Palm Beach, FL – March 16, 2022 – FinancialNewsMedia.com News Commentary – Gold has always had a special hold on investors which has been immutable over the centuries… and it holds sway today. The gold market has recently climbed to its highest level since August 2020 on 8 March as investors sought safe-haven assets in response to current world events. The precious metal has reversed a decline seen in late January. It remains under pressure from the prospect of several interest rate hikes in the US this year, which had been expected to weigh on the gold price in 2022. Comments from US Federal Reserve (Fed) chairman Jerome Powell have prompted some market analysts to expect as many as five interest rate hikes this year. A recent report in Capital.com discussed gold’s recent history saying: “The gold price ended 2021 at $1,828.60 an ounce, down by 2.9% for the year, as investors reduced their exposure to the metal in expectation of interest rate rises… The price moved up to $1,855 an ounce on 25 January, then fell back to $1,786.60 on 28 January. Bond yields rose, reducing the attractiveness of precious metals, as holding them does not yield interest. But global tensions and higher than expected US jobless numbers drove the price into an upward trend. It hit $1,926.30 on 24 February… then the market fell back over the weekend on profit taking, with the price retreating to $1,887.60 per ounce, before it moved back up to $1,943.80 on 1 March as the invasion escalated. Gold was trading around $2,016 per ounce at the time of writing on 8 March.” Active stocks in the mining markets this week include Golden Independence Mining Corp. (OTCQB: GIDMF) (CSE: IGLD), Hecla Mining Company (NYSE: HL), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV).
The article continued saying: “TD’s analysis said on Thursday that “gold is king of safe-havens. Analysis from Heraeus Precious Metals suggested that “monetary tightening might not be bad for gold. Previously, when the Federal Reserve has started to raise interest rates, gold has generally risen in price in the following 6 and 12 months. Since the 1980s, rate hiking cycles beginning in 1986, 1999, 2004 and 2015 were all followed by rising gold prices, with gains of 10-20% over the next six months.”
Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) BREAKING NEWS: GOLDEN INDEPENDENCE ANNOUNCES RESULTS FROM ONGOING EXPLORATION AT THE INDEPENDENCE PROJECT, NEVADA – Golden Independence (the “Company”) is pleased to provide an update from ongoing exploration activities at the Company’s Independence Oxide Heap Leach project (the “Project”) which adjoins Nevada Gold Mines’ Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.
Since tabling a PEA for near-surface heap-leach operation at the Project, the Company has been focused on improving the metrics of the project which yielded an after-tax NPV5% of US$45M and IRR of 22%. Specifically, exploration has been focused on delineating additional near-surface oxide resources to expand the open pit and reclassify waste with mineralized material. Both of the aforementioned would have the possibility to increase the production profile, extend the mine life, and improve project economics from a cost and valuation perspective (i.e., NPV and IRR).
Jeremy Poirier, CEO and Director of Golden Independence, commented “We continue to explore for opportunities to improve upon the December 2021 Preliminary Economic Assessment. The objective of the ongoing exploration program is to identify locations for potential follow-up drilling to expand the near-surface oxide resource. We are encouraged by the initial results from sampling within the proposed open-pit as it not only has the potential to increase the number of oxide ounces but these ounces would already be largely costed into the economics as they are currently classified as waste material, notwithstanding the potential for additional ‘high-grade’ feed.”
The exploration program consists of surface sampling both within the current open-pit and to the east and west of the pit boundary, in addition to sampling of previously-unsampled drilling done by previous operators. Read this entire release for the Golden Independence news at: https://goldenindependence.co/news/
Other recent developments in the mining markets include:
Hecla Mining Company (NYSE: HL) recently announced fourth quarter and full-year 2021 financial and operating results.
Operational: Produced 12.9 million silver ounces and 201,327 gold ounces, meeting production and cost guidance;Developed the Underhand Closed Bench (UCB) mining method at Lucky Friday, which contributed to the 75% increase in silver production and showed improvements in managing seismicity; Casa Berardi achieved record throughput and recoveries improved by 4%, producing 134,511 gold ounces; and Second highest reserves for both silver and gold in Company history.
Financial: Record sales of $807.5 million with net income of $35.1 million; Record Adjusted EBITDA of $278.8 million; Second highest cash flow from operations of $220.3 million and free cash flow of $111.3 million; Record exploration and pre-development expenditures of $47.9 million; Returned $20.7 million, or 19%, of free cash flow to our common and preferred shareholders through dividends.
Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) recently announced the declaration of a dividend in respect of performance for the fourth quarter of 2021 and announced a new performance dividend policy to begin in 2022.
Barrick’s Board of Directors declared a dividend of $0.10 per share for the fourth quarter of 2021 that will be paid on March 15, 2022 to shareholders of record at the close of business on February 28, 2022.1 This represents an increase of 11% on the previous base quarterly dividend of $0.09 per share.
Barrick has now established a performance dividend policy that will enhance the return to shareholders when the Company’s liquidity is strong.
“Our strong operating performance and financial strength has allowed us to further increase our base quarterly dividend and provide our shareholders with guidance on additional performance dividends going forward,” said senior executive vice-president and chief financial officer Graham Shuttleworth. “In addition to the enhanced dividend, the announcement of a share repurchase program highlights that Barrick continues to be committed to returning value to our shareholders.”
Newmont Corporation (NYSE: NEM) (TSX: NGT) recently reported gold Mineral Reserves (reserves) of 92.8 million attributable ounces for 2021 compared to the Company’s 94.2 million ounces at the end of 2020. Newmont has significant upside to other metals, including more than 15 billion pounds of copper reserves and nearly 600 million ounces of silver reserves. In addition, reserves and resources were further strengthened with the purchase of Buenaventura’s 43.65% interest in Minera Yanacocha in February 2022, adding 2.7 million ounces of gold reserves, 11.0 million gold resources, 700 million pounds of copper reserves and 2.6 billion copper resources.
“Newmont’s world-class portfolio of operations and projects is underpinned by a robust foundation of reserves and resources, along with the most extensive exploration program in the industry,” said Tom Palmer, President and CEO. “In 2021, more than 80 percent of depletion was replaced as we continue to progress our most profitable greenfield and near-mine projects. Exploration continues to be a core competency at Newmont with a focus on extending mine life, developing districts, and discovering new opportunities in the most favorable jurisdictions.”
Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV) recently reported its best results ever,” stated Paul Brink, CEO. “We achieved record annual top-line and bottom-line results. GEO sales growth was driven by an increased contribution from Cobre Panama, outperformance by Antamina and contributions from new acquisitions. The advantage of our diverse portfolio was again demonstrated in 2021. High iron ore prices during the year boosted revenues from our iron ore holdings and rising energy prices resulted in our energy revenues more than doubling. Following 2021’s rapid GEO growth, we expect slightly lower GEOs in 2022 and then to continue our growth through 2026. With limited exposure to inflation, our top-line growth translated directly into expanded margins and record earnings. Franco-Nevada is debt-free, is growing its cash balances and has a strong pipeline of growth opportunities.”
Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada is the gold investment that works.
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