Latest news with #MontageGold
TimesLIVE
5 days ago
- Business
- TimesLIVE
China's Zijin in lead to buy Barrick's Ivory Coast Tongon gold mine: sources
Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50bn (R880.91bn) in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300m (R5.29bn) and that Zijin is expected to offer significantly more to secure it, potentially up to $500m (R8.81bn). A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast ministry of mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1bn (R17.62bn) sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold , which is developing the Koney Gold project in Ivory Coast last July before paying $1bn for Newmont's Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%.
Yahoo
20-07-2025
- Business
- Yahoo
Retail investors account for 51% of Montage Gold Corp.'s (TSE:MAU) ownership, while private companies account for 25%
Key Insights Significant control over Montage Gold by retail investors implies that the general public has more power to influence management and governance-related decisions The top 25 shareholders own 48% of the company Insiders have been selling lately AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. Every investor in Montage Gold Corp. (TSE:MAU) should be aware of the most powerful shareholder groups. We can see that retail investors own the lion's share in the company with 51% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company. Meanwhile, private companies make up 25% of the company's shareholders. Let's take a closer look to see what the different types of shareholders can tell us about Montage Gold. See our latest analysis for Montage Gold What Does The Institutional Ownership Tell Us About Montage Gold? Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. As you can see, institutional investors have a fair amount of stake in Montage Gold. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Montage Gold, (below). Of course, keep in mind that there are other factors to consider, too. Montage Gold is not owned by hedge funds. Looking at our data, we can see that the largest shareholder is Nemesia S.À R.L. with 20% of shares outstanding. For context, the second largest shareholder holds about 5.0% of the shares outstanding, followed by an ownership of 4.3% by the third-largest shareholder. A deeper look at our ownership data shows that the top 25 shareholders collectively hold less than half of the register, suggesting a large group of small holders where no single shareholder has a majority. While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily. Insider Ownership Of Montage Gold The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it. I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions. Shareholders would probably be interested to learn that insiders own shares in Montage Gold Corp.. The insiders have a meaningful stake worth CA$56m. Most would see this as a real positive. Most would say this shows alignment of interests between shareholders and the board. Still, it might be worth checking if those insiders have been selling. General Public Ownership The general public, who are usually individual investors, hold a substantial 51% stake in Montage Gold, suggesting it is a fairly popular stock. This level of ownership gives investors from the wider public some power to sway key policy decisions such as board composition, executive compensation, and the dividend payout ratio. Private Company Ownership We can see that Private Companies own 25%, of the shares on issue. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research. Public Company Ownership Public companies currently own 9.1% of Montage Gold stock. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership. Next Steps: While it is well worth considering the different groups that own a company, there are other factors that are even more important. For instance, we've identified 4 warning signs for Montage Gold (3 can't be ignored) that you should be aware of. If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts. NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
15-07-2025
- Business
- The Market Online
Montage Gold grows its resource in West Africa's gold sector
Montage Gold (TSXV:MAU) has closed its latest investment in Aurum Resources Ltd. (ASX:AUE), marking a significant step in its broader strategy to expand its footprint in West Africa's gold sector Montage now holds a 9.9 per cent equity interest in Aurum Aurum plans to deploy the proceeds from the investment to accelerate exploration and development activities in Côte d'Ivoire Montage Gold stock (TSXV:MAU) last traded at C$4.71 Montage Gold (TSXV:MAU) has closed its latest investment in Aurum Resources Ltd. (ASX:AUE), marking a significant step in its broader strategy to expand its footprint in West Africa's gold sector. This content has been prepared as part of a partnership with Montage Gold Corp. and is intended for informational purposes only. The investment was executed through a share exchange transaction, with Montage receiving 32,887,521 fully paid ordinary shares of Aurum at a deemed issue price of A$0.356 per share. In return, Aurum was issued 2,887,496 Montage common shares at a deemed price of C$3.61 per share. The Montage shares issued to Aurum are subject to a four-month hold period, expiring on November 15, 2025. Following the transaction, Montage now holds a 9.9 per cent equity interest in Aurum. The company joins a group of strategic investors that includes the Lundin Family and their associates, as well as Zhaojin Mining Industry Company Ltd., which participated through its wholly owned subsidiary, Zhaojin Capital Limited. Aurum plans to deploy the proceeds from the investment to accelerate exploration and development activities in Côte d'Ivoire. Key initiatives include resource definition drilling at the Boundiali gold project and exploration drilling at the Napié gold project. The funds will also support technical studies and permit applications as Aurum advances its project pipeline. Montage, which is advancing its flagship Koné Gold Project in Côte d'Ivoire (pictured above), views this investment as a strategic alignment with its long-term vision of becoming a leading multi-asset African gold producer. Montage Gold stock (TSXV:MAU) last traded at C$4.71 and has risen 166 per cent in the past year. Join the discussion: Find out what the Bullboards are saying about Montage Gold Corp. and check out Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here .
Yahoo
23-06-2025
- Business
- Yahoo
Desert Gold Signs Option Agreement on 297 Square Kilometre Tiegba Gold Project in Ivory Coast
Delta, British Columbia--(Newsfile Corp. - June 23, 2025) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) ("Desert Gold" or "the Company") is pleased to announce that the Company has entered into an option agreement (the "Agreement") with Flower Holdings SARLU ("Flower") to acquire a 90% interest in the Tiegba Gold Project. Flower is a private company located in Abidjan, Ivory Coast. The signing of the Tiegba option agreement marks a major milestone for the Company as it expands its project portfolio to become a regionally diversified gold explorer and developer in West Africa. Tiegba Project Highlights The Tiegba Project is in Ivory Coast which has one of the most accommodative and investor friendly mining codes in the region; Politically stable Fast permitting Excellent infrastructure Major discoveries made in recent years with new mines coming online such as Montage Gold's Koné Project Large 297km2 strategic land package in Tier-1 Birimian orogenic gold belt (see Image 3.); Underexplored. Less than 20% of the Tiegba license has been explored representing significant exploration blue sky Located near multi-million-ounce deposits (See Image 2) including; Agbaou (Allied Gold Corp) Bonikro/Hire (Allied Gold Corp) Yaouré (Perseus Mining Ltd) Large 4.2 km by 2.1km gold-in-soil anomalous trend along key regional structure; Tehini Shear Zone (see Image 1); Multiple parallel mineralized trends with values exceeding 900 ppb gold including 89 samples over 50 ppb gold, 29 samples between 100 and 200 ppb gold and 12 samples over 200 ppb gold Tiegba has never been drill tested despite compelling surface results Company site visit confirms in-situ nature of gold anomalies Upcoming exploration program aims to quickly define drill targets; Infill and expanded soil grids Property-wide airborne magnetic and IP Surveys Targeted trenching, geological mapping and prospecting Desert Gold's CEO Jared Scharf commented "The completion of the Tiegba option agreement is a major milestone diversifying the Company into a regional West African player. During the spring, our technical team evaluated a dozen projects in the region covering over 1,000km2. Tiegba ticked all the boxes. We look forward to quickly advancing the obvious and compelling gold prospects on the property into drill ready targets." Image 1. Tiegba Planview highlighting 4.2km by 2.1km Anomalous Gold Trend To view an enhanced version of this graphic, please visit: Image 2. Tiegba License Regional Scale Planview Map To view an enhanced version of this graphic, please visit: Image 3. Tiegba Project Country Scale Map Highlighting Major Gold Projects To view an enhanced version of this graphic, please visit: Key Terms of the Flower Option Agreement Desert Gold will pay Flower of total of USD $450,000 over the term of the Agreement, of which USD $150,000 has been paid upon signing of the Agreement with the remaining balance to be paid in two equal instalments on the first anniversary of the agreement and the final payment being made of the first permit renewal; Desert Gold will issue a total of 1,500,000 common shares to Flower in three (3) equal instalments along with the cash payments. Share issuances are subject to TSXV statutory hold periods; Upon completion of the cash and share payments to Flower, Desert Gold will have satisfied the terms of the Agreement earning a 90% interest in the Tiegba license. Flower's 10% interest will be free carried through Mine Feasibility. Thereafter Flower will be subject to standard form pro-rata dilution clauses. Flower shall retain a one percent (1%) net smelter royalty on all ore mined from the Tiegba license; Desert Gold will retain a right of first refusal ("ROFR") of any sale of Flower's NSR and or 10% minority interest. During the option period, Desert Gold will be responsible for maintaining the Tiegba permit in good standing and satisfy any and all obligations required by Ivorian law and will take over operational control of the Tiegba project on closing of the transaction with Flower. Tiegba Project DetailsThe Tiegba Project is located approximately 188km west of the Capital city Abidjan and covers an area of 296.9km² within the underexplored Tehini Greenstone Belt (See Image 3.). The Tehini Belt extends northward towards Burkina Faso, where it hosts major active gold deposits such as Houndé (5.2 million ounces ["Moz"] Au) and Mana (2.3 Moz Au). Importantly, the northwestern extension of the Tiégba Project trends toward the Bonikro Agbaou gold complex and the Yaouré gold mine (See image 2.): Agbaou Deposit1 Proven and Probable Reserves (9.49 Mt @ 1.50g/t = 458 koz) Measured and Inferred (9.33 Mt @2.10 g/t = 631 koz) Boniko & Hire Deposits1 Proven and Probable Reserves (11.98 Mt @1.15 g/t = 444 koz) Measured and Inferred (40.21Mt @ 1.30g/t = 1.68 Moz) Yaoure2 Proven and Probable Reserves (35.2 Mt @1.53 g/t = 1.73 Moz) Measured and Inferred (55.6 Mt @1.52 g/t = 2.7 Moz) GeologyThe Tiegba Project is part of the Paleoproterozoic Birimian terranes which consists of a northeast-trending sequence of volcanic/volcano sedimentary rocks and syn- to late-tectonic granitoids features characteristic of gold-bearing greenstone belts across West Africa. The local geology of the Tiegba Project exhibits strong similarities to the Bonikro-Agbaou gold district. Notably, calc-alkaline intrusive bodies have been mapped along both the western and eastern margins of the permit area. These intrusions are considered favorable hosts for gold mineralisation, particularly along their contacts, within high-strain structural corridors, and at the intersection of quartz vein networks. These geological features represent high-priority targets for follow-up exploration. Historical soil geochemistry data, originally collected by Newcrest Mining Limited, identified a prominent north-northeast trending gold-in-soil anomaly approximately 4.2km in length within the Tiegba Project area. Peak gold values exceed 900 ppb Au. These levels of soil samples are well above typical background levels for Birimian greenstone belts. These anomalies appear to be spatially associated with the Tehini Shear Zone, a major regional structure that transects the property. This mineralized corridor has also been proven prospective on adjacent ground to the southwest, currently being advanced by Thor Explorations Ltd. (see Thor news release dated September 16, 2024)3. Desert Gold Site VisitAs part of Desert Gold's initial due diligence, a site visit was conducted by its technical team in March 2025 to assess the prospectivity of the Tiegba permit. Field observations confirmed elevated soil anomalies coincident with sub-outcropping bedrock and transitional zones containing residual lithological fragments and dispersed quartz float. These features are interpreted as supportive of an in-situ mineralized source, with a geochemical anomaly resulting from primary dispersion processes. Work PlansDespite the presence of well-defined gold-in-soil anomalies, the Tiegba project remains untested by drilling. To date, only a small portion of the property has undergone systematic evaluation (<20%). Desert Gold plans to validate the historical soil data through the expansion of soil sampling grids and targeted infill sampling to better define geochemical trends. Desert Gold intends to conduct a property-wide geophysical survey to improve understanding of the underlying structural architecture. This work will support the effective planning of additional soil sampling, trenching, detailed geological mapping, and prospecting activities, all aimed to quickly advance the project toward its first drill program. SMSZ Project Preliminary Economic Assessment ("PEA") Update Desert Gold's previously announced SMSZ Project PEA is near completion. The company expects to publish initial results in the coming weeks. Stock Option Issuance The Company has issued a total of 1,000,000 incentive stock options to certain directors, employees and consultants of the Company. The stock options have an exercise price of CAD $0.08 and a duration of five (5) years from the date of issuance. On Behalf of the Board of Directors"Sonny Janda"___________________________Sonny JandaChairman About Desert Gold VenturesDesert Gold Ventures Inc. is a gold exploration and development company which controls the 440 km2 SMSZ Project in Western Mali containing Measured and Indicated Mineral Resources of 8.47 million tonnes grading 1.14 g/t gold totaling 310,300 ounces and Inferred Mineral Resources of 20.7 million tonnes grading 1.16 g/t gold totaling 769,200 ounces. For further information please visit under the company's profile. Website: ContactJared Scharf, President and CEOEmail: Qualified Person StatementThe scientific and technical information contained in this news release has been reviewed and approved by Ty Magee ( P. Geo), a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Magee is an advisor and consultant to Desert Gold Ventures and is considered independent of the Company. QAQC The historical soil geochemical results referenced herein were originally collected by Newcrest Mining Limited and have not yet been independently verified by Desert Gold. While the dataset demonstrates strong coherence with regional structural features and prospective geology, the reliability of the sampling methods, analytical techniques, and quality control measures implemented during the historical program is currently unknown, nor public. As such, these results should be considered historical in nature. Desert Gold intends to validate the historical dataset through a systematic QA/QC program as part of its upcoming exploration activities. This will include the implementation of industry-standard protocols involving: Certified reference materials (standards), Field duplicates, Blank samples, Chain-of-custody procedures. These measures will be employed to ensure the accuracy and reproducibility of future sampling results, and to establish a compliant geochemical database to guide follow-up work including trenching, geophysics, and potential drilling. References1 Allied Gold Corporation. (2024). Annual Information Form and Technical Summary - 2024 (pp. 42-44). Retrieved from Mining Limited. (2024, August). Annual Resource and Reserve Statement - FY2024. Retrieved from Explorations Ltd. (September 16, 2024). "Thor Explorations Announces the Acquisition of the Guitry Project and Expansion into Côte d'Ivoire" This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Offering. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act. To view the source version of this press release, please visit
News.com.au
11-05-2025
- Business
- News.com.au
Two of the world's biggest mining names are cornering the West African gold market. Who's next?
Another strategic move by Lundin and Zijin has market watchers wondering which West African gold stock could be the next target Turaco and Many Peaks the latest ASX gold stocks showing value proposition in Côte d'Ivoire Cocoa exporting giant has become the hottest gold jurisdiction in the fertile region Two of the world's biggest mining names have tightened their grip on the next generation of West African gold developments, using a string of strategic investments to build a soft empire in the gold exploration hotspots of Côte d'Ivoire and Guinea. And it has experts, explorers and market analysts asking the question – who's next? The latest move from Lundin (family fortune +US$7bn) and China's Zijin (market cap US$64bn) has seen the Swedish mining dynasty partner with TSX-listed Montage Gold Corp and Zhaojin Capital – a subsidiary Chinese State-owned gold miner in which Zijin holds a 20% stake – to acquire a collective 28% stake in a $35.6m private placement in Boundiali gold project owner Aurum Resources (ASX:AUE). Montage, owner of the Kone gold project in Côte d'Ivoire, is in turn owned 19.9% by Lundin and 9.9% by Zijin. This is where it gets tasty. Zijin moved into Montage in July last year, where Lundin was already the largest shareholder, supporting a C$180m placement and providing C$125m in debt finance alongside metals streamer Wheaton Precious Metals (a $625m package) to underpin the development of the +300,000ozpa mine. From that point on, Lundin and Zijin have maintained what appear to be close ties. Through Montage they've taken positions in TSX-listed Sanu Gold and more recently African Gold (ASX:A1G), the owner of the 452,000oz Didievi project in Côte d'Ivoire. Lundin and Zijin have also accumulated a combined 10% stake in Predictive Discovery (ASX:PDI), the owner of the 5.5Moz Bankan gold project in Guinea, touted as a potential top-20 African gold mine. Their $69m investment early this year put the cat well and truly among the pigeons after ASX-listed Perseus Mining (ASX:PRU) had planted its flag as the developer's largest shareholder last year. It also comes after Zhaojin bought out Tietto Minerals, the previously ASX-listed owner of the Abujar mine in Côte d'Ivoire in a $768m cash deal. Experts say Lundin and Zijin's move to corner the market for West African gold developments shows how quickly Côte d'Ivoire – better known for its cocoa exports – and Guinea have risen among the world's top destinations to explore for and mine the precious metal. "Ghana was the place where a lot of new gold mines were being opened up 20 or 30 years ago and then it was Burkina Faso where there were 10 new gold mines opened up in the last 15-odd years," junior stock expert John Forwood, CIO of the Lowell Resources Fund (ASX:LRT), told Stockhead. "Those places have become harder to do business in and I think Côte d'Ivoire is very well endowed geologically with a lot a lot of productive Birimian greenstone. " But also, it's gone from being a very unstable jurisdiction to a very stable jurisdiction." Who's next? There are two big questions for investors now. Firstly, will any of these strategic chess moves be converted into full scale takeovers, with premiums attached? Secondly, who else could be on Lundin and Zijin's radar? Forwood said the well-heeled partners in crime had been 'following' Lowell's investments in the arena. "Sanu, which is Canadian in Guinea, Predictive Discovery, African Gold and now Aurum, we've only got one listed West African gold company that they haven't gone into which is Desoto Resources (ASX:DES)," he said. Desoto is the new vehicle of PDI founder Paul Roberts and holds 14 projects in Guinea's Sigiuiri Basin, where AngloGold Ashanti owns the +200,000ozpa Siguiri mine. "That could be next cab off the rank, although it's very early days there," Forwood added. Among the largest undeveloped resources in Côte d'Ivoire is Turaco Gold's (ASX:TCG) Afema, where the junior recently grew its resource over 40% t0 3.55Moz. Located in the country's southeast, that included 50.9Mt at 1g/t for 1.6Moz at the Woulo Woulo deposit and 9.1Mt at 610,000oz at the higher grade Jonction. It's now worth $406m. But at the even earlier stage, with far more leverage at a market cap of $46m, is Many Peaks Minerals (ASX:MPK). Its Ferké project is an old Predictive Discovery site (before settling on Bankan, the company was a prolific prospect generator), and its Ouarigue prospect is showing all the hallmarks of a potential company maker of its own. "It's exciting for us," MD Travis Schwertfeger said of the manic corporate activity in Côte d'Ivoire. "It's probably us and Turaco who are the last two standing projects with development potential that haven't been pulled into a (major's orbit) over the last couple of years. "I think it gives us a lot of leverage." More activity in African gold rush On top of Lundin and Zijin's manoeuvring, Resolute Mining (ASX:RSG) this month announced a deal to acquire two projects in Côte d'Ivoire from AngloGold Ashanti for US$150m, including the advanced Doropo project, with RSG sending some tenements near AngloGold's Siguiri gold mine in Guinea the other way. It allows Resolute to diversify from Mali, where it was forced to strike a deal with the ruling military junta after CEO Terry Holohan was detained last year. With authoritarian and unpredictable governments in place in Mali and neighbouring Burkina Faso, both of which have seen coups in recent years, Cote d'Ivoire has become the West African jurisdiction of choice for gold miners. An election later this year notwithstanding (controversy has reared its head after a citizenship ruling precluded the candidacy of former Credit Suisse CEO Tjidane Thiam), it delivers the same greenstone belts with a fraction of the sovereign risk. Forwood says its government is also becoming more development friendly, opening forest reserves with similar rocks to the region's major gold mines to exploration. At the same time, valuations continue run lower than similar companies in Western jurisdictions like WA. Despite hosting 1.59Moz of gold at its Boundiali deposit and impressive drill hits to be plugged into a future resource upgrade, along with a timeline to a DFS in 2026, Aurum's shares have only lifted 18% in the past year. A similarly positioned gold stock in WA, Astral Resources (ASX:AAR), is up 100% in the same period, and the gold spot price is up 41% to a near record US$3335/oz. "Astral and Aurum are a similar order of magnitude, probably similar grade of just over a gram (a tonne). Astral arguably have got a head start in terms of development," Forwood said. "But Aurum are talking about having a DFS done by mid next year, which is probably not that far behind if at all on Astral." Astral is trading at around a $220m market cap, with Aurum at about half that level, a valuation gap that points to why Lundin and Zijin are so favourable to West African explorers. Forwood adds that major changes in China's financial architecture is encouraging its State-owned miners to seek growth, with Chinese official, institutional and retail buying a major reason why gold prices have been surging in recent years. "There was news couple of weeks ago that the 10 largest pension funds in China are going to invest 1% of their assets in gold and that would be massive. That would be akin to 30% of global production if they did that," he said. Chinese insurance companies have also been allowed to invest in gold. "One of the key conclusions to draw from this is China is trying to back its currency with gold to present a credible alternate reserve currency to the US dollar," Forwood mused. " Zhaojin and Zijin and other companies are getting tacit support from the Chinese government to grow their gold production in places like West Africa. "We're certainly seeing waning influence from France in its former West African colonies, so the Chinese are putting their foot on these opportunities to source gold from jurisdictions which are ... agnostic towards China." Higher grades Africa also has a less mature gold industry, which means discovery rates have been far higher in recent years. According to Crux Investor, 95Moz of gold resources have been found in West Africa since 2004, compared to 61Moz in Canada and 29Moz in Australia. "West Africa as a region has been the fastest growing gold development region for a long time," Many Peaks' Schwertfeger said. "A lot of those ounces were coming out of Mali and Burkina Faso in previous years, but now Côte d'Ivoire is really starting to come into its own and Guinea." Previously on the board of Perseus takeover prey Exore Resources alongside Turaco's Justin Tremain, Schwertfeger says Many Peak's Ferké has also demonstrated high grade potential beyond that typically seen in Côte d'Ivoire. A standout drill hit announced to the market in March clocked in at 45m at 8.58g/t gold from 104m. "There's a lot of profitable mines there, but typically running between one and one and a half grammes per tonne," he said. "Typically there are lower grade gold deposits in the systems in Côte d'Ivoire and we're seeing a bit of a standout higher grade deposit that I think gives potential for much higher margins." At Stockhead, we tell it like it is. While Many Peaks Minerals is a Stockhead advertiser, it did not sponsor this article.
