Morning Briefing: Barrick Reports Solid Quarter - Kenorland Commences Drilling at South Uchi
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
It's Wednesday, February 12th.
Metals prices pulled back yesterday while traders took some profit from the powerful moves of recent. After making new all-time highs in gold at $2,968 on the front month, gold pulled back overnight and settled the day at $2,932, a loss of about 1%. Silver reached a low of 31.65/ oz yesterday but was able to climb back a bit to settle at $32.32, or down a half a percent. The gold miners per the GDX found some resistance around $41.70 per share where obvious profit taking was happening. The pullback in the sector should be welcomed as many of the metals, ETFs and equities were becoming very overbought. Some time to cool off and consolidate should is welcome.
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…Vizsla Silver
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And here’s what you need to know this morning…..
Kenorland Minerals announced commencement of the maiden diamond rill program at the South Uchi Project in the Red Lake District of Ontario which is under an option agreement with Auranova Resources. A total budget of $8.0 million has been approved by Auranova for the Winter 2025 exploration program. The maiden drill program will include up to 15,000m of diamond drilling as an initial test of the Papaonga target identified through systematic exploration carried out since 2021. Kenorland is operator of the Project, and drilling activities are expected to conclude in late-March. (TSXV: KLD) (OTCQX: KLDCF) News Release
Barrick Gold published their quarterly and year end financial statements. In Q4, the company increased gold production by 15% and copper production by 33% over Q3 to meet its annual guidance for the year. Additionally, gold cost of sales and total cash costs2 for the quarter were reduced by 3% and 5%, respectively. For year end, Barrick reported a 69% increase in net earnings to $2.14 billion, a 51% increase in adjusted net earnings3 to $2.21 billion and a 30% rise in attributable EBITDA4 to $5.19 billion for 2024 — the highest in over a decade. Year-on-year operating cash flow increased 20% to $4.49 billion and free cash flow5 more than doubled to $1.32 billion, driven by the stronger earnings. A quarterly dividend of $0.10 per share was maintained, bringing the total annual dividend paid to shareholders to $696 million, and a further $498 million was returned in buying back shares. All - in - all, Barrick appeared to have a solid quarter and year despite its continued challenges with the Malian government. (NYSE:GOLD) (TSX:ABX) News Release
Q2 Metals shared results of initial metallurgical testing on core samples collected last year on the Cisco Lithium Project in Quebec. The purpose of the mineralogy work was to provide a preliminary characterization of the lithium pegmatite at Cisco and to orient the direction of subsequent mineral processing test work. The results of the XRD analysis indicated average spodumene content of 17% within sample results, ranging between 6% and 39%. To follow-up the initial XRD analysis, samples are currently being prepared for additional metallurgical test work, including heavy liquid separation (HLS), dense media separation (DMS), magnetic separation, and flotation. (TSXV:QTWO) (OTCQB:QUEXF) News Release
Ivanhoe Mines announced an Exploration Joint Venture has been formed to explore the Chu-Sarysu Copper Basin in Kazakhstan, the world's third-largest sediment-hosted copper district, with UK-based Pallas Resources. Ivanhoe has committed to fund $18.7 million in exploration activities over an initial two year period, with earn-in rights to further increase ownership up to 80% over time. Exploration activities are underway, including the hiring of a dedicated exploration team. An airborne geophysics contract is currently under tender and is expected to be awarded imminently. (TSX: IVN) (OTCQX: IVPAF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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