Category: Gold

Canadian company pushes forward with plans for new gold mine in Juneau  KTOO

Australia’s Rocky Economy Rescued By Another Gold Rush  Forbes

Where’s the gold? Germany’s conservatives sound the alarm over reserves in the US  politico.eu

1. Gold sails above $3,100 to uncharted territory as US tariffs approach  CNBC
2. Gold Rises Above $3,100 for First Time as US Levies Boost Havens  Bloomberg.com
3. Gold Hits New All-Time High Amid Looming U.S. Tariffs  TradingView

i-80 Gold Reports Fourth Quarter and Full Year 2024 Operating and Financial Results  Yahoo Finance

Source: Streetwise Reports 03/28/2025

Omai Gold Mines (OMG:TSXV; OMGGF:OTC) reported new drill results from its Wenot deposit in Guyana, including 10.40 g/t gold over 10.5 meters and 2.13 g/t over 48.5 meters. Read more about how these findings could reshape upcoming resource estimates and development plans.

Omai Gold Mines (OMG:TSXV; OMGGF:OTC) has released new assay results from its ongoing 2025 drill program at the 100%-owned Omai gold project in Guyana. The results come from four holes totaling 2,157 meters, including two at the Wenot deposit and two at the nearby Camp zone. The program aims to expand the Wenot resource and test targets beyond the limits defined in the company’s 2024 mineral resource estimate and preliminary economic assessment (PEA).

Hole 25ODD-101 returned multiple high-grade gold intercepts at depth, including 10.40 grams per tonne (g/t) gold over 10.5 meters (capped at 70 g/t), 3.83 g/t over 18.8 meters, and 2.13 g/t over 48.5 meters, including 10.34 g/t over 3.3 meters. These intercepts were encountered below the 2024 PEA pit shell and are located within the historically productive dike corridor and the central quartz feldspar porphyry unit. According to president and CEO Elaine Ellingham, “Hole 101 alone intersected three separate standout intervals of gold mineralization — all of which effectively extend both the 2024 resource limits and the 2024 PEA pit shell.”

Hole 25ODD-099, drilled 200 meters west of Hole 101, intersected multiple mineralized zones, including 3.58 g/t gold over 7.0 meters and 0.97 g/t over 26.0 meters, including 2.92 g/t over 5.0 meters. Several of these intercepts were located within the southern sedimentary sequence, an area management views as underexplored and potentially amenable to near-surface development.

Drilling at the Camp zone, one kilometer west of Wenot, yielded near-surface results such as 0.59 g/t gold over 10.5 meters and 0.42 g/t over 18.41 meters in Hole 25ODD-098. While lower in grade compared to Wenot, these results are geologically significant and suggest the potential for satellite pit development, particularly as they lie along the same shear corridor.

In response to ongoing success, Omai has expanded its 2025 drill campaign from 10,000 meters to at least 15,000 meters. The company reported a strong cash position of approximately CA$30 million, following a financing completed in February. An updated mineral resource estimate is anticipated in Q2 2025, with a revised PEA targeted for Q3 2025.

The Wenot deposit is part of a 2.5-kilometer-long shear system that includes multiple near-vertical mineralized zones. Historically mined from 1995 to 2002, Wenot produced 1.4 million ounces of gold at grades averaging 1.45 g/t. The deposit remains open along strike and at depth, with recent drilling indicating increasing grade profiles at depth.

Gold Prices Reached Historic Highs Amid Strong Demand, Market Shifts, and Resource Revaluation

As of late March, the gold sector operated in a historically high pricing environment, with spot and futures prices surpassing significant milestones. Industry commentary also reflected strong institutional outlooks. On March 14, 2025, GoldFix reported that Bank of America had raised its price forecast for gold to US$3,500 per ounce, stating, “We believe gold could rally to $3,500/oz if investment demand increases by 10%.” Goldman Sachs also adjusted its projections, increasing its year-end 2025 target to US$3,300 per ounce with a potential trading range between US$3,250 and US$3,520. In scenarios of extreme market stress, Goldman suggested gold could “plausibly trade above $4,200/oz” and potentially exceed US$4,500 within twelve months.

On March 5, Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained a Buy rating on Omai Gold Mines Corp. and reiterated a target price of CA$0.80 per share.

Sector momentum was further reflected in equity performance. On March 26, Barry Dawes of Martin Place Securities observed that “gold stocks made a new rally high . . . and are just breaking out.” He described the market as showing signs of renewed investor interest and corporate activity, stating that “the capital markets are freeing up in the resources sector.” Dawes noted a structural change in valuations, with transactions moving from pricing based on operational cash flows to valuations focused on gold resources in the ground.

Commentary on long-term structural changes in the gold market continued to emerge. Egon von Greyerz, in a March 27 article titled Bonfire of the Paper Asset Vanities & The Rebirth of Gold, argued that gold’s recent movement past US$3,000 was not a ceiling but a step in an ongoing trend. “US$3,000 is certainly not a target – it is not even a price where gold will consolidate,” von Greyerz wrote. He described this price level as “an obvious magnet” and positioned gold as a key component of wealth preservation amid systemic financial risks. He also noted that the Dow-to-Gold ratio had declined significantly over the last 25 years, falling from 45 in 2000 to 14 in 2025, reflecting a shift in long-term relative value.

Also, on March 27, the June gold futures contract reached US$3,113.52 intraday, closing at US$3,090.90 — both all-time highs. According to Shad Marquitz of Excelsior Prosperity, “the June gold futures contract pierced the US$3,100 level,” noting that this figure marked “another all-time daily closing high.” He pointed out that this rally was occurring despite some confusion among investors due to different price benchmarks being used across platforms. Marquitz emphasized that the wider market continued to rely on forward-month futures contracts for pricing rather than spot rates.

Resource Growth and Economic Enhancements in 2025

Omai Gold’s exploration strategy is centered on expanding both the scale and economic robustness of the Wenot deposit. The current focus includes testing undrilled areas within the PEA pit, extending subparallel mineralized zones to depths of 400–450 meters, and increasing shallow drilling at West Wenot, where mineralized sedimentary rocks present potential for starter pits.

According to the company’s investor presentation, 87% of Wenot’s 2.4-million-ounce resource lies above 330 meters depth, with very limited drilling below that level. Deeper intercepts, including 4.57 g/t gold over 45.5 meters (hole 87) and 4.48 g/t over 57.0 meters (hole 92), have increased confidence in the project’s vertical potential.

Gilt Creek, the adjacent underground deposit, further strengthens the development case. With 1.8 million ounces in indicated and inferred resources averaging over 3.2 g/t gold, it provides a potential second source of feed. An updated PEA is expected to incorporate both Wenot and Gilt Creek, which were modeled independently in 2024.

The project’s brownfields setting offers logistical and regulatory advantages. It features road access within 10 kilometers of site, an on-site airstrip, existing tailings infrastructure, and a mining-friendly jurisdiction. The Guyanese government has publicly supported the redevelopment of Omai, which historically employed over 1,000 people and produced 3.8 million ounces of gold between 1993 and 2005.

Atrium Research Reaffirmed Buy Rating and CA$0.80 Target Citing Strong Drill Results and Development Upside

On March 5, Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained a Buy rating on Omai Gold Mines Corp. and reiterated a target price of CA$0.80 per share. The analysts cited ongoing strong drill results as the basis for their continued positive outlook. According to Atrium, the Wenot deposit in Guyana “continues to demonstrate the robust nature” of its mineralization, as evidenced by final assay results from the 2024 drill campaign.

These results included a standout intercept from hole 24ODD-097, which returned 5.21 grams per tonne gold (g/t Au) over 19.3 meters, including 11.44 g/t Au over 4.6 meters and 11.75 g/t Au over 3.6 meters. Atrium also noted encouraging assays from hole 24ODD-096, with 0.98 g/t Au over 26.2 meters, and from hole 24ODD-093, which yielded 1.89 g/t Au over 6.7 meters and 2.51 g/t Au over 4.9 meters.

The analysts emphasized that Omai’s 2025 drill program had already completed eight holes totaling 4,880 meters, with results pending at the time of publication. They expressed optimism about the upcoming mineral resource estimate expected in Q2 2025 and the updated Preliminary Economic Assessment (PEA) planned for Q3 2025. Atrium stated they anticipated “a material increase in the size of the deposit beyond the already large 2.45Moz at Wenot,” which they believed could result in a “step change to the economics in the updated PEA.”

In their valuation, Atrium incorporated assumptions for the Gilt Creek deposit and projected an increase in the project’s NPV5% from US$777 million to US$1.233 billion at a gold price of US$2,200 per ounce. They applied a conservative 0.25x multiple to their modeled NPV of CA$1.8 billion to derive the CA$0.80 price target, representing a 135% upside from Omai’s share price at the time of the report. [OWNERSHIP_CHART-10474]

The firm also highlighted Omai’s logistical advantages as a brownfields site, including existing road and runway access, proximity to a developing hydropower project, and historical metallurgical recoveries of approximately 92%. These factors were seen as important strengths supporting continued development at the project.

Ownership and Share Structure

According to Refinitiv, management and insiders hold 1.63% of Omai Gold Mines while institutions own 8.91%. Of them, Mackenzie Investments owns 4.08%, Schroder Investment Managment owns 1.6%, and Franklin Advisers Inc holds 1.23%. The rest is retail.

Omai has a market cap of CA$174.98 million, 610.45 million outstanding shares, and a 52 week range of CA$0.10 – 0.47.

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Important Disclosures:

1) James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.

2) 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: OMG:TSXV;OMGGF:OTC,
)

Source: Robert Sinn 03/28/2025

Robert Sinn of Goldfinger looks at a recent Bank of American publication that highlights how, when it comes to gold, “American first” may lead to “America alone.”

Remember that November 2024 tale suggesting Trump’s second term would harm gold prices?

It claimed that tariffs might trigger a U.S. dollar short squeeze, while tariff-induced inflation would force the Fed to implement stricter monetary policies.

This story quickly faded, but gold certainly experienced a sharp bull-market retreat during the two weeks after the November 5 U.S. election:

The Trump 2.0 gold pullback of November 2024 concluded on November 14 at $2,537/oz.

Gold has been climbing steadily since.

The U.S. dollar short squeeze did materialize briefly. However, it’s becoming increasingly evident that the Trump Administration aims to weaken the U.S. dollar to rebalance U.S. trade deficits. Meanwhile, the de-dollarization trend continues steadily.

Regarding tariff-driven inflation, Fed Chair Powell clarified during last week’s press conference that he considers inflation from tariffs as ‘temporary.’ He also stressed that the Fed is monitoring economic impacts from tariff uncertainty, ready to intervene if US employment conditions worsen. This suggests the Fed would more likely ease monetary policy due to tariff consequences.

Bank of America recently released a comprehensive research paper titled “Gold plating guns and cannons.” The report outlined several positive catalysts for gold while also noting potential challenges to the optimistic gold outlook.

Positive demand drivers & economic factors boosting gold:

• China’s Insurance Sector: New regulations permit insurers to allocate up to 1% of their assets to gold, potentially adding 300 tonnes of gold purchases (6.5% of the annual physical market demand).
• Central Banks (CBs): Currently maintaining 10% of reserves in gold, CBs might increase to 30% for greater portfolio efficiency.

• China’s PBoC boosted its gold reserves to 5.5% of total FX reserves in Q4 2024; numerous central banks are actively cutting USD holdings in favor of gold.

• U.S. Economic Strategy: Ambiguity surrounding tariffs, trade policies, and fiscal gaps is stimulating demand for gold.
• U.S. Dollar Decline: A softer dollar supports gold prices, as global diversification away from USD holdings persists.
• Geopolitical Tensions: Intensifying trade frictions and global policy uncertainty are enhancing gold’s reputation as a safe-haven asset.
• Gold-backed ETFs witnessed 4% year/year expansion, reversing previous outflows. Retail investment continues to climb, especially in North America and Europe.

• Multi-Polar Landscape: The global shift from U.S.-led unipolar dominance to a multi-polar world heightens gold’s allure. If global CBs pivot away from USD holdings, gold will probably benefit as a reserve asset.

The blend of sustained global central bank gold acquisition, heightened retail investor enthusiasm in Europe and the U.S., and China’s insurance industry emerging as a substantially larger force in driving physical gold demand could push gold to $3,500 by mid-2026.

BofA identifies three primary threats to the bullish gold perspective:

• U.S. Fiscal Improvement: If the U.S. successfully shrinks deficits, it may dampen demand for gold.
• Robust USD & Interest Rate Increases: Higher real rates could diminish investor interest for gold.
• Enhanced Geopolitical Harmony: A return to stronger global cooperation could restrict gold’s appeal.

The second and third points seem unlikely scenarios. The likelihood of reduced U.S. fiscal deficits remains an unpredictable variable — judging by the U.S. government deficit forecasts for the current fiscal year, prospects appear dim:

In February alone, the US government posted a $307 billion budget shortfall! That accumulates to a $2,150,000,000,000 deficit over the past 12 months.

Perhaps the most significant immediate threat to gold’s rally is the possibility of Trump retracting most tariff threats. While this doesn’t appear highly probable currently, if it happens, we might see stocks surge and Treasury yields climb. Potentially subjecting gold to selling pressure.

Ultimately, Trump 2.0’s “America First” approach might culminate in an “America Alone” outcome. By turning inward to address the twin deficits, the U.S. risks alienating trading partners and former allies. The possibility of U.S. withdrawal from NATO represents perhaps the most significant example of a potential “America Alone” scenario.

The consequence of growing American isolationism could be a further reduction of U.S.dollar holdings by foreign central banks and a weakened U.S. dollar. Gold stands to gain significantly in such circumstances.

Gold’s future looks promising.

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Important Disclosures:

1. 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.

2. 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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Robert Sinn Disclosures

The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. West Red Lake Gold Mines Ltd. is a high-risk venture stock and not suitable for most investors. Consult West Red Lake Gold Mines Ltd’s SEDAR profiles for important risk disclosures.

This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.sedarplus.ca for important risk disclosures. It’s your money and your responsibility.

Source: Don DeMarco 03/28/2025

The monies received from its joint venture project allow the producer to return cash to its shareholders, the National Bank of Canada noted.

MAG Silver Corp. (MAG:TSX; MAG:NYSE American) released its new “best-in-class silver dividend” policy and its Q4/24 financial results, reported Don DeMarco, National Bank of Canada (NBC) analyst, in a March 24 research note.

“[The] inaugural dividend with cash flow-linked feature allows investors [to] get paid with a yield that’s among the top for silver names while maintaining upside to silver prices,” DeMarco wrote.

30% Implied Uplift

The analyst reported that on the news, NBC reiterated its CA$30.50 per share (CA$30.50/share) target price on the Canadian silver producer.

“Our thesis considers production growth at Juanicipio (44%), diversified metal production, a rerate to producer multiples, exploration upside, and mergers and acquisitions appeal tempered by Juanicipio joint venture (JV) terms, which limit profit sharing to once per year,” wrote DeMarco. Juanicipio is MAG’s joint venture project in Mexico with Fresnillo Plc (FNLPF:OTCMKTS:FRES:LSE).

MAG’s share price at the time of the report was about CA$23.43, noted DeMarco. The suggested potential return is 30%.

The rating on the company remains Outperform.

Two-Part Dividend

DeMarco reviewed the details of MAG’s new dividend. Its first one, payable in Q2/25, will be US$0.18/share. This will consist of a US$0.02/share fixed dividend and a US$0.16/share variable dividend linked to 30% cash flow from Juanicipio.

This dividend, according to management, represents an annualized yield of about 3.2%, which is among the top yields for silver names and comes from a long-life asset with exploration upside.

The cash distribution and dividend the JV pays to MAG will enable the latter to start and continue issuing a dividend to shareholders, wrote DeMarco. At the end of Q4/24, the JV had US$53.2M in cash and cash equivalents, about $43.6M less than $96.8M in Q3/24.

Corporate Financials

DeMarco presented Q4/24 financial and operational results for MAG and Juanicipio.

MAG’s Q4/24 earnings per share was US$0.18, which was US$0.05 and US$0.03 lower than NBC and consensus’ estimates, respectively. This was due to nonoperating items and higher JV taxes, which led to lower equity income for the company.

Silver production attributable to MAG was 4,300,000 ounces (4.3 Moz). Sales were down quarter over quarter, totaling 3.9 Moz versus 4.5 Moz.

MAG, at the end of Q4/24, had US$162.3M in cash and cash equivalents. Free cash flow was US$48.8M versus ($19.1M). During the quarter, the producer’s 44% of the Juanicipio shareholder loans was reduced to US$4.7M from US$29.2M in Q3/24.

Total cash costs net of byproducts was US$0.05/oz silver, lower than NBC’s estimate but higher QOQ. All-in sustaining cost was US$8.71/oz silver, higher than NBC’s forecast and higher quarter over quarter (QOQ).

Juanicipio Results Only

In Q4/24, free cash flow was US$78.9M, down US$17.9M from US$95.5M in Q3/24.

Free cash flow was lower QOQ due to higher capex QOQ, offsetting cash flow from operating activities (CFO) that is still elevated despite higher costs QOQ. Q4/24 CFO was US$111.6M versus US$109.8M in Q3/24.

What to Watch For

MAG is finishing its analysis of data from its 2024 exploration work, from which it will identify new targets. The company is to resume drilling in H2/25.

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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.

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Disclosures for National Bank, MAG Silver Corp., March 24, 2025

RISKS: Non-Operator: MAG’s primary asset is the Juanicipio property (44%) being developed in partnership with Fresnillo Plc (56%). As a non-operator, MAG does not directly control the future production or development of the asset and any delays in the forecasted production schedule could negatively impact revenue and indirectly impact the valuation of the company. Financing & Liquidity Risk: MAG is responsible for its share of development capex for Juanicipio. Post-development of the Juanicipio property, MAG will be exposed to risks related to fluctuating silver, gold, zinc, lead and fuel/power prices. ADDITIONAL COMPANY RELATED DISCLOSURES MAG Silver Corp. Aya Gold & Silver Inc. First Majestic Silver Corp. Pan American Silver Corp. 2, 3, 5, 7 LEGEND FOR COMPANY RELATED DISCLOSURES: 2 National Bank Financial Inc. has acted as an underwriter with respect to this issuer within the past 12 months. 3 National Bank Financial Inc. has provided investment banking services for this issuer within the past 12 months. 4 National Bank Financial Inc. or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months. 5 National Bank Financial Inc. or an affiliate has received compensation for investment banking services from this issuer within the past 12 months. 6 National Bank Financial Inc. or an affiliate has a non-investment banking services related relationship during the past 12 months. 7 The issuer is a client, or was a client, of National Bank Financial Inc. or an affiliate within the past 12 months. 8 National Bank Financial Inc. or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. 9 As of the end of the month immediately preceding the date of publication of this research report (or the end of the second most recent month if the publication date is less than 10 calendar days after the end of the most recent month), National Bank Financial Inc. or an affiliate beneficially own 1% or more of any class of common equity securities of this issuer. 10 National Bank Financial Inc. makes a market in the securities of this issuer, at the time of this report publication. 11 A partner, director, officer or research analyst involved in the preparation of this report has, during the preceding 12 months provided services to this issuer for remuneration other than normal course investment advisory or trade execution services. 12 A research analyst, associate or any other person (or a member of their household) directly involved in preparing this report has a financial interest in the securities of this issuer. 13 A partner, director, officer, employee or agent of National Bank Financial Inc., is an officer, director, employee of, or serves in any advisory capacity to the issuer. 14 A member of the Board of Directors of National Bank Financial Inc. is also a member of the Board of Directors or is an officer of this issuer. 15 A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication.

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