Morning Briefing: Orla to Acquire the Musselwhite Mine from Newmont

Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.

Its Monday, November 18th.

The metals sector was somewhat muted on Friday with gold  down one tenth of a percent, closing at $2570 per ounce and silver remaining above that $30 support level, closing at $30.43, which was down a half a percent from Thursday. But the big silver lining in the sector was the outperformance by the miners. The GDX found its 200 day moving average and bounced from there Thursday. It did attempt a bigger move but failed a bit Friday. 

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.

Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at ⁠https://vizslasilvercorp.com/⁠

And here’s what you need to know this morning…..

Orla Mining has entered into a definitive agreement to acquire the Musselwhite Gold Mine from Newmont for upfront cash consideration of $810 million and gold-price linked contingent consideration of $40 million based on potential higher prices of gold. This deal transforms Orla from a single asset producer to a multi asset intermediate producer and immediately more than doubles its gold production. The cash consideration will be financed through a combination of cash, existing undrawn debt capacity, new indebtedness, a gold pre-pay facility, and convertible notes led by Orla's existing cornerstone investors. There is no upfront equity dilution associated with the Transaction. (TSX: OLA) (NYSE: ORLA) News Release

Minera Alamos provided a corporate update on the its operations, including on the developments at its recently announced, but not yet finalized, acquisition of Sabre Gold and the Copperstone Gold Project. The Company is preparing updated process models and flowsheets for the construction of the new Copperstone processing facility. This work is expected to be completed before year-end. At Santana, mining and stacking operations during the first full quarter (Q3-2024) of production from the new Nicho Main Zone pit reached 3,800 ounces of gold which is in line with Company forecasts for the period, an amount that surpasses the total ounces mined and stacked for the entirety of 2023. Minera is completing final preparations for the Phase 2 leach pad expansion at Santana which will increase the area available for site leaching operations by 40%. And at Cerro de Oro, its engineering work  in advance of final permit receipt. (TSXV: MAI) News Release

G2 Goldfield provided new drill results from its ongoing exploration program at the company’s OKO-Aremu project in Guyana. Results reported today included 114m of 2.9 g/t Au and 18.3m of 3.6 g/t Au. G2 currently has six rigs operating at the project, building on the Company’s current mineral resource which is comprised of 922,00 ounces of gold (Indicated) and 1,099,000 ounces (Inferred). (TSX: GTWO; OTCQX: GUYGF) News Release

Calibre Mining shared additional drill results from the Company’s 2024 exploration program within the Limon Mine Complex in Nicaragua. At the Talavera gold zone, drilling returned 12.57 g/t Au over 7.1 metres Estimated True Width (“ETW”) including 26.65 g/t Au over 3.3 metres. At the VTEM Gold Corridor, drilling returned 12.96 g/t Au over 19.9 metres ETW and 10.59 g/t Au over 13.5 metres. And infill drilling at the Limon Norte Open Pit returned 14.22 g/t Au over 37.0 metres. The company says these recent drill results are among the best the team has seen on the property since acquiring the project in 2019. (TSX: CXB; OTCQX: CXBMF) News Release

District Metals has initiated the process of applying for a secondary listing of its shares on the Nasdaq First North Growth Market in Sweden. The Company's objective is to complete the listing and start trading on the Nasdaq before the end of 2024. District has recently experienced a notable increase in the number of Swedish shareholders on its share registry. The Company attributes this heightened interest to the potential lifting of Sweden's uranium mining moratorium, District's extensive Swedish uranium project portfolio, and the Company's collaboration with Boliden on the Tomtebo and Stollberg base metal polymetallic properties also in Sweden. (TSXV: DMX) (OTCQB: DMXCF) News Release

American Pacific Mining has entered into an agreement with Constantine North and Dowa Metals and Mining to acquire Dowa’s interest in the Palmer VMS project in Alaska. Constantine of a wholly-owned subsidiary of American Pacific. Dowa will pay US$10,000,000 to American Pacific in exchange for providing Dowa with an option to acquire up to 50% of the zinc concentrate produced at the Project for the initial year of production and each subsequent year of production at the Project and the provision of certain indemnities in the Purchase Agreement. Following the acquisition of the Dowa Interest, American Pacific will have consolidated a 100%-interest in the Project. (CSE: USGD) (OTCQX: USGDF) News Release

Koryx Copper has officially named Heye Daun as President and Chief Executive Officer of the company. Trevor Faber has been named Chief Operating Officer. Trevor  is the former CEO of Luma Africa; COO for Alphamin Resources and Project Manager of the Bisie Tin project in the Democratic Republic of Congo. (TSX-V: KRY) News Release

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That’s it for today everyone. Have a great day. Stay safe. 

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