Category: Gold

Source: Streetwise Reports 05/15/2025

Soma Gold Corp. (TSXV:SOMA; OTC:SMAGF; WKN:A2P4DU) became Colombia’s first carbon-neutral mining firm while boosting gold sales and positioning for breakout growth in a bullish market. Read more about this environmental milestone.

Soma Gold Corp. (TSXV:SOMA; OTC:SMAGF; WKN:A2P4DU) has announced that its wholly owned Colombian subsidiary, Operadora Minera SAS, has achieved carbon neutrality for the 2023 reporting year. The certification was granted under the internationally recognized PAS 2060:2014 standard by Bureau Veritas – BVQI Colombia Ltd., making Operadora the first mining company in Colombia to be certified carbon neutral across Scope 1, 2, and 4 emissions. Scope 1 refers to direct emissions from company-controlled operations such as fuel use, Scope 2 covers emissions from purchased electricity, and Scope 4 involves avoided emissions resulting from products or services that displace higher-emission alternatives.

This achievement follows a multi-year effort by Soma and Operadora to measure, reduce, and offset greenhouse gas (GHG) emissions. As part of the initiative, the company implemented a transition to 100% renewable hydroelectric power, adopted operational efficiencies, and purchased verified carbon offsets through REDD+ conservation projects in the Amazon rainforest. According to Soma, the total GHG reduction since 2021 equals 2,812 tons of CO₂e, while the remaining 1,345 tons emitted in 2023 were fully offset.

“We are proud to be the first mining company in Colombia to achieve carbon neutrality,” said Héctor Meléndez, Soma’s Colombia Country Manager, in the company’s news release. “This achievement proves that mining can be part of the solution to the global climate challenge and reinforces our commitment to environmental leadership.”

In parallel with the carbon neutrality milestone, Operadora Minera also signed a voluntary environmental regeneration agreement with CORANTIOQUIA and three formalized small-scale miners. The agreement aims to restore ecosystems impacted by illegal mining, focusing on reforestation, water rehabilitation, and biodiversity through sustainable development and education programs. Meléndez emphasized the company’s dedication to these efforts, stating that the agreement reflects Soma’s “life-centric values” and its “commitment to leaving a lasting legacy of environmental stewardship.”

Soma’s recent environmental achievement comes amid a period of steady operational and financial growth. For the 2024 fiscal year, the company reported revenue of CA$89.4 million from the sale of 27,668 gold equivalent ounces, representing a 10.1% increase over 2023. EBITDA for the year totaled CA$33.2 million, with net income rising to CA$4.2 million, up from CA$2.8 million the previous year. Average realized gold prices stood at US$2,411 per ounce, with a cash margin of US$1,152 per ounce. Total cash costs were reported at US$1,259 per ounce.

Gold Mining in a High-Price, Stagflationary Environment

Gold developers operated in an increasingly favorable environment through mid-May, driven by macroeconomic pressure, investor demand, and elevated bullion prices. On May 7, Ahead of the Herd highlighted that rising inflation and slowing growth had contributed to a potential “stagflation for the ages,” a condition historically beneficial for gold. The site noted, “Gold does well in stagflationary periods and outperforms equities during recessions,” referencing a 32.2% average return for gold during past stagflationary periods.

As interest in the metal surged, Morris Hubbartt of Super Gold Signals suggested the junior mining segment had reached a key inflection point. On May 9, Morris Hubbartt of Super Gold Signals stated, “We’re in the ‘blastoff’ zone now for a lot of the junior miners,” suggesting the technical setup favored further movement in the segment. His rebranding of the service to reflect “the growing global importance of gold” also underlined the sentiment shift.

Rob McEwen echoed that view in a Junior Stocks editorial dated May 12. He remarked that although gold itself had climbed significantly in 2025, many equities were “still playing catch-up.” He described the sector’s trajectory as potentially “explosive,” supported by central bank demand and economic uncertainty. McEwen explained, “When gold rises like this, history shows us what happens next… the sector becomes truly electric—when the speculative frenzy hits and explorers with little more than a promising patch of dirt start seeing their market caps explode.”

A May 15 report from Stockhead observed that although gold continued to dominate investor attention, the gold-silver ratio had climbed to an unusually high level of 100. With gold priced at US$3,200 per ounce and silver at US$32.80, the ratio stood well above its long-term average of 60. John Forwood of Lowell Resources Fund told Stockhead, “The gold-silver ratio is currently at historic highs of over 100:1,” noting that a return to historical norms could drive silver prices significantly higher, even without further gains in gold. The report also pointed to growing industrial demand for silver, especially from the photovoltaic industry, which now represents roughly 20% of total industrial consumption and is expanding at an annual rate of 20 to 25%. However, global supply has remained relatively constrained, given the small number of silver-focused mining operations.

Analyst Signal Breakout Potential for Soma Gold

In a report from Technical Analyst Clive Maund, published on April 11, Soma Gold Corp. received a favorable assessment for its long-term technical setup and positioning within the precious metals sector.

According to Maund, the company had formed a “giant 5-year long Cup & Handle base pattern” that began during the market downturn triggered by the COVID-19 crash in early 2020. His analysis noted that Soma had not yet broken out of this pattern but suggested that a breakout appeared imminent given prevailing sector trends. Maund’s report described the stock as “an immediate strong buy and hold for a long time,” citing its chart formation and the broader momentum in gold stocks. It also cautioned that delaying entry in an attempt to optimize pricing could result in missing a potential move higher.

Where Expansion Meets Execution

Soma is currently scaling up operations at its Cordero and El Bagre complexes, as detailed in its May 2025 investor presentation. Production averaged 450 tons per day (TPD) in 2024 and is expected to rise to 500–550 TPD in the second quarter of 2025. The company plans to increase capacity further to 1,400 TPD by 2028. Exploration efforts are ongoing, with over 320,000 meters of diamond drilling completed to date and a US$7 million exploration program underway for 2025.

The El Limon mill, currently permitted for 225 TPD, is scheduled to restart in the second quarter of 2025, while the Nechi deposit is targeted for production ramp-up by late 2026. Soma is also progressing with ore-sorting technology tests and plans to expand mill capacity with a fully permitted US$6 million upgrade, which could raise annual output to 85,000 to 100,000 ounces.

As of April 30, 2025, Soma’s market capitalization stood at approximately CA$71.9 million. The company reported 2024 average grades of 6.61 grams per tonne gold, with a recovery rate of 88.34%. According to Soma’s investor materials, a new NI 43-101 resource estimate is anticipated in the first half of 2026, with a long-term strategy targeting over 1 million ounces of resource inventory. [OWNERSHIP_CHART-10919]

Soma’s properties cover approximately 41,000 hectares along Colombia’s prolific Otú fault, adjacent to Aris Mining’s Segovia mine. The company is also working to formalize artisanal miners under Colombia’s national program and plans to scale up to 150–200 TPD through this channel over the next two years.

In a region that has seen over 100 million ounces of historical gold discoveries, Soma is positioning itself as both a sustainable and steadily expanding operator.

Ownership and Share Structure

According to Refinitiv, 18.13% of the company is held by management and insiders.

CEO and Chairman Geoffrey Hampson has 17.25%.

Stategic entities hold 44.24% with Conex Services Inc owning 43.68%. A further 0.29% of control is vested in institutions. The rest is with retail investors.

Soma has 34.68 million free float shares, a market cap of CA$42.54 million and a 52 week range of CA$0.42 to 0.76. Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Soma Gold Corp.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: TSXV:SOMA; OTC:SMAGF; WKN:A2P4DU,
)

Source: Streetwise Reports 05/15/2025

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) intercepted 1,930 g/t gold in Ontario, uncovering a new high-grade zone and boosting momentum in a breakout gold sector environment. Read more about the discovery and whats next for the company.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has released an update on its 15,000-meter drill program at the Gold Rock project in Ontario, reporting that 6,084 meters have been completed to date. The company highlighted a significant intercept in Hole KW-25-003, which returned 301.67 grams per tonne (g/t) of gold over 3.90 meters, including 1,930 g/t gold over 0.60 meters. This result, from a newly identified Hanging Wall Zone (HW Zone), is among the highest-grade intervals reported to date and has prompted follow-up drilling both near surface and around 200 meters.

Gold Rock hosts Archean Lode-Gold style mineralization, which is strongly influenced by structural deformation. Dryden Gold is actively refining its understanding of the area’s structural history, recently identifying a third gold-bearing structural trend, referred to as the D3 Structure. This new trend has been incorporated into current drill planning. Targets include the Jubilee Zone, the historical Laurentian Mine, and the structurally complex Intersection Target. President Maura J. Kolb noted in the news release, “The team continues to adjust the drill plan as new data is collected, helping us have the best chances for intersecting high-grade gold mineralization at the most effective cost.”

The Jubilee Zone, initially drilled in 2024, has demonstrated a strike length of approximately 100 to 150 meters and remains open down plunge at depths of 300 to 500 meters. Hole KW-25-003 intersected both Jubilee and the HW Zone, leading the geology team to revise the structural model to reflect a more southerly plunge than initially interpreted.

Dryden has also started testing the Laurentian Mine, which operated in the early 1900s and produced 20,000 tonnes at an average grade of 14 g/t gold. Drilling is underway to evaluate potential extensions beneath the historic workings. Meanwhile, the company is pursuing its structural model at the Intersection Target, where three deformation zones converge, supported by geophysical and mapping data.

Dryden Gold will provide further updates at several upcoming investor events, including The Mining Investment Event of the North in Quebec City from June 3 to 5, and 121 Mining Investment New York on June 9 and 10. Management will also host investor meetings in Montreal and Quebec City during the first week of June.

On May 14, Jeff Clark of The Gold Advisor and Paydirt Prospector had an interview with Dryden, which you can see here. In the interview, Clark points out that the company “has already hit some high grades,” talking about the news above. Clark continued and said, “This could be potentially be . . . a new Red Lake — not just project — but district.” He also mentioned his high opinion of the team behind Dryden.

Gold Mining in a High-Price, Stagflationary Environment

Gold developers operated in an increasingly favorable environment through mid-May, driven by macroeconomic pressure, investor demand, and elevated bullion prices. On May 7, Ahead of the Herd highlighted that rising inflation and slowing growth had contributed to a potential “stagflation for the ages,” a condition historically beneficial for gold. The site noted, “Gold does well in stagflationary periods and outperforms equities during recessions,” referencing a 32.2% average return for gold during past stagflationary periods.

On May 9, Morris Hubbartt of Super Gold Signals stated, “We’re in the ‘blastoff’ zone now for a lot of the junior miners,” emphasizing a technical and sentiment shift in favor of smaller gold exploration companies. His commentary accompanied the rebranding of his service to reflect “the growing global importance of gold,” reinforcing the broader narrative of sectoral momentum.

Gold’s strong price performance continued to support industry activity. Rob McEwen, writing in Junior Stocks on May 12, observed that gold had risen more than 25% in 2025, while equities lagged behind. He noted that although some investors were still hesitant due to past underperformance, the stage had been set for a sharp rally in gold equities. “The equities will follow,” McEwen stated, referring to what he called an “explosive” setup in the sector driven by geopolitical tensions, central bank buying, and inflation concerns.

A May 15 report from Stockhead noted that while gold remained the primary focus for many investors, the gold-silver ratio had reached a historically rare level of 100, signaling potential upside for silver. With gold at US$3,200 per ounce and silver at US$32.80 per ounce, the ratio remained well above its long-term average of 60. John Forwood of Lowell Resources Fund told Stockhead, “The gold-silver ratio is currently at historic highs of over 100:1,” and added that a reversion to the mean could send silver to new highs even if gold prices held steady. The article also highlighted increasing industrial demand for silver, particularly from the photovoltaic sector, which now accounted for about 20% of total industrial usage and continued to grow at a rate of 20 to 25% annually. Despite this demand, supply remained inelastic due to the limited number of silver-dominant mines globally.

Analysts Highlight Dryden Gold’s Discovery Momentum and Technical Strength

Dryden Gold drew renewed interest from market analyst Chen Lin in the April 9 edition of his newsletter What is Chen Buying? What is Chen Selling?, where he spotlighted a recent drill intercept as a “blind discovery.” Lin explained that the company encountered visible gold at a depth of approximately 200 meters, about 80 meters above the expected target zone, in an area with no previous drilling. He reported, “They hit 2 meters of highly visible gold,” and while he did not expect the interval to match the company’s earlier result of “5 kg/ton gold,” he described the new hit as potentially “very high” grade.

Lin noted that Dryden Gold had delivered “great presentations” at the Metals Investor Forum and confirmed that the company had remained on his watchlist since then. He disclosed that the new discovery prompted him to increase his personal position and added that the company was working to obtain assay results ahead of its next appearance at the May forum. Ongoing drilling was focused on defining the geometry and extent of the newly identified mineralized zone.

*In a separate analysis dated April 15, Technical Analyst Clive Maund called Dryden Gold an “Immediate Very Strong Buy,” citing both its technical setup and favorable conditions in the gold sector. He wrote that the broader precious metals market had recently broken out of a five-year consolidation pattern, which he described as a “Bowl” formation, suggesting that “stocks like Dryden Gold will have the wind at their back.”

Maund pointed to consistent support for Dryden Gold shares at the CA$0.10 level, which had been tested multiple times since the company’s debut. He highlighted recent signs of accumulation, including increased trading volume and block purchases, as indicators of growing investor interest. “The writing is on the wall,” Maund stated, describing the stock as positioned to enter a longer-term uptrend. He identified near-term resistance between CA$0.22 and CA$0.24 and set an initial price target of CA$0.40, with potential for further gains as exploration results continue to develop.

What to Watch: Key Catalysts for Dryden Gold

According to its May 2025 investor presentation, Dryden Gold is focused on growing its Gold Rock Camp project and advancing multiple early-stage targets across its 702 km² land package. High-grade intercepts at Gold Rock have included 30.72 g/t gold over 5.70 meters, 15.17 g/t gold over 6.95 meters, and 26.11 g/t gold over 3.16 meters. Historic drill data includes a standout result of 3,497.0 g/t gold over 8.50 meters, including 53,700 g/t gold over 0.55 meters.

Dryden’s 2025 exploration budget totals CA$5.8 million, with CA$1.5 million allocated to drilling at Gold Rock, CA$1.6 million for Gold Rock Extension, and CA$800,000 for drilling at priority regional targets including Hyndman and Sherridon. Additional budget items include CA$700,000 each for geochemical surveys and mapping, CA$250,000 for 3D geophysics, and CA$150,000 for channel sampling.

Regional targets continue to deliver encouraging results. At Sherridon, historic surface samples have returned up to 617.00 g/t gold, while recent drill holes include 15.40 g/t gold over 5.50 meters and 83.10 g/t gold over 1.00 meter. At Hyndman, 2024 field programs expanded on 2023 discoveries, with multiple surface samples returning over 10.00 g/t gold and new geophysical anomalies identified. [OWNERSHIP_CHART-11012]

Dryden benefits from strategic infrastructure, including highway and grid access, year-round drilling capability, and collaborative relationships with First Nations communities. The company’s regional land position spans 50 kilometers of the Manitou-Dinorwic deformation zone, a known gold-bearing structure. With limited historical drilling and increasing geological clarity, Dryden is continuing to refine and prioritize targets throughout 2025.

Ownership and Share Structure

According to the company, management and insiders own 7.57%, with strategic entities owning 57.43% of Dryden.  

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.99% with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 14.35% stake in it. Euro Pacific Asset Management LLC owns 4.55%. There are 160 million shares outstanding.

Its market cap is CA$32 million, and it trades in a 52-week range of CA$0.40 and CA$0.095.

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Important Disclosures:

1. Dryden Gold Corp. are billboard sponsors of Streetwise Reports and pay SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own Dryden Gold Corp. securities.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

* Disclosure for the quote from the Clive Maund article published on April 15, 2025

1. For the quoted article (published on April 15, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$1,500.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.

( Companies Mentioned: DRY:TSXV; DRYGF:OTCQB,
)

Source: Streetwise Reports 05/15/2025

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced it has filed its interim financial statements for the first quarter ending March 31 including net earnings of US$10.6 million (US$0.11 per share) compared to a net loss of US$8.2 million (US$0.09 per share) for the same period in 2024. Read why some analysts believe its search for a partner for its massive KSM project could be the company’s most important catalyst.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced it has filed its interim financial statements for the first quarter ending March 31.

During that quarter, the company said it posted net earnings of US$10.6 million (US$0.11 per share) compared to a net loss of US$8.2 million (US$0.09 per share) for the same period in 2024.

“During the first quarter of 2025, Seabridge invested US$14.3 million in mineral interests, property and equipment compared to US$39.3 million invested in the first quarter of 2024,” Seabridge said in a release. “The working capital position increased by US$110.9 million from US$37.8 million on December 31, 2024, to US$148.7 million on March 31, 2025.”

Earlier this year, Seabridge completed a financing for more than CA$142 million, increasing its working capital with a bought-deal financing of 6,540,000 common shares at US$12.25 per share plus a private placement on the same terms with a strategic investor of 1,640,000 common shares.

Seabridge said net proceeds from the financings will be used to make the payments to BC Hydro for the completion of the KSM switching station; complete a program to collect all remaining anticipated field data for, and undertake early value engineering to support, a KSM bankable feasibility study; respond to data requirements from the joint venture process; fund other costs associated with ongoing activities at KSM; and for general corporate purposes.

In setting its goals for 2025 earlier this month, finding a partner for the massive KSM project in British Columbia was weighted the most at 25% out of 16 objectives.

Other goals for 2025 include unlocking value from its Courageous Lake project and completing drilling campaigns at its 3 Aces and Iskut projects.

In an updated research note on March 13, analysts Taylor Combaluzier and David Talbot of Red Cloud Securities noted that KSM is “one of the largest undeveloped gold-copper projects in the world.”

Brien Lundin of Gold Newsletter had for the company and KSM on May 1. “Gold’s impressive gains this year make the massive gold resource at Seabridge Gold Inc.’s KSM a fantastic optionality play,” he wrote. “On the strength of that play, the company remains a Buy.”

KSM Partner Still ‘Most Important Catalyst’

Seabridge has reported advancing discussions with several potential partners for KSM, the Red Cloud analysts said.

Given the recent financing, the Red Cloud analysts maintained their Buy rating on the stock and increased their target price to CA$53.90 per share, a 234% return at the time the note was written.

Finding a JV partner for KSM remains “the most important catalyst for the stock,” noted B. Riley Securities Analyst Nick Giles in an updated research note in February. He rated the stock a Buy with a CA$50 per share price target.

“The KSM project in British Columbia stands as the world’s largest undeveloped gold project in terms of resources,” wrote Giles. “It boasts proven and probable reserves of 47.3 (million ounces) Moz gold, 160 Moz silver, and 7.3 billion pounds of copper. We believe there are very few comparable developments today, especially with all three metals combined in one location.”

Giles continued, “We believe the economies of scale and tier 1 jurisdiction make for very attractive net economics and should ultimately translate to a JV partner.”

Seabridge noted that 2025 field programs were underway at KSM.

The Catalyst: Gold Falls, But Experts Still Bullish

Gold plummeted for a second day out of three on Wednesday, driven mainly by an improvement in risk appetite following positive trade news linked to the United States, reported Christian Borjon Valencia for FX Street on Wednesday.

“This, along with a bearish technical chart pattern, pushed the yellow metal below the US$3,200 figure for the first time since April 11,” Valencia noted. “At the time of writing, XAU/USD trades at US$3,182, down by more than 2%, as the trade war truce between Washington and Beijing has lifted traders’ spirits amid some uncertainty about the global economic outlook.”

But even as some investors move to riskier assets, many experts say the gold bull market is here to stay.[OWNERSHIP_CHART-700]

Garth Friesen wrote for Forbes on March 15 that DoubleLine Chief Executive Officer Jeffrey Gundlach said, “I think gold will make it to US$4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around US$1,800 on gold.”

And according to an April 10 post on Goldfix, Goldman Sachs has revised raised the upper boundary of its forecast range for the end of the year to US$3,520 an ounce and even introduced a “tall-risk scenario” as high as US$4,500 an ounce.

Ownership and Share Structure

Refinitiv provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 3% of the company. According to Refinitiv, CEO and Chairman Rudi P. Fronk owns 1.37%.

Refinitiv reports that institutions own about 62% of the company. Friedberg Mercantile Group Ltd. owns 17.58%, Eck Associates Corp. owns 3.76%, Kopernik Global Investors, L.L.C. owns 11.57%, and Paulson & Co. Inc. owns 2.25%.

According to Refinitiv, there are about 91.95 million shares outstanding, while the company has a market cap of CA$1.5 billion and trades in a 52-week range of CA$13.44 and CA$28.39.

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Important Disclosures:

1. Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: SEA:TSX; SA:NYSE.MKT,
)

Source: Streetwise Reports 05/14/2025

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced that it has hit a “broad zone of gold mineralization with strong quartz-carbonate veining showing visible gold in three occurrences” at its Quesnelle Gold-Quartz Mine. This is not the first time the company has hit visible gold at the site.

Golden Cariboo Resources Ltd. (GCC:CSE; GCCFF:OTC; A0RLEP:WKN; 3TZ:FSE) announced that its current drill hole at its Quesnelle Gold-Quartz Mine in British Columbia has hit a “broad zone of gold mineralization with strong quartz-carbonate veining showing visible gold in three occurrences.”

It’s not the first time they’ve seen visible gold there. During its exploration at Quesnelle, Golden Cariboo has found multiple occurrences in its core results from the project. According to the company, that includes at least 10 holes with visible gold in a row.

Drill hole QGQ25-23 was completed in the north-northwest-extension of the Halo zone.

“The mineralization is highly similar to a zone intersected in QGQ24-20, which returned 1.45 grams per tonne gold (g/t Au) and 16.05 g/t silver (Ag) over 137.17 meters within a broader intercept, and to the mineralization intercepted in QGQ24-21, which is currently ALS Canada for assaying,” the company said in a release.

QGQ25-23 was collared into graphitic argillites, Golden Cariboo said. At a depth of 193 meters, it intersected the lithologic contact towards to underlying andesitic volcaniclastics, which comprise the uppermost portion of a greenstone package.

“An intense stockwork of several centimeters to over 1-meter-wide quartz-iron-carbonate veins occurs on both sides of the contact starting at a depth of 118 meters,” the company said. “The veins contain VG (visible gold) in three occurrences between 202.4 meters and 281.2 meters . . . At a depth of 288.04 meters, QGQ25-23 was abandoned within the mineralized zone due to technical difficulties, resulting in a drilled length of the vein stockwork of 170 meters.”

In April, the company announced that drill hole QGQ24-21 at Halo intersected a “zone of persistent gold mineralization,” which included “multiple occurrences of visible gold, starting from 257 meters downhole.” This would mark the ninth continuous drill hole showing visible gold since the Halo zone was discovered.

“Visible gold in current drilling indicates potential for high-grade assays from mineralized targets,” Couloir Capital Senior Mining Analyst Ron Wortel wrote of the project in a recent research report as he assigned a Buy recommendation for the company’s stock, citing Golden Cariboo’s exploration initiatives as a unique opportunity for exposure to a gold resource discovery in a Tier 1 jurisdiction.

Study Hopes to Address ‘Nugget Effect’

After the repeated visible gold discoveries, Golden Cariboo announced last month that it planned an orientation study using Chrysos PhotonAssay technology to analyze the gold in drill core and rock samples at the site.

The non-destructive photon assay procedure is designed to evaluate the potential for better addressing the “nugget effect,” one of the most persistent challenges in precious metals exploration, while potentially improving assay turnaround times, the company said.

“This innovative technology not only optimizes resource evaluation but also strengthens the transparency and reliability of assay data, which is vital for informed decision making in our exploration program and possible future resource development,” said Golden Cariboo President and Chief Executive Officer Frank Callaghan at the time.

The process uses high-energy photons (X-rays) to interact with the atomic structure of samples, resulting in characteristic gamma emissions from gold atoms.

“This process allows for the quick analysis of larger volumes (up to 500 grams) of sample material per assay, compared to traditional fire assay methods (30-to 50-gram sample material),” the company’s release said. “It therefore boasts a huge advantage in addressing the nuggety nature typical for gold mineralization. The nugget effect is usually found to be particularly strong when coarse, visible gold is present, as encountered in almost all of the recent drill holes at the company’s Halo zone target.”

By analyzing a bigger and therefore more representative sample, the photon assay “assures that both finely dispersed gold and coarse gold particles are accurately quantified. Photon assay is an established method widely used in multiple gold exploration and mining projects around the world with excellent results.”

The procedure will be used initially on core samples, which have already been analyzed by traditional fire assay for a comparison of both methods.

Two ‘Significantly Sized’ Soil Anomalies

In March, Golden Cariboo said it had identified two “significantly sized” gold in Mobile Metal Ion (MMI) soil anomalies north of the currently known extent of Halo. Detailed analysis of the MMI soil data between Hixon Creek and Buckley Creek “revealed gold anomalies that have been shown to correlate with known gold mineralization of the trenching and diamond drilling program,” geologist David Mark said. “This, therefore, shows that MMI is invaluable in outlining gold targets within the Quesnelle Gold Quartz Mine property. As such, it has revealed numerous gold anomalies throughout the MMI survey area that are new targets for future exploration.”

Earlier drilling results this year also significantly extended the Halo zone.

Technical Analyst Clive Maund, commenting on earlier drill results from the project, said that while “the grades found are good, the big news here is the extent of it.”

Throughout the year, Golden Cariboo plans to continue its 12-month continuous drilling and exploration program. The expectation is that the company will be drilling 7,500 meters and around 25 holes.

The Catalyst: Gold Could Still Rise Despite Inflation Numbers

According to Angelica Leicht writing for CBS Money Watch, the latest inflation report brought the good news that inflation was improving and prices only went up by 0.2% from March to April.

“But what’s surprising is that while inflation has been cooling down, gold prices have remained hot since the start of the year — breaking numerous records over the last five months and recently surpassing the US$3,400 per ounce mark for the first time ever,” she wrote. “That, in turn, has been great for gold investors, who have been raking in the returns as gold prices have climbed. With inflation continuing to cool, though, there could be ripple effects that have a widespread impact on the economy, including the gold market.”

Gold is typically seen as a hedge against inflation, she wrote, so “a decrease in inflationary pressures would generally lead to a dip in gold prices.” [OWNERSHIP_CHART-11131]

“However, that relationship isn’t always straightforward, especially when other economic factors come into play,” Leicht wrote.

Others are predicting that gold could still go higher. Garth Friesen wrote for Forbes on March 15 that DoubleLine Chief Executive Officer Jeffrey Gundlach said, “I think gold will make it to US$4,000. I’m not sure that’ll happen this year, but I feel like that’s the measured move anticipated by the long consolidation at around US$1,800 on gold.”

And according to an April 10 post on Goldfix, Goldman Sachs has revised raised the upper boundary of its forecast range for the end of the year to US$3,520 an ounce and even introduced a “tall-risk scenario” as high as US$4,500 an ounce.

Ownership and Share Structure

According to Golden Cariboo, management and insiders own 10.5% of the company, and President and Chief Executive Officer Frank Callaghan owns nearly 9%.

Retail investors hold the remaining. There are no institutional investors.

The company said it has 70.2 million shares outstanding, and its market cap is CA$6.3 million. Over the past 52 weeks, Golden Cariboo has traded between CA$0.09 and CA$0.30 per share.

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Important Disclosures:

1. Golden Cariboo Resources Ltd. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Golden Cariboo Resources Ltd.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: GCC:CSE; GCCFF:OTC; A0RLEP:WKN;3TZ:FSE,
)

Source: Joe Reagor 05/13/2025

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) makes this move following strong cash flow generation in Q1/25 and subsequent receipt of a sizable payout from its joint venture, noted a ROTH Capital Partners report.

MAG Silver Corp.’s (MAG:TSX; MAG:NYSE American) Q1/25 financial results were a beat, reported Joe Reagor, managing director and senior research analyst, ROTH Capital Partners, in a May 9 research note.

“Results were above expectations due mainly to a lower-than-estimated corporate tax rate,” Reagor wrote. “Otherwise, operations continue to perform well.”

Dividend Declared

MAG will pay shareholders a US$0.20 dividend, its second ever, later this month, Reagor reported. Strong cash flow in Q1/25 and receipt of US$61.5 million in cash from the Juanicipio joint venture (JV) in April 2025 led to the dividend announcement.

The analyst pointed out that the dividend amount could drop in the future because MAG is expected to increase its capital spending throughout the rest of this year. This in turn could reduce free cash flow from the JV.

EPS Beat Surprising

Reagor reported that the standout result in Q1/25 was MAG’s earnings per share of US$0.28 beat ROTH’s estimate of US$0.22. This primarily was due to a lower-than-anticipated corporate tax rate, and thus the beat most likely was an exception due to circumstances, noted the analyst. For the rest of 2025, Reagor expects results to be “steady.”

Target, Rating Unchanged

On the news, ROTH maintained its US$16 per share target price and Neutral rating on MAG Silver, noted the analyst. The mining company is trading at the time of the report at about US$15.93 per share.

The Q1/25 results increased ROTH’s annual discounted cash flow estimate on the Canadian producer by US$0.01 per share, Reagor reported, but MAG’s announced dividend payment more than made up for it.

As for other MAG stock data, the company has 103.45 million outstanding shares. Its market cap is US$1.6 billion. Its 52-week range is US$11.58–17.99 per share.

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Important Disclosures:

1. MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for ROTH Capital Partners, MAG Silver Corp., May 9, 2025

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.

( Companies Mentioned: MAG:TSX; MAG:NYSE American,
)

Source: Joe Reagor 05/14/2025

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) is being sought by Pan American Silver Corp., but Fresnillo Plc, joint venture partner of MAG, still could make a bid for it, noted a ROTH Capital Partners report.

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) agreed to be acquired by Pan American Silver Corp. (PAAS:TSX; PAAS:NASDAQ) for a combination of cash and stock, reported Joe Reagor, ROTH Capital Partners managing director and senior research analyst, in a May 12 research note.

On the news, ROTH raised its target price on MAG to US$18 per share from US$16 and maintained its Neutral rating.

ROTH based its new target on the current value of the acquisition, about US$18.30 per MAG share, prorated, as estimated by the investment bank, based on Pan American’s current US$23.33 share price, Reagor wrote.

According to the deal terms, MAG shareholders are to receive a prorated share of US$500 million in cash and about 60 million (60M) shares of Pan American Silver.

JV Partner Could Jump In

ROTH believes the transaction likely will receive all of the requisite approvals and close later this year, Reagor wrote.

However, he pointed out, MAG’s joint venture (JV) partner Fresnillo Plc (FNLPF:OTCMKTS; FRES:LSE) could make a competitive offer for MAG though so far it has not shown signs it will. Rather, Fresnillo has expressed its approval of the sale to Pan American and hosted the acquirer for a site visit in Mexico at Juanicipio, Fresnillo and MAG’s JV project.

More Stock Details

Reagor reported that currently MAG Silver has 103.45M outstanding shares, a market cap of US$1.6 billion and a 52-week range of US$11.58–17.99 per share.

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Important Disclosures:

1. MAG Silver Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan American Silver Corp.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for ROTH Capital Partners, MAG Silver Corp., May 12, 2025

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: ROTH makes a market in shares of MAG Silver Corp. and as such, buys and sells from customers on a principal basis

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC.

( Companies Mentioned: MAG:TSX; MAG:NYSE American,
)

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