NG - Gold Miners Look to A Fruitful Year After a Tumultuous 2020
FinancialBuzz.com News Commentary
New York, NY (12/29/2020) – Gold prices increased about 1% on Monday after the new USD 2.3 Trillion bill that contains USD 900 Billion in pandemic relief aid and USD 1.4 Trillion in government spending to fund federal agencies was signed by the President. The bill removes immediate uncertainty with distribution of checks and loans to individuals and small businesses, as well as funds to assist the vaccine rollout. The demand for gold is a reaction to the additional economic stimuluses for business and individuals. Such measures also impact the price of precious metals. According to a report by FX Empire, on Monday, gold tested the upper level of its main retracement zone at USD 1870.30 to USD 1894.60. Clarity Gold Corp. (CSE: CLAR), NovaGold Resources Inc. (NYSE: NG), Yamana Gold Inc. (NYSE: AUY) (TSX: YRI), Alamos Gold Inc. (NYSE: AGI), Hecla Mining Company (NYSE: HL)
Another factor to consider is the anticipated gold miners’ production rebound in 2021. Kitco reports that the top 20 gold miners are projected to lose about 5% of their total 2020 gold output primarily due to the pandemic and related restrictions. However, in 2021, gold production is likely to rebound. “Based upon mid-point outlook projections, production will be ~6% more than a revised,” post guidance for 2020.
Clarity Gold Corp. (CSE: CLAR) welcomed earlier this month, “Mr. Michael Williams to its Advisory Board. Michael brings over 24 years of experience as a senior executive within the mining industry and enriches Clarity’s team with his experience in structuring, administrating, raising capital and marketing of Toronto Stock Exchange listed companies.
Mr. Williams has held a senior role in several public companies including Underworld Resources Ltd, which was sold to Kinross Gold Corp for $138,000,000. He has developed an international banking and financing network that includes extensive contacts with both institutional and retail investors. Mr. Williams has raised significant equity capital for advanced exploration and development projects.
Mr. Williams is the founder and Executive Chairman of Aftermath Silver and currently serves as a director, President and CEO of Vendetta Mining Corp.
‘We are very pleased to have the guidance of a recognized professional with multiple successes in capital markets, advanced mineral exploration and development.’ said James Rogers, CEO of Clarity. ‘Michael’s expertise is aligned with our long-term vision of excellence; to build a company with quality assets and a brilliant team, it all stems from a solid foundation. We are delighted to welcome him on our Advisory Board.’
Issuance of Options
The Company is also pleased to announce that it has granted incentive stock options (each, an “Option”) to acquire an aggregate of 400,000 common shares of the Company (each, a “Share”) to certain consultants under its stock option plan. Each Option is exercisable for a period of three years expiring on December 2, 2023, at a price of $1.21 per Share.”
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NovaGold Resources Inc. (NYSE: NG) announced earlier this year that its flagship Donlin Gold project, which NOVAGOLD owns equally with Barrick Gold Corp. (“Barrick”), received the final State Right-of-Way (ROW) authorization for the buried natural gas pipeline, issued by the Alaska Department of Natural Resources (ADNR) on January 17, 2020. Additionally, ADNR denied an appeal and affirmed the Division of Mining, Land, and Water’s original January 18, 2019 approval of Donlin Gold LLC’s Reclamation Plan and its accompanied permit. “We are very pleased to see the issuance of key transportation and energy infrastructure approvals for Donlin Gold,” said Greg Lang, President and CEO.
Yamana Gold Inc. (NYSE: AUY) (TSX: YRI) announced earlier last year exploration results for the Cerro Moro mine in Argentina, all of which show significant high-grade intersections in an entirely new zone and extensions of previously identified zones. These exploration results demonstrate a growing mineral resource base in new areas that are expected to establish Cerro Moro as a long-life, high-quality, high-grade gold and silver operation. The Company has committed to an initial four-year exploration program, which began in early 2018, to systematically explore Cerro Moro. The program combines soil and rock geochemistry, ground geophysics, surface geological and alteration mapping, and reconnaissance drilling. Through the third quarter of 2019, more than 9,700 soil samples and 5,300 rock samples have been analyzed, 76 line kilometres of CSAMT (controlled source audio-magnotelluric) surveys have been completed, and 23,400 metres of reconnaissance RC (reserve circulation) and diamond drilling have been completed.
Alamos Gold Inc. (NYSE: AGI) reported back in August results of the positive internal economic study completed on its fully permitted La Yaqui Grande project located in the Mulatos District in Sonora, Mexico. Given the project’s strong economics and its proximity to the existing Mulatos operation, the Company is proceeding with construction of the project starting in the second half of 2020. Average annual gold production of 123,000 ounces per year starting in the third quarter of 2022. This will replace higher cost production from the main Mulatos pit, keeping combined production at approximately 150,000 ounces per year.
Hecla Mining Company (NYSE: HL) announced back in January preliminary silver and gold production results for the fourth quarter and full year 2019 as well as a significant reduction of net debt and an increase in cash position. The Lucky Friday Union workers have ratified the collective bargaining agreement, reversing the result of the vote held in early December, and many of the workers are expected to return to work. “2019 marked a year of higher metal production and in the second half of the year, strong cash flow generation and an improved balance sheet,” said Phillips S. Baker, Jr., Hecla’s President and CEO. “While gold & silver prices have increased, Greens Creek’s record silver production combined with the most gold production in Hecla’s history were the primary reasons for the cash flow strength.”
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