Gold could easily rally above $3,000 in just days. Last trading at $2,936.80, the yellow metal is pushing aggressively higher as President Trump’s new tariff threats drive safe-haven gold demand. “The rise follows Trump’s announcement of an additional 25% tariff on all steel and aluminum imports, as well as plans to impose reciprocal tariffs later this week,” added Mining.com. “Central banks are also playing a key role, as their gold buying accelerated by 54% year-on-year in the final quarter of 2024, when Trump won the US election, according to the World Gold Council.” Not only is that news driving gold prices higher, it’s also pushing gold stocks, such as Calibre Mining (TSX: CXB) (OTCQX: CXBMF), Agnico Eagle Mines (NYSE: AEM) (TSX: AEM), Newmont Corporation (NYSE: NEM) (TSX: NGT), Franco Nevada Corp. (NYSE: FNV) (TSX: FNV), and Alamos Gold (NYSE: AGI) (TSX: AGI) to higher highs.
With regards to central banks, China expanded its gold reserves for the third straight month. “The PBOC will likely continue to diversify its reserves in the longer term, given the rising geopolitical uncertainty,” said David Qu, an economist at Bloomberg Economics, as also noted by Mining.com. Politics may be the key reason behind the move as the central bank resumed buying after Donald Trump was elected, he said.
Look at Calibre Mining (TSX: CXB) (OTCQX: CXBMF), For Example
Calibre Mining Corp. just announced additional discovery diamond drill results from its expanded 100,000 metre drill program at the Valentine Gold Mine (“Valentine”) located in Newfoundland & Labrador, Canada. Previous drilling (see news release dated November 25, 2024) highlights the considerable prospectivity to the southwest of the Leprechaun Pit at the Frank Zone. New drill results reveal shallow, broad zones of continuous mineralization, expanding the volume of high-grade gold intercepts to surface. These results align with previously released high-grade trenching and grab sample data. All results discussed in this release are well outside of known mineral resources. Highlights from today’s release include:
- 3.08 g/t Au over 48.2 metres Estimated True Width in Hole FZ-24-062;
- At surface, 97.87 g/t Au over 3.9 metres ETW including 418.42 g/t Au over 0.91 metres and 1.62 g/t Au over 44.6 metres ETW including 2.58 g/t Au over 22.8 metres ETW and 10.11 g/t Au over 0.9 metres ETW in Hole FZ-24-064;
- 1.94 g/t Au over 36.4 metres ETW and 1.25 g/t Au over 19.1 metres ETW in Hole FZ-24-066;
- g/t Au over 56.1 metres ETW including 12.67 g/t Au over 0.9 metres ETW in Hole FZ-24-050;
- 0.87 g/t Au over 78.3 metres ETW in hole FZ-24-055; and
- 2.87 g/t Au over 5.4 metres ETW including 11.09 g/t Au over 0.9 metres ETW and 1.28 g/t Au over 20.7 metres ETW and 3.47 g/t Au over 12.6 metres ETW including 31.37 g/t Au over 0.9 metres ETW in Hole FZ-24-047.
Darren Hall, President and Chief Executive Officer of Calibre, stated: “Follow-up discovery drilling at the Frank Zone, located one kilometre southwest of reported Mineral Resources, continues to return broad intervals of gold mineralization. Importantly, drilling has now traced mineralization to surface, highlighting the potential for another open pit. These new intercepts geologically align with ore from the Marathon, Berry and Leprechaun open pits. While exploration of the Frank Zone is still in its early stages, current data indicates that the zone remains open to the southwest and to the north and has now been traced for over one kilometre along strike and to a depth of approximately 500 metres. Historically, drilling at Valentine has mainly focused on the 8-kilometre stretch from Leprechaun to Marathon Pit, along the Valentine Lake Shear Zone. This 32 km long structure remains highly prospective for discovering additional gold resources and represents only a small fraction of the broader 250 km2 land package. With construction progressing on plan, Valentine remains on schedule to achieve first gold in Q2 of this year, positioning Calibre into a mid-tier gold producer with annual production of 450,000 to 500,000 ounces.”
Other related developments from around the markets include:
Agnico Eagle Mines and O3 Mining Inc. announced that Agnico Eagle has taken-up and acquired 110,424,431 common shares of O3 Mining, representing approximately 94.1% of the outstanding common shares of O3 Mining on a basic basis, pursuant to its board-supported take-over bid for all of the outstanding Common Shares for $1.67 in cash per Common Share. The aggregate consideration payable for the Deposited Shares is $184,408,800. Agnico Eagle will pay for the Deposited Shares by January 28, 2025. All of the conditions of the Offer have been satisfied or waived. O3 Mining's President and Chief Executive Officer, Mr. José Vizquerra commented: "We are pleased to achieve this excellent and timely outcome for our shareholders who tendered their Common Shares to the Offer. While providing an opportunity for our shareholders to realize immediate value at a significant premium, the transaction will also enable the efficient advancement of the Marban Alliance project by Agnico Eagle, an experienced operator that has the financial strength, mining expertise and community commitment to take the project to its next stage of development."
Newmont announced that it has agreed to sell its Musselwhite operation in Ontario, Canada, to Orla Mining Ltd for up to $850 million in total consideration. Under the terms of the agreement, Newmont will receive cash consideration of $810 million upon closing and up to $40 million 1 in contingent payments. The transaction is expected to close in the first quarter of 2025, subject to certain conditions being satisfied. 2 Upon closing the announced transactions, Newmont will have surpassed its target of delivering more than $2 billion in gross proceeds from non-core divestitures.
Franco Nevada just noted, “Record gold prices generated higher revenues, Adjusted EBITDA and earnings in Q3 compared to Q2 2024,” stated Paul Brink, CEO. “GEO sales were stable compared to Q2 although lower compared to Q3 2023 without the contribution from Cobre Panama. The quarter benefitted from contributions from the newly commissioned Tocantinzinho mine in Brazil, and increased contributions from royalties from the recently completed Greenstone mine and the newly acquired Yanacocha royalty. Candelaria reported an increase in copper and gold production for the quarter. While Candelaria’s copper output is on track, Lundin Mining has revised its 2024 gold production guidance lower to reflect revised gold grades for the period. In addition, revenue from our Diversified assets translated into lower GEOs reflecting record gold prices. We have adjusted our 2024 guidance as a result. Franco-Nevada continues to benefit from higher gold prices with limited exposure to cost inflation. The company remains debt-free with substantial available capital and has a strong pipeline of potential precious metal streams and royalties.”
Alamos Gold reported fourth quarter and annual 2024 production. The Company also provided updated three-year production and operating guidance and announced a construction decision on the Lynn Lake project in Manitoba. “With the solid finish to the year, we met both our quarterly and increased annual production guidance. Production increased 7% from 2023 to a record 567,000 ounces and combined with strong margin expansion, we generated record revenues and free cash flow while investing in high-return growth,” said John A. McCluskey, President and Chief Executive Officer. “This investment in growth is expected to drive our production 24% higher over the next three years. We are also pleased to announce the start of construction on Lynn Lake, another attractive project that will provide additional growth into 2028. All of this growth is in Canada, it is lower cost, and it is all fully funded providing Alamos with one of the strongest outlooks and lowest political risk profiles in the sector. This growth is underpinned by high-quality, long-life assets with significant upside potential that we expect to continue to unlock with our largest exploration budget ever,” Mr. McCluskey added.
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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