Morning Briefing: Agnico Eagle Saw $862/oz Au Cash Costs in Q2
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, August 1st.
Yesterday gold traded up to and finished the month at its all-time high. It rose $125 or 5.4% during the month of July. This is in advance of August, which is the second seasonally strongest month of the year after January. The Mining Stock Journal noted that gold finished yesterday up $42 for the day. Silver had an even bigger day, rising 2.3% or 65 cents. It closed back over $29, closing at $29.17 in the afternoon session. The mining stocks had a big day in response to both the melt-up in the general stock market and the big move in the metals. GDX was up 2.7%, significantly outperforming the Dow and the SPX on a percentage basis. The Mining Stock Journal noted that the charts for gold, silver and the miners look highly bullish and expects a continued record run in gold this month with silver possibly trading in the mid to high $30s.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper
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And here’s what you need to know this morning….
Agnico EAgle Mines reported their financials and operating results for the second quarter yesterday after the closing bell. The company says payable gold production of just under 900K ounces at production costs per ounce of $862 and total all-in sustaining costs of $1,169. The Company reported quarterly net income of $472.0 million or $0.95 per share. The Company increased its cash position by $397.4 million to $922.0 million and significantly reduced net debt as at June 30, 2024. Subsequent to quarter-end, the Company repaid the $100.0 million 5.02% Series B senior notes at maturity and repaid $150.0 million of the $600.0 million unsecured term loan facility drawn in 2023. Full year expected payable gold production remains unchanged at approximately 3.35 to 3.55 million ounces in 2024. (NYSE: AEM) (TSX: AEM) News Release
Group Eleven Resources announced results of two recent step-out holes in this year’s work a tth eBallywire zinc-lead-silver discovery at the PG West Project in Ireland. A 50m stepout up dip intersected 25.6m of 5.4% Zn+Pb, 72 g/t Ag and 0.12% Cu. The company says this is one of the longest extensions at BAllywire to date. Mineralization consists predominantly of massive and semi-massive sulphide, as well as disseminated and vein hosted sulphide mineralization. (TSXV: ZNG) (OTCBB: GRLVF) News Release
Reyna Silver announced it has entered into an options agreement with Minquest on the Mineral Hill lProject in Nevada. This historic district was an inlier including 8 patented claims and 20 unpatented claims within the overall Gryphon Project. Mineral Hill was a significant historic Ag-Pb-Zn CRD producer with an average grade of 140 oz/ton Ag (3,968 g/t Age) production during its prime in the 1870s with average grades lowering to 24 oz/ton Ag (680 g/t Age) towards the end of mine life. Studying this portion of the Gryphon system allows the technical team to understand the geometry of the mineralization and begin following it towards source and potentially more mineralization. The Option is subject to Reyna Silver incurring aggregate exploration expenditures of US$1,550,000 on the Project; and making cash payments to Minquest in the aggregate amount of US$1,810,000 by July 2030. On exercise of the Option by Reyna Silver, Reyna Silver will grant Minquest a 2.5% net smelter return ("NSR") royalty. (TSXV:RSLV) (OTCQX:RSNVF) News Release
Torq Resources has entered into a non-binding term sheet with an affiliate of Gold Fields with respect to a proposed option and joint venture agreement to advance the exploration and development of Torq's Santa Cecilia copper-gold project in Chile. Under the Option Agreement, Gold Fields is to be granted a two-stage option to acquire up to a 75% interest in the Santa Cecilia Project in exchange for incurring an aggregate of US$48 million in spending at the project over a maximum of 6 years. (TSX-V:TORQ) (OTCQB:TRBMF) News Release
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