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Globe and Mail
2 hours ago
- Globe and Mail
Gold Could See Higher Highs with a September Interest Rate Cut on the Table
Distributed on behalf of Equinox Gold Corp. With a September interest rate cut on the table, gold prices could push aggressively higher, positively impacting gold and related stocks, like Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), Newmont Corporation (NYSE: NEM) (TSX: NGT), Barrick Mining (NYSE: B) (TSX: ABX), Franco-Nevada Corp. (NYSE: FNV), and B2Gold Corp. (NYSE AMERICAN: BTG) (TSX: BTO). In fact, with consumer price index (CPI) and producer price index (PPI) data now out, there's an 88.5% chance we'll see a cut, as noted by CME Group's FedWatch. In fact, you can see the odds of a rate cut here. U.S. Treasury Secretary Scott Bessent also believes the Federal Reserve will cut interest rates by half a point at its September meeting. As he told Bloomberg, 'I think we could go into a series of rate cuts here, starting with a 50-basis point rate cut in September. If you look at any model [it suggests that] we should probably be 150, 175 basis points lower.' Fueling more upside are geopolitical and economic uncertainties, growing central bank demand, and a weaker U.S. dollar. Plus, analysts at Fidelity say the safe haven metal could soar to $4,000 by the end of next year. Goldman Sachs and Bank of America are also calling for $4,000 gold by 2026. Again, that should have a positive impact on gold and related stocks, such as: Equinox Gold Corp. (NYSE: EQX) (TSX: EQX), Which Just Delivered Strong Earnings Equinox Gold Corp. is now poised for m ajor inflection in the third quarter, including its Calibre Asset production, Canadian Greenstone Gold Mine ramp-up and Valentine Gold Mine startup. With regards to its most recent quarter, Darren Hall, CEO of Equinox Gold, commented: "Equinox Gold is entering a pivotal growth phase. Q2 delivered solid results, led by Greenstone, where mining rates increased 23% and processing rates improved 20% over Q1. Building on that momentum, Q3 is off to a strong start, with quarter-to-date ex-pit mining volumes 10% higher than Q2 and process plant throughput averaging 24.5 kptd over the last 30 days, including more than one-third of the days above nameplate capacity of 27 ktpd. This sets the stage for our true inflection point in Q3, driven by a full-quarter contribution from the Calibre assets, first ore processed at Valentine, and continued improvement at Greenstone.' "If the Calibre transaction had been effective from January 1, 2025, our pro-forma consolidated revenue for the first half would have been approximately $1.33 billion, highlighting the enhanced scale and earnings power of the combined company. We expect a strong second half of the year, with production on track to meet our full-year consolidated guidance of 785,000 to 915,000 ounces and anticipate continued growth in both production and cash flow into 2026. Our focus is clear as we grow into a top-tier producer - operational excellence, disciplined capital allocation, and deliver on our commitments to drive debt reduction, optimize our balance sheet, and maximize returns for shareholders." HIGHLIGHTS FOR Q2 2025 AND SUBSEQUENT EVENTS - On June 17, 2025, Equinox Gold closed its acquisition of Calibre Mining Corp. - Produced 219,122 ounces of gold, including full period contributions of 72,823 oz of gold from the Nicaragua operations and Pan Mine, excluding 1,975 oz from Castle Mountain and 1,495 oz from Los Filos - Total cash costs of $1,478 per oz and all-in sustaining costs of $1,959 per oz - Cash flow from operations before changes in non-cash working capital of $126.0 million ($132.9 million after changes in non-cash working capital) - Mine-site free cash flow before changes in non-cash working capital of $154.5 million ($178.4 million after changes in non-cash working capital) - Adjusted EBITDA of $200.5 million - Income from mine operations of $159.8 million - Net income of $23.8 million or $0.05 per share (basic) - Adjusted net income of $56.7 million or $0.11 per share - Sustaining expenditures of $71.1 million and non-sustaining expenditures of $42.3 million - Cash and equivalents (unrestricted) of $406.7 million at June 30, 2025 - Net debt of $1,373.7 million at June 30, 2025 - The Castle Mountain Mine was designated as a FAST-41 Project by the United States Federal Permitting Improvement Steering Council. According to the FAST-41 project dashboard as of August 8, 2025, the federal permitting process is expected to be completed in December 2026 (see link) - Announced agreement to sell non-core Nevada assets for US$115 million (see link) - Valentine Gold Mine enters the final stages of commissioning with ore processing expected to commence before the end of August 2025, followed by the first gold pour approximately one month later - On June 30, 2025, Equinox Gold ratified the new long-term land access agreements with Mezcala and Xochipala, two of the three communities near the Los Filos Mine. These agreements enable a new mine development project, starting with an exploration program in Q3 2025 and followed by engineering studies to evaluate alternative locations for the carbon-in-leach plant needed for a potential expansion. - Senior leadership transition: Darren Hall was appointed Chief Executive Officer and Director on July 22, 2025. - Nicaragua exploration results: Reported new high-grade resource expansion drill results, including: 36.77 g/t gold over 6.9 metres, 8.55 g/t gold over 14.6 metres, 10.19 g/t gold over 6.0 metres Other related developments from around the markets include: Newmont announced second quarter 2025 results, an additional $3.0 billion share repurchase program and declared a dividend of $0.25 per share. "Newmont delivered a strong second quarter, producing approximately 1.5 million attributable gold ounces and generating an all-time record quarterly free cash flow of $1.7 billion, underscoring the strength of our world-class portfolio and the disciplined execution of the commitments we shared at the beginning of the year," said Tom Palmer, Newmont's Chief Executive Officer. "We remain firmly on track to achieve our 2025 guidance as we continue to strengthen our safety culture, stabilize our operations and deliver long term value to shareholders." Five years after its formation, the Twiga partnership between Barrick Mining Corporation and the government of Tanzania continues to redefine the role of mining in national development, delivering shared value, operational excellence and long-term investment in the country's future. 'When we established Twiga, it was about more than just resolving legacy issues. It was about building a new future by unlocking Tanzania's gold endowment in a way that fairly shares the benefits and builds lasting value for all stakeholders. Five years on, we've not only re-established Barrick as the sector's leading economic contributor but have also earned national recognition across a range of areas from safety and local content to education and infrastructure,' Barrick president and chief executive Mark Bristow said. Franco-Nevada Corp. CEO Paul Brink just noted, 'I am very pleased with our record financial results this quarter,' stated Paul Brink, CEO. Our portfolio largely produced as expected for the quarter and higher gold prices contributed to record revenue, operating cash flow, Adjusted EBITDA margins and earnings. We also saw constructive developments in Panama, including the shipment of the remaining copper concentrate from Cobre Panama. During the quarter, we acquired a royalty on IAMGOLD's Co^te´ Gold Mine, one of Canada's newest large-scale gold mines and, post quarter-end, a royalty on AngloGold's Arthur Project, one of the largest gold discoveries in Nevada. We anticipate new contributions from Co^te´ and growing contributions from Porcupine and Tocantinzinho to be the main drivers for higher GEOs in the second half of the year. Our acquisitions over the last 18 months have positioned us for strong long-term growth that may be further enhanced by a potential restart at Cobre Panama.' B2Gold Corp. announced its operational and financial results for the second quarter of 2025. Consolidated gold production in the second quarter of 2025, including pre-commercial production from the Goose Mine, was 229,454 ounces, higher than expected. The Fekola, Masbate and Otjikoto mines all exceeded expected production in the second quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the third quarter of 2025. Consolidated cash operating costs, excluding pre-commercial production from the Goose Mine, were $745 per gold ounce produced ($762 per gold ounce sold) during the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2025 were better than expected as a result of lower than expected fuel costs and higher than expected gold production. On August 7, 2025, B2Gold's Board of Directors declared a cash dividend for the third quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2025, to shareholders of record as of September 10, 2025. Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Equinox Gold Corp. by Equinox Gold Corp. We own ZERO shares of Equinox Gold Corp. Please click here for disclaimer. Contact:
Winnipeg Free Press
4 hours ago
- Winnipeg Free Press
The Trump administration wants to end the UN peacekeeping in Lebanon. Europe is pushing back
WASHINGTON (AP) — The future of U.N. peacekeepers in Lebanon has split the United States and its European allies, raising implications for security in the Middle East and becoming the latest snag to vex relations between the U.S. and key partners like France, Britain and Italy. At issue is the peacekeeping operation known as UNIFIL, whose mandate expires at the end of August and will need to be renewed by the U.N. Security Council to continue. It was created to oversee the withdrawal of Israeli troops from southern Lebanon after Israel's 1978 invasion, and its mission was expanded following the monthlong 2006 war between Israel and the militant group Hezbollah. The multinational force has played a significant role in monitoring the security situation in southern Lebanon for decades, including during the Israel-Hezbollah war last year, but has drawn criticism from both sides and numerous U.S. lawmakers, some of whom now hold prominent roles in President Donald Trump's administration or wield new influence with the White House. Trump administration political appointees came into office this year with the aim of shutting down UNIFIL as soon as possible. They regard the operation as an ineffectual waste of money that is merely delaying the goal of eliminating Hezbollah's influence and restoring full security control to the Lebanese Armed Forces that the government says it is not yet capable of doing. After securing major cuts in U.S. funding to the peacekeeping force, Secretary of State Marco Rubio signed off early last week on a plan that would wind down and end UNIFIL in the next six months, according to Trump administration officials and congressional aides familiar with the discussions. It's another step as the Trump administration drastically pares back its foreign affairs priorities and budget, including expressing skepticism of international alliances and cutting funding to U.N. agencies and missions. The transatlantic divide also has been apparent on issues ranging from Israel's war against Hamas in Gaza and the Russia-Ukraine conflict to trade, technology and free speech issues. Europeans push back against a quick end to UN peacekeeping in Lebanon Israel has for years sought an end to UNIFIL's mandate, and renewal votes have often come after weeks of political wrangling. Now, the stakes are particularly high after last year's war and more vigorous opposition in Washington. European nations, notably France and Italy, have objected to winding down UNIFIL. With the support of Tom Barrack, U.S. ambassador to Turkey and envoy to Lebanon, they successfully lobbied Rubio and others to support a one-year extension of the peacekeeping mandate followed by a time-certain wind-down period of six months, according to the administration officials and congressional aides, who spoke on condition of anonymity to discuss private diplomatic negotiations. Israel also reluctantly agreed to an extension, they said. The European argument was that prematurely ending UNIFIL before the Lebanese army is able to fully secure the border area would create a vacuum that Hezbollah could easily exploit. The French noted that when a U.N. peacekeeping mission in Mali was terminated before government troops were ready to deal with security threats, Islamic extremists moved in. With the U.S. easing off, the issue ahead of the U.N. vote expected at the end of August now appears to be resistance by France and others to setting a firm deadline for the operation to end after the one-year extension, according to the officials and congressional aides. French officials did not respond to requests for comment. The final French draft resolution, obtained by The Associated Press, does not include a date for UNIFIL's withdrawal, which U.S. officials say is required for their support. Instead, it would extend the peacekeeping mission for one year and indicates the U.N. Security Council's 'intention to work on a withdrawal.' But even if the mandate is renewed, the peacekeeping mission might be scaled down for financial reasons, with the U.N. system likely facing drastic budget cuts, said a U.N. official, who was not authorized to comment to the media and spoke on condition of anonymity. One of the U.S. officials said an option being considered was reducing UNIFIL's numbers while boosting its technological means to monitor the situation on the ground. The peacekeeping force has faced criticism There are about 10,000 peacekeepers in southern Lebanon, while the Lebanese army has around 6,000 soldiers, a number that is supposed to increase to 10,000. Hezbollah supporters in Lebanon have frequently accused the U.N. mission of collusion with Israel and sometimes attacked peacekeepers on patrol. Israel, meanwhile, has accused the peacekeepers of turning a blind eye to Hezbollah's military activities in southern Lebanon and lobbied for its mandate to end. Sarit Zehavi, a former Israeli military intelligence analyst and founder of the Israeli think tank Alma Research and Education Center, said UNIFIL has played a 'damaging role with regard to the mission of disarming Hezbollah in south Lebanon.' She pointed to the discovery of Hezbollah tunnels and weapons caches close to UNIFIL facilities during and after last year's Israel-Hezbollah war, when much of the militant group's senior leadership was killed and much of its arsenal destroyed. Hezbollah is now under increasing pressure to give up the rest of its weapons. U.N. spokesman Stephane Dujarric said UNIFIL continues to discover unauthorized weapons, including rocket launchers, mortar rounds and bomb fuses, this week, which it reported to the Lebanese army. Under the U.S.- and France-brokered ceasefire, Israel and Hezbollah were to withdraw from southern Lebanon, with the Lebanese army taking control in conjunction with UNIFIL. Israel has continued to occupy five strategic points on the Lebanese side and carry out near-daily airstrikes that it says aim to stop Hezbollah from regrouping. Lebanon supports keeping UN peacekeepers Lebanese officials have called for UNIFIL to remain, saying the country's cash-strapped and overstretched army is not yet able to patrol the full area on its own until it. Retired Lebanese Army Gen. Khalil Helou said that if UNIFIL's mandate were to abruptly end, soldiers would need to be pulled away from the porous border with Syria, where smuggling is rife, or from other areas inside of Lebanon — 'and this could have consequences for the stability' of the country. UNIFIL 'is maybe not fulfilling 100% what the Western powers or Israel desire. But for Lebanon, their presence is important,' he said. The United Nations also calls the peacekeepers critical to regional stability, Dujarric said. UNIFIL spokesperson Andrea Tenenti said deciding on the renewal of the mandate is the prerogative of the U.N. Security Council. 'We are here to assist the parties in implementation of the mission's mandate and we're waiting for the final decision,' he said. ___ Associated Press writer Edith M. Lederer at the United Nations contributed to this report.
Globe and Mail
4 hours ago
- Globe and Mail
Intermede Investment Partners Ltd Reduces Meta Holdings
Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Intermede Investment Partners Ltd, managed by Barry Dargan, recently executed a significant transaction involving Meta Platforms, Inc. ((META)). The hedge fund reduced its position by 11,406 shares. Spark's Take on META Stock According to Spark, TipRanks' AI Analyst, META is a Outperform. Meta Platforms excels in financial performance with strong growth and profitability metrics, which is the most significant factor driving the stock score. The positive momentum in technical analysis and favorable earnings call sentiment further bolster the score. However, valuation concerns and regulatory challenges pose moderate risks. To see Spark's full report on META stock, click here. More about Meta Platforms, Inc. YTD Price Performance: 33.80% Average Trading Volume: 12,032,675 Current Market Cap: $1964.7B Disclaimer & Disclosure Report an Issue
