Catalyst Metals (ASX: CYL)

Announced it has received firm commitments for an institutional placement to raise A$150 million at an issue price of $6.00 per share.

The Placement was strongly supported by existing institutional shareholders and new high quality Australian and international institutional investors.

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Catalyst Metals Mining, courtesy of Catalyst Metals

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Comment

This placing disappoints me to be honest.

The excuse ” we wanted to bring in some institutional investors” (at a 9.6% discount!) wears thin, why should they be brought in at the expense of loyal exisitng shareholders?

Why not ask them to pay the full market price if they want to come in so badly?  Where were they when the company was growing and supported by existing shareholders?

Existing shareholders took the risks, and now the company has a stable path, they bring in institutions at a 9.6% discount!

It wouldn’t have been so bad had they offered existing shareholders the same discount, but we don’t get the chance, and have to suffer the loss of shareholder value as the price has dropped, and dilution to our holdings, which effects future earings per share.

This is an all too familiar tactic in the mining sector, sadly.

Catalyst completes A$150m placement to institutional investors

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Catalyst Metals Limited (Catalyst or the Company) (ASX:CYL) is pleased to announce it has received firm commitments for an institutional placement (Placement) to raise A$150 million at an issue price of $6.00 per share.

The Placement was strongly supported by existing institutional shareholders and new high quality Australian and international institutional investors.

Funding underwrites Catalyst’s organic growth strategy and strengthens balance sheet
• Catalyst has successfully raised $150m via a placement to leading domestic and offshore institutional investors
• The proceeds, together with existing cash reserves allow Catalyst to execute its growth plans, and pursue growth initiatives without placing pressure on its balance sheet.

Catalyst’s MD and CEO, James Champion de Crespigny, commented:

“Over the past two years, Catalyst has steadily worked toward de-risking and simplifying its business.

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“We felt the timing was right to bring further institutional support to our register.

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“With almost $250m in cash, Catalyst is well funded to grow production at Plutonic, continue to explore the belt and pursue other growth initiatives.”

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Placement Details

The Company has received firm commitments from sophisticated and professional investors under the Placement to raise $150.0 million (before costs) through the issue of 25 million shares at an issue price of $6.00 per new share.

The issue price of $6.00 per new share represents a 9.6% discount to Catalyst’s last traded price of $6.64 on 20 May 2025, and a 7.2% discount to Catalyst’s 10-day VWAP of $6.46.

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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

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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

Barton Gold Holdings (ASX: BGD)

Confirmed the start of a ~2,500m drilling program targeting high-grade gold and silver at its South Australian Tarcoola Gold Project, plus ~500m scout drilling near its wholly owned Central Gawler Mill, in South Australia.

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Barton Gold Begins Drilling on High-Grade Gold & Silver Targets

Barton Gold Holdings Limited (ASX:BGD, FRA:BGD3, OTCQB:BGDFF) (Barton or Company) is pleased to confirm the start of a ~2,500m drilling program targeting high-grade gold and silver at its South Australian Tarcoola Gold Project (Tarcoola), plus ~500m scout drilling near its wholly owned Central Gawler Mill.

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HIGHLIGHTS

• Assay grades up to 17,600g/t Ag and 83.6g/t Au recently confirmed high-grade silver and gold discoveries at Tarcoola’s ‘Tolmer’ prospect; Mar / Apr 2025 silver discovery holes included:

Hole ID Interval Including:
TBAC130 6m @ 4,747 g/t Ag from 46 metres 1m @ 17,600 g/t Ay from 46 metres
TBM227 4m @ 1,417 g/t Ag from 9 metres 1m @ 3,790 g/t Ag from 9 metres
TBM228 14m @ 434 g/t Ag from 46 metres 1m @ 3,350 g/t Ag from 54 metres

Commenting on the start of Tolmer drilling, Barton MD Alexander Scanlon said:

“Tolmer is an exciting new opportunity for Barton, with high-grade silver and gold zones emerging in parallel and shallow assays grading up to 17,600 g/t Ag and 83.6 g/t Au, respectively.

 

“We aim to map these out quickly, so we are also deploying our Portable PPB detect ORETM workflows to analyse, adapt and direct drilling in real time.

 

“We can also expand the initial program of ~2,500m where we see potential for high-value extensions.”

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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 and invited individually to ensure interest and relevance for the presenting company.

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

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

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=======

,

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

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

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

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

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Disclosure

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

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

Reported that, at a meeting on May 21, 2025, the WRLG Board of Directors approved management’s recommendation to restart the Madsen Mine immediately.

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Madsen Mill – Courtesy of West Red Lake Gold Mines

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Pacgold  (ASX: PGO)

Announced the maiden JORC compliant Mineral Resource Estimate  at the Company’s 100% owned Alice River Gold Project, 300km northwest of Cairns, North Queensland.

The initial MRE stands at 12.2Mt @ 1.2g/t Au for 474Koz, within a global estimate of 26.7Mt @ 1.01 g/t Au for 854Koz Au.

Pacgold project map – Credits Pacgold Ltd.

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Pacgold Publish Alice River Gold Project Maiden MRE

Resource underpins 2025 focus on accelerated resource delineation and regional expansion programmes

Pacgold Limited (ASX: PGO) (‘Pacgold’ or ‘the Company’) is pleased to announce the maiden JORC compliant Mineral Resource Estimate (MRE) at the Company’s 100% owned Alice River Gold Project (‘the Project’), 300km northwest of Cairns, North Queensland.

The initial MRE stands at 12.2Mt @ 1.2g/t Au for 474Koz, within a global estimate of 26.7Mt @ 1.01 g/t Au for 854Koz Au.

The focus on the project has now shifted to delineation of a large continuous bulk tonnage system on the Alice River Fault Zone. The exploration of the Alice River system is still very much in its infancy and this initial MRE represents the first step in understanding the dimensions of the entire system.

RC drilling is now underway with approximately 2,000m of a planned 10,000m programme now completed, initially focussed on the Central Target area firming up areas previously under-drilled (within the newly announced resource footprint) as well as expansion of the known resource footprint.

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HIGHLIGHTS

• MAIDEN RESOURCE ESTIMATE- INDICATED and INFERRED resources of 12.2Mt @ 1.2g/t Au for 474Koz gold @ 0.5g/t Au cut-off within a global resource of 26.7Mt @ 1.01 g/t Au for 854Koz gold, demonstrating potential for significant upside and near-term resource expansion and consolidation.

• INDICATED CATEGORY- 5.6Mt @ 1.4g/t Au for 250Koz gold reported; upgrade of Inferred Resource category ounces a priority for current RC drilling programme in progress
• DRILLING RECOMMENCED – The 2025 drill season has now recommenced with excellent drill production being achieved; PGO is embarking on its first full drill season for 3 years,
consistent news flow expected throughout the year ahead
• RESOURCE OPEN- Only 5% of the known mineralised strike has been drill tested to date; main modelled resource areas at Central Target, Southern Target and Posie are completely open in all directions

Pacgold’s Managing Director, Matthew Boyes, commented:

“The maiden MRE at Alice River for Pacgold is a major milestone for the company and is the culmination of some outstanding exploration done by the exploration team over the last 4 years.

 

 

“Having now confirmed the mineralisation style is robust, utilising an interpretation of broader more continuous gold zones, we have been able to demonstrate very large tonnages of gold mineralisation with approximately 500Koz gold contained within the first 400m from surface making a bulk tonnage open pit operation an obvious first option.

 

“We are now drilling areas at the Central Target and looking to extend the known mineralisation along strike, as well as increase confidence in areas classified as Inferred under the MRE. Drilling will then recommence at the Southern Target in early May and the regional targets in June.

 

 

“The initial 10,000m RC programme will continue to grow as we progress during the year in conjunction with an extensive diamond drilling programme and a follow up
regional aircore programme to extend the known geochemical anomalies.

 

“This is going to be the busiest year to date for Pacgold at Alice River and offers a compelling investment opportunity into what is fast becoming a major gold discovery.

 

“We still have an enormous area to explore with multiple high priority targets waiting to be drilled tested all along the nearly 30km of the known Alice River Fault”

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To read the full news release, please click HERE

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City Investors Circle

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

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

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City Investors Circle Watchlist Stocks Top The Drill Charts Last Week

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

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

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

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

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

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

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

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The live Spot gold price can be found HERE

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

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

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

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

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

.

=======

,

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 Catalyst Metals. 

.

To read our full terms and conditions, please click HERE

Catalyst Metals (ASX: CYL)

Announced that it has received the final environmental approval for development of the Trident Gold Project from the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).

Catalyst now has all environmental approvals in place to commence mining.

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Catalyst Metals Trident development approved to proceed

Approval of open pit mining proposal clears the way for mining to
commence

Catalyst Metals Limited (ASX:CYL) (Catalyst or the Company)  is pleased to announce that it has received the final environmental approval for development of the Trident Gold Project from the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).

Catalyst now has all environmental approvals in place to commence mining.

Grade control drilling of the open pit is complete – with a grade control rig having been
mobilised in January. The award of the open pit mining contract is expected in the coming weeks and Catalyst is well placed to commence production in line with its previously stated guidance.

 DEMIRS has approved the open pit mining proposal for the Trident Gold Project,
allowing Catalyst to proceed with development in line with guidance
 Award of the open pit mining contract will be finalised in the coming weeks once a
safety compliance notice from DEMIRS is received
 Trident is an undeveloped gold deposit 30km north‐east of the Plutonic processing
plant with Resources of 524koz at 3.6g/t Au and Reserves of 188koz at 4.4g/t Au2
 Trident’s capital costs are A$15m; development comprises a small open pit followed
by an underground mine, with ore processed at the underutilised Plutonic processing
plant
 Trident currently has a five‐year mine plan at 37koz of gold per annum and average
annual cashflow of A$53m (at A$3,400/oz)3

 Grade control drilling of the open pit is now complete, having commenced in January
and undertaken concurrently with the approvals process
 It is the third mine to be developed as part of Catalyst’s three‐year plan to double
production at the Plutonic Gold Belt for $31m

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Catalyst’s Managing Director & CEO, James Champion de Crespigny, commented:

“Trident has been inching closer to development for some time.

 

“This milestone makes it more real.

 

“We now have all the mining approvals in place to allow Catalyst to bring online the mines necessary to double production at the Plutonic Gold Belt.”

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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 Catalyst Metals. 

.

To read our full terms and conditions, please click HERE

Mining Review 18th May 2025

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

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

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

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Mining Review 18th May 2025

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

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

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

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

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

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

 G Mining Ventures Reported First Quarter 2025 Results

  Westgold Report Results For The Period Ending 31 March 2025

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

  Orla Mining’s Q1 Loss Disappointed the Market

  Capricorn Metals Drilling Update

  Mining Review 11th May 2025

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Market Data

Weekly Price Changes

(US$ unless stated).

G Mining Ventures (TSX: GMIN)

Reported its production and financial results for the quarter ended March 31, 2025.

GMIN produced 35,578 ounces  of gold  in Doré, at  All-in sustaining costs of $960 per oz Au sold.

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May 15, 2025

Credit G Mining Ventures

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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

.

=======

,

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 Westgold.

.

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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Orla Mining (TSX: OLA)

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

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

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Orla Mining – Musselwhite Gold Mine –    Credits Orla Mining

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Orla Mining’s Q1 Loss Disappoints the Market

Orla Mining (TSX: OLA)

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

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

First Quarter 2025 Highlights

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

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

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

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

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

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

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The live gold price can be found HERE

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

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

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

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

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

.

=======

,

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 Orla Mining.

.

Capricorn Metals (ASX: CMM)

Published a Quarterly Exploration Update

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

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Capricorn Metals –  QUARTERLY EXPLORATION UPDATE

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

Highway Prospect – Capricorn’s Maiden Drill Programme

Highlights

Mt Gibson Gold Project (MGGP)

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

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

To read the full report please click HERE

The live Spot gold price can be found HERE

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

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

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

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

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

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,

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

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

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

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

.

Disclosure

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

.

To read our full terms and conditions, please click HERE

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

.

=======

,

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 Catalyst Metals. 

.

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

.

=======

,

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

.

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

.

=======

,

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. 

.

To read our full terms and conditions, please click HERE

.

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

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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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.

/

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

.

=======

,

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

.

To read our full terms and conditions, please click HERE

.

Mining Review 27th April 2025

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

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

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Bullabing Gold Project – Courtesy of Minerals 360

City Investors Circle Mining Review 27th April 2025

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Mining Review 27th April 2025

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

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

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

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

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Other news items from companies on all our watchlists are below

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