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.

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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

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Zacks Investment Research

Goliath Resources Limited

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HIGHLIGHTS:

• Generation of the updated structural vein/shear Leap Frog model takes into consideration all the surface and drill data collected (incl. oriented core) as well as the number of mineralized pierce points in each vein to date on the Surebet Discovery. This has resulted in an advanced understanding of the mineralized zones that remain open at Surebet, where 10 veins have now been confirmed, including Surebet (now Surebet Upper), Bonanza and Golden Gate; now two stacked Upper and Lower parallel veins (see images below).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/82cf14d6-3075-44eb-9016-333a9db5ffaf

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/926ff0d0-ac52-4d17-b345-9a24d3921cf2

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/c7dbf39d-8147-43fb-9d21-e6d2badeda4e

• 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).

  • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/25b2d0e7-69fb-420e-bfb2-39e18b60835e 

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

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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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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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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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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.

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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

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SOURCE Copper Mountain Mining Corporation

VANCOUVER, BC, Nov. 28, 2022 /CNW/ – Copper Mountain Mining Corporation (TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) is pleased to announce that it has received bondholder approval (“Bondholder Approval”) under its US$250 million senior secured bonds (the “Bonds”) for the previously announced sale of its 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 receipt of Bondholder Approval is a condition to the closing of the Transaction. The closing of the Transaction remains subject to certain customary conditions, including Harmony obtaining written correspondence from the Foreign Investment Review Board (FIRB) in Australia that the Australian Government has no objections under the Foreign Acquisitions and Takeovers Act 1975. The Transaction is expected to close no later than the first quarter of 2023.

Summary of Bond Buyback Offer

In connection with obtaining the Bondholder Approval, the Company has agreed, within 30 days after completion of the Transaction, to:

• Pay a one-time amendment fee of 0.25% of the nominal amount of the outstanding Bonds, on a pro rata basis, to the bondholders; and

• Make an offer to buyback Bonds for an aggregate minimum principal amount of US$87,000,000 (the “Buyback Offer”) at an offered price of 103.00 per cent of the nominal amount of the Bonds (plus accrued interest on the repurchased amount).

The Buyback Offer will be funded by a portion of the aggregate net cash proceeds CMMC expects to receive from the gross US$170,000,000 cash consideration payable by Harmony on completion of the Transaction.  The Company is relying on anticipated cash flows generated from the Copper Mountain Mine and the net cash proceeds from the Transaction to meet its future cash commitments.

In addition, 100% of the net cash proceeds from any future contingent consideration received by the Company from Harmony pursuant to the Transaction before the maturity date of the Bonds on April 9, 2026 will be applied to either: (i) make further offers to buyback Bonds at an offered price of 103.00 per cent of the nominal amount of the Bonds (plus accrued interest on the repurchased amount) if such contingent consideration is received prior to the applicable interest payment date in April 2024; or (ii) redeem Bonds in accordance with the call terms of the Bonds if such contingent consideration is received on or after the applicable interest payment date in April 2024.

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 per year, with expected annual average production to increase to approximately 140 million pounds of copper equivalent.  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

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 anticipated timing for the closing of the Transaction, expected proceeds from the Transaction, entitlement to any contingent consideration under the Transaction, obtaining and satisfying customary conditions (including FIRB approval) for the closing of the Transaction, completion of the Buyback Offer and any future buyback or redemption in connection with any contingent consideration received from Harmony, 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, the parties’ ability to consummate the Transaction, the ability of the parties to satisfy, in a timely manner, all conditions to the closing of the Transaction, assumptions concerning the Transaction and the operations and capital expenditure plans of the Company following completion of the Transaction, the potential impact of the announcement of the Buyback Offer or the consummation of the Transaction, the diversion of management time on the Transaction, the successful exploration of the Company’s properties in Canada and Australia, 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 the 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-bondholder-approval-for-the-sale-of-the-eva-copper-project-and-the-australian-exploration-tenements-and-announces-bond-buyback-offer-301687544.html

SOURCE Copper Mountain Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2022/28/c7089.html

VANCOUVER, BC / ACCESSWIRE / October 25, 2021 / Brigadier Gold Limited (the "Company" or "Brigadier") (TSXV:BRG)(FSE:B7LM)(OTC PINK:BGADF) is pleased to announce analytical results from additional trenches across the El Placer Sur vein system at its Picachos gold-silver-copper project Sinaloa, Mexico (the "Picachos Project", "Picachos" or the "Property"). The Company will now focus on a complete review of phase-one exploration results at Picachos to determine next steps.

Phase-one exploration at Picachos during 2020 and 2021 examined 17 different mineralized veins and included diamond drilling of 5057 metres in 50 holes, 4570 trench and rock samples, a stream sediment survey and a LiDAR topographic survey.

The 3,954 hectare Picachos Property is centered over the historic "Viva Zapata" National Mineral Reserve, Sinaloa, Mexico. It overlaps two mineralized systems, a porphyry copper-molybdenum system hosted by a Paleocene granite-granodiorite intrusive complex, and a gold-silver vein complex comprised of both east-northeasterly trending veins (La Cocolmeca Vein System) and northwesterly trending veins (El Placer System).

Phase-one Key Findings:

• The Project is best understood as a porphyry system with

  • intrusion-hosted, bulk-tonnage copper exposed at 390 m elevation at Colinas

  • sericitic breccias with molybdenum-rich stockworks exposed in country rocks between 500 and 600 metres elevation at Molly UST

  • peripheral gold and copper-rich polymetallic veins in propylitic, argillic and sericitic altered country rocks at higher elevations in the southeastern part of the Property. The veins were historic gold-producers.

• The most explored of the 17 veins sampled is San Agustín which was the subject of 14 diamond drill holes and underground mine rock chip-channel samples.

• Further drilling and surface trenching is recommended to expand known mineralization of the veins and start exploration for bulk-tonnage Cu-Mo in the intrusion-hosted part of the porphyry system.

• Airborne geophysics would improve subsurface visualization of drill targets.

• More than 600 intercepts from underground mine chip-channel samples, surface trench samples and diamond drilling are of interest for gold, silver, lead, zinc, copper, molybdenum, tungsten, bismuth and tin.

• Collectively, these data are starting to define a porphyry system centered east of Colinas with peripheral veins at higher elevations.

• Geochemical data from the veins is also elevated in copper, tungsten, molybdenum and bismuth. These elements are typical of intrusion-related veins. If the veins are intrusion related, they are most likely genetically related to the porphyry intrusive complex, and not to younger events associated with epithermal styles of mineralization.

El Placer Sur

The southeastern part of the Property overlaps approximately 1.4 kilometres of the northwesterly trending El Placer Vein system. In this area, the principal structure is La Tarantula oriented 325°/55° NE. The Company has sampled approximately 450 metres of strike length northwest and southeast of Cerro de La Flauta del Placer. The alteration zone surrounding La Tarantula is 10´s of metres wide, even if historically exploited mineralization follows metre scale veins within this zone. For example, surface trench BRG-50923 yielded a result of 2.08 g/t gold, 38 g/t silver, 638 ppm Cu, 2.87% lead and 3.51% zinc across 10.65 m. Underground sample BRG-50933 contains 6.51 g/t gold, 172 g/t silver, 0.15% copper, 9.47% lead and 8.32% zinc across 2.6 metres (Level 938). La Vibora Vein is orthogonal to La Tarantula with an orientation of 188°/81° WNW. Individual workings and samples are narrow with widths of approximately a metre. However, trenching across La Vibora implies a true width of approximately 10 metres for the alteration zone that hosts the mineralization. The highest overall result from La Vibora was 9.96 g/t Au, 31 g/t Ag, 0.14% copper, 3.39% Pb and 9.59% zinc across 1 metre from an underground mine on Level 962. On surface, BRG-51001 contains 3.37 g/t Au and 3 g/t Ag across 5 metres, including 1 metre of 14.65 g/t Au and 78 g/t Ag. El Nito outcrops approximately 975 metres northwest of La Vibora and is oriented 330°/80° NE, also within the hangingwall to the underlying Tarantula Vein. It is up to 1.7 metres wide and consists of rose quartz breccia with radial black mica surrounding the breccia fragments. It has been sampled over 100 metres of strike length. The best result from El Nito is 12.17 g/t gold, 5 g/t Ag, 0.17% copper, 0.15% lead and 0.25% zinc across 1.67 metres.

National Instrument 43-101 Disclosure

The technical information in this press release has been reviewed by Michelle Robinson, MASc., P.Eng., a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Sample handling procedures are documented in the Company's press release dated October 22, 2020. Standard pulps, field duplicates, pulp duplicates and blanks are inserted into the sample stream. The samples were analyzed by SGS Laboratories in Durango using fire-assay methods for gold, and ICP methods with a 4-acid digestion for silver and base metals. SGS is an accredited laboratory. It is the Qualified Person's opinion that the technical information disclosed in this press release is reliable.

Please visit our website to learn more about Brigadier Gold.

About Brigadier Gold Limited

Brigadier was formed to leverage the next major bull market in the natural resource sector, particularly precious metals. Our mandate is to acquire undervalued and overlooked projects with demonstrable potential for advancement.

Led by a management team with decades of experience in mineral exploration and capital markets development, we are focused on advanced exploration opportunities in politically stable jurisdictions.

For further information, please contact:

Brigadier Gold Limited
www.brigadiergold.ca
Robert Birmingham, Chief Executive Officer
rob@brigadiergold.ca

Reader Advisory

This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Brigadier Gold Limited

View source version on accesswire.com:
https://www.accesswire.com/669176/Brigadier-Reports-on-El-Placer-Sur-and-Completes-Phase-One-Exploration-at-Picachos

VANCOUVER, BC, Oct. 25, 2021 /CNW/ – South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF) is pleased to announce that it has completed a non-brokered private placement of units (the "Private Placement" or the "Offering") for a total proceeds of C$2,427,700. The majority of participation in the Placement was with key institutional investors. Net proceeds from the Private Placement will be used for advanced materials sample preparation, commercial agreements, project finance and general working capital requirements for the Company.

The Private Placement consists of 22,069,999 units priced at C$0.11 per unit (the "Units"). Each Unit consists of one (1) common share and one (1) common share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$0.15 per common share for a period of three years from the date of issue. The securities are subject to a four-month hold period from the date of closing and approval by the TSXV, expiring February 26, 2022. In connection with the private placement, the Company paid an aggregate amount of 294,000 in brokers' warrants in connection with the Placement (equal to 6% of the gross proceeds of the offering sold to subscribers introduced to the Company by the brokers) and $33,660 in cash finders' fees were paid to certain finders (equal to 6% of the gross proceeds of the offering sold to subscribers introduced to the Company by the finders).

Acceleration Clause

If during a period of ten consecutive trading days between the date that is four (4) months following the closing of the Private Placement and the expiry of the Warrants the daily volume weighted average trading price of the common shares of the Company on the TSXV (or such other stock exchange where the majority of the trading volume occurs) exceeds C$0.50 on each of those ten consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the Warrants will have 30 days to exercise their Warrants. Any Warrants which remain unexercised at 4:00 p.m. (Vancouver time) on the 30th day following the giving of such notice will expire at that time.

About South Star Battery Metals Corp.

South Star Battery Metals Corp. is a Canadian battery-metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery-metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful, large-scale, pilot-plant testing (>30t) has been completed. The results of the testing show that approximately 65% of Cg concentrate is +80 mesh with good recoveries and 95-99% Cg. With excellent infrastructure and logistics, South Star is carrying its development plan towards Phase 1 production projected in Q4 2022, pending financing. South Star trades on the TSXV under the symbol STS, and on the OTCQB under the symbol STSBF.

South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com.

This news release has been reviewed and approved by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp.

On behalf of the Board,

Mr. Richard Pearce
Chief Executive Officer

Twitter: https://twitter.com/southstarbm
Facebook: https://www.facebook.com/southstarbatterymetals
LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/
YouTube: South Star Battery Metals – YouTube

CAUTIONARY STATEMENT

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

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements".

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.

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SOURCE South Star Battery Metals Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2021/25/c3644.html

Vancouver, British Columbia –News Direct– Opawica Explorations Inc.

Vancouver, B.C. – TheNewswire – October 25th, 2021 – Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the “Company” or “Opawica”) is pleased to announce that it has entered into a purchase agreement to acquire 100% ownership in the expansion of its Little d’Espoir lake Property (the “Property”) located in the Exploits Subzone, Newfoundland.

The added mineral claims consist of 162 claims encompassing a land area of approximately 40.5km², making the Little d’Espoir lake Property a commanding contiguous land package of 338 mineral claims comprising a total land area of 84.5km².

The additional claims were acquired to cover surrounding transecting faults and associated secondary and tertiary structures situated within the siliciclastic sediments of the Davidsville Group. The secondary and tertiary structures in the area are important as they are underexplored and have been proven to host epizonal gold both to the north and south of the Property.

Click Image To View Full Size

Blake Morgan, chief executive officer of Opawica stated, “After having boots on the ground this season, the Opawica team needed to secure this land position. Little d’Espoir lake Property will be one property we focus on, as we continue to move towards drilling in Newfoundland.”

About the Property

The Property lies within an area known as the Exploits Subzone which consists of a major thrust zone that formed as a result of the closing of the ancient Iapetus Ocean. The Property consists of a range of Siliciclastic sediments and assemblages of felsic volcanics and granitoids Cambrian to Ordovician in age.

Click Image To View Full Size

In 1985 several silicified boulders were found on the shoreline of d’Espoir Lake which retuned anomalous levels of Cu, Pb, Zn, As and Ag. A limited amount of geological mapping and baseline reconnaissance has been completed.

Homes in 1987 Selco-BP Resources Canada Ltd. analysed a grab sample (HR 1592) which assayed above the detection limit for copper at >1%. Several other samples, including HR 1588 and HR 1593 assayed 0.73% Cu and 0.19% Cu respectively. In 1989, the Newfoundland and Labrador mineral branch research program resulted in one sample returning 0.66 g/t Au (Colman-Sadd, 1989).

A 1986 geophysical magnetic survey executed by BP Selco suggested a few narrow zones of higher magnetic amplitude response of 500 to 2000 nt above background signatures, may represent a new target. These above background signatures are found in clusters in the west-central portion and south-east central portion of the historical grid (Holmes, 1986), located just north of D'Espoir Lake.

Holmes (1986) reported the general trend of the VLF responses is east west except at the eastern side of Little D'Espoir Lake where there is a sharp swing to the northeast.

Transaction Outlined

The Company has agreed to acquire a 100% interest in the Little d’Espoir lake Extension Property for consideration of $30,000 and 600,000 common shares of the Company. The agreement is subject to the acceptance of the TSX Venture Exchange.

Derrick Strickland, P.Geo (1000315), is the qualified person for Opawica Explorations Inc. and has reviewed and approved the technical content of this news release.

FOR FURTHER INFORMATION CONTACT:

Blake Morgan

President and Chief Executive Officer

Opawica Explorations Inc.

Telephone: 604-681-3170

Fax: 604-681-3552

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

View source version on newsdirect.com: https://newsdirect.com/news/opawica-increases-land-position-at-little-despoir-lake-property-exploits-subzone-nl-956229850

Toronto, Ontario–(Newsfile Corp. – October 22, 2021) – Eric Sprott announces that, today, 4,000,000 common share purchase warrants ("Warrants") of Max Resource Corp., (held by 2176423 Ontario Ltd., a corporation he beneficially owns) expired unexercised representing a decrease in holdings of approximately 5.5% of the outstanding common shares ("Shares") on a partially diluted basis since the date of the last early warning report. Prior to the expiry of these Warrants, Mr. Sprott beneficially owned and controlled 8,000,000 Shares and 4,000,000 Warrants representing approximately 8.2% of the outstanding Shares on a non-diluted basis and approximately 11.8% on a partially diluted basis assuming the exercise of such Warrants.

As a result of the Warrant expiry, Mr. Sprott now beneficially owns and controls 8,000,000 Shares representing approximately 8.2% of the issued and outstanding Shares on a non-diluted basis. The Warrants expiry resulted in a partially diluted ownership change of greater than 2% (to below 10%) and, therefore, the filing of an update to the early warning report.

The Shares are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Max Resource Corp is located at 1188-1095 W Pender Street, Vancouver, British Columbia, V6E 2M6. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100616

Mosaic (MOS) closed at $42.17 in the latest trading session, marking a -0.71% move from the prior day. This change lagged the S&P 500's daily gain of 0.3%.

Prior to today's trading, shares of the fertilizer maker had gained 28% over the past month. This has outpaced the Basic Materials sector's gain of 7.79% and the S&P 500's gain of 4.28% in that time.

MOS will be looking to display strength as it nears its next earnings release, which is expected to be November 1, 2021. The company is expected to report EPS of $1.63, up 608.7% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $3.83 billion, up 60.82% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $5.02 per share and revenue of $12.48 billion, which would represent changes of +490.59% and +43.77%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for MOS. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 3.14% higher within the past month. MOS is currently a Zacks Rank #2 (Buy).

In terms of valuation, MOS is currently trading at a Forward P/E ratio of 8.47. This represents a discount compared to its industry's average Forward P/E of 14.81.

It is also worth noting that MOS currently has a PEG ratio of 1.21. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Fertilizers stocks are, on average, holding a PEG ratio of 1.53 based on yesterday's closing prices.

The Fertilizers industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

Attachment

• PDMR Notification – LM – 21.10.2021

Not for distribution to United States newswire services or dissemination in the Unites States

SUDBURY, ON / ACCESSWIRE / October 20, 2021 / Northern Superior Resources Inc. (the "Company" or "Northern Superior") (TSXV:SUP)(OTCQB:NSUPF) is pleased to announce that it has increased the size of it's previously announced, non-brokered private placement (the "Offering"), receiving commitments for $5.0M worth of investment in Northern Superior (see Northern Superior press release, October 18, 2021).

The Company has received commitments from investors to invest:

1. C$3,299,321.00 through the issuance of 3,665,912 "flow-though" common shares of the Company to purchasers in Québec (the "Québec FT Shares"), at a issue price of $0.90 per Québec FT Share; and

2. C$1,700,679.72 through issuance of 1,441,254 charity "flow-through" common shares of the Company to purchasers in Québec ("Québec Charity FT Shares), at a front-end issue price of $1.18 per Québec Charity FT Share.

Including a commitment from New Gold Inc. to acquire shares to maintain its 9.99% ownership stake.

Dr. Thomas Morris, CEO states: "This increase to the size of the Offering just two days after it was first announced is further proof that the momentum behind our Company is continuing to build. Again, we are very pleased to see the strong support from investors as they get more familiar with our assets and opportunities."

Closing of the Offering is still anticipated to occur on or before November 18, 2021 and remains subject to customary closing conditions including, but not limited to; the negotiation, execution of subscription agreements and receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities have not been and 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.

About Northern Superior Resources Inc.

Northern Superior is a junior exploration company exploring for gold in the Superior Province of the Canadian Shield. The Company is currently focused on exploring its Lac Surprise, Croteau Est and Wapistan properties in Québec and its TPK property in Ontario. Northern Superior also has a number of other 100% owned properties in Ontario and Québec.

Northern Superior is a reporting issuer in British Columbia, Alberta, Ontario and Québec, and trades on the TSX Venture Exchange under the symbol SUP.

For further information contact:

Thomas F. Morris P.Geo., PhD., FGAC
President and CEO
Tel: (705) 525 ‐0992
Fax: (705) 525 ‐7701
e‐mail: info@nsuperior.com
www.nsuperior.com

Forward Looking Statement:

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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

SOURCE: Northern Superior Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/668821/Northern-Superior-Resources-Increases-the-Size-of-Previously-Announced-Non-Brokered-Private-Placement-to-C50-Million-New-Gold-Inc-To-Maintain-Its-999-Ownership-Stake

VANCOUVER, British Columbia, Oct. 19, 2021 (GLOBE NEWSWIRE) — Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) announces a non-brokered private placement (the “Placement”) of up to 4,000,000 units (the Units”) at a price of $0.125 per Unit for total gross proceeds of up to $500,000 to fund drill programs on the Company’s silver-gold projects in Durango and Zacatecas States, Mexico. A finder’s fee may be paid with respect to all or part of this Placement. The terms of the Placement are subject to acceptance by the TSX Venture Exchange.

Each Unit will consist of one common share of the Company and one half of one non-transferable share purchase warrant. Each whole warrant (a “Warrant”) will be exercisable to purchase one additional common share of the Company at a price of $0.20 during the first year, increasing to $0.25 in year two following the closing of the offering.

The proceeds of the Placement will be used to fund continued drill programs on the Company’s silver-gold exploration projects in Durango and Zacatecas States, Mexico, and for working capital.

About Canasil:

Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc exploration projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects through to discovery and further development. The Company is actively engaged in the exploration of its mineral properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and support staff for its operations in Mexico.

For further information please contact:

Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Vancouver, British Columbia–(Newsfile Corp. – October 19, 2021) – MAX RESOURCE CORP. (TSXV: MXR) (OTC: MXROF) (FSE: M1D2) ("Max" or the "Company") is pleased to report new assay results from a reconnaissance sampling program have further expanded the CONEJO zone, along the CESAR North 90-km-long belt, Max's wholly-owned CESAR project in NE Colombia (refer to Figure 1).

Highlights

– 3.3% copper and 5 g/t silver outcrop over 15.0m (876847)
– 2.8% copper and 13 g/t silver outcrop over 20.0m (876823)
– 1.1% copper and 1 g/t silver outcrop over 15.0m (876843)
– 4.4% copper and 54 g/t silver outcrop over 1.5m (878757)

The new results are significant as they extend the high-grade CONEJO zone further south with reconnaissance rock sample values up to 3.3% copper and 54 g/t silver. The CONEJO zone which lies along the mid portion of the 90-kilometre-long CESAR North copper-silver belt, now spans 3.2-km by 1.9-km and still remains open in all directions.

To date, 44 rock samples returned values over 3.0% copper, 55 returned over 2.0% copper, 21 returned over 30 g/t silver, with intervals ranging from 0.3 to 20.0m. Highlight rock sample values were 12.5% copper and 120 g/t silver (refer to Figure 2).

The CONEJO mineralization occurs both as a stockwork of crosscutting fractures and as disseminated mineralization hosted in igneous rock. Observed minerals include: chalcocite, native copper, cuprite and copper oxides. Epidote is commonly associated with the copper mineralization (refer to Figures 3 and 4).

"The CONEJO continues to develop to the point where Max is considering it as a significant stand-alone copper project," commented Max CEO, Brett Matich.

"We look forward to assay results from the CONEJO high-grade zone, expected shortly. Concurrently, the Max technical team has commenced a targeted exploration program over the 48-km² URU zone, as well as prospect the favourable horizons further into the CESAR basin," he continued.

"The price of copper continues to rise, reaching an all-time high of $4.79 per pound this week, driven by the insatiable demands of the green revolution and the ever-depleting copper reserve base. Max shareholders are well positioned to take advantage, with significant potential for district scale discoveries throughout the CESAR basin," he concluded.

Figure 1. CESAR North – CONEJO location
.https://www.maxresource.com/images/gallery/MXR_CESAR-Copper-Silver_News_59.jpg

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3834/100139_ff5173dde48d5a10_002full.jpg

Figure 2. CONEJO 3.2-km by 1.9-km copper-silver zone.
https://www.maxresource.com/images/gallery/MXR_CESAR-Copper-Silver_News_60.jpg

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3834/100139_ff5173dde48d5a10_003full.jpg

Figure 3. 2.8% copper and 13 g/t silver widths of 20.0m (876823).
https://www.maxresource.com/images/gallery/MXR_CESAR-Copper-Silver_News_61.jpg

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/3834/100139_ff5173dde48d5a10_004full.jpg

Figure 4. Sample rock mineralization (876823).
https://www.maxresource.com/images/gallery/MXR_CESAR-Copper-Silver_News_62.jpg

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/3834/100139_ff5173dde48d5a10_005full.jpg

Visible mineralization reports the presence of chalcocite, native copper and copper oxides. Two types of mineral events have been observed:one type is hosted in a stockwork within igneous host rock and is associated with the presence of epidote, and the second type is sediment-hosted stratiform copper silver mineralization of Kupferschiefer. The stratiform type is cross cut by the mineralized stockwork associated with igneous rocks (refer to Figure 4).

Max interprets the sediment-hosted stratabound copper-silver mineralization in the Cesar basin to be analogous to both the Central African Copper Belt (CACB) in the south and the Polish Kupferschiefer in the north. Almost 50% of the copper known to exist in sediment-hosted deposits is contained in the CACB, including Ivanhoe Mines Ltd (TSX: IVN) 95-billion-pound Kamoa-Kakula copper deposit in the Congo.

Kupferschiefer, the world's largest silver producer and Europe's largest copper source, is a mining orebody ranging from 0.5 to 5.5m thick, at depths of 500m, with grades of 1.49% copper and 48.6 g/t silver. The silver yield is almost twice the production of the world's second largest silver mine.

Source: Central African Belt Descriptive models, grade-tonnage relations, and databases for the assessment of sediment-hosted copper deposits with emphasis on deposits in the Central Africa Copperbelt, Democratic Republic of the Congo and Zambia by USGS 2010. Kamoa-Kakula by OreWin March 2020. World Silver Survey 2020 and Kupferschiefer Deposits & Prospects in SW Poland, September 27, 2019. Max cautions investors that the presence of copper mineralization of the Central African Copper Belt and the Polish Kupferschiefer are not necessarily indicative of similar mineralization at CESAR.

Table 1. Rock assay results that returned over 1.0% copper and silver. Max cautions investors that panel and representative grab sampling can be selective and are not necessarily representative of the mineralization.

QUALITY ASSURANCE

All CESAR rock chip samples are shipped to ALS Lab's sample preparation facility in Medellin, Columbia. Sample pulps are then sent to Lima, Peru, for analysis. All samples are analyzed using ALS procedure ME-MS41, a four-acid digestion with inductively coupled plasma finished. Over-limit copper and silver are determined by ALS procedure OG-62, a four-acid digestion with an atomic absorption spectroscopy finish. ALS Labs is independent from Max.

Max uses standard chip and channel sampling where possible, but also relies on composite grab sampling. Max considers composite grab samples to be representative but cautions investors that individual grab samples can be selective and may not be representative of continuous mineralization at CESAR.

QUALIFIED PERSON

The Company's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Tim Henneberry, P Geo (British Columbia), a member of the Max Resource Advisory Board, who serves as a Qualified Person under the definition of National Instrument 43-101.

CESAR COPPER-SILVER PROJECT IN COLOMBIA – OVERVIEW

CESAR lies along the copper-silver rich 200-kilometre-long Cesar Basin in northeastern Colombia. This region enjoys major infrastructure resulting from oil & gas and mining operations, including Cerrejon, the largest coal mine in Latin America, now held by global miner Glencore (refer to Figure 4).

Figure 5. CESAR Project location.
https://www.maxresource.com/images/gallery/MXR_CESAR-Copper-Silver_News_63.jpg

To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/3834/100139_ff5173dde48d5a10_006full.jpg

Due to the district-scale and copper-silver prospectivity of the Cesar Basin, Max has implemented a multi-faceted exploration program for 2021:

• Advanced Drill Core Analysis and Modelling: ongoing interpretation of seismic sections and analysis of historical drill holes are all being integrated into our structural modelling of the Cesar Basin, in collaboration with Ingeniería Geológica Universidad Nacional de Colombia ("IGUN") in Medellín (January 7, 2021 NR).

• Geochemical and Mineralogical: research programs by the University of Science and Technology ("AGH") of Krakow, Poland. AGH bring their extensive knowledge of KGHM's world renowned Kupferschiefer sediment-hosted copper-silver deposits in Poland to the CESAR project.

• Geophysical: Fathom Geophysics is interpreting seismic data, funded by the Company in collaboration with one of the world's leading copper producers.

• Proprietary Field Exploration & Techniques: Max's in-country exploration teams continue to target new copper-silver stratabound mineralized zones.

CESAR North 90-kilometre-long-copper-silver zone:

– In 2020, Max discovered both the copper-silver rich AMS (previously named AM South) zone and the AMN (previously named AM North) zone 40-km north, collectively spanning over 45-km². Highlight values of 1.0 to 34.4% copper and 5 to 305 g/t silver. Intervals range 0.5 to 25.0m;

– In March 2021, Max announced the CONEJO discovery, now spanning 3.2-km by 1.9-km and open in all directions. CONEJO returned values greater than 5.0% copper from 23 rock panels varying from 5.0m by 5.0m to 1.0m by 1.0m. In addition, 66 rock panel samples returned values over 1.0% copper (March 24, 2021 NR):

– 12.5% copper + 84 g/t silver over 5.0m by 5.0m
– 10.5% copper + 50 g/t silver over 3.0m by 2.0 m
– 10.4% copper + 95 g/t silver over 5.0m by 5.0m
– 10.2% copper + 62 g/t silver over 5.0m by 5.0m
– 10.0% copper + 80 g/t silver over 5.0m by 5.0m
– 8.7% copper + 89 g/t silver over 5.0m by 5.0m
– 8.4% copper + 60 g/t silver over 5.0m by 5.0m
– 7.9% copper + 21 g/t silver over 5.0m by 5.0m
– 7.7% copper + 84 g/t silver over 5.0m by 5.0m
– 7.4% copper + 47 g/t silver over 5.0m by 5.0m

– The 2021 URU discovery, located 30-km south of CONEJO, has been expanded to 48-km² is and open in all directions. URU appears to have major-scale potential with highlight assay values of 0.5 to 14.8% copper and 5 to 132 g/t silver. Widths range 1.0 to 10.0m (June 10, and October 7, 2021 NR):

– 14.8% copper and 132 g/t silver outcrop over 1.5m x 0.8m
– 6.5% copper and 6 g/t silver outcrop over widths of 1.0m
– 5.6% copper and 87 g/t silver outcrop over 1.0m by 1.0m
– 4.3% copper and 8 g/t silver outcrop over widths of 10.0m
– 3.9% copper and 7 g/t silver outcrop over widths of 10.0m
– 3.6% copper and 12 g/t silver outcrop over widths of 10.0m
– 3.0% copper and 6 g/t silver outcrop over widths of 10.0m
– 3.0% copper and 37 g/t silver outcrop over widths of 10.0m

– By late April 2021, MAX had identified five copper discoveries at CESAR North 80-km belt: URU, CONEJO, SP, AMN and AMS;

– The new SP target reconnaissance composite grab sampling over a 25.0m outcrop averaging 4.8% copper and 51 g/t silver is considered very significant (September 7, 2021 NR);

– Exploration continues on the CONEJO and URU zones;

– Max has initiated the process of mineral claim approvals and drill permitting;

• CESAR West: Max has identified copper porphyry-style mineralization.

ABOUT MAX RESOURCE CORP.

Max Resource Corp. is a copper and precious metals exploration company, engaged in advancing both the newly discovered district-scale CESAR copper-silver project (100% owned) in Colombia and the newly acquired RT Gold project (100% earn-in) in Peru. Both projects have potential for the discovery of large-scale mineral deposits; both stratabound-type copper-silver in Colombia and high-grade gold porphyry and massive sulfide in Peru.

Max Resource was awarded a Top 10 Ranked Company in the Mining Sector on the TSX Venture 50™ for 2021, achieving a market cap increase of 1,992% and a share price increase of 282% in 2020.

For more information visit: https://www.maxresource.com/
For more information visit: www.tsx.com/venture50
TSX Venture 50™ for 2021 video: MAX Resource Corp. (TSXV: MXR) – 2021 TSX Venture 50 – YouTube

For additional information contact:

Max Resource Corp.
Tim McNulty
E: info@maxresource.com
T: (604) 290-8100

*The Venture 50 ranking is provided by TSX Venture Exchange Inc. ("TSXV") for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of this information and are not responsible for any errors or omissions in or any use of, or reliance on, this information. The Venture 50 program is not an invitation to purchase securities listed on TSX Venture Exchange. TSXV and its affiliates do not endorse or recommend any of the referenced securities or issuers, and this information should not be construed as providing any trading, legal, accounting, tax, investment, business, financial or other advice and should not be relied on for such purposes"

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

Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100139

On 06 October 2021 Endeavour Mining PLC received the following notification from BlackRock, Inc. of its interests in the Company as of 05 October 2021:

TR-1: Standard form for notification of major holdings

1. Issuer Details

ISIN

GB00BL6K5J42

Issuer Name

ENDEAVOUR MINING PLC

UK or Non-UK Issuer

UK

2. Reason for Notification

An acquisition or disposal of voting rights

3. Details of person subject to the notification obligation

Name

BlackRock, Inc.

City of registered office (if applicable)

Wilmington

Country of registered office (if applicable)

USA

4. Details of the shareholder

Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

City of registered office (if applicable)

Country of registered office (if applicable)

5. Date on which the threshold was crossed or reached

05-Oct-2021

6. Date on which Issuer notified

06-Oct-2021

7. Total positions of person(s) subject to the notification obligation

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached

8A. Voting rights attached to shares

8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

9. Information in relation to the person subject to the notification obligation

2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

10. In case of proxy voting

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional Information

BlackRock Regulatory Threshold Reporting Team

Jana Blumenstein

020 7743 3650

12. Date of Completion

06^th October 2021

13. Place Of Completion

12 Throgmorton Avenue, London, EC2N 2DL, U.K.

Attachment

• 211019 – TR1 Blackrock 6.10.21

VANCOUVER, BC / ACCESSWIRE / October 19, 2021 / The Power Play by The Market Herald has announced the release of new interviews with SoLVBL Solutions, Xebra Brands Ltd., Prophecy DeFi, and Max Resource discussing their latest press releases.

The Power Play by The Market Herald provides investors with a quick snapshot of what they need to know about the company's latest press release through exclusive insights and interviews with company executives.

SoLVBL Solutions (CSE:SOLV) granted U.S. patent for Q by SoLVBL

SoLVBL Solutions has received a U.S. patent for its cryptographic product, Q by SoLVBL^TM. Raymond Pomroy, CEO of SoLVBL sat down with Caroline Egan to discuss the implications of this critical patent.

For the full interview with Raymond Pomroy and to learn more about the patent, click here.

Xebra Brands (CSE:XBRA) commences trading on the CSE

Xebra Brands has announced that it received final approval to list its common shares on the Canadian Securities Exchange. Board Chairman Robert Giustra spoke with Dave Jackson to discuss the CSE listing, the company's DTC and OTC applications, its upcoming FSE listing and the Mexican Supreme Court injunction vote.

For the full interview with Robert Giustra to read more about the listing, click here.

Prophecy DeFi (CSE:PDFI) subsidiary generates over $2.0M in returns in first 90 days of operation

Prophecy DeFi subsidiary Layer2 Blockchain has generated yield and capital gains of $2.0M over a 90-day period beginning on July 17th. John McMahon, CEO of Prophecy DeFi sat down with Caroline Egan to discuss Layer2's performance and the success of Prophecy DeFi.

For the full interview with John McMahon and to read more about the announcement, click here.

Max Resource (TSXV:MXR) reports standout copper assays

Max Resource has assayed 3.3 per cent copper over 15m at its Cesar Project in northeastern Colombia. Brett Matich, CEO of Max Resource spoke with Dave Jackson to discuss the significance of the results.

For the full interview with Max Resource Corp. and to learn more about their recent assay, click here.

Interviews for The Power Play by The Market Herald are released daily. To learn more about the companies featured in The Power Play or to explore our other interviews visit The Power Play by The Market Herald.

About The Market Herald

The Market Herald Canada is the leading source of authoritative breaking stock market news for self-directed investors. Our team of Canadian markets reporters, editors and technologists covers the entire listed company universe in Canada. We cover over 3,985 businesses, their people, their investors, and their customers. We write the stories that move the Canadian capital markets.

Contact Information:
The Market Herald
Brianna Anthony
brianna.anthony@themarketherald.ca
themarketherald.ca

SOURCE: The Market Herald

View source version on accesswire.com:
https://www.accesswire.com/668768/The-Power-Play-by-The-Market-Herald-Announces-Interviews-with-SoLVBL-Solutions-Xebra-Brands-Ltd-Prophecy-DeFi-and-Max-Resource-on-Latest-Company-News

A look at the shareholders of Endeavour Mining plc (TSE:EDV) can tell us which group is most powerful. Generally speaking, as a company grows, institutions will increase their ownership. Conversely, insiders often decrease their ownership over time. Warren Buffett said that he likes "a business with enduring competitive advantages that is run by able and owner-oriented people." So it's nice to see some insider ownership, because it may suggest that management is owner-oriented.

With a market capitalization of CA$7.9b, Endeavour Mining is rather large. We'd expect to see institutional investors on the register. Companies of this size are usually well known to retail investors, too. In the chart below, we can see that institutions own shares in the company. We can zoom in on the different ownership groups, to learn more about Endeavour Mining.

Check out our latest analysis for Endeavour Mining

What Does The Institutional Ownership Tell Us About Endeavour Mining?

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

Endeavour Mining already has institutions on the share registry. Indeed, they own a respectable stake in the company. 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. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Endeavour Mining's historic earnings and revenue below, but keep in mind there's always more to the story.

We note that hedge funds don't have a meaningful investment in Endeavour Mining. Looking at our data, we can see that the largest shareholder is La Mancha Holding S.à R.L. with 19% of shares outstanding. With 13% and 10% of the shares outstanding respectively, BlackRock, Inc. and Van Eck Associates Corporation are the second and third largest shareholders.

Our research also brought to light the fact that roughly 52% of the company is controlled by the top 5 shareholders suggesting that these owners wield significant influence on the business.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.

Insider Ownership Of Endeavour Mining

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our most recent data indicates that insiders own some shares in Endeavour Mining plc. This is a big company, so it is good to see this level of alignment. Insiders own CA$547m worth of shares (at current prices). If you would like to explore the question of insider alignment, you can click here to see if insiders have been buying or selling.

General Public Ownership

The general public holds a 24% stake in Endeavour Mining. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Equity Ownership

Private equity firms hold a 19% stake in Endeavour Mining. This suggests they can be influential in key policy decisions. Sometimes we see private equity stick around for the long term, but generally speaking they have a shorter investment horizon and — as the name suggests — don't invest in public companies much. After some time they may look to sell and redeploy capital elsewhere.

Next Steps:

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Take risks for example – Endeavour Mining has 3 warning signs (and 1 which makes us a bit uncomfortable) we think you should know about.

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

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.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Gem Diamonds Limited (LON:GEMD) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.

When Is Debt A Problem?

Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.

View our latest analysis for Gem Diamonds

How Much Debt Does Gem Diamonds Carry?

The image below, which you can click on for greater detail, shows that Gem Diamonds had debt of US$14.7m at the end of June 2021, a reduction from US$23.6m over a year. But it also has US$33.9m in cash to offset that, meaning it has US$19.2m net cash.

A Look At Gem Diamonds' Liabilities

We can see from the most recent balance sheet that Gem Diamonds had liabilities of US$43.1m falling due within a year, and liabilities of US$112.0m due beyond that. Offsetting these obligations, it had cash of US$33.9m as well as receivables valued at US$6.55m due within 12 months. So its liabilities total US$114.6m more than the combination of its cash and short-term receivables.

This is a mountain of leverage relative to its market capitalization of US$116.4m. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. Despite its noteworthy liabilities, Gem Diamonds boasts net cash, so it's fair to say it does not have a heavy debt load!

Even more impressive was the fact that Gem Diamonds grew its EBIT by 406% over twelve months. If maintained that growth will make the debt even more manageable in the years ahead. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Gem Diamonds's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Gem Diamonds may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. In the last three years, Gem Diamonds created free cash flow amounting to 4.2% of its EBIT, an uninspiring performance. That limp level of cash conversion undermines its ability to manage and pay down debt.

Summing up

Although Gem Diamonds's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$19.2m. And it impressed us with its EBIT growth of 406% over the last year. So we don't have any problem with Gem Diamonds's use of debt. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet – far from it. Be aware that Gem Diamonds is showing 2 warning signs in our investment analysis , and 1 of those shouldn't be ignored…

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.