Latest news with #AgnicoEagle
ABC News
3 days ago
- Business
- ABC News
Greater Bendigo community divided on Fosterville Gold Mine expansion green light
Depending on who you speak to, Victoria's largest gold mine is either a good corporate citizen or a bad neighbour. Fosterville Gold Mine, 20 kilometres east of Bendigo, is one step closer to expanding its operations after the state government gave the green light to a proposed expansion last week. Parent company Agnico Eagle said the expansion would future-proof the mine for the next decade and support 1,000 jobs. The Bendigo region has come to rely on the mine, not just for employment but for the $2 million it has returned to the community through sponsorships, donations and grants. But the expansion has split opinion in the town. Some nearby residents and environmental advocates say they feel shocked and let down, while others are thrilled the mine will remain a fixture in the region. And now all eyes are on the Commonwealth to find out whether it will give the final tick of approval required for the mine's expansion to proceed. Hydrologist Phillip Macumber said he felt hopeful after meeting with Victorian Premier Jacinta Allan, but was left shocked when her government approved Fosterville's expansion days later. Dr Macumber reviewed the mine's plans for the Save the Campaspe lobby group and was less than impressed. "It runs counter to everything I've done and known in my hydrogeological experience over the last 50 years," he said. "The present way they're operating [the mine] is contaminating the river, I've got no question in my own mind, with arsenic and antimony. "What makes it so frustrating is it's so blatantly obvious, but where are the people stepping up? Standing up? "Not in government. They don't appear to be." Victoria's Environment Protection Authority (EPA) has raised concerns about the mine's groundwater modelling and monitoring, concerns backed by Planning Minister Sonya Kilkenny. The minister ultimately deemed the mine's groundwater impacts acceptable if mitigation measures were properly carried out. A Fosterville Gold Mine spokesperson said the environmental effects statement (EES) was a rigorous, transparent process that gave all stakeholders, including Dr Macumber, a chance to be heard. Community group Save the Campaspe said the Victorian government had dismissed the concerns by approving the expansion. "There's no doubt this mine expansion will negatively impact our families, homes and the Campaspe River," the group said. The mine's EES revealed the expansion would result in habitat loss for several threatened species including the critically endangered swift parrot, and vulnerable ecosystems such as box ironbark forest. The planning minister's assessment found that potential impacts could be acceptably managed, provided that strengthened environmental management practices and amended mitigation measures were adopted. "We're making sure safeguards are in place to protect the environment while also creating more jobs and boosting Bendigo's economy," she said. Victorian National Parks Association conservation campaigner Ben Gill said the approval ignored expert environmental advice. A Victorian government spokesperson said the EES was a "robust and transparent" process. "[It gives the] community confidence that projects balance the needs of communities, environmental protection and economic growth," the spokesperson said. On the other side of the fence are a number of workers, their families, and community groups that support and rely on the mine. Fosterville is one of the highest-grade gold mining operations in the world and the largest gold producer in the state, according to the Victorian government. Bendigo real estate agent Brad Hinton is on the committee for Bendigo's Biggest Ever Blokes Lunch, a prostate cancer fundraising event. He said the committee was "ecstatic" the mine, a major sponsor, was a step closer to another 10 years of operation. Mr Hinton said it was rare for the mine not to be on board supporting events, sporting clubs or charitable efforts in the community. Fosterville Gold Mine said it had invested more than $2 million across sponsorships, donations, scholarships and community grants in Greater Bendigo. Agnico Eagle Australian operations vice-president Ion Hann said the state government's endorsement would allow that support to continue. "We're grateful for the engagement throughout the EES process and remain committed to responsible mining and transparent communication," Mr Hann said. The state government said the expansion would deliver a $1.3 billion boost to the Bendigo region over the next decade. After receiving state government approval the mine's plans will need to receive mining and EPA approvals, as well as approval from the Commonwealth government.
The Market Online
7 days ago
- Business
- The Market Online
Agnico Eagle nearly triples down on falling micro-cap gold stock
Agnico Eagle Mines (TSX:AEM) increased its stake in micro-cap stock Fury Gold Mines (TSX:FURY) by 173 per cent, investing C$4,305,920 through a non-brokered private placement Fury Gold Mines is a Canadian-focused exploration company advancing a multi-million-ounce portfolio in Quebec and Nunavut The Canadian micro-cap gold stock has given back 1.82 per cent year-over-year and 88.7 per cent since October 2020 Agnico Eagle Mines (TSX:AEM) increased its stake in micro-cap stock Fury Gold Mines (TSX:FURY) by 173 per cent, investing C$4,305,920 through a non-brokered private placement. Fury will allocate C$3.9 million to exploration under its 2025 program at the over 1.2-million-ounce Committee Bay gold project in Nunavut – details are set to hit the wire in a few weeks – with the remaining proceeds available for general corporate purposes and other projects in the company's multi-million-ounce portfolio. According to Tuesday's news release, Agnico Eagle's investment will grow its ownership position from 2.3 per cent to 6.3 per cent of Fury Gold's issued shares, rising to 9.9 per cent on a partially diluted basis. The investment grants Agnico Eagle the rights to nominate one person to Fury Gold's board and increase and maintain its investment up to 9.9 per cent of issued shares. All shares are subject to a four-month resale restriction in Canada. Leadership insights 'We are pleased to have Agnico Eagle, one of Canada's premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,' Tim Clark, Fury Gold Mines' chief executive officer, said in a statement. 'We believe the Arctic is likely to become increasingly important for future mineral exploration, and with this in mind, we are excited to accelerate our plans to build on past drilling success. As a reminder to investors, Fury retains full ownership of this exceptional project, which spans a 300-km greenstone belt—an impressive land package that is unique for a junior exploration company.' About Fury Gold Mines Fury Gold Mines is a Canadian-focused exploration company advancing a multi-million-ounce portfolio in Quebec and Nunavut. Fury Gold stock (TSX:FURY) is up by 3.85 per cent on the news trading at C$0.54 as of 10:09 am ET. The stock has given back 1.82 per cent year-over-year and 88.7 per cent since October 2020. Join the discussion: Find out what everybody's saying about this Canadian micro-cap gold stock on the Fury Gold Mines Ltd. Bullboard and check out Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Associated Press
7 days ago
- Business
- Associated Press
Fury Announces C$4.3M Strategic Investment
TORONTO, May 27, 2025 (GLOBE NEWSWIRE) -- Fury Gold Mines Limited (TSX and NYSE American: FURY) ('Fury' or the 'Company') announces that it has entered into a subscription agreement with Agnico Eagle Mines Limited ('Agnico Eagle') pursuant to which Agnico Eagle has acquired, on a non-brokered private placement basis, 6,728,000 units in the capital of the Company ('Units') at C$0.64 per Unit for gross proceeds of C$4,305,920 (the 'Private Placement'). Each Unit consists of one common share of Fury ('Share(s)') and one common share purchase warrant ('Warrant(s)'). Each Warrant is exercisable to purchase one Share at C$0.80 (the 'Exercise Price') for a 36-month period from the date of issuance on May 26, 2025, subject to accelerated expiry after 24 months if the market price of the Shares closes above the Exercise Price for twenty (20) consecutive trading days. Agnico previously acquired 3,750,000 Shares (2.3% of 160,332,345 issued Shares) and this investment increases Agnico's basic ownership to 6.3% of Fury's issued shares and its defined 'ownership interest' to 9.9% calculated on a 'partially diluted' basis (calculated on the assumptions that Agnico exercises its Warrants and no other dilutive securities are exercised). Proceeds from the Private Placement will be allocated as follows: C$3.9 million for exploration under the Company's 2025 exploration program at the Committee Bay project in the Kitikmeot Region of Nunavut, which will be announced in the coming weeks, and the remainder is available for other projects and general corporate purposes. 'We are pleased to have Agnico Eagle, one of Canada's premier companies and a top global gold producer, make an additional investment that will permit Fury to advance our understanding of the exploration potential at our Committee Bay project in Nunavut,' commented Tim Clark, CEO of Fury. 'We believe the Arctic is likely to become increasingly important for future mineral exploration and with this in mind, we are excited to accelerate our plans to build on past drilling success. As a reminder to investors, Fury retains full ownership of this exceptional project, which spans a 300km greenstone belt—an impressive land package that is unique for a junior exploration company.' All Shares, Warrants and any Shares issued on exercise of Warrants will have a four-month (from closing) resale restricted hold period in Canada. These securities have not been and will not be registered under the United States Securities act of 1933. On closing of the Private Placement, the Company and Agnico Eagle entered into an investor rights agreement pursuant to which Agnico Eagle has been granted certain rights (provided that it maintains certain ownership thresholds), including (i) the right to nominate one person to the board of directors of the Company, and (ii) the right to participate in certain equity offerings and top-up its holdings in relation to dilutive issuances in order to maintain or acquire up to the greater of Agnico Eagle's then-current ownership interest and an ownership interest of 9.9%. About Fury Gold Mines Limited Fury Gold Mines Limited is a well-financed Canadian-focused exploration company positioned in two prolific mining regions across Canada and holds a 11.8 million common share position in Dolly Varden Silver Corp (approximately 14.5% of issued shares). Led by a management team and board of directors with proven success in financing and advancing exploration assets, Fury intends to grow its multi-million-ounce gold platform through rigorous project evaluation and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit For further information on Fury Gold Mines Limited, please contact: Forward-Looking Statements and Additional Cautionary Language This news release includes certain statements that may be deemed to be 'forward-looking statements' within the meaning of applicable securities laws, which statements relate to the future exploration operations of the Company and may include other statements that are not historical facts. Specific forward-looking statements contained in this news release includes information relating to use or proceeds of the Private Placement. Although the Company believes that the assumptions and expectations reflected in those forward-looking statements were reasonable at the time such statements were made, there can be no certainty that such assumptions and expectations will prove to be materially correct. Mineral exploration is a high-risk enterprise. Readers should refer to the risks discussed in the Company's Annual Information Form and MD&A for the year ended December 31, 2024 and subsequent continuous disclosure filings with the Canadian Securities Administrators available at and the Company's Annual Report available at Readers should not place heavy reliance on forward-looking information, which is inherently uncertain.
Globe and Mail
20-05-2025
- Business
- Globe and Mail
AngloGold Ashanti Trading Cheaper Than Industry: Buy the Stock?
AngloGold Ashanti PLC AU stock is trading at a forward price/earnings of 11.42X, a roughly 16% discount to the Zacks Mining – Gold industry's average of 14.27X. It also has a Value Score of B. The stock also remains attractively priced compared with peers such as Newmont Corporation NEM, Agnico Eagle Mines Limited AEM and Kinross Gold Corporation KGC. AU's Valuation Vs. NEM, AEM & KGC Is AU a smart buy based on its current valuation? Let's dig deeper. AngloGold Ashanti Stock Outpaces Industry The AngloGold Ashanti stock has appreciated 85.9% year to date, outperforming the industry's 39.1% gain. Meanwhile, the Basic Materials sector has risen 6.4% and the S&P 500 has edged up 0.7%. AU has also delivered stronger returns than Newmont, Agnico Eagle Mines and Kinross Gold Corporation, as illustrated in the chart below. Factors That Will Keep AngloGold Ashanti on a Growth Path Solid Financial & Operational Results in Q1: The company reported first-quarter 2025 results on May 9. Earnings per share soared 529% year over year to 88 cents, driven by higher gold production, disciplined cost control and higher gold prices through the quarter. Gold production increased by 22% to 720,000, marking its strongest first-quarter performance since 2020. This reflected the first full-quarter contribution of 117,000 ounces from the recently acquired Sukari mine, as well as upbeat performances at Siguiri, Tropicana, Cerro Vanguardia and Sunrise Dam. The average realized gold price surged 39% year over year to $2,874 per ounce. Adjusted EBITDA increased 158% year over year to $1.12 billion in the first quarter of 2025 from $434 million in the prior year quarter. Total cash costs per ounce for the group, however, were up 4% to $1,223 per ounce. All-in-sustaining costs per ounce (AISC) increased 1% to $1,640 per ounce, mainly due to higher sustaining capital expenditure, which was partly offset by higher gold sold. AngloGold Ashanti, meanwhile, remains focused on its Full Asset Potential program to offset the inflationary impacts. The company's average real cash costs are up 1% over the first quarter 2021-first quarter 2025 timeframe compared to more than 20% for its peer group (Agnico-Eagle Mines, Barrick Mining, Gold Fields, Kinross and Newmont). Significant Debt Reduction and Strong Liquidity: AU's free cash flow increased almost seven-fold to $403 million in the first quarter, from $57 million in the year-ago quarter. It has managed to take down its adjusted net debt to $525 million, from the $1.322 billion at the year-ago quarter's end. The adjusted net debt to adjusted EBITDA ratio improved to 0.15X in the first quarter compared to 0.86X in the first quarter of 2024. AngloGold Ashanti ended the first quarter of 2025 with $3 billion in liquidity, including cash and cash equivalents of $1.5 billion. FY25 Guidance Affirmed: AngloGold Ashanti expects 2025 gold production between 2.9 and 3.225 million ounces. Total cash cost per ounce is forecast to range between $1,125 and $1,225 per ounce, and AISC at $1,580-$1,705 per ounce. Tailwinds From Rising Gold Prices: The metal has gained 23.5% year to date, riding on the escalating tariff tensions and geopolitical uncertainties. Gold is currently above $3,220 an ounce as lingering concerns over the U.S economic outlook and fiscal deficit continued to boost safe-haven demand. Gold prices are likely to continue to gain in this uncertain environment, with increased purchases by central banks, hopes of interest rate cuts and geopolitical tensions. This creates a favorable backdrop for AU. Strategic Growth Focus: AngloGold Ashanti is executing a clear strategy of organic and inorganic growth. In November 2024, it acquired Egyptian gold producer Centamin, adding the large-scale, long-life, world-class Tier 1 asset (Sukari) to its portfolio. It has the potential to produce 500,000 ounces annually. With this addition, the proportion of gold production from its Tier 1 assets has moved up from 62% to 67%. AU's mineral reserves went up to 31.2 million ounces at the end of 2024. It recently sold its interests in two gold projects in Côte d'Ivoire to Resolute Mining Limited to sharpen its focus on its operating assets and development projects in the United States. Obuasi remains a significant pillar of its long-term strategy. The company's focus this year is to continue the implementation of the underhand drift and fil UHDF mining method and make stoping improvements. This important orebody is expected to deliver around 400,000 ounces of annual production at competitive costs by 2028. At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization, and to introduce gravity recovery in the processing plant to further improve metallurgical recovery. Upward Estimate Trajectory Instill Confidence in AU Earnings The EPS estimates for 2025 and 2026 have been trending north over the past 60 days, as seen in the chart below. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) The Zacks Consensus Estimate for AU's 2025 sales stands at $8.58 billion, suggesting 48.2% year-over-year growth. The consensus mark for the year's earnings is at $3.48, indicating year-over-year growth of 57.4%. The Zacks Consensus Estimate for sales for 2026 suggests 14.3% year-over-year growth, and the same for earnings indicates growth of 16.4%. Image Source: Zacks Investment Research Image Source: Zacks Investment Research AU Offers Industry-Leading Dividend Yield Under its new dividend policy, AngloGold Ashanti aims to return 50% of its annual free cash flow, subject to maintaining an adjusted net debt to adjusted EBITDA ratio of 1.0 times. The dividend policy introduced an annual base dividend of 50 cents per share per year, payable in quarterly instalments of 12.50 cents per share. If required, a 'true-up' payment will be made in the final quarter of each year to ensure that the total dividends align with the 50% free cash flow payout target. This structure establishes a minimum return, offering stability to shareholders throughout commodity price cycles. AngloGold Ashanti's current 3.27% dividend yield is higher than the industry's 1.64%. In comparison, Newmont, Agnico Eagle Mines and Kinross Gold Corporation have a lower dividend yield of 1.96%, 1.48% and 0.86%, respectively. How Should Investors Play the AU Stock? AngloGold's strategic actions to boost production and financial health, combined with rising earnings estimates and an industry-leading dividend yield, present a compelling investment case. Surging gold prices should also boost its profitability and drive cash flow generation. Its disciplined cost management should help offset inflationary pressures. With an attractive valuation, strong price performance relative to peers, and solid growth prospects, AU stands out as a promising opportunity. Adding this Zacks Rank #1 (Strong Buy) stock will be prudent for investors. You can see the complete list of today's Zacks #1 Rank stocks here. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. Today, See These 5 Potential Home Runs >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Kinross Gold Corporation (KGC): Free Stock Analysis Report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report
Yahoo
20-05-2025
- Business
- Yahoo
Mistango Expands Omega Gold Property by 60%
Highlights: Omega hosts a global resource of 585 Koz of gold. Omega now comprises 15 leased claims and 10 patents. Property size increased from 257 hectares to 400 hectares. Strategic Growth Asset in a world-class District Close to MAG Silver, Agnico Eagle and Gold Candle. Toronto, Ontario--(Newsfile Corp. - May 20, 2025) - Mistango River Resources Inc. (CSE: MIS) ("Mistango" or the "Company") is pleased to announce that it has entered into a purchase agreement to acquire 100% of the McVittie Property ("McVittie") immediately adjacent to its 100%-owned Omega Gold Project ("Omega") to the north. McVittie Property now consolidated into the Omega Gold Project McVittie is located in south-central McVittie Township, in the Larder Lake Mining Division of Ontario, approximately 25km east of Kirkland Lake, Ontario. McVittie comprises eight patents with surface and mining rights, and is contiguous with the northern portion of Omega. The acquisition has increased Omega's property size from 257 hectares to 400 hectares. Figure 1) Link to Map of McVittie Project, Expanding Omega Figure 2) Map of Major Resources of the Kirkland Lake / CLLB District Omega is Central to the Cadillac-Larder Lake Break consolidation strategy Omega historically produced ~215,000 ounces grading 5.41 g/t gold between 1926-1928 and 1936-1947. Omega currently hosts an open pitable resource, including a Measured and Indicated Resource of 4.92 Mt grading 1.39 g/t gold (219.8 Koz), and an Inferred Resource of 4.69 Mt grading 2.43 g/t gold (365.4 Koz). Having a global resource of 585 Koz gold, Omega is a strategic growth asset in a multi-million-ounce gold district that is primed for consolidation—the Cadillac Larder Lake Break ("CLLB")1. The prolific CLLB, and the larger Kirkland Lake district, host some of the highest-grade gold resources globally. Immediately adjacent to and surrounding Omega, MAG Silver's Larder Project hosts a historical indicated resource 388 Koz grading 2.39 g/t gold, and a historical inferred resource of 933 Koz grading 4.21 g/t gold2. Near the town of Kirkland Lake, Ontario (30km west of Omega), the Cadillac Break hosts Agnico Eagle's Macassa Mine, one of the world's highest grade gold deposits, producing at an average grade of 15 g/t gold3. Located 10km east of Omega, in the town of Virginia town, the historical Kerr Addison mine produced 11 Moz at 9 g/t gold, and currently hosts an indicated resource of 3.31 Moz grading 1.5 g/t gold, and an inferred resource of 2.36 Moz grading 1.3 g/t gold4. North of Omega and the CLLB, Agnico Eagle is developing their Upper Beaver deposit, which hosts 3.6 Moz gold5. QP StatementThe technical information contained in this news release has been reviewed and approved by Charles Beaudry, and géo., Director of Mistango River Resources, a Qualified Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." For the exploration undertaken by Mistango, all assay batches are accompanied by rigorous Quality Assurance procedures, including the insertion of standards and blanks. Transaction DetailsMistango is acquiring the McVittie Property from Jubilee for $25,000 and a 3% NSR on McVittie, with Mistango having the right to purchase 1% of the 3% from the vendor for $1,000,000. This transaction is subject to Canadian Securities Exchange (CSE) and TSXV approvals. For the latest videos from Mistango, Ore Group, and all things mining, subscribe to our YouTube Channel here. To Speak to the Company directly, please contact:Stephen Stewart, ChairmanPhone: 416.644.1567Email: info@ Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Mistango assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Mistango. Additional information identifying risks and uncertainties is contained in filings by Mistango with Canadian securities regulators, which filings are available under Mistango profile at 1 Refer to Mistango River Resources Inc. May 10, 2013 Technical Report on the Omega Property on Refer to Gatling Exploration September 2, 2021 Updated Mineral Resource Estimate on the Larder Gold Project on Refer to Agnico Eagle's news release dated Feb 13, 2025 on 4 Refer to Gold Candle's Corporate Presentation dated February 2025 on Refer to Agnico Eagle's Detailed Mineral Reserve and Resource Data on To view the source version of this press release, please visit
