Barton Gold (ASX: BGD)

Announced an updated MRE for its South Australian Challenger Gold Project.

The updated Challenger MRE has identified several potential sources of economically viable gold mineralisation adjacent to the Central Gawler Mill for use as lower-cost and lower-risk ‘Stage 1’ mill feed.

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Photo courtesy of Barton Gold

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Barton Gold ‘Stage 1’ Resources at Central Gawler Mill Grows to 223koz Au

Priority focus on higher-grade tailings and open pit materials

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Barton Gold Holdings Limited (ASX:BGD) (Barton or Company) is pleased to announce an updated MRE for its South Australian Challenger Gold Project (Challenger).

The updated Challenger MRE follows a detailed analysis of historical production and drilling records, and new drilling and site sampling to validate these historical records and actual metallurgical characteristics.

Based upon these analyses, Barton has identified several potential sources of economically viable gold mineralisation adjacent to the Central Gawler Mill for use as lower-cost and lower-risk ‘Stage 1’ mill feed.

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HIGHLIGHTS

• Challenger JORC (2012) Mineral Resources Estimate (MRE) grow to 223koz gold (9.56Mt @
0.72 g/t Au), including 81,200oz Au contained in the existing high-grade open pit zones:
o Main open pit: 69,600oz Au (0.64Mt @ 3.39 g/t Au);
o Challenger West open pit: 11,600oz Au (0.03Mt @ 10.6 g/t Au);
o Main U/G (1,000 – 900mRL): 21,900oz Au (0.17Mt @ 3.98 g/t Au);
o Challenger SSW Deposit: 12,200oz Au (0.40Mt @ 0.95 g/t Au);
o Tailings Facility 1: 55,500oz Au (3.19Mt @ 0.54 g/t Au); and
o Tailings Facility 2: 51,800oz Au (5.13Mt @ 0.31 g/t Au).
• Barton’s total gold JORC Mineral Resources increase to 1.9Moz Au (73.0Mt @ 0.79 g/t Au)
• Next steps for ‘Stage 1’ commercialisation pathway include:
o re-extension of Challenger underground JORC Mineral Resources model to depth;
o preliminary capital cost estimate for recommissioning of Central Gawler Mill;
o mining studies to prioritise sources of mineralisation in ‘Stage 1’ operations area; and
o feasibility studies and JORC Reserves estimate for an initial ‘Stage 1’ operation.
• Targeting feasibility studies by end of 2025, initial ‘Stage 1’ operations by end of 2026

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Barton MD Alexander Scanlon said:

“As indicated to the market for the past ~24 months, we have been analysing the potential for JORC Mineral Resources in the immediate vicinity of our fully permitted Central Gawler Mill.

 

“This infrastructure is a significant leverage point for BGD’s investors, and provides the option for a shorter, lower-cost, and lower-risk pathway to operations and the re-rating of BGD to ‘producer’ status.

 

“There is significant arbitrage value in this ‘real option’.

 

“With the sustained upward move in gold prices, we will now look to exercise that option. During the balance of 2025 we will complete feasibility analyses to determine the preferred development pathway, with the objective to commence our initial ‘Stage 1’ operations before the end of 2026.”

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To read the full news release please click HERE

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.To View Barton Gold’s’ historical news, please click here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Barton Gold.

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Market Review June 2025 published

The highlighted company is Kaiser Reef.

The Review contains comments on West Red Lake Gold MInes and general commodity market commentary.

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City Investors Circle Market Review June 2025 published

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Market Review June 2025 published

The highlighted company is Kaiser Reef (ASX: KAU)

The Review contains comments on West Red Lake Gold MInes and general commodity market commentary.

To read the June 2025 Market Review, pleease click HERE.

To recieve future issues of the Market Review and invitations to our free to attend mining presentation, please email andrew@city-investors-circle.com

Archive of June’s news releases is listed below, click the link to be taken to the full story.

Mining Review 29th June 2025

  Horizon Minerals Drilling Underway at Burbanks

  Wesdome Provides Kiena Exploration Update

  Capricorn Metals Mining Contract Awards

  West Red Lake Gold Provides Madsen Mine Operations Update

  Equinox Gold’s Acquisition Of Calibre Mining Completes

  Westgold Doubles Beta Hunt Gold Resource

  Mining Review 22nd June 2025

  Meeka Metals New Corporate Presentation

  Catalyst Metals Reports Positive Trident Drill Results

  Impact Announces Lake Hope HPA PFS and MRE

  Barton Gold Complete Tolmer High Grade Silver Zone Drilling

  West Red Lake Gold Reports Fatality at the Madsen Mine

  AIC Mines Announce High-grade depth extension at Jericho

  City Investors Circle Initiating Coverage of AIC Mines

  Mining Review 15th June 2025

  Meeka Metals Plant Commissioning Underway

  Capricorn Metals Now a Fully Unhedged Gold Producer

 Mexican miners to demonstrate outside Orla Mining’s Vancouver offices

  Ora Banda Mining Report Strong Drill Results

  Power Metallic intercepts 12.54 m of 10.99% CuEq

  Orla Mining Delivers Initial Underground MRE for Camino Rojo

  Mining Review 8th June 2025

  Ora Banda Mining Slumps on FY25 Guidance Update

  Caprice Resources $7M Placement to Accelerate Exploration

  Minerals 260 Bullabulling Gold Project Drilling Results

  West Red Lake Gold Highlights Bulk Sample Learnings

 G2 Goldfields Drills 76m @ 1.5 g/t Au and 3m @ 12.5 g/t Au

  Barton Gold $3m Premium Placement Complete, Drilling Underway

  Market Review May 2025 Published

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author may hold shares in some or all of the companies mentioned

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Mining Review 29th June 2025

Westgold doubled the resource at Beta Hunt, in Western Australia.

West Red Lake Gold Mines published an update on progress as mining ramps up at their Madsen Gold mine.

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City Investors Circle Mining Review 29th June 2025.

Mining Review 29th June 2025

Westgold doubled the resource at the Beta Hunt gold and nickel mine, in Western Australia.

West Red Lake Gold Mines published an update on progress as mining ramps up at their Madsen Gold mine.

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  Horizon Minerals Drilling Underway at Burbanks

  Wesdome Provided a Kiena Exploration Update

  Capricorn Metals Mining Contract Awards

  West Red Lake Gold Mines Provided a Madsen Mine Operations Update

  Equinox Gold’s Acquisition Of Calibre Mining Completed

  Westgold Doubled the Beta Hunt Gold Resource

  Mining Review 22nd June 2025

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.

Market Data

Monthly Price Changes

(US$ unless stated).

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Mining Review 22nd June 2025

A sombre week after the announcement of the tragic death of a worker in the Madsen Mine owned by West Red Lake Gold Mines.

Catalyst Metals and Meeka Metals announced positive drilling results.

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City Investors Circle Mining Review 22nd June 2025

A sombre week after the announcement of the tragic death of a worker in the Madsen Mine owned by West Red Lake Gold Mines. The accident occurred underground at Madsen, and work has ceased whilst health and safety officials investigate the circumstances.

Our condolences, prayers ,and thoughts go out to his family.

A fundraise for his family, including his two children has been started. I urge everyone to support this good cause so that his dependants may have a future.

Anyone invested in WRLG should make a decent profit from their investment over time, so please spare something for a person that helped create shareholder value for us.

I am making a C$205 donation today, please spare anything you can.

To make a donation, please click HERE

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Catalyst Metals and Meeka Metals announced positive drilling results.

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We initiated coverage of AIC Mines, a producing gold and copper miner in Queensland, Australia.

AIC is looking to scale by starting a second mine linked to the first, which is just the sort of company Iike to invest in, minimising dilution by production and scaling up to a larger operation.

I also like the combination of copper and gold.

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  Meeka Metals New Corporate Presentation

  Catalyst Metals Reported Positive Trident Drill Results

  Impact Minerals Announced Lake Hope HPA PFS and MRE

  Barton Gold Completed Tolmer High Grade Silver Zone Drilling

  West Red Lake Gold Mines Reported aFatality at the Madsen Mine

  AIC Mines Announced High-grade depth extension at Jericho

  City Investors Circle Initiatined Coverage of AIC Mines

  Mining Review 15th June 2025

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non-deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Mining Review 15th June 2025

City Investors Circle published the review of the past week for watchlist stocks as well as the commodity markets.

Meeka Metals confirmed the commissioning of the processing plant as production commences at their Murchison gold project.

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Meeka Metals drill site – Credits Meeka Metals

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City Investors Circle Mining Review 15th June 2025

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Mining Review 15th June 2025

City Investors Circle published the review of the past week for watchlist stocks as well as the commodity markets.

Meeka Metals confirmed the commissioning of the processing plant as production commences at their Murchison gold project.

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Gold was falling slowly until the Isreali attack on Iran, and it has now bounced over $3,400, and the large producing gold miners have all bounced back up after sliding for a couple of weeks.

Most of the industrial metals fell on less favourable economic news.

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“Rotation” is the new buzzword in the mining sector, as multiple commentators predict people are moving at least some of their profits from larger gold producers into more risky but potentially higher rewarding exploration juniors.

I have considered top slicing some profits, but only to invest into companies coming into production, such as West Red Lake Gold, Meeka Metals, Horizon etc. etc.

I do not yet feel there is a great opportunity in the early stage exploration space, and feel the largest upside remains with producers and soon to be producers.

There are hundreds of exploration companies out there, picking the one that will jump 100% or so after a drill result is like finding a needle in a haystack, so I prefer to stay with the producers for now.

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Mining Review 8th June 2025

A terrible end to the week saw three of our best tier 1 watchlist stocks crash in price, with only one, Ora Banda Mining actually announcing any bad news.

Orla Mining and G Mining Ventures reversed badly on no news, although the gold price fell around 1%, so that would account for some of the fall, but not all.

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Orla Mining – Musselwhite Gold Mine – Credits Orla Mining

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City Investors Circle Mining Review 8th June 2025

A terrible end to the week saw three of our best tier 1 watchlist stocks crash in price on Friday, with only one, Ora Banda Mining actually announcing any bad news.

Orla Mining and G Mining Ventures reversed badly on no news, although the gold price fell around 1%, so that would account for some of the fall, but not all.

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These three companies represent my largest personal holdings, so this was probably the biggest financial hit my personal portfolio has ever taken in a single day, and very painful.

I am a long term investor though, and I have learned to ride out some temporary market noise as long as the company fundamentals look similar to when I made my original investment decision.

I see no reason to sell any of the companies listed above, because I believe in their management’s ability, and the projects quality to create shareholder value over the longer term.

If Orla Mining falls much more I may take the opportunity to top up as I am underweight Orla, a mistake I would like to rectify if the opportunity presents itself.

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Silver is the metal to watch at the moment, it’s really on a march, up 9.8% in the week, whilst gold trod water.

The gold silver ratio is down at 92, against the recent high of 103.2.

The PGM group are also rising, with Platinum and palladium 7% and 6% respectively.

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A list of all the significant news releases from our watchlist companies is below, please click on the link to be taken to the full story.

  Ora Banda Mining Slumps on FY25 Guidance Update

  Caprice Resources $7M Placement to Accelerate Exploration

  Minerals 260 Bullabulling Gold Project Drilling Results

  West Red Lake Gold Highlights Bulk Sample Learnings

  G2 Goldfields Drills 76m @ 1.5 g/t Au and 3m @ 12.5 g/t Au

  Barton Gold $3m Premium Placement Complete, Drilling Underway

  Market Review May 2025 Published

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Market Data

Weekly Price Changes

(US$ unless stated).

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West Red Lake Gold (TSX.V: WRLG) 

Reported how learnings from the test mining and bulk sample program at its 100% owned Madsen Mine in the Red Lake Gold District of Ontario, Canada, are translating directly into a detailed mine plan with generally larger stopes, greater mining efficiencies, and lower cost mining methods than anticipated.

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West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)(OTCQB: WRLGF)is pleased to report how learnings from the test mining and bulk sample program at its 100% owned Madsen Mine (the “Project”) in the Red Lake Gold District of Northwestern Ontario, Canada, are translating directly into a detailed mine plan with generally larger stopes, greater mining efficiencies, and lower cost mining methods than anticipated.

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The test mining and bulk sample program had two goals:

1. To confirm that the geologic, engineering, and mining workflow at Madsen enables the Company to model and mine mineralization accurately.
2. To test various mining scenarios and use the results to enable confident mine design that maximizes economic extraction.

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The bulk sample results (reported on May 7) achieved the first goal. Close reconciliation between expected and actual tonnes, grade, and contained ounces across six stopes in three areas of the resource validates the Company’s ability to mine at Madsen according to plan.

The Company also succeeded with the second goal. Test mining demonstrated the ability to mine up against historic stopes, which reduced barriers in stope design and unlocked some resource potential.

Test mining also highlighted the efficiency of mining larger stopes and mining clusters of proximal stopes (known as mining complexes), two notable opportunities that are developing at Madsen because mine design is both a technical and economic exercise.

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The workflow that leads to detailed mine design at Madsen is as follows:

1. Each resource area is definition-drilled to a drill hole spacing averaging 7 meters.
2. The in-house, short-term model is updated to incorporate the new drill data.
3. Stopes are engineered based on the updated model to maximize economic extraction of mineralization, at an assumed gold price.

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Gold mineralization at Madsen often comprises high-grade lenses surrounded by lower-grade mineralized halos. The above workflow is designed in part to define high-grade lenses of gold mineralization that can go unnoticed with wider-spaced data sets. Recent high-grade drill results from the South Austin area (see news releases from May 27, May13, and February 26) demonstrate this potential.

Definition drilling also enables accurate modelling of lower-grade halo mineralization ahead of stope design.

 

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West Red Lake Gold is currently using the consensus long-term price of US$2,350 per ounce (“oz.”) in mine design, compared to a gold price of US$1,680 per oz. used for the mine plan in the Madsen Mine Pre-Feasibility Study (“PFS”) [1].

The relatively low gold price in the PFS led to a mine plan with 60% of the mining being small, high-grade stopes requiring the use of cut-and-fill mining, the more selective and higher cost of the two mining methods outlined for use at Madsen [1a]. In addition, the need to drive accesses between multiple small stopes contributed to relatively high sustaining capital needs over the mine life.

The PFS mine plan generated strong economics that supported the restart decision. However, using a higher gold price in stope design effectively lowers the cutoff grade for resource inclusion, bringing additional resource tonnes and more overall ounces into consideration for mine planning.

When lower grade tonnes prove to be economic, it can result in larger stopes encompassing one or several high-grade gold lenses with surrounding halo mineralization. It can also define new mining shapes around proximal areas of mineralization that were not previously considered. This is especially possible where definition drilling has defined or expanded high-grade lenses, which have the potential to mitigate the impact on head grade of including lower grade tonnes over the life of mine.

 

 

Image showing Austin 1099/1100 stope complex (blue).

This area realized a 204% increase in tonnage and 222% increase in contained ounces mainly driven by definition drilling.

 

 

 

 Image showing McVeigh 1453 stope complex (blue). This area realized a 32% increase in tonnage and 18% increase in contained ounces mainly driven by definition drilling.

 

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A more global potential benefit from mining larger stopes at Madsen is mining more of the resource.

A mine plan based on a gold price of US$1,680 per oz. depletes the deposit relatively quickly, which is evident in a PFS probable reserve of only 478,000 ounces in 1.87 million tonnes grading 8.2 g/t gold mined in 7 years [1c], from a deposit with a total indicated resource of 1.65 million ounces of gold hosted in 6.9 million tonnes of rock averaging 7.4 g/t gold (the combined indicated resource for the Austin, South Austin, McVeigh, and 8 Zones) [1d].

The Madsen Mine PFS described the potential for more of the resource to be considered for mining if a higher gold price was used [1e].

A gold price environment that allows mine design to convert more of the resource into reserve suggests a longer mine life than outlined in the PFS, which is expected to have a positive impact on long-term profitability and overall project economics.

Close reconciliation between expected and actual tonnes and grade in the bulk sample suggests that the Company’s approach – appropriate definition drilling, responsive mine engineering, and disciplined, efficient mining – is creating the ability to mine at Madsen according to plan.

The mine engineering and design process is a technical and economic exercise that responds to the price of gold. This will remain the Company’s practice at the Madsen Mine.

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To read the full news release please click HERE . To View West Red Lake’s historical news, please click here . The live Spot gold price can be found HERE . ======= . City Investors Circle is based in the financial district in the City of London We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies. Our audience is selected and invited individually to ensure interest and relevance for the presenting company. Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation. We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter. If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com . ======= , This website is not sponsored, we are truly independent, and will always remain so Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team. All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this. These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional. . Disclosure At the time of writing the author holds shares in West Red Lake Gold Mines. . To read our full terms and conditions, please click HERE

West Red Lake Gold Highlights Bulk Sample Learnings

Barton Gold (ASX: BGD)

Announced that the $3m premium placement announced on 26 May 2025 has completed.

The Company also confirms that drilling is now underway on its new high-grade Tolmer silver discovery.

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Photo courtesy of Barton Gold

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Barton Gold $3m Premium Placement Complete, Drilling Underway

High-grade Tolmer silver & Tunkillia ‘Starter Pit’ drilling programs funded.

Barton Gold Holdings Limited (ASX:BGD, FRA:BGD3, OTCQB:BGDFF) (Barton or Company) is pleased to announce that the $3m premium placement announced on 26 May 2025 has completed (Placement).

The Company also confirms that drilling is now underway on its new high-grade Tolmer silver discovery, recently confirmed by Barton during March and April 2025, with priority focus on high-grade silver targets.

The Placement was led by Australian precious metals development focused investors.

The Placement price of $0.70 per Share represents a ~4% premium to the Company’s last traded price and a ~25% premium to the Company’s 1 month (20 trading day) volume weighted average closing price (VWAP) of $0.562 per share on the last trading day prior to the Placement (Thursday, 22 May 2025).

A total of 4,285,722 new Placement Shares have been issued pursuant to the Company’s available Listing Rule 7.1 capacity.

The Placement was managed by Barton. No brokerage, costs or fees have been incurred.

All funds will be allocated to the acceleration of value-add exploration and project development initiatives, with Placement funds primarily allocated to Reserve conversion upgrade drilling for Tunkillia’s ‘Starter Pit’.

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HIGHLIGHTS

• $3 million premium Placement to Australian investors completed to fund JORC Resources 
upgrade drilling planned for ~September 2025 at Tunkillia’s high value ‘Starter Pit’
• Placement price of $0.70 per share represents a:
o ~4% premium to last traded price of $0.675 / share on Thursday, 22 May 2025
o ~25% premium to Barton’s 1 month (20 trading day) VWAP of $0.562 / share
• Other drilling advancing quickly on high-grade Tolmer gold and silver targets; priority
target is the ‘western silver’ zone where previous drilling intersected up to 17,600 g/t Ag.

Barton Managing Director Alexander Scanlon commented

“The success of this Placement is a strong endorsement of Barton’s low-dilution development strategy.

 

“Including this Placement, since our June 2021 IPO four years ago Barton has issued less than $13 million in new equity, while generating over $12m (net of costs) in additional non-dilutive funds through asset monetisation initiatives.

 

“The result has been significant progress and value creation on all fronts with minimal shareholder dilution, reflecting our team’s strong alignment with, and focus on preservation of value for, our existing shareholders.

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“We are excited to be accelerating several value-add workstreams, including ‘Stage 1’ operations plans, Tunkillia long-lead Mining Lease and PFS programs including Reserve conversion drilling, and expedited drilling on our recent Tolmer high-grade gold and silver discoveries.

 

“We look forward to sharing many more updates soon.”

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To read the full news release please click HERE

.

.To View Barton Gold’s’ historical news, please click here

The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Barton Gold.

.

City Investors Circle – London

The Market review for May 2025 has been published.

The highlighted company is New Murchison Gold.

Tier 1 (producing gold miners) companies on our watchlist were up an average of 3.6% per share as the high gold price ensured healthy margins with profits going straight to the bottom line.

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Crown Prince drilling – Courtesy of New Murchison Gold

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City Investors Circle Market Review May 2025 Published

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City Investors Circle – London

The Market review for May 2025 has been published.

The highlighted company is New Murchison Gold.

Tier 1 (producing gold miners) companies on our watchlist were up an average of 3.6% per share as the high gold price ensured healthy margins with profits going straight to the bottom line.

Mining Review 25th May 2025

Barton Gold dominated the news this week with three news releases.

West Red Lake Gold Mines confirmed the official restart of the Madsen Gold Mine.

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City Investors Circle Mining Review 25th May 2025

Barton Gold dominated the news this week with three news releases, the final one being a trading halt pending an announcement, rumoured to be a placing, but yet to be confirmed.

West Red Lake Gold Mines confirmed the official restart of the Madsen Gold Mine in the Red Lake district of Ontario, Canada.

We celebrated the drill results of four of our miners topping the drill result leagues in Australia and Canada, a notable achievement.

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Rumours eminating out of the Western Australian press mentioned Westgold possibly looking at acquiring both Meeka Metals and Caprice Resources, both on our watchlists, and I’m a shareholder of both companies.

After recent acquisitions, monst notably Equinox Gold of Calibre Resources, it seems just as loyal shareholders are about to reap the rewards for their support of the growth of a company, it’s acquired at little to no premium.

If this continues it may kill the golden goose, investors buy and hold for the final benefit of commencing, then increasing production, and a higher gold price, not for it to be whisked away for a nil or paltry premium just as it’s about to deliver.

I was looking forward to Meeka’s production significantly raising the share price, which may not now happen if these rumours prove to be true.

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News from companies on our watchlists from the last week is listed below, click the link to be taken to the full news release.

  Barton Gold Trading Halt Pending a Major Announcement

  Barton Gold Commenced on High-Grade Gold and Silver Targets

  West Red Lake Gold Announced Official Restart of the Madsen Mine

  Pacgold Published Alice River Gold Project Maiden MRE

  City Investors Circle Watchlist Stocks Top The Drill Charts Last Week

  Catalyst Metals Trident Development Approved to Proceed

  Barton Gold Drilling Expedited at Tolmer High-Grade Silver Discovery

  Mining Review 18th May 2025

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Market Data

Weekly Price Changes

(US$ unless stated).

City Investors Circle

Stocks from our watchlists claimed the top three places in last week’s drill charts in Canada, and the top place in Australia.

The charts list the best drill results from the past week in terms of width times grade.

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City Investors Circle Watchlist Stocks Top The Drill Charts Last Week

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City Investors Circle – Stocks from our watchlists claimed the top three places in last week’s drill charts in Canada, and the top place in Australia.

The charts list the best drill results from the past week in terms of width times grade.

On the ASX the best drill result as from New Murchison Gold, with a drill result of 18.81 gpt x 9 m for a result of 168 gram metres.

On the TSX Venture Exchange we had the top three best results, and in total we had six companies in the top ten results. The best result was from West Red Lake Gold Mines with a whopping 48.97 gpt  X 18.7 metres for a total of 916 gram metres.

In second place was Heliostar, with an impressive 334 gram metres, and in third place was OMAI Gold Mines, with 261 gram metres.

In addition we had good drill results from G2 Goldfields in 6th place, Cabral Gold in 7th place, and Awale Resources in 10th place.

All in all an impressive set of results and validates some of the quality companies in our top tier watchlists.

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Catalyst Metals. 

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To read our full terms and conditions, please click HERE

Mining Review 18th May 2025

Orla Mining’s Q1 loss disappointed the market and the shares were marked down harshly as a result.

West Red Lake Gold Mining are ramping up to production and the share price is stirring at last.

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Gold in drill core from Beta Hunt mine, Western Australia. – Credits Karora Resources

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Mining Review 18th May 2025

Orla Mining’s Q1 loss disappointed the market and the shares were marked down harshly as a result.

West Red Lake Gold Mining is ramping up to production and the share price is stirring at last.

Westgold and G Mining Ventures both released decent results, bit share prices fell due to the falling price of gold.

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Gold had a poor week as a risk on attitude returned to the markets, but did hold onto the $3,200 level just, but may well fall below next week.

US economic data looked better, but inflation fears remain and Trump is focused on reducing interest rates, which will be bullish for gold.

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News from companies on our watchlists from the last week are listed below, click the link to be taken to the full news release.

 G Mining Ventures Reported First Quarter 2025 Results

  Westgold Report Results For The Period Ending 31 March 2025

  West Red Lake Gold  Mines Intersected 48.97 g/t Au over 18.7m

  Orla Mining’s Q1 Loss Disappointed the Market

  Capricorn Metals Drilling Update

  Mining Review 11th May 2025

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Market Data

Weekly Price Changes

(US$ unless stated).

Orla Mining (TSX: OLA)

Published Q1 figures that disappointed the market as the Musselwhite costs increased the loss on a short term basis.

Record quarterly gold production of 47,759 ounces and total quarterly gold sold of 46,356 ounces at an AISC of $850 for Camino Rojo only.

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Orla Mining – Musselwhite Gold Mine –    Credits Orla Mining

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Orla Mining’s Q1 Loss Disappoints the Market

Orla Mining (TSX: OLA)

Published Q1 figures that disappointed the market as the Musselwhite costs increased the loss on a short term basis.

Record quarterly gold production of 47,759 ounces and total quarterly gold sold of 46,356 ounces at an AISC of $850 for Camino Rojo only.

First Quarter 2025 Highlights

• Record quarterly gold production of 47,759 ounces and total quarterly gold sold of 46,356 ounces (pre-released). First quarter all-in sustaining cost¹ (“AISC”) was $845 per ounce of gold sold (Camino Rojo operations only).
• Acquisition of Musselwhite completed; integration process advancing.
• Updated 2025 production and AISC guidance, inclusive of Musselwhite, is 280,000 to 300,000 ounces of gold produced and $1,300 to $1,500 per ounce gold sold, respectively.² With first quarter production and costs, Orla is currently on plan to achieve full year guidance.
• Musselwhite investment of $115.0 million of exploration and capital to enhance future growth profile.
• Net loss for the first quarter was $69.8 million or $(0.22) per share, driven by the fair value adjustments on our financial instruments arising from the Musselwhite acquisition.
• Adjusted earnings¹ for the first quarter were $38.6 million or $0.12 per share.
• Cash flow from operating activities before changes in non-cash working capital during the first quarter was $401.2 million driven by the proceeds received from the gold prepayment³.
• Exploration and project expenditure¹ was $15.8 million during the quarter, of which $6.9 million was capitalized and $8.9 million was expensed.
• The Company ended the period with a cash balance of $184.2 million and $450 million in debt.

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–       Jason Simpson, President and Chief Executive Officer of Orla commented

“We are proud of the continued consistency from our team in Mexico where the Camino Rojo Mine remains a strong cash flow generator.

“This quarter also marked a major milestone with the closing of the Musselwhite acquisition, expanding our presence in Canada, and increasing our annual gold production guidance to 280 – 300 thousand ounces.

“Over the next two quarters, our focus will be on integrating Musselwhite, laying the foundation for long-term success. Over the next 24 months and beyond, we plan to invest significantly in exploration and provide our new team with the resources to reshape Musselwhite beyond 2030.

“Our next step of growth will be driven by our U.S. team, where we continue to advance the South Railroad Project in Nevada through permitting and toward construction.”

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Orla Mining.

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Capricorn Metals (ASX: CMM)

Published a Quarterly Exploration Update

Assays received from 89 resource definition holes (15,449 metres) since the last update in January 2025 continue to return exceptional results.

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Capricorn Metals –  QUARTERLY EXPLORATION UPDATE

28 metres @ 8.68g/t from 83 to 110m#

Highway Prospect – Capricorn’s Maiden Drill Programme

Highlights

Mt Gibson Gold Project (MGGP)

• A further 835 holes, covering 34,390 metres, were drilled for resource extension, grade control, regional exploration, and mine development drilling across the MGGP during the March 2025 quarter (Q3).
• Assays received from 89 resource definition holes (15,449 metres) since the last update in January 2025 continue to return exceptional results, both within and extensional to the resource including:
• 17 metres @ 2.51g/t from 232 to 249m • 8 metres @ 8.90g/t from 39 to 47m
• 8 metres @ 5.73g/t from 111 to 119m* • 7 metres @ 5.80g/t from 234 to 241m*
• 19 metres @ 1.69g/t from 266 to 285m* • 9 metres @ 3.21g/t from 184 to 193m*
* intercept is outside of current resource pit shell
• A total of 5,928 metres (22 holes) of diamond drilling at the Orion Deposit was completed as part the third programme (15,000m) of deep drilling targeting mineralisation below the reserve shells. Broad, high-grade gold intercepts demonstrated that mineralisation extends significantly at depth, continuing to highlight the
potential for an underground mining operation. Encouraging results were returned including:
• 3 metres @ 41.49g/t from 290 to 293m • 3.61 metres @ 24.97g/t from 467 to 470.61m*
• 12.86 metres @ 4.86g/t from 336.14 to 349m* • 13.97 metres @ 4.02g/t from 364.03 to 378m*
• 8 metres @ 6.57g/t from 326 to 334m • 5 metres @ 9.33g/t from 305 to 310m*
• 13.15 metres @ 3.01g/t from 300 to 313.15m • 1.1 metres @ 33.80g/t from 336 to 337.10m*
* intercept is outside of current resource pit shell

The expanded 15,000m diamond drill programme will continue with three diamond drill rigs in Q4 targeting the underground mine potential and a maiden underground MRE targeted for Q1FY26.

To read the full report please click HERE

The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Capricorn Metals

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To read our full terms and conditions, please click HERE

Mining Review 11th May 2025

Gold Road Resources agreed to be taken over by Gold Fields, after they received an improved offer.

Catalyst Metals acquired the Old Highway Project from Sandfire Resources, and West Red Lake Gold Mines reported on the first bulk sample gold sales from the Madsen Mine.

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City Investors Circle Mining Review 11th May 2025

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It was a strong week for gold, up around 3%, and virtually all the metals ended the week on a positive note.

The gold indexes also recorded strong gains across the boards, with the GOEX Gold Explorers Index up 11%, and the SIL Silver ETF up 11%.

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Gold Road Resources agreed to be taken over by Gold Fields, after they received an improved offer.

Catalyst Metals acquired the Old Highway Project from Sandfire Resources, and West Red Lake Gold Mines reported on the first bulk sample gold sales from the Madsen Mine.

News from companies on our watchlists from the last week are listed below, click the link to be taken to the full news release.

Mining Review 4th May 2025

Meeka Metals announced the production of first gold from their St. Anne’s North open pit, in the Murchison region of Western Australia.

It was a calmer week on the markets but with a falling gold price gold producers took some large hits eroding some of the recent gains.

Meeka Metals drill site – Credits Meeka Metals

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City Investors Circle Mining Review 4th May 2025

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Mining Review 4th May 2025

It was a calmer week on the markets but with a falling gold price gold producers took some large hits eroding some of the recent gains.

US economic news suggested a rate cut may come soon, but the price of gold fell, along with most base metals.

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Meeka Metals announced the production of first gold from their St. Anne’s North open pit, in the Murchison region of Western Australia. The company are preparing for the commissioning of their mill in June.

The main news of the week was the announcement by Calibre Mining that shareholders have approved the takeover by Equinox Gold. I felt the premium offered was still too small and maintained my no vote, but I guess both companies did just enpough to get sufficient no votes to switch.

G Mining Ventures kept up their recent run of good news by announcing a robust Feasibility for the Oko West project in Guyana.

As the week ended Gold Road shares were suspended from trading on the ASX, and the rumour is Gold Fields have increased their original bid for the company. I suspect this offer may be accepted due to the trading halt, as if they were going to reject it they could simply do so without halting the stock.

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News from companies on our watchlists from the last week are listed below, click the link to be taken to the full news release.

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Market Data

Weekly Price Changes

(US$ unless stated).

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Mining Review 27th April 2025

Capricorn Metals dominated the news this week, first by announing the CEO has stood down whilst he contests a case of assault, and then the company announced a new land acquisition near Mt. Gibson.

Gold trod water, as did most metals as Trump started to backtrack on his tariffs.

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Bullabing Gold Project – Courtesy of Minerals 360

City Investors Circle Mining Review 27th April 2025

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Mining Review 27th April 2025

Capricorn Metals dominated the news this week, first by announing the CEO has stood down whilst he contests a case of assault, and then the company announced a new land acquisition near Mt. Gibson.

The stock was punished severely for the CEO assault announcement, despite him saying he is going to contest the case. This was a great shame as the sock had built up wuite a bot of momentum, and this surprise announcement has stopped the rise for now.

We iniated coverage of Minerals 260 in our tier 2 watchlist.

BPM Minerals published a disappointing drill result near Capricorn’s Mt. Gibson project, and is now searching for new targets in the area.

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Other news items from companies on all our watchlists are below

Stifel Nicholas sets a target of C$19 for Orla Mining

Capricorn Metals (ASX: CMM)

The board advises that it has become aware that Chief Executive Officer Paul Criddle has been charged with the offence of aggravated assault, a charge to which he has pleaded not guilty. Paul has been granted leave pending the resolution of this personal matter.

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Comment

Just when Capricorn had become the darling of the market and risen over the A$10 mark, this news comes totally out of the blue to knock it back down again!

The gold price took a dive yesterday, which would account for a few percent of the fall.

To be perfectly honest, I think the 11% fall in the share prices last night is way too harsh, as the company is still mining the same gold at the same price, and exploration prospects have not changed one iota.

Clearly this allegation does not stand the CEO in a good light, but at this stage it’s only an allegation, and everyone is innocent until proven guilty.

With the experienced MD standing in as temporary CEO I see no reason why it shouldn’t be business as usual for Capricorn.

It just goes to prove once again that you can’t take anything for granted in investing, and that’s why I always recommend a diversified portfolio.

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Capricorn CEO Paul Criddle Stands Down During Assault Investigation

The board of Capricorn Metals Limited (ASX: CMM (Capricorn) advises that it has become aware that Chief Executive Officer Paul Criddle has been charged with the offence of aggravated assault, a charge to which he has pleaded not guilty.

Paul has been granted leave pending the resolution of this personal matter. As this matter is before the court, Capricorn will not be making any further comment in relation to it at this time.

The management and executive functions of Capricorn are well covered with Executive
Chairman Mark Clark continuing in his full time leadership role together with the broader
strengthening of the executive team announced on 18 December 2024.

This announcement has been authorised for release by the Capricorn Metals board

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Capricorn Metals

.

To read our full terms and conditions, please click HERE

Mining Review 20th April 2025

The price of gold reached a new high and settled up around 2%.

Calibre Mining and Orla Mining announced record production and at lower gold prices than the current level.

Happy Easter!

We wish all our readers a happy and peaceful Easter.

Awalé Resources at the PDAC

City Investors Circle Mining Review 20th April 2025

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The price of gold reached a new high and settled up around 2%. All the precious metals rose, with silver rising nearly 5%.

Base metals also rose, with the exception of lithium, coking. and thermal coal.

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Calibre Mining and Orla Mining announced record production and at lower gold prices than the current level.

Awalé Resources reported more high-grade gold strikes in the Ivory Coast.

Producing gold miners generally had a good week as the market seems to be finally recognising the revenue now being earned at the higher gold price. The good results being reported now are at a lower gold price than currently, so if this price remains or increases the next set of results will be spectacular.

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  Colonial Coal mourns the passing of Director Tony Hammond

  Calibre Mining Delivered 71,539 Ounces in Q1 2025, a Record

  Awalé Resources Hit 12 g/t Gold over 26 Metres

  Orla Mining Achieved Record Quarterly Production

  Orla Mining Launched a $25M Exploration Drilling Program

  Capricorn Metals On Track for Production Guidance

  Mining Review 13th April 2025

Capricorn Metals (ASX: CMM)

Provided a preliminary update on the quarterly production at the Karlawinda Gold Project, which delivered another strong quarter of operations, producing 30,599 ounces of gold.

This result brings year to date production to 84,860 ounces, putting Capricorn in an excellent position to achieve the mid-point of FY25 guidance of 110,000 – 120,000 ounces at a cost guidance range of $1,370 – $1,470 per ounce.

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Capricorn Metals Production on guidance and on track

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Capricorn Metals Limited (ASX: CMM) (Capricorn or the Company) is pleased to provide a preliminary update on the quarterly production at the Karlawinda Gold Project (KGP).

KGP delivered another strong quarter of operations, producing 30,599 ounces of gold.

This result brings year to date production to 84,860 ounces, putting Capricorn in an excellent position to achieve the mid-point of FY25 guidance of 110,000 – 120,000 ounces.

AISC is also expected to be within the FY25 cost guidance range of $1,370 – $1,470 per ounce.

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Gold production for the quarter was driven by a sustained emphasis on total material
movement from the Bibra open pit, allowing the budgeted pit face positions to be met for the fourth consecutive quarter. This effort has delivered the steady increase in gold production quarter on quarter, aligning with expectations for a robust second half of FY25.

Pleasingly, the efficient mining performance in the main pit enabled the expediting of pre-stripping operations ahead of schedule at the Southern Corridor extension, further mitigating risks associated with the transition to the expanded project.

Full operational and cost details will be provided in the Quarterly Report later in April 2025.

The Company’s cash and gold on hand at the end of the March 2025 quarter was
$404.6 million (Dec24: $363.1m). This represents a cash build of $57.6 million for the quarter (Dec24: $31.2m) before total capital expenditure of $16.1 million at the Mt Gibson Gold Project.

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Capricorn Metals

.

To read our full terms and conditions, please click HERE