Corvus Gold Upgraded to the Nasdaq
Welcome to Mining Stock Daily. This is your host, Trevor Hall
Today is Monday August 10th
The precious metals market got beat up on Friday, with gold down $41 from Thursday's close and silver down 86 cents after being down over $1 at one point. The mining stocks generically were down around 3.5%, with some juniors getting pummelled double-digits on a percentage change basis. The Mining Stock Journal said that this could be the start of a corrective pullback that it has been expecting for the last couple of weeks. That said, the mining stock newsletter said that, the extreme overbought technical condition of the precious metals market could be offset by what appears to be another round of Fed-funded helicopter money as the Government finalizes the next round of public handouts and political pork spending. The Mining Stock Journal noted that it would welcome a big pullback to facilitate a buying opportunity for the next big move higher.
We’ll get to the news out of the miners and explorers here in just a quick moment, but first a quick mention of today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning…
Barrick Gold says it is on track to achieve annual production within its 2020 guidance range, despite the impact of the Covid-19 pandemic, the company said today. Second quarter results show year-to-date gold production of 2.4 million ounces, at the mid-point of its 4.6 million to 5 million ounce annual guidance, driven by strong operating performances. Operating cash flow exceeded $1 billion for the quarter and free cash flow was $522 million. Net earnings per share was 20 cents. Adjusted net earnings per share was 23 cents, up 44% from Q1 and well ahead of the market consensus, debt net of cash was reduced by almost 25% to $1.4 billion from the end of Q1, and the quarterly dividend was increased by 14% to 8 cents per share. Barrick trades on the NYSE with the symbol GOLD and on the TSX with ABX. News Release
Unigold says it has intersected the longest and highest trade results at the Neita project in the Dominican Republic. Todays results show 9.02 g/t gold over 30 meters which was contained in a larger interval of 3.14 g/t gold over 104 meters. The company says the system is open to depth and the deepest intercept was 350 meters below surface. Unigold trades on the TSX Venture with UGD. News Release
Corvus Gold has received approval to up-list to the Nasdaq Capital Markets and will begin trading under the symbol “KOR” on Wednesday, August 12, 2020. The Company’s common shares will continue to be traded on the OTCQX until the market close on August 11, 2020 after which these shares will begin trading under the symbol “KOR” on the Nasdaq Capital Markets. Corvus’ common shares will continue to trade on the TSX under the same symbol “KOR”. News Release
Last week, Contact Gold announced it intents to offer units of the company pursuant to a proposed public offering. Each Unit will consist of one share of common stock in the capital of the Company and one-half of one Share purchase warrant, with each Warrant entitling the holder thereof to acquire one Share at an exercise price and term to be determined in the context of the market. The Company also announces the entering into of a binding letter of intent with Waterton, a significant shareholder of the Company, to redeem all or a portion of the currently outstanding Class A Shares of Preferred Stock of the Company. We are schedule to connect with Contact CEO Matthew Lennox-King and discuss these latest developments today, so stay tuned for that conversation. Contact Gold trades on the TSX Venture with C and on the OTCQB with CGOL.
And more news regarding Waterton this morning. Premier Gold Mines announced it has entered into a definitive purchase agreement with affiliates of Waterton to acquire from Waterton all of the outstanding membership interests of Osgood Mining. Osgood is the owner of the Getchell Project in the Getchell gold belt near Winnemucca, Nevada. The deal consists of $50 million in cash and common shares, plus contingent value rights and warrants. Premier has also agreed to terms to purchase additional properties adjacent to the Getchell Project. Premier Gold trades on the TSX with the symbol PG and on the OTCPK with PIRGF. News Release
Radisson Mining says they have signed a binding agreement to acquire Renforth’s New Alger Gold Property and enter into a long-term strategic relationship through a 9.6% equity investment by Radisson in Renforth. The relationship aims to leverage regional synergies and unlock significant value for shareholders of both companies from one of the most prospective mining camps in the world. The transaction will significantly expand Radisson’s claims in the Bousquet-Cadillac mining camp, which will create scale, and which Radisson believes will enhance its exploration potential and increase O’Brien’s appeal to investors and larger producers. In addition, the deal significantly bolsters Renforth’s balance sheet and allows for a significant expansion in planned exploration spending. Radisson Mining trades on the TSX Venture with RDS and on the OTC with RMRDF. Renforth Resources trades on the CSE with RFR and on the OTC with RFHRF. News Release
Summa Silver announced it has appointed Vizsla Resources CEO Michael Konnert to its Board of Directors. In addition to this news, Summa also says it has mobilized a second core drilling rig to the Hughes property in Nevada. Diamond drilling is in progress with two core rigs in operation and five holes completed to date for approximately 2,700 m in finished holes.Targets included the Belmont Mine targets, the Mizpah Extension Mine Target and the Ruby Target. Summa Silver trades on the CSE with the symbol SSVR. News Release
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I’m Trevor Hall. Have a wonderful day. Be well.
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