News

GoGold Releases Q2 2024 Financial Results and Announces Board Changes

Published

9 months ago

8 May, 2024

Shares outstanding: 328,612,319
Trading Symbols: TSX: GGD
OTCQX:GLGDF

HALIFAX, NS, May 8, 2024 /PRNewswire/ – GoGold Inc. Resources (TSX: GGD) (OTCQX: GLGDF) (“GoGold”, “the Company”) is pleased to announce financial results for the quarter ended March 31, 2024. The Company generated net income of $1.3 million on revenue of $8.9 million (all amounts are in U.S. dollars) with sale of 374,140 ounces of silver equivalent.

GoGold Resources Inc. (CNW Group/GoGold Resources Inc.) logo

“At Parral, we are seeing the benefits of increased production and rising metals prices, along with the successful addition of the SART zinc circuit. With our production expected to continue to increase in the coming quarters, we see this contributing to our strong balance sheet and ability to execute on our Los Ricos South project,” said Brad Langille, president and CEO.

Highlights from the quarter ended March 31, 2024:

Money of $80.8 million dollars
Revenue of US$8.9 million from the sale of 374,140 ounces of silver equivalent at a realized price per ounce of US$23.90 per ounce
Net profit of US$1.3 million
Production of 375,745 ounces of silver equivalent, consisting of 138,657 ounces of silver, 2,184 ounces of gold and 93 tonnes of copper
First quarter producing zinc precipitate, with 92 tons produced
Adjusted cash cost per ounce of silver equivalent of $17.29
Adjusted all to sustaining cost per ounce of silver equivalent of $24.20

The following are tables showing summary financial information and key performance indicators:

Summary Consolidated Financial Information	Three months ended on March 31		Six months ending March 31
(in thousands of dollars, except per share amounts)	2024	2023	2024	2023
Revenue	$8,940	$7,607	$15,739	$16,085
Cost of sales, including depreciation1	6,517	13,760	12,584	22,525
Operating loss1	(123)	(8,152)	(1,732)	(10,395)
Net profit (loss)1	1,268	(3,308)	1,463	(6,197)
Basic net profit (loss) per share1	0.004	(0.011)	0.005	(0.020)
Cash flow used in operations	(4,637)	(2,734)	(7,665)	(6,914)

1	Affected by inventory net realizable value adjustments of: Q2-24 $683, Q2 ’23 ($7,962), YTD-24 $319, YTD-23 ($10,500)

Key Performance Indicators1	Three months ended on March 31		Six months ending March 31
(in thousands of dollars, except per ounce values)	2024	2023	2024	2023
Total tons stacked	423,977	317,204	797,861	669,567
Silver equivalent ounces sold	374,140	355,741	679,227	767,497
AISC adjusted per ounce of silver equivalent2	US$24.20	$19.76	US$24.40	$18.69
Adjusted cash cost per ounce of silver equivalent2	$17.29	US$14.00	$17.08	$13.41
Realized price of silver	US$23.90	$21.39	$23.17	$20.96

1	Key performance indicators are unaudited non-GAAP measures; see reconciliation in MD&A.
two	Gold and copper are converted using average market prices.

Changes to the Board of Directors (“Board”)

The Company is announcing the retirement of George Waye, FCPA, FCA from its Board. Waye has provided invaluable experience and guidance over 14 years serving on the Company’s Board, originally joining in June 2010. His financial experience combined with strategic knowledge helped transform GoGold from a shell company into a silver and gold producer for over 10 years at Parral is well positioned for the upcoming development of the Los Ricos district. “We would like to thank George for his many years of service and for all the valuable knowledge and contributions he has provided over 14 years to help the company grow to the strong position we are in today,” said John Turner, Chairman of the Board .

The story continues

The Company has appointed Douglas Reid to its Board, effective May 7, 2024. Mr. Reid is a former partner at KPMG Canada, where he served in various leadership roles, including managing partner of Atlantic and as a member of the Board of Management of KPMG Canada. . During his 40-year career at KPMG, Mr. Reid has provided professional services to many of Atlantic Canada’s leading public and private companies, including entities in the mining sector and entities with international operations. Mr. Reid currently serves on the board of directors of the Halifax Port Authority. “We are extremely pleased to have Doug joining the team. With his exceptional experience and skill set, coupled with his familiarity with GoGold, we are confident that his addition as a director of the Company will be very beneficial to shareholders,” said Mr. . Langille.

This press release should be read in conjunction with the interim condensed consolidated financial statements for the quarter ended March 31, 2024, notes to the financial statements, and management’s discussion and analysis for the quarter ended March 31, 2024, which were filed on SEDAR and are available on the Company’s website.

The technical information contained in this press release with respect to GoGold has been reviewed and approved by Mr. Bob Harris, P.Eng., who is a qualified person for purposes of NI 43-101.

About GoGold Resources

GoGold Resources (TSX: GGD) is a Canadian silver and gold producer focused on the operation, development, exploration and acquisition of high-quality projects in Mexico. The Company operates the Parral Tailings mine, in the state of Chihuahua, and has the Los Ricos Sul and Los Ricos Norte exploratory projects, in the state of Jalisco. Headquartered in Halifax, NS, GoGold is building a portfolio of low-cost, high-margin projects. For more information visit gogoldresources.com.

CAUTION STATEMENT:

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold within the United States. States or for, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act), except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or in accordance with its exemptions. This communication does not constitute an offer to sell or a solicitation of an offer to buy any of GoGold’s securities in the United States.

This press release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding the Parral tailings project, the Los Ricos project, future operating margins, future production and processing, and GoGold’s future plans and objectives, constitute forward-looking statements seeking information that involve a number of risks and uncertainties. Forward-looking information is based on a number of factors and assumptions that were used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions regarding the continued existence of GoGold and its subsidiaries as a going concern. concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates and the performance of the Parral project. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

Important factors that could cause actual results to differ materially from GoGold’s expectations include exploration and development risks associated with GoGold’s projects, the failure to establish estimated mineral resources or mineral reserves, commodity price volatility, variations in recovery rates and global economic conditions. For additional information regarding risk factors applicable to GoGold, reference should be made to GoGold’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, GoGold’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release.

Non-GAAP Injunctive Measures and Additional GAAP Measures

Please note that for purposes of this section, GAAP refers to IFRS. The Company believes that investors use certain non-GAAP measures and additional GAAP measures as indicators to evaluate mining companies. They are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared using GAAP. Non-GAAP and additional GAAP measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies.

Additional GAAP measures presented in the Company’s consolidated statements of comprehensive income include “Operating profit (loss).” These measures are intended to provide an indication of the Company’s mine and operational performance. Measurements per ounce are calculated by dividing relevant mining and processing costs and total costs by the tons of ore processed in the period. “Adjusted cash costs per ounce” and “Adjusted total carrying costs per ounce” are used in this analysis and are non-GAAP terms typically used by mining companies to evaluate the level of gross margin available to the Company, subtracting these costs from the unit price realized during the period. These non-GAAP terms are also used to evaluate a mining company’s ability to generate cash flow from operations. There may be some variation in the method of calculating these metrics, as determined by the Company, compared to other mining companies. In this context, “Adjusted cash costs per ounce” reflect the cash operating costs allocated from in-process and in-stock inventories associated with the ounces of silver and gold sold in the period. “Adjusted cash costs per ounce” may vary from period to period due to operational efficiencies, grade of material processed and silver/gold recovery rates in the period. “Adjusted total sustaining costs per ounce” include total cash, exploration, corporate and administrative costs, share-based compensation and sustaining capital costs. For a reconciliation of non-GAAP and GAAP measures, see Management’s Discussion and Analysis dated May 7, 2024 for the three months ended March 31, 2024, as presented on SEDAR.

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SOURCE GoGold Resources Inc.

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

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Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

Follow us for stories on Bill Gates, Elon Musk, Mukesh Ambani, Gautam Adani as we bring you everything that’s happening in the business world. Follow the latest gold and silver prices here too. Stay in the know on all things business with us.

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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