Category: Gold

Source: Streetwise Reports 04/01/2025

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has secured drill permits for its Sherridon Property, where historical samples returned up to 617 g/t gold. With drilling set for summer 2025, the company is preparing to test what could be a much larger gold system.

Dryden Gold Corp. (DRY:TSXV; DRYGF:OTCQB) has received exploration permits from the Ontario Ministry of Mines for its Sherridon Property, clearing the way for drill testing of historically high-grade surface gold zones. According to the company, past surface samples from Sherridon returned grades as high as 617.00 grams per tonne (g/t) gold, with multiple additional samples exceeding 100 g/t gold.

With the necessary permits now in place, Dryden Gold intends to launch a 1,000 to 2,000-meter drill program at Sherridon in the summer of 2025. Ahead of this work, the company has completed geological mapping and developed a structural model based on both recent and historical surface and drill data. In addition, Dryden has engaged Mira Geoscience to conduct a 3D inversion study, a geophysical modeling technique designed to improve subsurface geological interpretation and identify prospective drill targets beneath surface cover.

“This permit along with our new permit at Gold Rock are major milestones for the Dryden Gold team,” said CEO Trey Wasser in a company news release. “These permits will enable us to systematically explore and drill test new targets on our large strategic property.”

Dryden is concurrently conducting a spring drilling campaign at its Gold Rock Camp, targeting the down-plunge extension of the Elora Structure and following mineralization along strike toward historic targets such as the Laurentian Mine and Mud Lake. The company’s total planned drill activity for 2025 includes approximately 15,000 meters across the Dryden Gold District, with work focused on expanding known high-grade systems and exploring under-tested regional structures.

At Sherridon, gold mineralization has been found in association with an east-west striking, steeply dipping foliation and pyroxenite dykes containing up to 5% disseminated sulfides. A previous 2012 drill hole returned 15.40 g/t gold over 5.50 meters, including 83.10 g/t gold over 1.00 meter. The current exploration program also covers newly acquired ground adjacent to the original claims. The 3D inversion study will now be extended to the expanded land package to search for similar geophysical signatures linked to known mineralized zones.

“I am very excited to complete the 3D inversion study on Sherridon,” said Maura Kolb, President of Dryden Gold, in a company news release. “We have completed this type of study on Gold Rock and Hyndman, which have both resulted in favorable new exploration targets. We now have exploration permits for Gold Rock and Sherridon which allows us to test our theories for high-grade controls on these targets and expand their footprints.”

Gold Prices Break Records

The gold sector entered the final days of March with record-setting momentum in futures markets, while mining equities continued to trail behind the underlying metal. On March 26, GoldFix reported that Bank of America raised its gold price forecast to US$3,500 per ounce, stating, “We believe gold could rally to US$3,500/oz if investment demand increases by 10%.” Goldman Sachs also lifted its year-end target to US$3,300, with a forecast range of US$3,250 to US$3,520. In more extreme market conditions, the firm noted that gold could “plausibly trade above US$4,200/toz by end-2025 and exceed US$4,500/toz within the next 12 months.”

Also on March 26, Barry Dawes of Martin Place Securities observed that “gold is moving quietly ahead and should soon start accelerating,” contrasting the current trend with prior bull markets characterized by high volatility. Dawes highlighted that corporate activity in the sector showed “capital markets are freeing up in the resources sector,” with acquisitions now focused on operating cashflows.

On March 27, Egon von Greyerz published a commentary titled Bonfire of the Paper Asset Vanities & the Rebirth of Gold, noting a long-term shift in sentiment. “Today, for the first time in the last 25 years, mainstream media and investors are starting to talk about gold,” he wrote. Von Greyerz emphasized that US$3,000 was not a stopping point but rather a psychological level, stating, “US$3,000 is certainly not a target — it is not even a price where gold will consolidate.”

Later that day, Shad Marquitz of Excelsior Prosperity confirmed that the June gold futures contract pierced US$3,100, reaching US$3,113.52 before closing at US$3,090.90. He called it “another all-time daily closing high,” and pointed out that many investors might be confused by varying prices across platforms. Marquitz explained that “most of the trading universe uses the futures contract,” rather than spot pricing, to gauge gold values. He also noted the disparity between gold prices and miner performance, writing, “The industry margins are as fat as they’ve ever been, making the miners more profitable than they’ve ever been,” yet equities like GDX remained far below prior highs.

On March 30, technical analyst Clive Maund reported that the GDX index had broken out of a long-forming “Cup” technical pattern that began in mid-2020. The publication described this as “the most positive action in the PM sector for many years” and noted that gold itself had been rising in “an orderly uptrend” since early 2024. While short-term overbought conditions may have warranted consolidation, the long-term technical structure pointed to sustained strength in the sector.

The Company Catalysts: 2025 Fieldwork and Expansion Strategy

According to Dryden Gold’s investor presentation, the company has allocated a 2025 exploration budget of CA$5.8 million, with more than half dedicated to drilling at Gold Rock and its extension zones. The budget includes CA$1.5 million for the primary Gold Rock drill program, CA$1.6 million for Gold Rock extension targets, and CA$800,000 for regional drilling at sites including Sherridon and Hyndman. Additional expenditures include CA$250,000 for geophysics, CA$700,000 for mapping and sampling, and CA$700,000 for soil and till geochemistry surveys.

Dryden’s strategic focus in 2025 includes expanding the high-grade footprint of the Elora Gold System and testing newly identified targets along the Manitou-Dinorwic deformation zone. Recent drill results from Gold Rock have confirmed several high-grade structures near surface, including 30.72 g/t gold over 5.70 meters and 15.17 g/t gold over 6.95 meters. These outcomes support Dryden’s approach of exploring shallow zones with structural complexity, drawing comparisons to the Red Lake mining camp’s early discovery profile.

With over 70,250 hectares of consolidated land in a district considered underexplored, Dryden has outlined a multi-phase plan to advance both brownfield and greenfield opportunities. The company’s project pipeline spans early-stage conceptual targets through to drill-ready zones across multiple properties. Upcoming work includes inversion studies, follow-up drilling at Elora, and broader regional testing at Hyndman, Sherridon, and additional deformation zones.

Dryden Gold is also scheduled to present at several industry events during 2025, including the Capital Events conference in Scottsdale, the Ontario Prospectors & Developers Symposium in Thunder Bay, and the Metals Investor Forum in Vancouver. These forums are expected to provide further exposure to institutional and retail investors as the company advances its exploration strategy throughout the year.

What Are Analysts Saying?

Gold market analysts have taken note of Dryden Gold’s exploration progress and strategy, emphasizing recent developments as key indicators of long-term potential. On February 7, Ron Wortel of Couloir Capital stated that the company’s model aligns with its objectives in the Dryden Gold Camp. “Dryden Gold Corp. was created to explore and generate shareholder value through gold resource discovery and delineation of the Dryden Gold Camp using an Archean orogenic gold deposit model,” he wrote, adding that with a “fully funded 2025 exploration program, we see the company generating additional discoveries leading to increased market interest and higher valuations.” [OWNERSHIP_CHART-11012]

Also, on February 7, Brien Lundin of Gold Newsletter added Dryden Gold to his watchlist, pointing to improved target precision. “A key reason I added Dryden Gold Corp. to our list last week is a sense that the company had an increasingly good idea of where to look for more gold on the Gold Rock project,” he noted. “With drilling underway at Elora, the chances of high-grade assays from this effort are quite good. Dryden’s a Buy at current levels.”

Later, on February 26, Lundin commented on the company’s permitting progress, highlighting its significance for future activity. “Dryden Gold Corp. announced it had received permits from the Ontario Ministry of Mines to test the northeastern trend at Elora and the newly discovered Mud target,” he wrote. “These additions will expand the company’s overall drilling campaign in 2025 to up to 15,000m.”

Ownership and Share Structure

According to the company, management and insiders own 7.62%, with strategic entities owning 56.78% of Dryden.  

Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) holds 9.37% with  Alamos Gold Inc. (AGI:TSX; AGI:NYSE) holding a 14.44% stake in it. Euro Pacific Asset Management LLC owns 4.58%. There are 159 million shares outstanding.

Its market cap is CA$16.44 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.

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

Gold miners strike a rich seam  Financial Times

Why gold prices are surging to record highs  NPR

Source: Mike Niehuser 03/31/2025

New Found Gold Corp. (NFG:TSX.V; NFGC:NYSE.American) has announced an initial mineral resource estimate, which one Roth Capital Partners’ analyst views as “the starting line.”

On March 31, 2025, Roth Capital Partners analyst Mike Niehuser maintained a Buy rating and US$5.00 price target on New Found Gold Corp. (NFG:TSX.V; NFGC:NYSE.American), emphasizing that the company’s recently released initial mineral resource estimate (MRE) should be viewed as “the starting line” rather than the finish, and suggesting that investors’ negative reaction to the MRE presents an attractive entry point.

New Found Gold recently released its initial MRE for the Queensway Project, which included indicated resources of 473,000 ounces of gold at 3.31 grams per tonne (g/t) and inferred resources of 1,444,000 ounces at a grade of 2.42 g/t, totaling 1.92 million ounces of gold. The resource estimate was based on a long-term gold price of US$2,200 per ounce, assumed metallurgical recoveries of 90%, open pit mining costs of CA$5.0/tonne, underground mining costs of CA$120/tonne, processing costs of CA$20/tonne, and general and administrative costs of CA$7.5/tonne.

The analyst explains that the MRE was completed using data collected primarily for exploration purposes rather than for mine development, which partially explains why the results disappointed investors. NFGC’s management believes the current data may be sufficient to produce a preliminary economic assessment (PEA) by the end of Q2 2025, which could outline a profitable mine operation generating significant cash flow to help unlock the project’s district-scale potential.

According to the analyst, investors may have overreacted to the MRE, failing to recognize that it represents just the beginning of the mine development process rather than the culmination of NFGC’s work. The company plans to conduct infill drilling between identified high-grade structures and test vein extensions, which has the potential to improve resource estimation, boost overall grade and scale, and convert waste rock to ore at lower cut-off rates for open pit mining.

NFGC intends to launch an aggressive campaign throughout 2025, including target delineation, infill drilling, step-out drilling, and exploration drilling. Additionally, the company plans to continue metallurgical testwork and complete environmental baseline studies in anticipation of permits for production. The MRE covers only about 5% of the mineralized structures within the entire Queensway Project, suggesting significant potential for additional discoveries.

Based on the information available, the analyst estimates that the known resource could support annual gold production of approximately 120,000 ounces per year for 16 years, assuming that with greater drill density, inferred resources will be upgraded to indicated at an average gold grade of 2.5 g/t.

With the share price at the time of the report at US$1.19, the US$5.00 target price represents a potential return of approximately 320%, reflecting the analyst’s confidence in the project’s long-term potential despite the recent market reaction to the MRE.

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Important Disclosures:

1. 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 Roth Capital Partners, New Found Gold Corp., March 31, 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: Shares of New Found Gold Corp. may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities. Shares of New Found Gold Corp., (NFGC) may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Servicesshows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month.

Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions – ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. 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: NFG:TSX.V; NFGC:NYSE.American,
)

Source: Streetwise Reports 03/31/2025

Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF: OTCQX; QS0:FSE) has closed its second tranche, raising CA$928,512 to support its Peru-focused silver royalty. Read how the funding signals continued growth for the company’s portfolio.

Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF: OTCQX; QS0:FSE) has closed the second tranche of its previously announced non-brokered private placement, issuing 75,310 units at a price of CA$6.50 per unit for gross proceeds of approximately CA$489,515. Each unit consists of one common share and one purchase warrant, with each warrant exercisable to acquire an additional common share at CA$13.00 for a period of three years from the closing date. This second tranche brings the total number of units issued under the offering to 142,848, for cumulative gross proceeds of CA$928,512.

According to the company, proceeds from the second tranche will be used to help fund the second tranche of its royalty acquisition on the Igor 4 silver project in Peru and to cover general and administrative expenses. All securities issued are subject to a statutory hold period of four months plus one day from the issuance date, in compliance with applicable securities legislation. The closing was subject to customary conditions, including approval from Cboe Canada Inc.

Silver Crown Royalties has established itself as a developer of single-element net smelter return (NSR) royalties, emphasizing silver as its only focus. These royalties are designed to secure a fixed percentage of silver production over the life of an operation, registered directly on title, and structured to include minimum delivery obligations and contingent payments tied to operational success. In a company news release, Silver Crown confirmed, “The proceeds will be used to partially fund the second tranche of the company’s silver royalty acquisition on the Igor 4 project in Peru.”

Structural Deficits and Historic Undervaluation Shape Silver Market Landscape

On March 26, Gold South Africa published an article by Hubert Moolman drawing historical parallels between major Dow peaks and subsequent silver rallies. The author outlined how significant silver uptrends followed previous nominal or Dow/Gold ratio peaks in 1929, 1966, 1973, and 1999. He noted that “after all of these peaks of the Dow there were significant silver rallies that followed,” adding that the 1999 peak was followed by a sustained rally beginning in 2001. Moolman suggested that the December 2024 Dow peak could be the latest marker in this recurring pattern, stating, “If this is the Dow peak, then we are in the midst of a major silver rally.”

According to a March 30 analysis by Ahead of the Herd, the global silver market remained in a structural deficit for a fourth consecutive year in 2024, with a supply shortfall of 215.3 million ounces. The article noted that this marked the second-largest deficit in over two decades and was largely driven by growing industrial demand — estimated to represent 60% of total silver usage — and a stagnant or declining supply base. A report commissioned by the Silver Institute and cited in the article projected a 42% increase in silver demand across industrial, jewelry, and silverware applications between 2023 and 2033.

Supply, meanwhile, has remained constrained. Mexico, the world’s largest silver producer, saw production total 6,300 metric tonnes in 2024, with declines expected in future years due to mining reforms and reduced exploration. According to the article, “Mexico’s silver production is now declining double digits annually for the first time in almost a decade,” and new project development has failed to keep pace with depletion. Similar patterns were observed in China and Peru, with both countries producing 100 tonnes less silver in 2024 than the previous year. Notably, Peru experienced mine suspensions and social unrest, further reducing output.

In a separate March 30 commentary, Technical Analyst Clive Maund examined long-term price patterns and emphasized that silver was still operating under the weight of overhanging supply, particularly resistance levels dating back to its 2011 high of US$50 per ounce. The report explained, “Silver has struggled to make further progress as it has battled its way through more overhanging supply and is only modestly overbought at this time.” Despite the lag in performance compared to gold, the author emphasized that speculative interest in silver remained low, a condition that has historically preceded strong rallies in the sector.

Additionally, the silver-to-gold ratio was cited as a key signal of undervaluation. As of late March, the ratio stood at historically high levels, suggesting to Maund that “the upside for the sector from here is massive – this thing has barely gotten started yet.” The analysis also referenced long-term chart patterns, such as a giant Cup and Handle formation and rising Bowl boundaries, as technical factors reinforcing structural support for silver prices.

Silver Crown Catalysts and Forward Outlook

Silver Crown Royalties has steadily built a portfolio of silver-only NSR royalties on producing and development-stage projects, including operations at Gold Mountain’s Elk Gold Mine, Pilar Gold’s PGDM complex, and BacTech’s facility in Ecuador. According to the company’s Q1 investor presentation, SCRi reported having four royalties in place, with combined minimum annual silver-equivalent deliveries totaling 22,000 ounces and the potential to reach up to 80,000 ounces per year based on mine plans.

The company’s royalty model is structured with staggered payments and incentive-based milestones. For example, the PGDM royalty includes a minimum silver-equivalent delivery of 16,000 ounces per year, with a potential equity bonus of US$1.5 million if deliveries double to 32,000 ounces annually. According to the company’s Q1 2025 corporate presentation, the portfolio’s aggregate internal rate of return (IRR) was modeled above 18%, with multiple assets achieving IRRs greater than 20%.

Silver Crown has also entered into binding agreements for royalties on the PPX and Tucano projects, which could further increase its annual delivery base. The PPX royalty, once closed, is expected to add a minimum of 56,300 ounces annually. In its investor materials, Silver Crown emphasized a pipeline of over ten additional discussions for future royalties, underscoring management’s intention to expand its asset base using the same milestone-driven and capital-efficient structure.

Analyst Sees Strong Upside for Silver Crown Amid Expanding Portfolio and Tight Silver Market

In a research note dated January 21, Couloir Capital analyst Tim Wright assigned a Buy rating to Silver Crown Royalties Inc., setting a target price of CA$32.34. With shares trading at CA$6.70 at the time, Wright’s valuation implied a potential return of approximately 470%. He cited Silver Crown’s distinction as the only pure-play silver royalty company as a key differentiator and noted a 286% increase in revenue between Q3 2023 and Q4 2024 as evidence of sustained growth.

Wright attributed part of this momentum to several milestones reached in late 2024, including Silver Crown’s listings on the OTCQX, Cboe Canada, and Frankfurt Stock Exchange. He also highlighted the addition of Salman Partners to the company’s advisory board as a move that could enhance deal flow and investor visibility. [OWNERSHIP_CHART-10873]

Key portfolio acquisitions played a central role in the valuation. Wright pointed to the CA$4.0 million royalty on BacTech Environmental’s Ecuador project, which secured minimum silver deliveries of 35,000 ounces annually for a ten-year period. He also cited the royalty agreement on PPX Mining Corp.’s Igor 4 project in Peru, which covers up to 15% of the silver produced. Based on projected deliveries of 36,063 ounces in 2025, Wright estimated these assets could generate more than US$1 million (approximately CA$1.43 million) in revenue for Silver Crown in that year alone.

While Wright acknowledged risks such as execution challenges, silver price volatility, and the possibility of future equity financing, he underscored the company’s relative valuation as compelling. He noted that Silver Crown’s Enterprise Value to Equity Raised ratio stood at 1.0, significantly below the peer group average of 5.7, suggesting meaningful upside potential based on current market metrics.

Ownership and Share Structure

Insiders and management hold a total of 21% of the company, institutions own 16%, and private corporations have 6%, noted Wright with Couloir.

“Insider ownership by management aligns management’s interests with those of shareholders, which is a desirable attribute,” he added.

As for share structure, Silver Crown has 2.49M outstanding shares and 2.1M free float traded shares. Its market cap is US$10.6 million. Its 52-week trading range is CA$6.50–9.85 per share. Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. Silver Crown Royalties Inc. 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 Silver Crown Royalties Inc. .
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.

( Companies Mentioned: SCRI:CBOE; SLCRF:OTCQX; QS0:FSE,
)

Source: Adrian Day 03/31/2025

Global Analyst Adrian Day reviews fourth-quarter financials from the last of the companies on his list to report and address your questions, including on the move of gold from London to New York, on uranium, Mexico, and more.

Orogen Royalties Inc. (OGN:TSX.V) reported fourth-quarter and annual financials last week, including record annual revenue of $9.9 million, up 22% from 2023. Royalty revenue was up 34%, while lower prospect generation revenue fell 26%, the result of reduced activity. The company ended the year with almost $27 million and no debt.

Orogen is in a very strong position with both a solid balance sheet and increasing revenue, one of the few juniors to have free cash flow. The market, of course, is waiting for developments on the potential sale of its royalty in AngloGold Ashanti Ltd.’s (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) Expanded Silicon Project (ESP).

Orogen has the option of selling it — if the price is right, keeping it — to form the foundation of a larger royalty company or perhaps combining in some fashion with Altius, which also holds a royalty on the ESP and owns nearly 20% of the company. Altius separately has indicated that it has asked potential buyers to make bids but has stated that it may or may not sell (or swap) the royalty it holds. We expect some development over the next 30 to 60 days. After strong appreciation in the last seven days, we are holding.

Please note that my comments, judgments, and predictions are my own. Unless
clearly noted otherwise, they do not necessarily reflect the thinking of the
companies under discussion. There has been some misunderstanding on this.

TOP BUYS this week, include Altius Minerals Corp. (ALS:TSX), Ares Capital Corp. (ARCC:NASDAQ), and Metalla Royalty & Streaming Ltd. (MTA:TSX.V; MTA:NYSE American).

Answers to your Questions

Q. Massive amounts of gold have been moved from London to New York, and customers in London are now experiencing long delays getting their gold from Bank of England vaults. Are the banks moving gold to the COMEX because of concerns of a short-squeeze on physical? Also, is the Fort Knox gold really there? It sure seems as though there is not as much physical gold as there are claims. — E.M, Denver

A. We have received a few questions on this topic, so even though it is “old news,” we’ll address it as we see it. Estimates of 400 metric tonnes or over $4 billion at today’s prices has been moved from London vaults to the COMEX since November. This has led to weeks-long delays in getting bars out of Bank of England storage. Amid reports of a possible revaluation of the U.S. government’s gold holdings and even a possible role for gold in the reset monetary system (see last Bulletin, #952), as well as renewed calls for a full audit of Fort Knox, this had led to rumors that not all the gold that is supposed to be is, leading to a massive short-squeeze on the COMEX as traders demand physical delivery. Are these events connected? Do they account for gold’s recent rally? While the move of gold to New York is interesting and has ramifications in the short term on the gold price, I do not believe it is indicative of a massive short-squeeze, nor is it related to the possible revaluation of the U.S.’s gold holdings.

Why Is Gold Moving From London

Rather, the move across the Atlantic started for prosaic reasons, concerns about the possible imposition of tariffs. Banks like JP Morgan and HSBC hold large bullion reserves in London and often lend this gold to other traders. It simply made sense to bring to the gold to where it might be needed, and avoid the possibility of another 10% or 20% added to the price of importing the gold (through tariffs) at a later stage. We saw much the same phenomenon in 2020 when COVID lockdowns threatened the ability to even get the gold.

The transfer of gold and the threat of tariffs led to premiums on New York gold over London gold, actually exceeding $50 an ounce, and thus induced more London holders to move their gold and avoid the higher costs of buying new gold for delivery in New York. That brought in the arbitrageurs. The total cost involved in moving the gold is estimated (by the World Gold Council) at $3 to $5 an ounce. So, the move became a self-fulfilling loop.

Do the Delays Mean Not All the Gold Is There?

But what about the delays in getting gold out of the Bank of England vaults? This, too, has a prosaic explanation. First, the gold is fully allocated. If I want to take delivery of my bars, the Bank staff have to locate (the easy part) and retrieve (more difficult) my actual bars. This may involve moving many other bars on top of and surrounding my bars, a time-consuming task.

Were the gold unallocated — meaning if I ask for my five bars, they could give me any five bars — the talk would be far easier. And there is a limit on the staff entrusted to these tasks. Then, gold bound for the COMEX has first to travel to Switzerland where the refiners recast from the London-standard 400 ounce bars to the COMEX I kilogram bars There is a very real capacity limit at the refiners. Then, there are limits to how much gold can be carried on each passenger plane. Again, interesting, but nothing nefarious.

We discussed Fort Knox gold in our last Bulletin. Again, I do not think the developments are connected. I’ve heard concocted stories that it is the U.S. military flying in the gold to refill the empty vaults at Fort Knox and other depositories ahead of any audit. Wouldn’t someone notice heavy traffic in armoured vehicles? It would make a great Hollywood spy movie, but is not the cause of the gold movement. This has been positive for the gold price, and when, eventually, the tariff threat has diminished, and London storage is built up again, the price may fall back. But clearly not all of the move in the gold price since November — over $400 — can be attributed to the gold transfer. As for concerns that all the holders of long contracts on COMEX were going to ask for delivery, causing an explosion in the price, well we have had several expiration dates and there were no fireworks. So we might use those words of the London bobby, “Move along sir, nothing to see here.”

Do I Need a Canadian Broker for Junior Stocks

Q. I have experienced difficulties buying some Canadian stocks at different brokerages. Both Fidelity and Schwab refuse to allow me to buy one in which I am interested. What do I do? — D.G., NY

A. We continue to hear from readers on this topic. On the general issue of the difficulty in buying smaller Canadian stocks. To address your question, opening an account with a Canadian firm may provide U.S. investors with a way to buy low-priced Canadian stocks (as well as private placements). You would have to open the account with the U.S. branch of a Canadian firm (such as Haywood or Canaccord, but don’t expect that to necessarily be plain sailing. I invite readers to let me know of their experiences.

Swiss Banks May Not Be the Answer

I would have replied that one can use an offshore bank for such purposes . . . until last month, when one major Swiss firm rejected orders to buy a stock, saying that they no longer allow purchases of any U.S. or Canadian stock trading for less than $5 a share (and ADRs trading OTC for $10 a share). In Bulletin #950, I said the prohibition was on stocks under $3/share; it is, in fact, $5.

This means, for example, that the bank will refuse to execute an order for Metella, as well as many other New York Stock Exchange-listed stocks, which is quite ludicrous. These are not “penny stocks,” as generally understood. As I wrote last time, there is no regulatory requirement or even guideline that justifies this.

So for the bank to state that they are making the changes “according to U.S. and Canadian regulations” is disingenuous. To make matters worse, various representatives of the bank have given contradictory (and false) reasons for the new rules. I would rather that they just said that they could not be bothered instead of making up excuses. I believe that I have exhausted this topic, so unless there is some new development, I simply refer you to what I have already written on the topic.

Value of Silicon Royalty Inside Altius

Q. Would you agree that Silicon Merlin accounts for something like 50% of Altius’ current market cap? — G.D., Fla.

A. The 1.5% royalty on Silicon-Merlin is now, by my estimates, Altius’ most valuable single asset, but, given the market cap of CA$1.2 billion, 50% is a little high in my view but not far off. I could see a valuation of up to $400 million or more. The question is whether another company would be willing to pay what Altius thinks it is worth. I suspect not. Royalty companies rarely pay full price for upside, while Altius sees additional certain upside. Imagine had the royalty been sold a couple of years ago when the resource was estimated at just 5 million ounces! It is now over 13 million.

Patience With Exploration Companies

Q. Many years ago, I bought Virginia as recommended. I remember holding it all the way on down to 25c. Sure was demoralizing. But I held on for the whole 12 (?) years and still have the shares today, re-investing after the takeover. I’ll do likewise with Midland. Is there still a major shortage of geologists or something? — P.L., Ill.

A. Thank you for your comments on Virginia and Midland. The truth is that exploration companies need a real discovery, and discoveries cannot be manufactured and certainly not on any timetable. Midland certainly has good management and geologists, it has a strong balance sheet, and it has multiple projects with potential, many with strong partners. That combination does not guarantee a discovery but it does give the company as good a shot as any. Even after a recent rally, the market is valuing Midland at just US$22 million, which is very low. Yes, there is still a shortage of geologists. It take years to work one’s way through school. And young people prepared to do the practical work, usually in inhospitable locations like steamy jungles or frigid, barren regions, are scarcer than they used to be.

Why Is the Uranium Price Down?

Q. I don’t understand why the uranium price is down so much. I read it was now at its lowest price in 18 months. I don’t see any news to account for this. The move towards using more nuclear energy seems on track. — W.W., Md.

A. You are correct that the long-term fundamentals of the market appear on track and the price decline over the past year from $95 to $65 a pound suggests something is happening.

First, it should be noted that it is the spot price that has collapsed, not the long-term contract pricing which accounts for most pounds bought and sold. The spot price can be volatile based on short-term factors.

In this case, apparently a fund (in Kazakhstan) that stored physical uranium was forced to liquidate selling on the spot market. We do not know how much material remains to be sold. But the broader issue, according to my friend and uranium expert Lobo Tiggre, could be repeated talk by President Trump about denuclearization. The last time the super powers decommissioned nuclear warheads, in the late 1980s, it was follow by a sustained period of low uranium prices.

Lobo thinks that any new “Megatons to Megawatts program” would take “many years and be relatively small in scope.” Meanwhile, demand for uranium continues to increase. The administration has included uranium in its list of critical minerals subject to expedited permitting; see below. This could mean an increase in U.S. production, though for now, I think the safest bet on uranium is the Sprott Physical Uranium Trust (U-U, Toronto, 21.22). I would prefer to buy on weakness after a nearly 10% rally in the last week.

Is the Climate for Mining in Mexico Improving?

Q. You recently mentioned that some new mine permits had been granted in Mexico after the last anti-mine government. Was this a one-off, or is the situation improving? — S.G., Calif.

A. Several permits have been granted recently, including Alamos Gold Inc.’s (AGI:TSX; AGI:NYSE) high-profile Puerto Del Aire, so this is definitely a move in the right direction. Mostly these are for existing development projects or re-starts. Heliostar Metals Ltd. (HSTR:TSX.V; HSTXF:OTC; RGG1:FRA) is up 20% since I recommended then, in early February. The new government of Claudia Sheinbaum has said that it is committed to accelerating new mining projects, and plans to publish a new regulatory framework in June, prepared in conjunction with the Chamber of Mines, which will provide more clarity.

However, it has also said that open-pit mines will not be covered in this document, but, in stating that upcoming legislation would not ban open-pit mines, the Mines Minister left the door open for later. The goal of the new framework will not be to weaken social licenses for new projects but to remove bureaucratic logjams. The Minister, in a talk at PDAC earlier this month, said that permits for several key projects were expected in coming months.

MAR-A-LAGO My last article on the so-called Mar-A-Lago Accord generated much response. I was particularly pleased that some colleagues in the business praised the article, one calling it “brilliant (with) great insights” and the other said it “addressed a most important topic in a way that few have chosen to consider, or at least not in the thoughtful manner that you did.” Very generous words from two people whom I admire a lot. Thank you guys!

The US Aims To Boost Mineral Production With Speedy Decisions

Somewhat connected, President Trump invoked Emergency Powers to boost U.S. production of critical minerals. Other countries, including Canada, have issued various regulations to increase domestic production of critical minerals, in an effort to wean them away from dependence on China. Critical minerals covered by the U.S. order will include uranium, copper, potash, and gold “and any other material as determined by the chairman of the newly-created National Energy Dominance Council (NEDC).”

Trump’s edict requires each department and agency involved in mine permitting, within 10 days, to provide a list of all project for which a plan, a permit application, or other application has been submitted. Within another 10 days, each agency, in conjunction with the NEDC, “must identify projects that can be immediately approved or for which permits can immediately be issued.” If those timelines are met, never in the history of government will a bureaucracy have moved so fast! Among projects with pending permits that could benefit are Ivanhoe Electric and Dakota Gold, two companies we like.

Dakota Gold Corp. (DC:NYSE American) after a large overnight equity raise, is a particularly good buy. President and CEO is Robert Quartermain, who had successes with Silver Standard and Pretium Resources. The company is attempting to redevelop the old Homestake Mine, as well as nearby deposits.

WHAT TOOK YOU SO LONG? Finally, last week, the VanEck Gold Miners ETF (GDX) reported net inflows, of just $6.4 million. This was the first net inflow reported this year, and flows subsequently turned negative again. In all, the fund has seen a total of $1.72 billion in net outflows this year. VanEck has still not reported a single day of net inflows for the sister “junior” fund, GDXJ; net inflows were last reported for that fund on August 12. While somewhat amazing and distressing, from a contrarian perspective it offers hope.

THE FED TURNS AGAIN There were a few noteworthy observations from the Federal Reserve’s latest meeting statement and chairman Jerome Powell’s subsequent press conference. It was amusing that so many of the press questioners felt obliged to toss in some anti-Trump comment (“government by tweet,” “the courts have ruled against. . . “, and so on). Powell refused to take the bait and kept his answers on monetary policy. Most important, though, was the reduction in the pace of the roll-off from the Fed’s balance sheet, down from an already-cut $25 billion a month to just $5 billion, what Bill Fleckenstein calls “a rounding error.”

Note that the Fed’s balance sheet stands at $6.76 trillion after three years of QT. That’s an “E” for effort. Even now, the Fed’s balance sheet remains up over 60% from the eve of Covid. The run-off in Mortgage Backed Securities will continue as before, so the entire reduction in QT is from Treasuries. Worse, any “excess” roll-off in MBSs will be reinvested into Treasuries. Powell was at pains repeatedly to say that nothing should be read into this. It was to do with money markets, he said, or maybe to do with the debt ceiling, but “don’t take any signal from it.” Baloney! This move is clearly to help the long-term Treasury market which already has few buyers at current rates. In my view, it is a precursor to the a new round of QE from the Fed, likely later this year. It won’t be called QE, but that is what it will be.

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Important Disclosures:

1. Dakota Gold 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 Dakota Gold Corp., Orogen Royalties Inc., Altius Minerals Corp., Heliostar Metals Ltd., and Metalla Royalty & Streaming.
3. Adrian Day: I, or members of my immediate household or family, own securities of: All. My company has a financial relationship with: All. I determined which companies would be included in this article based on my research and understanding of the sector.
4. Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5. 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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Adrian Day Disclosures

Adrian Day’s Global Analyst is distributed for $990 per year by Investment Consultants International, Ltd., P.O. Box 6644, Annapolis, MD 21401. (410) 224-8885. www.AdrianDayGlobalAnalyst.com. Publisher: Adrian Day. Owner: Investment Consultants International, Ltd. Staff may have positions in securities discussed herein. Adrian Day is also President of Global Strategic Management (GSM), a registered investment advisor, and a separate company from this service. In his capacity as GSM president, Adrian Day may be buying or selling for clients securities recommended herein concurrently, before or after recommendations herein, and may be acting for clients in a manner contrary to recommendations herein. This is not a solicitation for GSM. Views herein are the editor’s opinion and not fact. All information is believed to be correct, but its accuracy cannot be guaranteed. The owner and editor are not responsible for errors and omissions. © 2023. Adrian Day’s Global Analyst. Information and advice herein are intended purely for the subscriber’s own account. Under no circumstances may any part of a Global Analyst e-mail be copied or distributed without prior written permission of the editor. Given the nature of this service, we will pursue any violations aggressively.

( Companies Mentioned: OGN:TSX.V,
)

Source: Streetwise Reports 03/31/2025

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced its consolidated financial statements for the year ending December 31, 2024. The company is continuing to search for a partner for its KSM project, which analysts say is “one of the largest undeveloped gold-copper projects in the world.”

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced its consolidated financial statements for the year ending December 31, 2024, posting a net loss of CA$31.2 million, or CA$0.35 per share, compared to CA$29.3 million or CA$0.35 per share in 2023.

During 2024, on a cash basis, the company said it invested CA$106.3 million in mineral interests, property and equipment compared to CA$230.2 million in 2023. As of December 31, 2024, net working capital also was CA$37.8 million compared to CA$54.5 million on December 31, 2023. The company subsequently completed a financing for CA$142 million in February, increasing its working capital.

“2024 was a year of important accomplishments, including the Substantially Started (SS) determination from the BC government (for the KSM project), discovery of a large system of gold and copper mineralization on the Company’s Iskut project, and engagement with leading global miners on the KSM partnership opportunity,” Chairman and Chief Executive Officer Rudi Fronk said. “Our number one corporate objective for 2025 is to secure a partner for KSM that possesses the technical, financial, and social skills to advance the project to a production decision.”

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.

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.”

The company has reported advancing discussions with three potential partners for KSM, the Red Cloud analysts said.

Given the company’s recent financing, the 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.

Financing to Help Seabridge Reach 2025 Goals

The financing, held in February, strengthened its balance sheet by completing two equity financings for gross proceeds of CA$142.5 million, consisting of 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.

The 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.

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.

Other goals for 2025 include unlocking value from its Courageous Lake project (5%), completing a drilling campaign at 3 Aces (5%), improving cybersecurity systems (2%), remaining in compliance with permits and reporting required for all projects (2%), strengthening the company’s social license with Treaty and First Nations communities (2%), and further evaluating the potential for a “Getchell-style discovery at its Snowstorm project using AI technology and other survey technology (2%).

BC Court Allows Appeal of Tax Credit Program Decision

Also on Friday, the company announced that the British Columbia Supreme Court had allowed Seabridge’s appeal of the Canada Revenue Agency’s decision to disallow CA$15.8 million in exploration expenditures it claimed under the BC Mining Exploration Tax Credit (METC) program.

Expenses that assist in the determination of the economic viability of a mineral resource qualify under the BC METC program. As a result, all exploration expenditures claimed by Seabridge, other than report compilation expenses, were validly claimed by Seabridge, according to the decision.

Approximately CA$3.1 million in refunds (plus interest) under the BC METC program were at issue, the company said. Seabridge was also awarded costs for its success in the appeal.

“I am very pleased with the BCSC decision validating Seabridge’s claimed expenditures,” Fronk noted. “It demonstrates that our approach to claiming expenses under BC METC and in respect of flow-through share subscriptions has been reasonable. This decision should not only result in funds being returned to the company in respect of our BC METC claim, but also should form the basis for a resolution of the flow-through share reassessments and result in the return of further funds.”

The Catalyst: Gold Goes Higher and Higher

Gold prices hit new highs Friday as “investors flocked to the safe-haven asset amid fears of a global trade war triggered by U.S. President Donald Trump’s latest tariffs,” reported Anmol Choubey for Reuters.

Spot gold climbed 0.6% to USA$3,074.43 an ounce as of 02:41 p.m. EDT after hitting its 18th record high this year at US$3,086.70 earlier in the session. Bullion is up 1.7% this week and is on track for a fourth straight weekly gain, Choubey said. U.S. gold futures settled 0.8% higher at US$3,114.30.

“It continues to be the safe-haven demand on ramped-up concerns about tariffs, trade and ongoing geopolitical uncertainty as well,” that is supporting gold, said Peter Grant, vice president and senior metals strategist at Zaner Metals, according to Choubey.

Markets are now bracing for Trump’s plans for reciprocal tariffs, which he intends to lay out on April 2.

Trump’s policies are perceived as inflationary, posing a risk to economic growth and escalating trade tensions, analysts say according to Choubey.

Angela Brown of CBS News MoneyWatch has reported that the price of gold is not immune to volatility, especially in the short term. Will gold prices continue to rise? [OWNERSHIP_CHART-700]

“We don’t think that the rally is over yet,” Lina Thomas, a commodities strategist at Goldman Sachs Research, noted during a recent discussion regarding gold prices, Brown reported. “We have a target of US$3,500 by the end of 2025. The reason for that is twofold: One, structurally higher central bank demands, and two, some boost to ETF flows because the Fed is expected to cut twice this year. That being said if safe-haven demand remains high or picks up again … we can easily go to US$3,300 by the end of 2025.”

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 48% of the company. According to Reuters, Friedberg Mercantile Group Ltd. owns 17.58%, National Bank of Canada owns 3.81%, Van 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$1.61 billion and trades in a 52-week range of CA$14.70 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,
)

Why Harmony Gold Mining Company Ltd. (HMY) Went Up Last Week?  Yahoo Finance

Gold Closes at Record High, Posts Best Quarter Since 1986. How to Play It.  Barron’s

Gold SWOT: Gold-backed ETFs added the most assets in more than three years on Monday  KITCO