CNL:CC - 4 Of The Best Gold Stocks For 2024
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In December 2023, gold prices soared toan all-time high of $2,135.39/oz, propelled by a weakening U.S. dollarand anticipation of Federal Reserve rate cuts. As we continue into2024, the focus shifts to the Fed's interest rate decisions, whichare expected to be pivotal factors influencing gold prices. Forecastsindicate a short-term dip in gold prices, followed by a resurgence andan anticipated peak at $2,300/oz in 2025, according to JP &Morgan, setting the stage for a potentially lucrative year forgold.
For investors eyeinggold's promising trajectory, gold mining stocks offer a uniqueentry point. These stocks provide a pathway to tap into the goldmarket's potential. Now, let's delve into four notable miningstocks that could benefit from rallying gold prices
Collective Mining Ltd. (OTCQX: CNLMF)(TSX: CNL) is making significant progress in the explorationsector, with an emphasis on gold, silver, copper, and tungstenprojects in Caldas, Colombia. Collective Mining, founded by the teamthat successfully sold Continental Gold Inc. to Zijin Mining forapproximately $2 billion, is notable for its projects in a provenmining camp with ten fully permitted and operational minesnearby.
The Guayabales flagshipproject revolves around the Apollo target, a substantialgold-silver-copper-tungsten porphyry system that comes directly tosurface. As of 2023, Collective Mining had completed 92 drill holes,covering approximately 40,000 meters, with pending assay results.Highlight holes include 519 meters at 2.76 g/t gold equivalent and 503meters at 2.02 g/t gold equivalent, both of which began from surface.The company has ambitious plans for 2024, aiming to deploy up to sixrigs throughout the year and drill more than 40,000 metres.
In 2024, Collective Mining's primaryobjectives include expanding the Apollo System, known for its robustgold-silver-copper-tungsten porphyry system. The company will alsofocus on exploring early-stage targets along the 4.5-kilometerporphyry corridor at Guayabales. Notable targets include Olympus,Trap, Plutus, Target X, and Tower Target.
Last week, Collective announced a new major discovery at theTrap target, located northeast of the Apollo porphyry system. Asizable and consistent zone of precious metal mineralization was foundin two diamond drill holes. It is thought to be the upper part of aporphyry system with even better potential below. Drill hole TRC-2intercepted 646.0 meters at 0.81 g/t gold equivalent, including 301.5meters at 1.01 g/t gold equivalent, while TRC-3 revealed multipleintervals of continuous mineralization. This is a remarkable start toa grass-roots discovery.
CollectiveMining's Executive Chairman, Ari Sussman, expressed enthusiasmabout the discoveries at Guayabales, highlighting the company'saggressive exploration approach. With its 2024 drill program set to bethe most ambitious yet, Collective Mining positions itself as acompelling player in the dynamic world of mineral exploration.
As the company resumes drilling at Trap,investors await further assay results, anticipating a deeperunderstanding of this significant discovery. The ongoing success atGuayabales solidifies Collective Mining's position as a noteworthyplayer in the exploration sector.
Aris Mining Corporation (TSX: ARIS) (NYSE-A: ARMN) standstall in the gold mining landscape, strategically positioned in theAmericas. Operating in Colombia and Guyana, Aris Mining achievednoteworthy success in 2023, producing 226,151 ounces of gold withinthe projected range of 220,000 to 240,000 ounces.
CEO Neil Woodyer highlighted thecompany's accomplishments, emphasizing the fulfillment ofproduction guidance at Segovia Operations and the ongoing operationsof Marmato Upper Mine during the construction of the new Marmato LowerMine. Anticipating a total gold production between 220,000 and 240,000ounces in 2024, Aris Mining is steadfast in its growthtrajectory.
Aris Mining'sexpansion initiatives include enhancing the Segovia processingfacility by 50% to 3,000 metric tons per day by early 2025.Simultaneously, the construction of the Marmato Lower Mine isunderway, with the first gold pour expected in late 2025. Withaspirations to produce around 500,000 ounces of gold in Colombia in2026, Aris Mining solidifies its long-term vision.
Key highlights from 2023 includeconsistent quarter-over-quarter increases in gold production, SegoviaOperations achieving an AISC/oz of $1,139 for the nine months endingSeptember 30, 2023, and substantial increases in mineral resource andreserve estimates. Aris Mining's exploration plans for 2024involve a strategic investment of $21 million to capitalize on priorsuccesses at Segovia Operations, aiming for further resourceexpansion.
With a conscientiousfocus on responsible and formalized artisanal and small-scale mining,Aris Mining not only excels in production but also distinguishesitself through ethical and sustainable practices. The company'sexploratory endeavors, strategic initiatives, and growth-orientedcommitment position it as a pivotal force in the dynamic landscape ofgold mining in the Americas.
Barrick Gold Corporation (NYSE: GOLD) stands as aprominent figure in the gold and copper industry, recently disclosingpreliminary production figures for both the full year and the fourthquarter of 2023. Despite facing challenges, such as equipment issuesin the Dominican Republic mine and reduced output in the Nevada GoldFields project, Barrick's full-year gold production reached 4.05million ounces. Notably, the company experienced a sequential increasein the fourth quarter, with gold production hitting 1.05 millionounces. Copper production for the year stood at 420 million pounds,maintaining consistent performance across all three productionsites.
This performance, however,did not meet earlier forecasts, resulting in a 2.17% decline in annualgold production. In response to these challenges, Barrick showedtenacity by reporting increases in Q4 gold production, which weredriven by strong performances at key sites.
Looking ahead, the company anticipates an8% to 10% increase in all-in sustaining costs (AISC) per ounce ofgold. In contrast, copper's AISC is projected to be 2% to 4% lowerthan the previous quarter.
Leadership remains a key focus, with President and CEO MarkBristow set to lead the upcoming presentation on February 14, 2024.Barrick's overarching purpose is to build the world's mostvalued gold and copper company, emphasizing high-margin, long-lifeassets managed by the best people.
As investors navigate the dynamic landscape of mining stocks in2024, Barrick Gold Corporation offers a compelling narrative,showcasing resilience in the face of challenges and providing astrategic outlook for the future. The upcoming quarterly reportpresentation promises a deeper understanding of Barrick'sfinancial health and growth prospects.
Newmont Corporation (NYSE: NEM) , with a rich historyspanning over a century, holds the distinction of being the largestgold-mining stock based on market capitalization and stands as thesole gold producer included in the S&P 500.
The company's appeal has significantlyincreased following the completion of its acquisition of Newcrest inNovember. This strategic move is anticipated to bring immediate value,with Newmont projecting $500 million in pre-tax synergies over the twoyears following the deal's closure. Additionally, the company aimsfor a minimum of $2 billion in cash improvements through portfoliooptimization during the same period.
Examining Newmont's cash flow potential, the companyreported operating cash flow of $1 billion for Q3 2023. With thecombined impact of a higher gold price and the benefits derived fromthe acquisition, Newmont is poised for an operating cash flowexceeding $5 billion in 2024.
Recently, the company disclosed its plan to release full-yearand fourth-quarter 2023 operations and financial results, along with2024 guidance, on Thursday, February 22, 2024.
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