News flow ramps up ahead of Gold Forum Americas
A recap of the big news from participating companies so far this month
It’s already been a big month for precious metals stocks due to a record gold price and healthy silver price, but this year’s Gold Forum Americas participants have been busy.
Here’s a recap of the news you may have missed from this year’s cohort.
AngloGold Ashanti to acquire Centamin
On Tuesday, AngloGold Ashanti (NYSE: AU) announced a friendly deal to acquire Centamin (LSE: CEY) for 0.6983 of an AngloGold share for every Centamin share held plus US12.5c cash.
The deal values Centamin at US$2.5 billion, a 36.7% premium to the company’s closing price on September 9.
Centamin operates the Sukari gold mine in Egypt. AngloGold said the addition of Sukari would immediately increases its annual gold production by around 450,000 ounces to over 3 million ounces per year while lowering all-in sustaining costs.
First Majestic to acquire Gatos
On September 4, First Majestic Silver Corp (NYSE:AG) and Gatos Silver (NYSE:GATO) announced they had entered into a definitive merger agreement which would see First Majestic acquire Gatos in a scrip bid worth US$970 million.
Gatos shareholders will own around 38% of the enlarged First Majestic, which is expected to have a proforma market capitalization of almost US$3 billion.
Once the deal closes, the combined Mexico-focused producer expects to produce 30-32Moz of silver equivalent annually at AISC of US$18-20 per ounce.
Newmont divestments underway
On Wednesday, Newmont Corporation (NYSE: NEM) announced the sale of its Telfer mine and interest in the Havieron project, both in Western Australia, to Greatland Gold (LSE: GGP) for up to US$475 million, comprising US$207.5 million cash, US$167.5 million in shares and deferred consideration of up to US$100 million.
Greatland already owned 30% of the Havieron gold-copper project, 45km from Telfer, and had a right of first refusal over the asset.
It is funding the acquisition via a US$325 million institutional placement, cornerstoned by Andrew Forrest’s Wyloo Metals, and an US$8.8 million retail offer.
It marks the first transaction under Newmont’s divestment program, which aims to realise at least US$2 billion in proceeds.
Kinross releases Great Bear PEA
On Tuesday, Kinross Gold Corporation (TSX: K) released the much-anticipated preliminary economic assessment for the Great Bear project in Red Lake, Ontario, Canada.
The high-grade open pit and underground mine is expected to produce more than 500,000oz of gold per year at AISC of US$800/oz over the first eight years of a 12-year mine life.
Total capital costs are estimated at US$1.42 billion. Based on a US$2500/oz gold price, the project has a net present value of US$3.3 billion, an internal rate of return of 35.5% and a payback period of 1.7 years.
Kinross CEO Paul Rollinson described the PEA as “an initial snapshot in time of the project”.
Study results
B2Gold (TSX: BTO) this week said the capital costs for its Goose development in Nunavut had increased by 23% to C$1.54 billion, half of which was attributed to a three-month delay in first gold to the September quarter of 2025.
The company also separately reported it had reached terms with the Mali government relating to the framework for its Fekola complex.
Barrick Gold (TSX: ABX) said the feasibility study for the expansion of its Lumwana mine in Zambia was expected to be completed by the end of the year, paving the way for construction to start in 2025.
G Mining Ventures (TSX: GMIN) released a PEA for its Oko West project in Guyana, which delivered an after-tax NPV of US$1.4 billion, IRR of 21% and payback of 3.8 years at a base case gold price of $1950/oz.
Centerra Gold (TSX: CG) reported the results of the feasibility study for its Thompson Creek molybdenum project in Idaho, which generated an after-tax NPV of US$472 million and IRR of 22% when integrated with the Langeloth metallurgical facility in Pennsylvania.
Torex Gold Resources (TSX: TXG) reported an updated life-of-mine plan for the Morelos Complex which incorporates the US$81.5 million EPO underground deposit to maintain production at a minimum 450,000oz gold equivalent per year through 2030.
Thesis Gold (TSX-V: TAU) released an updated PEA for its Lawyers-Ranch project in British Columbia, which returned a post-tax NPV of C$1.28 billion, IRR of 35.2% and a payback period of 2 years.
GoGold Resources Inc (TSX: GGD) reported the definitive feasibility study for its Los Ricos project in Mexico was in its final stages.
U.S. Gold Corp (NASDAQ: USAU) said it was working on optimisations for the CK gold project in Wyoming ahead of an updated PFS.
Corporate activity
Perseus Mining (ASX:PRU) has increased its stake in Guinea developer Predictive Discovery to 19.9% for A$11.76 million.
GMIN will acquire the 1.7Moz CentroGold project in Brazil from BHP for a 1% net smelter return royalty on the first 1Moz of gold produced at the project and 1.5% NSR on gold production thereafter.
Aya Gold & Silver Inc (TSX: AYA) has entered into non-binding term sheets for the spinout of its Amizmiz gold project in Morocco and the granting of an option on its Tijirit project in Mauritania to Mx2 Mining, a new North Africa-dedicated gold growth company backed by Aya.
Founders Metals Inc (TSX-V: FDR) has exercised its right to acquire 51% of the Antino gold project in Suriname and has a path to 75% ownership.
Gold Terra Resource Corp (TSX-V:YGT) has extended a four-year definitive option agreement with Newmont over the Con mine in Yellowknife to six years.
Profit results
Last week, Harmony Gold Mining Company (JSE: HAR) reported full-year headline earnings of US$613 million, more than double the previous year.
Operating free cashflow was up 111% to a record US$681 million driven by higher recovered grades and a higher average gold price.
Capricorn Metals (ASX: CMM) reported a 2024 financial year profit after tax of A$87.1 million, up from A$4.4 million in FY23 which was affected by hedge closure costs and hedge accounting adjustments.
The company’s Karlawinda gold project in Western Australia generated record cashflow from operations of A$158.2 million and record EBITDA of A$168.3 million.
Production updates
WA miner Genesis Minerals (ASX: GMD) upgraded its 2025 financial year gold production guidance from 162,000-188,000oz at AISC of A$2250-2450/oz to 190,000-210,000oz at AISC of $2200-2400/oz due to the earlier than planned restart of the Laverton mill.
A doubling of reserves over the last 12 months has allowed Catalyst Metals (ASX: CYL) to provide three-year production guidance, increasing annual gold production from 100,000oz to 200,000oz for low capital costs of A$31 million.
Alamos Gold Inc (TSX:AGI) increased 2024 guidance by 4% to 510,000-540,000oz, or by 13% this year and 20% in 2025 and 2026 when including the new Magino mine.
Aura Minerals Inc (TSX: ORA) reported preliminary production results of 4723oz of gold in July and 5280oz from its Almas mine in Brazil.
Endeavour Mining (LSE: EDV) announced it had achieved commercial production at both its Sabodala-Massawa BIOX expansion in Senegal and at its Lafigué mine in Côte d’Ivoire, effective August 1.
GMIN announced it had reached commercial production on time and on budget at its Tocantinzinho gold mine in Brazil.
Project updates
AngloGold and joint venture partner Regis Resources (ASX: RRL) approved the development of the A$113 million Havana underground project at the Tropicana gold mine in WA.
Westgold Resources (ASX: WGX) announced the start of mining of the high-grade South Junction Lode within the Bluebird-South Junction mining complex in Meekatharra, WA.
Coeur Mining (NYSE: CDE) said its expanded Rochester silver-gold mine in Nevada was performing ahead of expectations and reaffirmed 2024 production guidance of 4.8-6.6Moz of silver and 37,000-50,000oz of gold.
Perpetua Resources Corp (NASDAQ: PPTA) said the United States Forest Service was issuing a Draft Record of Decision authorizing the Stibnite gold project in Idaho.
Bellevue Gold (ASX: BGL) has started decline development at the Tribune portal at its namesake mine in WA, which will provide a second independent mine access route.
Ora Banda Mining (ASX:OBM) has started mine development at the Sand King underground, part of the Davyhurst project in WA.
Rupert Resources (TSX: RUP) said its Ikkari project in Finland had demonstrated exceptional gold recoveries of up to 98.8%.
Aya said construction of the Zgounder expansion project in Morocco was 98% complete at the end of August, and was fully funded and on budget.
Uranium play enCore Energy Corp (NASDAQ: EU) received three federal permits for its Dewey-Burdock in-situ recovery project in South Dakota.
Capital updates
Osisko Development Corp (NYSE: ODV) launched a non-brokered private placement of units at US$1.80 each, which is expected to settle on September 23.
Dolly Varden Silver Corporation (TSX-V: DV) closed the first tranche of a C$28 million bought deal financing, backed by Eric Sprott.
Mexico-focused Heliostar Metals (TSX.V: HSTR) has arranged two debt facilities for aggregate gross proceeds of up to US$10 million.
Alaska Energy Metals Corporation (TSX-V: AEMC) raised C$5 million, following on from a C$3.6 million offering in July.
Culico Metals (TSX-V: CLCO), a spin-off of recently acquired Karora Resources, this week launched a non-brokered private placement to raise up to C$1.6 million.
Resource updates
Equinox Gold Corp (TSX: EQX) announced an updated resource estimate for its Hasaga project in Red Lake, Ontario.
Hasaga now has an indicated resource of 1.47Mt at 8.64g/t gold for 408,000oz and an inferred resource of 2.059Mt at 7.31g/t gold for 484,000oz of contained gold.
Resolute Mining (ASX: RSG) increased the resource estimate for its Tomboronkoto satellite deposit at the Mako mine in Senegal and announced an initial resource for the Mansala prospect in Guinea.
The Tomboronkoto resource increased by 30% to 343,000oz grading 2.1 grams per tonne gold at a 1g/t cut off or 571,000oz grading 1.1g/t at a 0.5 g/t cut-off, while the initial inferred resource for Mansala is 6.6Mt grading 1.6g/t gold for 343,000oz at a cut-off of 1g/t.
Exploration updates
Companies releasing drilling and exploration updates this month have included Calibre Mining Corp (TSX: CXB) at Limon and Valentine, Fortuna Mining Corp (NYSE: FSM) at Seguela and Diamba Sud, Dundee Precious Metals (TSX: DPM) at Dumitru Potok and Frasen and Coka Rakita, New Gold Inc (TSX: NGD), OceanaGold Corp (TSX: OGC), Mandalay Resources Corporation (TSX: MND), Southern Cross Gold (ASX: SXG), Snowline Gold Corp (TSX-V: SGD), Tudor Gold Corp (TSX-V: TUD), First Mining Gold Corp (TSX: FF), Strickland Metals (ASX: STK), Troilus Gold Corp (TSX: TLG), FireFly Metals (ASX: FFM), Bravo Mining Corp (TSX-V: BRVO), Banyan Gold Corp (TSX-V: BYN), GoldMining Inc (TSX: GOLD), Aya, Dolly Varden, Founders, Sun Silver (ASX: SS1), Liberty Gold Corp (TSX: LGD), Tolu Minerals (ASX: TOK), Spanish Mountain Gold (TSX-V: SPA), Chalice Mining (ASX: CHN), Ausgold (ASX: AUC) and Xanadu Mines (ASX: XAM).