Goliath Resources aka GOT released another placeholder PR re the drilling campaign underway on the Surebet Zone of their Golddigger Au/Ag prospect in BC's Golden Triangle. So far they have completed 22 holes, but still have not received any assays, so they are reduced to saying that every hole has intersected minerlaization that looks like what they found last year. Once we finally get some assays, will the stock move one way or the other? It's hard to tell, given the way it trades, but I am hoping the results are outstanding enough to finally eat up the overhang left on the stock from previous promotional efforts by third parties.
There was a tidbit of actual news, that they have added a fifth rig and increased the campaign from 24km to more than 27 km, so management is hopeful.
Oceanagold aka OGC released its Q2 results, and although you wouldn't know it by the share price, the turnaround from recent problems continues. Costs are still too high, but in Q2 they produced over 112k oz Au (making H1 production up over 31% from last year), and copper production has resumed with the restart of operations at Didipio in the Philippines. In spite of the higher costs, they still generated $98M in after tax profits and paid down their debt by $50M while increasing their cash stash to $150M.
OGC reiterated 2022 guidance of producing 445-495K oz Au and increased copper guidance to 12-14kt, but also increased cost guidance by $100/oz Au. Time will teat if the ramp up at Didipio and initiatives at Halle in the US and their New Zealand mines can push down those costs.
Saville thinks it is likely that gold prices are bottoming relative to the costs of fuel and labour, and with the improving fundamentals in gold eventually moving the PoG higher, once this sorts itself out the quality gold miners should do very well.