With tariff concerns, a weaker US dollar and massive central bank buying, investors have been racing to the safe havens of gold. It’s why gold just hit all-time highs. Analysts are increasingly bullish on gold prices, with Ed Yardeni, President of Yardeni Research, projecting a rise to $4,000 by the end of 2025 and $5,000 by 2026, while Goldman Sachs forecasts a move to $3,700 this year and potentially $4,000 by 2026. All of which could fuel big upside for stocks such as Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), Freeport-McMoRan (NYSE: FCX), Centerra Gold (NYSE: CGAU) (TSX: GG), Barrick Gold (NYSE: GOLD) (TSX: ABX) and Newmont Corp. (NYSE: NEM) (TSX: NGT).
In fact, “Central banks continued to hoover up gold at an eye-watering pace” in 2024, according to a report by the World Gold Council, as purchases accelerated sharply in the fourth quarter. Total demand last year reached a new high of 4,974 tonnes, as noted by Yahoo Finance.
China’s central bank, for example, just bought another three tonnes of gold in March. That’s now the fifth consecutive month it’s increased its holdings. While China gets a good deal of attention in the gold market, Poland is the leading central bank for gold purchases. Just last month, it bought 16 tonnes.
With gold prices climbing, mining stocks have also been gaining momentum, with several gold-focused equities significantly outperforming broader markets in recent months.
Look at Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF), For Example
Troilus Gold Corp. just announced positive drill results from its 2025 drill campaign, including the best intercept drilled to date in the Southwest Zone based on linear grade (grade x width) at its flagship project in Quebec, Canada This ongoing drill campaign is focused on identifying and delineating higher-grade mineralization and enhancing confidence in the block model, which could result in potentially improving the early years of production as outlined in the May 2024 Feasibility Study (see May 14, 2024 press release). The Feasibility Study outlined a 22-year mine life producing an average of 303,000 ounced of gold equivalent per year.
Below are Drill Intercept Highlights Reported from the Southwest Zone:
- Hole SW-25-688 intersected 2.44 g/t gold equivalent (“AuEq”) over 56 m, including 3.28 g/t AuEq over 34 m starting at 174 metres This is the best drill intercept in the history of the Southwest in terms of linear grade.
- Hole SW-25-679 intersected 1.22 g/t AuEq over 51 m including 6.82 g/t AuEq over 1 m, 1.75 g/t AuEq over 9 m, 15.39 g/t AuEq over 1 m, and 8.18 g/t AuEq over 1 m starting at 9 metres downhole.
- Hole SW-25-712 intersected 0.97 g/t AuEq over 73 m, including 1.84 g/t AuEq over 19 m starting at 189 metres downhole.
Justin Reid, CEO of Troilus Gold, commented, “We are very encouraged by the latest results from the Southwest Zone, which will be the first area mined when production begins. Hole SW-25-688 returned the highest linear-grade intercept drilled to date in this zone, highlighting the continuity of wide, high-grade mineralization in the core of the deposit. Additionally, SW-25-679 encountered strong near-surface grades that could further strengthen the early years of the mine plan. As the campaign progresses, we look forward to sharing more results that continue to improve confidence of the block model, de-risk the early production years, and enhance the overall development plan for the Troilus Project.”
About the Troilus Gold-Copper Project
The Troilus Project, located in the Tier 1 mining jurisdiction of Quebec, Canada, is one of the largest undeveloped gold-copper deposits in North America. A positive Feasibility Study completed in May 2024 outlined a generational scale asset, with a 22-year mine life producing an average of 303,000 gold equivalent ounces per year over the life of mine.
Troilus has compelling economics at Feasibility Study base case assumptions, delivering an after-tax NPV5% of $885 million and a 14% IRR based assumed metal prices of $1,975/oz gold, $4.05/lb copper, and $23/oz silver. Troilus’ project economics have strengthened significantly alongside rising metal prices. Based on April 2025 prices of $3,306/oz gold, $4.14/lb copper, and $32.71/oz silver, the project delivers an after-tax NPV5% of over $3 billion and over 30% IRR, demonstrating its strong leverage to current market conditions.
The Company continues to advance key development milestones, including the final submission of its Environmental and Social Impact Assessment and the progression of basic and detailed engineering led by BBA Inc. (see January 28 and 29, 2025, press releases). Supported by a syndicate of top-tier global financial institutions and benefiting from established infrastructure, Troilus is advancing responsibly toward a targeted construction decision in 2027.
Other related developments from around the markets include:
Freeport-McMoRan just reported first quarter 2025 results. Net income attributable to common stock in first-quarter 2025 totaled $352 million, $0.24 per share, and adjusted net income attributable to common stock totaled $358 million, $0.24 per share. Consolidated production totaled 868 million pounds of copper, 287 thousand ounces of gold and 23 million pounds of molybdenum in first-quarter 2025. Operating cash flows totaled $1.1 billion, net of $0.3 billion of working capital and other uses, in first-quarter 2025. Operating cash flows are expected to approximate $7.0 billion, including $0.2 billion of working capital and other sources, for the year 2025, based on achievement of current sales volume and cost estimates, and assuming prices of $4.15 per pound for copper, $3,000 per ounce for gold and $20.00 per pound for molybdenum for the remainder of 2025.
Centerra Gold reported its fourth quarter 2024 operating and financial results, and issued 2025 guidance. President and CEO, Paul Tomory, commented, “In the fourth quarter, we had steady gold and copper production and ended 2024 near the low end of our production guidance range. At Öksüt, we benefited from elevated production in 2024 by processing inventory that was accumulated during the shutdown in 2022 and 2023 to achieve over 200,000 ounces. Since the restart of operations in June 2023, Öksüt generated close to $550 million in cash provided from operations and over $480 million in free cash flow NG. We generated strong free cash flow at both operations in the fourth quarter, driven by robust contributions from Mount Milligan, which increased our cash and cash equivalents to $625 million.”
“Looking ahead to 2025, our production guidance reflects Öksüt returning to normal production levels, as previously planned, after two years of processing excess inventory, which in turn has impacted unit costs. We remain disciplined to protect margins through initiatives at our sites including at Mount Milligan through the site optimization program which will continue in 2025. We forecast continued strong free cash flow generation at our operations in 2025, allowing us to fund the restart of Thompson Creek and continue to return capital to shareholders, while preserving our cash for strategic opportunities.”
Barrick Gold announced that it has reached an agreement to sell the 50 percent interest in the Donlin Gold Project in Alaska held by Barrick’s subsidiary Barrick Gold U.S. Inc. to affiliates of Paulson Advisers LLC and NOVAGOLD Resources Inc. (NYSE American, TSX:NG) for $1 billion in cash. In addition, Barrick has granted NOVAGOLD an option to purchase the outstanding debt owed to Barrick in connection with the Donlin Gold Project for $90 million if purchased prior to closing, or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms. Paulson and NOVAGOLD have agreed to acquire 80 percent and 20 percent, respectively, of Barrick’s subsidiary’s interest in Donlin Gold LLC, the entity that holds the Donlin Gold Project, with each purchaser contributing pro rata to the purchase price and several existing shareholders, including Paulson, backstopping NOVAGOLD’s purchase commitment.
Newmont Corp. announced first quarter 2025 results and declared a dividend of $0.25 per share. “Following on from a robust fourth quarter performance, Newmont has delivered 1.5 million attributable gold ounces and generated a record first quarter free cash flow of $1.2 billion, demonstrating the strength of our unrivaled Tier 1 Portfolio,” said Tom Palmer, Newmont's President and Chief Executive Officer. "We also successfully completed our non-core divestiture program, generating up to $4.3 billion in total gross proceeds including over $2.5 billion of after-tax cash proceeds in the first half of 2025. With these significant achievements and a solid start to the year, we remain firmly on track to meet our 2025 guidance, continuing on our journey towards creating the world’s leading gold and copper portfolio for the benefit of our shareholders."
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 Troilus Gold Corp by Troilus Gold Corp. We own ZERO shares of Troilus Gold Corp. Please click here for disclaimer.
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