|BTO, KRR, NRN|
B2Gold aka BTO released their Q2 results, which were pretty well in line with predictions, totaling 224k oz Au, with both Fekola in Mali and Masbate in the Philippines delivering strong quarters. There was no information on costs, but with the sanctions on Mali having been removed, that should help with supply lines and hence costs. We'll hear about costs when they release their financial quarterlies early next month. Meanwhile, BTO has maintained their 2022 guidance of 950k-1000k oz Au with cash costs of $620-600/oz.
In response BMO issued a new analyst report which called the impact as Neutral and maintained BTO at Buy with a target of $9.50.
Karora Resources aka KRR also released their Q2 results from the gold and nickel mining complex in Australia. In terms of ounces produced, this was a strong quarter, with gold production at 30652 oz. They also announced that, thanks to a recently completed PP, their cash stash has grown to $114M in spite of the costs of building the second decline at Beta Hunt.
But what we really need to know are their costs of production, which were too high last quarter thanks to Covid and supply chain disruptions. We'll have to wait till they release their Q2 financial results to see how they did. Last year they appeared near the end of August.
The headline above Northern Shield Resources aka NRN's latest PR says that they have discovered a new gold zone at their Root & Cellar property in Newfoundland. But if you read the PR itself, you will find much more careful wording, merely saying they have discovered indications of a new gold zone. Given that in the years I have been following this company they have been very good at finding 'indications' but not good at finding actual viable minerlaization, I am not holding my breath.
Meanwhile, Saville continues to point to gold strengthening fundamentals, but doesn't expect the definitive bottom to be set for another month or two.