Top-News of the Week:
Osisko Gold Royalties announces positive numbers for the second quarter and increases dividend
A short time ago, Osisko Gold Royalties reported its results for the second quarter of 2017.
Highlights in Q2 2017 were:
- Record quarterly gold equivalent ounces (“GEO”) earned of 10,863 (12% increase compared to Q2 2016 );
- Record quarterly revenues of CA$18.4 million (16% increase compared to Q2 2016);
- Net cash flows provided by operating activities of CA$14.1 million (compared to CA$15.9 million in Q2 2016);
- Net earnings attributable to Osisko’s shareholders of CA$11.0 million, CA$0.10 per basic share (compared to CA$15.7 million, CA$0.15 per basic share in Q2 2016);
- Adjusted earnings of CA$7.1 million, CA$0.07 per basic share3 (compared to CA$6.6 million, CA$0.06 per basic share in Q2 2016);
Osisko Gold Royalties: Acquisition of Orion Portfolio approved by shareholders!
In addition to this, Osisko Gold Royalties announced the successful completion of the previously announced acquisition of a high-quality precious metals portfolio of assets consisting of 74 royalties, streams and precious metal offtakes from Orion Mine Finance Group in exchange for CA$675 million cash and the issuance of 30,906,594 shares of the Corporation. Prior to that, shareholders had overwhelmingly approved at 99.6% the issuance of shares required to complete the acquisition of the Orion portfolio.
News 1: OSISKO COMPLETES ACQUISITION OF ORION ROYALTY PORTFOLIO
News 2: OSISKO SHAREHOLDERS OVERWHELMINGLY APPROVE ORION TRANSACTION
Company News:
Fission Uranium reports best mineralization outside of Triple R!
Fission Uranium recently reported the results of 2 holes testing the recently-discovered, land-based, R1515W zone where drilling has intersected the widest cumulative mineralization and some of the strongest radioactivity to date outside of the Triple R Deposit, at its’ PLS property in Canada's Athabasca Basin region. The two holes have encountered very wide mineralization and strongly radioactive peaks in multiple stacked zones, at the R1515W zone, which is 1.5km west of the Triple R deposit. Of particular importance, hole PLS17-564 (line 1545W) intersected 135.5m total composite mineralization, including 8.25m total composite >10,000 cps and multiple intervals of >65,535 cps (the maximum reading possible by the RS-121 scintillometer before saturation).
Of additional importance, the nature of mineralization of the R1515W zone, including multiple stacked lenses and wide lateral widths, is showing increasingly similarities to the R780E – the primary zone of the Triple R deposit.
News: Fission Hits Widest Mineralization to Date Outside of the R780E Zone with 1.5km Step Out from Triple R Deposit
Video: Uranium Markets Are Moving Into A Deficit And The World Is Still Building New Nuclear Power Plants
Sierra Metals reports positive quarterly numbers
Sierra Metals recently announced the filing of Sociedad Minera Corona S.A.’s unaudited Financial Statements and Management Discussion and Analysis for the second quarter of 2017.
The Company holds an 81.8% interest in Corona. All amounts are presented in US dollars, unless otherwise stated, and have not been adjusted for the 18.2% non-controlling interest.
Corona’s Highlights for the Three Months Ended June 30, 2017:
- Revenues of US$37.9 million vs US$23.4 million in Q2 2016
- Adjusted EBITDA of US$ 18.9 million vs US$5.3 million in Q2 2016
- Total tons processed of 237,912 vs 215,510 in Q2 2016
- Net production revenue per ton of ore milled increased by 49% to US$152.66
- All in sustaining cost (“ASIC”) per silver equivalent payable ounce lower by 8% to US$13.47
- Silver equivalent production of 2.1 million ounces vs 1.8 million ounces in Q2 2016
- Copper equivalent production of 17.8 million pounds vs 15.5 million pounds in Q2 2016
- $29.6 million of cash and cash equivalents as at June 30, 2017
- $24.7 million of working capital as at June 30, 2017
Treasury Metals starts with large drill program
Treasury Metals recently announce, that it has commenced the Phase II drilling exploration program at the Company’s flagship Goliath Gold Project located in Northwestern Ontario.
The Phase II program will consist of 15,000 meters of underground infill drilling in the Main Zone resource area. In addition, an expansion and exploration program of 15,000 meters will focus on ‘high priority’ step out targets outside of the known Goliath resource area along strike to the northeast to test near surface targets as well as extending down-dip below the current resource in both the Main and C Zone areas.
News: Treasury Metals Commences 30,000 Metre Phase II Drill Program
Aguia Resources: Feasibility Study rapidly progressing
Altona Mining publishes improved DFS for Cloncurry
A short time ago, Altona Mining announced an update of the Definitive Feasibility Study (“DFS”) of the Cloncurry Copper Project, 90 kilometers north-east of Mt Isa in Queensland, Australia.
The study update results in annual operating surplus before tax and sustaining capital of approximately AU$141 million. This highlights the value that will be released once the project is developed.
The study has been completed to provide an up to date status of the Project which consolidates and integrates all technical work of prior studies with a number of significant developments since the initial DFS in May 2012 and the update to the DFS in March 2014 that impact on costs, revenues and design.
News: UPDATED DFS DELIVERS BIGGER AND BETTER CLONCURRY COPPER GOLD PROJECT
Video: Copper Markets: Junior Miner Consolidation Ahead
Endeavour Silver reports financial results for the second quarter
A few days ago, Endeavour Silver released its financial results for the second quarter ended June 30, 2017.
The Company's financial performance in the Second Quarter, 2017 was impacted by lower production and increased exploration and development activities compared to the Second Quarter, 2016. Production was lower in Q2, 2017 compared to Q2, 2016 due to differences in the annual mine plans. In 2016, production was higher in H1 and declined in H2 whereas in 2017, production should rise incrementally from H1 to H2 with increased access to reserves at all three mines.
Production in the Second Quarter, 2017 was higher than the First Quarter, 2017 due primarily to improved performance of the Bolañitos and El Cubo mines. Both mines are now performing in line with their operating plans for the year whereas Guanacevi continues to lag behind plan.
News: Endeavour Silver Reports Financial Results for Second Quarter, 2017; Updates on Development Projects and 2017 Guidance
Video: Silver Looks Good
Endeavour Silver appoints new Vice President, Engineering
In addition to that, Endeavour Silver announced the appointment of Andrew Sharp as its new Vice President, Engineering to lead the Company’s new Technical Services and Mine Development Group.
Mr. Sharp, B.Eng., FAusIMM., is a professional engineer with 30 years of experience in the mining industry, is fluent in Spanish and has worked many years in Mexico. He brings to Endeavour a wealth of experience in executive and mine management, mine planning and operations, mine startups and turnarounds, mine evaluations and feasibility studies, mine permitting and government relations.
News: Endeavour Silver Appoints New Vice President, Engineering to Lead New Technical Services and Mine Development Group
Klondex Mines reports strong second quarter
Klondex Mines recently announced its operational and financial results for the second quarter of 2017.
Highlights were:
- Operating cash flows – The company generated US$30.0 million of operating cash flow in Q2 2017 compared to US$15.4 million a year ago quarter, an increase of approximately 95%.
- Ounces sold and financial results - Klondex sold 69,511 gold equivalent ounces (“GEOs”), consisting of 65,293 gold ounces and 307,899 silver ounces. Revenue was a quarterly record of US$86.8 million, up 74% from a year ago quarter. Net income for the quarter was US$7.7 million (or US$0.04 per share - basic).
- Cash flows and liquidity – The company improved its strong financial position and liquidity in Q2. The ending cash balance was US$41.5 million.
- Full year consolidated production guidance - As a result of the strong operational performance in Nevada, the company increased its consolidated production guidance to 213,000 - 230,000 GEOs, up slightly from 210,000 - 225,000 GEOs. Additionally, it lowered its consolidated production cash costs per gold equivalent ounce sold to US$675 - US$700, down slightly from the original guidance of US$680 - US$710.
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