Gold prices are now up to $2,190 and could test $2,500 this year. All thanks to growing speculation the Federal Reserve could start cutting interest rates. All of which is also positively impacting stocks such as Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), Royal Gold Inc. (NASDAQ: RGLD), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Newmont Corp. (NYSE: NEM) (TSX: NGT). Fueling further upside, central banks are still buying gold. In fact, in January, they increased their gold reserves by 39 tons, as noted by the World Gold Council (WGC).
"2024 will be another solid year of central bank gold demand,” added the WGC, as quoted by FXStreet.com. "Last year central banks placed great emphasis on gold’s value in crisis response, diversification attributes and store-of-value credentials. A few months into 2024 the world seems no less uncertain meaning those reasons for owning gold are as relevant as ever."
Look at Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF).
Calibre Mining Corp just announced the results of the Company’s updated Mineral Resources and Mineral Reserves for its Nicaragua and Nevada properties as of December 31, 2023. Reserves have grown in both jurisdictions net of depletion since acquisition of each asset. As demonstrated by the team’s track record, Calibre continues to efficiently make new discoveries and convert discoveries into Reserves as evidenced at the VTEM gold corridor within the Limon Mine Complex which has seen year over year Reserve growth of 36%. The VTEM corridor now contains 1.25 Mt averaging 8.25 g/t Au for 332 koz in Reserves with multiple kilometres of strike potential and an ongoing 50,000 m drill program.
Highlights
- Nicaragua: Increase in Reserves net of production depletion of 4% in 2023 to 1.13 Moz;
- Nevada: Increase in Reserves net of production depletion of 12% in 2023 to 0.30 Moz;
- Company wide significant mineral endowment of over 4.1 Moz of Reserves, 8.6 Moz of Measured and Indicated Resources (inclusive of Reserves) and 3.6 Moz of Inferred Resources;
- Valentine Gold Mine’s significant mineral endowment of 2.7 Moz of Reserves and 3.96 Moz of Measured and Indicated Resources (inclusive of Reserves) and 1.10 Moz of Inferred Resources (further detailed in the tables below) (see news release dated January 26, 2024); and
- >130,000 m Resource expansion and discovery drill programs underway across all assets.
Darren Hall, President and Chief Executive Officer of Calibre stated: “I am very pleased to see another year of Reserve growth net of depletion in both operating jurisdictions. We have crystalized a significant portion of our Resources into Reserves for a record 1.42 Moz in Nicaragua and Nevada, net of record 2023 production of 283,525 ounces. Nicaragua continues to deliver with Reserves at 1.13 Moz providing a robust base from which to deliver. With our recent acquisition of the Valentine Gold Mine, our company wide consolidated Reserves stand at 4.1 Moz, a more than 10-fold increase since Q4 2019 net of 825 koz of production. Importantly Reserves have grown more 36% year over year at our emerging flagship project, the VTEM gold corridor at Limon. In Nevada we’ve grown Reserves over 50% net of production depletion since closing the acquisition in 2021.”
Other related developments from around the markets include:
Barrick Gold Corporation announced that it plans to undertake a new share repurchase program for the buyback of its common shares. Barrick’s Board of Directors has authorized a new program for the repurchase of up to $1.0 billion of the Company’s outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law. In connection with the new share repurchase program, Barrick has terminated the share repurchase program announced by the Company on February 15, 2023. The Company did not repurchase any common shares under its 2023 share repurchase program. Barrick repurchased $424 million in common shares under its 2022 share repurchase program.
Royal Gold Inc. announced that its Board of Directors has declared its second quarter dividend of $0.40 per share of common stock. The dividend is payable on Friday, April 19, 2024, to shareholders of record at the close of business on Friday, April 5, 2024.
Franco Nevada Corp. announced that its Board of Directors has raised its quarterly dividend and declared a quarterly dividend of US$0.36 per share payable on March 28, 2024 to shareholders of record on March 14, 2024. The increased dividend will be effective for the full 2024 fiscal year. This is a 5.88% increase from the previous US$0.34 per share quarterly dividend and marks the 17th consecutive annual increase for Franco-Nevada shareholders. Canadian investors in Franco-Nevada’s IPO in December 2007 are now receiving an effective 12.1% yield on their cost base.
Newmont Corp.’s President and CEO Tom Palmer just noted, “"2023 was a transformational year for Newmont, and for all of our stakeholders. With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world's best gold and copper operations and projects. With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Calibre Mining Corp. by Calibre Mining Corp. We own ZERO shares of Calibre Mining Corp. Please click here for disclaimer.
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