Gaga Artisanle Miniere’s Post

Omai Gold upsizes recently announced private placement to $13 million. Omai Gold Mines and its Agent, Paradigm Capital Inc., are pleased to announce that, due to investor demand, the recently announced Private Placement Financing has been upsized to $13 million. Omai Gold CEO, Elaine Ellingham comments, "We announced a positive Preliminary Economic Assessment ("PEA") for our Omai project in Guyana on April 4th, which shows a US$556 million NPV5% at a $1950/oz gold price. This PEA incorporated 1.9 million ounces of gold, representing only 45% of our current Mineral Resource Estimate for Omai. This PEA provides a baseline production scenario that shows the potential for the robust economic development of Omai to once again become a large-scale gold producer. We have identified multiple opportunities to expand the proposed Wenot superpit development as well as integrating the Gilt Creek underground deposit. This financing will allow us to accelerate our work expanding the total mine plan, enhancing the economics, and commencing work towards a pre-feasibility study" https://lnkd.in/gyVkzida

Namibia Critical Metals terminates transaction with Sylla Gold Corp Namibia Critical Metals Inc. has mutually terminated the share purchase agreement with Sylla Gold Corp. to divest four non-material gold properties in Namibia. This termination affects the previously announced transaction on March 19, 2024, which was updated on June 13, 2024. The decision to end the agreement suggests a change in strategy or market conditions for both companies. This development may impact Namibia Critical Metals' portfolio management and future plans for these gold properties. https://lnkd.in/dxMkjXPk

Interestingly, while global gold mine production has seen a 26% increase since 2010, Africa has significantly outpaced this growth, witnessing nearly a 60% rise. Production has more than doubled in at least 10 African countries, with Mali standing out due to its vast, surface-level deposits. This geological advantage translates into lower production costs, and minimal drilling expenses, positioning Mali as a highly attractive jurisdiction for gold exploration and production. For commodity investors looking towards the future, Mali represents not just increased gold production opportunities but a testament to Africa's role as a crucial player in the global market. Follow us to learn more $WBGD

Harmony Gold, the largest producer of South African gold, expects costs to jump this year, after profit in the previous 12 months soared on rising output and prices. Johannesburg-based Harmony said the cost of extracting gold at its deep mines in South Africa and a project in Papua New Guinea will increase by 13% to 22% in the fiscal year through June 2025. It also forecasts gold production to decline, after exceeding expectations last year. The market will focus on Harmony’s guidance for this year following the firm’s “strong” 2024, analysts from RMB Morgan Stanley wrote in a note. Lower production and higher costs “may come as a negative disappointment to some,” they said, adding that the company’s dividend was also below consensus expectations. Harmony shares fell as much as 10%, the most since August 2022. This year’s gains were pared to about 28%. “Our FY25 guidance reflects the higher capital expenditure required to sustain production and our growth plans,” Harmony said in a statement on Thursday. https://lnkd.in/eh6dGH7z

Coverage stock OreCorp Limited (ASX: ORR) (initiated @ $0.40 in Aug 2023) has seen Silvercorp Metals’ (TSX, NYSE: SVM) planned takeover cleared by the Tanzanian Fair Competition Commission (FCC). The decision paves the way for the Canadian miner to complete the acquisition of OreCorp and its flagship asset — the Nyanzaga gold project in Tanzania. Silvercorp trumped in January a competing bid by Perseus Mining (TSX: PRU; ASX: PRU). OreCorp's Nyanzaga Project would cost $474 million to build and produce 242,000 ounces of gold per year over its first decade, according to the definitive feasibility study issued in August 2022. The project, which could reach annual output of 295,000 gold ounces, is about 30 km northeast of Barrick Gold’s (TSX: ABX; NYSE: GOLD) Bulyanhulu mine. It is also 60 km east of AngloGold Ashanti‘s (NYSE:AU) Geita gold mine. Nyanzaga has an after-tax net present value of $618 million at a 5% discount rate and an internal rate of return of 25% based on a $1,750 per oz gold price. The government of Tanzania holds a 16% non-dilutable free carried interest in the project. #gold #equities #Africa #Tanzania #commodities #resources #ausbiz

Is This One of Africa's Most Attractive Gold Companies? https://ow.ly/tThP50TG2LV This owner of a fully permitted gold project in Côte d'Ivoire is working to grow its resource and preparing to start building a mine. Learn why a handful of experts like both company and project. $MAU:TSXV #goldstocks Montage Gold

Emerald Resources is pleased to advise that our Quarterly Report to the market for the December 2023 Quarter has been released. Highlights for the Quarter include: The Okvau Gold Project achieved gold production guidance of 29.2koz at an AISC of US$799/oz, Gold sales for the September 2023 Quarter were 30.4koz at an average gold price of US$1,983/oz, and The completion of the maiden Memot Gold Project resource statement. Financial and Corporate At the end of the Quarter Emerald’s cash and bullion reserves were A$137.8m (US$94.2m) and operating cash flow from the Okvau Gold Mine for the Quarter was US$38.8m. The previously released Exploration Update also highlights recent developments at both our Cambodian and Australian projects. In addition, the recommended and unconditional takeover offer for Bullseye remains open with a current interest of 78.05%.

“The diversified miner in its first forecast on the year ended Dec. 31 said it expects to post headline earnings per share, the most common profit measure in South Africa, of between 0.6 rand and 0.66 rand ($0.0318-$0.0349), down from 6.52 rand in 2022. Sibanye and peers including Anglo American Platinum AMSJ.J and Impala Platinum IMPJ.J saw a sharp fall in earnings in 2023 mainly due to a decline in the prices of palladium and rhodium. Sibanye, which has gold operations in South Africa and has diversified into clean energy minerals such as lithium, nickel and zinc, has restructured its PGM operations both in the United States and South Africa to keep a lid on costs in the current low-price environment. The restructuring could result in the loss of 4,095 jobs in Sibanye's South African PGM operations and 300 more in the United States. (…) The miner recognised impairments of 47.45 billion rand [$2.5 billion] due to the impact of weakening metal prices and operational challenges at its U.S. PGM and South African gold operations, as well as the Sandouville refinery.”