowing access to high-grade ore blocks, which contributed to record production levels [11][12] - The stockpile position improved, with about 15,000 ounces at the end of the year, growing to over 20,000 ounces, enabling continuous mill feed and supporting blending strategies [13][14] Market Data and Key Metrics Changes - The company operates in a favorable gold price environment, with expectations for continued high prices due to market conditions and potential interest rate changes [12][60] - The company is positioned well in Tanzania, with ongoing negotiations with the government regarding joint venture agreements, which could enhance operational stability and investment attractiveness [36][39] Company Strategy and Development Direction - The company plans to expand operations in 2026, with expectations of gold production between 25,000 and 30,000 ounces at a cash cost of $1,400 to $1,600 per ounce, focusing on plant upgrades and life of mine tailings facilities [20][21] - The company is committed to exploration, with plans to drill in the main zone and other identified targets, aiming to increase gold resources [20][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position heading into 2026, citing improved grades and production profiles as key factors for future success [29][60] - The management team highlighted the importance of maintaining a strong balance sheet and cash flow to support ongoing operations and potential expansions [12][59] Other Important Information - The company has not issued equity in the market recently, focusing on generating cash flow from operations to fund growth initiatives [28] - The management team emphasized the importance of maintaining low G&A expenditures while scaling operations [28][60] Q&A Session Summary Question: What is the company's hedging strategy in the event of declining gold prices next year? - The company is currently unhedged on gold prices and plans to remain so, focusing on conservative budgeting to manage potential declines [84][86] Question: Is there any plan on TRX doing a stock buyback? - While no promises can be made, the idea of a stock buyback has entered the company's mindset, particularly if gold prices remain strong [87][88] Question: Can we count on a leadership team to remain focused on bigger picture and less on being acquired? - The leadership team is focused on increasing asset value and has not indicated any interest in being acquired [89] Question: What do you attribute to sustained increase in daily trading volume? - The increase in trading volume is attributed to better financial results and a strong shareholder base, rather than significant influence from institutional investors [90]

Amaroq (OTCPK:AMRQ.F) Update / Briefing December 10, 2025 09:00 AM ET Company ParticipantsEldur Olafsson - Founder and CEOEdward Westropp - Head of BD and Corporate AffairsJames Gilbertson - VP of ExplorationEdward WestroppHello, everyone. Welcome to this one-off webcast from Amaroq. This is following the results from the Nanoq Drilling Program, the successful results that we announced this morning. We wanted to dive a little bit deeper into some of these results, so thanks very much for joining us. The for ...

China's Lingbao Gold Group has entered into agreements to acquire a 50% stake in Australia-based St Barbara’s fully owned subsidiary, St Barbara Mining (SMBL), for A$370m ($245.57m) in cash. Upon completion, SMBL will hold an 80% interest in the Simberi gold project in Papua New Guinea (PNG), and an unincorporated joint venture (JV) over the Simberi gold project, known as the Simberi JV, will be established. In a parallel development, St Barbara has signed agreements with Kumul Mineral, under which Kumul ...