Endeavour Mining aka EDV released their Q3 results and they were, to use a technical term, darn good. They produced over 382k oz Au, down a bit from Q2, but they still managed a considerable increase in cash flow. As a result, they say they expect to exceed the top of their 2021 production guidance while managing to keep costs within that guidance. They expect to increase their share buyback programme, and are hinting at a very nice dividend at year end. Even after the shareholder returns, their cash stash is still more than $760M.
With the integration of their two big purchases pretty well complete, EDV will generate huge cash flow next year even while carrying out development and exploration programmes, so it is no surprise that the share price has reached levels not seen since 2008.
Message 33569674
Golden Goliath aka GNG released the results from the final 7 holes of its drill programme at the Kwai Au prospect in Ontario. The PR uses the ominous word 'anomalous' and, another bad sign, doesn't even bother to include the assays. In the discussion they admit they didn't find the source of the gold grains in till as they had hoped, but stress that they found all sorts of promising indicators. This was never going to be easy, as in this area the prospective strata are deep and covered by a thick layer of overburden. They are going to retire from the field and lick their wounds, er, I mean study the results and plan next year's exploration.
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FWIW, BMO released a new report on Wallbridge Mining aka WM, rating them at Outperform with a target of $1. They cite that the resource was at the upper end of their expected range, and that the open pit and underground bulk mining zones contained more gold than they expected. They also expect at least another 4M oz to be proved up, and expect an upward rerating once economic studies get underway. |
