Goliath Resources Limited

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Drill Highlights:                               

  • GD-24-237 intercepted abundant visible gold from 4 mineralized zones with Surebet style mineralization, the Bonanza Shear, Golden Gate Zone as well as a mineralized porphyritic intrusive dyke for an aggregate of 105 meters (assays are pending).

  • Collectively these four mineralized intervals equate to 105 meters of some of the strongest mineralization with the highest density of veining, stockwork and breccia observed to date in drill core from the property; the system remains wide open.

  • GD-24-237 represents a 111 meter step out from the main mineralized zone in GD-24-235 the first hole announced last week, which also intercepted the Bonanza Shear, Golden Gate and newly discovered Mothership Feeder Zone.

  • A 14.39 meter zone of altered porphyritic intrusive dyke, like that seen in GD-24-235 has been intercepted between 315.71 – 330.08 meters. It hosts multiple sheeted quartz veins and calc-silicate veins with albite/sericite alteration halos. Visible gold, molybdenite and trace bismuth was observed in veins at 316.05, 316.26, 326.10 meters and on vein margins.

  • Additionally, a 47 meter zone of the Bonanza Shear was intercepted from 425.00 – 472.00 meters with significant mineralized includes intervals characterized by intense quartz-sulphide stockwork and quartz veins between 5 and 15 cm thick with sphalerite (2%), pyrrhotite (1%), pyrite (2%), and minor galena hosted within the Lower Hazelton volcanic unit.

  • A second 16.6 meter interval zone of Bonanza Shear hosting dense sulphide-rich calc-silicate veining and stockwork was intersected from 508.4 – 526.00 meters containing sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.

  • A 26.35 meter interval attributed to Golden Gate from 546.65 – 573.0 meters, which represents a 300 meter step out to the north. It hosts a high-density of veins and stockwork with substantial amounts of sulphides intercepted, including sphalerite (1%), galena (1%) and containing sections of semi-massive pyrrhotite and trace pyrite. A 1.11 meter vein between 569.29 – 570.04 meters was intercepted that contained visible gold, sphalerite (1%), galena (1%), pyrrhotite (2%) and pyrite (1%).

  • Results from the first couple of drill holes confirm the strong potential for additional discovery during the 2024 drill program that has just began.

  • Several deeper drill holes are planned to test the system to greater depth including a 700 meter hole that is currently underway.

  • The drill program on Surebet is focused on testing the potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expanding the known 10 vein footprint, and increasing continuity of veins/shears.

Surebet Highlights:

  • Colorado School of Mines study confirmed an extensive intrusive feeder source at depth for the high-grade gold mineralising fluids at Surebet in their report, this provides excellent potential for additional upside discovery and expansion at depth (see About CASERM below).

  • Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggests we are vectoring on an indicated porphyritic intrusive feeder source.

  • Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity and flotation, that includes 48.8% Free Gold from gravity alone at a 327-micron crush; no deleterious minerals or cyanide required to extract the gold.

  • The Golddigger property is fully permitted until 2029 for 199 drill pads.

  • 66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).

  • 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.

  • 11 holes to date are greater than 100 gram*meter AuEq and up to 513 grams*meter AuEq.

  • Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.

  • Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.

  • 10 mineralized vein horizons have been identified to date and remain open.

  • The mineralized footprint of the Surebet discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields.

TORONTO, July 22, 2024 (GLOBE NEWSWIRE) —  Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report four substantially mineralized intercepts in drill hole GD-24-237 of dense quartz-sulphide breccia, stockwork and veining containing abundant visible gold, galena, and sphalerite. Inclusive of an interval containing visible gold, molybdenite and trace bismuth in veins at 316.05, 316.26, 326.10 meters and on vein margins within a porphyritic intermediate dyke at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

Collectively these four mineralized intervals equate to 105 meters of some of the strongest mineralization with the highest density of veining, stockwork and breccia observed to date in drill core from the property. The system remains wide open confirming excellent additional discovery potential.

An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24d8faf0-b20e-4f92-8e1d-61fa800045c1

Drill hole GD-24-237 collared from Golden Gate Pad (140/-70, Total depth 848.0 m) intersected multiple strongly mineralized quartz-sulphide breccia and stockwork sections containing abundant visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization. The hole also intercepted a porphyritic intermediate intrusive unit containing visible gold, molybdenite and bismuth.The most significant mineralized interval is 47 meters long in a section from 425.00 to 472.00 meters, characterized by quartz-sulphide stockwork with sphalerite (2%), pyrrhotite (1%), pyrite (2%), and minor galena attributed to the Bonanza shear, located at the contact between the Upper Hazelton sedimentary and Lower Hazelton volcanic units. A section of quartz-sulphide breccia and stockwork directly attributed to the Bonanza Shear was intercepted from 449.69 to 452.52 meters and is characterized by visible gold, semi-massive galena (1%), sphalerite (1%), pyrite (1%), and pyrrhotite (1%) and makes up the contact between sediments and volcanic units. Within the andesite, from 452.52 to 472.00 meters, many closely spaced quartz and calc-silicate veins host sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.

A second 16.6 meter interval zone of Bonanza Shear hosting dense sulphide-rich calc-silicate veining and stockwork was intersected from 508.4 to 526.00 meters containing sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.

Deeper in the hole, a 26.35 meter interval from 546.65 to 573.00 meters of closely spaced veining and stockwork with substantial amounts of sulphides was intercepted, including sphalerite (1%), galena (1%) with trace quantities of pyrrhotite and pyrite. A 1.11 meter vein between 569.29 – 570.04 was intercepted that contained visible gold, sphalerite (1%), galena (1%), pyrrhotite (2%) and pyrite (1%). Similar to what was intercepted in 2023 from GD-23-183 which ran 3.56 g/t AuEq over 8 meters including 6.54 g/t AuEq over 3.0 meters.

An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c24e2ea-e824-4381-b101-a8e839ca3f55               

A 14.39 meter section of intrusive rock containing quartz veins with visible gold, molybdenite, and bismuth and displaying porphyritic textures similar to what was observed in drill hole GD-24-235 announced last week was intercepted from 315.71 to 330.08 meters. This intrusive is host to a handful of 1 to 10 centimeter sheeted quartz veins and sub-millimetric sulphide veinlets. These veins included minor vein-hosted calc-silicates with white albite/sericite alteration haloes.

Drill hole GD-24-237 was designed to intercept the Bonanza shear, expand the Golden Gate zone to the north, and target the newly discovered Mothership Feeder as well as additional veins identified at depth that remain wide open. Several intervals of mineralized core observed in hole GD-24-237 have the same mineralogy, textures and structures observed in drill hole from 2023, GD-23-183, suggesting that similar gold grades are expected from these intervals. Several deeper holes are planned to test this area to much greater depths during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

Several deeper holes are planned to test this area to greater depth during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

The current planned 2024 drill program includes 15,000 meters of diamond drilling on Surebet. The drill program on Surebet is focused on testing its potential feeder source at depth below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears. The Surebet Discovery will see the bulk of meters planned with the balance testing one new strongly mineralized gold-copper outcropping target at Treasure Island.

Over the first 3 drilling seasons, totaling only 8 months cumulative time drilling between 2021 – 2023, completed a total 66,930 meters on the Golddigger Property. In 2023, there was a 97% success hit rate where 86 holes of 92 totaling intercepted significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. Of these holes, 35% of them contained visible gold up to 11mm in size. This 1.8 square kilometer area also has mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity. The Surebet system remains wide open, with strong potential for additional discoveries as confirmed by the first drill holes of 2024.

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)Goliath is a paying member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface earth resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources LimitedGoliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN 

Goliath Resources Limited

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NEWLY DISCOVERED TREASURE ISLAND 550 x 450 Meters – HIGHLIGHTS OF DRILL TARGET:

  • A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide area assayed >1.00 gpt AuEq.

  • An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.

  • The new Treasure Island target demonstrates the excellent untapped potential for additional discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”, which is the name we use to describe a key geological contact between two regional stratigraphic packages (read more below – About Golddigger Property).

  • In the Golden Triangle the most important discoveries and mines are on either side of “Red Line” and within a 3 kilometers meters of either side. We consider this a critical exploration vector and the Golddigger project is within the sweet spot of the “Red Line.”

TORONTO, July 18, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway at its newly discovered high-grade gold-copper Treasure Island outcropping mineralized target which remains open. Its located on the Cambria Icefields at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We have been looking forward to drilling Treasure Island from the first time we saw this widespread outcropping target when flying over it in the helicopter. Once again, the team has done an excellent job finding this new highly mineralized drill target with massive sulphides in a vast sea of white and ground truthing it in preparation for its first ever drill program in 2024. The surface assay results, geology, geochemistry and its close proximity to the past producing Porter Idaho mine suggests it has all the makings of a VMS Eskay Creek type material discovery unlocking additional value to our shareholders. We look forward to announcing the assay results once received, complied and interpreted.”

The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target has recently been exposed as a result of glacial abatement and will be drill tested for the first time during the 2024 field season.

A total 15 out of 16 channel cuts assayed > 1.00 gpt AuEq, which corresponds to 94 % of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu). See Table 1 and 2 below for complete assay results.

The new high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.

The Full Contact showing also located on the Cambria Icefields has been shelved for this year and no drilling is planned in 2024.

Table 1: 2023 grab and chip samples from Treasure Island.

Sample ID

Au (gpt)

Ag (gpt)

Cu (%)

Pb (%)

Zn (%)

AuEq (gpt)

ST115881

0.04

126.00

7.15

0.00

0.02

11.08

ST115879

0.04

89.30

5.61

0.00

0.02

8.59

ST116045

5.85

20.70

1.43

0.00

0.00

8.00

ST116174

0.43

66.70

4.85

0.00

0.01

7.70

ST116398

3.72

38.60

1.76

0.00

0.00

6.52

ST116388

0.37

56.80

4.11

0.00

0.00

6.52

ST115874

2.04

47.30

2.73

0.00

0.01

6.24

ST116038

0.34

47.70

2.47

0.00

0.00

4.20

ST116397

0.44

28.10

1.99

0.00

0.01

3.43

ST116399

0.60

25.20

1.58

0.00

0.00

3.00

ST116044

0.02

27.00

1.41

0.00

0.01

2.22

ST113101

0.91

14.15

0.80

0.00

0.00

2.14

ST115884

0.05

6.07

0.81

0.00

0.00

1.20

ST116391

0.03

10.95

0.56

0.00

0.01

0.90

ST115882

0.04

5.46

0.34

0.00

0.01

0.55

ST115872

0.02

5.12

0.29

0.00

0.00

0.47

ST115883

0.28

0.72

0.03

0.00

0.00

0.33

ST115873

0.01

2.56

0.21

0.00

0.00

0.33

ST115885

0.02

0.17

0.00

0.00

0.00

0.03

Table 2: 2023 channel samples from Treasure Island.

Channel ID

 

Length (m)

Au (gpt)

Ag (gpt)

Cu (%)

Pb (%)

Zn (%)

AuEq (gpt)

Treasure_RP_2

Interval

2.48

0.13

23.96

2.34

0.00

0.01

3.54

Including

1.44

0.13

37.76

3.97

0.00

0.01

5.87

Including

0.33

0.20

126.00

14.45

0.00

0.02

20.98

GD_CHA_15_JS

Interval

2.20

0.55

14.09

1.25

0.00

0.00

2.39

Including

1.00

0.78

24.30

2.24

0.00

0.00

4.06

GD_CHA_16_JS

Interval

1.50

0.59

17.57

1.51

0.00

0.01

2.83

Including

0.70

1.11

33.10

3.20

0.00

0.02

5.78

NN1

Interval

0.85

20.60

63.60

5.04

0.00

0.01

28.08

NN2

Interval

0.97

4.06

22.20

0.78

0.00

0.01

5.37

NN3

Interval

1.00

0.58

44.40

2.58

0.00

0.01

4.55

GD_CHA_18_JS

Interval

3.65

0.44

8.74

0.50

0.00

0.00

1.22

Including

0.60

1.89

36.80

1.98

0.00

0.00

4.97

GD_CHA_99_JS

Interval

1.05

0.77

28.79

1.84

0.00

0.00

3.57

Including

0.50

0.99

36.80

2.40

0.00

0.00

4.63

Treasure_RP_3

Interval

1.05

0.11

24.73

1.58

0.00

0.01

2.52

Including

0.58

0.12

31.40

2.31

0.00

0.01

3.58

Treasure_RP_1

Interval

1.01

0.11

19.58

1.46

0.00

0.01

2.28

NN5

Interval

1.00

0.37

22.40

1.16

0.00

0.00

2.18

GD_CHA_17_JS

Interval

0.80

0.66

15.60

1.26

0.00

0.00

2.53

NN4

Interval

0.52

3.47

3.12

0.05

0.00

0.00

3.58

Treasure_RP_4

Interval

0.64

0.23

26.70

1.72

0.00

0.00

2.84

Treasure_RP_5

Interval

0.44

0.42

37.00

2.07

0.00

0.01

3.62

Treasure_RP_99

Interval

0.81

0.17

0.44

0.01

0.00

0.01

0.19

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 km of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)Goliath is a paying member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface earth resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources LimitedGoliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Emperor Metals Inc.

Duquesne West Gold Project, Quebec

Figure 1: Location of Nip Zone relative to Ultimate Pit

Nip Zone – 3D Chargeability Model

Figure 2: Hole to Hole Resistivity/IP Survey Model

VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) — via IBN – Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) Emperor is exploring eastward from the Duquesne West, conceptual open pit model toward the Nip Zone, focusing on untested potentially high-grade gold targets after completing 30% (2,500 meters) of the ongoing 8,000-m drill program at the Duquesne West Gold Project in Quebec.

Robust thickness of high-grade gold intercepts at the Nip Zone of 16.0 m of 6.06 g/t Au with untested downhole IP/Resistivity anomalies in the vicinity, as well as defined structural lineaments, make this a top priority area to explore for additional ounces.  Intercepts of 2.5 m of 52.88 g/t Au show the higher-grade potential of this project (see Table 1).

CEO John Florek said: “Early visuals of our current drilling campaign have been intriguing and we look forward to seeing the assay results. We have a significant opportunity to expand this deposit eastward to potentially double the footprint of this deposit with no sign of an outer limit at this stage.”

Nip Zone Target

The gap between the main Conceptual Open-Pit and the Nip Zone is relatively unexplored with very similar geology and larger thicknesses of Quartz-Feldspar Porphyry (QFP) intercalated with the volcanics.  Mineralization at these rock boundaries is proven to be structurally controlled and host the high-grade gold mineralization.

The Nip Zone has very encouraging historical gold intercepts that will likely be very valuable towards the expansion and development of this property. It highlights the potential and the opportunity for expansion of the gold resources between these two areas (Figure 1).

Table 1 demonstrates the significant grade and thickness in the Nip Zone.  The intercepts have continuous mineralization in broad zones of structurally brecciated rocks.  These zones of broad high-grade mineralization are associated with IP/Resistivity anomalies forming “hot spots,” as displayed in Figure 2. Some of these hot spots are untested and need follow-up drilling to continue resource building and evaluation.

This is another example of the historical data revealing opportunities to expand resources at Duquesne West, at little to no cost to Emperor.

Emperor is well funded with approximately $4 million in working capital at the onset of this drilling program to advance the Duquesne West project towards an updated mineral resource.

Drill Program Update

The current drilling campaign follows up on the very successful results of Emperor’s 2023 program.

The initial 2,500 meters was focused within the Conceptual Ultimate Open Pit foot wall; focusing on building inferred ounces. Emperor is now extending the drilling 1.1 km east towards the Nip Zone (Figure 1) to understand how potential satellite open pits can be connected to increase inferred ounces and to follow up on a 2011 historical downhole IP/Resistivity borehole model that has untested chargeability and resistivity anomalies (Figure 2).

By concentrating on drilling near surface mineralization within an ultimate conceptual open pit, Emperor can add ounces more rapidly and mine at a significantly lower grade compared to an underground mining scenario.

Emperor plans on a mineral resource update scheduled for Q1 of 2025.

Nip Zone Significant Historical Intercepts

Hole No.

From (m)

To (m)

Interval (m)

Au (g/t) – Weighted Averages

1DQ09-09

304

322

16.00

6.06

 

 

 

 

 

1DQ10-17

101

118

17.00

3.02

 

 

 

 

 

1DQ06-18

407.5

408.4

2.5

51.88

 

 

 

 

 

1DO-11-28

268.2

269.2

1.0

32.23

 

 

 

 

 

1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.

Table 1:  Significant Historical Intercepts from Nip Zone

 

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet, Quebec, Canada. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (CIM) guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

Multiple scenarios exist to expand additional resources which include:

  • Underground High-Grade Gold.

  • Open Pit Bulk Tonnage Gold.

  • Underground Bulk Tonnage Gold.

    • 1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.

    2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent CIM standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

    QP Disclosure

    The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

    About Emperor Metals Inc.

    Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

    ON BEHALF OF THE BOARD OF DIRECTORS

     s/ “John Florek”       

    John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

    The Canadian Securities Exchange has not approved nor disapproved the content of this press release.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”

    Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

    Contact:Alex HorsleyDirector 778-323-3058alexh@emperormetals.comwww.emperormetals.com

    Corporate Communications:IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

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    Drill Highlights:

    • Discovery of a new deep zone, the “Mothership Feeder Zone” containing abundant visible gold and strong sulphide mineralization in quartz breccia at 648 meters downhole and 125 meters in elevation above the valley floor from GD-24-235, the first drill hole of 2024 (see image below).

    • Discovery of a new 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. (see image below).

    • Results from this first drill hole confirms the strong potential for additional discovery during the 2024 drill program that has just began.

    • Follow up on this newly discovered zone is underway with several deeper drill holes planned testing to greater depth inclusive of a 900 meter hole that is being drilled now.

    • GD-24-235 is the first drill hole of 2024 which has intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization in both the sedimentary and volcanic units.

    • GD-24-235 intersected a 12 meter interval of high vein density between 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.

    • Within the andesite unit of GD-24-235, a 10 meter interval hosting a series of closely spaced quartz-sulphide veins have being observed between 550 and 650 meters downhole with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite (see image below).

    • Drill hole GD-24-235 was designed to intercept the Bonanza shear and volcanics below where drill hole GD-23-197 from 2023 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023.

    • The mineralization observed in hole GD-24-235 from the 445.4 – 447.39 meter downhole interval is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval; assays pending (see comparison image below).

    • The drill program on Surebet is focused on testing its potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears.

    Surebet Highlights:

    • Colorado School of Mines study confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet, this provides excellent potential for additional upside drill discovery and expansion at depth (see About CASERM below).

    • Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggest vectoring in on a possible Porphyry Feeder Source.

    • Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free Gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.

    • The Golddigger property is fully permitted until 2029 for 199 drill pads.

    • 66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).

    • 44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.

    • 11 holes to date are greater than 100 and up to 513 gm AuEq.

    • Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.

    • Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.

    • 10 mineralized vein horizons have been identified to date and remain open.

    • The mineralized footprint of the Surebet discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields.

    TORONTO, July 15, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to report the discovery of abundant visible gold and strong sulphide mineralization in quartz breccia, as well as a significant 22.4 meter intercept of a porphyritic intrusion containing veins with abundant visible gold, molybdenum and bismuth mineralization in GD-24-235 the first drill hole of 2024 (assays are pending). This increases the Company’s confidence in the proximity of the feeder source of the Surebet system that remains wide open at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

    Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: "Just recently, I explained why I think this is going to be a summer of discovery for Goliath. The Company rightly persists to test new ideas and targets that have consistently generated better and better results from Surebet and other targets across the Golddigger Project. And here we are, just one week into the program, with what appears to be a major new discovery of a gold-rich zone, possibly a root feeder to the Surebet and related structures. The abundant particles of visible gold observed in this new zone give reason for a lot of excitement, especially given that mineralization is spatially associated with what might prove to be a causative intrusion. Other indicators support this magmatic association including the presence of molybdenum and bismuth-rich minerals in the sulfide assemblage of the vein breccia. I think the team at Goliath has done a remarkable job of identifying this target using sound science, and they should be congratulated for this remarkable discovery."

    Drill hole GD-24-235 collared from Golden Gate Pad (180/81/696m) intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization. The hole drilled through a sedimentary sequence of mudrocks, an intermediate intrusive unit, multiple intermediate dykes and andesite.

    The first hole of the drilling season was designed and focused on intercepting the Bonanza shear and test below an area where drill hole GD-23-197 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023. The mineralization observed in hole GD-24-235 for the interval from 445.4 – 447.39 meters is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval (see comparison image below).

    An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/81f62cab-1bbc-45ea-a9b7-abc7fb3a230a

    GD-24-235 intersected a 12 meter interval of high vein density from 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units. A quartz vein with significant mineralization occurs from 445.4 – 447.39 meters. The vein contains semi massive to massive pyrite (3%), sphalerite (2%) and pyrrhotite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout. A second quartz vein was intercepted from 450.17 – 450.64 meters and contains massive pyrrhotite (2%), sphalerite (2%) and pyrite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout.

    Within the andesite unit, a series of closely spaced quartz-sulphide veins have been observed for 10 meters between 550 and 650 meters downhole. A quartz vein from 566.72 – 566.85 meters contain visible gold and semi massive pyrrhotite and sphalerite with trace chalcopyrite. Another milky white quartz vein from 600.23 to 601 meters contains massive pyrrhotite (8%), semi massive pyrite (2%) and minor chalcopyrite (<1%) and sphalerite (<<1%). Visible gold was also noted in a quartz vein from 604.53 – 604.83 meters that contains massive pyrrhotite, semi massive pyrite, minor chalcopyrite, trace sphalerite and galena. The vein shows the presence of one fleck of visible gold. Lastly, a quartz vein was intercepted with significant mineralization from 647.46 – 648.02 m. It hosts massive pyrrhotite (30%), semi massive chalcopyrite (3%) and trace sphalerite (<<1%).

    The hole intercepted 24.4 meters of a light grey porphyritic intrusive unit, possibly tonalite from 529.29-553.67 meters downhole. This intrusive is host to a handful of cm-size quartz veins and sub-millimetric pyrite/pyrrhotite veinlets. These veins included minor vein-hosted calc-silicates with white (anorthite?) alteration haloes. A notable cm sized quartz vein at 531.1 meters hosted pyrite, pyrrhotite, and native bismuth. XRF measurements of the native bismuth occasionally gave gold and/or molybdenum readings. A second quartz vein at 535 meters included a 2 mm grain of molybdenite.

    An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/7fb3f08f-1f6d-46a4-8992-7bc623c48789

    Several deeper holes are planned to test this area to greater depth during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

    The current 2024 drill plan consists of 15,000 meters of drilling in 62 drill holes from 22 drill pad locations. Two drill rigs are currently on site carrying out the program. The drill program on Surebet will focus on testing its potential feeder source at depth below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears. The Surebet Discovery will see the bulk of meters planned with the balance testing two new strongly mineralized gold-copper outcropping targets: Jackpot and Treasure Island (see location map below).

    An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2de8d85c-80fa-4df4-a629-829376ec8be5

    The maiden drill campaign in 2021 totaling 5,338 meters intercepted significant widths and gold mineralization in 100% of the holes drilled. To date there has been an aggregate of 66,930 meters drilled that include the follow up campaigns in 2022 and 2023 at the Golddigger Property. In 2023, there was a 97% success hit rate where 86 holes of 92 totaling intercepted significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. This 1.8 square kilometer area also has mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.

    Golddigger Property

    The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 km of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

    The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

    It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

    Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

    About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)Goliath is a paying member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface earth resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

    Qualified Person

    Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

    About Goliath Resources LimitedGoliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

    For more information please contact:

    Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

    Other

    The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

    Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

    Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

    Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

    All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

    Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

    The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

    Wallbridge Mining Company Limited

    TORONTO, June 27, 2024 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) held its Annual Meeting of Shareholders (the “Meeting”) on June 26, 2024.

    A total of 375,770,677 shares or 36.98% of the outstanding shares of the Company were represented at the Meeting. All of the matters submitted to the shareholders for approval as set out in the Company's notice of meeting and management information circular dated May 17, 2024 (“MIC”) were approved by the requisite majority of votes cast at the Meeting.

    Voting on the following matters, as described in the MIC, were as follows:

    To Set the Number of Directors at Seven (7)

    Votes For

    Votes Against

    Number

    Percent

    Number

    Percent

    327,860,364

    87.25%

    47,910,313

    12.75%

    Election of Directors for the Ensuing Year

    The following directors were elected until the next annual meeting of shareholders or until their successors are otherwise duly elected or appointed: Brian Penny, Janet Wilkinson, Michael Pesner, Anthony Makuch, Jeffery Snow, Danielle Giovenazzo and Brian Christie.

     

    Votes For

    Votes Withheld

     

    Number

    Percent

    Number

    Percent

    Brian Penny

    307,933,143

    87.647%

    43,398,663

    12.353%

    Janet Wilkinson

    325,213,100

    92.566%

    26,118,706

    7.434%

    Michael Pesner

    289,152,398

    82.302%

    62,179,408

    17.698%

    Anthony Makuch

    343,276,508

    97.707%

    8,055,298

    2.293%

    Jeffery Snow

    345,531,527

    98.349%

    5,800,279

    1.651%

    Danielle Giovenazzo

    289,089,828

    82.284%

    62,241,978

    17.716%

    Brian Christie

    344,870,421

    98.161%

    6,461,385

    1.839%

    Appointment of KPMG LLP as Auditor of the Corporation for the ensuing year and authorizing the Directors to fix their remuneration

    Votes For

    Votes Withheld

    Number

    Percent

    Number

    Percent

    373,296,489

    99.342%

    2,474,188

    0.658%

    About Wallbridge Mining

    Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the environment and communities where it operates.

    Wallbridge’s most advanced projects, Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square kilometre exploration land package controlled by Wallbridge.

    Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

    Wallbridge also holds a 15.79% interest in the common shares of NorthX Nickel Corp. (formerly “Archer Exploration”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec. For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

    Wallbridge Mining Company Limited

    Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny@wallbridgemining.comM: +1 416 716 8346

    Victoria Vargas, B.Sc. (Hon.) Economics, MBACapital Markets AdvisorEmail: vvargas@wallbridgemining.comM: +1 289 242 3599

    Cautionary Note Regarding Forward-Looking InformationThe information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.

    All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

    FLI in this document may include, but is not limited to: statements regarding the results of the PEA; the potential future performance of the Common Shares; future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the MRE’s at Fenelon and Martiniere (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

    FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

    Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

    Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

    Cautionary Notes to United States InvestorsWallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

    Special Participant

    Government of Québec

    Platinum Sponsors

    Laurentian Bank Securities, National Bank Financial Markets

    Green Sponsor

    Battery & Critical Metals Sponsor: Kinterra Capital Corp 

    Gold Sponsors

    First Phosphate, IBK Capital, O3 Mining Student Sponsors: Osisko Mining, Glencore Canada

    Silver Sponsors

    CSE, IR.INC Capital Markets Advisory, Mi3 Financial, PearTree Financial, Stifel, TMX Group Sustainable Sponsor: Osisko Gold Royalties

    Copper Sponsors 

    Alliance Advisors, Amex Exploration, Brooks & Nelson, Cassels, CDPQ, Centre des congrès de Québec, Crux Investor, Digbee, Domco Group of Canada, Generation IACP, Global Business Reports, INFOR Financial, Out of the Box Capital, VRIFY

    Media & Partners

    BTV, Canadian Mining Magazine, CEO.CA; EBL Consultants, Ellis Martin Report, IR Mining Resource News, Kitco, MarketOne, Mining Discovery, Newsfile, The Northern Miner, The Prospector News, VID Media Incorporated

     

    Toronto, Ontario–(Newsfile Corp. – May 30, 2024) – THE Mining Investment Event of the North ("THE Event") is pleased to announce sold out status for Tier I speaking slots, while industry companies and investors continue to sign up daily at Canada's Only Tier 1 Global Mining Investment Conference, to be held in Quebec City, June 4-06, 2024.

    "We are delighted to announce that we are officially sold out of our speaking slots for 2024. This year, THE Event has grown in stature with the inclusion of a number of large cap issuers, government officials and a record number of new sponsors and investors who will be participating in this unique Canadian global mining investment conference," stated Joanne Jobin, Founder & CEO of THE Event. "THE Event is now being recognized for its conference standards in the mining industry, providing a platform for issuers, investors, and industry leaders to network, share insights, and explore over 300+ investment opportunities. With our rapid growth profile, notable sponsors, and commitment to value-add initiatives, as well as our mission to meet the mining industry's needs with innovative student sponsorship programs and diversity, THE Event is now to set be a pivotal occasion in the global mining investment calendar."

    This year, THE Event will host over 150 industry companies including 108 mining companies at the Centre des congrès de Québec. Please see the 2024 Agenda and Brochure with all presenters, panelists and speakers on our website www.themininginvestmentevent.com

    THE Participating Mining Companies* 1×1's Only ^^Mi3 ExplorCo Lounge #Coreshack Participant ~Industry Invitee/Corp. Dev.

    Abcourt Mines Inc.*TSX-V: ABI

    E-Power Resources Inc.^^CSE: EPR

    Lode Gold Resources^^*TSX-V: LOD; OTCQB: SBMIF

    Quebec Precious Metals^^TSXV: QPM; OTCQB: CJCFF

    Abitibi Metals Corp.*#CSE: AMQ; OTCQB: AMQFF

    E2Gold Inc.^^TSX-V: ETU; OTCQB: ETUGF

    Maple Gold Mines Ltd.TSX:-V: MGM; OTCQB: MGMLF

    Rackla Metals Inc.*TSX-V: RAK

    Advanced Gold Exploration~ CSE: AUEX

    Emperor Metals Corp.^^#CSE: AUOZ: OTCQB: EMAUF

    Maritime Resources Corp.TSX-V: MAE

    Radisson Mining ResourcesTSX-V: RDS; OTCQB: RMRDF

    Adyton Resources Corp.TSX-V: ADY

    Empress Royalty Corp.TSX-V: EMPR; OTCQX: EMPYF

    Midland Exploration Inc.*TSX-V: MD

    Resouro Strategic Resources ^^TSX-V: RSM.

    Agnico Eagle Mines LimitedTSX: AEM; NYSE: AEM

    EMX Royalty Corp.TSX-V: EMX; NYSE: EMX

    Mineros S.A.TSX: MSA

    Sherritt International CorpTSX: S

    Alamos Gold Inc. ~TSX: AGI; NYSE: AGI

    Evolve Royalties ~Private

    Mosaic Minerals Corp. ~CSE: MOC

    Silver Mountain Resources *TSX-V: AGMR; OTCQB: AGMRF

    Allied Gold CorporationTSX: AAUC

    Exiro Minerals Corp.*Private*

    Nevada Organic Phosphate^^CSE: NOP

    SRQ Resources Inc.^^TSX-V: SRQ

    Amex Exploration Inc.#TSX-V: AMX; OTCQX: AMXEF

    Exploits Discovery Corp.CSE: NFLD; OTCQB: NFLDF

    Niobay Metals Inc.^^#TSX-V: NBY; OTCQB: NBYCF

    Sirios Resources Inc.*TSX-V: SOI; OTCQB: SIREF

    Aston Minerals Ltd*ASX: ASO

    Falco Resources Ltd.TSX-V: FPC

    Nion Nickel Inc.Private

    Starcore International Mines*TSX: SAM

    Atex Resources Inc.TSX-V: ATX

    Firefly Metals Ltd. ASX: FFM

    Northern Superior Resources TSX-V: SUP; OTCQB: NSUPF

    STLLR Gold Inc.*TSX: STLR; OTCQX: STLRF

    Atha Energy Corp.TSX-V: SASK; OTCQB: SASKF

    First Phosphate Corp.#CSE: PHOS

    NORTHX NICKEL CORP*CSE: NIX

    Strategic Resources IncTSX-V:SR

    Avanti Gold CorporationCSE: AGC

    FPX Nickel Corp.TSX-V: FPX; OTCQB: FPOCF

    Nouveau Monde GraphiteTSX: NOU; NYSE: NMG

    Temas Resources Corp.^^CSE: TMAS; OTCQB: TMASF

    Aya Gold & Silver Inc.TSX: AYA; OTCX: AYASF

    Geovic Metals*Private

    Nuvau Minerals Corp.*#Private

    Strikepoint Gold Inc.^^TSX-V: SKP; OTCQB: STKXF

    Blackbird Critical Metals ^^*CSE: BBRD; OTCQB: BBCMF

    Glencore CanadaLSE: GLEN; JSE: GLN

    O3 Mining Inc.#TSX-V: OIII; OTCQX: OIIIF

    Troilus Gold Corp.TSX: TLG; OTCQX: CHXMF

    Blue Thunder Mining Inc.^^TSX-V: BLUE

    GoGold Resources Inc.TSX: GGD; OTCQX: GLGDF

    Osisko Development Corp.TSX-V: ODV; NYSE: ODV

    Tudor Gold Corp.TSX-V: TUD

    Brunswick Exploration Inc.#TSX-V: BRW; OTCQB: BRWXF

    Gold Royalty Corp.NYSE: GROY

    Osisko Gold Royalties Ltd.TSX:OR; NYSE: OR

    Unigold Inc.*TSX-V:UGD: OTCQX: UGDIF

    Bunker Hill Mining Corp.TSX-V: BNKR; OTCQB: BHLL

    Golden Cariboo Resources^^CSE: GCC

    Osisko Metals Incorporated#TSX-V: OM; OTCQX: OMZNF

    Vanadiumcorp Resource Inc.*TSX-V: VRB

    Calisto Cobre Resources.^^Private

    Goliath Resources Limited*TSX-V: GOT; OTCQB: GOTRF

    Osisko Mining Inc.#TSX: OSK

    Vior Inc.^^*TSX-V: VIO; OTCQB: VIORF

    Canada Nickel Company TSX-V: CNC; OTCQX: CNIKF

    Harfang Exploration Inc.^^TSX-V: HAR

    Patriot Battery Metals Inc.TSX: PMET; ASX: PMT; OTCQX: PMETF

    Vision Lithium Inc.TSX-V: VLI; OTCQB: ABEPF

    Cartier Resources Inc. ~TSX-V: ECR

    Hecla Mining CompanyNYSE: HL

    Peloton Minerals Corporation*CSE: PMC; OTCQB: PMCCF

    Vizsla Silver Corp.TSX-V: VZLA; NYSE: VZLA

    Comet Lithium Corp^^TSX-V: CLIC

    i80 Gold Corp.TSX: IAU; IAUX:NYSE

    Perseverance Metals*Private

    Volta Metals Ltd^^CSE: VLTA

    Coniagas Battery Metals^^*TSX-V: COS

    IAMGOLD CorporationTSX: IMG; NYSE: IAG

    Piedmont Lithium Ltd.NASDAQ: PLL; ASX: PLL

    Wallbridge Mining Company TSX: WM; OTCQX: WLBMF

    Delta Resources Limited^^TSX-V: DLTA; OTCQB: DTARF

    iMetal Resources Inc^^ *TSX-V: IMR; OTCQB: IMRFF

    Power Metals Corp.~TSX-V: PWM; OTCQB: PWRMF

    Wesdome Gold Mines Ltd.TSX: WDO; OTCQX: WDOFF

    Denison Mines Corp.TSX-DML; NYSE: DNN

    Lavras Gold Corp.TSX-V: LGC; OTCQB: LGCFF

    Power Nickel Inc.TSX-V: PNPN; OTCQX: PNPNF

    West Red Lake Gold Mines TSX-V: WRLG; OTCQB: WRLGF

    Dolly Varden Silver Corp.TSX-V: DV; OTCQX: DOLLF

    Li-FT Power Ltd.TSX-V: LIFT; OTCQX: LIFFF

    Puma Exploration Inc.^^TSX-V: PUMA; OTCQB: PUMXF

    Wheaton Precious Metals Corp.TSX:WPM; NYSE:WPM; LSE:WPM

    Doré Copper Mining Corp.*TSX-V: DCMC;OTCQX: DRCMF

    Lithium Royalty Corp.TSX: LIRC; OTCQX: LITRF

    QC Copper & Gold Inc.TSX:V: QCCU: OTCQB: QCCUF

    Winsome Resources LimitedASX: ASX: WR1; OTCQB: WRSLF

    Dryden Gold Corp.*#TSX-V: DRY

    Lithium Universe LimitedASX: LU7

    Purepoint Uranium Group Inc.*TSX-V: PTU; OTCQB: PTUUF

    Winsome Resources LimitedASX: ASX: WR1; OTCQB: WRSLF

     

    THE Event is invitation only – Interested investors & issuers please go here:https://www.themininginvestmentevent.com/register or contact Jennifer Choi, jchoi@irinc.ca

    The latest Agenda, Brochure, participating companies, speakers & panelists may be found here: https://themininginvestmentevent.com.

    About THE Mining Investment Event of the North – Canada's Only Tier I Global Mining Investment Conference© is held annually in Québec City, Canada. THE Event is independently sponsored and designed to facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities and provides a platform to hear from some of most influential thought leaders in the sector. THE Event is committed to promoting diversity, equality issues and sustainability in the mining industry via education and innovation through its unique Student Sponsorship and SHE-Co Initiatives.

    Joanne JobinCEO & FounderIR.INC & VID Media Incorporatedjjobin@irinc.ca

    Jennifer ChoiVice President, OperationsIR.INC & VID Mediajchoi@irinc.ca

    Brhett BookerAssociateIR.INC & VID Mediabbooker@irinc.caFacebookInstagramTwitterLinkedInYouTube

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211106

    Emperor Metals Inc.

    Emperor has a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and delivering exceptional shareholder value.

    VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) — via IBN — Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) announces the successful mobilization of a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

    CEO John Florek said: “We are resuming drilling at the Duquesne West Gold Project and continuing our successful 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit. This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquesne West Project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

    2024 Exploration Program

    In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

    • Extending the footprint of the high-grade lenses within and outside the open-pit shells.

    • Expand ounces internally and externally to the open-pit shells.

    • Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.

    • Continue building quality ounces internally and externally.

    Leveraging insights from the 2023 results, our advanced AI (Artificial Intelligence) models will guide targeting efforts for the upcoming drill season. The 2024 exploration program will predominantly concentrate on the open pit concept.

    Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed within the open-pit conceptual model. 8,000 additional meters of core sampling from the historic core library are planned for this program.

    In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit. Emperor used this model for a very successful 2023 drilling campaign of 8,579 m. In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02). This led to the envisioning of a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit. Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses. Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

    About the Duquesne West Gold Project

    The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

    Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.

    The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

    A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

    Multiple scenarios exist to expand additional resources which include:

  • Underground High-Grade Gold.

  • Open Pit Bulk Tonnage Gold.

  • Underground Bulk Tonnage Gold.

    • 1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

    2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

    QP Disclosure

    The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

    About Emperor Metals Inc.

    Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

    On Behalf of the Board of Directors

    s/ “John Florek”         

    John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

    The Canadian Securities Exchange has not approved nor disapproved the content of this press release.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”

    Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

    Contact:

    Alex HorsleyDirector 778-323-3058alexh@emperormetals.comwww.emperormetals.com

    Corporate Communications: IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

    Globex Mining Enterprises Inc.

    ROUYN-NORANDA, Quebec, May 21, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Emperor Metals Inc. (AUOZ-CSE, EMAUF-OTCQB, 9NH-FSE) has mobilized a drill rig to commence its 2024 exploration program on the Duquesne West Gold Property under option from Globex. The drill program will total 8,000 metres.

    The Duquesne West Gold property straddles the gold localizing Porcupine-Destor Break in Duparquet Township, Quebec and is located approximately 10 km east of the town of Duparquet. A historical resource of 727,000 ounces of gold (cut) at a grade of 5.42 g/t Au was calculated by Watts, Griffis and McOuat Consulting Geologists and Engineers, October 20, 2011 (click to access) in a report titled “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman property, Quebec, Canada for XMet Inc.”

    Emperor has taken a binary approach to exploration on the property seeking to outline an open-pittable, lower grade, large tonnage gold deposit in addition to the more conventional high-grade underground mine as was previously sought on the property. Current efforts by Emperor toward outlining these types of gold deposits consists among other things of new drilling and relogging, resampling, and assaying previous drill holes which Globex has maintained in Globex’s core library. As a matter of course, Globex stores most drill core from drill holes undertaken on our properties for just such occasions.

    For access to Emperors press release, click here.

    For access to Globex’s October 12, 2022 press release announcing the option to Emperor Metals, click here.

    This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

    We Seek Safe Harbour.

    Foreign Private Issuer 12g3 – 2(b)

     

    CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95

    For further information, contact:

    Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X 2J1

    Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com www.globexmining.com

     

     

    Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

    55,204,836 shares issued and outstanding

    Emperor Metals Inc.

    Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project.

    VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) — via IBN – Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) today announces that it has mobilized a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

    CEO John Florek said: “We are very excited to resume drilling at Duquesne West Gold Project and continue our success in 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit.  This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquese West project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

    2024 Exploration Program

    In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

    • Extending the footprint of the high-grade lenses within and outside the open-pit shells.

    • Expand ounces internally and externally to the open-pit shells.

    • Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.

    • Continue building quality ounces internally and externally.

    Leveraging insights from the 2023 results, our advanced AI (Artificial Intelligence) models will guide targeting efforts for the upcoming drill season. The 2024 exploration program will predominantly concentrate on the open pit concept.

    Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed within the open-pit conceptual model. 8,000 additional meters of core sampling from the historic core library are planned for this program.

    In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit.  Emperor used this model for a very successful 2023 drilling campaign of 8,579 m.  In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02).  This led to envisioning a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit.  Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses.  Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

    About the Duquesne West Gold Project

    The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

    Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.

    The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

    A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

    Multiple scenarios exist to expand additional resources which include:

  • Underground High-Grade Gold.

  • Open Pit Bulk Tonnage Gold.

  • Underground Bulk Tonnage Gold.

    • 1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

    2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

    QP Disclosure

    The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

    About Emperor Metals Inc.

    Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

    ON BEHALF OF THE BOARD OF DIRECTORS

     s/ “John Florek”        

    John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

    THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES,” “BELIEVES,” “TARGETS,” “ESTIMATES,” “PLANS,” “EXPECTS,” “MAY,” “WILL,” “COULD” OR “WOULD”.

    FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.

    Contact:

    Alex HorsleyDirector 778-323-3058alexh@emperormetals.comwww.emperormetals.com

    Corporate Communications:IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

    How much a stock's price changes over time is important for most investors, since price performance can both impact your investment portfolio and help you compare investment results across sectors and industries.

    FOMO, or the fear of missing out, also plays a role in investing, particularly with tech giants and popular consumer-facing stocks.

    What if you'd invested in Harmony Gold (HMY) ten years ago? It may not have been easy to hold on to HMY for all that time, but if you did, how much would your investment be worth today?

    Harmony Gold's Business In-Depth

    With that in mind, let's take a look at Harmony Gold's main business drivers.

    Harmony Gold Mining Company Limited is based in Randfontein, South Africa. The company conducts underground and surface gold mining. It is also engaged in related activities such as exploration, processing, smelting and refining. Harmony is South Africa's biggest gold producer by volume with production of 1.47 million ounces in fiscal 2023.The company’s mining operations are principally concentrated in South Africa. The company has nine underground operations located in the Witwatersrand Basin. Additionally, Harmony has an open-pit mine on the Kraaipan Greenstone Belt along with several surface sources treatment operations. The Hidden Valley, which is located in Papua New Guinea, is an open-pit silver and gold mine.Also, many of these mines are located in the Free State Province such as Welcom, Virginia, Tshepong and Bambanani, along with the Evander gold mine in Mpumalanga province, the Elandskraal mine at the West Rand goldfields in Gauteng province, and Kalgold operations in the North West province.The company has discontinued its mining operations at Mt. Magnet and South Kalgoorlie in Western Australia as a strategic move. Harmony recorded sales of $2,774 million for fiscal 2023 (ended Jun 30, 2023).

    Exploration Projects

    Domestic Projects: In South Africa, Harmony operates a total of nine underground operations, one open pit operation and several surface operations including an open cast mine, and nine processing plants, which are located in all of the currently known goldfields in the Witwatersrand basin of South Africa as well as the Kraaipan Greenstone Belt.

    International Projects: In Papua New Guinea (PNG), Harmony has full ownership of Hidden Valley, an open-cast gold and silver project that began production in June 2009, and 50% ownership of the Wafi-Golpu project. Harmony’s exploration portfolio focuses principally on highly prospective areas in PNG and the Wafi-Golpu project in particular. Harmony expects that if Wafi-Golpu is developed, it will shift the company’s geographical mix from more than 90% South African production to 75% domestic output and 25% offshore. Harmony, in December 2022, also acquired the Eva Copper project and surrounding exploration tenements from Copper Mountain Mining Corporation.

    Bottom Line

    Anyone can invest, but building a successful investment portfolio requires research, patience, and a little bit of risk. So, if you had invested in Harmony Gold ten years ago, you're likely feeling pretty good about your investment today.

    According to our calculations, a $1000 investment made in April 2014 would be worth $2,785.93, or a gain of 178.59%, as of April 30, 2024, and this return excludes dividends but includes price increases.

    In comparison, the S&P 500 gained 172.38% and the price of gold went up 73.14% over the same time frame.

    Looking ahead, analysts are expecting more upside for HMY.

    Earnings estimates for Harmony’s current fiscal have been going up over the past month. Harmony is benefiting from a diverse portfolio of gold development projects. The Wafi-Golpu project is expected to significantly boost the company’s production profile.  The Eva Copper project in Australia also represents further upside. Also, the reduction in debt levels work in favor of the company. However, the company is exposed to issues such as mine shut downs and labor strikes. It is facing a tough labor relationship environment. Higher operational and production costs are also a concern. Apart from electricity supply concerns, the company has labor issues. These factors are resulting in high operational costs, which may dent margins. Weaker gold prices may also impact the company’s performance.

    Shares have gained 12.61% over the past four weeks and there have been 1 higher earnings estimate revisions for fiscal 2024 compared to none lower. The consensus estimate has moved up as well.

    Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    For Immediate Release

    Chicago, IL – April 30, 2024 – Today, Zacks Equity Research discusses Agnico Eagle Mines AEM, Gold Fields Ltd. GFI, AngloGold Ashanti PLC AU and Harmony Gold HMY.

    Industry: Gold

    Link: https://www.zacks.com/commentary/2264397/4-gold-stocks-to-buy-to-capitalize-on-solid-price-trends

    The prospects for the Zacks Mining – Gold industry look bright at the moment on the back of improving gold prices. The yellow metal is likely to gain, fueled by ongoing geopolitical tensions and strong demand.

    With gold prices anticipated to gain further on demand-supply imbalance, companies like Agnico Eagle Mines, Gold Fields Ltd., AngloGold Ashanti PLC and Harmony Gold are well-poised for growth, backed by their strong balance sheets, efforts to lower costs and growth initiatives.

    About the Industry

    The Zacks Mining – Gold industry comprises companies engaged in extracting gold from mines. These mines may be either underground or open pits. Mining is a long and complex process, and requires significant financial resources. It involves exploration to evaluate the deposit's size; assessing ways to extract and process the ore efficiently, safely and responsibly; and developing the mine before the actual mining process. It normally takes 10-20 years for a gold mine to produce material that can finally be refined. Nowadays, industry players use a range of sophisticated techniques to extract gold and convert it into dore bars, an alloy of gold and silver, alongside other impurities. These are then sent for purification, after which gold is purchased as bars or coins or used in jewelry or other purposes.

    Major Trends Shaping the Future of the Mining-Gold Industry

    Upbeat Gold Prices to Drive Industry Growth: Since the start of 2024, gold prices have risen 13%. Remaining consistently above the $2,000-per-ounce mark, the yellow metal peaked at an unprecedented $2,431.55 per ounce in April. Several factors have contributed to this upward trajectory, including increased geopolitical tensions, a depreciating U.S. dollar, the potential for monetary policy easing, and continuous purchasing by central banks. Physical demand has also been strong in China of late since the weaker yuan, volatile stock market and comparatively low deposit rates have led investors to explore alternatives for their savings.

    Efforts to Counter High Costs to Sustain Margins: The industry has been facing a shortage of skilled workforce, causing a spike in wages. Industry players are persistently grappling with escalating production costs, including electricity, water, and material and supply-chain issues. Since the industry cannot control gold prices, it focuses on improving the sales volume and the operating cash flow, and lowering unit net cash costs. The industry participants are opting for alternate energy sources, such as solar or wind farms, to minimize fuel-price volatility and secure supply. Miners are committed to cost-reduction strategies and digital innovation to drive operating efficiencies.

    Impending Demand & Supply Imbalance to Support Prices: Depleting resources, declining supply in old mines and the lack of new mines have been inherent threats to the industry. Due to the scarcity of discoveries and exhaustive existing resources, miners prefer building up reserves through acquisitions rather than digging new ones that are risky and capital-intensive. On the demand side, the use of gold in energy, healthcare and technology is rising. India and China account for around 50% of consumer gold demand.

    Economic strength in India is yielding wealth-driven buying. The yellow metal has long been considered a safe-haven investment in financial or political uncertainty. Gold demand continues to be on the rise from central banks. Therefore, there will be an eventual demand-supply imbalance, which is likely to drive gold prices.

    Zacks Industry Rank Indicates Bright Prospects

    The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates encouraging near-term prospects. The Zacks Mining – Gold Industry, which is a 35-stock group within the broader Zacks Basic Materials sector, currently carries a Zacks Industry Rank #49, which places it in the top 19% of 250 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

    Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry’s recent stock-market performance and valuation picture.

    Industry Versus S&P 500 & Sector

    The Mining-Gold Industry has underperformed the S&P 500 Index and the Basic Material sector in a year. The stocks in the industry have collectively grown 0.4% compared with the broader sector’s rise of 4.6%. The S&P 500 has jumped 23.5% in the same timeframe.

    Industry's Current Valuation

    On the basis of the forward 12-month EV/EBITDA, a commonly used multiple for valuing gold-mining companies, we see that the industry is currently trading at 6.55X compared with the S&P 500’s 12.57X and the Basic Material sector’s forward 12-month EV/EBITDA of 7.16X.

    Over the last five years, the industry traded as high as 9.26X and as low as 4.63X, with the median at 6.20X

    4 Mining-Gold Stocks to Bet on

    Gold Fields: The company produced 2.30 million ounces of attributable gold equivalent ounces in 2023, in line with its guidance. For 2024, it is targeting 2.33-2.43 million ounces. GFI recently announced the first gold pour at its Salares Norte mine in Chile’s Atacama province. This achievement underscores the culmination of a 13-year journey from project discovery through exploration and development to production.

    Salares Norte is a world-class project with one of the industry’s lower-cost profiles and a payback period of less than three years at current gold prices. It will boost GFI’s cash flow profile over the next few years. Despite substantial capital expenditure, primarily attributed to Salares Norte's construction, the company maintains a healthy net-debt-to-EBITDA ratio of 0.42X.

    Gold Fields has been looking for value-accretive inorganic opportunities to bolster its pipeline. The Tarkwa mine, the flagship asset in its portfolio, is poised to sustain an annual production rate of approximately 500 thousand ounces over the next decade independently.

    The company is currently making progress in negotiations with the Ghana government for the approval of the proposed Tarkwa/Iduapriem JV with AngloGold Ashanti. If approved, this partnership will unlock operational synergies, enabling higher production rates and grades, thereby extending the combined operation's mine life to at least 18 years.

    The Zacks Consensus Estimate for the Sandton, South Africa-based company’s fiscal 2024 earnings has moved up 33% over the past 30 days. The consensus mark indicates year-over-year growth of 64.5%. GFI currently sports a Zacks Rank #1 (Strong Buy).

    You can see the complete list of today’s Zacks #1 Rank stocks here.

    Agnico Eagle Mines: The merger with Kirkland Gold solidifies AEM’s standing as a premier gold producer, backed by enhanced financial resources and a robust project pipeline. Agnico Eagle’s sufficient cash flow is enabling it to maintain a strong exploration budget, primarily focused on Kittila, Canadian Malartic, LaRonde, Kirkland Lake, Hope Bay and Santa Gertrudis. The Kittila mine in Finland is the largest primary gold producer in Europe and hosts the company's largest mineral reserves.

    AEM continues to expand the exploration drilling of Roura Main, Sisar and Rimpi Zones to take advantage of better grades. LaRonde, Canadian Malartic and Nunavut are expected to be major drivers for cash flow generation over the next several years. A lower debt level contributes to its overall financial strength and stability.

    The Zacks Consensus Estimate for the Toronto, Canada-based company’s 2024 earnings has moved up 18% over the past 30 days. The estimate indicates year-over-year growth of 24%. AEM has a trailing four-quarter earnings surprise of 16.5%, on average. The company currently has a long-term estimated earnings growth of 16.6% and a Zacks Rank #2 (Buy).

    AngloGold Ashanti: In 2023, the company produced 2.593 million ounces of gold attributable, achieving its guidance for the year. It recently completed the acquisition of an 11.7% interest in G2 Goldfields Inc., a Canadian gold mining company with exploration properties in Guyana, South America. This move will provide AngloGold Ashanti with a solid position in one of the world’s key gold provinces with great potential for discoveries. AU produced 2.593 million ounces of gold in 2023 at total cash costs of $1,108 per ounce — within its guidance range.

    The company delivered strong performances at Sunrise Dam, Iduapriem, Cuiabá, Kibali and Tropicana. The production projection for 2024 is pegged at 2.590-2.790 million ounces of gold. The mid-point indicates growth of 4%. This will be aided by the step-up at Obuasi following the completion of Phase 3 of the Obuasi redevelopment project and at Siguiri, wherein the company expects a year-over-year recovery following the 2023 CIL tank failure.

    The company expects costs to be flat at the mid-point in 2024, reflecting the continued realization of benefits from the Full Asset Potential review program. The proposed joint venture with Gold Fields mentioned above will help leverage the operating efficiency advantage at Tarkwa and unlock higher gold grades at Iduapriem.

    The Zacks Consensus Estimate for earnings for the Johannesburg, South Africa-based company’s fiscal 2024 has been revised upward by 61% over the past 30 days. The consensus mark is pegged at earnings of $2.84 per share, whereas it reported a loss of 11 cents in 2023. AU currently flaunts a Zacks Rank #1.

    Harmony Gold: The company produced 832,349 ounces of gold in the first half of fiscal 2024, which marked a 14% year-over-year improvement. With this performance, the company believes that it is on track to achieve the upper end of the guidance of 1.38-1.48 million ounces of gold in fiscal 2024. The operating free cash flow surged 237% year over year to $381 million in the first half of fiscal 2024, driven by operational excellence and higher recovered grades.

    The company’s All-in sustaining costs declined 12% year over year to $1,403 per ounce in the first half of fiscal 2024. With this performance, the company has moved down the industry cost curve. HMY also reported an 11% increase in underground recovered grades to 6.29g/t from the 5.68g/t reported in the prior-year period, exceeding its guidance, primarily driven by Mponeng and Moab Khotsong. The company's efforts to reduce its debt levels appear encouraging. HMY’s flexible balance sheet continues to support its investments in its solid growth pipeline.

    The Zacks Consensus Estimate for earnings for the Randfontein, South Africa-based company’s fiscal 2024 has been revised upward by 11% over the past 30 days. The consensus mark indicates year-over-year growth of 98%. HMY currently carries a Zacks Rank #2.

    Why Haven’t You Looked at Zacks' Top Stocks?

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    Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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    AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

    Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

    Gold Fields Limited (GFI) : Free Stock Analysis Report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    The prospects for the Zacks Mining – Gold industry look bright at the moment on the back of improving gold prices. The yellow metal is likely to gain, fueled by ongoing geopolitical tensions and strong demand.With gold prices anticipated to gain further on demand-supply imbalance, companies like Agnico Eagle Mines AEM, Gold Fields Limited GFI, AngloGold Ashanti PLC AU and Harmony Gold HMY are well-poised for growth, backed by their strong balance sheets, efforts to lower costs and growth initiatives.

    About the Industry

    The Zacks Mining – Gold industry comprises companies engaged in extracting gold from mines. These mines may be either underground or open pits. Mining is a long and complex process, and requires significant financial resources. It involves exploration to evaluate the deposit's size; assessing ways to extract and process the ore efficiently, safely and responsibly; and developing the mine before the actual mining process. It normally takes 10-20 years for a gold mine to produce material that can finally be refined. Nowadays, industry players use a range of sophisticated techniques to extract gold and convert it into dore bars, an alloy of gold and silver, alongside other impurities. These are then sent for purification, after which gold is purchased as bars or coins or used in jewelry or other purposes.

    Major Trends Shaping the Future of the Mining-Gold Industry

    Upbeat Gold Prices to Drive Industry Growth: Since the start of 2024, gold prices have risen 13%. Remaining consistently above the $2,000-per-ounce mark, the yellow metal peaked at an unprecedented $2,431.55 per ounce in April. Several factors have contributed to this upward trajectory, including increased geopolitical tensions, a depreciating U.S. dollar, the potential for monetary policy easing, and continuous purchasing by central banks. Physical demand has also been strong in China of late since the weaker yuan, volatile stock market and comparatively low deposit rates have led investors to explore alternatives for their savings.

    Efforts to Counter High Costs to Sustain Margins: The industry has been facing a shortage of skilled workforce, causing a spike in wages. Industry players are persistently grappling with escalating production costs, including electricity, water, and material and supply-chain issues. Since the industry cannot control gold prices, it focuses on improving the sales volume and the operating cash flow, and lowering unit net cash costs. The industry participants are opting for alternate energy sources, such as solar or wind farms, to minimize fuel-price volatility and secure supply. Miners are committed to cost-reduction strategies and digital innovation to drive operating efficiencies.Impending Demand & Supply Imbalance to Support Prices: Depleting resources, declining supply in old mines and the lack of new mines have been inherent threats to the industry. Due to the scarcity of discoveries and exhaustive existing resources, miners prefer building up reserves through acquisitions rather than digging new ones that are risky and capital-intensive. On the demand side, the use of gold in energy, healthcare and technology is rising. India and China account for around 50% of consumer gold demand. Economic strength in India is yielding wealth-driven buying. The yellow metal has long been considered a safe-haven investment in financial or political uncertainty. Gold demand continues to be on the rise from central banks. Therefore, there will be an eventual demand-supply imbalance, which is likely to drive gold prices.

    Zacks Industry Rank Indicates Bright Prospects

    The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates encouraging near-term prospects. The Zacks Mining – Gold Industry, which is a 35-stock group within the broader Zacks Basic Materials sector, currently carries a Zacks Industry Rank #49, which places it in the top 19% of 250 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.Before we present a few stocks that you may want to consider for your portfolio, let us take a look at the industry’s recent stock-market performance and valuation picture.

    Industry Versus S&P 500 & Sector

    The Mining-Gold Industry has underperformed the S&P 500 Index and the Basic Material sector in a year. The stocks in the industry have collectively grown 0.4% compared with the broader sector’s rise of 4.6%. The S&P 500 has jumped 23.5% in the same timeframe.

    One-Year Price Performance

    Industry's Current Valuation

    On the basis of the forward 12-month EV/EBITDA, a commonly used multiple for valuing gold-mining companies, we see that the industry is currently trading at 6.55X compared with the S&P 500’s 12.57X and the Basic Material sector’s forward 12-month EV/EBITDA of 7.16X. This is shown in the charts below.

    Enterprise Value/EBITDA (EV/EBITDA) F12M RatioEnterprise Value/EBITDA (EV/EBITDA) F12M Ratio

    Over the last five years, the industry traded as high as 9.26X and as low as 4.63X, with the median at 6.20X

    4 Mining-Gold Stocks to Bet on

    Gold Fields: The company produced 2.30 million ounces of attributable gold equivalent ounces in 2023, in line with its guidance. For 2024, it is targeting 2.33-2.43 million ounces. GFI recently announced the first gold pour at its Salares Norte mine in Chile’s Atacama province. This achievement underscores the culmination of a 13-year journey from project discovery through exploration and development to production. Salares Norte is a world-class project with one of the industry’s lower-cost profiles and a payback period of less than three years at current gold prices. It will boost GFI’s cash flow profile over the next few years. Despite substantial capital expenditure, primarily attributed to Salares Norte's construction, the company maintains a healthy net-debt-to-EBITDA ratio of 0.42X. Gold Fields has been looking for value-accretive inorganic opportunities to bolster its pipeline. The Tarkwa mine, the flagship asset in its portfolio, is poised to sustain an annual production rate of approximately 500 thousand ounces over the next decade independently. The company is currently making progress in negotiations with the Ghana government for the approval of the proposed Tarkwa/Iduapriem JV with AngloGold Ashanti. If approved, this partnership will unlock operational synergies, enabling higher production rates and grades, thereby extending the combined operation's mine life to at least 18 years.

    The Zacks Consensus Estimate for the Sandton, South Africa-based company’s fiscal 2024 earnings has moved up 33% over the past 30 days. The consensus mark indicates year-over-year growth of 64.5%. GFI currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

    Price & Consensus: GFI

    Agnico Eagle Mines: The merger with Kirkland Gold solidifies AEM’s standing as a premier gold producer, backed by enhanced financial resources and a robust project pipeline. Agnico Eagle’s sufficient cash flow is enabling it to maintain a strong exploration budget, primarily focused on Kittila, Canadian Malartic, LaRonde, Kirkland Lake, Hope Bay and Santa Gertrudis. The Kittila mine in Finland is the largest primary gold producer in Europe and hosts the company's largest mineral reserves. AEM continues to expand the exploration drilling of Roura Main, Sisar and Rimpi Zones to take advantage of better grades. LaRonde, Canadian Malartic and Nunavut are expected to be major drivers for cash flow generation over the next several years. A lower debt level contributes to its overall financial strength and stability.The Zacks Consensus Estimate for the Toronto, Canada-based company’s 2024 earnings has moved up 18% over the past 30 days. The estimate indicates year-over-year growth of 24%. AEM has a trailing four-quarter earnings surprise of 16.5%, on average. The company currently has a long-term estimated earnings growth of 16.6% and a Zacks Rank #2 (Buy).

    Price & Consensus: AEM

    AngloGold Ashanti: In 2023, the company produced attributable 2.593 million ounces of gold, achieving its guidance for the year. It recently completed the acquisition of an 11.7% interest in G2 Goldfields Inc., a Canadian gold mining company with exploration properties in Guyana, South America. This move will provide AngloGold Ashanti with a solid position in one of the world’s key gold provinces with great potential for discoveries. AU produced 2.593 million ounces of gold in 2023 at total cash costs of $1,108 per ounce — within its guidance range. The company delivered strong performances at Sunrise Dam, Iduapriem, Cuiabá, Kibali and Tropicana. The production projection for 2024 is pegged at 2.590-2.790 million ounces of gold. The mid-point indicates growth of 4%. This will be aided by the step-up at Obuasi following the completion of Phase 3 of the Obuasi redevelopment project and at Siguiri, wherein the company expects a year-over-year recovery following the 2023 CIL tank failure. The company expects costs to be flat at the mid-point in 2024, reflecting the continued realization of benefits from the Full Asset Potential review program. The proposed joint venture with Gold Fields mentioned above will help leverage the operating efficiency advantage at Tarkwa and unlock higher gold grades at Iduapriem.The Zacks Consensus Estimate for earnings for the Johannesburg, South Africa-based company’s fiscal 2024 has been revised upward by 61% over the past 30 days. The consensus mark is pegged at earnings of $2.84 per share, whereas it reported a loss of 11 cents in 2023. AU currently flaunts a Zacks Rank #1.

    Price & Consensus: AU

    Harmony Gold: The company produced 832,349 ounces of gold in the first half of fiscal 2024, which marked a 14% year-over-year improvement. With this performance, the company believes that it is on track to achieve the upper end of the guidance of 1.38-1.48 million ounces of gold in fiscal 2024. The operating free cash flow surged 237% year over year to $381 million in the first half of fiscal 2024, driven by operational excellence and higher recovered grades. The company’s All-in sustaining costs declined 12% year over year to $1,403 per ounce in the first half of fiscal 2024. With this performance, the company has moved down the industry cost curve. HMY also reported an 11% increase in underground recovered grades to 6.29g/t from the 5.68g/t reported in the prior-year period, exceeding its guidance, primarily driven by Mponeng and Moab Khotsong. The company's efforts to reduce its debt levels appear encouraging.  HMY’s flexible balance sheet continues to support its investments in its solid growth pipeline.The Zacks Consensus Estimate for earnings for the Randfontein, South Africa-based company’s fiscal 2024 has been revised upward by 11% over the past 30 days. The consensus mark indicates year-over-year growth of 98%. HMY currently carries a Zacks Rank #2.

    Price & Consensus: HMY

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    Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

    AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

    Gold Fields Limited (GFI) : Free Stock Analysis Report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    The Basic Materials group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Harmony Gold (HMY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

    Harmony Gold is a member of our Basic Materials group, which includes 240 different companies and currently sits at #2 in the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

    The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Harmony Gold is currently sporting a Zacks Rank of #2 (Buy).

    Over the past 90 days, the Zacks Consensus Estimate for HMY's full-year earnings has moved 29.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

    Based on the most recent data, HMY has returned 42.6% so far this year. At the same time, Basic Materials stocks have lost an average of 3.3%. As we can see, Harmony Gold is performing better than its sector in the calendar year.

    Mercer International (MERC) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 5.2%.

    Over the past three months, Mercer International's consensus EPS estimate for the current year has increased 27%. The stock currently has a Zacks Rank #2 (Buy).

    Looking more specifically, Harmony Gold belongs to the Mining – Gold industry, which includes 39 individual stocks and currently sits at #48 in the Zacks Industry Rank. This group has gained an average of 8.2% so far this year, so HMY is performing better in this area.

    On the other hand, Mercer International belongs to the Paper and Related Products industry. This 12-stock industry is currently ranked #7. The industry has moved +5% year to date.

    Investors interested in the Basic Materials sector may want to keep a close eye on Harmony Gold and Mercer International as they attempt to continue their solid performance.

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    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    Mercer International Inc. (MERC) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

    While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

    Below, we take a look at Harmony Gold (HMY), which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

    It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Harmony Gold currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of A or B outperform the market over the following one-month period.

    You can see the current list of Zacks #1 Rank Stocks here >>>

    Set to Beat the Market?

    Let's discuss some of the components of the Momentum Style Score for HMY that show why this gold miner shows promise as a solid momentum pick.

    Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

    For HMY, shares are up 1.98% over the past week while the Zacks Mining – Gold industry is down 0.87% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 12.1% compares favorably with the industry's 5.33% performance as well.

    While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Harmony Gold have risen 38.69%, and are up 93.56% in the last year. In comparison, the S&P 500 has only moved 3.72% and 22.99%, respectively.

    Investors should also take note of HMY's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now, HMY is averaging 6,568,800 shares for the last 20 days.

    Earnings Outlook

    The Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with HMY.

    Over the past two months, 1 earnings estimate moved higher compared to none lower for the full year. These revisions helped boost HMY's consensus estimate, increasing from $0.69 to $0.89 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

    Bottom Line

    Given these factors, it shouldn't be surprising that HMY is a #2 (Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Harmony Gold on your short list.

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    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    Goliath Resources Limited

    TORONTO, April 08, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (OTCQB: GOTRF) (TSX-V: GOT) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has been pre-selected by South Florida-based Noble Capital Markets Inc. (“Noble”) to present at its 20th annual NobleCon emerging growth equity conference and will also be co-hosting the “After” at Privaira Hangar, Boca Raton Airport. This is Noble’s 40th year anniversary of supporting emerging growth companies.

    “We are very excited to have been pre-selected and hand picked from a long roster of companies to receive Noble’s endorsement to participate and help celebrate their 40th Anniversary and 20th NobleCon emerging growth equity conference,” stated Roger Rosmus, Founder & CEO of Goliath.

    NobleCon20 will be held December 3 – 4, 2024 at the Florida Atlantic University’s College of Business Executive Education programs complex. This year three of the original “Sharks” from the ABC hit series “Shark Tank” will be in attendance for a two-day event focused on business pitches, keynote speakers and networking.

    Venture capitalist Kevin O’Leary (commonly referred to as “Mr. Wonderful”), FUBU apparel founder Daymond John, and cyber-tech giant Robert Herjavec will be featured on the same stage where last year’s keynote speaker, former President George W. Bush, captivated the audience.

    Bringing all three celebrity investors together was no small challenge and their joint appearance for a 95-minute, two-part event on the NobleCon20 stage will be one of a kind. First, the trio will give a moderated fireside chat, followed by a series of business pitches from hopeful entrepreneurs selected by Noble and from Florida Atlantic students and alumni.

    NobleCon20 will also feature two topical panel presentations featuring notable opinion leaders, an expanded one-on-one meeting schedule, presentations from emerging growth public company senior executives and an opening-session keynote speech. The disco-themed 2024 edition of the “After,” hosted in conjunction with Goliath Resources and Money Channel NYC / Moneyball Networking, will be held at the Privaira Hangar at the Boca Raton International Airport.

    “For NobleCon20 we want to focus on the importance of entrepreneurship, the economic significance of emerging growth companies, and the methodology of making strategic and disciplined investments. These ‘Sharks’ brings all of that to the stage,” Mark Pinvidic, Noble’s managing partner, said. “It’s our 40th anniversary and our 20th NobleCon, so expectations are high, particularly considering some of the networking events we’ve done in the past. Rest assured, this ‘After’ will be one for the record books.”

    Noble has now opened the selection process for public company executives who would like to join the roster of speakers. General attendance registration will be available in July. Preliminary info can be obtained at www.nobleconference.com.

    About Florida Atlantic University:Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, the University serves more than 30,000 undergraduate and graduate students across six campuses located along the southeast Florida coast. In recent years, the University has doubled its research expenditures and outpaced its peers in student achievement rates. Through the coexistence of access and excellence, FAU embodies an innovative model where traditional achievement gaps vanish. FAU is designated a Hispanic-serving institution, ranked as a top public university by U.S. News & World Report and a High Research Activity institution by the Carnegie Foundation for the Advancement of Teaching. For more information, visit www.fau.edu.

    About Noble Capital Markets, Inc. and Channelchek:

    Noble Capital Markets Inc. was established in 1984 as a full-service SEC / FINRA registered broker-dealer, dedicated exclusively to serving underfollowed emerging growth companies through investment banking, wealth management, trading & execution, and equity research activities. Over the past 40 years, Noble has raised billions of dollars for companies and published more than 45,000 equity research reports. Noble launched www.channelchek.com in 2018 – an investor community dedicated exclusively to public emerging growth and their industries. Channelchek is the first service to offer institutional-quality research to the public, for FREE at every level without a subscription. More than 7,000 public emerging growth companies are listed on the site, and content including equity research, webcasts, and industry articles. For more information, visit www.noblecapitalmarkets.com

    Golddigger – Goliath Resources’ Flagship Property

    The Golddigger Property is 100% controlled covering an area of 64,264 hectares (158,800 acres) and is in the world class geological setting of the Eskay Rift within the Golden Triangle of British Columbia and within 3 kilometers of the ‘Red Line’ that is host to multiple world class deposits.

    The Surebet discovery has exceptional metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

    It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

    Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

    Qualified Person

    Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

    About Goliath Resources Limited

    Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. The Company currently has ample funds in its treasury to initiate a significant 2024 drill program and has key strategic shareholders that include Crescat Capital, as well as cornerstone billionaire exploration resource investors Mr. Rob McEwen and Mr. Eric Sprott.

    For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

    Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

    The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

    The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

    In this article, we discuss the 13 most profitable gold stocks to invest in. To skip the detailed analysis of the industry, go directly to the 5 Most Profitable Gold Stocks To Invest In.

    The close of 2023 saw a surge in gold prices driven by the widespread belief that the precious metal serves as a hedge against inflation, prompting investors to seek refuge amid economic uncertainty. That same year, gold prices experienced a notable surge of over 13%, coinciding with a 3% increase in demand for the yellow metal compared to the previous year, reaching 4,899 metric tons. This data, sourced from the World Gold Council, encompasses purchases made by central banks as well as demand from various sectors including industries, jewelry makers, and investors. The SVB crash and conflicts in the Middle East have further heightened demand for the precious metal throughout the year, consequently leading gold stocks to achieve significant gains. According to a Bloomberg report from earlier in 2023, data from Invesco indicated a notable trend of global sovereign wealth funds and investors increasing their gold holdings. The insights from the report were based on a survey encompassing 85 sovereign wealth funds and 57 central banks, managing assets totaling approximately $21 trillion.

    Exchange-traded funds (ETFs) that mirror the price of gold also recorded strong performances. The SPDR Gold Shares ETF (NYSE:GLD) saw a gain of 6.06% year-to-date, while the iShares Gold Trust ETF (NYSE:IAU) climbed 4.6%. Many analysts describe the investment environment supporting gold's recent performance as a Goldilocks scenario, characterized by "just right" conditions. Bill Baruch, president of commodities brokerage firm Blue Line Futures, suggesting that gold's movement signals the beginning of a "multi-year bull market in metals." This statement is supported by VanEck's report that illustrated the direct correlation between gold prices and gold stocks.

    "Gold stocks are supposed to outperform the metal when gold’s price is rising. Their leverage to gold justifies outperformance. For any given move in the price of gold, operating cash flow generated by these companies increases (or decreases) by a much greater percentage. Take Alamos (8.06% of Fund net assets), for example. The company estimates that a 5% increase in the price of gold (about a+$100/oz move), would translate into an increase of almost 30% in their free cash flow in 2024. "

    With that in mind, today we will explore some of the most profitable gold stocks that investors should take note of, with prominent choices including Freeport-McMoRan Inc. (NYSE:FCX), Barrick Gold Corp (NYSE:GOLD), and Agnico Eagle Mines Limited (NYSE:AEM).

    13 Most Profitable Gold Stocks To Invest In

    A golden nugget illuminated under direct lighting, hinting at the value of precious metals.

    Our Methodology

    To make our list of the most profitable gold stocks to invest in, we narrowed down a list of gold companies that have operations involving the precious metal and ranked them according to their lates trailing twelve-month net income. For these gold stocks, we have also mentioned hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

    13. B2Gold Corp (NYSE:BTG)

    Number of Hedge Fund Holders: 14

    Latest TTM Net Income: 10.10 million

    B2Gold Corp. (NYSE:BTG) is a Canadian company focused on the exploration and development of gold resources. Operating across several countries, including Colombia, Mali, Namibia, the Philippines, Uzbekistan, Finland, and Canada, the company is actively involved in exploration, development, and production activities in these regions.

    A total of 14 hedge funds tracked by Insider Monkey reported having stakes in B2Gold Corp (NYSE:BTG). One of the biggest hedge fund stakeholders of B2Gold Corp (NYSE:BTG) was John Overdeck and David Siegel’s Two Sigma Advisors which owns a $24.69 million stake in B2Gold Corp (NYSE:BTG).

    Much like Freeport-McMoRan Inc. (NYSE:FCX), Barrick Gold Corp (NYSE:GOLD), and Agnico Eagle Mines Limited (NYSE:AEM), B2Gold Corp. (NYSE:BTG) ranks as one of the most profitable gold stocks to invest in.

    12. Equinox Gold Corp. (NYSE:EQX)

    Number of Hedge Fund Holders: 10

    Latest TTM Net Income: 28.89 million

    Equinox Gold Corp. (NYSE:EQX) is a gold producer concentrated on growth that operates solely in the Americas, with seven operational gold mines situated in the U.S., Mexico, and Brazil. Additionally, the company is presently advancing through the commissioning phase at its Greenstone Project near Geraldton, Ontario.

    Q4 2023 emerged as Equinox Gold Corp. (NYSE:EQX)'s most robust quarter of the year, during which it generated 155,000 ounces of gold. This performance allowed the company to meet its guidance, resulting in a total production of 564,500 ounces for the entirety of 2023. Equinox Gold Corp. (NYSE:EQX) concluded the year with approximately $192 million in cash and equivalents.

    During Q3 2023, 10 out of the 933 hedge funds part of Insider Monkey’s database had held a stake in Equinox Gold Corp. (NYSE:EQX). Out of these, the firm’s largest shareholder is Eric Sportt’s Sprott Asset Management since it owns $40.39 million worth of shares.

    11. Sandstorm Gold Ltd. (NYSE:SAND)

    Number of Hedge Fund Holders: 12

    Latest TTM Net Income: 41.72 million

    Based in Vancouver, Sandstorm Gold Ltd. (NYSE:SAND) is a gold royalty company that extends funding to mining firms in exchange for royalties, predominantly in the form of net smelter returns and streams. Since its establishment in 2008, Sandstorm Gold Ltd. (NYSE:SAND) has amassed an impressive portfolio encompassing over 250 royalties on mines worldwide.

    In its latest earnings report for the fourth quarter, Sandstorm Gold Ltd. (NYSE:SAND) showcased impressive results, surpassing expectations in both revenue and earnings per share. The company reported revenues of $44.5 million for the quarter, marking a 15.9% increase year-over-year. Additionally, its net income amounted to $24.5 million, or $0.08 per share, in contrast to a net loss of $2.1 million, or $0.01 per share, in the same period the previous year.

    12 out of the 933 hedge funds profiled by Insider Monkey had held a stake in the company. Sandstorm Gold Ltd. (NYSE:SAND)’s biggest hedge fund investor is Murray Stahl’s Horizon Asset Management as it owns 4.8 million shares that are worth $24.18 million.

    10. IAMGOLD Corporation (NYSE:IAG)

    Number of Hedge Fund Holders: 16

    Latest TTM Net Income: 94.30 million

    IAMGOLD Corporation (NYSE:IAG) is a Canadian company headquartered in Toronto, owning and operating gold mines in Burkina Faso, Suriname, and Canada. Established in 1990, the company has grown to become a significant player in the global gold mining industry.

    IAMGOLD Corporation (NYSE:IAG) recently finalized its acquisition of Vanstar Mining Resources Inc., marking the completion of the consolidation of its ownership of the Nelligan Gold Project in Quebec. Following this transaction, IAMGOLD Corporation (NYSE:IAG) now possesses a 100% interest in the Project, located 60 kilometers southwest of Chibougamau, Quebec. Additionally, the company holds a 1% Net Smelter Return (NSR) royalty on selected claims of the project, along with other early-stage exploration properties in Northern Quebec.

    During last year’s December quarter, 16 out of the 910 hedge funds tracked by Insider Monkey owned IAMGOLD Corporation (NYSE:IAG)’s shares. The firm’s largest investor in our database is John Overdeck And David Siegel's Two Sigma Advisors as it owns $12.4 million worth of shares.

    9. Alamos Gold Inc (NYSE:AGI)

    Number of Hedge Fund Holders: 33

    Latest TTM Net Income: 210.00 million

    Alamos Gold Inc. (NYSE:AGI) is an intermediate gold producer headquartered in Canada, renowned for its diversified production from three operational mines in North America and a robust portfolio of growth projects. These mines include the Young-Davidson and Island Gold mines in northern Ontario, Canada, as well as the Mulatos mine in Sonora State, Mexico.

    In January of this year, Alamos Gold Inc. (NYSE:AGI) finalized an agreement to acquire all issued and outstanding shares of Orford Mining, further solidifying its position in several mining projects located in Quebec, Canada. This strategic move will allow Alamos Gold Inc. (NYSE:AGI) to enrich its portfolio by integrating the Qiqavik Gold Project and other exploration-stage assets, such as Nunavik Lithium, the Joutel Properties, and West Raglan.

    A total of 33 hedge funds out of the 933 funds in Insider Monkey’s database of hedge funds had stakes in Alamos Gold Inc (NYSE:AGI). The most notable stake in Alamos Gold Inc (NYSE:AGI) is owned by Jean-Marie Eveillard’s First Eagle Investment Management which owns an $119.2 million stake in Alamos Gold Inc (NYSE:AGI).

    8. Royal Gold, Inc. (NASDAQ:RGLD)

    Number of Hedge Fund Holders: 23

    Latest TTM Net Income: 239.44 million

    Royal Gold, Inc. (NASDAQ:RGLD) is recognized as a prominent global entity in the precious metals streaming and royalty sector. Specializing in the acquisition and management of precious metal streams, royalties, and similar production-based interests, the company has established a strong foothold in the industry.

    On February 15, National Bank Financial analyst Sameer Keswani upgraded Royal Gold, Inc. (NASDAQ:RGLD) from Sector Perform to Outperform, signaling a significant change in their evaluation of the company's prospects within the precious metals market. This upgrade reflects Keswani's confidence in Royal Gold, Inc. (NASDAQ:RGLD) to outperform its sector peers and provide superior returns to investors.

    As of the last quarter of 2023, 23 hedge funds tracked by Insider Monkey held stakes in Royal Gold, Inc. (NASDAQ:RGLD). The largest stakeholder during this period was Jean-Marie Eveillard’s First Eagle Investment Management.

    7. Kinross Gold Corporation (NYSE:KGC)

    Number of Hedge Fund Holders: 36

    Latest TTM Net Income: 416.30 million

    Established in 1993 and headquartered in Toronto, Ontario, Kinross Gold Corporation (NYSE:KGC) is a Canadian mining company specializing in gold and silver extraction. Currently, Kinross operates across six active gold mines and has shown robust financial performance in recent quarters.

    Kinross Gold Corporation (NYSE:KGC) has recently entered into an exploration and venture option agreement with Riley Gold for the PWC gold project in Nevada, US. Under the terms of the deal, Kinross has the potential to acquire up to a 75% interest in the project, contingent upon a minimum investment of $20 million. The PWC project, situated in Lander County, covers approximately 24.7 square kilometers in the Cortez District, renowned for its gold production.

    As of the end of the fourth quarter of 2023, 36 hedge funds tracked by Insider Monkey held stakes in Kinross Gold Corporation (NYSE:KGC). Notably, Israel Englander’s Millennium Management is the largest stakeholder in Kinross Gold Corporation (NYSE:KGC).

    6. Harmony Gold Mining Company Limited (NYSE:HMY)

    Number of Hedge Fund Holders: 13

    Latest TTM Net Income: 480.17 million

    Harmony Gold Mining Company Limited (NYSE:HMY) operates and develops world-class gold assets in South Africa and Papua New Guinea (PNG), one of the world's premier new gold-copper regions. With 69 years of experience, Harmony Gold Mining Company Limited (NYSE:HMY) currently stands as South Africa's largest gold producer.

    Earlier this February, Harmony Gold Mining Company Limited (NYSE:HMY) reported earnings for the second half of 2023, revealing a 25% increase in production profit and a tripling of earnings per share to $0.51 compared to the same period ending December 31, 2022. Bolstered by these robust earnings results and the approval to continue utilizing its Mponeng Mine, Harmony Gold Mining Company Limited (NYSE:HMY) announced an interim dividend of approximately $0.08 per share, in addition to its regular quarterly dividend of $0.08 per share.

    13 out of the 933 hedge funds polled by Insider Monkey were the firm’s investors in Q4 2023. The biggest Harmony Gold Mining Company Limited (NYSE:HMY) hedge fund shareholder is David Iben’s Kopernik Global Investors as it owns 16.22 million shares that are worth $99.79 million.

    Similar to Freeport-McMoRan Inc. (NYSE:FCX), Barrick Gold Corp (NYSE:GOLD), and Agnico Eagle Mines Limited (NYSE:AEM), Harmony Gold Mining Company Limited (NYSE:HMY) is one of the most profitable stocks to buy.

    Click to continue reading and see 5 Most Profitable Gold Stocks To Invest In.

    Suggested articles:

    Disclosure: None. 13 Most Profitable Gold Stocks To Invest In is originally published on Insider Monkey.

    Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Harmony Gold (HMY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

    Harmony Gold is a member of our Basic Materials group, which includes 237 different companies and currently sits at #15 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

    The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Harmony Gold is currently sporting a Zacks Rank of #2 (Buy).

    Over the past 90 days, the Zacks Consensus Estimate for HMY's full-year earnings has moved 5.1% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

    Our latest available data shows that HMY has returned about 28% since the start of the calendar year. In comparison, Basic Materials companies have returned an average of -0.9%. This means that Harmony Gold is outperforming the sector as a whole this year.

    Another stock in the Basic Materials sector, Innospec (IOSP), has outperformed the sector so far this year. The stock's year-to-date return is 0.9%.

    Over the past three months, Innospec's consensus EPS estimate for the current year has increased 1.8%. The stock currently has a Zacks Rank #2 (Buy).

    Looking more specifically, Harmony Gold belongs to the Mining – Gold industry, a group that includes 41 individual stocks and currently sits at #144 in the Zacks Industry Rank. This group has gained an average of 1.5% so far this year, so HMY is performing better in this area.

    In contrast, Innospec falls under the Chemical – Diversified industry. Currently, this industry has 29 stocks and is ranked #210. Since the beginning of the year, the industry has moved -1.3%.

    Harmony Gold and Innospec could continue their solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to these stocks.

    Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    Innospec Inc. (IOSP) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    Goliath Resources Limited

    Infographic 1

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    HIGHLIGHTS:

    • The volume of the Surebet Zone (now Surebet Upper) hosted in the sedimentary units shows a potential range of 28 – 35 million tonnes based on 108 mineralized pierce points that has widths up to 35 meters at 24.44 g/t AuEq. In addition, a secondary vein located approximately 15 meters below Surebet Upper and parallel to it, has been identified shows a potential range of 5 – 7 million tonnes based on 54 mineralized pierce points that has widths of up to 6 meters at 11.94 g/t AuEq. This new vein is named Surebet Lower and remains open.

    • The volume of the Bonanza Shear is showing a potential range of 12 – 16 million tonnes based on 52 mineralized pierce points that have widths up to 10 meters at 27.94 g/t AuEq, including 3 meters at 46.04 g/t AuEq hosted at the contact between sedimentary rocks and now showing it continues into the volcanic rocks; it remains open.

    • The volume of the Golden Gate Zone is showing a potential range of 4 – 5 million tonnes based on 52 mineralized pierce points that has widths up to 3 meters at 8.46 g/t AuEq and 3 meters at 22.07 g/t AuEq for the two identified parallel veins Upper and Lower hosted in the volcanic units respectively; they remain open.

    • The updated structural model has identified six new gold veins that remain open showing potential volume ranges:

      • Big One (12 – 15 Mt) based on 51 mineralized pierce points that has widths of up to 3 meters at 6.75 g/t AuEq.

      • Eldorado (8 – 11 Mt) based on 57 mineralized pierce points that has widths of up to 3 meters at 11.39 g/t AuEq.

      • Surebet Lower (5 – 7 Mt) based on 54 mineralized pierce points that has widths of up to 6 meters at 11.94 g/t AuEq.

      • Goldzilla (4 – 5 Mt) based on 24 mineralized pierce points that has widths of up to 3 meters at 4.55 g/t AuEq.

      • Hotspot (2 – 3 Mt) based on 7 mineralized pierce points that has widths of up to 1 meter at 1.00 g/t AuEq.

      • Whopper (1 – 2 Mt) based on 27 mineralized pierce points that has widths of up to 4 meters at 13.60 g/t AuEq.

    • The total combined volume ranges from the 10 veins shows 78 – 97 million in potential tonnes.

    • The advanced structural model based on all drilling to date has confirmed key areas where further drilling could provide additional continuation of the extension of mineralized horizons as well as vectoring in on the possible mineralized feeder source.

    • Detailed surface mapping of the Surebet area also has played a major role in clearly defining the structural controls on the vein and consequently the gold mineralization (see image below).

    TORONTO, March 04, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is please to share a significant update on the work being carried out on the Surebet Discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia. The Company has updated the structural vein model of the Surebet Discovery that integrates drill data from the 2021 to 2023 (oriented core), all the surface data collected and the total number of mineralized pierce points in each vein to date. The new model suggests a total combined range of 78 to 97 million potential tonnes. In addition to the previously reported Surebet Zone, Bonanza Shear and Golden Gate Zone, 6 newly discovered gold veins have been identified that also remain open.

    The updated structural vein/shear model resulted in a greater understanding of the mineralized zones on the Surebet Discovery, where 10 veins have now been identified, including Surebet (now Upper Surebet), Bonanza Shear and Golden Gate (now Upper and Lower veins).

    The 6 newly identified veins include: Big One, Eldorado, Surebet Lower, Goldzilla, Hotspot, and Whopper. The new structural model was built taking into consideration the structural data obtained from oriented drill core collected between 2021 and 2023, structural information from surface sampling and mapping as well as the number of mineralized pierce points in each vein and their locations.

    They are the result of incorporating a number of mineralized intervals that were not previously associated with Surebet Zone, Bonanza Shear and Golden Gate Zone as well as some mineralized intervals that have been re-assigned based on new structural information. Detailed surface mapping of the Surebet area also has played a major role in clearly defining the structural controls on the veins and consequently the gold mineralization.

    The advanced structural model together with information from detailed surficial mapping has vectored in on the key areas where drilling should provide additional continuation and extension of gold mineralized horizons focussed on building estimated ranges of potential tonnage moving forward.

    The Company is in the process of designing a highly focussed drill program for the 2024 drill season. It’s designed to delineate the full extent of gold mineralization, expand the potential tonnage which remains wide open for expansion and additional discoveries as well as vectoring in on the possible feeder source. In addition, the Golddigger 2024 drill program may include a maiden drill program on the newly discovered Treasure Island and Full Contact targets on the Cambria Icefield claims to the north of Surebet.

    Golddigger Property

    The Golddigger Property is 100% controlled covering an area of 64,264 hectares (158,800 acres) and is in the world class geological setting of the Eskay Rift within the Golden Triangle of British Columbia and within 3 kilometers of the ‘Red Line’ that is host to multiple world class deposits.

    The Surebet discovery has exceptional metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

    It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

    Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

    Qualified Person

    Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

    Other

    The potential quantity and grade ranges are conceptual in nature, and that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the Surebet Discovery being delineated as a NI 43-101 compliant mineral resource and is subject to change. Goliath’s conceptual Leap Frog structural vein/shear model takes into consideration and is based on: all structural data collected from surface and logged drill core (incl. oriented core), specific gravity (SG) of 2.93 x cubic meters from the area drilled, weighted average of all mineralized grades/widths from all 222 diamond drill hole pierce points assayed inclusive of the 2023 program.

    Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

    Grab, channels, chip, and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

    All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

    The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

    About Goliath Resources Limited

    Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada.

    For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

    Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

    The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.

    The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

    Harmony Gold Mining (JSE:HAR) First Half 2024 ResultsKey Financial Results

    • Revenue: R31.4b (up 35% from 1H 2023).

    • Net income: R5.92b (up 222% from 1H 2023).

    • Profit margin: 19% (up from 7.9% in 1H 2023). The increase in margin was driven by higher revenue.

    • EPS: R9.56 (up from R2.98 in 1H 2023).

    earnings-and-revenue-growth

    All figures shown in the chart above are for the trailing 12 month (TTM) period

    Harmony Gold Mining Earnings Insights

    Looking ahead, revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in South Africa.

    Performance of the South African Metals and Mining industry.

    The company's shares are up 3.7% from a week ago.

    Balance Sheet Analysis

    While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Harmony Gold Mining's balance sheet and an in-depth analysis of the company's financial position.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Harmony Gold Mining Company Limited HMY logged adjusted earnings of 51 cents per share in the first half of fiscal 2024 (ended Dec 31, 2023), up 200% from adjusted earnings of 17 cents recorded a year ago.

    For the first half of fiscal 2024, revenues were up 25% year over year to $1,681 million. Average gold prices received for the period rose nearly 10% year over year to $1,900 per ounce (oz).

    Harmony Gold Mining Company Limited Price, Consensus and EPS Surprise

     

    Harmony Gold Mining Company Limited Price, Consensus and EPS Surprise

    Harmony Gold Mining Company Limited price-consensus-eps-surprise-chart | Harmony Gold Mining Company Limited Quote

     Production and Costs

    Gold production was 832,349 oz for the reported period, up around 14% year over year.

    Cash operating costs per oz fell 10% year over year to $1,191. All-in-sustaining costs fell 12% year over year to $1,403 per oz.

    Financial Overview

    As of Dec 31, 2023, cash and cash equivalents rose around 46% year over year to $188 million.

    Operating free cash flow surged 237% year over year to $381 million during the period.

    Long-term debt was $183 million at the end of first half of fiscal 2024, down around 55% year over year.

    Outlook

    Harmony Gold’s guidance to produce 1.38-1.48 million oz of gold in fiscal 2024 remains unchanged. Similarly, the AISC and underground grade guidance remains unchanged.

    Price Performance

    Shares of Harmony Gold are up 83.6% in the past year compared with a 3.4% fall of the industry.

    Zacks Investment Research

    Image Source: Zacks Investment Research

    Zacks Rank & Key Picks

    Harmony currently carries a Zacks Rank #2 (Buy).

    Other top-ranked stocks in the Basic Materials space are Carpenter Technology Corporation CRS sporting a Zacks Rank #1 (Strong Buy), and Ecolab Inc. ECL and Hawkins, Inc. HWKN, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

    The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28% in the past year.

    Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 41.8% in the past year.

    The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 69% in the past year.

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    Ecolab Inc. (ECL) : Free Stock Analysis Report

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    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    Hawkins, Inc. (HWKN) : Free Stock Analysis Report

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    Harmony Gold Mining Company Limited (NYSE:HMY) Q1 2023 Earnings Call Transcript February 28, 2024

    Harmony Gold Mining Company Limited isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

    Peter Steenkamp: Good morning or good afternoon, wherever you may be across the world. I am Peter Steenkamp, CEO of Harmony. Thank you for joining us virtually today as we present our Interim Results for the Half Year Ended 31st of December 2023 for the current reporting period. Please take note of our safe statement. Let me begin with a summary to remind you who we are and what our strategy is. Harmony is a specialized gold producer with a growing international copper footprint. We also produce small amounts of silver and uranium. We have over 73 years of gold mining experience in South Africa and have been operating for over two decades in Papua New Guinea. Our strategy is aimed at producing safe, profitable ounces and improving margins through operational excellence and value-adaptive acquisitions.

    Our mineral resources and mineral reserves declaration of 138 million ounces and 39 million ounces respectively, presents an incredible opportunity to convert the quality ounces into shared value for our shareholders and stakeholders. Our gold tailings re-treatment business or recycling as you may know it, is the largest globally and is set to grow supporting the circular economy. The Tier 1 Moafie Gold Project in Papua New Guinea and Eva Copper in Australia give Harmony a sizable copper gold footprint, which will be transformational. Currently, our diversified portfolio of operating assets including nine underground mines, two open pit mines, and a significant failings re-treatment business. Production comes from four business areas, namely our South African high-grade underground mines, our South African optimized underground mines, a large and growing surface sources business in South Africa, and a growing international copper gold portfolio, of which Hidden Valley is the only producing mine at this stage.

    Mining with purpose ensures that our stakeholders share in the benefits of the minerals we extract. In our presentation today, we will provide further insights in how we are creating long term value, shared value for all of us. Over the past few years, we have set ourselves ambitious goals, and I'm proud to say that we've largely achieved them. Reflecting on the first half of the financial year of 2024, we have delivered significant improvement in safety with our last time injury frequency rate improving to from above seven in 2017. The 9 or 5.19 per million ounce worked in a supporting period. We maintain the belief that the safe mine is a profitable mine. We have reduced our gearing and built a strong balance sheet, which is now in the net cash position of ZAR 74 million or US$ 4 million.

    Through organic growth and investment, we continue to convert our mineral resources to quality mineral reserves, focusing on higher grades and margins. This is evident of our comprehensive pipeline of projects in execution. Group all-in sustaining cost improved to ZAR 843 and ZAR 43,000 a kilogram or US$1,403 per ounce. We achieved higher underground recovered grades at 6.29 grams per tonne. Harmony generated a record operating free cash flow of ZAR 7.1 billion or $381 million. This equates to a group operating free cash flow margin of 24%. Our acquisitions have transformed Harmony completely, having added quality ounces and copper to our asset portfolio. We are a new company with a long and exciting future ahead of us. The effective allocation of capital has created is in a position to return capital to our shareholders, rewarding them for investing in Harmony story.

    Allow me to unpack the operational performance for this reporting period. The stellar results in this reporting period were a result of our ongoing investment in operational excellence. This has enabled us to deliver consistency throughout the gold cycle. We are, therefore, well-positioned to take advantage of the current high gold price. Let me give six reasons why I strongly believe Harmony will continue to deliver. First, everything we do starts with safety, which I again want to emphasize is non-negotiable. This is supported by a healthy organizational culture. Operational flexibility and predictability in our planning ensures that we consistently deliver on the tonnes alongside higher-grade ounces. Harmony has always controlled what we can with cost being one key factor.

    With the rand cost base, we have a stable and predictable cost structure. The strong partnerships that we have built with our stakeholders enable us to maintain a social license and continue operating successfully. Our substantial mineral resource based on other 174 million ounces, presents an abundance of opportunity to grow our mineral reserves through internal investments. Let's look at the numbers supporting these statements. We are seeing a continued improvement in safety performance. It requires a daily commitment, and we are confident that we will ultimately achieve this zero of – the goal of zero loss of life. Our proactive culture of safety and care has resulted in our lost time injury frequency rate trending lower. Group lost time injury frequency rates improved from 5.1 — improved to $5.19 per million ounces worth in the first half of this financial year.

    Our operational results demonstrate that the safe mine is a productive mine. An incredible amount of work goes into ensuring that our workplaces are made safe. We have continued safety awareness initiatives to reinforce that safety always comes first. Regretly four of our colleagues have lost their lives in the mine-related incidents since the start of this financial year. Each loss of life is a sharp reminder that more needs to be done. We mourn the passing of these colleagues and we work tirelessly to ensure that each Harmonian [ph] returns home on safely. Improved planning allows for better flexibility and predictability. This combined with the acquisition of higher-quality assets resulted in a multiple improvement in recovered grades. Underground recovered grade in this reporting period increased by 11% to the 6.29 grams a tonne from the 5.6 grams per tonne year-on-year.

    This now exceeds the upper end of our full year guidance. This has primarily been driven by the high-grade underground mines in Penang at North Tshepong. Consequently, production increased by 14% to 36 tonnes of gold or 832,000 ounces, and we expect to meet or exceed the upper end of our FY 2024 production guidance. These charts perfectly illustrate our effective capital allocation has transformed Harmony. We continue to see an improvement in our all-in sustaining costs in both rand and US dollar terms. Our rand all-in sustaining costs improved by 5% to 843,000 rand a kilogram. However, we delivered a remarkable 12% improvement in US dollar all-in sustaining costs to just over $1,400 per ounce. This considerable shift down in global all-in sustaining cost growth has been a function of the higher grades, well-managed cost increases and increased the production and prices of [indiscernible] at Hidden Valley Mine and Moab Khotsong operational, respectively.

    With over 90% of our input source in South Africa, we have been largely protected from the rampant global information. In addition, our labor electricity cost increases are predictable, allowing us to manage our cost effectively and deliver this guidance. We're a proud South African gold producer and are fortunate to sell our gold in U.S. dollars. As a result, our all-in sustaining cost margins are now over ZAR 350,000 per kilogram or $600 an ounce. Improved safety and higher-grade grades translated into high production. This was further supported by a strong rand per kilogram gold price received. This allowed for higher margins, driving record operating free cash flows. Total operating free cash flows increased by 265% to ZAR 7.1 billion, while operating free cash flow margins expanded to 24% from the 9%.

    In U.S. dollars, we generated $381 million in operating free cash flow, up 237% year-on-year. To put this in perspective, we generated more operating free cash flows in rand over the past six months than we have in the previously full year period. The majority of our total free fresh operating flow comes from our South African high-grade operations at Hidden Valley in Papua New Guinea. Our South African high-grade underground mines contributed 51% of the total production, but delivered 45% of operating free cash flows at a margin of 34%. Let me remind you that the South African optimized underground assets continue to serve the company well. This mine produced 40% of the total production and generated 90% of group operating free cash flows at a margin of 11%.

    Bearing in mind that we are investing significant capital to expand our South African surface operations. These assets produced 17% of the group production, generating 11% of the operating free cash flow at a margin of 17%. Hidden Valley produced at 12% of the group production but contributed 25% to the total operating free cash flows and had a phenomenal 50% margin. Sustainability and ethical mining are integral to our operating model at Harmony. The sub-multiples stewardship is about managing all aspects of ESG. We support the circular economy through decarbonization, more specifically through energy efficiencies, renewable energy programs and green energy mix. Effective waste management through waste rock and planning street treatment. We also donate waste rock dumps to our communities for aggregate production.

    We promote good water stewardships good for the prioritizing the recycling and efficient use of this scarce resource. And we contribute to the resilience and the prosperity of our host committees through benefit sharing. This makes Harmony a partner of choice. Mining with purpose is what we are all about. Through sustainability is embedded in all we are our decisions that we make. At Harmony, we believe in actions over words. As a result, we continue to receive positive external recognition for our efforts in sustainability. We have once again been included in the FTSE4Good Index. On inclusion in the Bloomberg Gender-Equality Index for five consecutive years demonstrate we foster gender diversity and inclusivity. We always treat our employees fairly without bias or prejudices of any kind.

    An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

    We have received a score A from the CDP for best practice in water management strategy in 2023. And our near-term and longer-term carbon reduction targets have been validated by design-based target initiative as we aim for net carbon zero by 2045. Because Life of Mine is finite, we are continually investing in converting our resource to reserves, while striking a balance between capital intensity and shareholder returns. Harmony presents a substantial opportunity to invest in an exciting gold copper story. Our resource base, which includes copper is to big to ignore. We are in a fortunate position that we can deliver on our long-term plans for internal investment, as we convert these resources to reserves. Our production profile has been significantly derisked and future production will come from combination of South African surface and underground gold, Papua New Guinea copper and gold and Australian copper.

    Our quality growth pipeline is aimed at creating long-term value, as we take our projects up the value curve. Feasibility studies to determine the possibility of safely extending Mponeng and conducting the pillar extraction of the Tau Tona have been completed. I'm delighted to announce that we have received Board approval and will commence with the life of mine extension project at Mponeng in the West region. I will impact more on Mponeng in the next few slides. We are conducting various exploration drilling activities across all other jurisdictions. The Eva Copper feasibility studies are being updated and negotiations to permit Wafi-Golpu are also continuing. We are making good progress with various projects currently in execution. The Moab Khotsong extension, Mine Waste Solution, TSF Extension and Hidden Valley extension are all progressing well and further details are available in the next year.

    Now moving to Mponeng life of mine extension project. Mponeng was acquired in 2020, we began a comprehensive update of the feasibility study to determine if we could extend Mponeng life of mine. After the two-year study, we now have an optimized mine design, which ensures we can extend the life of Mponeng both safely and profitably. The project means all our investment criteria. Mponeng is in incredible mine with an existing world-class infrastructure. There's a mine with access to both — to two excellent ore bodies, namely of carbon leader and the [indiscernible]. Both of these economic horizons have exceptional grades north of nine grams a tonne. This major project will convert over three million ounces into mineral reserves, delivering at an average steady-state production of 260,000 ounces per annum or 8 tonnes per annum of gold.

    Once the project is complete, we are forecasting a cash contribution of about ZAR 2.5 billion per annum from this project at a real gold price of ZAR 1.1 million kilogram. Because of this high grade, the projects will have an attractive real all-in sustaining cost of ZAR 768,000 a kilogram or $1,290 per ounce based on current assumptions and estimations. The life of mine will be extended from the 7 to 20 years, ensuring Mponeng remains a top performing asset in our portfolio until at least 2044. Capital expenditure for these projects will be manageable and affordable. This project will be self-funded through internal cash flows. With a substantial mineral resource of 24 million ounces, that's another example of how we continue to extend our reduced production profile by converting mineral resources to mineral reserves.

    We are proud that in our hands, Mponeng will reach its true potential and deliver a significant positive social impact. This embodies our Harmony creates long-term value for the shareholders and stakeholders. A derisked modular approach will be taken to access three high-grade blocks. State Health were at the forefront of our design methodology and mining practices. The project will focus on mining the two ore bodies landed the VCR and carbon leader. This will ensure that we maintain a high level of flexibility. The extension is only about 270 meters deeper. This will target early gold by accessing the Harmony go through a ramp system at 120 level and the VCR will be actually through the West and the eastern side. Lastly, we will also remind the VCR portion of the Tau Tona shafts pillars, which provides additional high-grade ounces.

    This is truly for illustrative purposes and includes both approved plans and projects still in feasibility. Adding the Mponeng extension, Eva Copper and Wafi Golpu, Harmony going to remain at 1.5 million producer well into the future. Importantly, the Mponeng extension combined with Moab Khotsong extension will deliver over 400,000 ounces high-quality, low-cost ounces per annum for more than two decades. This will ensure strong future cash flows at higher margins. There is a significant potential within our asset base for further value to be unlocked through future mineral resource conversion. Bear in mind that this illustration also excludes any potential future value-accretive acquisitions that form part of our strategy. Capital guidance for FY 2024 remains unchanged.

    Capital for early work development from Mponeng was provided for in the FY 2024 capital budget. We estimate a ZAR7.9 billion in project capital over the life of the project in real terms. Capital guidance for FY 2025 onwards will now include the Mponeng extension project. Mponeng generated ZAR1.9 billion in operating free cash flow in the reporting period in this particular six months. At an annual estimated CapEx of ZAR1 billion or approximately US$50 million, this project is therefore affordable and at a low capital intensity. Harmony is sizeable and well-sequenced project pipeline. Our project timing is deliberate and ensures our project capital remains affordable and does not put pressure on our balance sheet. These projects are catalysts for meaningful, sustainable production and expand our margins within driving costs down in the future.

    Now allow me to hand over to my colleague and Financial Director, Boipelo Lekubo to run through the financials. Over to you, Boipelo.

    Boipelo Lekubo: Thank you, Peter. I'm pleased to present our exceptional financial performance for this reporting period. All US dollar figures and conversions are in their exchange. Group revenue for this financial half year increased by 35% to ZAR31 billion. EBITDA increased by 114% to ZAR17 billion. As a result, headline earnings per share increased by 226% to ZAR 956 per share. With ZAR 9.8 billion in available headroom through cash and undrawn facilities, our balance sheet is well positioned to execute on our project pipeline and acquisition ambitions. Through operational excellence and consistent production, we have healthy margins at current gold prices. At ZAR1.2 million per kilogram or $2,000 an ounce, our all-in cost margin is at 33%.

    This is essentially the margin available after all major capital. Our all-in sustaining cost margin is 42% and our cash operating cost margin is 68%. We are therefore well positioned with good buffers to absorb any adverse movements in the gold price. We have an effective hedging program in place with 20% of our production hedged over 24 months. The Rand gold hedge book was maintained at 20% or 558,000 ounces at an average forward hedge cover of over ZAR1.256 million a kilogram. Returning cash to shareholders alongside our growth aspirations remains a key priority. Harmony's dividend policy is to pay a return of 20%, net free cash generated to shareholders, at the discretion of the directors — of the Board of Directors. The strong operational performance and exceptional net free cash generation, resulted in a record interim dividend of ZAR1.47 or US$ 0.80 per share declared, which will result in a record payment to shareholders of over ZAR1 billion.

    This has resulted in a 12-month dividend yield of just over 2%. Cumulatively, we've paid ZAR2.7 billion in dividends, since 2016. With ongoing confidence in our plans, controlling what we can, such as safety, production and costs, we aim to fed true to our dividend policy. Thank you, and back to you, Peter.

    Peter Steenkamp: Thank you, Boipelo. So in conclusion, Harmony is a company that delivers sustainable, predictable and flexible operational performance with a well-managed, fixed cost structure. Our guidance for FY 2024 remains unchanged. And we are confident that we will reach the upper-end of our production guidance and the lower-end of our cost guidance. Through our embedded sustainability practices and quality ounces, we have a company with a long reserve life. Our geared exposure to the Rand per kilogram gold price continues to provide us with good tailwinds on both the revenue and marginal perspective. We have two significant international copper projects that complement our existing gold assets. We understand our ore bodies.

    We have a strong technical and exploration capabilities. And we are the partners of choice wherever we operate. As Boipelo mentioned, our flexible and strong balance sheet supports our growth pipeline. As a gold mining specialist with a growing international copper footprint, we are passionate about what we do and about transforming our goal into long-term value for all stakeholders. This is mining with purpose. Thank you. And I'll now hand over for questions.

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    To continue reading the Q&A session, please click here.

    Goliath Resources Limited

    TORONTO, Feb. 21, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has been selected by the PDAC 2024 technical committee to display its core. PDAC’s Core Shack provides a unique venue at the world’s premier mining convention to display core from new or ongoing projects that are generating exciting drill results. The latest discoveries from around the world are featured along with maps, charts and technical information.

    Goliath is focused on further expanding its new high-grade gold Surebet Discovery at its 100% controlled Golddigger Property located in the Golden Triangle, British Columbia. The Company has drilled over 65,000 meters of diamond drilling to date, 2021-2023. Goliath has demonstrated the new Surebet Discovery is an extensive structurally controlled mineralized system over a 1.8 sqkm area (>336 NFL fields). To put this significant mineralized zone into size and scale, during PDAC 2024, look at the CN Tower in Toronto and more than triple that for Surebet’s length and width. This new discovery has exceptional continuity and gold recoveries of 92.2% using gravity and flotation only at a 327 micron crush (no deleterious elements and no cyanide required to recover the gold).

    To learn more about Goliath’s exciting new Surebet discovery, we would like to cordially invite you to visit us at the PDAC Core Shack, Session A, Booth # 3104 in the Investors Exchange, Level 800, at the Metro Toronto Convention Centre, South Building on Sunday, March 3rd – Monday, March 4th; the Company will be exhibiting both days from 10:00 am – 5:00 pm.

    About Goliath Resources Limited

    Goliath Resources Limited is an explorer of precious metals in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. The new high-grade gold Surebet discovery at its 100% controlled Golddigger Property located in the Golden Triangle, British Columbia is its flagship project.

    About PDAC 2024

    PDAC 2024: The World’s Premier Mineral Exploration & Mining Convention is the leading event for people, companies and organizations connected to mineral exploration. This annual convention in Toronto, Canada is known for attracting up to 30,000 attendees from over 130+ countries for its educational programming, networking events and outstanding business opportunities.

    Since it began in 1932, the PDAC Convention has grown in size, stature and influence. Today, it is the event of choice for the world’s mineral industry hosting more than 1,100 exhibitors and 700 speakers. Visit PDAC’s website for registration/ticketing information.

    Qualified Person

    Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

    For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1-416-488-2887roger@goliathresources.com www.goliathresourcesltd.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

    * Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

    Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of Company to complete the financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

    The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

    This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. 

    The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

    Investors interested in Mining – Gold stocks are likely familiar with Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.

    Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

    Currently, Harmony Gold has a Zacks Rank of #2 (Buy), while Franco-Nevada has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that HMY is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

    Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

    Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

    HMY currently has a forward P/E ratio of 8.57, while FNV has a forward P/E of 34.51. We also note that HMY has a PEG ratio of 0.38. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. FNV currently has a PEG ratio of 5.22.

    Another notable valuation metric for HMY is its P/B ratio of 1.84. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, FNV has a P/B of 3.10.

    Based on these metrics and many more, HMY holds a Value grade of A, while FNV has a Value grade of F.

    HMY has seen stronger estimate revision activity and sports more attractive valuation metrics than FNV, so it seems like value investors will conclude that HMY is the superior option right now.

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    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    Franco-Nevada Corporation (FNV) : Free Stock Analysis Report

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    Zacks Investment Research

    Key Insights

    • Institutions' substantial holdings in Harmony Gold Mining implies that they have significant influence over the company's share price

    • The top 6 shareholders own 53% of the company

    • Insiders have sold recently

    To get a sense of who is truly in control of Harmony Gold Mining Company Limited (JSE:HAR), it is important to understand the ownership structure of the business. With 55% stake, institutions possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

    Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.

    Let's take a closer look to see what the different types of shareholders can tell us about Harmony Gold Mining.

    View our latest analysis for Harmony Gold Mining

    ownership-breakdownWhat Does The Institutional Ownership Tell Us About Harmony Gold Mining?

    Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

    As you can see, institutional investors have a fair amount of stake in Harmony Gold Mining. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Harmony Gold Mining, (below). Of course, keep in mind that there are other factors to consider, too.

    earnings-and-revenue-growth

    Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. It would appear that 5.0% of Harmony Gold Mining shares are controlled by hedge funds. That catches my attention because hedge funds sometimes try to influence management, or bring about changes that will create near term value for shareholders. Looking at our data, we can see that the largest shareholder is Public Investment Corporation Limited with 13% of shares outstanding. The second and third largest shareholders are African Rainbow Minerals Limited and Van Eck Associates Corporation, with an equal amount of shares to their name at 12%.

    On further inspection, we found that more than half the company's shares are owned by the top 6 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones.

    Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

    Insider Ownership Of Harmony Gold Mining

    The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

    Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

    Our information suggests that Harmony Gold Mining Company Limited insiders own under 1% of the company. Keep in mind that it's a big company, and the insiders own R131m worth of shares. The absolute value might be more important than the proportional share. Arguably, recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

    General Public Ownership

    With a 15% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Harmony Gold Mining. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

    Public Company Ownership

    Public companies currently own 12% of Harmony Gold Mining stock. This may be a strategic interest and the two companies may have related business interests. It could be that they have de-merged. This holding is probably worth investigating further.

    Next Steps:

    It's always worth thinking about the different groups who own shares in a company. But to understand Harmony Gold Mining better, we need to consider many other factors. For example, we've discovered 1 warning sign for Harmony Gold Mining that you should be aware of before investing here.

    If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts.

    NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    With its stock down 12% over the past week, it is easy to disregard Harmony Gold Mining (JSE:HAR). But if you pay close attention, you might find that its key financial indicators look quite decent, which could mean that the stock could potentially rise in the long-term given how markets usually reward more resilient long-term fundamentals. In this article, we decided to focus on Harmony Gold Mining's ROE.

    Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

    See our latest analysis for Harmony Gold Mining

    How Is ROE Calculated?

    The formula for return on equity is:

    Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

    So, based on the above formula, the ROE for Harmony Gold Mining is:

    14% = R4.9b ÷ R35b (Based on the trailing twelve months to June 2023).

    The 'return' is the yearly profit. One way to conceptualize this is that for each ZAR1 of shareholders' capital it has, the company made ZAR0.14 in profit.

    Why Is ROE Important For Earnings Growth?

    Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

    Harmony Gold Mining's Earnings Growth And 14% ROE

    At first glance, Harmony Gold Mining's ROE doesn't look very promising. Yet, a closer study shows that the company's ROE is similar to the industry average of 14%. Looking at Harmony Gold Mining's exceptional 65% five-year net income growth in particular, we are definitely impressed. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

    We then compared Harmony Gold Mining's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 37% in the same 5-year period.

    Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. Is Harmony Gold Mining fairly valued compared to other companies? These 3 valuation measures might help you decide.

    Is Harmony Gold Mining Efficiently Re-investing Its Profits?

    Harmony Gold Mining has a really low three-year median payout ratio of 19%, meaning that it has the remaining 81% left over to reinvest into its business. So it looks like Harmony Gold Mining is reinvesting profits heavily to grow its business, which shows in its earnings growth.

    Besides, Harmony Gold Mining has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 2.9% over the next three years. However, Harmony Gold Mining's future ROE is expected to decline to 7.6% despite the expected decline in its payout ratio. We infer that there could be other factors that could be steering the foreseen decline in the company's ROE.

    Conclusion

    On the whole, we do feel that Harmony Gold Mining has some positive attributes. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    *

    Harmony Gold CEO Steenkamp to retire December 2024

    *

    Gold miner may search internally for new CEO

    By Felix Njini

    NAIROBI, Sept 13 (Reuters) – Harmony Gold Mining boss Peter Steenkamp plans to retire at the end of next year as South Africa's biggest gold producer by volume seeks new growth opportunities mining copper.

    Steenkamp, who turns 64 in November, has been at the helm at Harmony since returning in 2016. In 2022, the company extended the veteran gold mining executive's tenure by two years.

    Steenkamp will leave around December 2024 and the company has "strong internal candidates to continue what we have built since 2016," spokesperson Jared Coetzer told Reuters.

    Steenkamp's pending exit doesn't change the strategy to shift to developing copper assets and looking for deals to grow the company, Coetzer added.

    "There are various internal candidates who would have to go through the nomination process and ultimately it would be a board decision," Coetzer said.

    Harmony is among South Africa's few remaining gold miners squeezing profits from some of the world's most costly, ageing and deepest gold mines.

    It could be "difficult to find outsiders with deep-level gold mining experience" to run the company, analysts at RMB Morgan Stanley said in a note.

    The Johannesburg-based producer has shifted focus to developing new gold-copper assets in Australia and Papua New Guinea as profits at home are hit by safety challenges at underground mines, rolling electricity outages and rising crime.

    Harmony plans to spend about $600 million to build a new mine at the Eva copper project in Australia it bought last year.

    It also plans to advance the Wafi-Golpu copper project in Papua New Guinea, jointly owned with Newcrest Mining, once the country's authorities grant regulatory approvals. (Reporting by Felix Njini Editing by Mark Potter)

    A mix of good numbers and higher precious metal prices on cues from China sent these gold and platinum stocks higher.

    Shares of South Africa’s Harmony Gold Mining Company (NYSE: HMY) soared 12.4% through 12:20 p.m. ET after the company issued a pre-earnings announcement for full-year fiscal 2023, ended June 30. Boasting that the company has hit the upper end of previous production guidance for producing between 1.4 million and 1.5 million ounces of gold at a cost of less than 900,000 South African Rand per kilogram (that’s $48,687 per kilo, or about $1,391 per ounce), and noting that gold prices have proven higher than previously predicted, Harmony issued new guidance for this fiscal year. Earnings per share are now expected to flip from a loss last year to a profit this year.

    Investors in Harmony Gold HMY need to pay close attention to the stock based on moves in the options market lately. That is because the Aug 18, 2023 $1.00 Call had some of the highest implied volatility of all equity options today.

    What is Implied Volatility?

    Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

    What do the Analysts Think?

    Clearly, options traders are pricing in a big move for Harmony Gold shares, but what is the fundamental picture for the company? Currently, Harmony Gold is a Zacks Rank #3 (Hold) in the Mining – Gold industry that ranks in the Bottom 29% of our Zacks Industry Rank. Over the last 30 days, one analyst has increased the earnings estimate for the current quarter, while none have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 14 cents per share to 18 cents in that period.Given the way analysts feel about Harmony Gold right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

    Looking to Trade Options?

    Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.Click to see the trades now >>

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    Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

    To read this article on Zacks.com click here.

    Zacks Investment Research

    VANCOUVER, BC, Dec. 15, 2022 /PRNewswire/ – Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) is pleased to announce that the Foreign Investment Review Board (“FIRB”) in Australia granted approval on December 13, 2022 (the “FIRB Approval”) for the previously announced sale of Copper Mountain’s wholly-owned Eva Copper Project and its 2,100km2 exploration land package in Queensland, Australia (the “Transaction”) to Harmony Gold Mining Company Limited (JSE: HAR) (NYSE: HMY) (“Harmony”). See Copper Mountain’s press release dated October 6, 2022 (“Copper Mountain Mining Announces Agreement to Sell the Eva Copper Project and the Australian Exploration Tenements for Total Consideration of up to US$230 Million“) for additional details regarding the Transaction.

    The FIRB Approval was the final key condition to the closing of the Transaction. The Company expects the Transaction to be completed imminently upon the Company receiving the cash consideration for the Transaction from Harmony.

    About Copper Mountain Mining Corporation

    Copper Mountain’s flagship asset is the 75% owned Copper Mountain Mine located in southern British Columbia near the town of Princeton. The Copper Mountain Mine currently produces approximately 100 million pounds of copper equivalent on average per year. Copper Mountain trades on the Toronto Stock Exchange under the symbol “CMMC” and Australian Stock Exchange under the symbol “C6C”.

    Additional information is available on the Company’s web page at www.CuMtn.com.

    On behalf of the Board of

    COPPER MOUNTAIN MINING CORPORATION”Gil Clausen”

    Gil ClausenPresident and Chief Executive Officer

    Website: www.CuMtn.com

    Cautionary Note Regarding Forward-Looking Statements

    This news release may contain “forward looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”). These forward-looking statements are made as of the date of this news release and Copper Mountain does not intend, and does not assume any obligation, to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities legislation.

    All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements relate to future events or future performance and reflect Copper Mountain’s expectations or beliefs regarding future events.

    In certain circumstances, forward-looking statements can be identified, but are not limited to, statements which use terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, “forecasts”, “guidance”, scheduled”, “target” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved” or the negative of these terms or comparable terminology. In this news release, certain forward-looking statements are identified, including the anticipated closing date of the Transaction, anticipated production at the Copper Mountain Mine, and expectations for other economic, business and/or competitive factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance, achievements and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among others, assumptions concerning the Transaction and the operations and capital expenditure plans of the Company following completion of the Transaction, the potential impact of the consummation of the Transaction, the diversion of management time on the Transaction, the successful exploration of the Company’s property in Canada, market price, continued availability of capital and financing and general economic, market or business conditions, the Company’s ability to comply with its financial covenants under its bond terms and meet its future cash commitments, extreme weather events, material and labour shortages, the reliability of the historical data referenced in this document and risks set out in Copper Mountain’s public documents, including the management’s discussion and analysis for the quarter ended September 30, 2022 and the annual information form dated March 29, 2022, each filed on SEDAR at www.sedar.com. Although Copper Mountain has attempted to identify important factors that could cause the Company’s actual results, performance, achievements and opportunities to differ materially from those described in its forward-looking statements, there may be other factors that cause the Company’s results, performance, achievements and opportunities not to be as anticipated, estimated or intended. While the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Accordingly, readers should not place undue reliance on the Company’s forward-looking statements.

    Cision

    View original content to download multimedia:https://www.prnewswire.com/news-releases/copper-mountain-mining-receives-firb-approval-and-anticipates-imminent-completion-of-the-sale-of-the-eva-copper-project-and-the-australian-exploration-tenements-301703903.html

    SOURCE Copper Mountain Mining Corporation

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