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REZ completes first Granny Venn gold milling campaign at higher grade, recoveries

Special Report: REZ and mining partner BM Mining Services have beaten expectations in the first gold milling campaign at Granny … Read More
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This article was originally published by Stockhead

REZ and mining partner BM Mining Services have beaten expectations in the first gold milling campaign at Granny Venn, delivering higher grade and recoveries.

Richard Poole-led Resources & Energy Group (ASX:REZ) revealed today that a total of 24,459 tonnes of Granny Venn ore was milled at a head grade of 2.47 grams per tonne (g/t) for 1,766 ounces of gold at a recovered grade of 2.23g/t.

This represents 97% of the modelled reserve tonnes, 107% of the modelled grade and 104% of the estimated ounces recovered.

“This is a great outcome for the project and underscores the capabilities of our mining partner BM Mining Services to deliver a result at or above mine plan estimates,” director Dan Moore said.

The East cutback is the primary resource for the Granny Venn operation, part of the Menzies gold project in Western Australia.

Pit Development with East cutback on the left

“Early indications are that the ore resources are larger than originally modelled, which will be confirmed following receipt of grade results from the first ore shots.” – Executive Director Richard Poole. 

“Our initial goal was to mine 120,000 tonnes of ore at an average grade of 2.3 grams per tonne to produce 8,800oz of gold, which at today’s high gold price will provide REZ with an additional cash boost to fund continued exploration at the Menzies project.”

REZ and BM Mining Services completed the maiden gold pour in late October, marking the milestone start of production.

Before REZ and BM Mining restarted mining at Granny Venn in early July this year, no mining activity had taken place in 23 years.

So far, a total of 17,000 tonnes has been delivered to the Lakewood mill, with the second campaign of 25,000 tonnes set to begin later in December.

“We look forward to the second milling campaign where mining operations have reached the ore body in the East cutback,” Moore said.

REZ and BM Mining partnered up under a profit-sharing agreement back in March to exploit the economically recoverable remnant resources at the Menzies project.

BM Mining is part of the BM Geological Services (BMGS) group of companies that have been active in the mining industry in the Goldfields of Western Australia since 2003.

 


 

 

This article was developed in collaboration with Resources & Energy Group, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post REZ completes first Granny Venn gold milling campaign at higher grade, recoveries appeared first on Stockhead.


Author: Special Report

Energy & Critical Metals

Cameco (TSE:CCO) Now Covered by CIBC

CIBC started coverage on shares of Cameco (TSE:CCO) (NYSE:CCJ) in a research note published on Wednesday, Price Targets.com reports. The firm issued a…

CIBC started coverage on shares of Cameco (TSE:CCO) (NYSE:CCJ) in a research note published on Wednesday, Price Targets.com reports. The firm issued a buy rating and a C$37.00 price target on the stock.

CCO has been the subject of several other reports. upped their target price on shares of Cameco from C$27.00 to C$34.00 and gave the company a buy rating in a research note on Thursday, September 23rd. Royal Bank of Canada upped their target price on shares of Cameco from C$26.00 to C$29.00 and gave the company a sector perform rating in a research note on Monday, November 1st. Bank of America upgraded shares of Cameco from a neutral rating to a buy rating and upped their target price for the company from C$36.25 to C$40.00 in a research note on Wednesday, November 3rd. TD Securities cut their price target on shares of Cameco from C$40.00 to C$39.00 and set a buy rating on the stock in a report on Monday, November 1st. Finally, Scotiabank upped their price target on shares of Cameco from C$27.00 to C$35.00 in a report on Tuesday, October 12th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average target price of C$33.80.

Shares of CCO stock opened at C$25.38 on Wednesday. The company has a market capitalization of C$10.10 billion and a PE ratio of -295.12. The firm has a fifty day simple moving average of C$29.29 and a 200-day simple moving average of C$26.91. The company has a current ratio of 6.34, a quick ratio of 4.65 and a debt-to-equity ratio of 20.94. Cameco has a twelve month low of C$15.47 and a twelve month high of C$35.47.

Cameco (TSE:CCO) (NYSE:CCJ) last announced its earnings results on Friday, October 29th. The company reported C($0.14) earnings per share for the quarter, missing the consensus estimate of C($0.03) by C($0.11). The firm had revenue of C$361.00 million for the quarter. Equities research analysts predict that Cameco will post 0.33 EPS for the current year.

The business also recently declared an annual dividend, which was paid on Wednesday, December 15th. Investors of record on Tuesday, November 30th were issued a $0.08 dividend. The ex-dividend date was Monday, November 29th. This represents a yield of 0.26%. Cameco’s dividend payout ratio is presently -93.02%.

In other Cameco news, Senior Officer Tim Scott Gitzel bought 4,089 shares of the company’s stock in a transaction on Tuesday, January 4th. The shares were bought at an average cost of C$26.81 per share, with a total value of C$109,626.09. Following the completion of the acquisition, the insider now owns 373,924 shares of the company’s stock, valued at C$10,024,902.44.

Cameco Company Profile

Cameco Corporation produces and sells uranium. It operates in two segments, Uranium and Fuel Services. The Uranium segment is involved in the exploration for, mining, and milling, as well as purchase and sale of uranium concentrate. The Fuel Services segment engages in the refining, conversion, and fabrication of uranium concentrate, as well as the purchase and sale of conversion services.

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Royal Bank of Canada Reiterates “C$8.00” Price Target for Alamos Gold (TSE:AGI)

Royal Bank of Canada set a C$8.00 price objective on Alamos Gold (TSE:AGI) (NYSE:AGI) in a research report released on Wednesday morning, BayStreet.CA…

Royal Bank of Canada set a C$8.00 price objective on Alamos Gold (TSE:AGI) (NYSE:AGI) in a research report released on Wednesday morning, BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

Several other research analysts also recently weighed in on the stock. National Bank Financial reduced their price target on shares of Alamos Gold to C$11.50 and set a sector perform rating for the company in a research report on Friday, October 29th. National Bankshares reduced their price target on shares of Alamos Gold from C$12.00 to C$11.50 and set a sector perform rating for the company in a research report on Friday, October 29th. Canaccord Genuity Group downgraded shares of Alamos Gold to a hold rating and set a C$10.00 price target for the company. in a research report on Tuesday. BMO Capital Markets dropped their price objective on shares of Alamos Gold from C$14.00 to C$11.00 in a research note on Wednesday. Finally, CIBC dropped their price objective on shares of Alamos Gold to C$14.50 and set an outperform rating for the company in a research note on Thursday, October 28th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Alamos Gold presently has a consensus rating of Hold and an average price target of C$11.71.

AGI opened at C$8.83 on Wednesday. Alamos Gold has a twelve month low of C$8.30 and a twelve month high of C$11.33. The company has a quick ratio of 1.87, a current ratio of 3.35 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of C$9.51 and a 200 day moving average price of C$9.62. The company has a market cap of C$3.46 billion and a PE ratio of -142.42.

Alamos Gold (TSE:AGI) (NYSE:AGI) last released its quarterly earnings results on Wednesday, October 27th. The company reported C$0.13 earnings per share for the quarter, missing the consensus estimate of C$0.14 by C($0.01). The company had revenue of C$249.32 million for the quarter, compared to analysts’ expectations of C$282.06 million. As a group, sell-side analysts expect that Alamos Gold will post 0.56 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 21st. Stockholders of record on Tuesday, December 7th were paid a $0.031 dividend. The ex-dividend date was Monday, December 6th. This represents a $0.12 annualized dividend and a dividend yield of 1.40%. Alamos Gold’s dividend payout ratio (DPR) is -153.23%.

About Alamos Gold

Alamos Gold Inc, together with its subsidiaries, engages in the acquisition, exploration, development, and extraction of gold in North America, Canada, and Mexico. It also explores for silver and precious metals. The company’s flagship project is the Young-Davidson mine, which includes contiguous mineral leases and claims totaling 5,587 ha located in Northern Ontario, Canada.

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Analyst Recommendations for Alamos Gold (TSE:AGI)

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Raymond James Brokers Cut Earnings Estimates for Barrick Gold Co. (TSE:ABX)

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Stock analysts at Raymond James lowered their Q3 2022 EPS estimates for shares of Barrick Gold in a report issued…

Barrick Gold Co. (TSE:ABX) (NYSE:ABX) – Stock analysts at Raymond James lowered their Q3 2022 EPS estimates for shares of Barrick Gold in a report issued on Wednesday, January 19th. Raymond James analyst B. Macarthur now forecasts that the basic materials company will post earnings per share of $0.29 for the quarter, down from their prior estimate of $0.30. Raymond James currently has a “Buy” rating and a $33.00 target price on the stock. Raymond James also issued estimates for Barrick Gold’s Q4 2022 earnings at $0.28 EPS.

A number of other equities research analysts also recently weighed in on the stock. National Bank Financial raised their target price on shares of Barrick Gold to C$30.00 and gave the company a “sector perform” rating in a research note on Friday. decreased their price target on shares of Barrick Gold from C$32.00 to C$31.00 in a research note on Wednesday, November 17th. KeyCorp began coverage on shares of Barrick Gold in a research note on Friday, September 24th. They set a “hold” rating on the stock. UBS Group reissued a “buy” rating and set a C$25.00 price target on shares of Barrick Gold in a research note on Friday, October 15th. Finally, National Bankshares lifted their price target on shares of Barrick Gold from C$29.00 to C$30.00 and gave the stock a “sector perform” rating in a research note on Friday. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of C$31.92.

Shares of ABX opened at C$24.32 on Friday. The firm’s 50 day simple moving average is C$23.99 and its 200 day simple moving average is C$24.52. The company has a market capitalization of C$43.27 billion and a P/E ratio of 17.13. The company has a debt-to-equity ratio of 16.06, a current ratio of 4.05 and a quick ratio of 2.85. Barrick Gold has a 1-year low of C$22.30 and a 1-year high of C$30.65.

Barrick Gold (TSE:ABX) (NYSE:ABX) last announced its earnings results on Thursday, November 4th. The basic materials company reported C$0.30 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.29 by C$0.01. The company had revenue of C$3.56 billion during the quarter, compared to analysts’ expectations of C$3.50 billion.

In other news, Senior Officer Mark Francis Hill bought 60,018 shares of the business’s stock in a transaction dated Friday, November 19th. The shares were purchased at an average price of C$25.95 per share, for a total transaction of C$1,557,467.10. Following the completion of the acquisition, the insider now owns 131,570 shares of the company’s stock, valued at C$3,414,241.50.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 15th. Stockholders of record on Tuesday, November 30th were issued a $0.111 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.83%. The ex-dividend date was Monday, November 29th. Barrick Gold’s dividend payout ratio is 25.35%.

Barrick Gold Company Profile

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, Dominican Republic, Mali, Tanzania, and the United States.

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