A closely-held company headed by the brother of Ghana’s president wins a bid to take over the Damang gold mine https://t.co/KrA42xp0eu ...

Core Insights - Scorpio Gold Corp. has announced positive results from its Phase Two drill program at the Manhattan District Project in Nevada, with significant gold mineralization identified in multiple drill holes [1][2][3] Drill Results - The company has completed 59 drill holes totaling 19,025 meters, with assays reported for 48 holes, amounting to 15,967 meters, while results from 11 holes are still pending [1] - Drill hole 26MN-057 at Black Mammoth returned 1.02 g/t gold over 40.23 meters, indicating continuity of mineralization and potential for resource expansion [2][12] - Drill hole 26MN-056 at Iron Queen returned 2.13 g/t gold over 4.91 meters, while drill hole 26MN-058 returned multiple high-grade intervals, including 21.8 g/t gold over 1.05 meters [7][19][21] Geological Insights - The geometry of the mineralization suggests the potential for a sizable mineralized body that could integrate with or expand the existing Goldwedge resource [3][4] - The proximity of the Black Mammoth target to existing underground workings at Goldwedge presents opportunities for accelerated development [4] Marketing and Engagement - Scorpio Gold has engaged Investor Insights Systems Inc. for digital marketing services, with an initial term of three months and a budget of USD $125,000 [22][23] - The agreement includes the provision of options to acquire common shares, further aligning the interests of the marketing firm with the company's growth objectives [23] Historical Context - The Manhattan District has a history of gold production, with approximately 700,000 ounces extracted from high-grade operations since the late 1890s [26][27] - The maiden mineral resource estimate indicates 18,343,000 tonnes grading 1.26 g/t gold for a total of 740,000 ounces in the inferred category [27]

Core Viewpoint - Lake Victoria Gold Ltd. has secured a gold loan facility of up to 6,000 ounces (approximately US$25 million) and a $3.0 million non-brokered convertible debenture financing to support the development of its Imwelo Gold Project in Tanzania, marking a significant step towards non-dilutive project-level financing [1][2][14]. Financing Details - The gold loan facility with Monetary Metals is designed to provide a non-dilutive financing solution, aligning repayment in gold ounces with future production from the Imwelo project [14]. - The convertible debenture financing consists of $3.0 million in unsecured debentures with a 5.0% annual interest rate, payable semi-annually, and a 36-month term [7][8]. - The principal amount of the debentures is convertible into common shares at a price of $0.31 per share, with investors receiving warrants to purchase additional shares [7][8]. Project Development - The financing will enable the company to accelerate work programs at the Imwelo Gold Project and advance initiatives at the Tembo Project [4][8]. - The company aims to bridge near-term capital requirements with longer-term project funding through this financing structure [4][6]. Management Commentary - The CEO emphasized the importance of this financing in advancing engineering and site activities at Imwelo, aiming to move the project toward development [4]. - The Executive Chairman highlighted the combination of gold-denominated financing and convertible debentures as a means to provide funding certainty while minimizing dilution [4]. Company Background - Lake Victoria Gold is focused on growth and consolidation in the Lake Victoria Goldfield in Tanzania, holding a 100% interest in both the Imwelo and Tembo projects [15][16]. - The company has a highly experienced team with a significant ownership stake, indicating strong management commitment to project success [17].

Core Insights - Jaguar Mining reported its financial results for the fourth quarter and full year 2025, highlighting challenges due to a production suspension at the Satinoco facility, but indicating a controlled restart of operations [2][3]. Financial Performance - Gold production in Q4 2025 was 9,356 ounces, with 9,124 ounces sold at cash operating costs of $1,456 per ounce and all-in sustaining costs of $2,268 per ounce. The realized gold price was $4,170 per ounce [4]. - For the full year 2025, gold production totaled 40,254 ounces, with 39,453 ounces sold at cash operating costs of $1,277 per ounce and all-in sustaining costs of $1,931 per ounce. The realized gold price was $3,421 per ounce [4]. - Revenue for Q4 2025 was $38.0 million, a 10% decrease compared to Q4 2024, while full-year revenue was $135.2 million, down 15% from 2024 [5]. - The net loss for Q4 2025 was $20.5 million, translating to a loss per share of $0.24. Adjusted net loss was $3.3 million or $0.06 per share [6]. - For the full year, the net loss was $15.8 million (loss per share of $0.20), while adjusted net income was $18.5 million (earnings per share of $0.23) [8]. Operating Costs and Cash Flow - Operating costs in Q4 2025 were $13.3 million, a 25% decrease from $17.7 million in Q4 2024. For the full year, operating costs fell 31% to $50.4 million from $73.3 million in FY 2024 [9]. - Free cash flow for Q4 2025 was $0.7 million, while for the full year it was $16.6 million, with free cash flow per ounce sold at $73 and $422 respectively [11]. Strategic Outlook - The CEO emphasized the company's resilience and the successful management of the operational challenges, stating that the company is well-positioned to return to its growth strategy in 2026, projecting gold production between 50,000 to 60,000 ounces from current assets [12].

Core Viewpoint - Jaguar Mining Inc. reported a significant 49% increase in mineral reserves at its Pilar Mine, totaling 286,000 ounces, reinforcing its long-term growth strategy through successful drilling programs and geological model reinterpretation [2][4][5]. Group 1: Mineral Reserves Update - The updated mineral reserve estimate for the Pilar Mine now totals 286,000 ounces, contained in 2,494 thousand tonnes at an average grade of 3.57 g/t Au, representing a net increase of 94,000 ounces compared to the previously reported 192,000 ounces [4][5][20]. - The reserve growth was primarily driven by the BA and BFs orebodies, confirming the continuity and scale of the Pilar mineralized system [7][19]. - The updated mineral reserves at the Pilar Mine are distributed across various orebodies, with BA Orebody contributing 66,000 ounces, BFs Orebodies 141,000 ounces, SW Orebody 33,000 ounces, Torre Orebody 18,000 ounces, and other orebodies 29,000 ounces [8][20]. Group 2: Operational Performance - Throughout 2025, the Pilar Mine was Jaguar's sole operating asset, producing 40,012 ounces of gold with stable recoveries of approximately 89% [9][10]. - Operational activities included planned investments in underground infrastructure, which are expected to support long-term operational continuity, safety, and efficiency [10][11]. - The performance of the Pilar Mine in 2025 is viewed as a demonstration of the asset's robustness, providing a stable operating base while advancing technical work required for future growth [11]. Group 3: Future Plans - The company plans to advance a targeted directional drilling program of approximately 5,000 meters at the Pilar Mine in 2026, focusing on depth extensions at the BA orebody and continuity within the BFs orebody [24][25]. - The objectives of the 2026 exploration program include testing extensions of the BA orebody at depth and improving geological confidence in deeper portions of the mine [24][25]. - The company remains focused on operational stability, disciplined capital deployment, and sustainable long-term growth [8][26].

Core Insights - The stock market experienced a significant rally, closing near session highs on the last trading day of March, driven by optimism surrounding a potential U.S.-Iran truce and portfolio repositioning by fund managers at the end of the first quarter [1][2]. Group 1: Market Performance - The Nasdaq composite surged by 3.8%, marking a notable performance on the first trading day of the month [1]. - The overall market rally was influenced by President Trump's comments regarding a potential exit from the Iran conflict, even with the Strait of Hormuz remaining closed [2]. Group 2: Sector Highlights - Chip and biotech stocks led the market gains, indicating strong investor interest in these sectors amid the broader market rally [1]. - Marvell's stock saw a significant increase due to its investment and partnership with Nvidia, highlighting the positive sentiment in the tech sector [3].

TORONTO, March 31, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (“Allied” or the "Company") (TSX: AAUC) (NYSE: AAUC) is pleased to announce that shareholders of the Company approved the previously announced plan of arrangement (the "Transaction") with Zijin Gold International Company Limited (“Zijin Gold”) at the Company’s special meeting of shareholders held earlier today. At the Meeting, a total of 76,556,033 votes were cast by holders of Common Shares, representing 61.14% of the total issued and outs ...

Core Insights - Allied Gold Corporation reported solid operational and financial results for Q4 2025, producing 117,004 ounces of gold, exceeding annual guidance and demonstrating strong momentum heading into 2026 [1][4][12] - The company achieved an All-in Sustaining Cost (AISC) of $1,980 per ounce, reflecting a 5% reduction from the previous quarter, driven by increased production and operational improvements [4][30] Financial Results Highlights - The fourth quarter net loss was $23.6 million or $(0.19) per share, while adjusted earnings were $69.0 million or $0.56 per share [4] - Net cash generated from operating activities for the quarter was $189.3 million, with EBITDA of $138.6 million and adjusted EBITDA of $204.6 million [4][12] - As of December 31, 2025, the company had cash and cash equivalents of $479.8 million [4] Operational Highlights - Total gold production for 2025 reached 379,081 ounces, surpassing the annual production guidance of 375,000 ounces [4][12] - Fourth quarter production represented a 34% increase over the average production of the previous three quarters, marking the highest quarterly production to date [4][12] - Performance by asset included 57,191 ounces from Sadiola, 33,279 ounces from Bonikro, and 26,534 ounces from Agbaou, with all operations showing improved performance [4][12][45] Growth Initiatives - The company entered into a definitive agreement with Zijin Gold for the acquisition of Allied Gold at a price of C$44 per share, representing a significant premium to the market price [7][9] - Key growth projects include the completion of the Sadiola Phase 1 grinding circuit expansion and ongoing construction at the Kurmuk Project, expected to commence operations in mid-2026 [8][59] - Exploration efforts in 2025 included 40,503 meters of drilling across multiple project areas, aimed at maintaining and increasing mineral resources [8][40] Cost Management - AISC margins improved significantly, increasing from $1,370 per ounce in Q3 to approximately $2,160 per ounce in Q4, reflecting higher realized gold prices [4][5] - The company expects AISC for 2026 to be between $1,945 and $2,160 per ounce, based on a gold price assumption of $4,250 per ounce [20] Sustainability and Safety - The company reported no significant environmental incidents for the year ended December 31, 2025, with a Total Recordable Injury Rate of 1.21 [13]

Core Viewpoint - Steppe Gold Ltd. reported strong operational and financial performance for the year ended December 31, 2025, with record revenues and improved financial position [1][2]. Financial Performance - Gold production for the fourth quarter was 29,401 ounces, and for the full year, it was 76,059 ounces [14]. - Gold sales reached 37,337 ounces in the fourth quarter and 75,927 ounces for the full year [14]. - Revenue for the fourth quarter was $160,037 thousand, while for the full year, it totaled $254,130 thousand [14]. - Adjusted EBITDA was $122,369 thousand for the fourth quarter and $173,918 thousand for the full year [14]. - The net income for the fourth quarter was $10,218 thousand, and for the full year, it was $32,760 thousand [14]. - Site all-in sustaining costs (AISC) were $1,044 per ounce for the fourth quarter and $1,215 per ounce for the full year [14]. Financial Position - As of December 31, 2025, the company reported cash of $68,295 thousand and working capital of $107,336 thousand [6]. - The net cash position was $35,169 thousand, with ongoing management of capital structure and engagement with lenders regarding financing arrangements [6]. Operational Developments - The company is advancing the ATO Phase 2 expansion, with engineering, permitting, and infrastructure planning ongoing, and a revised feasibility study expected in the second half of 2026 [7]. - Permitting activities at the Boroo and Ulaanbulag gold mines have supported the extension of mine life based on previously announced reserve estimates [8]. Strategic Focus - The company emphasizes disciplined capital allocation, prudent liquidity management, and maintaining operational stability during the transition period [4].

Core Viewpoint - Fairchild Gold Corp. is proceeding with the acquisition of 100% interest in the Golden Arrow Property, which includes 17 patented and 494 unpatented claims, as part of a previously announced transaction [1] Group 1: Transaction Details - The acquisition will involve the issuance of a senior secured promissory note amounting to US$3,500,000 to Emergent Metals Corp. [2] - Fairchild will grant Emergent a 0.5% net smelter return royalty on the Property, with options to buy out the royalty for US$1,000,000 before the fourth anniversary or US$1,500,000 between the fourth and seventh anniversaries of the definitive agreement [2] - The transaction requires approval from disinterested shareholders holding more than 50% of the issued and outstanding common shares due to the consideration exceeding Emergent's expenditures on the Property [3] Group 2: Financial Obligations - The note will have a term of five years, maturing on March 23, 2031, with an interest rate of 8.5% per annum, payable semi-annually [6] - The note is secured by a first-ranking security interest over the Property and related assets acquired by Fairchild [6] - If Fairchild repays at least US$500,000 immediately upon closing a financing of no less than US$3,000,000, and an additional US$2,500,000 within six months, Emergent will waive US$500,000 of the principal [6] Group 3: Royalty Structure - The royalty structure includes an annual advance minimum royalty of US$8,333.33 plus a 1% net smelter returns royalty on six unpatented lode mineral claims [6] - An annual advance minimum royalty of US$25,000 plus a 3% net smelter returns royalty applies to 185 unpatented lode mineral claims [6] - A 1% net smelter returns royalty is applicable to all 17 patented lode mineral claims included in the Property [6]