G Mining Ventures (TSX: GMIN)

Provided an update on progress made at GMIN’s 100% owned Tocantinzinho Gold Project currently under construction in the State of Pará, Brazil.

With the spot gold price trading at $2,356/oz, the Project is 87% complete and remains on track and on budget for commercial production in H2-2024.

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G Mining Ventures Provides Tocantinzinho Project Update

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BROSSARD, QC, April 11, 2024 – G Mining Ventures Corp.(TSX: GMIN) (OTCQX: GMINF) (“GMIN” or the “Corporation”) is pleased to provide an update on progress made at GMIN’s 100% owned Tocantinzinho Gold Project (“TZ” or the “Project”) currently under construction in the State of Pará, Brazil.

With the spot gold price trading at $2,356/oz (LBMA Gold Price PM as at April 9, 2024), the Project is 87% complete and remains on track and on budget for commercial production in H2-2024.

Highlights

(All amounts are in USD unless stated otherwise)
o Project remains on schedule and on budget for commercial production in H2-2024
o Total project progress of 87% with construction 89% complete
o Total spending to date of $433 million (95% of project total)
o Updated virtual site tour available through VRIFY platform

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Recent Highlights (All updates are dated as of March 31st, 2024, unless stated otherwise.)
o Health & Safety – Industry leading safety record of Lost Time Incident Frequency Rate (“LTIFR”) of 0.04, and Total Recordable Incident Frequency Rate (“TRIFR”) of 0.32 after a total of 4,941,128 person-hours worked.
o Budget – Total spend to date of $433 million with open commitments of $16 million for a total committed to date of $449 million (98% of project total) and are tracking in line with the Feasibility Study (defined hereafter).
o Schedule –Total Project is currently 87% complete and trending on time for commercial production
in H2-24. Detailed engineering, procurement and powerline are complete.
o Construction Progress – Construction is 89% complete, with Balance of Plant and infrastructures completed and commissioned.
o Pre-production Mining – Pre-production mining activities have exceeded 50 thousand tonnes (“kt”) per day (“pd”) and have been operating on a 24/7 basis since May 2023. A total of 11.4 million tonnes (“Mt”) of material has been excavated from the starter pit.
o Powerline – 193-km 138 kV transmission line from Novo Progresso to TZ and associated substations are complete and soon to be energized.
o Operational Readiness – Commissioning activities commencing in April starting with primary crusher and ore reclaim system.
o Human Resources – 1,680 employees and contractors are currently employed by the Project with 94% of the workforce comprised of Brazilians.

 Site Drone Footage – Recent aerial drone footage of the side can be found HERE

.To read the full news release, please click HERE

The live gold price can be found HERE

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To read our full terms and conditions, please click HERE

Calibre Mining (TSX: CXB)

Announced the operating results for the three months ended March 31, 2024.

Since 2019 Calibre has delivered annual production growth of 28% year on year, with a track record of meeting or beating expectations.

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CALIBRE’S Q1 GOLD PRODUCTION ON TRACK TO DELIVER FULL YEAR 2024 GUIDANCE WHILE ADVANCING OPERATIONAL READINESS FOR H1, 2025 FIRST GOLD AT THE FULLY FUNDED VALENTINE GOLD MINE

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Karora Resources. (TSX: KRR)

Karora and Westgold Resources Limited (ASX: WGX) have agreed to combine in a merger pursuant to which Westgold will acquire 100% of the issued and outstanding common shares of Karora by way of a statutory plan of arrangement under the Canada Business Corporations Act.

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Comment

I find this news incredibly disappointing, Karora was one of my favourite stocks, and I always felt they would become a predator of other projects in Western Australian, rather than allowing themselves to be picked off so easily.

I find the takeout price opportunistic, and I have sold down my holding by over 50% already.

TORONTO, April 7, 2024 /CNW/ – Karora Resources Inc. (TSX: KRR) (OTCQX: KRRGF) (“Karora”) and Westgold Resources Limited (ASX: WGX) (OTCQX: WGXRF) (“Westgold”) have agreed to combine in a merger pursuant to which Westgold will acquire 100% of the issued and outstanding common shares of Karora (“Karora Shares”) by way of a statutory plan of arrangement under the Canada Business Corporations Act (“CBCA”) (“Transaction”).

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Transaction Highlights:

• Karora shareholders will receive 2.5241 Westgold fully paid ordinary shares (“Westgold Shares“), A$0.68 (C$0.61¹) in cash and 0.30 of a share in a new company to be spun-out from Karora (“SpinCo“) for each Karora Share held at the closing of the Transaction (“Offer Consideration“). The Offer Consideration represents approximately A$6.60 (C$5.90²) per Karora Share based on Westgold’s closing share price on the ASX of A$2.28 on 5 April 2024.
• SpinCo’s assets will comprise Karora’s existing 22.1% interest in Kali Metals Limited (ASX:KM1) (“Kali“), a 1% lithium royalty on certain mining interests held by Kali, the right to receive a deferred consideration payment due to Karora relating to the on-sale of the Dumont asset and A$6 million (C$5 million²) in cash. SpinCo will be owned 100% by existing Karora shareholders.
• The Offer Consideration represents a 10.1% premium to Karora’s closing share price on the Toronto Stock Exchange (“TSX“) of A$5.995 (C$5.360²) on 5 April 2024 and a 25.3% premium to Karora’s and Westgold’s 20-day volume weighed average price (“VWAP“) on the TSX of A$5.552 (C$4.964²) and on the ASX of A$2.421 (C$2.164²) up to and including 5 April 2024.
• Upon completion of the Transaction, Westgold shareholders will own approximately 50.1% of the combined company (Westgold after completion of the Transaction referred to as “Enlarged Westgold“) and former Karora shareholders will own approximately 49.9%.
• Enlarged Westgold will have a market capitalization of approximately A$2.2 billion² (C$1.9 billion²).
• Enlarged Westgold will have a portfolio of assets from an exclusively Western Australian asset base, a clear pipeline of growth projects and high-quality exploration targets.
• The Enlarged Westgold intends to apply for quotation of its Westgold Shares on the TSX on completion of the Transaction.
• The Transaction has been unanimously approved by the boards of directors of Westgold and Karora, and Karora’s board of directors will recommend that the shareholders vote in favour of the Transaction.
• Directors and members of senior management of Karora holding approximately 1.2% of Karora Shares have entered into voting support agreements pursuant to vote their Karora Shares in favour of the Transaction at the meeting of shareholders to be called by Karora to approve the Transaction (“VSAs“). In addition, key institutional shareholders with a combined shareholding of approximately 9% including Eric Sprott have signed VSAs or otherwise have indicated they would support the Transaction.
• The Transaction represents a transformational step change in growth for both Westgold and Karora shareholders:
  • Creates a globally investable, mid-tier gold producer operating exclusively in Western Australia with a highly complementary combination of mining and processing assets, people and balance sheet;
  • Top 5 largest, ASX listed Australian gold producer based on the pro forma market capitalization;
  • One of the largest unhedged Australian gold producers on completion of the Transaction providing investors with full exposure to the gold price^3;
  • Combined pipeline of advanced organic growth options and exploration targets across Karora’s Beta Hunt and Higginsville properties and Westgold’s Murchison and Bryah properties;
  • Estimated operating synergies⁴ of A$209 million (C$187 million²) and estimated corporate savings⁵ of A$281 million (C$251 million²);
  • Robust balance sheet with financial resources of circa A$160 million (C$143 million²) in cash and liquidity through Westgold’s existing corporate revolver facility (subject to requisite consents) and following full repayment of Karora’s existing A$44 million (C$39 million²) revolving facility to support an accelerated resource development program at the Beta Hunt Fletcher Zone and Bluebird-South Junction;
  • Enhanced capital markets profile with increased scale, trading liquidity and quality to be attractive to both gold and generalist investors across ASX, TSX and OTCQX;
  • Significant re-rating potential via increased scale and increased index weighting, such as the GDX and GDXJ indices; and
  • Combined board of directors comprising experienced mining professionals with a proven track record of maximizing value for shareholders.

Karora Chairman and CEO, Paul Huet commented:

“For the last two years, Karora has watched Mr. Bramwell and the team consistently unlock material value for shareholders at Westgold.

“One of the more unique aspects of this transaction is a very strong cultural fit between both companies which will serve shareholders of the enlarged company well for a very long time.

“The merger is estimated to unlock approximately A$490 million of operational, G&A and capex synergies while shareholders will become proud owners of the largest unhedged gold producer in Australia at completion of the Transaction – certainly a compelling opportunity in the current gold price environment.

“The team at Karora have worked diligently to execute on our strategy to build the next +200 kozpa Australian gold producer.

“We have delivered value to shareholders through a disciplined growth approach by investing in our cornerstone asset in Beta Hunt, which will be fully ramped up to 2 Mtpa⁷ later this year, our pipeline of projects at Higginsville and through strategic asset acquisitions such as the Lakewood Mill and Spargos Gold Mine to establish the next emerging junior gold producer in the Western Australia gold fields.

“With the combination of Westgold and Karora, we are taking the next step by combining two highly complementary, free cash flow generating asset bases in one of the world’s finest mining jurisdictions to create a premier Western Australian mid-tier gold producer.

“Karora shareholders will benefit from having very meaningful ownership in a larger, more diversified gold producer with a highly experienced management team located entirely in Western Australia.

“The prospects for the combined company are tremendous, with over 3,200km² of combined exploration tenements in Australia’s most prospective gold mining regions coupled with a significantly enhanced balance sheet poised and ready to deploy into a highly compelling combined growth and exploration strategy.

“The combination provides Karora shareholders with significant exposure to one of the largest Australian gold producers with significant potential for an eventual share price re-rate as the operational synergies and enhanced scale of the combined portfolio are realized.”

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To read the full news release please click HERE

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Live spot metal prices can be found HERE

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To read our full terms and conditions, please click HERE

Karora Resources Inc. (TSX: KRR)

Announced consolidated gold production of 36,147 ounces and sales of 40,343 ounces for the first quarter of 2024.

Production was negatively impacted by wet weather during the quarter. 

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Karora Announces First Quarter 2024 Gold Production Of 36,147 Ounces, Gold Sales Of 40,343 Ounces And Cash Position Of $87.3 Million

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Capricorn Metals (ASX: CMM)

Advised that the Karlawinda Gold Project  achieved 26,017 ounces of gold production for the March 2024 quarter.

Gold production for the quarter was in line with the update provided to ASX on 11 March 2024 as a result of in excess of 280mm of rain in the quarter impacting open pit mining activities at KGP.

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Capricorn Metals Karlawinda Mine

Capricon Metal’s KGP Delivers Strong Q3 Cashflow Despite Rainfall Impact on Production

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Capricorn Metals Limited (ASX: CMM) (Capricorn or the Company) advises that the Karlawinda Gold Project (KGP) achieved 26,017 ounces of gold production for the March 2024 quarter.

Gold production for the quarter was in line with the update provided to ASX on 11 March 2024 as a result of in excess of 280mm of rain in the quarter impacting open pit mining activities at KGP.

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Highlights

Gold production for the nine months to the end of March 2024 was 86,116 ounces.

The Company’s cash and gold on hand at 31 March 2024 was $177.8 million (Dec23: $160.1m) after the payment of $9.9 million (Dec23: $1.7m) for the supply and installation of the accommodation village at the Mt Gibson Gold Project.

This represents a strong cash build of $27.6 million for the quarter before the discretionary MGGP capital expenditure, compared with $28.2m for the December 2023 quarter.

Capricorn continues to work with mining contractor MACA to achieve delivery of the open pit material movements budgeted in the mining schedule for the June 2024 quarter.

However, post rainfall ramp up to required volumes is still in progress and residual effects are expected in the June 2024 quarter. Gold production for the June 2024 quarter is expected to be in the range of 26,000 – 29,000 ounces resulting in FY24 annual production of 112,000 – 115,000 ounces (FY24 guidance 115,000 – 125,000 ounces).

It is expected that earthmoving will be back in line with the mining schedule by the end of the quarter to set the project up for a strong operational performance in FY25.

Full operational and cost details will be provided in the Quarterly Report later in April 2024.

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Capricorn Executive Chairman Mark Clark commented:

“It was a challenging quarter at the KGP with significant rainfall impacting mining operations and gold production.

 

“However, it was pleasing that despite these impacts the operation delivered a cash and gold build of $27.6 million for the quarter before the discretionary capital spend at Mt Gibson.

 

“The residual effects on mining productivity are still being felt and will be
our key operational focus in the June quarter to set the project up for a strong operational performance in FY25.”

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To read the full news release, please click HERE

The live gold price can be found HERE

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To read our full terms and conditions, please click HERE

Mining Review 7th April 2024

What a memorable week for gold, silver, and copper, up 4%, 10%, and 8% respectively!  It was certainly exciting, and lifted the prices of gold mining producers and the funds associated with them, such as GDL, GDX, SIL Etc.

Nevada King Gold Mines and Orla Mining both declared high-grade drill results.

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City Investors Circle Mining Review 7th April 2024

Have you got your breath back yet?

It was a memorable week for gold, silver, and copper, up 4%, 10%, and 8% respectively!  It was certainly exciting, and lifted the prices of gold mining producers and the funds associated with them, such as GDL, GDX, SIL Etc. which rose, on average, around 9%.

I do think these prices are getting ahead of themselves, with no obvious catalyst apart from the threat of an Israel – Iran war, and I think that unlikely personally, although I expect the Iranians to make a limited retalliation to save face.

The share prices of gold producers have risen .in response to the higher gold price, but, if gold continues to rise, it will be reflected in the next round of financial results, and I feel that could well be the catalyst for much hgher share prices.

At some point money will start to flow into the junior explorers and developers, but the focus will be on the producers for now, as they will see investors’ money first.

The next week could be interesting.

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Gold mining producers such as Calibre Mining and Karora Resources rose strongly, and even down in the dumps Golf Road rose a little.

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To read about the news from our watchlist companies this week, please click the links below.

  Orla Mining Confirmed Strong Carlin-Type Gold Mineralization

  Calibre Mining’s Exploration Program Underway

  Nevada King Intercepted 4.51 G/T AU Over 86.3M

  Gold Road Resources Weather Event Halts Production at Gruyere

  Easter Monday Stock Market trading Times

  Market Review for March 2024 Published

Market Data

Weekly Price Changes

Metal prices

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Live spot metal prices can be found HERE

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To read our full terms and conditions, please click HERE

Orla Mining (TSX: OLA)

Provided an update on its exploration at the South Railroad Project including 2023 activities and 2024 work plans. This news release presents the second update.

The highlight was 51.8m @ 3.24 g/t Au (Sulphide).

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To read the full news release please click HERE

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Live spot metal prices can be found HERE

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To read our full terms and conditions, please click HERE

Calibre Mining (TSX: CXB)

Announced the 2024 exploration program and review of the exploration potential at the Valentine Gold Mine, located in Newfoundland.

One highlight was 46 gpt gold over 5.3m.

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CALIBRE’S VALENTINE GOLD MINE PROPERTY-WIDE EXPLORATION PROGRAM UNDERWAY WITH INITIAL DRILL PROGRAM SOUTHWEST OF THE LEPRECHAUN DEPOSIT FOLLOWING RECENT DISCOVERY DRILLING INCLUDING 46 G/T GOLD OVER 5.3 METRES

Nevada King Gold (TSX-V: NKG)

Announced results from four vertical, reverse circulation (“RC”) holes and one vertical, PQ-diameter diamond core hole completed in the northern portion of the West Atlanta Graben Zone at its Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend, Nevada.

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Nevada King Atlanta Gold Mine

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Wednesday, April 3, 2024

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VANCOUVER, BC, April 3, 2024 – Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF) (“Nevada King” or the “Company”) is pleased to announce results from four vertical, reverse circulation (“RC”) holes and one vertical, PQ-diameter diamond core hole completed in the northern portion of the West Atlanta Graben Zone (“WAGZ”) at its at its 5,166 hectares (51.6km²), 100% owned Atlanta Gold Mine Project, located in the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.

 

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Highlights:

• Core hole AT23WS-23C.1 intercepted 4.51 g/t Au over 86.3m including 7.77 g/t Au over 48.6m and was collared 6m north of RC hole AT23WS-23, which intercepted 2.45 g/t Au over 102.1m, (released June 6, 2023). AT23WS-23C.1 was planned to provide metallurgical material for the ongoing Phase II test work program, as well as to verify the RC drilling.
  • AT23WS-34 (1.74 g/t Au over 114.3m) located 82m to the southeast; and
  • AT23WS-56 (1.55 g/t Au over 94.5m) located 108m southeast.

Cal Herron, Exploration Manager of Nevada King, stated,

“The Company’s multiple structure model continues to lead to thick, high-grade mineralized zones.

 

“In addition to following high-angle structures that served as loci for higher grade Au-Ag mineralization, Nevada King’s success at increasing both grade and thickness can also be attributed to achieving full penetration of the low-angle unconformity that hosts most of the mineralization at Atlanta.

 

“The occurrence of two separate, sub-horizontal high-grade horizons as illustrated in Table 4 is replicated throughout the Atlanta system but is most often observed in the WAFZ where the deeper high-grade occurs in the carbonate section at or directly above the unconformable basement contact, while the shallower high-grade is hosted in the volcanic sequence above the unconformity.

 

“Higher grade and thicker intercepts occur close to feeder structures controlling the mineralization, as seen in AT23WS-23C.1, while grades decrease and thin laterally away from the feeders as seen in AT23WS-23.”

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To read the full news release please click HERE

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Live spot metal prices can be found HERE

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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com

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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

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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 does not hold shares in Nevada KIng Gold Corp.

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To read our full terms and conditions, please click HERE

Gold Road Resources (ASX: GOR)

Following a substantial and protracted regional rain event reported in early March1, the access roads to the Gruyere Gold Mine were impacted by further significant and atypical rainfall on 19 and 28 March.

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Gold Road Resources Gruyere Update After Severe Rainfall

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Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) presents a preliminary production update from Gruyere. The Gruyere JV is a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd group (Gold Fields), which manages and operates the Gruyere Gold Mine (Gruyere).

Gruyere Road Access

Following the substantial and protracted regional rain event reported in early March1, the access roads to Gruyere were impacted by further significant and atypical rainfall on 19 and 28 March.

Roads in the Laverton and adjacent shires have been closed by the local authorities for an extended period. The Great Central Road, the main supply route to Gruyere, has been closed since the 5 March 2024, due to areas of extensive flood damage.

As a result of the unforeseen circumstances and unprecedent road closures, reduced mining has occurred since the 5 March.

Fortunately, the processing of low-grade stockpiles has continued through most of the rain impacted period, however, plant operations were suspended from 28 March, with a scheduled plant shut down for maintenance brought forward to minimise the impacts on annual gold production.

Preliminary gold production for the March quarter totals approximately 64,300 ounces (100% basis), with minor adjustments possible when refining of gold doré has been completed. Final gold production and All-in sustaining costs (AISC) for the quarter will be released in Gold Road’s quarterly report in late April. All-in sustaining costs are expected to be impacted by the lower gold production and lower mining volumes.

The Gruyere JV has been collaborating with the Laverton Shire, Yilka and other communities to complete repairs to the Great Central Road, utilising earthmoving equipment and personnel from Gruyere.

Repairs through the flooded impassable sections of the road are likely to take some
time.

Gruyere has developed options to supply fuel and consumables from South Australia with transport through the Northern Territory and Warburton to the east of Gruyere. Roads along this route were also closed over the Easter weekend by the rain event that occurred on the 28 March.

It is anticipated operations at Gruyere will progressively resume during the first week of April, using one or more of the different routing options described above.

2024 Annual Guidance

 Despite the extended impact of the rainfall events, 2024 annual guidance for Gruyere is still anticipated to be in the lower half of guidance of between 300,000 and 335,000
ounces (150,000 to 167,500 ounces attributable) and the upper half of attributable AISC
of between A$1,900 and A$2,050 per ounce.
 As stated previously, mining rates improved significantly during February (prior to the rain event) and mining and production remains guided to continue to ramp up through the  first half of the calendar year with stronger production performance anticipated for the second half of the year.

Financial and Corporate

 Gold Road’s gold sales totalled 32,325 ounces at an average sales price of A$3,137 per ounce. Gold doré and bullion on hand on 31 March 2024 was approximately 1,825 ounces.
 Cash and equivalents2 at the end of quarter totalled $146.2 million (December quarter:
$149.8 million) with no debt drawn.
 At 31 March 2024 Gold Road held listed investments with a market value of approximately $469 million.

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To read the full news release, please click HERE

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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 Gold Road Resources.

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City Investors Circle

The Australian and UK stock markets are closed today.

Canada and the USA markets are open.

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City Investors Circle

The Australia ASX and all UK stock markets are closed today.

The Canadian and USA stock markets are open, with normal trading hours.

All markets are open on Tuesday 2nd April.

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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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City Investors Circle

The Market Review for March 2024 has been published.

The company highlight features Galiano Gold, and companies reporting significant news were Calidus Resources, Karora Resources, and Orla Mining.

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Calidus Resources Warrawoona Mine Plant, WA

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City Investors Circle Market Review for March 2024 Published

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City Investors Circle – London

The Market Review for March 2024 has been published.

The company highlight features Galiano Gold, a gold production company located in Ghana, West Africa.

Watchlist companies reporting significant news in March were Calidus Resources, Karora Resources, and Orla Mining.

The main news is the rise in the price of gold during March, and the news that this has pushed up the price of producing miners, and in time this will flow through to the junior explorers when the priducers are more fully valued.

The big hope is that investors become excited about the mining sector again and flock back, as trading volumes have been low, and the record price of gold may act as the long awaited catalyst to attract and excite investors once again.

The top performing stocks this month were Galiano Gold in the gold producers, and Thesis Gold in the exploration juniors.

To read the March 2024 Market Review, please click HERE.

To subsribe to our newsletter and to receive invitations to our free to attend company presentations and events, please email andrew@city-investors-circle.com

To view our website please go to www.city-investors-circle.com 

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 CAlidus Resources, Karora Resources, and Orla Mining.

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Karora Resources (TSX: KRR)

Notes the announcement today by Ramelius Resources Ltd (ASX: RMS) that it is no longer in exclusive discussions with Karora regarding a potential transaction. Karora confirms that it has exited such discussions.

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Karora Resources Provides Update On Exclusive Discussions

Global Mining Finance Conference London

We have been informed that the London Global Mining Finance Conference May 2024 date has been changed due to unforeseen circumstances.

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Ariana Resources’ Chris Sangster addresses a full house at the Global Mining Finance Conference amid the splendour of The Armourers’ Hall

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Global Mining Finance Conference London

We have been informed that the London Global Mining Finance Conference May 2024 date has been changed due to unforeseen circumstances.

The new date is Tuesday 21st May.

The venue is the Pewterers’ Hall, Oat Lane, City of London. EC2V 7DE

Doors open at 08:45 pm

First Presentation 9.30 pm

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 Calidus Resources

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Calidus Resources (ASX: CAI)

Announced that their subsidiary company Keras (Pilbara) Gold Pty Ltd has signed a contract with RocketDNA for their “drone in a box” solution.

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Calidus Resources subsidiary Signs Contract with  RocketDNA for Autonomous xBot® Drone-in-a-Box Solution in Western Australia

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Calidus Resources (ASX: CAI) announced that their subsidiary company Keras (Pilbara) Gold Pty Ltd has signed a 3 year contract with RocketDNA for their “drone in a box” solution.

The SurveyBot® system will be deployed at the Blue Bar satellite open pit operation located 70 km from Calidus’ Warrawoona Gold Project in Western Australia,  and is expected to generate significant operational efficiencies.

HIGHLIGHTS

• RocketDNA signs its first long-term contract for its autonomous xBot® solution with Keras (Pilbara) Gold Pty Ltd, a subsidiary of Calidus Resources Limited
• The 3-year contract has a Total Contract Value (TCV) of AU$376k and Annual Recurring Revenue (ARR) of AU$115k
• The autonomous xBot® solution includes:
o Supply and maintenance of one xBot® drone-in-a-box surveying system (“SurveyBot®”)
o Remote operation of the SurveyBot® from RocketDNA’s Remote Operating Centres in
Perth and Adelaide
o Strayos AI software licence to enable automated processing, analysis & reporting for the open pit operations using the SurveyBot® data
o RocketDNA SiteTube® data visualisation platform

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The surveys provided will include:

• Daily surveys of the open pit for drill & blast design, pit conformance reporting, volumetric reporting
• Stockpile surveys for volumetric reporting
• Daily imagery & video to provide up-to-date situational awareness of the operation to the clients’ off-site personnel
• Ability for live-streaming of video

The overall solution is expected to generate significant operational efficiencies for the customer including:
• Reducing the frequency of physical surveying activity which requires significant road travel and on-site time
• Leveraging rapid data processing time and AI insights for mine optimisation
• Providing oversight of mining operations to remote senior management.

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Calidus Resources Managing Director David Reeves said:

“Calidus is currently commencing operations at various satellite pits that are up to 70km distant from our main processing facility.

 

“The pits are generally smaller in size and do not justify their own survey team on site.

 

“The xBot not only allows daily pickups for survey to be completed efficiently, the associated video also allows our planning team in Perth to understand exactly how the operations are progressing and allow for rapid reaction if required.

 

“We look forward to partnering with RocketDNA and see great potential for this technology on our other sites as they come on line”

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To read the full news release, please click HERE

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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 CAlidus Resources

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Calidus Resources (ASX: CAI)

Calidus announced an increased shareholding by two UK funds, following the recent capital restructure and financing.

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Calidus Resources Warrawoona Gold Plant. WA.

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Calidus Resources Receives Further Investment by UK Funds

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Calidus Resources (ASX: CAI) announced an increased shareholding by two UK funds, following the recent capital restructure and financing.

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CQS (UK) Ltd. purchased 11,304,348 shares in the financing at 11.5 cents per share, for a total consideration of A$1,300,000.

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The registered holders of these securities are the CQS Natural Resources Growth and Income PLC, and Golden Prospect Precious Metals Ltd.

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To read the full news release, please click HERE

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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 Calidus Resources

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 Karora Resources (TSX: KRR)

Announced financial and operating results for the fourth quarter (“Q4 2023”) and full-year of 2023.

Production was a record 160,492 ounces, increased 20% from 133,887 ounces for 2023, driven by a 37% increase gold produced from the Beta Hunt Mine. The Company exceeded 2023 production guidance.

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Gold in drill core from Beta Hunt mine, Western Australia

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KARORA RESOURCES REPORTS RECORD PRODUCTION, REVENUE AND CASH FLOW FOR 2023

Cornish Metals (AIM/TSX.V: CUSN)

Announced that it has released its annual audited financial statements and management’s discussion and analysis (“MD&A”) for the period ended December 31, 2023.

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CORNISH METALS RELEASES AUDITED FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED DECEMBER 31, 2023

Vancouver, March 21, 2024

Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing the South Crofty tin project (“South Crofty” or the “Project”), located in Cornwall, United Kingdom, to a construction decision, is pleased to announce that it has released its annual audited financial statements and management’s discussion and analysis (“MD&A”) for the period ended December 31, 2023.

The reports are available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.cornishmetals.com).

Highlights for the period ended December 31, 2023 and for the period ending March 20, 2024.  (Canadian dollars unless otherwise stated)

·    Refurbishment of New Cook’s Kitchen (“NCK”) shaft has commenced ahead of schedule:

o  Rephasing shaft refurbishment will improve the functionality of NCK shaft and enable larger equipment to access the mine at an earlier stage in its re-development (news release dated March 3, 2024).

·    Commissioning of the Water Treatment Plant (“WTP”) completed at the end of October 2023:

o  Discharge of treated water to the Red River commenced in early November 2023 in accordance with permitted standards;

o  Dewatering of the mine progressed well with water levels drawing down as expected. The rate of dewatering has been reduced to allow shaft refurbishment and dewatering to proceed concurrently (news releases dated January 17, 2024 and March 3, 2024).

·    Updated Mineral Resource Estimate (“MRE”) for South Crofty mine released in September 2023:

o  31.6% increase to contained tin in the Indicated Mineral Resource category for the Lower Mine (news release dated September 13, 2023);

·    Cornish Metals Chief Executive Officer (“CEO”), Richard Williams, will depart the Company effective on March 31, 2024, when he will also leave the Company’s Board (see news release dated March 15, 2024 here):

o  Mr. Williams will remain available to the Company on a consulting basis going forward;

o  Ken Armstrong, a non-executive director, will be appointed as Interim CEO and Patrick Anderson, Chairman of the Board, will become the Executive Chairman of the Company during the transition.

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Patrick F. N. Anderson, Executive Chairman of Cornish Metals, stated, 

“The Cornish Metals team made excellent progress in 2023, achieving several important milestones, in particular, the construction and commissioning of the water treatment plant, further de-risking South Crofty and advancing the project closer towards a construction decision.

 

“On behalf of the Board of Directors I want to thank Richard for the many achievements he made and obstacles overcome to bring the Company and the South Crofty Project to where it is today.

 

“2024 is shaping up to be another busy year for the Company with mine dewatering and the refurbishment of NCK shaft progressing to deeper levels of the mine.

 

“The South Crofty PEA is nearing completion and we look forward to reporting the updated mine plan and project economics in Q2 this year.

 

“We are also excited by the ongoing Wide Formation drilling programme, with results to date confirming our model that this represents a new, large-scale, tin-bearing exploration target lying beneath the historically mined Great Flat Lode, demonstrating the exploration upside of this area, which we view as having substantial potential to add to our current Mineral Resource base at South Crofty.

 

“We appreciate the continued support of our shareholders, the local community and other stakeholders.”

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To read the full news release, please click HERE

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Calidus Resources (ASX: CAI)

Announced that it has received firm commitments from institutional, sophisticated and professional investors for the placement of approximately 143.6 million new fully paid ordinary shares at an issue price of A$0.115 to raise approximately A$16.5m.

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Calidus Resources commemorative coin

Financial restructure positions Calidus for strong growth in cashflow and production this year

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A$16.5m placement, restructured hedge book deliveries and debt repayments will support Calidus’ three-year strategy to deliver 120,000oz per annum

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Calidus Resources Limited (ASX: CAI) (“Calidus” or the “Company”)  is pleased to announce that it has received firm commitments from institutional, sophisticated and professional investors for the placement of approximately 143.6 million new fully paid ordinary shares (“New Shares”) at an issue price of A$0.115 to raise approximately A$16.5m (“Placement”).

Proceeds from the Placement will be used to repay debt and provide additional working capital.

Furthermore, Calidus has reached an agreement with its supportive lender, Macquarie Bank (“Macquarie”), to restructure its hedging volume profile and its debt repayments. The restructuring will allow for significant cashflow generation in CY24 and aligns its hedging profile with its production profile as the Company aims to achieve its three year strategy to achieve production of 120,000oz per annum.

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HIGHLIGHTS

• Firm commitments received for A$16.5m via an institutional Placement at
A$0.115 per share.
• Placement strongly supported by both new and existing shareholders, including
the Company’s lender, Macquarie Bank, for A$2.5m and the Board of Directors
for A$120,000.
• In addition to the Placement, Calidus will offer all eligible shareholders the
opportunity to participate in a Share Purchase Plan to raise up to A$3.0m on the
same terms as the Placement.
• Agreement with Macquarie to restructure hedge and debt arrangements,
resulting in an additional ~A$31m of free cashflow in CY24;
o CY24 hedge volume reduced by 21,250ozs, delivering a A$20m benefit
to Calidus at spot gold price of A$3,300/oz
o Reduced debt repayments totalling A$11m in CY24

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• This significant increase in cashflow generation in the first half of CY24 will enable
Calidus to organically fund the pre-strip and A$17m capital cost of developing the
high-grade Bulletin deposit in the second half of CY24
o Bulletin PFS: 63,000oz at an AISC of A$1,730/oz over 2-years mine life
• Calidus re-affirms H2 FY2024 guidance of 32,000-37,000ozs at an AISC of A$2,100-
$2,400/oz.
• Calidus confirms that operations are progressing as planned with the pit cutback
due for completion at the end of March and higher grade Blue Bar ore now being
processed.
• Last week Calidus recorded its largest ever gold recovery since project inception
of 1,539ozs for the week.
• Calidus anticipates releasing a JORC 2012 Mineral Resource Estimate on initial
oxide deposits at Nullagine in Q2 CY24 that it will be targeting to mine in FY25
and build on stated LOM guidance.

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Calidus Managing Director Dave Reeves said:

“This financial restructure will deliver a host of substantial benefits to Calidus, headlined by increased production and cashflow this year.

 

“This will in turn help us achieve our target of producing 120,000oz per annum within three years.

“We are at an inflection point at the Warrawoona Gold Project, with gold production rising significantly in recent weeks as we see the benefits of the completion of the Klondyke cut-back and initial Blue Bar ore.

 

“When combined with reducing costs due to completion of the cut-back, lower deliveries into the hedge, lower debt repayments and record gold prices, Calidus is now in a position to generate significant cashflows.

 

“The funds from the capital raising combined with the restructuring of the hedging profile and debt repayments will enable new deposits such as Bulletin to be funded, as we methodically progress towards our aim to achieve 120,000ozs per annum in 3 years.”

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To read the full news release, please click HERE

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Calibre Mining (TSX: CXB)

Announced  that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 59,600,000 common shares of the Company, at a price of $1.68 per Common Share for gross proceeds of $100 million.

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Comment

I have to admit I find this financing surprising given recent statements by the company, where they have indicated that the construction of Valentine was on budget and on track.

I met with them in November and at that time there was not the slightest hint a financing was needed, and since then we have had record high gold prices, making this raise all the more disappointing.

CALIBRE MINING ANNOUNCES C$100 MILLION BOUGHT DEAL FINANCING