Archive for Metals

Debt, Division, Dysfunction, and National Bankruptcy

By Money Metals News Service

Never in our lifetimes has American politics been so marked by division and dysfunction.

The longest partial government shutdown in history occurred after the Democrat-controlled Congress wouldn’t compromise with President Trump on a border wall. The impasse is but one symptom of a deeper malady – one that threatens to wreak wider social and financial instability in the years ahead.

Put plainly, the pillars of the American system as we have known it are eroding.

No longer are we unified in support of the Constitution and a (more or less) free market economy. A growing faction within one party favors socialism and outright rejects foundational American principles such as free speech, gun rights, and limited government.

No longer are political solutions even possible for insoluble problems such as the $22 trillion national debt and the tens of trillions of dollars more in unfunded liabilities. The U.S. debt to GDP ratio now – when times are supposedly good – comes in at the highest non-wartime level in history.

Investors who have no stake in sound money (gold and silver), and who are instead banking entirely on conventional financial assets such as stocks and bonds, are making some dangerous assumptions.

They are assuming the government will be able to keep its promises, that the Federal Reserve will step in to prevent any financial crisis, that the U.S. dollar will remain globally trusted, that American capitalism will remain resilient in the face of growing political risk.

Avowed Socialists Ascend within Democrat Ranks

The reality is that the American economy is potentially only one election away from being taken over by socialists. That’s not hyperbole. At the base of the Democrat Party today are radicals that support Bernie Sanders and Alexandria Ocasio-Cortez – open socialists.

According to a recent Gallup poll, more Democrats than ever – a majority – say they consider themselves to be “liberal.”

Socialism

As recently as 12 years ago, more Democrats fashioned themselves as “moderate” than “liberal.” The moderate Democrat is a dying breed.

Consider the positions espoused by newly elected Congresswoman Ocasio-Cortez.

She wants taxpayers to spend $40 trillion on expanding Medicare and making college tuition “free.” She wants to hike the top tax rate to 70%. She wants to ban the use of fossil fuels which run our economy.

To be sure, old guard Democrats are trying to rein her in, but they refuse to denounce her ideology.

She has become a media darling and social media star. “AOC,” as Ocasio-Cortez is known on Twitter, has the potential ability to mobilize millions of far-left followers behind whoever she endorses as a 2020 presidential candidate (she’s not yet Constitutionally eligible to run, being under age 35).

Of course, you can tune in to Fox News or read the Wall Street Journal for a warning to investors about any given candidate’s far-left ideology.

What you’re less likely to see in either the “liberal” or “conservative” wings of the establishment media is a warning to investors about the unsustainable status quo.

Recent history shows that regardless of whether Democrats or Republicans are in charge of Congress or the White House, government spending grows, the national debt grows, and unpayable entitlement promises grow. More bipartisanship is no solution to a structural policymaking defect that has deep bipartisan roots.

Bankruptcy

To paraphrase Barry Goldwater, bipartisanship in pursuit of national bankruptcy is no virtue.

As trillion-dollar deficits pile up in 2019 and beyond, interest on the national debt will become the largest single item in the federal budget.

Mathematical realities will eventually force a harsh reckoning of the political fantasies both parties indulge.

Since there is unlikely to be any consensus in Washington on cutting spending… and since no marginal tax rate increase would bring in the kind of revenues needed to close long-term fiscal gaps, the only politically viable outcome is inflation.

By getting the Federal Reserve to monetize U.S. Treasury debt through the power of unlimited currency creation, the political class can avoid making the tough decisions, for now.

How Hard Money Can Protect Your Wealth from Growing Political Threats

Unfortunately, a central bank bailout of the federal government could be disastrous for investors stuck in conventional financial assets.

Yes, a default on Treasury bonds would be averted. But the consequence would be a default on the value of the currency in which U.S. bonds and stocks are denominated.

The U.S. appears set to more closely resemble South American countries in terms of its politics and economics – veering toward socialism, going through severe crashes and inflations, becoming vulnerable to authoritarian reactions.

Buy Gold

That’s not to say we’ll become another Venezuela. But we could become another Argentina.

Once the richest, most advanced country on the continent, Argentina succumbed to socialism and fell into hyperinflation, destroying vast amounts of wealth.

Argentina is still a nice place, though, for those who know how to cope with the political threats and periodic economic upheavals.

One of the most critical strategies for investors in bracing for financial turmoil is to reduce counterparty risk. That means limiting exposure to financial assets.

Third-party promises – whether from bankers, brokers, insurers, or politicians – may turn out to be empty.

Precious metals held in physical form carry zero counterparty risk. Gold and silver serve as real money and stand to gain greatly during a U.S. dollar crisis.


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

Wyoming Legislators Want State to De-Risk Investments by Holding Gold and Silver

By Money Metals News Service

Cheyenne, Wyoming (January 17, 2019) – A group of Wyoming legislators have introduced three bills this week to de-risk the state’s financial holdings with modest allocations to physical gold and silver in the state’s pension fund, reserve fund, and mineral trust fund.

Introduced by Representative Roy Edwards (R-Gillette) and co-sponsored by 15 others, the Wyoming Sound Money Trust Act (HB 174) empowers the State Treasurer to hold at least 10% of the Permanent Wyoming Mineral Trust Fund in the monetary metals in a depository in or near the state of Wyoming.

The Permanent Wyoming Mineral Trust Fund is the state’s oldest and most well-funded permanent fund with over $8 billion in assets.

Last year, Rep. Edwards successfully passed the ground-breaking Wyoming Legal Tender Act, a measure which reaffirmed that gold and silver are constitutional money and removed all state taxation of them.

Meanwhile, the Wyoming Sound Money Pension Act (HB 156), introduced by Representative Mark Jennings (R-Sheridan), aims to reduce financial risk and better secure state-managed pension funds by allocating a modest 10% of Wyoming Pension System assets to the monetary metals.

And Representative Scott Clem (R-Campbell) introduced the third bill, the Wyoming Sound Money Reserve Act (HB 190). This measure requires that at least 10% of Wyoming’s Legislative Stabilization Reserve Account be held in gold and silver.

All of these measures would help the state hedge its risks of holding stocks, bonds, and short-term debt instrument with an allocation to a bedrock asset carrying no counterparty risk and proven to maintain purchasing power. The state has suffered significant investment losses in recent months, including a $220 million unrealized loss on investments in Third World debt.

Backed by the Sound Money Defense League and Campaign for Liberty, these measures protect Wyoming’s accounts by insulating them with the only money proven to protect against the Federal Reserve Note’s ongoing devaluation. Furthermore, an allocation to precious metals is proven to increase overall returns over time, reduce volatility, and reduce drawdowns.

The Sound Money Defense League is a public policy group working nationally to bring back gold and silver as America’s constitutional money and publisher of the Sound Money Index. For comment or more information, call 1-208-577-2225 or email [email protected]


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

Metals Explorer’s Upcoming Catalysts Offer ‘Significant Upside’ on ‘Top-Pick’

By The Gold Report

Source: Streetwise Reports   01/15/2019

Echelon Wealth Partners reviewed the activity investors should expect from this Vancouver-based company in a ‘pivotal’ Q1/19.

In a Jan. 8 research note, analyst Ryan Walker reported Echelon Wealth Partners again chose Pure Gold Mining Inc. (PGM:TSX.V) as a Top Pick for Q1/19, a “pivotal quarter for the company with several catalysts in the offing.”

Echelon’s “positive view on the company’s shares reflects Madsen’s high-grade nature, potential for solid near-term, high-margin production and substantial exploration potential (supported by recent Wedge drill results),” the analyst added.

Events that could impact the share price include completion of an updated resource estimate for the Madsen project, including an initial resource estimate of the satellite Wedge deposit. The latter will incorporate all assays from drilling at Wedge, Russet South, Fork and Madsen done before Sept. 1, 2018.

Results from the Wedge drilling showed increased continuity and extension of the high-grade mineralization vertically, down to more than 500 meters (500m). Two highlight holes are PG18-540, which demonstrated 354 grams per ton (354 g/t) gold over 1m (from 372.4m downhole) and PG18-564, which showed 18.3 g/t gold over 1m (192.9m) and 53.6 g/t over 1m (243.7m).

Currently, Madsen has 1.74 million ounces at 8.73 g/t of Indicated resources and 296,000 ounces at 7.89 g/t of Inferred resources.

A definitive feasibility study also is expected in Q1/19, along with a preliminary economic assessment of the Russet, Fork and Wedge satellite deposits. All of those should be followed by a production decision for Madsen.

Echelon has a Speculative Buy rating and a CA$1.20 per share price target on Pure Gold, whose stock is currently trading at around CA$0.69 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from Echelon Wealth Partners, Pure Gold Mining Inc., January 9, 2019

Echelon Wealth Partners compensates its Research Analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of Echelon Wealth Partners including, Institutional Equity Sales and Trading, Retail Sales and Corporate and Investment Banking.

I, Ryan Walker, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

Important Disclosures:
Is this an issuer related or industry related publication? Issuer.

Does the Analyst or any member of the Analyst’s household have a financial interest in the securities of the subject issuer? No

Does the Analyst or household member serve as a Director or Officer or Advisory Board Member of the issuer? No

Does Echelon Wealth Partners Inc. or the Analyst have any actual material conflicts of interest with the issuer? No

Does Echelon Wealth Partners Inc. and/or one or more entities affiliated with Echelon Wealth Partners Inc. beneficially own common shares (or any other class of common equity securities) of this issuer which constitutes more than 1% of the presently issued and outstanding shares of the issuer? No

During the last 12 months, has Echelon Wealth Partners Inc. provided financial advice to and/or, either on its own or as a syndicate member, participated in a public offering, or private placement of securities of this issuer? Yes

During the last 12 months, has Echelon Wealth Partners Inc. received compensation for having provided investment banking or related services to this Issuer? Yes

Has the Analyst had an onsite visit with the Issuer within the last 12 months? Yes. July 31, 2018 – Madsen Mine Site – Underground and Surface Infrastructure and ancillary buildings.

Has the Analyst or any Partner, Director or Officer been compensated for travel expenses incurred as a result of an onsite visit with the Issuer within the last 12 months? No

Has the Analyst received any compensation from the subject company in the past 12 months? No

Is Echelon Wealth Partners Inc. a market maker in the issuer’s securities at the date of this report? No

( Companies Mentioned: PGM:TSX.V,
)

Newmont’s Acquisition of Goldcorp Will Create World’s Largest Gold Producer

By The Gold Report

Source: Streetwise Reports   01/15/2019

A CIBC report discussed the terms, pros, cons and specifics of this transaction in the large-cap gold mining space.

In a Jan. 14, 2019 research note, CIBC analyst Anita Soni reported that Newmont Mining Corp. (NEM:NYSE) entered into a definitive agreement to acquire Goldcorp Inc. (G:TSX; GG:NYSE) for $10 billion. Closing of the deal is expected in Q2/19.

Soni pointed out that on one hand, the acquisition will allow Newmont to maintain its status as the world’s leading gold producer, maintaining a production rate of an estimated 6–7 million ounces a year.

However, the analyst highlighted, uncertainty about long-term production and costs related to Goldcorp’s assets will likely create an overhang on the stock. As such, CIBC downgraded its rating on Newmont to Neutral from Outperformer and will maintain that rating until the miner outlines its strategic plans. The bank also lowered its target price on the Colorado-headquartered miner to $41 per share from $48 “based on lower target multiples.” In comparison, Newmont’s stock is trading today at about $30.86 per share.

Soni relayed the terms of the Newmont-Goldcorp deal. Newmont will acquire each Goldcorp share for 0.3280 of a Newmont share plus cash of $0.02 per share. This reflects a 17% premium based on the 20-day volume-weighted average price. “On a preliminary basis, we view the deal as dilutive,” Soni noted, based on estimated values that exclude projected “synergies, asset sales or downward production revisions.”

The combined entity will be named Newmont Goldcorp and will be listed on the New York and Toronto stock exchanges. Newmont shareholders will own about 65% of the merged entity, and Goldcorp shareholders will own about 35%.

Looking forward, Soni indicated, the merged entity Newmont Goldcorp intends to optimize production levels, maintain a solid balance sheet and concentrate on shareholder returns. “Newmont noted that it is targeting investments in greater than 15% return projects and is targeting $1–1.5 billion of divestitures over the next two years while looking to deliver up to $100 million in annual pretax synergies,” she added.

Soni included additional details about the combined entity. Newmont’s CEO Gary Goldberg will delay his retirement and stay with the corporation through 2019, during which time Troy Palmer, Newmont’s current president and chief operating officer, will transition into that role.

Newmont Goldcorp will be headquartered at Newmont’s current Colorado base. Goldcorp’s Vancouver, British Columbia, headquarters will become the new company’s North America regional office for Canada and the U.S.

As for the board of the merged entity, Newmont directors will make up two-thirds of it, and Goldcorp directors will comprise the other third. Noreen Doyle, currently Newmont’s chairperson, will become the chairperson of Newmont Goldcorp’s board. Goldcorp’s chairperson Ian Telfer will become the new company board’s deputy chairperson.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Goldcorp, a company mentioned in this article.

Disclosures from CIBC, Newmont Mining Corp., January 14, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Newmont Mining Corporation (NEM)

CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Newmont Mining Corporation in the next 3 months.

Goldcorp Inc.: CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services
from this company in the next 3 months. CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued by this company.

( Companies Mentioned: G:TSX; GG:NYSE,
NEM:NYSE,
)

Gold starts 2019 on the front foot

By Tomasz Wisniewski, Alpari

Mid-2018 may not have been the best time for gold but the end of the year was awesome. The beginning of January has basically seen a continuation of the positive sentiment on this precious metal, occasionally strengthened by additional factors.

The first factor is also in my opinion the most interesting one. Gold has started the last 6 years in a row with an upswing. At least first few weeks of the year have been positive. Check out the chart for yourself; quite nice, huh? What’s more, we’re getting some help from the fundamentals. Weak data from China and Germany and the general fear of a global slowdown are the main drivers of the rise on the gold. From a technical standpoint, it’s now all about the ascending triangle pattern. XAUUSD has a horizontal resistance at 1,297 USD/oz (orange) and a dynamic support on the black line. In theory, that promotes a breakout of the orange line and a further rise. Another bullish factor here is the formation marked in yellow. That is a failed head and shoulders pattern. Sellers had a chance to use it and go south, but the rate went up instead.

XAUUSD H1A breakout of the orange resistance is more likely. The target in that case will be the area around 1,307 USD/oz, which for the past few years has been crucial for this precious metal. It has been repeatedly tested over the past few years as both a support and resistance. The buy signal will be cancelled if we get a breakout of the black line.

MARKETS IN 2019: Gold & Silver To Outperform Most Assets

By Money Metals News Service

Investors should prepare for crazy and turbulent markets in 2019. As the correction in the broader markets picks up speed and heads much lower, investor worry will start to turn into fear. At this point, the precious metals will likely disconnect from the markets and move higher as investors move into gold and silver to protect wealth.

I discuss this in my newest video update: DOW, GOLD & SILVER: Markets Disconnect In 2019. In the video, I show how gold and silver rallied over the past month while the broader markets, copper, and energy sold off. I believe the precious metals will continue to disconnect even further from the markets in 2019 and 2020.

In the video, I also describe the image below and why the U.S. Shale Oil Industry continues to lose money:

Universal Pressure Pumping Inc.

This shows the typical slick water shale frac completion layout and the massive amount of equipment and energy it takes to produce shale oil and gas. The drilling rig has been removed, and the wellheads (in RED) receive an enormous amount of water, frac sand, and chemicals under high pressure from the 20 pressure pumping truck rigs.

Furthermore, I explain the following chart and why the gold price will continue to disconnect from the Dow Jones Index in 2019:

Dow Jones Index and Gold Price - January 11, 2019

While I explain more technical analysis in the video, the fundamentals will still play a leading role in guiding the economy and markets over the next several years. However, the technicals provide us with a crystal ball in how the prices will trade over this period.


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

Shortfall in Production Capacity for Fabricated Silver and Gold

By Money Metals News Service

The two largest private producers of bullion bars and rounds in the U.S. have gone defunct over the past two years. Premiums for silver bars and rounds are already on the rise as markets adjust to the lack of supply.

Blow Up

Two major mints have blown up
in the past two years.

At present, demand for these products is manageable. A surge in buying activity, however, could lead to serious difficulty finding low-premium products.

Elemetal shut down most of its operation in early 2017. The firm was implicated in a scheme to launder money for South American drug cartels and lost its designation as an LBMA and COMEX approved refiner. That loss was the kiss of death for the firm, which soon shuttered most of its production.

Florida-based Republic Metals had a blow up of its own late last year.

The firm’s problems kicked off in April when an internal audit revealed nearly $100 million in physical metals at its Miami facility could not be unaccounted for. Banks withdrew lines of credit on the news and a deal to sell the company’s assets was not completed in time to avoid a bankruptcy filing in November.

Republic Metals’ considerable production capacity has been offline for three months now. Whether the plant and equipment will be purchased and put back into production remains uncertain.

These developments leave the bullion markets in vulnerable condition. Demand for fabricated silver rounds and bars ticked higher in December. The effect on premiums was immediate and dealers are now quoting lead times for some products.

Sold Out

Buying appetite from investors remains well below what is was a few years ago. During the peak demand period, both Elemetal and Republic ran multiple shifts in an effort to keep up.

Should even a portion of that demand return to markets, the current production capacity will be swamped quickly.

We would expect buyers to respond to higher premiums and delivery delays by opting for sovereign coins, such as American Eagles or Canadian Maple Leafs, instead. Prices would likely rise across the board for all bullion products, and some products may not be available in quantity at any price.

Bullion investors should be aware of the lowered production capacity and plan accordingly. Any supply crunch and corresponding spike in premiums could even present an arbitrage opportunity for those wanting to swap high premium items into large bars.

Capacity will eventually catch up. However, that process can take many months, perhaps even longer. People with plans to buy physical metal in the near future may want to move sooner rather than later.


The Money Metals News Service provides market news and crisp commentary for investors following the precious metals markets.

Revised 2018 Model on Gold Producer Reflects ‘Better Costs, Upward Earnings’

By The Gold Report

Source: Streetwise Reports   01/10/2019

A CIBC report reviewed the miner’s recently announced Q4/18 production and cost figures.

In a Jan. 4 research note, CIBC analyst Bryce Adams reported that Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX) met its revised full-year 2018 production guidance of 295–305 Koz with actual production of 302.6 Koz.

Q4/18 production alone, of 93.8 Koz, was consistent with CIBC’s estimate of 93.7 Koz.

Specifically, the Los Filos mine outperformed in Q4/18, producing 58.2 Koz versus CIBC’s forecasted 55.3 Koz. Fazenda delivered 19 Koz and Pilar, 11.6 Koz, generally in line with CIBC’s projections. RDM’s production of 4.9 Koz, however, came in lower than the expected 7.4 Koz.

Looking forward, Leagold is expected to announce results of a technical study of a possible carbon-in-leach plant for the underground ore at Los Filos.

As for costs, Leagold reported the all-in sustaining cost (AISC) for full-year 2018 will be around $979 per ounce. Accordingly, CIBC revised its AISC estimates on the company, to $986 per ounce for full-year 2018 and $1,008 per ounce for Q4/18.

Having updated its model to reflect new Q4/18 production and cost figures from Leagold, CIBC now projects for Q4/18 an earnings per share of $0.00 and a cash flow per share of $0.06, both up by $0.05 per share.

CIBC has an Outperformer rating and a CA$3.50 per share price target on Leagold, whose current share price is CA$1.92.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Leagold Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Leagold Mining Corp., January 4, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Leagold Mining Corporation (LMC)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Leagold Mining Corporation in the next 3 months.

( Companies Mentioned: LMC:TSX.V; LMCNF:OTCQX,
)

Further Metallurgical Testing on Australian Gold Project Ore Confirms Prior Findings

By The Gold Report

Source: Streetwise Reports   01/10/2019

The developer noted the new results complement previous ones from fine grinding and leaching tests.

Vista Gold Corp. (VGZ:NYSE.MKT; VGZ:TSX) announced in a news release that metallurgical testing on two 2.5-ton high-grade samples from the Mt. Todd project confirmed previous findings.

Specifically, high-pressure grinding roll crusher testing showed “increased concentration of gold in the fine fraction,” the release noted. Ore sorting revealed that sorting of higher-grade ore results in proportionally less gold being lost in the rejected material.

“These tests confirm the value-adding benefit of ore sorting for the Mt. Todd gold project in Australia and demonstrate lower gold losses with higher-grade crusher feed,” President and CEO Frederick Earnest said in the release. “We expect that these results will support additional improvements in the economics of the Mt. Todd gold project.”

Those economics are expected in an updated preliminary feasibility study in Q2/19, following completion of additional fine grinding and leaching tests in Q1/19.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Vista Gold, a company mentioned in this article.

( Companies Mentioned: VGZ:NYSE.MKT; VGZ:TSX,
)

Company ‘Positioning Itself as a Gold-Copper Developer to Watch in a Premier Jurisdiction’

By The Gold Report

Source: Streetwise Reports   01/10/2019

Discoveries, 2019 exploration plans and financings fill the agenda for this gold explorer/developer that has the attention of numerous analysts.

From new targets at prime locations to major multi-million-dollar financings, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) begins 2019 with many projects in the works.

New Target at Iskut

In late December 2018, the company announced that summer drilling at its 100%-owned Iskut Project in northwestern British Columbia “encountered the hallmarks of a large copper-gold porphyry system.”

The company zeroed in on the Quartz Rise lithocap in 2018. Specifically, it focused on testing for high-grade epithermal precious metal occurrences associated with the uppermost portion of a porphyry mineral system. The drill results indicated that most of the Quartz Rise lithocap had eroded. The company noted that hydrothermal breccia (diatreme) discovered in holes QR-18-14 and 17 confirmed that a porphyry source for the lithocap was nearby.

Seabridge Chairman and CEO Rudi Fronk noted, “We acquired Iskut in 2016 because it showed clear evidence of a large porphyry system similar in age and geology to our KSM project 30 kilometers to the east. Our view was that the Iskut porphyry was likely too deep to be our primary target and we therefore focused initially on finding a lithocap-hosted epithermal top of the porphyry system. We have since learned that this target is probably not viable in the Quartz Rise area due to erosion. However, we are very excited to find that this same erosion has given us the opportunity to explore for another KSM-style porphyry system located much closer to surface than we anticipated. This is the target we will now pursue at Iskut.”

Iron Cap Extension

Meanwhile, at Seabridge Gold’s 100%-owned KSM project in northwestern British Columbia, Seabridge confirmed the down plunge extension of the Iron Cap core zone. “Results include some exceptional widths of gold and copper mineralization with grades exceeding the KSM resource average,” the company noted. Hole IC-18-83, in particular, returned 548 meters of 0.63 g/t gold and 0.44% copper.

During the 2018 drilling program, management assessed the impact of post-mineral intrusions on the south end of the Iron Cap deposit and “obtained data for the optimum alignment of the proposed Mitchell-Treaty Tunnel (MTT) which would transfer ore to the proposed mill.”

According to Fronk, “Iron Cap has clearly become one of the best deposits in the KSM cluster, not only for its superior grade but also due to its proximity to infrastructure, which we expect will require less capital to develop than the Kerr and Sulphurets deposits, and also its size and orientation which favour efficient, cost-effective underground block cave mining.”

Aside from the 10 holes drilled in the northwest plunge projection, Seabridge also has three holes in its southwest plunge projection and one more in its northeast up dip projection.

Collectively, the drill holes were designed to test down plunge and across the Iron Cap deposit.

Multimillion-Dollar Financing

In late November, Seabridge announced the closing of a $14-million non-brokered private placement.

The proceeds from the financing deal will be used to “fund general working capital requirements and the 2019 drill program at the company’s 100% owned Snowstorm Project located in Nevada.”

A 250,000 share option was exercised in December 2018, with the company receiving an additional $3.5 million in proceeds. The additional funds will go toward the 2019 drill program as well.

Snowstorm has all of its necessary permits. Management says the project is good to go for exploration. “A current Plan of Operations filed with the US Bureau of Land Management covers most of the property and permits a total disturbance of 200 acres.”

Seabridge is on the radar screen of numerous industry analysts.

Derek Macpherson, VP of Mining Analysis at Red Cloud Klondike Strike, wrote on December 18, “Seabridge’s summer drill program at its Iskut Property has identified another porphyry target close to surface. Iskut is only 30 km east of Seabridge’s KSM Project which hosts four porphyry deposits with P&P Reserves of 39Moz of gold + 10Blbs of copper. These latest results support our view that Seabridge is positioning itself as a gold-copper developer to watch in a premier jurisdiction—we believe majors are taking notice.”

Analyst Dalton Baretto with Canaccord Genuity, wrote on December 12, “The 2018 drilling at Iron Cap increases the likelihood of improved project economics from a resequenced mine plan. On the back of these positive results, we continue to note that a key potential catalyst for SEA’s shares will be a partnership agreement with a major mining company. We reiterate our SPEC BUY rating on SEA, as well as our CA$26.00/sh target; our target remains based on 1.0x NAV, measured at Oct. 1, 2019, and is predicated on a partnership agreement being concluded.”

Mike Kozak, an analyst with Cantor Fitzgerald Canada, wrote on December 12, “Iron Cap is shaping up to be the best deposit within the KSM cluster and potentially one of the most economic. . .Iron Cap is seen to require less capital to develop than the Kerr and Sulphurets deposits. Additionally, its size and orientation favours efficient, cost-effective underground block cave mining methods.” Cantor has a Buy rating on Seabridge with target prices of US$19.00 and CA$25.00.

In a December 13 report, ROTH Capital Partners analyst Joe Reagor noted, “We view the drill results as impressive and believe they will drive an increased resource estimate next year.” ROTH has a Buy rating and US$17 price target on Seabridge.

On the TSX, Seabridge shares currently sit at CA$16.96, while on the NYSE, the stock trades at US$12.84.

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Disclosure:
1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Seabridge Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Red Cloud Klondike Strike Inc., Seabridge Gold, December 18, 2018

Red Cloud Klondike Strike Inc., its affiliates and associates, and their respective officers, directors, representatives, researchers and members of their families (collectively, “Red Cloud KS”) may hold positions in the companies mentioned in this publication and may buy or sell, or buy and sell their securities or securities of the same class on the market or otherwise. Additionally, Red Cloud KS may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

Seabridge Gold Company Specific Disclosures

2) In the last 12 months, Red Cloud KS has been retained under a service or advisory agreement by the subject issuer.

4) Red Cloud KS or a member of the Red Cloud KS team or household, has a long position in the shares and/or the options of
the subject issuer.

 

Disclosures from Canaccord Genuity, Seabridge Gold, December 12, 2018

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.

Required Company-Specific Disclosures (as of date of this publication):
Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking
services from Seabridge Gold in the next three months.

Up-to-date disclosures may be obtained here.

Disclosures from Cantor Fitzgerald, Seabridge Gold Inc., Company Update, December 12, 2018

Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of February 13, 2018

Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months.

The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc.

The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.

Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Disclosures from ROTH Capital Partners, Seabridge Gold Inc., Company Note, December 13, 2018

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Seabridge Gold Inc. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: SEA:TSX; SA:NYSE.MKT,
)