Connect with us

Articles

A Sprott SPUT Copycat Joins the #UraniumSqueeze to Force an Explosive Move Higher

As Sprott Goes "Hunt Brothers" On Uranium, A Copycat Joins The Squeeze To Force An Explosive Move Higher

Exactly two weeks ago, we laid out…

Share this article:

Published

on

This article was originally published by Zero Hedge

As Sprott Goes “Hunt Brothers” On Uranium, A Copycat Joins The Squeeze To Force An Explosive Move Higher

Exactly two weeks ago, we laid out the investment thesis for what our friends at Adventures in Capitalism dubbed was a “bitcoin-like opportunity in Uranium.” In a nutshell, in mid-August, the Sprott Physical Uranium Trust, then roughly $300 million, announced that it would unleash an unprecedented buying spree in physical uranium, a relatively small market, in hopes of forcing a physical shortage and sending the price of urnium higher, leading to more buying of the Trust, more purchases of uranium, even higher prices and so on.

While some voiced concerns that this strategy was similar to what the Hunt Brothers tries to do with silver back in 1980, when the precious metal rose tenfold in months only to crush just as rapidly once the market became “uncornered”  there are several distinct differences between what the Hunts and Sprott are doing (most notably the inability by producers to rapidly flood physical to meet demand, as well as the lack of a sizable paper market to short the move) so far – less than a month later – Sprott’s strategy has proven extremely successful, so much so that the Canadian asset manager upsized the size of its Trust from $300MM to $1.3BN… and just this morning got its first copycat, Uranium Royalty Corp (UROY) which this morning announced that it was taking a page out of the Sprott book and would expand its physical uranium holdings to 648,068 pounds.

But before we get there, a quick excerpt from a report this week by Bank of America which has broken down the Sprott strategy and discussed how it will impact the price of uranium going forward, and why it just hiked its price target for Cameco by 45% to $29/share

SPUT/Byron/Dresden add 4% to global demand, PO upped

Uranium (U3O8) purchased by the Sprott Physical Uranium Trust (SPUT) since launching an at-the-market (ATM) equity program on August 17th has added 3% to global demand. This is 52% annualized, or $4bn at flat prices. Prices have risen 42% to $43.75/lb. A supply response is likely but might take time and more SPUT buying is likely, we think. The Illinois House and Senate approved funding to keep the Byron & Dresden nuclear plants from closing. We add both back to our model, increasing annual U3O8 demand by 1.1%. We increase 2021E-2023E U3O8 prices by 18%, 41% and 18% to $36.30, $53.50 and $48.50/b. We raise our price objective (PO) for Cameco (CCO) by 45% to C$36.25/sh ($29/sh), CCO: Neutral as we think outlook is mostly reflected in the shares.

SPUT ATM funding increased to $1.3bn

SPUT has raised roughly $245mn of the $300mn maximum set-out under its ATM program. On Friday, SPUT obtained approval to increase the maximum to $1.3bn. The limiting factor on future SPUT capital raises is market demand for its units, which appears to us to be strong and correlated to SPUT’s ability to continue pushing up uranium prices. Given the relatively small size of the U3O8 spot market (~$2.7bn in 2020, unadjusted for churn), SPUT buying should push spot prices still higher, until supply responds or the price gets high enough to spook investor demand for SPUT units.

So the weakest link in the Sprott strategy is how quickly will incremental supply come on line. The good news for Sprott is that, at least according to BofA, it won’t be for some time.

A supply response is likely but not immediately

U3O8 held by junior miners and hedge funds, uncommitted supply from producers and a reversal of carry trades are among potential near-term sources of new market supply. Potentially larger sources are 58Mlbs of idled production capacity and 16.8Mlbs of unutilized capacity in Kazakhstan. However, a large majority of this is unlikely to respond without long-term contracts and would require six or more months to ramp-up.

UxC estimates that hedge funds hold around 11Mlbs of U3O8 that was mostly purchased in 2018 and 2019 when prices averaged just $24.61/lb and $25.84/lb vs. the current spot price of $43.75/lb.

There can be many sources of uncommitted supply with BHP’s Olympic Dam (8-10Mlbs annually) and the Navoi mines in Uzbekistan (9Mlbs annually) the usual candidates. Other less obvious sources also exist. For example, we estimate that in H1’21, China imported nearly 21Mlbs of U3O8 which equates to approximately 82% of the country’s 2021E reactor requirements. In addition, Chinese utilities are estimated to hold as high as or more than 460Mlbs of U3O8 inventory, sufficient to cover expected requirements for the next 11 years. As prices rise we see the possibility for some of the U3O8 produced in Chinese owned mines outside of China to be sold into the spot market. We estimate that in H2’21, Chinese owned mines outside of China will produce roughly 8Mlbs of U3O8. We do not expect Chinese inventories to be sold, however. Those are considered strategic.

Kazakhstan under-utilizing capacity: In Kazakhstan, the world’s largest U3O8 producing nation, there are several uranium mines now producing below capacity. On a 100% basis, these mines have a capacity of around 75.4Mlbs but we forecast them producing 58.6Mlbs in 2021E, leaving 16.8Mlbs of additional production potential trough flexing up utilization. However, similar to Cameco, Kazatomprom has indicated it will not flex up its production until they are signing long-term contracts and the price is fair. The latter condition may now be realized, the former remains to be seen. We think KAP sees $40-$45/lb as fair pricing.

Idled capacity is substantial but a majority is disciplined: According to data compiled by the World Nuclear Association (WNA), there is 54.4Mlbs of idled capacity. Cameco, which controls 58% of this idled capacity, has indicated it must fill its contract book at attractive pricing before it will restart McArthur River and has indicated that very high prices would be necessary to restart Rabbit Lake. The price indicated by Cameco for a McArthur restart is $40/lb or greater. Paladin has suggested a similar approach with its Langer Heinrich mine which accounts for another 11% of this idled capacity. Of the remaining 31% of potentially undisciplined producers only 17% (8.9Mlbs) is profitable at the current spot price on a full cost basis. However, much of this potentially undisciplined production will soon be profitable as prices rise.

But while we wait for supply to rise, one thing is clear: producers – such as Cameco – will benefit when utilities re-enter the market, to wit:

The higher spot price means produced supply is more competitive vs. the carry trade, presenting an opportunity for longer-term contracting. When utilities re-enter the term market, existing producers should benefit. Will utilities enter the term market this week as they have historically? Likely, but volumes are uncertain and coverage is solid.

Of course, much of the production on the cost curve would require far higher prices to be profitable. The chart below shows the estimated 2021 global uranium industry cost curve. Full costs include all mining, processing and site G&A costs as well as sustaining capex. Sunk costs and a rates of return are excluded. The exhibit shows that our long-term U3O8 price forecast of $47/lb is in line with the 90th percentile on the cost curve.

In other words, there is some marginal supply available but the price of uranium will have to rise well above $60 for it to be accessible. Today uranium is trading around $46, up almost 50% since Sprott launched his buying vehicle.

And while utilities are currently well-covered, NPP life extension may change that substantially. As BofA notes, “US utilities have the best contract coverage in 30 years. In the EU coverage is even better. We think utilities thus have bargaining power even with much higher spot prices and see contract prices that are lower (closer to our $47/lb long-term price). Yet, potential nuclear plant life extensions like Byron and Dresden will mean less inventory and contract coverage. We lower our 2021E loss per share (LPS) to $0.45 from $0.22, raise 2022E EPS to $0.25 from $0.08 and raise 2023E EPS to $0.59 from $0.20. Using a net asset value approach, CCO shares imply a $50/lb U3O8 price.”

So what does all this mean for the industry? In a nutshell, sharply higher prices: here is BofA.

Given that we think there will be at the minimum a sustained bid in the spot market for U3O8 from SPUT combined with already tightening markets and the addition of Byron and Dresden to our demand forecast, we raise our 2021E to 2023E U3O8 price forecasts by 18%, 41% and 18% to $36.30, $53.50 and $48.50/b. Our long-term price is pushed to 2026E from 2025E and increased to $47/lb supported by an updated production cost curve. Our view is that prices will continue rising but peak in Q1’22 as plans for productive supply responses are revealed. We expect CCO to restart McArthur River in 2023E at a capacity utilization of around 30% and steadily ramp up from there.

 

A key driver of how fast uranium prices normalize will be the response time at the world’s largest miner, Cameco, which according to BofA is “the only large, liquid, US listed vehicle for exposure to uranium.” As BofA notes, “we are now assuming that CCO restarts it McArthur River mine, the largest uranium mine in the world at annual production of 25Mlbs, in 2023E. However, we see a very gradual restart with capacity utilization of just 30% in 2023E, 50% in 2024E to 2026E and then 100% from 2026E onward.

To be sure, Cameco will be asking itself does it want to produce more and lower both the price of uranium and its stock, or take its time with ramping production. One look at the recent action of the OPEC+ cartel should give an indication as to what it may do.

In other words, we do not expect major downward pressure on either the price of uranium or CCJ for the foreseeable future, something which even retail investors have now grasped making CCJ the most actively discussed name on the WallStreetBets forum a few days ago.

So with all that in mind, we look at what appears to be the first Sprott copycat to emerge in the past month, namely Uranium Royalty, which has surged as much as 18% after announcing that it’s entered into contracts for three additional spot purchases totaling 300,000 pounds of uranium, noting that the average cost of the purchases is $38.17 per pound, a number which is already a substantial discount to today’s price.

Following completion of the deliveries, URC CN will hold a physical inventory of 648,068 pounds of uranium at a weighted average cost of $33.10 per pound. More from the press release:

It is within URC’s mandate to make periodic purchases of physical uranium to provide attractive commodity price exposure to shareholders, especially in these early stages of a bull market in uranium. The global mega-trend towards de-carbonization is providing a major catalyst for carbon-free, safe, and reliable nuclear energy. The supply and demand fundamentals for uranium continue to improve, with demand for uranium now exceeding pre-Fukushima levels and global mine production (128 million pounds) expected to lag global consumption (191 million pounds) by 63 million pounds in 2021 (UxC data – Q3 2021 report).

This is the 5th year of the production/consumption gap which has had a positive impact on drawing down excess market inventories. The purchasing activities of producers and financial entities, like the Sprott Physical Uranium Trust have accelerated this rebalancing as of late, resulting in a 49% rise in the spot price in the past five weeks.

As Sprott continues to upsize its physical uranium fund to meet growing demand, and as the price of both uranium and producers continues to rise, expect many more tactical and strategic buyers of uranium to emerge as suddenly Uranium is the new silver and everyone is hoping to be the new Hunt Brothers.

Tyler Durden Wed, 09/15/2021 – 11:44

Author: Tyler Durden

Share this article:

Precious Metals

Why Authoritarianism Must Prevail

Why Authoritarianism Must Prevail

Authored by Robert Wright via The American Institute for Economic Research,

Freedom anywhere is a threat…

Share this article:

Why Authoritarianism Must Prevail

Authored by Robert Wright via The American Institute for Economic Research,

Freedom anywhere is a threat to authoritarianism everywhere. That is why authoritarians must destroy all freedom and why liberty lovers, and even the merely “lib-curious” (liberty curious), must not just resist blatant authoritarianism, but reject it in all its guises. The fate of the nation, and the world, again hangs in the balance.

To the extent that any freedom persists, authoritarian diktat can be subverted, albeit at a cost. History is rife with examples of bizarre entities, like nonbank banks (I kid you not!), rent-a-banks (ditto!), and gold caches, designed to work around branching restrictions, usury laws (maximum interest rates), the criminalization of holding gold, and sundry other attempts to limit financial freedom. (See my Financial Exclusion for details.)

To squelch “undesirable” activity, like increasing bank competition, voluntarily lending/borrowing small amounts of money at rates commensurate with the attendant costs and risks, or trying to protect one’s family against fiat money inflation, government must outlaw the workarounds too. To get their way, statists must suppress all unapproved activities, which ultimately means forcing would-be innovators to obtain permission before they can lawfully engage in any new activities.

Consider, for example, recent calls to allow the IRS to monitor essentially all bank accounts in the country. Maybe Americans will accept it, if, as claimed, the power is only used to enforce current tax laws. But if tax rates rise appreciably, as it seems they will, given the current administration’s policy goals, or if the transaction information is used for partisan political purposes, or to shame or coerce people into buying this, or not buying that, Americans will begin to search for workarounds. To the extent that the workarounds prove successful, government will be forced to outlaw the workarounds too.

For instance, if workers ask their employers to pay them in Federal Reserve Notes or Bitcoin because they believe that the transaction costs of making payments in those media will be less burdensome than giving some party hack access to the most intimate details of their lives, the government may well force employers to pay workers only in USD and only via bank transfer. It might even ban cryptocurrencies entirely, or at least try to.

Workers might then make one payment per month, to a “bill paying service” that for a fee will pay their bills for them, out of its one, giant bank account. Oh, but that sounds like an unregulated bank taking uninsured deposits so those services will have to be suppressed as well, or perhaps replaced by the central bank.

People may then begin paying everything by credit card, and even direct their employers to repay their credit card issuers directly. Next thing you know Uncle Sam will want to see your credit card statements too. Ditto PayPal, Venmo, and any other fintech apps used to make or receive payments. Thus a seemingly innocuous request to see bank accounts for tax purposes becomes the excuse for full-blown financial repression. This will, as always, hurt the poor the most.

Employers might work around those laws, along with the tax code and vaccine mandates by converting their employees into volunteers and donating payroll to a nonprofit charity with the singular mission of ensuring that the “volunteers” receive “donations” that happen to match the value of their former compensation. Imagine the chaos if every employer simultaneously did that! Government would have to respond by tightly regulating, if not outright outlawing, charities and volunteer work. Our liberty would be truly lost at that point, and again the poor would suffer most.

Corporations shouldn’t be taxed, but they are. Many of the largest have engaged in (international) tax arbitrage by adroitly shifting headquarters, production facilities, and charters between different states, provinces, and countries. Governments are now fighting back by establishing a global minimum corporation tax. How long before some entity begins to offer oceanic or orbital (then moon, then Martian) charters as tax havens? Soon after, though, private space flight and oceanic colonization will likely be banned or heavily restricted.

Everyone should be aware that if an international gold ETF issuing bearer shares, Honeypot.xxx (a sex worker-owned substitute for OnlyFans), a parallel university system, or anything else of import that runs against the woke or statist grain begins to gain commercial traction, regulatory hammers will swiftly bludgeon the innovators into compliance, or out of existence.

Were that all! When statist solutions to perceived “problems” create real problems, the call inevitably goes out for yet more government. When pressed about how to pay for UBI (various universal basic income) schemes, for example, schemes that are purportedly needed to solve a nearly nonexistent income disparity “problem,” proponents will sometimes argue for the establishment of a Sovereign Wealth Fund (SWF, or a giant investment fund owned by a government), the dividends and realized capital gains of which can be divided equally among the citizenry. 

UBI proponents are not sure where the money to fund the SWF will come from, or if it is a good idea to concentrate all that economic and political power in one decision maker’s hands, but if you want to see their true colors, ask them why individuals cannot simply invest their own money for themselves. Turns out that elites believe that most Americans don’t know how to invest properly, in the “right” (which is to say Left) companies. So look for a push to outlaw individual investment in favor of a SWF-funded UBI, or at least a narrowing of choice to SEC-approved ESG funds. You may still own something in 2030, but it seems increasingly unlikely you will be happy.

America and the rest of the West have been sliding down the slippery slope of statism for so long that they are now rapidly approaching the precipice that ends in rock bottom. Will liberty be crushed and a new dark age commence? Or will the masses then finally see governments as the problem, rather than as the solution?

Tyler Durden
Fri, 10/22/2021 – 21:00






Author: Tyler Durden

Share this article:

Continue Reading

Articles

Hawkish Powell Hits Stocks; Bitcoin Flat As Breakevens, Bond Yields & Bullion Bounce

Hawkish Powell Hits Stocks; Bitcoin Flat As Breakevens, Bond Yields & Bullion Bounce

A very mixed week across the asset-classes.

Hawkish…

Share this article:

Hawkish Powell Hits Stocks; Bitcoin Flat As Breakevens, Bond Yields & Bullion Bounce

A very mixed week across the asset-classes.

Hawkish Powell: rate-hike expectations surged higher but stocks gained, crude rallied but copper tumbled. Growth and Value stocks basically ended the week up around the same amount (while Cyclicals modestly outperformed Defensives). Perhaps most notably, rates vol and stock vol expectations are dramatically decoupled from one another.

Inflation: Breakevens soared to record highs… globally, bullion bounced but bitcoin ended the week unchanged and bonds only modestly higher in yield.

Source: Bloomberg

We do not that the long-end of the curve notably outperformed today (flattening the curve significantly) after Powell’s comments, in a clear signal from the market that it’s expecting a Policy error

Source: Bloomberg

Arguably, as Goldman details below, the market could be morphing back from a ‘stagflation’ narrative to a ‘reflation’ narrative

Heading into the week, the ‘stagflation’ narrative was continuing despite the fact that the S&P 500 had already bounced off of its late-September bottom and was heading back towards an all-time high.  And as we exit the week, the inflation debate seems to be evolving into a ‘the Fed will hike earlier’ narrative, with yields on 2-year Notes spiking to 0.50% — a level last seen in the first days of the pandemic way back on March 18, 2020.  Praveen Korapaty writes in last Friday’s note, “Front-end pressures mount,” that markets appear to have returned to a paradigm of simultaneously bringing forward and/or accelerating hike pricing and taking down terminal rate assumptions. Bond investors appear to be increasingly thinking that the rise in inflation that we have been observing will translate into an earlier Fed funds rate hike.

And yields on 10-year Treasuries also briefly touched 1.70% this week, suggesting that bond investors are actually also feeling fine about longer-term growth.  And this better feeling is also being reflected in stock prices with the S&P 500 breaking up above 4500 and hitting a new all-time high this week.  So, the ‘stagflation’ narrative seems to be morphing back into a ‘reflation’ narrative — something similar to what we were experiencing when the economy first ‘reopened’ last spring.

Digging into each asset class, stocks ended the week higher overall (despite today’s Powell-driven dip that sent Nasdaq down around 1% today)…

The S&P and Dow closed at record weekly closing highs…

In Canada, the S&P/TSX Composite is up 13 straight days to a new record high – the longest winning streak since 1985…

Source: Bloomberg

Rather interestingly, this week saw “get out and party” recovery stocks underperform the “stay at home and sulk” stocks…

Source: Bloomberg

Cyclicals modestly outperformed Defensives on the week…

Source: Bloomberg

Growth barely outperformed Value on the week…

Source: Bloomberg

TSLA topped FB in terms of market cap again today (to become the 5th biggest company in the S&P) as Musk’s carmaker surged to new record highs above $900…

Source: Bloomberg

But the week’s biggest gainer was Trump’s “TRUTH” SPAC which ended up over 800% (though at one point it was up over 1600%)…

Source: Bloomberg

VIX traded down to a 14 handle this morning – the lowest since before the pandemic lockdowns began…

Treasury yields ended the week higher, but the long-end notably outperformed…

Source: Bloomberg

The yield curve ended the week notably flatter (after a wild ride midweek back to last week’s highs)…

Source: Bloomberg

Policy Error? The flattening started with the June taper chatter…

Source: Bloomberg

Inflation Breakevens soared to record highs today (US 5Y topped 3.0%) across the globe today…

Source: Bloomberg

The dollar ended the week lower, chopping around at one-month-lows…

Source: Bloomberg

Cryptos had a wild ride for the week with Bitcoin reaching new record highs after BITO’s launch before fading back to unchanged on the week today (Ethereum modestly outperformed on the week)…

Source: Bloomberg

Bitcoin ended the week just above $60k, well off the $67k record high…

Source: Bloomberg

The newly launched Bitcoin (futures) ETF (BITO) ended below its opening level…

Bitcoin Futures were well bid as BITO launched but the premium over spot has faded since…

Source: Bloomberg

Commodities were very mixed with copper clubbed and silver soaring (gold and crude also rallied)…

Source: Bloomberg

Rather interestingly, the huge divergence between copper and silver occurred at a key resistance level (around 20 ounces of silver to buy copper)

Source: Bloomberg

Finally, we note Mizuho’s warning of the impact of today’s more hawkish speech from Fed chair Powell. Our view that the divergence of equity implied vol (at pre-pandemic lows) from rates implied vol (rising to the highs of the year in most markets) is unsustainable, is showing tentative signs of turning.

Source: Bloomberg

The sharp move lower in Nasdaq futures and widening of CDS indices is a warning shot, we feel, of how risk assets would break down if the Fed was to try to stamp out inflation at such an early point in the cycle as mid 2022.

Commodities relative to stocks are starting to flash some red alerts…

And if one needed an excuse to buy some protection against that whiplash reality check for stocks, VIX is at a critically cheap level relative to VXV…

Source: Bloomberg

That has not tended to end well for stocks.

Tyler Durden
Fri, 10/22/2021 – 16:01



Author: Tyler Durden

Share this article:

Continue Reading

Articles

Top Mining Small Caps To Watch Right Now

Are mining juniors on your watchlist right now?

Share this article:

Are These Mining Penny Stocks on Your Watchlist in October?

Mining penny stocks have become extremely popular over the last year or so. And, there are a few main reasons why that is the case. For one, mining stocks tend to be more stable than most others, as their trajectories are less affected by speculation. While this is more true with blue-chip mining stocks, it is also the case with mining penny stocks.

[Read More] 3 Biotech Penny Stocks to Watch That Are Climbing Right Now 

In addition to this, many investors have turned to mining stocks this year as a way to avoid the ups and downs of the stock market as a result of Covid. Specifically, gold stocks are highly popular as they present a ‘safeguard’ investment against inflation and market volatility. Historically, gold has been a mainstay in the market during times of economic trouble. And while we are emerging from the pandemic right now, investors are still uncertain about the future. 

As a result, mining stocks remain very popular right now. As we continue to move into the end of the year, it’s worth keeping an eye on the demand for resources such as gold, silver, and other popular mined ores. This will help to illustrate how these stocks could perform in the future. With that in mind, let’s take a look at three mining penny stocks to watch right now. 

3 Mining Penny Stocks to Watch Right Now

  1. IAMGOLD Corp. (NYSE: IAG
  2. Yamana Gold Inc. (NYSE: AUY
  3. B2Gold Corp. (NYSE: BTG

IAMGOLD Corporation (NYSE: IAG)

IAMGOLD Corporation is a mining penny stock that has climbed by over 30% in the past month with 5% of that occurring in the last five days alone. This company develops, explores for, and operates gold mining properties. These properties are located in the Americas and West Africa. Its mines include the Rosebel mine, Essakane mine, and Westwood mine among many others. In addition to gold, the company also searches for silver and copper as well.

[Read More] 4 Penny Stocks For Your List As Trump’s DWAC Stock Breaks The Internet

On October 19th, the company provided its preliminary operating results for the third quarter of 2021. All of IAMGOLD’s mines reported positive results during this period. Its Essakane mine had an average recovery of 83 percent at 3.3 million tons. Additionally, the Rosebel and Westwood mines provided positive results for the company as well.

“We achieved attributable production of 153,000 ounces during the third quarter and are pleased that our total attributable production is trending towards the upper end of the guidance range. Essakane continues to deliver strong results and Rosebel is performing in line with the updated plan.”

Gordon Stothart, the President, and CEO of IAMGOLD

Right now, many investors are turning to gold and mining stocks in general as a way to hedge bets against inflation. And as a popular gold stock, IAG could be worth looking into. Considering this, does it deserve a spot on your penny stocks watchlist?

Penny_Stocks_to_Watch_IAMGOLD_Corp._(IAG_Stock_Chart)

Yamana Gold Inc. (NYSE: AUY)

Yamana Gold Inc. is another gold stock that has been moving up in the last few trading sessions. While its 8% gain over the past month is not as large as IAG’s, it is still substantial considering the relative stability of mining stocks. This company produces various precious metals in the United States however, its primary focus is on the production of gold. Silver is also a big market for Yamana, which it searches for at its development stage properties, exploratory sites, and land positions.

The most recent Yamana update was released on October 4th. The company announced that it will reveal its third-quarter operating and financial results after the market closes on October 28th, 2021. The next day, at 9 a.m. EDT, a conference call and webcast will be held. The financial results of Yamana Gold could have a big impact on its stock price if either positive or negative results are reported. This is something we see with most stocks, and for that reason, financial reports are always important to consider. 

The price of AUY stock is not just dictated by how the company is performing though. The prices of gold and silver are also major contributors to whether AUY stock will move up or down. It seems as though it is a balance between the price of gold, speculation, and the fundamentals when it comes to AUY stock. This is why it is important to stay up to date with the latest in the market. For now, will AUY stock be on your list of penny stocks to watch in October?

Penny_Stocks_to_Watch_Yamana_Gold_Inc._(AUY_Stock_Chart)

B2Gold Corp. (NYSE: BTG)

B2Gold Corp. is one of the bigger recent gainers, pulling in over 26% in gains in the past month. As its name suggests, this company primarily produces gold however, it also searches for other precious metals as well. Currently, B2Gold has three operating mines in Mali, the Philippines, and Namibia. Additionally, B2Gold has other evaluation and exploration assets located in Uzbekistan, Finland, Burkina Faso, and more. It’s worth noting that the company also has an 81% interest in the Kiaka Project.

On October 19th, B2Gold Corp. reported its gold production and gold revenue from the third quarter and first nine months of 2021. The company’s total gold production for the quarter was 310,261oz, which is 7% higher than its budget. This number is also 18% higher than its third-quarter 2020 numbers. Based on its positive performance, the company’s annual production guidance range has been increased to 1,015,000 to 1,055,000oz. 

[Read More] Top Penny Stocks to Buy Now? 3 Under $4 to Watch

The company stated, “The Company is currently compiling its consolidated cash operating costs and consolidated AISC results for the third quarter and first nine months of 2021, which will be released along with its third quarter and first nine months of 2021 financial results after the North American markets close on Tuesday, November 2, 2021.” B2Gold’s full third quarter 2021 financial results will be released on Tuesday, November 2nd after the markets close. Before these results are released, will BTG make your penny stock watchlist?

Penny_Stocks_to_Watch_B2Gold_Corp._(BTG_Stock_Chart)

Are Mining Penny Stocks Worth Buying Right Now?

Finding the best mining penny stocks to buy in 2021 can be challenging. But, with a keen insight into which stocks are performing well, what the industry is doing, and how it could perform in the future, it can be much easier to make money with penny stocks. Considering all of this, do you think that mining penny stocks are worth buying right now or not?

The post Top Mining Penny Stocks You Need to Know About Right Now appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

iamgold corporation

Author: A. Lawrence

Share this article:

Continue Reading

Trending