Category: Gold

The Abitibi Gold Mining Opportunity  Visual Capitalist

When Tigray became a ‘Wild West’ of illegal gold mining, Canadian firms staked a claim  The Globe and Mail

Kenya discovers largest gold deposit in decades, worth an estimated US$5.29 billion  Business Insider Africa

Video: The Horror of South Africa’s Illegal Gold Mining Disaster  Bloomberg.com

Aris Mining and Robert Half have been highlighted as Zacks Bull and Bear of the Day  Yahoo Finance

Gold falls 1% as broad market sell-off follows U.S. government reopening  CNBC

Source: Ralph Profiti 11/01/2025

Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) owns the Casino copper-gold-molybdenum-silver project in Yukon, a key development asset and ideal takeout target, and boasts two strategic investors, noted a Stifel initiation report.

Western Copper and Gold Corp. (WRN:TSX; WRN:NYSE.MKT) garnered research coverage by Stifel, the firm having initiated on the Canadian mining explorer-developer with a Buy rating and a CA$5.50 per share target price, Managing Director Ralph Profiti reported in a June 10 research note.

“The Casino project’s development potential as a large-scale, open-pit copper porphyry in a Tier 1 jurisdiction, with a low-strip ratio and low cash costs due to significant gold credits positions Western Copper and Gold for continued rerating amid project derisking catalysts (permitting, power, partnerships) and our forecasted copper market deficits starting in 2028,” Stifel’s Profiti wrote.

220% Return Implied

At the time of Profiti’s report, Western Copper and gold was trading at about CA$1.72 per share, he wrote. From this price, the return to Stifel’s target price is 220%.

Profiti wrote that high-quality, undeveloped copper-gold projects in favorable jurisdictions, like Casino, “should command strategic importance and premium valuations in the next copper cycle due to their scarcity, size and suitability for conventional mining.”

The junior miner has 200 million shares outstanding, a market cap of CA$344 million and a 52-week range of CA$1–2 per share.

About The Project

Profiti presented the key attributes investors should know about Western Copper and Gold. First, he reviewed the company’s flagship Casino project, its resources and reserves, and its projected economics.

Casino is a development asset in the emerging Whitehorse Mining District in west-central Yukon and integral to Canada’s nation-building efforts. Casino hosts one of the world’s largest undeveloped copper-gold deposits and one of the world’s most economic greenfield copper-gold mining projects. Its Measured & Indicated resource currently is 2,490,000,000 tons (2.49 Bt) tons of 0.14% total copper, 0.18 grams per ton (0.18 g/t) gold and 1.5 g/t silver.

Proven & Probable (2P) reserves amenable to milling are 1.22 Bt of 0.19% total copper, 0.22 g/t gold, 0.021% molybdenum and 1.7 g/t silver. 2P reserves amenable to heap leaching are 209,600,000 tons at 0.26 g/t gold, 0.036% copper and 1.9 g/t silver.

These resources were calculated last in 2022 for the feasibility study (FS). Plus, significant exploration potential exists to the west of the current pit outline, including Ana and Casino B. These copper targets have shown mineralization similar to Casino’s, and the gold targets have shown mineralization similar to that of Newmont Corp.’s (NEM:NYSE; NGT:TSX; NEM:ASX) Coffee deposit to the north.

Along with Newmont, other major miners actively advancing projects in the Yukon include Rio Tinto Plc RIO:NYSE; RIO:ASX; RIO:LSE; RTNTF:OTCMKTS), Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and Kinross Gold Corp. (K:TSX; KGC:NYSE).

“We estimate (based on corporate data) that there are 30,000,000 ounces (30 Moz) of gold in the district, with significant exploration upside and strong government support to fund access to the area and strong community and First Nations support,” Profiti wrote.

The 2022 feasibility study outlined an operation producing an annual average of 74,000 tons (74 Kt) of copper and 211,000 ounces (211 Koz) of gold and significant amounts of molybdenum and silver over Casino’s 27-year life of mine. During years 1 through 4, average annual copper and gold production would be higher, at 109 Kt tons and 333 Koz, respectively. Initial capex would be CA$3.62 billion (CA$3.62B), and net cash costs would be (US$0.80) per pound [(US$0.80/lb)] of copper.

The project economics contained in the FS are a CA$2.33B after-tax net present value discounted at 8% (NPV8%) and an after-tax 18.1% internal rate of return (IRR), using a copper price of US$3.60/lb and a gold price of US$1,700 per ounce (US$1,700/oz). At higher metals prices, US$4/lb copper and US$2,500/oz gold, the project would return a CA$4.35B after-tax NPV8% and a 25.3% after-tax IRR.

Stifel’s base-case scenario for Casino, based on US$4.25/lb copper and US$2,400/oz gold, yields an NPV9% of CA$4.19B and an after-tax IRR of 23.8%.

Stifel estimates that production at Casino could start in 2032.

Permitting to Start Soon

Profiti discussed permitting of Casino with the Yukon Environmental and Socioeconomic Assessment Board (YESAB). YESAB’s Panel Review process will begin once Western Copper and gold submits the environmental and socioeconomic effects (ESE) statement to the board. The company noted in November 2023 that it is aiming to officially file the document in July 2025, which is next month.

The several-year permitting process with YESAB includes establishment of and review of the ESE by an independent panel, a technical analysis and public hearings, followed by publication of the Decision Document, explained Profiti. Construction at Casino potentially could start in H2/28.

“Significant policy tailwinds for critical minerals resource development in Canada serve to reinforce our view of Casino advancing through permitting into development,” Profiti wrote.

A Look at Infrastructure

Casino will need infrastructure that does not yet exist in the region but is developing, Profiti pointed out. An access road to Casino needs to be funded and built. For power, the potential for connecting the power grids of Yukon and British Columbia with a high-energy transmission line is being studied despite Casino’s power option in the FS being liquefied natural gas. Casino would be integral to building out the grid connection concept. The Port of Skagway, about 560 kilometers from Casino, is Western Copper and Gold’s choice for exporting its copper concentrate.

Casino as M&A Target

The explorer-developer has two strategic investors: Rio Tinto with a 9.6% equity stake and Mitsubishi Materials with a 5% equity stake, Profiti noted.

“We see Rio Tinto and Mitsubishi Materials as highly committed strategic investors, reinforcing our conviction that Casino will advance through permitting and into development,” the managing director wrote.

Stifel thinks that once Casino permitting and infrastructure development are further along, it is likely Casino will be consolidated into a larger mining entity to allow for potentially a greater scale of operations. Stifel also believes Rio Tinto is “the most logical suitor.” That said, Casino may be a good fit for Agnico Eagle, Barrick Mining Corp. (ABX:TSX; B:NYSE) or First Quantum Minerals Ltd. (FM:TSX; FQM:LSE) or potentially a joint venture (JV) agreement involving more than one of these majors. (Rio Tinto and First Quantum formed a JV in March 2023 on the La Granja project in Peru, Profiti noted.)

“Casino is well-positioned as a mergers and acquisitions (M&A) target, offering exposure to a high-grade porphyry with district-scale potential and improving infrastructure access expected to enhance project economics,” wrote Profiti.

Relationship with First Nations

Profiti highlighted that Western Copper and Gold has “open, cooperative and transparent engagement” with the First Nations in the region: the Selkirk, Little Salmon Carmacks, Tr’ondek Hwech’in, White River and Kluane. The company’s recently signed cooperation agreements, in part recognizing historical traditions, should make it easier for WRN and each of the First Nations to be affected by Casino to enter into separate impact and benefit agreements (IBAs).

“We expect an initial IBA with the Selkirk First Nation (given the greater degree of impact) as a key catalyst towards appreciation of a strong social license to operate and is a key factor in maintaining timelines of permitting, development and financing milestones,” wrote Profiti.

Well-Versed in Financing, Strategy

In his initiation report, Profiti included a bio for all seven members of Western Copper and Gold’s management team and for all seven directors. He noted that the president and chief executive officer (CEO), Sandeep Singh, joined the company in this role in February 2024. Previously, Singh was the president/CEO of Osisko Gold Royalties and before that, an investment banker focused on the North American metals and mining industry for 15 years.

“Singh has advised numerous mining companies on financing alternatives and strategic matters as well as having acted on some of the most complex and value-enhancing M&A transactions in the mining sector,” Profiti wrote.

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Important Disclosures:

1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Barrick Mining Corp. Agnico Eagle Mines Ltd., Osisko Gold Royalties, and Rio Tinto Plc.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/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.

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Disclosures for Stifel, Western Copper and Gold Corp., June 10, 2025

Important Disclosures and Certifications I, Ralph M. Profiti, research analyst, certify that the views expressed in this research report accurately reflect my personal views about the subject securities or issuers; and I, Ralph M. Profiti, certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Our European Policy for Managing Research Conflicts of Interest is available at www.stifel.com/institutional/ ImportandDisclosures. Western Copper & Gold Corp. (WRN CN) as of June 09, 2025 (in CAD) Price (CAD) 3.50 3.00 2.50 2.00 1.50 1.00 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 *Represents the value(s) that changed. Buy=B; Speculative Buy=SB; Hold=H; Sell=S; Discontinued=D; Suspended=SU; Initiation=I The disclosures contained in this report are applicable as of the date of publication. For a current price chart with historical rating and target price changes as well as current disclosures for WRN CN go to http://stifel2.bluematrix.com/sellside/Disclosures.action?ticker=WRN CN Stifel or an affiliate expects to receive or intends to seek compensation for investment banking services from Western Copper & Gold Corp. in the next 3 months. The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various factors, including Stifel’s overall revenue, which includes investment banking revenue. Investment Rating System Our investment rating system is defined as follows: Buy – We expect a total return of greater than 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. Speculative Buy1 – We expect a total return of greater than 30% over the next 12 months, with total return equal to the percentage price change plus dividend yield, accompanied by substantially higher than normal risk including the possibility of a binary outcome. Hold – We expect a total return between -5% and 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. Sell – We expect a total return below -5% over the next 12 months with total return equal to the percentage price change plus dividend yield. Occasionally, we use the ancillary rating of Suspended (SU) to indicate a long-term suspension in rating and/or target price, and/or coverage due to applicable regulations or Stifel policies. Alternatively, Suspended may indicate the analyst is unable to determine a “reasonable basis” for rating/target price or estimates due to lack of publicly available information or the inability to quantify the publicly available information provided by the company and it is unknown when the outlook will be clarified. Suspended may also be used when an analyst has left the firm. 1 This rating is only utilised by Stifel Canada. Of the securities we rate, 48% are rated Buy, 0.25% are rated Speculative Buy, 24% are rated Hold, 1% are rated Sell and 27% are rated Suspended. Within the last 12 months, Stifel or an affiliate has provided investment banking services for 18%, 4%, 0% and 4% of the companies whose shares are rated Buy (includes Speculative Buy), Hold, Sell and Suspended, respectively. Within the last 12 months, Stifel or an affiliate has provided material services for 34%, 25%, 20%, 33% and 14% of the companies whose shares are rated Buy, Speculative Buy, Hold, Sell and Suspended, respectively. The securities of the company or companies mentioned in this report may not be registered in certain states or other jurisdictions and as a result, the securities may not be eligible for sale in some states or jurisdictions. Additionally, the securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. The information contained herein is not an offer to sell or the solicitation of an offer to buy any security in any state or jurisdiction where such an offer or solicitation would be prohibited.

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( Companies Mentioned: WRN:TSX; WRN:NYSE.MKT,
)

Source: Streetwise Reports 11/12/2025

Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) confirmed the discovery of thick, high-grade gold zones at its Fondaway Canyon project in Nevada. The results connected two major mineralized areas, revealing strong continuity across a previously undrilled corridor.

Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) has reported assay results from drill holes FCG25-33 through FCG25-35 at its 100% owned Fondaway Canyon gold project in Nevada. The holes targeted a 250-meter undrilled gap between the Colorado SW and North Fork zones, two of the most significant mineralized areas within the project’s Central Area open pit.

Drill hole FCG25-33 intersected 1.4 grams per tonne (g/t) gold (Au) over 122.3 meters, along with additional intercepts of 1.4 g/t Au over 27.8 meters and 1.0 g/t Au over 22.1 meters. The hole ended in a zone grading 4.8 g/t Au over 12.5 meters, which the company stated may represent a new deep-rooted high-grade structure. In the news release, Mike Sieb, President of Getchell Gold, said: “The most recent drill holes confirm strong lateral continuity of mineralization in the 250m gap between the Project’s biggest discoveries, the Colorado SW and North Fork gold zones. This is a critical development addressing and adding to the in-pit resource model as well as supporting strong confidence for further expansion at the Fondaway Canyon gold project.”

Hole FCG25-34 produced intercepts of 2.1 g/t Au over 51.0 meters, 1.5 g/t Au over 36.0 meters, and 1.4 g/t Au over 22.9 meters, extending mineralization 125 meters along strike and 80 meters down-dip. Hole FCG25-35, drilled furthest down-dip, returned 2.0 g/t Au over 25.7 meters and intersected multiple high-grade structures.

These results follow the release of prior drill holes from the 2025 campaign. In total, Getchell drilled 10 holes comprising 3,346 meters this year. Assays have been published for seven of them to date, with the remaining results anticipated later in the year.

The Fondaway Canyon project remains at the preliminary economic assessment (PEA) stage. The February 2025 PEA outlines an open-pit operation with a base-case gold price of US$2,250 per ounce, 1.23 million ounces of life-of-mine gold production, and an average gold recovery of 84%. The report estimates a pre-tax net present value (NPV) of US$546 million at a 10% discount rate and a 51.2% internal rate of return (IRR).

Gold Strengthens Amid Policy Shifts and Market Uncertainty

According to a November 10 report from Bloomberg, gold surged as U.S. lawmakers moved closer to ending the longest government shutdown in American history. The publication noted that bullion climbed as much as 2.9% to trade above US$4,115 per ounce, supported by expectations that the Federal Reserve would inject additional liquidity into the system to offset the effects of the shutdown. Nicky Shiels, head of research at MKS Pamp SA, said that “gold and silver like the prospect of either more liquidity being pumped into the system or higher asset prices.” Ole Hansen, commodities strategist at Saxo Bank A/S, wrote that renewed fiscal uncertainty had “historically been supportive for investment metals,” as rising yields driven by fiscal anxiety tend to bolster demand for gold.

Kitco News reported on November 11 that gold prices eased slightly after touching a three-week high as shorter-term futures traders took profits. December gold settled at US$4,113.10 per ounce, while silver held modest gains at US$50.54 per ounce. The article noted that gold remained on track for its best annual performance since 1979, having reached an all-time high in October. Market sentiment was influenced by expectations of a Federal Reserve rate cut following a weaker outlook for U.S. economic data once the government reopened. The report added that lower interest rates generally supported precious metals by making them more attractive relative to yield-bearing assets.

In a November 12 commentary, Matthew Piepenburg wrote that gold’s enduring appeal rested on its role as “real money” capable of preserving wealth amid what he described as growing distortions in global financial systems. He explained that gold had “retained purchasing power as fiat currencies have been debased,” referencing the long-term loss in the U.S. dollar’s value since the Federal Reserve’s establishment. Piepenburg stated that “the case for gold [was] almost too obvious,” emphasizing its function as a hedge against inflation and monetary instability.

Analyst Confidence in Fondaway Canyon’s Growth Potential

In an October 9 report, Jeff Clark of Paydirt Prospector reiterated a Buy recommendation on Getchell Gold Corp., describing the company’s ongoing metallurgical testing as a “major catalyst.” Clark acknowledged that processing refractory ore presented challenges but said the project’s 84% recovery rate remained a key achievement.

He wrote that “Getchell’s 85% recovery rate is good, not great, but we knew going in there was a good chance they would be able to squeak out higher recoveries.” Clark added that improved recoveries over the life of the mine could “have a significant impact on future gold output and cash flow.”

Clark also noted the relatively early stage of institutional participation, observing that “institutional investors will be watching — and remember there aren’t many of them in the stock yet.” He described the metallurgical program, led by Deepak Malhotra at McCarl’s Technical Services, as an essential step toward enhancing the project’s economics. At the time of publication, Clark stated that Getchell’s shares had “tripled year-to-date,” and he advised investors to hold existing positions or consider accumulating on weakness.

Clark reiterated his Buy rating on October 23, writing, “As I said in my initiation of coverage, Getchell is priced attractively on the basis of the value of Fondaway Canyon’s established open pit mineral resource alone. Earlier this year, the PEA for the resource outlined a post-tax NPV (discounted steeply at 10%) of US$474 million and an IRR of 46.7%—assuming a conservative gold price of just US$2,250. This looked very attractive in August when Getchell’s market cap was around CA$50M and gold was trading around $3,500. It looks just as attractive today because, while Getchell’s market cap has advanced some to nearly CA$64 million since then, the price of gold has also risen significantly. Not to mention the fact that Getchell also recently initiated work to boost recovery rates from their current 85%, addressing the potential limitations of its refractory ore head on. The simple point remains that . . . the gap between Getchell’s market cap and the PEA’s US$474 million NPV leaves plenty of room for a re-rate. That’s why I maintain a full position.”

According to the November 10 research note from Atrium Research, analyst Nicholas Cortellucci maintained a “Buy” rating on Getchell Gold Corp. as well, and reiterated a “target price of CA$1.10 per share,” citing strong assay results from the company’s recent drilling at the Fondaway Canyon gold project. Cortellucci described the reported drill results as “stellar,” noting that the holes “confirmed continuity between key zones” within the mineral resource pit shell.

He wrote that hole FCG25-33 “intersected a 212-meter broad zone of gold mineralization” and “ended in 12.5 meters grading 4.8 g/t Au,” while hole FCG25-34 “intersected a 145-meter broad zone of gold mineralization,” and hole FCG25-35 “intersected multiple high-grade structures.”

Cortellucci also underscored the strength of the project’s economics, describing the preliminary economic assessment as a “low-capex, high-IRR open-pit mine with an annual gold production of 117,000 ounces.” He cited an initial capital cost of US$227 million and an after-tax NPV10% of US$474 million at a gold price of US$2,250 per ounce, rising to US$973 million at US$3,300 per ounce. The report concluded that Getchell Gold “remained well-positioned for continued growth” and that insider buying reflected management’s confidence in the project’s long-term value.

The same day, Michael Ballanger of GGM Advisory Inc. sent out a newsletter on Getchell, rating it as a Strong Buy.

Advancing Growth in Nevada’s Gold Corridor

Getchell Gold is positioning the Fondaway Canyon project for continued growth through a multi-pronged strategy. The company completed its 2025 drill campaign with the goal of expanding mineralization along strike and at depth. According to the investor presentation, results from FCG25-33 to FCG25-35 demonstrate strong connectivity between two key gold zones and support in-pit resource growth.

Beyond drilling, additional metallurgical studies are planned to enhance gold recoveries and improve the marketability of the project’s concentrate. These findings are expected to inform a revised mineral resource estimate and an updated economic assessment in 2026. As outlined in the PEA, Fondaway Canyon features a 10.5-year mine life based on a 2.9 million tonne per annum processing rate. Gold mineralization remains open in most directions, and all 10 holes drilled in 2025 intersected gold, including high-grade near-surface intervals and deeper extensions of the system. [OWNERSHIP_CHART-9661]

Located 170 kilometers east of Reno, Fondaway Canyon sits in one of the world’s top-ranked gold jurisdictions. The project benefits from road access, proximity to existing infrastructure, and historical exploration dating back decades. The current program builds on a September 2024 mineral resource estimate and leverages Nevada’s strong mining framework to pursue further advancement of this advanced-stage gold asset.

Ownership and Share Structure ¹

12.15% of Getchell Gold is held by management and insiders. Robert Bob Bass holds the most with 10.10%, followed by Robert Christopher Bass with 1.08%. The rest is retail.

As of November 12, 2025, Getchell Gold Corp. had 194.79 million shares outstanding, a market capitalization of approximately CA$67.18 million, and a 52-week trading range of CA$0.08 to CA$0.35.

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1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Getchell Gold.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: GTCH:CSE; GGLDF:OTCQB,
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