Westgold Resources (ASX | TSX: WGX)

Reported record results for the period ending 31 March 2025 (Q3 FY25).

Gold production in Q3 FY25 of 80,107oz Au @ AISC of A$2,829/oz, consistent with the Q2 FY25 production of 80,886oz Au @ A$2,703/oz Gold sales of 78,398oz at an average price of A$4,630/oz, generating revenue of A$363M.

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

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Westgold Report Results For The Period Ending 31 March 2025

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Record quarterly operational cash build

Perth, Western Australia, 30 April 2025 Westgold Resources Limited (ASX | TSX: WGX – Westgold or the Company) is pleased to report results for the period ending 31 March 2025 (Q3 FY25).

HIGHLIGHTS

OPERATIONS

Gold production in Q3 FY25 of 80,107oz Au @ AISC of A$2,829/oz, consistent with the Q2 FY25 production of 80,886oz Au @ A$2,703/oz Gold sales of 78,398oz at an average price of A$4,630/oz, generating revenue of A$363M

DRILLING

Exciting drilling results returned at Fletcher, Bluebird-South Junction and Nightfall -continue to demonstrate the quality of these assets.

CORPORATE

Divestment of non-core Lakewood mill for $85M completed – comprising $70M in cash and $15M in Black Cat Syndicate (ASX:BC8) scrip.

FINANCE

Closing cash, bullion, and liquid investments @ 31 March 2025
of $232M, an $80M increase Q on Q, comprising:
■ Cash build of $107M from operations – before investing $74M
in growth and exploration
■ Additional $22M from corporate activities – comprising $25M
in proceeds from Lakewood divestment offset by a $3M
investment in ASX: NMG equity
■ $11M increase in bullion – with a $13M increase in liquid
investments

Westgold remains 100% unhedged – offering full exposure to escalating gold price

Westgold remains on track to deliver FY25 production and cost guidance

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Westgold Managing Director and CEO Wayne Bramwell commented:

“Westgold continues to reconfigure the larger portfolio to be more productive and to boost free cash flows into FY26. It has taken two quarters in FY25 to stabilise the larger business and in Q3 we delivered a record $80M build in cash, bullion and liquid investments.

 

“Strong treasury management is key to delivering our growth strategy. Being unhedged and with our growing cash balance and $250M in our undrawn corporate facility, Westgold has available liquidity of ~$480M – a solid foundation from which to execute our growth plans.

 

“As expected, production and cost results in Q3 FY25 were in line with in Q2 FY25 results. These will improve in Q4 FY25 with mining outputs improve at the Bluebird South-Junction mine and the infrastructure upgrades at the Beta Hunt mine due to complete mid-2025.

 

“Production from the Southern Goldfields continues to increase due to improved head grade and recovery rates achieved for the quarter. Beta Hunt mine infrastructure upgrades continue with key projects expected to be complete during Q4, FY25.

 

“In the Murchison, the slower than planned ramp up of Bluebird-South Junction required higher tonnages of low-grade stocks to be hauled to and processed at Meekatharra. This escalated the Murchison costs this quarter and with mining expected to commence in South Junction during Q4, FY25 costs should reduce.

 

“With a view to lowering our costs in the Southern Goldfields, Westgold divested the non-core and high-cost Lakewood Mill near Kalgoorlie for $70M in cash and $15M in scrip. The sale simplifies our Southern Goldfields business and from April sees all Beta Hunt ore being processed at the larger, lower cost Higginsville processing plant.

 

“Optimisation of this plant is the next step, with a scoping study evaluating the expansion of the 1.6Mtpa Higginsville to 2.6Mtpa showcasing the value modest capital investment could deliver.

 

“Drilling creates long term value in the portfolio and Westgold continues to invest in drilling. Results at the Nightfall Lode at Fortnum, Bluebird-South Junction and the Fletcher Zone at Beta Hunt, continue to show the quality of the mineral endowment we control and I encourage you to peruse our quarterly exploration report released today for more details.

 

“After two quarters of integration, Q3 FY25 has delivered record quarter on quarter cash build for Westgold.

 

 

“Westgold is well funded and continues to focus on lifting our mine outputs and optimising our largest mines and mills for greater free cash flow and expanded margins into FY26.”

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To read the full news release please click HERE

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.To View Westgold’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.

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 Westgold.

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West Red Lake Gold Mines (TSX.V: WRLG)

Reported drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of North western Ontario, Canada.

Hole MM25D-12-4669-024 Intersected 18.7m @ 48.97 g/t Au, from 5.3m to 24.0m, Including 2m @ 428.83 g/t Au, from 20.5m to 22.5m.

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Madsen Mill – Courtesy of West Red Lake Gold Mines

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Comment

Wow, what a hole!

These drill results have really woken up the share price today, and with good reason.

The visible gold comment is exciting, and this news comes just as the company is ramping up production ready to switch on the Madsen Mill.

I topped up last week, and may do so again now.

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West Red Lake Gold (TSX.V: WRLG) 

Reported on sales of the gold produced from the Madsen Mine bulk sample.

To date the Company has sold 2,350 oz. of the 2,498 oz. that were produced in the bulk sample at a weighted average gold price of US$3,293 per oz

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Madsen Mill – Courtesy of West Red Lake Gold Mines – Courtesy of Red Lake Gold Mines

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Catalyst Metals (ASX:CYL)

Announced that it has signed binding documentation to acquire the Old Highway Gold Deposit from Sandfire Resources for A$32.5m.

Old Highway represents an attractive development opportunity for Catalyst. It sits on granted mining leases, and is in close proximity (40km) to the Plutonic mill.

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.Catalyst Metals acquires Old Highway gold deposit

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Catalyst Metals Limited (Catalyst or the Company) (ASX:CYL) is pleased to announce that it has signed binding documentation to acquire the Old Highway Gold Deposit (Old Highway) from Sandfire Resources Limited (Sandfire) for A$32.5m.

Old Highway represents an attractive development opportunity for Catalyst. It sits on granted mining leases, and is in close proximity (40km) to the Plutonic mill.

The development has a low capital profile and the level of studies and drilling to date will reduce Catalyst’s timeframe to development.

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Highlights

Development ready gold project 40km from Plutonic with 35koz pa gold
production
• Catalyst has signed binding documentation to acquire the Old Highway Gold Project
from Sandfire Resources for A$32.5m
• Old Highway is a near-term gold development project lying within mining leases, 40km
southwest of Plutonic‘s processing plant – its close proximity to Plutonic allows Catalyst
to considerably lower the project’s development costs
• Initial estimates by Catalyst are a A$280m NPV with an AISC of A$1,588/oz (at
A$5,000/oz), from an initial 4 year mine plan via the Plutonic processing plant
• The project has a Resource of 206,000oz at 3.0 g/t gold, which includes a higher-grade underground component of 140koz at 4.6 g/t gold

. Catalyst believes it represents another low capital intensity, satellite project with relatively low operating risk
• Planned development of the underground deposit has the following key metrics:
A$4,000/oz Spot (A$5,000/oz)
AISC (life of mine) A$/oz 1,558 1,588
Life of mine (LOM) yrs 4 4
Payback period (once UG commences) mths 7 –
Steady state production koz pa 35 35
Average annual free cash flow A$m 52 74
• In addition, Catalyst believes Old Highway brings interesting exploration upside 
• The acquisition represents the first expansion of Catalyst in Western Australia beyond
the Plutonic Belt
• The acquisition will be funded through existing cash reserves and Henty sale proceeds.

Catalyst Metals’ flagship asset is the 40km long Plutonic Gold Belt in Central Western Australia. This belt hosts the Plutonic Gold Mine which currently produces ~85koz pa at an AISC of ~A$2,400/oz.

Over the next 12 to 18 months, Catalyst plans to develop three new pr ojects on the belt. These projects have a low capital intensity – A$31m in total. Each will be processed through the existing, currently underutilised and centrally located, processing plant.

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Catalyst’s Managing Director and CEO, James Champion de Crespigny, said:

“Old Highway is another satellite ore source for Plutonic’s processing plant. The acquisition also comes ith some interesting exploration which could extend its mine life.

 

“The Plutonic processing plant is underutilised. What it needs is more ore sources. As such, Catalyst has been investing a lot of money into exploration along the Plutonic Belt to expand the known deposits.

 

“It has also been starting up several undeveloped satellite gold projects lying on the belt. In purchasing Old Highway, it becomes another satellite gold project to Plutonic.
Catalyst consolidated the Plutonic Belt bringing together many new ore sources.

 

“The purchase of Old Highway brings another new ore source into the portfolio. Collectively, these ore sources, all of which are on mining leases, give Catalyst the opportunity to fill the processing plant in the near term.“

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To read the full news release 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.

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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

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Catalyst Metals (ASX: CYL)

The securities of Catalyst Metals Limited (‘CYL’) will be placed in trading halt at the request of CYL, pending it releasing an announcement.

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Catalyst Metals Limited (ASX: CYL) – Trading Halt

Description

The securities of Catalyst Metals Limited (‘CYL’) will be placed in trading halt at the request of CYL, pending it releasing an announcement.

Unless ASX decides otherwise, the securities will remain in trading halt until the
earlier of the commencement of normal trading on Friday, 9 May 2025 or when the announcement is released to the market.

Issued by
ASX Compliance

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To read the full news release 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.

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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

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Gold Road Resources (ASX: GOR)

Has entered into a Scheme Implementation Deed with Gold Fields under which Gold Fields has agreed to acquire 100% of the issued share capital in Gold Road by way of a scheme of arrangement.

The current offer price equates to A$3.40 per share plus around a 35 cent special dividend paid at the end.

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Comment

Well Gold Fields has now offered the premium I wanted, so I guess I should be happy with that, and the funds can be put to use elsewhere, in stocks that are approaching production and which may rise more than Gold Road in percentage terms.

I’m certainly happier now with the premium, but tinged with sadness as this is my oldest holding, where I bought in around 2012, at 10c.

I am going to sell at least some in the near future, which will mean missing the final dividend but I hope to do better than that elsewhere, as I have a small list of new producers that should benefit from a price lift if they commence production on time and without any mishaps.

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Gold Road Agrees to Gold Fields’ Takeover

Gold Road has entered into a Scheme Implementation Deed with Gold Fields under which Gold Fields has agreed to acquire 100% of the issued share capital in Gold Road by way of a scheme of arrangement.

Full announcement here

Highlights

▶️ Fixed cash consideration of $./ for each GOR share.
▶️Variable cash consideration equal to the GOR holding of NST shares (arising from the DEG stake) based on the prevailing 5 day VWAP immediately prior to the scheme becoming effective. As at 2 May this equates to $./.
▶️These two components take the implied bid price to $./ and represent an effective bump on the initial bid of %.
▶️GOR to declare a fully franked special dividend designed to utilise available franking credits at the time of distribution. At present this implies ~$./.
▶️The Directors of Gold Road unanimously recommend that Gold Road shareholders vote in favour of the Scheme

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Gold Road Chairman, Tim Netscher said:

“ .

” – ….”

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To read the full news release, please click HERE

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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 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.

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Disclosure

At the time of writing the author holds shares in Gold Road Resources

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To read our full terms and conditions, please click HERE

Challenger Gold (ASX: CEL)

We are initiating coverage of Challenger Gold, an ASX listed gold development company moving into production via toll milling later this year in Argentina.

Challenger also has a significant asset in Ecuador it’s looking to sell or spin out, plus other assets based in Australia.

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Challenger Gold – Initiating Coverage

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Challenger Gold (ASX: CEL)

We are initiating coverage of Challenger Gold, an ASX listed gold development company moving into production via toll milling later this year in Argentina.

Challenger also has a significant asset in Ecuador it’s looking to sell or spin out, plus other exploration assets based in Australia.

The company is currently valued at around A$ 20 per ounce of gold in the ground.

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 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 no shares in Challenger Gold

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To read our full terms and conditions, please click HERE

Gold Road Resources (ASX: GOR)

The securities of Gold Road Resources Limited (‘GOR’) will be placed in trading halt at the request of GOR, pending it releasing an announcement.

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Comment

This looks like the end for Gold Road, Gold Fields have returned with a more sensible offer.

The fact the stock is halted suggests to me there is a good chance the deal will be consummated this time.  If it is, I have an abundance of stocks to invest the proceeds in.

I am hoping for a price close to A$4 personally. 

Gold Road is wholly held in my ISA so no CGT worries.

Market Announcement
2 May 2025

ASX Limited ASX Customer Service Centre 131 279 | asx.com.au

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Gold Road Resources Limited (ASX: GOR) – Trading Halt

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Description

The securities of Gold Road Resources Limited (‘GOR’) will be placed in trading halt at the request of GOR, pending it releasing an announcement.

Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 6 May 2025 or when the announcement is released to the market.

Issued by
ASX Compliance.

To read the full news release, please click HERE

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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 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 Gold Road Resources

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To read our full terms and conditions, please click HERE

Meeka Metals (ASX: MEK)

Announced that the first ore has been mined from the open pits at the Murchison Gold Project.

Open pit mining achieved a major milestone during April with first ore mined from the St Anne’s North open pit.

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Meeka Metals drill site – Credits Meeka Metals

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Meeka Metals Murchison Development Update – April 2025

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Meeka Metals Limited (ASX: MEK) (“Meeka” or the “Company”) announces that the first ore has been mined from the open pits at the Murchison Gold Project.

First ore mined from the open pits at the Murchison Gold Project
(“Murchison”) as processing plant expansion works approach completion.

• Open pit mining achieved a major milestone during April with first ore mined
from the St Anne’s North open pit.
• Stockpiles of ore are now being built up on the ROM in preparation for process
plant commissioning in June 2025.
• Open pit mining also commenced at Turnberry Central during April, the
second of five Stage 1 high-grade oxide open pits to go into production.
• Strong progress continued to be made on the processing plant expansion with
major structural works completed, gold room upgrade well advanced and
electrical, air and water service installation progressed.
• Power station upgrade works commenced in April and will be completed in
the first week of May 2025.

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Commenting on the progress, Meeka’s Managing Director Tim Davidson said:

“We achieved an important milestone during April with the open pits producing first ore, which is being stockpiled in readiness for mill commissioning in June 2025.

 

“Open pit mining also commenced at Turnberry Central. This is the second of five Stage open pits to be mined concurrently to deliver consistent and surplus high-grade oxide ore for processing.”

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To read the full news release, 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 Meeka Metals. 

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To read our full terms and conditions, please click HERE

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Calibre Mining Corp. (TSX: CXB)

Announced that holders of Calibre common shares and holders of options issued under Calibre’s amended and restated long-term incentive plan have approved the business combination with Equinox Gold Corp.

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Calibre Securityholders Approve Business Combination with Equinox Gold

Market Review April 2025 Published

With comments on Calibre Mining, G Mining Ventures, Orla Mining, and West Red LAke Gold Mines.

The highlighted company is Minerals 260, listed on the ASX.

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South Crofty tin Mine, Cornwall.

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City Investors Circle Market Review April 2025 Published

With comments on Calibre Mining, G Mining Ventures, Orla Mining, and West Red Lake Gold Mines.

The highlighted company is Minerals 260, listed on the ASX.

The review also covers all the news from the watchlist companies during April, and links to the reports.

Precious and base metal price movements are covered.

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To read the April 2025 Market Review online, please click here

To register to receive future Reviews and to receive invitations to our free to attend events, please email   Andrew@city-investors-circle.com

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Live metal prices 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 may hold shares in some or all of the companies mentioned

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G Mining Ventures (TSX: GMIN)

Announced the results of its Feasibility Study for the development of its wholly-owned Oko West Gold Project located in Region 7,Guyana.

The FS confirms robust economics for a low-cost, large-scale, conventional open pit and underground mining and milling operation, with industry-leading operating costs and high rate of return.

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Cornish Metals (AIM / TSX.V: CUSN)

Announced that Mr. Owen Mihalop, Chief Operating Officer (“COO”), has left the Company with effect from April 25^th, 2025 in order to pursue new opportunities.

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Comment.

Despite the friendly language, this looks like a forced change to me.

Otherwise why announce after the event? This does not look like a planned change, with no replacement being named. 

I have a feeling all is not going to plan at South Crofty, maybe this is the reason for this sudden change?

News about the shaft remediation and dewatering is scarce, and the company never officially denied the rumours of water ingress posted on blogs last year.

Cornish Metals Announces Management Change

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Gold Road Resources (ASX: GOR)

Presented its activity report for the quarter ending 31 March 2025.

Gruyere delivered quarterly gold production of 71,226 ounces (100% basis) (December quarter: 91,631 ounces). Production was delivered at an AISC of A$2,658 per attributable ounce to Gold Road (December quarter: A$1,811 per ounce).

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Gold Road – Gruyere JV Gold Mine at night. Courtesy of Gold Road Resources

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Gold Road Resources March 2025 Quarterly Report

Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) presents its activity report for the quarter ending 31 March 2025.

Production is from the Gruyere Gold Mine (Gruyere), a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a subsidiary company of Gold Fields Ltd (Gold Fields), which operates Gruyere.

Gruyere delivered quarterly gold production of 71,226 ounces (100% basis) (December quarter: 91,631 ounces).

Production was delivered at an AISC of A$2,658 per attributable ounce to Gold Road (December quarter: A$1,811 per ounce).

HIGHLIGHTS

Production and Guidance
 Gruyere gold production of 71,226 ounces (100% basis) at an All-in Sustaining Cost (AISC) of A$2,658 per attributable ounce during the March 2025 quarter (December quarter: 91,631 ounces, AISC of A$1,811 per attributable ounce).
 2025 annual guidance for Gruyere is maintained at 325,000 – 355,000 ounces
(162,500 – 177,500 attributable) at an attributable AISC of between A$2,400 and A$2,600 per ounce.

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Financial and Corporate

 Gold sales of 34,135 ounces at a record average sales price of A$4,555 per ounce. Gold doré and bullion on hand on 31 March 2025 increased to 3,311 ounces.
 Gold Road’s attributable operating cash flow from Gruyere for the quarter was $106.6 million (December quarter: $141.7 million).
 Free cash flow2 generated for the quarter of $34.1 million (December quarter: $76.2 million).
 Gold Road’s Corporate All-In Cost (CAIC) which includes growth capital, corporate and exploration costs, increased to $3,058 per ounce for the March quarter (December quarter: $2,266 per ounce).
 Cash and equivalents3 increased to $203.8 million (December quarter: $173.9 million) with no debt drawn. Gold Road’s listed investments market value was approximately $1.0 billion at 24 April 2025 (31 December 2024: $742.7 million).
 On 7 March 2025, Gold Road received a confidential non-binding indicative offer (Proposal) for the Company from Gold Fields Ltd (GFI). After careful consideration and engagement with GFI, the Board of Gold Road unanimously formed the view that the Proposal materially undervalued the Company and was highly opportunistic in nature. Accordingly, the Board rejected the Proposal. On 24 March 2025, GFI publicly announced the terms of their confidential Proposal and rejection by Gold Road.
 On 22 April 2025, the Federal Court of Australia approved the acquisition of De Grey Mining Limited (De Grey) by Northern Star Resources Limited (Northern Star) by way of a scheme of arrangement, with the scheme legally effected on 23 April 2025.5
In accordance with the scheme, Gold Road will hold 49,258,234 shares in Northern Star from the Implementation date of 5 May 2025.

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Discovery and Growth

 The Gruyere drilling program (~60,000 metres) is progressing well with up to four rigs operational during the quarter.

Please refer to the announcements Gold Road released on 8 April 2025 and 9 April 2025 in relation to the underground scoping study completed by SRK Consulting on behalf of the Gruyere Joint Venture.

 On 20 January 2025, Gold Road announced the results of the Gilmour Gold Project Pre-feasibility Study (PFS). The PFS projected a pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price, mine life of five years averaging 50,300 ounces per annum at an average AISC of $2,004 per ounce, producing a life of mine total production of 0.25 million ounces at 3.9 g/t Au from the underground and open pit.

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To read the full news release, please click HERE

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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 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.

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Disclosure

At the time of writing the author holds shares in Gold Road Resources

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To read our full terms and conditions, please click HERE

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Capricorn Metals (ASX: CMM)

Advised that it has entered into a binding agreement with Sabre Resources Ltd to acquire the prospective Ninghan Gold Project tenement package.

The Ninghan Gold Project covers approximately 77 square kilometres of tenure located contiguous to the north of Capricorn’s Mt Gibson Gold Project.

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Capricorn Metals projects location map

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CAPRICORN ACQUIRES THE NINGHAN GOLD PROJECT, EXPANDS MT GIBSON PROJECT TENURE

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Capricorn Metals Ltd (ASX: CMM) (“Capricorn” or “the Company”) is pleased to advise that it has entered into a binding agreement with Sabre Resources Ltd (“Sabre”) to acquire the prospective Ninghan Gold Project tenement package (“Ninghan Gold Project”).

The Ninghan Gold Project covers approximately 77 square kilometres of tenure located contiguous to the north of Capricorn’s Mt Gibson Gold Project (“MGGP”) tenure in the Murchison region of Western Australia.

The Ninghan Gold Project is considered highly prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits. Capricorn has already identified seven target zones for exploration within the project tenure, with the highest priority targets located only 20 kilometres NNE of current MGGP resources and in close proximity to the Great Northern Highway.

The transaction consideration is $1.6 million, of which Capricorn has paid an initial cash deposit of $100,000 with the balance of the consideration to be paid by the issue of Capricorn shares.

Further consideration includes the grant of a 1% net smelter return (NSR) royalty on the sale of any minerals on all tenements except for E59/2402 where a 1.5% NSR applies1.

The share issue consideration will be valued at the 20-day VWAP prior to completion occurring.

Completion of the acquisition is expected in May 2025 being subject only to procedural diligence and conditions precedent.
In addition, the Company has agreed to make contingent deferred payments as follows:
• $250,000 in cash or shares (CMM election) upon commencement of a maiden drill
program or 12 months after the Completion Date, whichever is sooner;
• $750,000 in cash upon the announcement by Capricorn of a JORC compliant Mineral
Resource Estimate in excess of 50,000 ounces of gold on the Ninghan Gold Project;
and
• $750,000 in cash upon the announcement by Capricorn of a board decision to
commence a commercial mining operation on the Ninghan 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

.

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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

Calibre Mining (TSX: CXB)

Calibre shareholders can cheer the news that Equinox Gold is now offering them a 10% premium, after opposition ot a non-premium offer for their shares.

Van Eck opposed the original deal, will this improved offer appease them?

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Comment

I opposed the non-premium aspect of the original offer from Equinox Gold to buy out Calibre Mining, on the basis that they were getting more out of the deal than Calibre shareholders. I have voted against the deal, and still maintain that  stance despite this improved offer.

Van Eck opposed the deal, and perhaps as a result of that, Equinox Gold have now capitulated and offered a 10% premium to Calibre shareholders.

Given Equinox’ large debt, I maintain my opposition to the deal and will not change my vote for a 10% premium.

It remains to be seen if Van Eck support this improved offer.  I personally hope they still oppose it, as I would prefer Calibre to stay independent, rather than succumb to an offer with such a low premium from a company with such a large debt of over C$1 billion dollars.

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Equinox Capitulates and Offers Calibre Holders a Premium

Vancouver, British Columbia–(Newsfile Corp. – April 23, 2025) – Equinox Gold Corp. (TSX: EQX) (NYSE American: EQX) (“Equinox Gold”) and Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) (“Calibre” and collectively the “Companies”) announce that the Companies have amended the arrangement agreement (the “Amended Arrangement Agreement”) pursuant to the proposed business combination previously announced on February 23, 2025 (the “Transaction”).

Under the terms of the Amended Arrangement Agreement, Calibre shareholders will receive 0.35 Equinox Gold common shares for each Calibre Share held (the “New Exchange Ratio”) immediately prior to the effective time of the Transaction. Upon completion of the Transaction, existing Equinox Gold shareholders and former Calibre shareholders will own approximately 61% and 39% of the outstanding common shares of the combined company, respectively, on a fully diluted basis. The New Exchange Ratio represents a 10% premium to the closing price of Calibre shares on the Toronto Stock Exchange on February 21, 2025, the last trading day before the Transaction was announced.

To allow Equinox Gold shareholders and Calibre securityholders time to consider and vote on the Amended Arrangement Agreement, both Equinox Gold and Calibre are adjourning their respective shareholder meetings that were scheduled for April 24, 2025. The Equinox Gold meeting will now be held on May 1, 2025 at 1:30 pm (Vancouver time) and the Calibre meeting will now be held on May 1, 2025 at 10:00 am (Vancouver time). Details regarding how to attend the meetings in person or attend via webcast are included later in the news release.

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Greg Smith, President & CEO of Equinox Gold, commented:

“We believe this transaction is in the best interest of shareholders of both Equinox Gold and Calibre Mining.

 

“Combining these two companies will create a major gold producer with the potential to produce more than 1.2 million ounces of gold per year in the very near term, all from mining-friendly jurisdictions in the Americas and underpinned by production from two world-class Canadian gold mines.

“We also believe the offer of 0.35 Equinox Gold shares for every Calibre share is full and fair valuation that reflects both the current production and the growth potential of each company.”

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Darren Hall, President & CEO of Calibre, commented:

“With a focus on operational excellence and execution, the combination of Calibre and Equinox Gold will create more shareholder value together than either could achieve individually.

 

“The combined company will be the second largest gold producer in Canada and one of the top 15 gold producers globally. I encourage Calibre shareholders to cast your vote in favour of the transaction.”

 

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To read the full news release, please click 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 Calibre Mining

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Impact Minerals (ASX: IPT)

The securities of Impact Minerals Limitedwere suspended at IPT’s request on 15 April 2025 pending an announcement regarding the completion of the conditional proposal made to the Administrators of Hipura Pty Ltd . 

IPT’s securities will now be suspended from quotation in accordance with
Listing Rule 17.3. 

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Courtesy of Impact Minerals

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Impact Minerals Limited – Continuation of Suspension from Quotation

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The securities of Impact Minerals Limited (‘IPT’) were suspended at IPT’s request on 15 April 2025 pending an announcement regarding the completion of the conditional proposal made to the Administrators of Hipura Pty Ltd (Administrators Appointed). 

IPT’s securities will now be suspended from quotation in accordance with
Listing Rule 17.3 due to IPT not having lodged its announcement regarding the conditional proposal made to the Administrators of Hipura Pty Ltd (Administrators Appointed) by commencement of trading on Tuesday, 22 April 2025, being the timeframe contemplated in its request for extension of voluntary suspension dated 17
April 2025.

The suspension will continue until ASX is satisfied that IPT is in compliance with the Listing Rules, including Listing Rule 3.1, and that it is otherwise appropriate for IPT’s securities to be reinstated to quotation.

Issued by ASX Compliance

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Live metal prices 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 Impact Minerals.

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Minerals 260 (ASX: MI6)

Following a review of the company we are initiating coverage of Minerals 360, an ASX listed exploration and development company advancing the Bullabing Gold Project, one of Australia’s largest undeveloped gold projects.

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Bullabing Gold Project – Courtesy of Minerals 260

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Minerals 260 – Initiating coverage

City Investors Circle in initiating coverage of Minerals 360, a gold exploration and development company based in Western Australia.

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The company’s principal project is the 2.3 m Oz Bullabing Gold Project.

MI6 is run by Tim Goyder, previously of Chalice Resources fame, and Chairman of Lionstown Resources.

Tim is backed by an experienced team who have experienced success and created shareholder value with previous companies.

Minerals 260 is financed for an 80,000+ drill program dusing 2025 that has just commenced. This is going to generate regular newsflow, which if succesful is likely to result in a high level of investor interest and a rising share price.

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A recent Minerals 260 presentations can be viewed HERE

The company website can be viewed HERE

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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.

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 no shares in Minerals 260

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BPM Minerals (ASX: BPM)

Announced the assay results from the recently completed 84-hole, 3,647m aircore drilling program at the Claw Gold Project in Western Australia, that was targeting extensions of known mineralisation along an 8km highly prospective corridor.

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Comment

These results are disappointing and proven that nearology doesn’t always work.

As a Capricorn Metals shareholder I held BPM in case they proved the continuation of the gold zone onto their property.

I sold my BPM shares when the company did a financing and excluded uk based shareholders. I wrote to enquire why UK investors were excluded, and they didn’t afford me the courtesy of a reply, which I consoder unporfessional.

That was a bit of serendipity because the shares have fallen since by some margin.

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BPM Minerals Exploration Update – Claw Gold Project, WA

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BPM Minerals Ltd (ASX: BPM) (‘BPM’ or ‘the Company’) is pleased to announce the assay results from the recently completed 84-hole, 3,647m aircore drilling program at the Claw Gold Project in Western Australia, that was targeting extensions of known mineralisation along an 8km highly prospective corridor.

• Phase 4 Aircore Drilling Results: Key intercepts from the recently completed program include:
• CAC251: 2m @ 0.36 g/t Au (from 42m)
• CAC239: 1m @ 0.18 g/t Au (from 45m)
• Significant High-Grade Results to Date (previously reported) at Claw1
• CAC186: 25m @ 1.27 g/t Au (from 29m), including 2m @ 11.63 g/t Au (from 29m)
• CAC223: 10m @ 1.12 g/t Au (from 50m)
• CRC010: 8m @ 0.95 g/t Au (from 94m), including 4m @ 1.64 g/t Au (from 97m)
• Strategic Location in Proven Gold Corridor: Claw Project lies immediately south of Capricorn Metals’ (ASX: CMM) 3.99Moz Mount Gibson Gold Project.

• Upcoming Catalysts: Additional 20km of strike potential to be unlocked with imminent granting of new exploration tenure, with soil sampling programs planned upon granting.
• BPM New Projects, Cash and Structure
• The company is currently reviewing new project opportunities in the precious metal space.
• The company is well funded with ~$2m cash and 87.3m shares on issue.
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Commenting on the drilling BPM CEO Oliver Judd:

“This latest round of drilling delivered some anomalous gold intercepts, but a major discovery remains ahead of us. Our focus is now securing the granting of new tenure, which will unlock more than 20km of highly prospective strike at the Claw Gold Project.

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“The strategic location of Claw, sharing a tenement boundary with Capricorn Metals’ (ASX: CMM) 3.99Moz Mount Gibson Gold Project, underscores its immense potential and scale of the opportunity.

 

“The Company holds a significant amount of underexplored strike with the potential to host an economic gold deposit, we look forward to getting started with the regional soil sampling programs with the imminent granting of new tenements.”

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To read the full news release 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

.

=======

,

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 no shares in BPM MInerals

.

To read our full terms and conditions, please click HERE

Colonial Coal (TSX.V: CAD)

Is saddened by the recent passing of Anthony (Tony) Hammond, a founding director of Colonial and a longtime friend and supporter of Colonial Coal.

Tony served as a director of Colonial Coal International since October 2010.

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Comment

I am deeply saddened by Tony Hammond’s passing. I knew Tony personally, I liked and respected him a great deal.

In the roughouse world of mining, Tony stood out as an honest gentleman, totally focused on delivering value to shareholders of Colonial Coal.

Tony turned a small hole in the ground found by accident when making a car park into the Great Orme Mines, a wonderful educational facility for visitors to the Great Orme in Llandudno, North Wales.

The visitor centre Tony created allows people to experience what working in a Roman copper mine was like two thousand years ago. 

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Colonial Coal board member Hammond dies

2025-04-14 17:26 ET – News Release

Mr. David Austin reports

THE PASSING OF TONY HAMMOND

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Colonial Coal International Corp. is saddened by the recent passing of Anthony (Tony) Hammond, a founding director of Colonial and a longtime friend and supporter of Colonial Coal, its management and all mining projects that Mr. Hammond was instrumental in administrating and developing.

Tony served as a director of Colonial Coal International since October, 2010, and a director of Colonial Coal Corp. since November, 2008.

As a mining engineer, Mr. Hammond acted as the chairman and managing director of Great Orme Mines Ltd., in North Wales, United Kingdom, since March, 1990.

Formerly, from 1963 to 1981, Mr. Hammond worked for Anglo American Corp. in various positions, including as the manager of planning at the Vaal Reefs mine in South Africa.

Mr. Hammond was also previously the chief consulting mining engineer of Robertson Research International from 1981 to 1984, and has acted on the boards of directors of numerous public companies including NEMI.

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David Austin, Colonial Coal’s chief executive officer, stated:

“With Tony’s passing we not only lose a valuable contributor and supporter of Colonial Coal, but we also lose a very dear and cherished friend who has supported the corporation and me and my family personally for over 35 years.

 

“Our sincerest condolences to Tony’s family; which is our family; and we wish them nothing but support and the continuing knowledge that Tony was a great person who will be missed by many.”

 

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The full Stockwatch announcement can be read here

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Live metal prices 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 Colonial Coal.

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