We came across a bullish thesis on Harmony Gold Mining Company Limited (HMY) on Value Investing Subreddit Page by Intelligent_Okra5374. In this article, we will summarize the bulls’ thesis on HMY. Harmony Gold Mining Company Limited (HMY)'s share was trading at $12.96 as of April 7th. HMY’s trailing P/E was 14.84 according to Yahoo Finance.

Drills extracting gold from a gold mine, revealing the company's gold mining operation.

While the broader market is grappling with a 14% year-to-date decline, dragged down by tariff fears and macroeconomic headwinds, Harmony Gold Mining (HMY) has bucked the trend, rallying an impressive 60% YTD. This exceptional performance stems from both a favorable macro backdrop and strong operational execution. HMY benefits from its position within the gold mining sector, which tends to outperform during periods of economic uncertainty, market corrections, and geopolitical tensions. Gold’s 16% YTD price increase underscores its role as a safe-haven asset, attracting capital flows away from riskier equities. Harmony, with operations in South Africa, Papua New Guinea, and Australasia, is well positioned to capitalize on this trend—not only through gold, but with exposure to uranium, silver, and increasingly, copper. However, the company’s outperformance extends beyond macro tailwinds; its internal fundamentals are just as compelling.

Over the past six months, Harmony has posted robust results: revenue climbed 19%, net profit surged 33%, and it generated record free cash flow of R10.39 billion. These results empowered the company to issue its highest-ever interim dividend, reflecting both financial strength and shareholder alignment. While overall gold production dipped slightly, Harmony’s pivot to high-grade, low-cost assets like Mponeng, and its future copper production, demonstrate a strategic shift toward margin resilience and diversification. The company is also in a rare position of strength in mining—net cash positive, with R7.28 billion on hand—giving it ample flexibility to fund growth organically without debt dependency. Risks such as gold price volatility or operational disruptions persist, but Harmony’s discipline in cost control and project selection create a buffer that few peers can match.

From a technical standpoint, the stock has been volatile, trading in a wide 52-week range of $7.97 to $15.22. Yet, momentum indicators like the MACD point to continued upside, and the recent pullback may represent a compelling entry point. Valuation remains attractive, with its P/E ratio aligned with peers, and Harmony’s forward-looking copper strategy adds a fresh layer of long-term growth alongside gold’s defensive appeal. In a market fraught with uncertainty, Harmony offers a rare combination of high-quality assets, strong free cash flow, and strategic optionality. Whether the goal is short-term gains from momentum or long-term value tied to resource diversification and fiscal prudence, HMY stands out as a buy-worthy name with significant upside potential.

Harmony Gold Mining Company Limited (HMY) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held HMY at the end of the fourth quarter which was 11 in the previous quarter. While we acknowledge the risk and potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure: None. This article was originally published at Insider Monkey.

Lupaka Gold Corp

VANCOUVER, British Columbia, April 02, 2025 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) has received an update from the Arbitral Tribunal regarding the Company’s ongoing Arbitration Claim against the Republic of Peru.

Quoted from the Tribunal’s update “The Tribunal refers to the Claimant’s communication of 14 March 2025, and it wishes to provide the following status update to the Parties:

The ruling is in the final translation stage, but the process of translation and checking has been unexpectedly time-consuming. Considering the time necessary to finalize the ruling for dispatch in the two procedural languages, the Tribunal anticipates and intends that the ruling will be dispatched this Spring.”

Gordon Ellis (CEO) commented “Although we had anticipated a final ruling by this time, the good news is that we are already into “Spring” so a final ruling is expected in the very near future.”

For ongoing updates and more detail with respect to the arbitration, please refer to the Company’s website (www.lupakagold.com/projects/arbitration).

For background on the basis for the Claim, please refer to the Company’s previous news releases, also available on the Company’s website (www.lupakagold.com/news/#2020).

Lupaka is represented in the arbitration proceedings by the international law firm LALIVE (www.lalive.law), and has the financial backing of Bench Walk Advisors (www.benchwalk.com).

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 this news release.

About Lupaka Gold

Lupaka is a Canadian-based company focused on creating shareholder value through identification and development of mining assets.

About LALIVE

LALIVE is an international law firm with offices in Geneva, Zurich and London, that specializes in international dispute resolution. The firm has extensive experience in international investment arbitration in the mining sector, amongst others, and is currently representing investors and States as counsel worldwide.

About Bench Walk Advisors

Bench Walk Advisors is a global litigation financier with over USD 250 million of capital deployed across in excess of 100 commercial cases. Bench Walk and its principals have consistently been ranked as leading lawyers and litigation funders in various global directories.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

We recently published a list of 10 Firms Kick Off Trading Week Stronger. In this article, we are going to take a look at where Harmony Gold Mining Company Ltd. (NYSE:HMY) stands against other firms that kicked off the trading week stronger.

The stock market began the trading week on a mixed note as investors continued to digest President Donald Trump’s new tariff agenda, with all economies expecting to be hit by import taxes.

Among all major indices, only the Nasdaq registered losses, down 0.14 percent. In contrast, the Dow Jones jumped by 1 percent while the S&P 500 grew by 0.55 percent.

Despite the broader market downturn, 10 individual stocks stood their ground, finishing the day in the green amid a flurry of fresh corporate developments that boosted investor appetite.

In this article, we named Monday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million in trading volume.

Why Harmony Gold Mining Company Ltd. (HMY) Went Up On Monday?

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

Harmony Gold Mining Company Ltd. (NYSE:HMY)

Harmony Gold extended its winning streak for a third day on Monday, adding 5.05 percent to close at $14.77 apiece as investors gobbled up shares after prices of gold hit a new record high.

On Monday, the spot prices of gold cracked past the $3,100 level for the first time as concerns about US President Donald Trump’s more aggressive tariff stance drove investor funds to safer assets such as gold and spilled over to gold mining stocks.

Optimistic outlooks for the precious metal further added to the sentiment, with Goldman Sachs expecting gold to soar to the $4,500 level over the next 12 months amid extreme market conditions.

Meanwhile, Bank of America raised its average gold price targets for this year and the next to $3,063 per ounce this year and $3,350 per ounce in 2026.

The new figures were markedly up from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

Earlier this year, HMY announced that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.

Overall, HMY ranks 6th on our list of firms that kicked off the trading week stronger. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as HMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.

We recently published a list of 10 Stocks Outperform Broader Market Last Week. In this article, we are going to take a look at where Harmony Gold Mining Company Ltd. (NYSE:HMY) stands against other stocks that outperformed broader market last week.

Wall Street’s main indices traded lower week-on-week as investor sentiment continued to be dragged by the ongoing trade tensions globally.

The tech-heavy Nasdaq was down by 2.59 percent versus its level on March 21. Meanwhile, the S&P 500 declined by 1.5 percent and the Dow Jones dropped by 0.956 percent.

Ten individual stocks, on the other hand, managed to stay stronger, three of which were particularly notable as funds flocking to gold assets spilled over into their stocks.

In this article, we listed last week’s 10 top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million trading volume.

Why Harmony Gold Mining Company Ltd. (HMY) Went Up Last Week?

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

Harmony Gold Mining Company Ltd. (NYSE:HMY)

Higher gold prices and an optimistic outlook propelled Harmony Gold’s share prices by 10.44 percent last week to end at $14.06 from the $12.73 registered on March 21.

As of Friday, spot prices of gold were up by 0.91 percent to a new all-time high of $3,085.12 per ounce. Friday’s increase marked its 18th record high this year as investor funds flocked to safer assets such as gold to mitigate risks from the ongoing economic uncertainties.

Meanwhile, Bank of America raised its average gold price targets for this year and the next to $3,063 per ounce this year and $3,350 per ounce in 2026.

The new figures were markedly up from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

Earlier this year, HMY announced that its net income in the first semester grew by 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose by 18 percent to R37.1 billion from R31.4 billion, with gold revenues contributing to total revenue growth, increasing 19 percent to R35.4 million from R29.7 million.

Overall, HMY ranks 7th on our list of stocks that outperformed broader market last week. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as HMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.

We recently published a list of 10 Firms End Friday Strong; 3 Reach All-Time Highs. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against other firms that end Friday strong.

Wall Street’s main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.

The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.

Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.

In this article, we listed Friday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

Why Harmony Gold Mining Company Limited (HMY) Went Up On Friday?

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

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold surged by 9.5 percent on Friday to finish at $14.06 apiece as investors snapped up shares in the company following higher gold spot prices and outlook from an investment firm.

As of Friday, 6:24 PM EDT, spot prices of gold were up by 0.91 percent to a new all-time high of $3,085.12 per ounce, marking its 18th record high this year, as investors continued to flock to safer assets amid the ongoing trade tensions globally.

The higher prices pushed Bank of America to raise its average gold price targets for this year and the next. In its market note on Wednesday, the investment firm raised its gold price forecast to $3,063 per ounce this year and to $3,350 per ounce next year. The new figures marked a significant increase from its previous forecasts of $2,750 per ounce for 2025 and $2,625 per ounce for 2026.

Overall, HMY ranks 1st on our list of firms that end Friday strong. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as HMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.

Gold stocks Harmony Gold and AngloGold Ashanti jumped after inflation came in hot on Friday. Shares of both are at a new highs.

Sprott Gold Miners ETF SGDM, which offers exposure to gold stocks, has gained 31.6%, becoming the best-performing ETF of the first quarter.Although most of the stocks in SGDM’s portfolio delivered strong returns, a few have gained more than 50%. These include Orla Mining Ltd. ORLA, SSR Mining Inc. SSRM, Gold Fields Limited GFI, Harmony Gold Mining Company Limited HMY and AngloGold Ashanti PLC AU.Gold mining stocks and ETFs are outperforming this year, driven by a surge in gold price. Mining companies act as leveraged plays on the underlying metal prices and thus tend to experience more gains than their bullion cousins in a rising metal market (read: Gold Mining ETFs Shine Amid Market Rout).Gold has been on an unstoppable rally and recently breached the 3,050 level. The strong safe-haven demand amid economic uncertainties triggered by U.S. President Donald Trump's trade tariff war and escalating geopolitical tensions, as well as potential rate cuts, drove the rally.     Gold is often used to preserve wealth during financial and political uncertainty and usually does well when other asset classes struggle. Additionally, the inflationary pressure caused by new tariffs will benefit the precious metal's status as a hedge against rising prices.In the latest meeting, Fed Chair Jerome Powell kept interest rates steady and maintained the two-rate cut projections for this year. Lower interest rates will continue to support gold prices as these raise the yellow metal’s attractiveness compared with fixed-income assets such as bonds. Notably, gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity costs of holding the non-yielding bullion.Apart from these, central banks are among the major drivers of gold prices. Banks are dominant buyers of gold as they seek to diversify their reserves away from the U.S. dollar. In particular, China extended its purchases for the fourth consecutive month in February. According to the latest report from the World Gold Council, global gold demand reached a record high in 2024, driven by sustained central bank buying and growth in investment demand. Central banks accumulated more than 1,000 tons of gold for the third consecutive year (read: Gold ETFs at All-Time High as Bullion Surges Past $3000).  Let us take a closer look at the fundamentals of SGDM.

SGDM in Focus

Sprott Gold Miners ETF follows the Solactive Gold Miners Custom Factors Index, which aims to track the performance of larger-sized gold companies whose stocks are listed on Canadian and major U.S. exchanges. It holds 35 stocks in its basket, with Canadian firms taking the top spot at 79.2%, followed by 18.7% in the United States. Sprott Gold Miners ETF has amassed $321.7 million in its asset base and trades in a lower volume of around 44,000 shares a day. It charges 50 bps in annual fees from investors.

Best-Performing Stocks of SGDM

Orla Mining is primarily engaged in developing the Camino Rojo Oxide Gold Project, an advanced gold and silver open-pit and heap-leach project located in Zacatecas State, central Mexico. The stock has skyrocketed 63% since the start of the year and accounts for a 3.4% share in the ETF. It has an estimated earnings growth rate of 84% for this year.Orla Mining has a Zacks Rank #3 (Hold) and a VGM Score of A.SSR Mining is a mining company focused on the operation, development, exploration and acquisition of precious metal projects. The company primarily explores for gold, silver, and mineral properties. The stock has jumped 60% so far this year and accounts for a 0.4% share in SGDM’s basket. It has an estimated earnings growth rate of 185.7% for this year.SSR Mining currently has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Gold Fields is one of the world's largest unhedged gold producers, with operating mines in South Africa, Ghana and Australia. The stock has soared 55.8% and accounts for a 1.27% share in the ETF. Gold Fields has an estimated earnings growth of 40.1% for this year.GFI has a Zacks Rank #4 (Sell) and a VGM Score of B.Harmony Gold conducts underground and surface gold mining. It is engaged in related activities such as exploration, processing, smelting and refining. The stock has surged 54.2% since the start of the year and accounts for a 0.39% share in the ETF. Harmony Gold has an estimated earnings growth of 10.2% for the fiscal year (ending June 2025) and has a Zacks Rank #4. It has a VGM Score of B (read: Gold (GLD) or Gold Mining (GDX): Which ETF is Better?).AngloGold operates as a gold mining company in Africa, the Americas and Australia. The company explores for gold. AngloGold has gained 51% so far this year and accounts for a 0.94% share in the ETF. AngloGold has an estimated earnings growth rate of 12.7% for this year but has a Zacks Rank #5 (Strong Sell).

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

AngloGold Ashanti PLC (AU) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

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

Sprott Gold Miners ETF (SGDM): ETF Research Reports

Silver Standard Resources Inc. (SSRM) : Free Stock Analysis Report

Orla Mining Ltd. (ORLA) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Goliath Resources (GOT.V) reported Thursday an update on the Surebet discovery within its Golddigger

Goliath Resources Limited

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Dyke Highlights:

  • 17 feeder dykes have been intersected in drill holes and/or mapped on surface, of which 13 remain to be tested. These will be logged, sampled and assayed in the upcoming 2025 program based on strong assays results from the first 4 dykes tested in 2024 providing for excellent potential to vector in and target the gold mineralizing system.

  • 4 feeder dykes drilled, logged and assayed contained high-grade gold intervals that displayed visible gold, as well as molybdenite, bismuth and tellurium mineralization related to a Reduced Intrusion Related Gold System (RIRG).

  • 19 holes drilled in 2021 – 2024 with highly prospective intervals of mineralized porphyritic RIRG dykes will be relogged as part of the 2025 program that suggest possibly >900 meters of new samples for a quick start of early assaying this season; mobilization planned for May 2025.

  • High-grade gold mineralization was reported earlier this year from a relogged drill hole from 2022 that assayed 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, plus a second separate interval of 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters that intersected a feeder dyke derived from the Motherlode gold-rich Reduced Intrusion Related Gold System (RIRG) source. Additional feeder dykes have also confirmed gold mineralized intrusion related in drill holes to a down-hole depth of 500 meters with grades ranging from 1.08 g/t AuEq over 1.10 meters to 10.50 g/t AuEq over 7.00 meters. The gold mineralized feeder dykes are up to 25 meters wide and exposed along strike at surface for up to 1,500 meters and remain open, strongly indicating close proximity to a gold-rich Motherlode RIRG source.

  • Mineralization in the dykes occurs as quartz veins and veinlets up to a few centimeters wide containing visible gold, bismuth, bismuth-tellurides and molybdenite, hosted in porphyritic felsic-intermediate ilmenite series granitoids, which is the expected composition of a causative intrusion in the geologic setting where Surebet was formed. Gold in the mineralized dykes occurs included in composite grains with native bismuth and bismuth tellurides. This style of gold mineralization is also found in the gold-rich staked shear hosted quartz veins at Surebet.

  • The geochronology (age) between the dykes (52.0 ± 1.5 Ma) and sedimentary/volcanic rock hosted stacked veins (50.7 ± 1.0 Ma) indicates the dykes were emplaced at a time indistinguishable from the stacked veins, suggesting a syngenetic relationship between these two mineralization stages. Also, there are two stages of gold mineralization observed petrographically in all gold bearing veins at the Surebet Discovery (see more information below).

  • Two stages of gold mineralization are observed petrographically in all gold bearing veins at the Surebet Discovery. The first stage is higher-temperature and occurs with a strong bismuth-gold association, which is most commonly observed in the RIRG dykes. This is further evidence these are the feeder pathway structures that provided mineralization for the high-grade gold stacked veins. The second is a lower temperature stage most commonly found in the sedimentary rocks and volcanic rocks. Certain intervals are observed containing both high temperature and low temperature stages of gold i.e. previously announced drill hole GD-24-260 that ran 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters.

  • During only 15 months of boots on the ground, strong gold mineralization has been confirmed with assays in 100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km2 area. Confirmation of multiple stacked gold veins and widespread gold-rich reduced intrusion (RIRG) feeder dykes, confirms the continuity of the widths and grades at Surebet demonstrating this world-class gold system has tremendous untapped expansion potential remaining.

  • Confirmation of high gold grades over broad intervals in the recently discovered RIRG system characterized by considerable amounts of visible gold, bismuth, bismuth tellurides and molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet materially increases the resource potential of the Surebet discovery. Targeting the feeder dykes and Motherlode gold-rich source will form part of the drill program in 2025 as well expanding the stacked layers of high-grade gold mineralization currently covering at least 1.8 km2 that remains open in all directions on the Surebet discovery.

Dyke Maps & Cross Sections

Drilling Highlights – Dyke Assays Previously Reported:

  • GD-22-58, a 2022 drill hole that was relogged in 2024 and previously reported this year intercepted two separate intervals with exceptional gold grades over substantial widths within a reduced intrusion related porphyritic intermediate feeder dyke containing visible gold, bismuth and molybdenum mineralization reminiscent of a RIRG system. The dyke is up to 15 meters wide and strikes north-south for 1,400 meters on surface with 600 meters of vertical relief and remains open:

    • 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters.

    • 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 meters.

  • GD-24-237 previously reported intercepted a mineralized intermediate porphyritic dyke that assayed 10.50 g/t AuEq (10.41 f/t Au and 7.15 g/t Ag) over 7.00 meters, including 14.68 g/t AuEq (14.55 g/t Au and 9.82 g/t Ag) over 5.00 meters, and 24.42 g/t AuEq (24.22 g/t Au and 16.01 g/t Ag) over 3.00 meters. The dyke is up to 25 meters wide and strikes north-south for 1,500 meters on surface with 900 m of vertical relief and remains open.

  • GD-23-180, a 2023 drill hole that was relogged in 2024 and previously reported this year intercepted a mineralized intermediate porphyritic dyke that assayed 3.46 g/t AuEq (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters including 4.49 g/t AuEq (4.44 g/t Au and 3.75 g/t Ag) over 5 meters. Based on drill information to date the dyke has a northeast-southwest strike extent of 300 meters of strike with 400 meters of vertical relief and remains open. This dyke is not exposed to the surface.

  • Drill hole GD-23-226 previously reported intercepted a mineralized intermediate porphyritic dyke that assayed 1.85 g/t AuEq (1.85 g/t Au and 0.00 g/t Ag) over 8 meters, including 6.03 g/t AuEq (6.03 g/t Au and 0.00 g/t Ag) over 2 meters. The dyke is up to 25 meters wide and strikes north-south for 1,500 meters on surface with 900 meters of vertical relief and remains open.

TORONTO, March 13, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report updated modelling confirms the large gold rich stacked layered system of 1.2 kilometres over an area of 1.8 square kilometres is directly associated to a Motherlode Reduced Intrusive Gold System (RIRG) source with multiple gold rich feeder dykes at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Previously reported feeder dyke holes assayed up to 12 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10 meters and remains open for expansion. These RIRG feeder dykes are up to 25 meters wide and exposed at surface along strike for up to 1,500 meters and remain open. The geochronology age between the dykes (52.0 ± 1.5 Ma) and sedimentary/volcanic rock hosted stacked veins (50.7 ± 1.0 Ma) indicates the dykes were emplaced at a time indistinguishable from the stack veins, suggesting a syngenetic relationship between these two mineralization stages.

17 feeder dykes have been intersected in drill holes and/or mapped on surface, of which 13 remain to be tested. These will be logged, sampled and assayed in the upcoming quick start 2025 program based on strong assays results from the first 4 feeder dykes tested in 2024. These provide for excellent potential to vector in and target the gold mineralizing system. 4 of the feeder dykes logged and assayed contained high-grade gold intervals that displayed visible gold, as well as molybdenite, bismuth and tellurium mineralization related to a Reduced Intrusion Related Gold System (RIRG). 19 drill holes from 2021 – 2024 with highly prospective intervals of mineralized porphyritic dykes will relogged and assayed as part of the 2025 program that suggest possibly >900 meters of new samples for assaying early on in the season; mobilization is scheduled for May this year.

Dr. Quinton Hennigh, Geologic/Technical Director of Crescat Capital, a strategic investor in Goliath, states: “At the Surebet Discovery, we now see compelling evidence of the causative intrusion that generated this remarkable high-grade gold system. A series of steeply dipping dykes encountered in some recent diamond drill holes bear quartz-sulfide veins and veinlets with compositions strongly similar to those of the numerous shallow dipping and flat lodes that have been the main focus of exploration to date. Age dating shows that the emplacement of these dykes is very close to the age of mineralization. This is intriguing for three reasons. Firstly, it indicates that the dykes themselves are a very prospective, potentially extensive exploration target. Secondly, the dykes and mineralisation forming fluids are clearly tapping the same structures, ones that are presumably deeply rooted and coming from a parent magma source at depth. This could mean there is a lot more gold in the system to explore under and laterally at the Surebet Discovery. Lastly, it is also immediately evident that there is a spatial relation between these dykes and the location of most of the highest grade intercepts encountered to date. In short, we now have a clear vector to guide future drilling at high-grade areas. The 2025 drill season cannot start soon enough.”

Randall Karcher, CASERM researcher and PhD student at the Colorado School of Mines, states: “The granitoid dykes at Surebet have several characteristics which indicate they are part of the system responsible for gold mineralization on the property. Gold in the mineralized dykes occurs within composite grains alongside native bismuth and bismuth tellurides. This style of gold mineralization is also found in the gold rich quartz vein elsewhere at Surebet. Furthermore, the dykes are felsic-intermediate ilmenite series granitoids, which is the expected composition of a causative intrusion in the setting where Surebet was formed. Finally, coincident geochronology between the dykes and the sedimentary/volcanic rock hosted stacked veins indicates that the dykes were emplaced at a time indistinguishable from the veins, suggesting a syngenetic relationship between the two. The discovery of gold bearing intrusive rocks of this character provide strong exploration implications for the intrusive “feeder system”. Additionally, the abundance of local intrusive rocks at Golddigger of similar ages to mineralization show strong exploitation potential moving forward.”

Roger Rosmus, Founder and CEO of Goliath, states: “Recently completed detailed modelling of our drilling to date has shown that in addition to a series of gently dipping vertically stacked veins over 1.2km at the Surebet high-grade gold discovery, there are also a series of near vertical RIRG gold mineralization within the dykes. Our geological team is excited about these dykes and stacked veins being roughly the same age in geological terms that point to a Motherlode RIRG source. If one considers that there are stacked veins dipping toward the southeast and others to the southwest, plus the network of vertical dykes with the higher-temperature gold and occurs with a strong bismuth-gold suggests they are connected and proximal to the source. Things are shaping up to look like we have the potential for a combination of stacked veins similar to the Pogo Mine in combination with a RIRG system like Snowline’s discovery in the Yukon. Both the Pogo Mine and Snowline’s discovery are part of the Tintina Gold Province, and it is remarkable that we could see something similar as part of the same system in the prolific Golden Triangle to the south of the Tintina Gold Province. We look forward to a quick start to our exploration season in May 2025 this year, we will be relogging and assaying the 19 holes of feeder dyke core drilled between 2021 – 2024 that could possibly end up being >900 meters being sent to the lab. Drilling this exploration season will look to further expanding the stacked veins and dykes for vectoring into the source of the gold system at the Surebet Discovery.”

Dykes – drilling results previously reported:

  • GD-22-58 previously reported intercepted two separate intervals with exceptional gold grades over substantial widths within a reduced intrusion related porphyritic intermediate feeder dyke containing visible gold, bismuth and molybdenum mineralization reminiscent of a RIRG system. The dyke is up to 15 m wide and strikes north-south for 1400 meters on surface with 600 meters of vertical relief and remains open:

    • 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters.

    • 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 meters.

  • Drill hole GD-24-237 previously reported intercepted a mineralized intermediate porphyritic dyke that assayed 10.50 g/t AuEq (10.41 f/t Au and 7.15 g/t Ag) over 7.00 meters, including 14.68 g/t AuEq (14.55 g/t Au and 9.82 g/t Ag) over 5.00 meters, and 24.42 g/t AuEq (24.22 g/t Au and 16.01 g/t Ag) over 3.00 meters. The dyke is up to 25 meters wide and strikes north-south for 1500 meters on surface with 900 m of vertical relief and remains open.

  • Drill hole GD-23-180 previously reported intercepted a mineralized intermediate porphyritic dyke that assayed 3.46 g/t AuEq (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters including 4.49 g/t AuEq (4.44 g/t Au and 3.75 g/t Ag) over 5 meters. Based on drill information to date the dyke has a northeast-southwest strike extent of 300 meters strike with 400 meters of vertical relief and remains open. The dyke is not exposed on surface.

  • Drill hole GD-23-226 previously reported intercepted a mineralized intermediate porphyritic dyke that assayed 1.85 g/t AuEq (1.85 g/t Au and 0.00 g/t Ag) over 8 meters, including 6.03 g/t AuEq (6.03 g/t Au and 0.00 g/t Ag) over 2 meters. The dyke is up to 25 meters wide and strikes north-south for 1,500 meters on surface with 900 meters of vertical relief and remains open.

The granitoid dykes at Surebet have several characteristics which indicate they are part of the system responsible for gold mineralization on Surebet. Mineralization in the dykes occurs as quartz veins and veinlets up to a few centimeters wide containing visible gold, bismuth, bismuth-tellurides and molybdenite, hosted in porphyritic felsic-intermediate ilmenite-series granitoids, which is the expected composition of a causative intrusion in the geologic setting where Surebet was formed. Gold in the mineralized dykes occurs included in composite grains with native bismuth and bismuth tellurides. This style of gold mineralization is also found in the gold-rich staked shear hosted quartz veins at Surebet. The geochronology age between the dykes (52.0 ± 1.5 Ma) and sedimentary/volcanic rock hosted stacked veins (50.7 ± 1.0 Ma) indicates the dykes were emplaced at a time indistinguishable from the stack veins, suggesting a syngenetic relationship between these two mineralization stages.

Table 1: Highlighted drill holes that intercepted RIRG in dykes – previously reported.

Hole ID

 

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Cu (%)

Pb (%)

Zn (%)

AuEq (g/t)

GD-22-58

Interval

220.00

230.00

10.00

11.84

15.61

0.00

0.01

0.02

12.03

Including

224.00

230.00

6.00

19.62

25.61

0.00

0.01

0.02

19.91

Including

225.00

230.00

5.00

23.47

30.54

0.00

0.01

0.02

23.82

Interval

244.00

249.00

5.00

8.35

20.74

0.00

0.01

0.02

8.59

Including

245.00

248.00

3.00

13.87

34.10

0.00

0.01

0.02

14.26

GD-24-237

Interval

313.00

320.00

7.00

10.41

7.15

0.00

0.01

0.02

10.50

Including

314.00

319.00

5.00

14.55

9.82

0.00

0.01

0.02

14.68

Including

315.00

318.00

3.00

24.22

16.01

0.00

0.01

0.02

24.42

GD-24-180

Interval

266.00

273.00

7.00

3.43

2.68

0.00

0.00

0.00

3.46

Including

267.00

272.00

5.00

4.44

3.75

0.00

0.00

0.00

4.49

GD-24-226

Interval

491.00

499.00

8.00

1.85

0.00

0.00

0.00

0.00

1.85

Including

491.00

493.00

2.00

6.03

0.00

0.00

0.00

0.00

6.03

GD-24-61

Interval

195.00

196.00

1.00

1.39

0.06

0.00

0.00

0.01

1.40

GD-24-77

Interval

41.00

44.00

3.00

1.00

3.77

0.00

0.00

0.01

1.05

GD-24-183

Interval

122.00

134.00

12.00

2.28

2.29

0.00

0.00

0.01

2.31

GD-24-209

Interval

341.00

343.00

2.00

1.11

1.12

0.00

0.01

0.02

1.13

GD-24-221

Interval

89.90

91.00

1.10

1.06

0.83

0.00

0.00

0.01

1.08

All 4 dykes logged and assayed contained high-grade gold intervals that displayed visible gold, as well as molybdenite, bismuth and tellurium mineralization. An additional 13 dykes have been intersected in drill holes and/or mapped on the surface and remain to be tested. These will be logged, sampled and assayed in the upcoming 2025 program based on strong assays results from the first 4 dykes tested in 2024 providing for excellent additional resource potential.

Table 2: 19 Drill holes with highly prospective intervals of mineralized porphyritic dykes to relog and assay in 2025 (~900 meters).

Hole ID

From (m)

To (m)

Interval (m)

Comment

GD-21-06

153

182

29

Relog and sample; alteration

GD-21-09

133

143

10

Relog and sample

GD-22-102

84

151

67

Relog and sample

GD-22-64

264

301

37

Relog and sample

GD-22-74

106

171

65

Relog and sample; alteration

GD-22-74

12

56

44

Relog and sample; alteration

GD-23-151

206

214

8

Relog and sample

GD-23-151

269.5

273

3.5

Relog and sample

GD-23-151

279

285

6

Relog and sample; alteration

GD-23-197

23

127

104

Relog and sample; fault

GD-23-197

164

314

150

Relog and sample

GD-23-202

728

739

11

Relog and sample; alteration

GD-24-237

0

29

29

Relog and sample; multiple intervals

GD-24-238

270

275

5

Relog and sample; alteration

GD-24-246

39

135

96

Relog and sample

GD-24-248

579

681

102

Relog and sample

GD-24-259

343.26

357

13.74

Relog and sample

GD-24-269

82

87

5

Relog and sample

GD-24-272

79

124

45

Relog and sample

GD-24-284

0

59

59

Relog and sample; alteration

GD-24-285

186

211

25

Relog and sample

GD-24-285

329

341

12

Relog and sample

GD-24-295

0

143

143

Relog and sample

GD-24-299

TBD

TBD

TBD

Relog and sample; multiple intervals

During only 15 months of boots on the ground, strong gold mineralization has been confirmed with assays in 100% of 243 widespread drill holes containing >300 intercepts to date within a 1.8 km2 area. Confirmation of multiple stacked gold veins and widespread gold-rich reduced intrusion feeder dykes, confirms the continuity of the widths and grades at Surebet demonstrating this world-class gold system has tremendous additional untapped expansion potential remaining.

The drill program being planned in 2025 will focus on expanding the stacked veins of high-grade gold mineralization that remains open in all directions, including to depth and vectoring in on and targeting the Motherlode RIRG believed to be the source for the extensive high-grade gold mineralization on the Surebet Discovery. The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization. The discovery of the RIRG mineralization clearly indicates proximity to the source of this extensive mineralizing system.

Table 3: Collar information for drill holes from Surebet reported in this news release.

Hole ID

CRS

Easting (m)

Northing (m)

Elevation (m)

Azimuth (deg)

Dip (deg)

Length (m)

GD-22-58

NAD83 / UTM zone 9N

457512

6163073

1656

120

55

399

GD-22-61

NAD83 / UTM zone 9N

456577

6162712

1580

0

60

670

GD-22-77

NAD83 / UTM zone 9N

457190

6162991

1656

130

75

504

GD-23-180

NAD83 / UTM zone 9N

457452

6162783

1514

145

55

535

GD-23-183

NAD83 / UTM zone 9N

457337

6162680

1444

100

65

507

GD-23-209

NAD83 / UTM zone 9N

457452

6162781

1513

140

65

397

GD-23-221

NAD83 / UTM zone 9N

457570

6162454

1443

70

70

273

GD-23-226

NAD83 / UTM zone 9N

457382

6162942

1622

140

69

653

GD-24-237

NAD83 / UTM zone 9N

457445

6162776

1511

140

70

848

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.

The Property 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.

About CASERM (Center to Advance the Science of Exploration to Reclamation in Mining)

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

Qualified Person

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

Goliath’s Annual General Meeting (AGM) – Updated Dial In Number

If you wish to dial in and listen to Goliath’s AGM proceedings on Monday, March 17, 2025 at 1:00pm (Toronto time), please be advised the new dial in number is +1.437.703.7440 and the code is 105301859#.

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:

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

Other

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

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 Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. 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.

There is no way of telling when the stock market will turn around. It’s found in the Stock Lists tab along the top of Investors.com. The list holds industry group leaders that meet high standards for earnings and price performance.

McEwen Mining (MUX) has completed a non-brokered private placement with Goliath Resources, acquiring

Goliath Resources Limited

TORONTO, March 10, 2025 (GLOBE NEWSWIRE) — Further to its press releases dated January 29, 2025 and February 18, 2025, Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed its strategic non-brokered private placement of 5,181,347 units of the Company (“Units”) to McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) (“McEwen”), an arm’s length party to the Company, at a deemed price of C$1.93 per Unit in exchange for the issuance to the Company of an aggregate of 868,056 shares of common stock of McEwen (“McEwen Shares”) at a deemed price of C$11.52 per McEwen Share (the “Transaction”), pursuant to the terms of a subscription agreement. On closing of the Transaction, McEwen owns ~5.4% and Mr. Rob McEwen owns ~3.9% of Goliath on a partially diluted basis.

Robert McEwen, Chairman & Chief Owner, commented: “I have been impressed with Goliath’s Surebet gold discovery since I became a shareholder in 2023. Their 2024 drilling season was particularly impressive, 92% of their drill holes had visible gold. Grassroots high-grade gold discoveries are exceedingly rare worldwide. Drill baby, drill, keep these great results coming.”

Roger Rosmus, Founder & Chief Executive Officer of Goliath, commented: “It is with great pleasure to announce the completion of the strategic investment from McEwen Mining. Mr. McEwen has made three personal investments in Goliath, and we are delighted to have him and his company as key strategic cornerstone shareholders. The endorsement of our Surebet discovery through McEwen Mining and Mr. McEwen is exciting to us for key reasons. Rob is a member of the Canadian Mining Hall of Fame due to his success building Goldcorp and as a strategic investor in the mining sector. We are looking forward to our upcoming 2025 drilling season.”

Each Unit is comprised of one (1) common share in the capital of the Company (each, a “Common Share”) and one-half of one (1/2) common share purchase warrant (each whole common share purchase warrant, a “Warrant”), resulting in the issuance of an aggregate of 2,590,673 Warrants. Each Warrant entitles the holder thereof to purchase one (1) Common Share at an exercise price of C$2.50 per Common Share for a period of 12 months from the date of issuance. All securities issued pursuant to the Transaction will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

In addition to the subscription agreement, the Company, McEwen and Mr. Robert McEwen entered into a standstill agreement, pursuant to which McEwen and Mr. McEwen agreed to, among other things, not acquire, offer to acquire or agree to acquire (with or without conditions) any securities of the Company exceeding 9.9% of the issued and outstanding Common Shares or any material assets or liabilities of the Company or its affiliates, without the prior written consent of the Company for a period of two years.

Qualified Person

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

About Goliath Resources Limited

Goliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in high quality geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), Mr. Rob McEwen, a Global Commodity Group based in Singapore, Mr. Eric Sprott and Mr. Larry Childress.

For more information please contact:Goliath Resources LimitedMr. Roger RosmusFounder and CEOTel: +1.416.488.2887roger@goliathresources.comwww.goliathresourcesltd.com

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding the Transaction. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Neither the 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.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

We recently compiled a list of the 10 Stocks End With Solid Performance. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other stocks.

The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.

The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.

Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Harmony Gold (HMY) Close Shortened Trading Week Higher?

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

Harmony Gold Mining Company Limited (NYSE:HMY)

Harmony Gold Mining Company Limited (NYSE:HMY) extended its winning streak for a fifth straight day on Friday to end 9.12 percent higher at $11.84 apiece as investor sentiment remained fueled by its stellar earnings performance in the first half of fiscal year 2025.

In a statement, Harmony Gold Mining Company Limited (NYSE:HMY) said net income in the first semester grew 33 percent to R7.9 billion from R5.96 billion in the same period a year earlier, as revenues rose 18 percent to R37.1 billion from R31.4 billion, and gold revenues increased 19 percent to R35.4 million from R29.7 million.

Total gold production, meanwhile, decreased by 4 percent but was in line with the company’s expectations.

Harmony Gold Mining Company Limited (NYSE:HMY) is a leading gold producer that operates mining projects across South Africa, Papua New Guinea, and Australia.

Overall HMY ranks 8th on our list of Friday's top performers. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap

 

Disclosure: None. This article is originally published at Insider Monkey.

  • Revenue: Increased by 18% to 37 billion rand.

  • Net Profit: Increased by 33% to 7.9 billion rand.

  • Operating Free Cash Flow: Record generation of 10.4 billion rand or $579 million US dollars.

  • Operating Free Cash Flow Margin: Expanded to 29%.

  • Headline Earnings Per Share: Increased by 33% to 1,270 rand or 71 US cents per share.

  • All-in Sustaining Costs: Approximately 972,000 rand per kilogram or $1690 US dollars per ounce.

  • All-in Costs: Just over 1 million rand per kilogram or $1810 per ounce.

  • Dividend Payout: Record interim dividend of 1.4 billion rand.

  • Net Cash Position: Increased to 7.3 billion rand.

  • EBITDA: Rolling 12-month EBITDA increased by 28% to over 22 billion rand.

  • Cash Operating Costs: Increased by 9% in rand terms, with unit cost per kilogram up 14% to about 814,000 rand or $1400 US dollars per ounce.

  • Production: Group production was about 25,000 kg or 800,000 ounces for the first half.

  • Recovered Grades: Increased to 6.4 g per ton at South African underground operations.

Release Date: March 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Harmony Gold Mining Co Ltd (NYSE:HMY) delivered a stellar set of interim results with underground recovered grades increasing to 6.4 g per ton, ahead of full-year guidance.

  • Group production reached approximately 800,000 ounces for the first half, surpassing guidance.

  • Record interim operating free cash flows of 10.4 billion rand or $579 million US dollars were generated.

  • Headline earnings per share grew by 33% to 71 US cents per share, with a record interim dividend payout of 1.4 billion rand.

  • The company has a strong balance sheet in a net cash position, with significant headroom for future investments.

Negative Points

  • Total cash operating costs in rand terms increased by 9% in the first half, mainly due to inflationary pressures.

  • Unit cash operating cost per kilogram increased by 14% to about 814,000 rand per kilogram, or about $1400 US dollars per ounce.

  • Royalties increased by 46% due to high gold prices, impacting profitability.

  • Grades at Hidden Valley have seen a step down this year compared to last, which was anticipated but still affects production metrics.

  • The permitting process for the Wafi Gold project is ongoing, causing delays in project execution and potential future revenue.

Q & A Highlights

Q: What strategic changes do you plan to implement as the new CEO of Harmony Gold Mining? A: Beyers Nel, CEO, emphasized the importance of creating shareholder value and maintaining a balanced approach to decision-making. He highlighted the potential of existing ore bodies and the goal to further enhance the company’s value without making drastic changes if the current strategy is effective.

Q: How does Harmony Gold plan to balance shareholder returns with capital expenditure, particularly with the Eva Copper project? A: Beyers Nel, CEO, stated that shareholder value is seen as a combination of dividends and share price appreciation. The company is focused on the Eva Copper project as a key catalyst and will assess shareholder returns after evaluating the project’s progress.

Q: What are Harmony Gold’s plans regarding mergers and acquisitions (M&A) to fill potential production gaps? A: Beyers Nel, CEO, mentioned that while the company is actively looking at M&A opportunities, they will maintain a disciplined approach to capital allocation, focusing on value rather than volume, especially given the current high gold prices.

Q: Can Harmony Gold increase its underground recovered grades beyond 6.4 g per ton? A: Beyers Nel, CEO, explained that pushing grades higher could affect the sustainability of ore bodies. The company aims to mine at the average grade to maximize long-term value and avoid high grading, which could lead to value destruction.

Q: What is the status of the Wafi-Golpu project, and can its timeline be accelerated? A: Beyers Nel, CEO, noted that the permitting process is ongoing, with a focus on equitable distribution of equity among partners. The project is seen as a long-term asset with significant potential, and the company is committed to progressing it as efficiently as possible.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.

Goliath Resources (GOT.V) was at last look down 3% after it reported Monday gold intercepts at the S

Goliath Resources Limited

Assays Compilation, Interpretation and Modeling For 83 More Holes Are Underway

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Drilling Highlights:

  • Strong gold mineralization assaying 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters plus a second separate interval assaying 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 meters have been confirmed in an intrusion related feeder dyke that remains open, strongly indicating close proximity to a large gold-rich intrusive source at depth (Reduced Intrusion Related Gold system, RIRG).

  • Strong mineralization confirmed in 100% of 243 widespread drill holes containing 300 intercepts to date within 1.8 km2 area where 8 stacked gold veins as well as 5 new stacked gold veins have been identified and confirmed by assays. Confirmation of multiple stacked gold veins and widespread gold rich reduced intrusion feeder dykes within the 1.8 km2 area up to >1.2 km deep that remain open both laterally and to depth, confirms the continuity of the widths and grades at Surebet demonstrating this world class gold system has tremendous additional untapped expansion potential remaining.

  • GD-22-58 intercepted two separate intervals with exceptional gold grades over substantial widths within a reduced intrusion related porphyritic intermediate feeder dyke containing visible gold, bismuth and molybdenum mineralization reminiscent of a RIRG system that remains open:

    • 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters.

    • 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8be74eae-e539-40a0-8fe3-f97bb0fdf895

  • Widespread gold-rich RIRG mineralization in mineralized porphyritic dykes has been previously reported in drill holes GD-24-237 which intercepted 10.50 g/t AuEq (10.41 f/t Au and 7.15 g/t Ag) over 7.00 meters, GD-23-180 which intercepted 3.46 g/t AuEq (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters, and GD-23-226 which intercepted 1.85 g/t AuEq (1.85 g/t Au and 0.00 g/t Ag) over 8 meters.

  • Continued confirmation of high gold grades in this newly discovered RIRG system characterized by considerable amounts of visible gold, bismuth, and molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet (i.e. Blue Origin) could greatly increase the resource potential of the Surebet discovery.

  • Drilling in 2025 will focus on expanding the stacked layers of gold mineralization that remains open in all directions, including to depth and vectoring in on the reduced intrusion indicated at depth believed to be the source for the extensive high-grade gold mineralization on the Surebet discovery currently covering at least 1.8 km2.

  • GD-24-250 intercepted multiple stacked intervals of strong gold mineralization consisting of quartz-sulphide veining and breccias with visible gold, sphalerite and galena from the Whopper vein, Surebet Zone and Bonanza shear that remain open:

    • Whopper Vein: 6.55 g/t AuEq (6.45 g/t Au and 4.08 g/t Ag) over 6.69 meters, including 9.48 g/t AuEq (9.34 g/t Au and 5.33 g/t Ag) over 4.61 meters.

    • Surebet Zone: 4.49 g/t AuEq (3.88 g/t Au and 14.44 g/t Ag) over 4.90 meters, including 5.48 g/t AuEq (4.72 g/t Au and 29.92 g/t Ag) over 3.75 meters.

    • Bonanza Shear: 11.66 g/t AuEq (11.13 g/t Au and 17.82 g/t Ag) over 5.97 meters, including 17.48 g/t AuEq (16.71 g/t Au and 26.24 g/t Ag) over 3.97 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/4b5f7eb9-693c-46c7-bbaf-904e913d3af4

  • GD-24-291 intercepted substantial gold mineralization consisting of quartz-sulphide veins and breccia intervals with visible gold, galena, sphalerite and minor chalcopyrite in several stacked intervals corresponding to the Bonanza Shear and the Golden Gate zone that remain open:

    • Bonanza Shear: 6.14 g/t AuEq (6.10 g/t Au and 1.50 g/t Ag) over 5.00 meters, including 16.15 g/t AuEq (16.12 g/t Au and 1.24 g/t Ag) over 1.00 meter.

    • Bonanza Shear: 2.86 g/t AuEq (2.74 g/t Au and 5.37 g/t Ag) over 6.00 meters, including 8.35 g/t AuEq (8.23 g/t Au and 6.34 g/t Ag) over 1 meter.

    • Golden Gate: 6.32 g/t AuEq (6.29 g/t Au and 1.51 g/t Ag) over 6.00 meters, including 9.45 g/t AuEq (9.41 g/t Au and 2.07 g/t Ag) over 4.00 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/a3eefe41-11b7-4f32-86d3-987a3abd2b6c

  • GD-24-263 intercepted 3 stacked gold mineralized zones with quartz-sulphide vein stockwork and breccias with sections of semi-massive to massive sphalerite and galena, as well as visible gold in an interval corresponding to the Bonanza Shear that remain open:

    • New stacked Gold Vein: 2.06 g/t AuEq (1.92 g/t Au and 4.01 g/t Ag) over 6.17 meters, including 2.43 g/t AuEq (2.27 g/t Au and 4.57 g/t Ag) over 5.13 meters.

    • New stacked Gold Vein: 2.08 g/t AuEq (1.93 g/t Au and 5.76 g/t Ag) over 10.32 meters, including 2.24 g/t AuEq (2.06 g/t Au and 6.78 g/t Ag) over 5.19 meters.

    • Bonanza Shear: 8.56 g/t AuEq (8.37 g/t Au and 12.71 g/t Ag) over 6.00 meters, including 10.27 g/t AuEq (10.05 g/t Au and 15.25 g/t Ag) over 5.00 meters, including 12.84 g/t AuEq (12.56 g/t Au and 19.02 g/t Ag) over 4.00 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c5c59aa-b4f9-40f6-84ae-6e6d3a40f704

  • GD-24-290 intercepted exceptional stacked intervals of quart-sulphide veining and breccias in 4 mineralized horizons containing pyrrhotite, sphalerite and galena the deepest of which corresponds to the Bonanza Shear that remains open:

    • New stacked Gold Vein: 7.96 g/t AuEq (7.88 g/t Au and 5.52 g/t Ag) over 4.85 meters, including 13.49 g/t AuEq (13.38 g/t Au and 8.87 g/t Ag) over 2.85 meters.

    • New stacked Gold Vein: 3.42 g/t AuEq (3.40 g/t Au and 1.44 g/t Ag) over 5.00 meters, including 8.41 g/t AuEq (8.38 g/t Au and 2.88 g/t Ag) over 2.00 meters.

    • New stacked Gold Vein: 4.50 g/t AuEq (4.49 g/t Au and 0.84 g/t Ag) over 5.15 meters.

    • Bonanza Shear: 4.24 g/t AuEq (4.18 g/t Au and 2.71 g/t Ag) over 4.98 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/49f7b451-444c-4f59-a570-974285be6b3d

  • GD-24-241 intercepted an excellent interval of quartz-sulphide veining containing visible gold, sphalerite and galena corresponding to the Bonanza Shear that remains open:

  • With only 15 months of boots on the ground, the strong mineralization consistently observed in 100% of all 243 drill holes collared within a 1.8 km2 area to date clearly demonstrates the continuity and predictability of this extensive mineralizing system that remains open in all directions providing for excellent additional discovery and expansion potential.

  • 100% of 243 widespread holes drilled on Surebet intersected the targeted mineralized zones in 300 intercepts, 106 of which intersected visible gold including the 64 holes drilled in 2024 which intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade world class gold discovery that remains wide open.

  • Metallurgical testing has shown exceptional gold recoveries of 92.2% from gravity and floatation requiring only a 327 micrometer crush, with 48.8% occurring as free gold; no cyanide required to recover the gold.

  • Assays compilation, interpretation and modeling are currently underway for an additional 83 holes and will be announced shortly: 45 drilled in 2024 (38 or 84% have visible and or abundant visible gold), 12 drilled into the Reduced Intrusive Dykes 2021-2023 (5 or 42% have visible and or abundant visible gold), 14 relogged shoulders 2021 – 2023 (3 or 21% have visible and or abundant visible gold) and 12 from VMS style mineralization at Treasure Island 40 km to the north of Surebet.

TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report exceptional gold intercepts of 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters plus a second separate interval assaying 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 both from a high-grade gold intrusive feeder dyke that remains open at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. This excellent interval clearly indicates close proximity to a large feeder source at depth believed to be a Reduced Intrusion Related Gold system (RIRG). In addition, initial assays compiled/modeled for 5 additional drill holes from the successful 2024 drill program intersected excellent gold grades up to 11.66 g/t AuEq (11.13 g/t Au and 17.82 g/t Ag) over 5.97 meter in the shear hosted veins at Surebet, clearly demonstrating minable widths and grades and exceptional continuity and predictability of this large expanding world-class gold discovery that remains wide open both laterally and to depth with tremendous untapped discovery potential remaining.

Assays compilation, interpretation and modeling are currently underway for an additional 83 holes and will be announced shortly: 45 drilled in 2024 (38 or 84% have visible and or abundant visible gold), 12 drilled into the Reduced Intrusive Dykes 2021-2023 (5 or 42% have visible and or abundant visible gold), 14 relogged shoulders 2021 – 2023 (3 or 21% have visible and or abundant visible gold) and 12 from VMS style mineralization at Treasure Island 40 km to the north of Surebet.

  • GD-22-58 intercepted two separate intervals with exceptional gold grades over substantial widths within a reduced intrusion related porphyritic intermediate feeder dyke that remains open containing visible gold, bismuth and molybdenum mineralization reminiscent of a RIRG system at depth:

    • 12.03 g/t AuEq (11.84 g/t Au and 15.61 g/t Ag) over 10.00 meters, including 19.91 g/t AuEq (19.62 g/t Au and 25.61 g/t Ag) over 6.00 meters, including 23.82 g/t AuEq (23.47 g/t Au and 30.54 g/t Ag) over 5.00 meters.

    • 8.59 g/t AuEq (8.35 g/t Au and 20.74 g/t Ag) over 5.00 meters, including 14.26 g/t AuEq (13.87 g/t Au and 34.10 g/t Ag) over 3.00 meters.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are excited to see such high-grade gold mineralization in the RIRG feeder dykes as well as the consistent continuity and predictability of the high-grade gold mineralization in multiple stacked veins similar to those seen in the world-class >10 Moz high-grade underground Pogo gold mine. Based on 100% hit rate in 243 widespread holes with 300 intercepts drilled to date within the 1.8 km2 area of Surebet we look forward to moving into a low-risk expansion and infill drilling phase in 2025. We look forward to reporting additional assays from 83 holes remaining once compiled, interpreted and modelled with a planned updated model before the end of the month confirming the scale and geometry of this world-class gold discovery that remains wide open. Based on the extensive dataset and understanding we are certainly on track to expand this bonanza grade discovery both laterally and to depth targeting the existing and new high-grade layers and ultimately the source of the extensive gold system. The serious interest already garnered from multiple miners and institutions alike clearly demonstrates a world-class discovery like Surebet is an extremely rare opportunity. We look forward to unlocking its full value for all of our stakeholders.”

Gold-rich RIRG mineralization in multiple mineralized porphyritic dykes has been previously reported in drill holes GD-24-237 which intercepted 10.50 g/t AuEq (10.41 f/t Au and 7.15 g/t Ag) over 7.00 meters, GD-23-180 which intercepted 3.46 g/t AuEq (3.43 g/t Au and 2.68 g/t Ag) over 7.00 meters, and GD-23-226 which intercepted 1.85 g/t AuEq (1.85 g/t Au and 0.00 g/t Ag) over 8 meters (released on December 12, 2024).

Strong mineralization has been confirmed in 243 drill holes containing 300 intercepts that intersected the 8 known stacked mineralized gold veins as well as the reduced intrusion feeder dykes within the 1.8 km2 area and over 1.2 km deep that remains open laterally and to depth, clearly showing the exceptional continuity of widths and grades at Surebet. Continued confirmation of high gold grades in this newly discovered RIRG system characterized by considerable amounts of visible gold, bismuth, and molybdenum mineralization in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet could greatly increase the resource potential of the Surebet discovery.

Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth vectoring in on the reduced intrusion indicated source for the extensive high-grade gold mineralization on the world-class Surebet discovery.

With only 15 months of boots on the ground, the strong mineralization consistently observed in 100% of all 243 drill holes with 300 intercepts collared within a 1.8 km2 area to date clearly demonstrates the continuity and predictability of this extensive mineralizing system that remains open in all directions providing for excellent additional discovery and expansion potential. All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing occurrences of visible gold, demonstrating the excellent continuity of this extensive high-grade gold system that remains wide open in all directions.

  • GD-24-250 intercepted multiple stacked intervals of strong gold mineralization consisting of quartz-sulphide veining and breccias with visible gold, sphalerite and galena from the Whopper vein, Surebet Zone and Bonanza shear that remain open:

    • Whopper Vein: 6.55 g/t AuEq (6.45 g/t Au and 4.08 g/t Ag) over 6.69 meters, including 9.48 g/t AuEq (9.34 g/t Au and 5.33 g/t Ag) over 4.61 meters.

    • Surebet Zone: 4.49 g/t AuEq (3.88 g/t Au and 14.44 g/t Ag) over 4.90 meters, including 5.48 g/t AuEq (4.72 g/t Au and 29.92 g/t Ag) over 3.75 meters.

    • Bonanza Shear: 11.66 g/t AuEq (11.13 g/t Au and 17.82 g/t Ag) over 5.97 meters, including 17.48 g/t AuEq (16.71 g/t Au and 26.24 g/t Ag) over 3.97 meters.

  • GD-24-291 intercepted substantial gold mineralization consisting of stacked quartz-sulphide veins and breccia intervals with visible gold, galena, sphalerite and minor chalcopyrite in several intervals corresponding to the Bonanza Shear and the Golden Gate zone that remain open:

    • Bonanza Shear: 6.14 g/t AuEq (6.10 g/t Au and 1.50 g/t Ag) over 5.00 meters, including 16.15 g/t AuEq (16.12 g/t Au and 1.24 g/t Ag) over 1.00 meter.

    • Bonanza Shear: 2.86 g/t AuEq (2.74 g/t Au and 5.37 g/t Ag) over 6.00 meters, including 8.35 g/t AuEq (8.23 g/t Au and 6.34 g/t Ag) over 1 meter.

    • Golden Gate: 6.32 g/t AuEq (6.29 g/t Au and 1.51 g/t Ag) over 6.00 meters, including 9.45 g/t AuEq (9.41 g/t Au and 2.07 g/t Ag) over 4.00 meters.

  • GD-24-263 intercepted 3 stacked gold mineralized zones with quartz-sulphide vein stockwork and breccias with sections of semi-massive to massive sphalerite and galena, as well as visible gold in an interval corresponding to the Bonanza Shear that remain open:

    • New Stacked Gold Vein: 2.06 g/t AuEq (1.92 g/t Au and 4.01 g/t Ag) over 6.17 meters, including 2.43 g/t AuEq (2.27 g/t Au and 4.57 g/t Ag) over 5.13 meters.

    • New Stacked Gold Vein: 2.08 g/t AuEq (1.93 g/t Au and 5.76 g/t Ag) over 10.32 meters, including 2.24 g/t AuEq (2.06 g/t Au and 6.78 g/t Ag) over 5.19 meters.

    • Bonanza Shear: 8.56 g/t AuEq (8.37 g/t Au and 12.71 g/t Ag) over 6.00 meters, including 10.27 g/t AuEq (10.05 g/t Au and 15.25 g/t Ag) over 5.00 meters, including 12.84 g/t AuEq (12.56 g/t Au and 19.02 g/t Ag) over 4.00 meters.

  • GD-24-290 intercepted exceptional intervals of stacked quartz-sulphide gold veining and breccias in 4 mineralized horizons containing pyrrhotite, sphalerite and galena the deepest of which corresponds to the Bonanza Shear that remains open:

    • New Stacked Gold Vein: 7.96 g/t AuEq (7.88 g/t Au and 5.52 g/t Ag) over 4.85 meters, including 13.49 g/t AuEq (13.38 g/t Au and 8.87 g/t Ag) over 2.85 meters.

    • New Stacked Gold Vein: 3.42 g/t AuEq (3.40 g/t Au and 1.44 g/t Ag) over 5.00 meters, including 8.41 g/t AuEq (8.38 g/t Au and 2.88 g/t Ag) over 2.00 meters.

    • New Stacked Gold Vein: 4.50 g/t AuEq (4.49 g/t Au and 0.84 g/t Ag) over 5.15 meters.

    • Bonanza Shear: 4.24 g/t AuEq (4.18 g/t Au and 2.71 g/t Ag) over 4.98 meters.

  • GD-24-241 intercepted an excellent interval of quartz-sulphide veining containing visible gold, sphalerite and galena corresponding to the Bonanza Shear that remains open:

    • Bonanza Shear: 3.00 g/t AuEq (2.72 g/t Au and 7.67 g/t Ag) over 15.00 meters, including 3.65 g/t AuEq (3.27 g/t Au and 10.20 g/t Ag) over 11.00 meters, including 4.22 g/t AuEq (3.83 g/t Au and 11.46 g/t Ag) over 8.00 meters.

Table 1: Highlights for drill holes reported in this news release.

Hole ID

Zone

 

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Cu (%)

Pb (%)

Zn (%)

AuEq (g/t)

GD-22-58

Dyke

Interval

220.00

230.00

10.00

11.84

15.61

0.00

0.01

0.02

12.03

Including

224.00

230.00

6.00

19.62

25.61

0.00

0.01

0.02

19.91

Including

225.00

230.00

5.00

23.47

30.54

0.00

0.01

0.02

23.82

Dyke

Interval

244.00

249.00

5.00

8.35

20.74

0.00

0.01

0.02

8.59

Including

245.00

248.00

3.00

13.87

34.10

0.00

0.01

0.02

14.26

GD-24-241

Bonanza

Interval

554.00

569.00

15.00

2.72

7.67

0.01

0.17

0.49

3.00

Including

558.00

569.00

11.00

3.27

10.20

0.02

0.23

0.65

3.65

Including

558.00

566.00

8.00

3.83

11.46

0.02

0.30

0.59

4.22

GD-24-263

NEW

Interval

342.06

348.23

6.17

1.92

4.01

0.01

0.05

0.23

2.06

Including

343.10

348.23

5.13

2.27

4.57

0.01

0.05

0.28

2.43

NEW

Interval

520.25

530.57

10.32

1.93

5.76

0.01

0.04

0.22

2.08

Including

520.25

525.44

5.19

2.06

6.78

0.01

0.06

0.27

2.24

Bonanza

Interval

634.00

640.00

6.00

8.37

12.71

0.03

0.03

0.05

8.56

Including

635.00

640.00

5.00

10.05

15.25

0.03

0.03

0.06

10.27

Including

636.00

640.00

4.00

12.56

19.02

0.04

0.04

0.07

12.84

GD-24-250

Whopper

Interval

287.85

294.54

6.69

6.45

4.08

0.01

0.04

0.15

6.55

Including

288.92

293.53

4.61

9.34

5.33

0.01

0.05

0.21

9.48

Surebet

Interval

440.50

445.40

4.90

3.88

24.44

0.04

0.53

0.60

4.49

Including

440.50

444.25

3.75

4.72

29.92

0.04

0.68

0.75

5.48

Bonanza

Interval

598.55

604.52

5.97

11.13

17.82

0.06

0.60

0.42

11.66

Including

599.58

603.55

3.97

16.71

26.24

0.09

0.90

0.61

17.48

GD-24-290

NEW

Interval

42.15

47.00

4.85

7.88

5.52

0.01

0.00

0.01

7.96

Including

42.15

45.00

2.85

13.38

8.87

0.01

0.00

0.02

13.49

NEW

Interval

57.00

62.00

5.00

3.40

1.44

0.00

0.00

0.01

3.42

Including

58.00

60.00

2.00

8.38

2.88

0.00

0.00

0.01

8.41

NEW

Interval

105.00

110.15

5.15

4.49

0.84

0.00

0.00

0.01

4.50

Bonanza

Interval

235.37

240.35

4.98

4.18

2.71

0.00

0.02

0.06

4.24

GD-24-291

Bonanza

Interval

29.00

34.00

5.00

6.10

1.50

0.01

0.00

0.05

6.14

Including

29.00

30.00

1.00

16.12

1.24

0.01

0.00

0.03

16.15

Bonanza

Interval

44.00

50.00

6.00

2.74

5.37

0.01

0.08

0.13

2.86

Including

49.00

50.00

1.00

8.23

6.34

0.01

0.04

0.08

8.35

Golden Gate

Interval

181.00

187.00

6.00

6.29

1.51

0.01

0.01

0.03

6.32

Including

182.00

186.00

4.00

9.41

2.07

0.01

0.01

0.03

9.45

The continuity and predictability of the newly expanded thick gold Bonanza High Grade Gold zone has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024), GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024), and GD-24-260 assayed 132.93 g/t AuEq (4.27 oz/t AuEq) over 10.00 meters (released January 13, 2025). The new Bonanza High-Grade Zone outcrops on the surface 200 meters above the valley floor at an elevation of 900 meters above sea level.

The Bonanza High-Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1,239 meters downhole from the Bang On Pad and 480 meters below the valley floor level. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The mineralized zones contain significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.

The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the indicated source for the fluids responsible for the extensive high-grade gold-silver mineralization on the world-class Surebet discovery.

Table 2: Collar information for drill holes reported in this news release.

Hole ID

CRS

Easting (m)

Northing (m)

Elevation (m)

Azimuth (deg)

Dip (deg)

Length (m)

GD-24-241

NAD83 / UTM zone 9N

457446

6162777

1511

140

60

738

GD-24-250

NAD83 / UTM zone 9N

457365

6162754

1507

178

55

638

GD-24-263

NAD83 / UTM zone 9N

457060

6163027

1655

155

71

758

GD-24-290

NAD83 / UTM zone 9N

457881

6162620

1175

228

73

312

GD-24-291

NAD83 / UTM zone 9N

457702

6162436

1132

120

65

378

GD-22-58

NAD83 / UTM zone 9N

457512

6163073

1656

120

55

399

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows NO deleterious elements are present such as mercury or arsenic.

The Property 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.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

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

Qualified Person

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

About Goliath Resources Limited

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

For more information please contact:

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

Other

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

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

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

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

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2797.16 USD/oz, Ag 31.28 USD/oz, Cu 4.25 USD/lbs, Pb 1955.58 USD/ton and Zn 2750.50 USD/ton on January 31st, 2025. 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.

A Relative Strength Rating upgrade for Gold Field ADR shows improving technical performance. Will it continue?

We recently compiled a list of the 10 Firms Shine Amid Market Slump. In this article, we are going to take a look at where Harmony Gold Mining Company Ltd. (NYSE:HMY) stands against the other stocks.

Ten companies kicked off this week's trading on a positive note, defying a broader market pessimism amid growing trade tensions among the US, Mexico, China, and Canada over the retaliation of tariffs on each other's goods.

On Monday, the Dow Jones lost another 0.28 percent, while the S&P 500 and the Nasdaq Composite both registered steep declines of 0.76 percent and 1.20 percent, respectively. The slump came following President Donald Trump's announcements that he would slap a 25-percent tariff on Canadian and Mexican goods, while a special 60-percent rate would be taxed on Chinese products.

Ten companies under mixed sectors defied a broader market downturn, leading the charge among market advancers. In this article, we will examine which companies performed well and the factors driving their success.

The list of top advancers only considered the companies with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Harmony Gold (HMY) Close Shortened Trading Week Higher?

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

Harmony Gold Mining Company Ltd. (NYSE:HMY)

Shares of Harmony Gold Mining Company Ltd. rose by 4.7 percent on Monday to finish at $11.8 apiece as investor sentiment was fueled by news that it was on track to surpass its annual gold production target of 1.5 million ounces, despite booking lower output for the first half of the financial year.

Harmony, the largest gold producer in South Africa, said in a recent trading update that gold production for the six months ending December 2024 was expected to settle between 790,000 ounces to 805,000 ounces. The figures, however, marked a decline from the 832,349 ounces produced in the same period a year earlier mainly due to planned lower output from its South African underground mines and Hidden Valley in Papua New Guinea.

However, South African underground recovered grades are expected to be higher than the projected 5.80 grams per ton, on the back of a strong performance from Mponeng, the world’s deepest mine.

Overall HMY ranks 9th on our list of the stocks that shone amid market slump. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

Disclosure: None. This article is originally published at Insider Monkey.

VANCOUVER, BC, Jan. 31, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has increased by 93,674,455 to 867,777,426 common shares with voting rights as of January 31, 2025. The increase in the number of issued and outstanding shares from January 1, 2025 to date is the result of shares issued in connection with the Filo Corp. acquisition (see press release dated January 15, 2025 entitled "Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp."), and the exercise of employee stock options or the vesting of employee share units, offset by any share buy backs completed under the normal course issuer bid.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on January 31, 2025 at 14:30 Pacific Time.

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/31/c8898.html

Goliath Resources Limited

Infographic 1

Infographic 1

Infographic 2

Infographic 2

Infographic 3

Infographic 3

Infographic 4

Infographic 4

Infographic 5

Infographic 5

Infographic 6

Infographic 6

Drilling Highlights – Golddigger Property:

  • GD-24-260 intercepted the highest concentration of visible gold and its best high-grade gold drill hole to date at the Surebet Discovery from the Bonanza High-Grade Gold Zone that sits ~200 meters above the valley floor level. Mineralization is within a vein-hosted band of semi-massive pyrrhotite, where the gold occurs in alloys with silver, bismuth and tellurium. Mineralization was also intercepted in the Surebet Zone that sits above Bonanza; both remain wide open:

    • Bonanza Zone: 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters.

    • Surebet Zone: 5.51 g/t AuEq (5.39 g/t Au and 9.82 g/t Ag) over 3.40 meters within 2.96 g/t AuEq (2.89 g/t Au and 5.46 g/t Ag) over 6.35 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/eb38ca1d-43bd-4fc2-8f50-7b6c704e35c9

  • GD-24-275 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia; both remain wide open:

  • GD-24-252 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Bonanza and Golden Gate Zones characterized by sulphide rich quartz breccia; both zones remain open:

  • GD-24-242 intercepted three separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Golden Gate Zones characterized by sulphide rich quartz breccia; all three zones remain open:

    • Surebet Zone: 5.08 g/t AuEq (4.99 g/t Au and 7.29 g/t Ag) over 10.85 meters, including 8.41 g/t AuEq (8.26 g/t Au and 12.35 g/t Ag) over 5.46 meters.

    • Bonanza Zone: 2.11 g/t AuEq (2.09 g/t Au and 1.71 g/t Ag) over 2.19 meters, within 1.11 g/t AuEq (1.10 g/t Au and 1.21 g/t Ag) over 5 meters.

    • Golden Gate: 5.56 g/t AuEq (5.26 g/t Au and 24.61 g/t Ag) over 4.11 meters.

    • An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d698cd93-3d8a-42f1-8d5c-a74f33684108

  • 100 % of 243 holes drilled at the Surebet Discovery intersected the targeted mineralized zones, of which 106 intersected visible gold and/or abundant visible gold including coarse-grained visible gold. This includes 64 holes drilled in 2024 which intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing visible gold and/or abundant visible gold including coarse-grained visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade world class gold discovery that remains wide open.

  • Assays are still pending on 89 of 105 holes (85%): 50 drilled in 2024 (42 have visible and/or abundant visible gold including coarse-grained visible gold), 13 drilled into the Reduced Intrusive Dykes 2021-2023 (6 have visible and/or abundant visible gold), 14 relogged shoulders 2021 – 2023 (3 have visible and/or abundant visible gold) and 12 drilled into volcanogenic massive sulphide (VMS) style mineralization at our newly discovered Treasure Island, 40 km to the north of the Surebet system.

  • An extensive trend of abundant visible gold distribution has been observed in multiple stacked veins in the sediments, at the contact of the sediments and volcanics, as well as in the volcanics. High in the system the visible gold is sporadic and fine-grained, then there is a transition to fine-grained abundant visible gold and coarse-grained visible gold as drilling has gone deeper into the gold mineralizing system. Visible gold is hosted within quartz-veins and quartz-breccias observed in all the rock packages, including the reduced intrusion related zones.

  • Metallurgical testing has shown exceptional gold recoveries of 92.2% from gravity and floatation requiring only a 327 micrometer crush, with 48.8% occurring as free gold; no deleterious elements detected, and no cyanide required to recover the gold.

TORONTO, Jan. 13, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report additional drill results for 5 drill holes from its successful 2024 field season at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Excellent results from drill holes GD-24-260, GD-24-275, GD-24-252, and GD-24-242 clearly confirm the increase of mineralization within the Bonanza High-Grade Gold Zone which was expanded from 180,000 m2 (720 x 612 x 410 meter triangular area) to 341,000 m2 (835 x 685 x 612 x 410 meter polygon area) and remains wide open. High-grade gold mineralization with excellent continuity and predictability has also been confirmed in the Surebet and Golden Gate Zones, all of which remain wide open. Assays are still pending for a total of 89 out of 105 drill holes that are expected to be released in the immediate future once received, compiled and interpreted.

Dr. Quinton Hennigh, Technical Advisor of Goliath Resources, states: “Drill intercepts from the Bonanza Shear Zone continue to generate remarkable gold values that strongly indicate this important structural zone is a likely feeder to the overall Surebet gold system. While other larger structures such as the Surebet Shear and the Golden Gate Zone are important, and should in no way be discounted, the Bonanza Shear is living up to its namesake. Not only are exceptional gold grades present, but the Bonanza lode, a relatively flat-oriented structure, displays robust thicknesses. Given the numerous drill intercepts that have penetrated this lode to date, it is clearly expansive, too, measuring at least 800 meters along strike and 600 meters down dip. Many assays from these holes will be returning over the coming weeks, but already, it is clear that Goliath needs to carry out a systematic drill campaign in 2025 to test this entire area as well as for extensions of the system as it remains open. We now have supporting evidence that gold in the Surebet system is likely fed by a gold-rich reduced intrusion. Goliath now needs to fully explore the Bonanza Zone, as well as each and every gold-bearing structure that is encountered in order to determine where all the fluids that emanated from this intrusion carried and deposited high-grade gold. Goliath is clearly on the right track.”

Roger Rosmus, Founder and CEO of Goliath Resources, states: “The more we drill, the bigger and higher grade the Surebet system gets. This has been clearly demonstrated by 100% of the holes drilled intercepting targeted zones or multiple stacked veins of mineralization, of which 92% contained visible gold and or abundant visible gold including coarse-grained visible gold as seen in GD-24-260 drilled this year. It’s our best ever Bonanza grade drill hole to date that reminds of the original drill holes from Eskay Creek & Aurelian Resources with our exceptional 39.00 meter intercept of 34.52 g/t AuEq (1.11 oz/T AuEq). We look forward to outlining the full extent of this world-class discovery with future drilling as it remains wide open in all directions. We firmly believe what has been found to date is only a tip of the iceberg. The feeder-source to this extensive high-grade system is indicated to be a reduced intrusion which would be a significant material addition to the potential scale and geometry of the Surebet Discovery. This new gold system continues to exceed our expectations based on the shear size and area containing multiple stacked high-grade veins like a layer cake, including the newly discovered mineralized veins containing visible gold 480 meters below the valley floor level that remains wide open. The system continues to deliver exceptional results consistent with the characteristics of a district scale Tier 1 high-grade gold asset. We are also very keen to report assays from our maiden drill program from the high-grade Treasure Island volcanogenic massive sulphide (VMS) style discovery included in the 89 remaining holes as they become available in the near future.”

During the 3 months drill season in 2024, the area of high-grade gold mineralization within the known Bonanza Zone (formerly described as the Bonanza High-Grade Gold Triangle) has been expanded and nearly doubled from a triangular area measuring 720 x 612 x 410 meters to a polygon area measuring 835 x 685 x 612 x 410 meters that remains wide open. All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing occurrences of visible gold and/or abundant visible gold including coarse-grained visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade gold system that remains wide open in all directions.

  • GD-24-260 intercepted the highest concentration of visible gold and it is the best ever high-grade gold drill hole to date at the Surebet Discovery from the Bonanza High-Grade Gold Zone that sits ~200 meters above the valley floor level. Mineralization is within a vein-hosted band of semi-massive pyrrhotite, where the gold occurs in alloys with silver, bismuth and tellurium. Mineralization was also intercepted in the Surebet Zone that sits above Bonanza; both remain wide open:

    • Bonanza Zone: 34.52 g/t AuEq (34.47 Au and 3.96 Ag) over 39.00 meters, including 132.93 g/t AuEq (132.78 Au and 12.98 Ag) over 10.00 meters, and 166.04 g/t AuEq (165.84 Au and 16.07 Ag) over 8.00 meters.

    • Surebet Zone: 5.51 g/t AuEq (5.39 g/t Au and 9.82 g/t Ag) over 3.40 meters within 2.96 g/t AuEq (2.89 g/t Au and 5.46 g/t Ag) over 6.35 meters.

  • GD-24-275 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia; both remain wide open:

    • Surebet Zone: 5.00 g/t AuEq (4.88 g/t Au and 9.94 g/t Ag) over 6.00 meters, including 6.67 g/t AuEq (6.60 g/t Au and 13.07 g/t Ag) over 4.42 meters.

    • Bonanza Zone: 12.01 g/t AuEq (11.70 g/t Au and 25.66 g/t Ag) over 11.00 meters including 16.48 g/t AuEq (16.05 g/t Au and 35.03 g/t Ag) over 8.00 meters.

  • GD-24-252 intercepted two separate stacked veins of high-grade gold, silver and base metals corresponding to the Bonanza and Golden Gate Zones characterized by sulphide rich quartz breccia; both zones remain wide open:

    • Bonanza Zone: 5.25 g/t AuEq (5.13 g/t Au and 9.46 g/t Ag) over 10.97 m, including 5.74 g/t AuEq (5.61 g/t Au and 10.23 g/t Ag) over 8.95 meters.

    • Golden Gate: 3.99 g/t AuEq (3.94 g/t Au and 4.46 g/t Ag) over 5.00 meters.

  • GD-24-242 intercepted three separate stacked veins of high-grade gold, silver and base metals corresponding to the Surebet and Golden Gate Zones characterized by sulphide rich quartz breccia; all three zones remain open:

    • Surebet Zone: 5.08 g/t AuEq (4.99 g/t Au and 7.29 g/t Ag) over 10.85 meters, including 8.41 g/t AuEq (8.26 g/t Au and 12.35 g/t Ag) over 5.46 meters.

    • Bonanza Zone: 2.11 g/t AuEq (2.09 g/t Au and 1.71 g/t Ag) over 2.19 meters, within 1.11 g/t AuEq (1.10 g/t Au and 1.21 g/t Ag) over 5 meters.

    • Golden Gate: 5.56 g/t AuEq (5.26 g/t Au and 24.61 g/t Ag) over 4.11 meters.

Table 1: Highlights for drill holes reported in this news release.

Hole ID

Zone

 

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Cu (%)

Pb (%)

Zn (%)

AuEq (g/t)

GD-24-260

Surebet

Interval

434.00

440.35

6.35

2.89

5.46

0.01

0.14

0.06

2.96

Including

435.86

439.26

3.40

5.39

9.82

0.02

0.25

0.11

5.51

Including

435.86

438.25

2.39

7.60

13.29

0.02

0.35

0.14

7.76

Including

437.32

438.25

0.93

17.42

23.07

0.02

0.61

0.31

17.71

Bonanza

Interval

517.00

556.00

39.00

34.47

3.96

0.00

0.02

0.04

34.52

Including

534.00

544.00

10.00

132.78

12.98

0.00

0.04

0.11

132.94

Including

535.00

543.00

8.00

165.84

16.07

0.01

0.05

0.13

166.04

GD-24-275

Surebet

Interval

288.00

294.00

6.00

4.88

9.94

0.01

0.02

0.34

5.00

Including

289.58

294.00

4.42

6.60

13.07

0.01

0.03

0.44

6.76

Including

289.58

293.00

3.42

8.50

16.71

0.02

0.04

0.56

8.71

Bonanza

Interval

428.00

439.00

11.00

11.70

25.66

0.05

0.69

0.63

12.01

Including

430.00

438.00

8.00

16.05

35.03

0.07

0.94

0.87

16.48

Including

431.00

436.90

5.90

21.60

46.86

0.09

1.27

1.15

22.18

GD-24-252

Bonanza

Interval

433.92

452.10

18.18

3.26

8.56

0.02

0.17

0.29

3.36

Including

435.95

451.10

15.15

3.89

10.13

0.03

0.20

0.34

4.01

Including

440.13

451.10

10.97

5.13

9.46

0.02

0.20

0.28

5.25

Including

442.15

451.10

8.95

5.61

10.23

0.02

0.23

0.32

5.74

Golden Gate

Interval

530.04

538.00

7.96

2.48

2.97

0.01

0.02

0.36

2.51

Including

532.00

537.00

5.00

3.94

4.46

0.01

0.04

0.57

3.99

GD-24-242

Surebet

Interval

328.00

342.00

14.00

4.03

7.22

0.01

0.06

0.11

4.12

Including

331.15

342.00

10.85

4.99

7.29

0.01

0.07

0.13

5.08

Including

331.15

336.61

5.46

8.26

12.35

0.01

0.13

0.17

8.41

Bonanza

Interval

443.00

448.00

5.00

1.10

1.21

0.01

0.01

0.09

1.11

Golden Gate

Interval

582.00

586.11

4.11

5.26

24.61

0.03

0.20

2.38

5.56

GD-24-280

Bonanza

Interval

148.00

151.00

3.00

0.91

0.72

0.00

0.00

0.01

0.92

 

 

 

 

 

 

 

 

 

 

 

 

The continuity and predictability of this newly expanded thick high-grade gold horizon has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024), GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024) and GD-24-262 assayed 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters (released January 7, 2025). The new Bonanza High-Grade Gold Zone outcrops on the surface 200 meters above the valley floor level at an elevation of 900 meters above sea level.

The Bonanza High-Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1,239 meters downhole from the Bang On Pad and only 480 meters below the valley floor level. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The mineralized zones contain significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.

The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization (released December 12, 2024) clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the potential source for the fluids responsible for the extensive high-grade gold-silver mineralization on the Surebet discovery.

Table 2: Collar information for drill holes reported in this news release.

Hole number

CRS

Easting (m)

Northing (m)

Elevation (m)

Azimuth (deg)

Dip (deg)

Length (m)

GD-24-280

NAD83 / UTM zone 9N

457881

6162621

1175

200

55

281

GD-24-275

NAD83 / UTM zone 9N

457365

6162758

1509

135

75

687

GD-24-260

NAD83 / UTM zone 9N

457364

6162753

1503

165

55

619

GD-24-252

NAD83 / UTM zone 9N

457444

6162778

1512

110

80

671

GD-24-242

NAD83 / UTM zone 9N

457447

6162776

1512

120

63

862

 

 

 

 

 

 

 

 

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present.

The Property 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.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

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

Qualified Person

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

About Goliath Resources Limited

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

For more information please contact:

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

Other

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

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 Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2398.13 USD/oz, Ag 28.118 USD/oz, Cu 4.10 USD/lbs, Pb 2067.5 USD/Ton and Zn 2669 USD/Ton on July 28th, 2024. 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.

We recently published a list of 10 Firms Close Shortened Trading Week Higher. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against other firms close shortened trading week higher.

Wall Street’s main indices ended the shortened trading week in the red territory on Friday after labor market data came in much hotter than expected, fueling concerns that the Federal Reserve will not cut rates again.

Both the Dow Jones and the Nasdaq Composite dived by 1.63 percent, while the S&P 500 declined by 1.54 percent.

Meanwhile, 10 companies in the mixed sector posted notable gains amid fresh catalysts that perked up buying appetite. In this article, let’s explore the reasons behind their rally.

In Friday’s top advancers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Is Harmony Gold (HMY) Close Shortened Trading Week Higher?

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

Harmony Gold Mining Company Limited (NYSE:HMY)

Shares of Harmony Gold Mining Company Limited (NYSE:HMY) rallied for a third day on Friday, jumping 5.81 percent to finish at $9.11 apiece. The rally came after the uranium-producing company benefited from the broader bullish trend in the nuclear energy sector, which continues to be driven by the growing demand fueled by advancements in Artificial Intelligence.

According to research from Goldman Sachs, data center energy consumption is expected to surge by 160 percent by 2030. Nuclear power, with its ability to deliver consistent and low-carbon electricity, is emerging as the preferred solution to meet these energy demands. Technology giants have publicly recognized the role of nuclear energy in supporting their operational energy needs.

In November 2024, the Biden administration unveiled a plan to triple US nuclear energy capacity by 2050. The plan included the deployment of 200 GW of new nuclear capacity through new reactor construction, plant restarts, and facility upgrades. In the short term, the administration aims to bring 35 GW of new capacity online by 2035.

Overall, HMY ranks 7th on our list of firms close shortened trading week higher. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.

We recently compiled a list of the 10 Best Uranium Stocks to Invest in Now. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other uranium stocks.

The global demand for uranium is accelerating, driven by advancements in artificial intelligence (AI) and the electrification of industries. According to research from Goldman Sachs, data center energy consumption is expected to surge by 160% by 2030. Nuclear power, with its ability to deliver consistent and low-carbon electricity, is emerging as the preferred solution to meet these energy demands. Tech giants have publicly recognized the role of nuclear energy in supporting their operational energy needs.

In November 2024, the Biden administration unveiled a plan to triple U.S. nuclear energy capacity by 2050. This plan includes the deployment of 200 GW of new nuclear capacity through new reactor construction, plant restarts, and facility upgrades. In the short term, the administration aims to bring 35 GW of new capacity online by 2035.

Following the domestic nuclear energy deployment targets by the Biden administration, Russia announced restrictions on the export of enriched uranium to the United States. According to the Russian Government, these temporary restrictions are a response to the U.S. ban on Russian uranium imports, which was signed into law earlier in 2024. However, the U.S. ban includes waivers that allow shipments to continue until 2027 to address supply concerns. According to Reuters, Russia is a major player in the global uranium market and produces about 44% of the world's uranium enrichment capacity. In 2023, 27% of the enriched uranium used by U.S. commercial nuclear reactors was imported from Russia.

Read Also: 15 Energy Infrastructure Stocks That Are Skyrocketing and 12 Best Middle East and Africa Stocks To Buy Right Now.

In an interview with CNBC on December 12, 2024, John Ciampaglia, CEO at Sprott Asset Management, discussed the current state and future prospects of the uranium market. Ciampaglia acknowledged that despite high demand, there has been no major increase in the production of uranium. He explained that this is a strategic decision rooted in supply discipline, a lesson learned when the industry was struggling to survive for nearly 10 years after the accident in 2011 at the Fukushima Daiichi Nuclear Power Plant in Japan. Ciampaglia noted that producers are now cautious about balancing future production with future demand, ensuring that they have built their contract books with utilities before ramping up production. This approach is aimed at maximizing value and revenue in the current market cycle.

Ciampaglia identified three major drivers: growing electricity consumption in emerging markets such as China and India, the pivot of Western countries toward energy security and decarbonization, and the development of small modular reactors (SMRs). He noted that big tech companies are investing in SMR technology, which is crucial for validating and advancing this technology. This investment is expected to boost the demand for uranium.

Ciampaglia also mentioned the gradual recovery of uranium prices, which had been stagnant in 2019 and 2020. The price is now slowly moving up, both in the spot market and the term market, reflecting the building demand. Higher prices are necessary to incentivize miners to expand production and develop new mines, which is essential for meeting the growing demand for uranium in the coming years.

As the world leans heavily on nuclear energy to power the next phase of technological and industrial advancements, uranium will remain a critical resource.

Our Methodology

For this article, we used Finviz and Yahoo stock screeners to find companies that are involved in the mining, trading, or processing of uranium. We then used Insider Monkey’s Hedge Fund database to rank 10 stocks with the largest number of hedge fund holders, as of Q3 2024. The list is sorted in ascending order of hedge fund sentiment.

Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

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

Harmony Gold Mining Company Limited (NYSE:HMY)

Number of Hedge Fund Holders: 11

Harmony Gold Mining Company Limited (NYSE:HMY) is a leading gold mining company with a growing uranium footprint. The company recovers uranium from its tailings facilities as a byproduct at its Moab Khotsong Mine in South Africa.

Harmony Gold Mining Company Limited (NYSE:HMY) is strategically focusing on exploiting the high-grade uranium deposits associated with its current and future gold mining operations. This dual-resource approach creates significant synergies, allowing the company to operate more efficiently and achieve a lower cost per unit of production for both minerals.

Harmony Gold Mining Company Limited (NYSE:HMY) is actively conducting feasibility studies to determine the potential for extending the life of its existing mines and identifying new areas. The company is also exploring the possibility of re-mining old tailings dams in South Africa, which would yield additional uranium resources. The company’s Moab Khotsong, a gold and uranium mine is expected to significantly contribute to its uranium production. The high-grade ore bodies from the Moab Khotsong mine can be processed through the existing plant at Moab Khotsong as the company has a dedicated uranium plant at this site.

Overall HMY ranks 7th on our list of the best uranium stocks to invest in. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

 

Disclosure: None. This article is originally published at Insider Monkey.

Goliath Resources Limited

Golddigger Property, Golden Triangle, B.C.

Bonanza High Grade Zone Highlights:

  • GD-24-262 collared from Goldsmith Pad intercepted four separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both remain open.

    • Surebet Zone: 32.67 g/t AuEq or 1.05 oz/t AuEq (32.56 g/t Au and 8.92 g/t Ag) over 4.00 meters including 130.14 g/t Au or 4.18 oz/t AuEq (129.77 g/t Au and 30.25 g/t Ag) over 1.00 meter.

    • Bonanza Zone 1: 13.34 g/t AuEq (13.11 g/t Au and 18.97 g/t Ag) over 6.00 meters including 15.99 g/t AuEq (15.71 g/t Au and 22.71 g/t Ag) over 5.00 meters and 39.34 g/t AuEq or 1.26 oz/t AuEq (38.67 g/t Au and 54.72 g/t Ag) over 2 meters.

    • Bonanza Zone 2: 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters including 33.80 g/t AuEq or 1.09 oz/t AuEq (33.70 g/t Au and 8.21 g/t Ag) over 3.10 meters.

    • Bonanza Zone 3: 3.15 g/t AuEq (3.08 g/t Au and 5.65g/t Au) over 3.20 meters

  • GD-24-273 collared from Haymaker Pad in the most eastern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.

    • Surebet Zone: 5.97 g/t AuEq (5.46 g/t Au and 41.43 g/t Ag) over 5.15 meters including 8.77 g/t AuEq (8.06 g/t Au and 57.41 g/t Ag) over 3.45 meters.

    • Bonanza Zone: 4.85 g/t AuEq (4.64 g/t Au and 17.26 g/t Ag) over 8.90 meters including 6.66 g/t AuEq (6.38 g/t Au and 23.23 g/t Ag) over 5.90 meters and 32.65 g/t Au or 1.0 oz/t AuEq (31.39 g/t Au and 102.45 g/t Ag) over 1.05 meters.

  • GD-24-272 collared from Postman Pad in the most northern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain open.

    • Surebet Zone: 4.70 g/t AuEq (1.53 g/t Au and 258.15 g/t Ag) over 4.00 meters including 6.20 g/t AuEq (2.02 g/t Au and 340.88 g/t Ag) over 3.00 meters.

    • Bonanza Zone: 2.22 g/t AuEq (0.8 g/t Au and 116.46 g/t Ag) over 8.00 meters including 5.64 g/t AuEq (2.03 g/t Au and 294.14 g/t Ag) over 3.00 meters.

  • With only 3 months of drilling in 2024 and the strong gold mineralization observed in multiple drill holes the size of the known Bonanza High-Grade Gold Zone has been nearly doubled from an area 180,000 m2 (720 x 612 x 410 meters) to 341,000 m2 (835 x 685 x 612 x 410 meters) that remains wide open.

  • All 64 holes drilled in 2024 have intercepted significant mineralization with 92% of the holes (or 59 out of 64 holes) containing visible gold, demonstrating the excellent continuity and predictability of this extensive high-grade gold system that remains wide open.

  • Additional drill hole highlights from the newly expanded Bonanza High-Grade Gold Zone include drill holes GD-23-242, GD-24-252 and GD-24-275, all of which contain significant amounts of visible gold as well as considerable amounts of galena, sphalerite and chalcopyrite mineralization hosted in large intervals of quartz breccia and veining.

    • Drill hole GD-24-242 intercepted over 10.86 meters in the Bonanza High-Grade Gold Zone consisting of visible gold, semi-massive sphalerite, and pyrrhotite, with minor galena hosted in a quartz-sulphide breccia (assays pending).

    • Drill hole GD-24-252 intercepted over 15.15 meters in the Bonanza High-Grade Gold Zone containing brecciated intervals of semi-massive to massive pyrrhotite, sphalerite, galena and chalcopyrite. Visible gold has been observed in several sections of quartz-sulphide vein throughout the interval (assays pending).

    • Drill hole GD-24-275 intercepted over 11.00 meters in the Bonanza High-Grade Gold Zone consisting of visible gold as well as brecciated sections of semi-massive sphalerite, galena and pyrrhotite that looks similar to GD-23-197 which assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (assays pending).

  • Drilling in 2024 at the Surebet Discovery, saw 100% of the holes (64 holes drilled) intersected one or more significant sulphide mineralized zones, 92% of the holes (59 out of 64 holes) intersected widespread visible gold confirming the excellent continuity and predictability of the high-grade gold mineralized system.

  • An impressive trend of visible gold distribution has been observed in the stacked zones in the sediments, at the contact of the sediments and volcanics, as well as in the volcanics. High in the system the visible gold is sporadic and fine-grained, then there is a transition to fine-grained abundant visible gold and coarse-grained visible gold as drilling has gone deeper into the gold mineralizing system. Visible gold is within all the rock packages, including the intrusion related zones.

TORONTO, Jan. 07, 2025 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report additional drill results for 5 drill holes from its successful 2024 field season at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Excellent results from drill holes from GD-24-262, GD-24-272 and GD-24-273 clearly confirm the increase of mineralization within the Bonanza High-Grade Gold Zone from 180,000 m2 (720 x 612 x 410 meters) to 341,000 m2 (835 x 685 x 612 x 410 meters) that remains open. Assays are still pending for a total of 96 out of 105 drill holes that are expected to be released in the immediate future once received, compiled and interpreted.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “Results so far from the 2024 drill campaign all show excellent high-grade gold mineralization as well as phenomenal continuity within the Bonanza High-Grade Zone as well as the Surebet Zone. We are impressed with the transition to abundant visible gold that also includes coarse-grained visible gold as we drill deeper into the system. In addition, we are excited that as the stacked veins in the Surebet Zone and the Bonanza High-Grade Zone dip in opposite directions, it opens up the possibility for two separate sources more than 2000 meters apart, or one large source under the various zones. We are delighted to see that each season of drilling the project is getting better and better, for example in 2023 we observed visible gold in 32% of the holes and in 2024 that increased to 92%. During my career in exploration, it is unusual to see a discovery improve with each additional drill program which usually only happens in projects that become mines. We feel that the Surebet discovery keeps delivering and it is clearly shaping up to be potentially the next large, valuable, and viable mineral deposit of the future in the Golden Triangle. We are very eager and excited to release additional results as they become available in the immediate future.”

Bonanza High Grade Gold Zone

During the 3 months drill season in 2024, the area of high-grade gold mineralization within the known Bonanza Zone (formerly described as the Bonanza High-Grade Gold Triangle) has been expanded and nearly doubled from a triangular area measuring 720 m by 612 m by 410 m to a rectangular area measuring 835 m by 685 m by 612 m by 410 m that remains open. All 64 holes drilled in 2024 within this newly defined high-grade gold area have intercepted significant mineralization with 92 % of the holes (or 59 out of 64 holes) containing occurrences of visible gold, demonstrating the excellent continuity of this extensive high-grade gold system that remains wide open in all directions.

  • GD-24-262 collared from Goldsmith Pad intercepted four separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both remain wide open.

    • Surebet Zone: 32.67 g/t AuEq or 1.05 oz/t AuEq (32.56 g/t Au and 8.92 g/t Ag) over 4.00 meters including 130.14 g/t Au or 4.18 oz/t AuEq (129.77 g/t Au and 30.25 g/t Ag) over 1.00 meter.

    • Bonanza Zone 1: 13.34 g/t AuEq (13.11 g/t Au and 18.97 g/t Ag) over 6.00 meters including 15.99 g/t AuEq (15.71 g/t Au and 22.71 g/t Ag) over 5.00 meters and 39.34 g/t AuEq or 1.26 oz/t AuEq (38.67 g/t Au and 54.72 g/t Ag) over 2 meters.

    • Bonanza Zone 2: 13.90 g/t AuEq (13.85 g/t Au and 3.59 g/t Ag) over 7.60 meters including 33.80 g/t AuEq or 1.09 oz/t AuEq (33.70 g/t Au and 8.21 g/t Ag) over 3.10 meters.

    • Bonanza Zone 3: 3.15 g/t AuEq (3.08 g/t Au and 5.65g/t Au) over 3.20 meters.

  • GD-24-273 collared from Haymaker Pad in the most eastern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain wide open.

    • Surebet Zone: 5.97 g/t AuEq (5.46 g/t Au and 41.43 g/t Ag) over 5.15 meters including 8.77 g/t AuEq (8.06 g/t Au and 57.41 g/t Ag) over 3.45 meters.

    • Bonanza Zone: 4.85 g/t AuEq (4.64 g/t Au and 17.26 g/t Ag) over 8.90 meters including 6.66 g/t AuEq (6.38 g/t Au and 23.23 g/t Ag) over 5.90 meters and 32.65 g/t Au or 1.0 oz/t AuEq (31.39 g/t Au and 102.45 g/t Ag) over 1.05 meters.

  • GD-24-272 collared from Postman Pad in the most northern part of the Bonanza High-Grade Zone intercepted two separate sections of high-grade gold, silver and base metals corresponding to the Surebet and Bonanza Zones characterized by sulphide rich quartz breccia and veining; both zones remain wide open.

    • Surebet Zone: 4.70 g/t AuEq (1.53 g/t Au and 258.15 g/t Ag) over 4.00 meters including 6.20 g/t AuEq (2.02 g/t Au and 340.88 g/t Ag) over 3.00 meters.

    • Bonanza Zone: 2.22 g/t AuEq (0.8 g/t Au and 116.46 g/t Ag) over 8.00 meters including 5.64 g/t AuEq (2.03 g/t Au and 294.14 g/t Ag) over 3.00 meters.

Table 1: Highlights for drill holes reported in this news release

Hole ID

 

From (m)

To (m)

Interval (m)

Au (g/t)

Ag (g/t)

Cu (%)

Pb (%)

Zn (%)

AuEq (g/t)

GD-24-262

Interval

217.00

221.00

4.00

32.56

8.92

0.01

0.04

0.52

32.67

Including

219.00

220.00

1.00

129.77

30.25

0.01

0.11

2.00

130.14

Interval

369.00

375.00

6.00

13.11

18.97

0.07

0.43

0.58

13.34

Including

369.00

374.00

5.00

15.71

22.71

0.08

0.51

0.70

15.99

Including

371.00

373.00

2.00

38.67

54.72

0.20

1.27

1.70

39.34

Interval

446.90

454.50

7.60

13.85

3.59

0.01

0.03

0.18

13.90

Including

447.75

453.60

5.85

17.97

4.47

0.01

0.03

0.23

18.02

Including

449.50

452.60

3.10

33.70

8.21

0.01

0.06

0.42

33.80

Interval

480.60

483.80

3.20

3.08

5.65

0.01

0.07

0.47

3.15

GD-24-273

Interval

307.00

312.15

5.15

5.46

41.43

0.02

1.29

1.39

5.97

Including

307.00

310.45

3.45

8.06

57.41

0.02

1.82

1.97

8.77

Interval

533.00

541.90

8.90

4.64

17.26

0.06

0.54

0.95

4.85

Including

536.00

541.90

5.90

6.38

23.23

0.09

0.82

1.27

6.66

Including

540.85

541.90

1.05

31.39

102.45

0.38

4.41

5.98

32.65

GD-24-272

Interval

47.00

51.00

4.00

1.53

258.15

0.02

0.24

0.28

4.70

Including

48.00

51.00

3.00

2.02

340.88

0.03

0.32

0.35

6.20

Interval

750.00

758.00

8.00

0.80

116.46

0.01

0.32

1.11

2.22

Including

750.00

753.00

3.00

2.03

294.14

0.01

0.58

2.38

5.64

GD-24-255

Interval

10.00

15.05

5.05

4.86

1.99

0.01

0.01

0.09

4.89

Including

11.00

14.00

3.00

8.18

3.09

0.01

0.02

0.14

8.22

Interval

394.00

398.00

4.00

4.44

1.10

0.01

0.00

0.02

4.46

Including

394.00

395.00

1.00

15.34

1.37

0.01

0.00

0.01

15.36

Interval

416.00

428.61

12.61

2.21

11.77

0.02

0.70

0.74

2.35

Including

423.78

428.61

4.83

4.90

23.50

0.04

1.75

1.84

5.19

GD-24-244

Interval

296.90

300.00

3.10

4.35

23.25

0.01

0.55

0.14

4.64

The continuity and predictability of this newly expanded thick high-grade gold horizon has previously been drill tested where GD-23-197 assayed 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (released October 17, 2023), GD-24-235 assayed 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (released July 30, 2024) and GD-24-249 assayed 30.55 g/t AuEq (0.98 oz/t AuEq) over 8.95 meters (released December 12, 2024). The new Bonanza High-Grade Zone is located at the structural intersection of the Surebet Zone with the Bonanza Zone and outcrops on the surface 200 meters above the valley floor at an elevation of 900 meters above sea level.

Additional drill hole highlights from the newly expanded Bonanza High-Grade Gold Zone include drill holes GD-23-242, GD-24-252 and GD-24-275, all of which contain significant amounts of visible gold as well as considerable amounts of galena, sphalerite and chalcopyrite mineralization hosted in large intervals of quartz breccia and veining.

  • Drill hole GD-24-242 intercepted over 10.86 meters in the Bonanza High-Grade Gold Zone between consisting of visible gold, semi-massive sphalerite, and pyrrhotite, with minor galena hosted in a quartz-sulphide breccia (assays pending).

  • Drill hole GD-24-252 intercepted over 15.15 meters in the Bonanza High-Grade Gold Zone containing brecciated intervals of semi-massive to massive pyrrhotite, sphalerite, galena and chalcopyrite. Visible gold has been observed in several sections of quartz-sulphide vein throughout the interval (assays pending).

  • Drill hole GD-24-275 intercepted over 11.00 meters in the Bonanza High-Grade Gold Zone consisting of visible gold as well as brecciated sections of semi-massive sphalerite, galena and pyrrhotite that looks similar to GD-23-197 which assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (assays pending).

The Bonanza High Grade Gold Zone remains open in all directions, including to depth, where the new Deep Zone was discovered at 1239 m below surface and only 480 meters above the valley floor. This zone contains multiple quartz-sulphide veins and breccias with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. The deepest downhole mineralized interval intercepted to date comes from a depth of 890 meters downhole (1.239 kilometers below the surface) and consists of a 1.75-meter interval from 890.90 – 892.65 meters with quartz veins containing significant amounts of chalcopyrite, galena and sphalerite and remains wide open. Assays for all holes that intersected the new Deep Zone are pending.

The Company looks forward to continuing to expand the mineralization at Surebet and increase the understanding of the geometry and controls of the mineralization with additional modelling as results become available in the immediate future. The discovery of the RIRG mineralization (released December 12, 2024) clearly indicates proximity to the source of this extensive mineralizing system. Drilling in 2025 will focus on expanding the mineralization in all directions, including to depth towards the potential source for the fluids responsible for the extensive high-grade gold-silver mineralization on the Surebet discovery.

Table 2: Collar information for drill holes reported in this news release

Hole ID

CRS

Easting (m)

Northing (m)

Elevation (m)

Azimuth (deg)

Dip (deg)

Length (m)

GD-24-242

NAD83 / UTM zone 9N

457447

6162776

1512

120

63

862

GD-24-255

NAD83 / UTM zone 9N

457367

6162756

1506

178

72

497

GD-24-262

NAD83 / UTM zone 9N

457258

6162713

1475

140

75

702

GD-24-272

NAD83 / UTM zone 9N

457580

6163351

1714

165

75

899

GD-24-273

NAD83 / UTM zone 9N

457060

6163027

1655

135

75

582

Golddigger Property

The Golddigger Property is 100% controlled and covers an area of 91,518 hectares in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines including Eskay Creek, Premier and Snip. Other significant and well-known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% with 48.8% of it as free gold from gravity alone at a 327-micrometer crush (no cyanide required to recover the gold). The metallurgy completed to date shows no deleterious elements are present such as mercury or arsenic.

The Property 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.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

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

Qualified Person

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

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

For more information please contact:

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

Other

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

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

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit™. Drill holes were planned using Leapfrog Geo™ and QGIS™ 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 Paragon Geochemical labs facilities in Surrey, BC or ALS labs facilities in North Vancouver, BC. Paragon Geochemical is certified with both AC89-IAS and ISO/IEC Standard 17025:2017. Samples submitted to Paragon received gold and silver analysis by photon assay whereby the entire sample is crushed to approximately 70% passing 2 mm mesh. The entire crushed sample is riffle split and weighed into multiple (300-500g) jars that are submitted for photon assay. Photon assay uses high-energy X-rays (photons) to excite atomic nuclei within the jarred samples, causing them to emit secondary gamma rays, which are measured to identify and quantify the metals present. The assays from all jars are combined on a weight-averaged basis. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2398.13 USD/oz, Ag 28.118 USD/oz, Cu 4.10 USD/lbs, Pb 2067.5 USD/ton and Zn 2669 USD/ton on July 28th, 2024. 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.

Harmony Gold Mining Company Limited HMY stock looks attractive from a valuation perspective. HMY is currently trading at a forward price/earnings of 6.8X, a roughly 46.7% discount when stacked up with the Zacks Mining – Gold industry’s average of 12.75X. It also has a Value Score of A.HMY is currently trading at a roughly 24.6% discount to its 52-week high of $12.29, reached on Oct. 22, 2024, as gold prices catapulted to new highs on U.S. election uncertainties and heightened geopolitical tensions. Harmony’s cheap valuation should lure investors seeking value. But is the time right to buy HMY’s shares based on its attractive valuation? Let’s delve deeper.

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HMY Stock Outperforms Industry and S&P 500

Thanks to the rally in gold prices, HMY’s shares have surged 50.6% year to date, outperforming the industry’s rise of 21.3% and the S&P 500’s increase of 25.7%. Its peers, Gold Fields Limited GFI and DRDGOLD Limited DRD have racked up a gain of 1.7% and 22.1%, respectively, over the same period.

HMY’s YTD Price PerformanceZacks Investment Research

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Technical indicators show HMY stock eclipsed its 200-day simple moving average (SMA) on Nov. 18, 2024, following a momentary pullback since Nov. 13 as gold prices retreated due to a strengthening U.S. dollar. The stock, for the most part, has traded above the 200-day SMA this year. However, Harmony is currently trading below the 50-day SMA.  Nevertheless, the 50-day SMA continues to read higher than the 200-day SMA, indicating a bullish trend.

HMY Trades Below 50-Day SMAZacks Investment Research

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Wafi-Golpu & Eva Copper Projects Underpin HMY’s Growth

Harmony is South Africa's biggest gold producer by volume, with production of roughly 1.56 million ounces in fiscal 2024.  It has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG).  The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated reserve of 13 million ounces of gold. HMY is currently in negotiations with its joint venture partner Newmont Corporation NEM and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease.The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY’s objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. HMY has received a conditional grant funding from the Queensland government, which will help accelerate the development of this project. It is subject to several conditions, including HMY reaching a positive final investment decision by January 2026. Eva Copper is expected to produce 50,000-60,000 tons of copper per annum.

Rallying Gold Prices to Drive HMY’s Profitability

Gold has been among the best-performing assets this year. Prices of the yellow metal have rallied roughly 27% this year, driven by strong demand from central banks, a dovish Fed interest rate outlook, global uncertainties and a surge in safe-haven demand thanks to increased tensions in the Middle East. While a stronger U.S. dollar weighed on the yellow metal recently, gold prices are regaining strength on heightened uncertainty over the Russia-Ukraine conflict. Prices are also likely to gain support on prospects of another rate cut in December. HMY’s adjusted earnings surged 120% year over year in fiscal 2024 on an 11% rise in average gold prices. In first-quarter fiscal 2025, HMY recorded a roughly 25% increase in average gold prices received to $2,356 per ounce. Higher gold prices should boost HMY’s profitability and drive cash flow generation.

Harmony Gold’s Solid Financial Health Bodes Well

Harmony boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Its net cash increased roughly 129% to $362 million at the end of first-quarter fiscal 2025 from $158 million at the end of fiscal 2024. The company ended the first quarter with solid liquidity of $910 million. Its operating free cash flow also climbed 60% year over year to $288 million in the quarter, driven by higher average gold prices. HMY also has a dividend policy to pay 20% of net free cash generated to shareholders at its board’s discretion.

Higher Costs Strain HMY’s Margins

Harmony, like most miners, is exposed to higher costs, which are likely to weigh on its margins over the near term. Labor and electricity remain the largest component of its cost structure. It saw a roughly 19% surge in all-in-sustaining costs (in dollars) in the first quarter of fiscal 2025 due to higher labor costs and winter tariffs on electricity. Total cash costs also climbed 18% year over year in the quarter. Total cash operating costs (in dollars) also rose around 4% year over year in full-year fiscal 2024. HMY saw a 21% increase in electricity costs in fiscal 2024 due to higher annual tariffs charged by Eskom. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to abate over the near term due to higher tariffs.

HMY’s FY25 Earnings Estimates Moving Lower

Earnings estimates for HMY for fiscal 2025 have been going down over the past 60 days. The Zacks Consensus Estimate for fiscal 2026 has been revised upward over the same time frame.  Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

Zacks Investment Research

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How Should Investors Play the HMY Stock?

Harmony is advancing several key development projects, including Wafi-Golpu and Eva Copper, which are expected to enhance production and expand its international footprint. The acquisition of Eva Copper aligns with the company’s goal of transitioning into a low-cost gold and copper producer. Rallying gold prices are also expected to drive HMY’s performance. Solid liquidity and effort to drive cash flow also augur well. Despite HMY’s attractive valuation, its high electricity and labor costs warrant caution. Therefore, holding onto this Zacks Rank #3 (Hold) stock will be prudent for investors who already own it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Newmont Corporation (NEM) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

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

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Investors with an interest in Mining – Gold stocks have likely encountered both Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Harmony Gold and Franco-Nevada are sporting Zacks Ranks of #1 (Strong Buy) and #2 (Buy), respectively, right now. This means that HMY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 8.16, while FNV has a forward P/E of 40.54. We also note that HMY has a PEG ratio of 0.50. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FNV currently has a PEG ratio of 22.03.

Another notable valuation metric for HMY is its P/B ratio of 3.05. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, FNV has a P/B of 4.34.

These metrics, and several others, help HMY earn a Value grade of A, while FNV has been given a Value grade of F.

HMY stands above FNV thanks to its solid earnings outlook, and based on these valuation figures, we also feel that HMY is the superior value option right now.

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

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

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Gold (GC=F) was hovering at a record high around $2,700 per ounce on Wednesday and silver was trading near 12-year highs, with the US presidential election between Kamala Harris and Donald Trump just days away and most investors expecting another rate cut at the Federal Reserve's next meeting on Nov. 7.

Gold

This week, Goldman Sachs analysts predicted gold will rise about 10% to $3,000 by December 2025 due to physical gold demand from central banks, investors pouring into exchange-traded funds (ETFs) backed by physical gold, and speculative positioning.

"History suggests that gold positioning tends to rise with uncertainty and when investors seek safe havens," wrote Goldman Sachs' Lina Thomas and Daan Struyven.

Retail investors wanting to get in on the precious metals action have several options, from owning physical gold to investing in mining companies. Here are some:

Physical gold and silver

"For gold, as well as silver, buying the physical asset is the safest and most reliable way," said Alex Ebkarian, co-founder and COO of Allegiance Gold.

Ebkarian said investors should have a mid- to long-term outlook for their return on investment, as well as understand there are storage and transportation fees if the gold is stored outside the home such as at a secure depository. There is also an upfront premium cost paid during acquisition.

"When it comes to investing in bars, I suggest starting at the 1 oz with well-known brands such as PAMP Suisse, Valcambi," he said.

Physical purchases can be made from local dealers, online platforms, and even big box retailer Costco (COST), though the latter doesn't purchase any back from customers.

Buying coins also carries a premium — from the most common ones to the rarest collectibles.

"When it comes to coins, it is best to focus on products from the world’s top four sovereign mints: US Mint, the Royal Canadian Mint, the Perth Mint, and the Royal Mint. They produce investment-grade coins that are highly sought after and extremely liquid. Diversifying your holdings provides you more flexibility and options in the future," said Ebkarian.

The most popular for both gold and silver is the 1 oz. American Eagle.

"American Eagle 1 oz. coins are the most liquid, traded, and recognized bullion coins in the world. Those are in great demand,” said Scott Travers, executive editor of COINage Magazine and author of the Coin Collector's Survival Manual.

Travers said consumers should make sure coins are verified through one of the industry's main three grading agencies or buy a tester to verify them.

Gold bars on display at a gold jewelry store in Oct. 1, Hangzhou, Zhejiang Province of China. (Ni Lifang/VCG via Getty Images) (VCG via Getty Images)Gold and silver ETFs

Another way to gain exposure to gold or silver is through ETFs that track the price of the commodity.

The iShares Silver Trust (SLV) and Physical Silver Shares ETF (SIVR) are both up about 42% since the start of the year, while SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are each up about 34% year to date.

Global physically backed gold ETFs saw their fifth consecutive monthly inflow in September, attracting $1.4 billion, according to the World Gold Council.

"The main advantage of gold ETFs is that they closely follow gold prices, making them simple to buy and sell, and don’t require physical storage. But ETFs charge management fees, and their prices can fluctuate with market conditions beyond just the changing value of gold," Peter C. Earle, senior economist at the American Institute for Economic Research, told Yahoo Finance.

Gold and silver mining stocks

"There is a case to be made for retail investors to invest in gold and silver through mining stocks," said Warwick Smith, CEO and director of American Pacific Mining Corp (USGD.CN).

"Even with competition from critical metals like copper, gold remains everyone’s top pick in 2024 and will continue to be the best-performing asset in the commodity markets into next year," he added.

Year to date, the VanEck Gold Miners ETF (GDX), composed of companies involved in discovering, mining, and refining gold or silver, is up 33% versus gold's 29% rise during the same period. Miners have played catch-up this year as a broader five-year period shows physical gold has performed far better.

Some experts warn the tangential route to investing in gold adds an element of company risk beyond what comes with the commodity itself.

"Shares of gold-related companies carry all of the risk of adverse movements in the price of gold in addition to the risks of corporate management: operational challenges and company-specific factors," said Earle.

The largest miner, New Gold (NGD), is up roughly 95% year to date, while Chicago-based Coeur Mining (CDE) is up roughly 110% during the same period. South African Harmony Gold (HMY) is up about 85% since the start of 2024.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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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 the Basic Materials sector. This group includes 235 individual stocks and currently holds a Zacks Sector Rank of #11. 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Harmony Gold is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for HMY's full-year earnings has moved 7.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, HMY has returned 76.3% so far this year. Meanwhile, the Basic Materials sector has returned an average of -0.8% on a year-to-date basis. This means that Harmony Gold is performing better than its sector in terms of year-to-date returns.

Another stock in the Basic Materials sector, New Gold (NGD), has outperformed the sector so far this year. The stock's year-to-date return is 88.4%.

Over the past three months, New Gold's consensus EPS estimate for the current year has increased 7.8%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Harmony Gold belongs to the Mining – Gold industry, which includes 38 individual stocks and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 25.5% this year, meaning that HMY is performing better in terms of year-to-date returns. New Gold is also part of the same industry.

Investors with an interest in Basic Materials stocks should continue to track Harmony Gold and New Gold. These stocks will be looking to continue their solid performance.

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

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Lupaka Gold Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that the Company has closed the non-brokered private placement (the “Closing”) previously announced on October 8, 2024 (the “Placement”).

At the Closing, the Company issued 1,500,000 units at a price of $0.05 per unit for gross proceeds of $75,000.   Each unit consists of one common share (“Share”) and one transferable common share purchase warrant (“Warrant Share”) entitling the holder to purchase an additional common share of the Company at a price of $0.10 for a period of three years from the Closing (a “Unit”). All Shares issued and Warrant Shares (if exercised prior to March 2, 2025) are subject to a hold period expiring four months plus one day from the Closing in accordance with applicable securities laws. Closing of the Placement is subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange.

Gordon Ellis, President and CEO of the Company acquired 200,000 Units of the Placement. His participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units issued to Mr. Ellis, or the consideration paid, exceeded 25% of the Company’s market capitalization. No finders’ fees were paid, and the proceeds of the Placement will be used to fund property research and general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

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 this news release.

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.

gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

Spotify stock is near a buy point and all-time highs while two other stocks are in buy zones. One makes the glass for Apple iPhones.

Lupaka Gold Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 08, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. (“Lupaka Gold” or the “Company”) (TSX-V: LPK, FRA: LQP) announces that it intends to complete a non-brokered private placement (the “Placement”), to raise gross proceeds of up to $75,000.

The Company plans to issue up to 1,500,000 units at a price of $0.05 per unit. Each unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for a period of three years from closing.

Insiders of the Company will be participating in the Placement. Gordon Ellis, President and CEO of the Company and Darryl Jones, Chief Financial Officer, are each acquiring 200,000 Units in the Private Placement. Their participation is considered to be a “related party transaction”. However, the Private Placement transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units issued to Mr. Ellis and Mr. Jones, or the consideration paid, exceeds 25% of the Company’s market capitalization. No finders’ fees are expected to be paid. The proceeds of the Placement will be used to fund property research and general working capital. Additionally, the Company further confirms that there are no undisclosed Material Changes.

Final closing is expected to occur before the end of October, 2024, subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. The shares and Warrants issued in the Placement are subject to a four-month hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

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 this news release.

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

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