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Argonaut Gold Announces Fourth Quarter and Year End Financial and Operating Results

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Argonaut Gold Announces Fourth Quarter and Year End Financial and Operating Results

 

 

 

 

 

Argonaut Gold Inc. (TSX: AR) reported financial and operating results for the fourth quarter and year ended December 31, 2023. All dollar amounts are expressed in United States dollars, unless otherwise specified (CA$ refers to Canadian dollars).

 

“In fiscal 2023, we set clear objectives for our operations. These included commissioning the Magino mine on schedule, stabilizing Florida Canyon which had underperformed for several years, and reviewing and optimizing our Mexican operations. Presently the Magino mine is steadily progressing through the ramp-up period. Both the Florida Canyon mine and our Mexican mines had a strong year, exceeding the upper end of production guidance on a combined basis by 9%. Notably, Florida Canyon achieved its highest production total in 19 years.

 

Looking ahead to 2024, we consider Magino to be our future and the key driver for per-share growth. Our immediate focus remains on production optimization and unlocking the significant potential at Magino through reserve expansion. Additionally, we are diligently working on optimizing mining operations at the Florida Canyon mine with the sulfide redevelopment plan. Furthermore, we plan to finalize a debt refinancing agreement to enhance liquidity and flexibility, enabling us to achieve our expansion goals. These objectives align with our mission statement, emphasizing asset growth and operational excellence.” stated Richard Young, President and Chief Executive Officer of Argonaut Gold.

 

Financial & Operating Highlights

 

Three months ended

December 31,

 Year ended

December 31,

Financial Data 2023 2022 %
Change
2023 2022 %
Change
Revenues1 $000s 115,578 95,877 21 % 372,457 388,341 (4) %
Cost of sales1 $000s 105,455 120,474 (12) % 332,294 364,513 (9) %
Gross profit $000s 10,123 (24,597) NM5 40,163 23,828 69 %
Net income (loss) $000s 27,931 (174,937) NM 38,270 (152,202) NM
Earnings (loss) per basic and
diluted share
$/share 0.03 (0.22) NM 0.04 (0.28) NM
Adjusted net loss2 $000s (17,392) (37,722) (54) % (2,462) (22,391) (89) %
Per basic share2 $/share (0.02) (0.05) (59) % (0.00) (0.04) (100) %
Operating cash flow $000s 7,659 2,372 NM 43,345 (3,749) NM
Operating cash flow before changes
in working capital and other items2
$000s 18,341 8,617 NM 67,353 70,597 (5) %
Total sustaining capital expenditures $000s 14,762 9,936 49 % 30,562 43,913 (30) %
Magino construction capital $000s 54,070 82,586 (35) % 297,456 364,701 (18) %
Cash and cash equivalents $000s 83,785 73,254 14 % 83,785 73,254 14 %
Net debt2 $000s (128,736) (4,327) NM (128,736) (4,327) NM

 

 

Three months ended

December 31,

 Year ended

December 31,

Operating Data 2023 2022 %
Change
2023 2022 %
Change
Gold produced3 oz 60,619 41,642 46 % 193,693 197,174 (2) %
Gold equivalent ounces (“GEOs”)
produced3,4
oz 61,523 42,510 45 % 197,511 203,155 (3) %
Gold sold3 oz 59,632 50,606 18 % 192,918 200,695 (4) %
Average realized price $/oz sold 1,907 1,860 3 % 1,892 1,877 1 %
Cost of sales $/oz sold 1,768 2,383 (26) % 1,722 1,816 (5) %
Cash cost2 $/oz sold 1,437 2,007 (28) % 1,434 1,443 (1) %
All-in sustaining costs2 (“AISC”) $/oz sold 1,804 2,266 (20) % 1,722 1,763 (2) %
_________________________________
1 In the three and twelve months ended December 31, 2023, the Company recognized $4.8 million and $26.9 million of revenues, and $4.7 million and $20.0 million of cost of sales, respectively, related to the pre-commercial production phase of the Magino mine, achieved effective November 1, 2023.
2 This is a Non-IFRS Measure; please see “Non-IFRS Measures” section.
3 In the three and twelve months ended December 31, 2023, 5,275 and 19,231 gold ounces were produced, and 2,002 and 13,528 gold ounces were sold, respectively, from the pre-commercial production phase of the Magino mine.
4 Based on a silver to gold ratio of 80:1 in 2023 and in 2022.
5 References to “NM” are certain change percentages are not meaningful.

 

2023 COMPANY HIGHLIGHTS

 

Financial Highlights

  • Revenues for the year ended December 31, 2023 of $372.5 million were 4% lower than the $388.3 million from the prior year as a result of the planned lower production from the Company’s three Mexican mines – La Colorada, San Agustin and El Castillo, partially offset by the initial production at the Magino mine and higher production at the Florida Canyon mine.
  • Revenues included $60.0 million from the Magino mine, of which $26.1 million were pre-commercial production ounces. The Magino mine achieved commercial production effective November 1, 2023.
  • Gross profit of $40.2 million was 69% higher than $23.8 million from the prior year due to lower production costs and depreciation and depletion expense.
  • Generated cash flow from operating activities before changes in working capital and other items totalling $67.4 million, comparable to the prior year amount of $70.6 million.
  • Net income of $38.3 million, or $0.04 per basic and diluted share, compared to a net loss in 2022 of $152.2 million, or $(0.28) per basic and diluted share, with the increase largely due to $24.0 million of impairment reversals recorded for mineral properties, plant and equipment in the current year compared to $135.5 million of impairments recorded in the prior year. Higher gross profit and higher income tax recovery also contributed to the increase in net income year over year.
  • Adjusted net loss of $2.5 million, or $0.00 per share, compared to an adjusted net loss of $22.4 million, or $(0.04) per share in the previous year, a reduction in the loss of $19.9 million primarily due to higher gross profit as a result of lower depreciation, depletion and amortization in 2023.
  • Cash and cash equivalents of $83.8 million and net debt of $128.7 million as at December 31, 2023.
  • Consolidated production of 197,511 GEOs was 3% lower compared to 203,155 GEOs from the prior year. The decrease in production was largely due to lower production from the Company’s Mexican mines, partially offset by the initial production from the Magino mine, and higher production from the Florida Canyon mine.
  • Cost of sales per gold ounce sold of $1,722, cash cost per ounce of $1,434 and AISC per ounce of $1,722 were all lower than the prior year comparative driven primarily due to lower unit costs at El Castillo and La Colorada.
  • During November 2023, the Company closed the sale of an additional 1.0% net smelter return (“NSR”) royalty on its Magino mine for $28.0 million to a subsidiary of Franco-Nevada Corporation (“Franco-Nevada”). Franco-Nevada holds an aggregate 3.0% NSR royalty on the Magino mine.
  • On December 12, 2023, the Company completed a bought deal public offering, through a syndicate of underwriters, under which the Company sold a total of 223,685,000 common shares of the Company at a price of CA$0.38 per common share, for gross proceeds of $62.5 million (CA$85.0 million) and net proceeds to the Company of $59.6 million (CA$81.1 million).
  • On December 15, 2023, the Company obtained a waiver on certain financial covenants on its $250 million financing package (collectively referred to as the “Loan Facilities”). It was anticipated the Company would not be in compliance with certain financial covenants as at December 31, 2023 and accordingly obtained the waiver to prevent a default event which could trigger the Loan Facilities becoming immediately due and payable. On February 28, 2024, the Company received a further waiver on financial and nonfinancial covenants until March 8, 2024. The Company continues to work through its refinancing plans with both current and prospective lenders. The Company will require an additional waiver from its current lenders on or about March 8, 2024, to avoid a breach of covenants, and anticipates the current constructive refinancing process to continue thereafter. An unremedied breach of covenants can have an adverse impact on the Company’s liquidity and solvency.

 

Growth Highlights
Magino

  • Effective November 1, 2023, the Magino mine achieved commercial production.
  • Plant throughput has averaged 8,970 tonnes per day during the fourth quarter.
  • During the fourth quarter, the daily mining rates increased sequentially month over month from an average of 40,400 tpd in the third quarter to 40,800 tpd in October, to 45,400 tpd in November and 50,500 tpd in December. Overall, there was a 25% increase in December compared to the third quarter average.
  • With additional mobile equipment scheduled to arrive in the first half of 2024, along with the installation of the fleet management system, management expects daily mining rates to increase into the 65,000 tpd range by the second half of 2024. This is in line with the current NI 43-101 technical report for the Magino mine.
  • Magino gold grades mined have increased, resulting in the average grade milled, on a monthly basis, increasing from 0.69 grams per tonne (“gpt”) in October to 1.02 gpt in November and to 1.07 gpt in December.
  • Mill throughput rates remained below planned capacity in December averaging 9,240 tpd, however, a scheduled mill shutdown in January 2024 is expected to support the continued increase in tonnes per operating hour to the planned capacity of 453 tpoh which equates to 10,000 tpd through design improvements. Plant availability is expected to remain a challenge into the second quarter.
  • During the three and twelve months ended December 31, 2023, the Magino mine produced 22,059 and 36,015 gold ounces and sold 19,535 and 31,061  gold ounces, respectively. Production was lower than expected in part due to challenges as it transitioned into a steady feed of higher grade ore. Since improved mining practices were implemented in November, the operations have delivered an increase in feed grade to the mill.
  • The infill drill program underway to convert Mineral Resources to Mineral Reserves is proceeding well, having completed approximately 27,000 metres through the end of 2023, constituting 43% of the planned program. The program is expected to be completed on time in June 2024. The goal of the drill program is to add between 500,000 and 1 million ounces to Mineral Reserves, based on the conversion of existing Mineral Resources. A second phase program is expected to continue through the end of 2024. Mill optimization and expansion studies are well underway to determine the most cost effective path to expand the process facilities to between a target of 17,500 and 20,000 tpd.
  • A NI 43-101 technical report including the balance of the 63,000 metre drill program and detailed mill optimization and expansion plans is expected to be completed for the second half of 2024.

 

Florida Canyon

  • In 2023, Florida Canyon reported its highest production total in 19 years.
  • For 2024 production, material movement and grades are expected to be similar to 2023.
  • All permits to construct Phase III of the South Heap Leach Pad, which include bulk earthworks and expansion of the leach pumping and gold recovery systems, have now been received. Site bulk earthworks were initiated in December 2023. Construction of these facilities is expected to be completed in 2024.
  • Ore placed on the leach pad is expected to be approximately 20% lower than last year but ounce production is expected to be only marginally lower benefiting from the additional process capacity being added in 2024 as part of the construction of the third leach pad, which will allow the drawdown of inventory which built up in 2023 due to limited processing capacity.
  • Drilling concluded on the 1,250-metre West sulphide program in mid-2023.
  • Drilling concluded on the 7,520-metre East sulphide program in late 2023.
  • A 3,760-metre in-fill drill program was also conducted in the oxide resources in late 2023.
  • Analysis and modelling of the drilling results is ongoing and expected to be complete in early 2024.

 

This press release should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023 and associated Management’s Discussion and Analysis for the same period, which are available on the Company’s website at www.argonautgold.com, in the “Investors” section under “Financial Filings”, and under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca.

 

NON-IFRS MEASURES

 

The Company provides certain non-IFRS measures as supplementary information that management believes may be useful to investors to explain the Company’s financial results.

 

“Cash cost per gold ounce sold” is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports cash cost per ounce on a sales basis. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure, along with sales, are considered to be key indicators of a Company’s ability to generate operating profits and cash flow from its mining operations.

 

Cash cost figures are calculated in accordance with a standard developed by The Gold Institute, which was a worldwide association of suppliers of gold and gold products and included leading North American gold producers. The Gold Institute ceased operations in 2002, but the standard is considered the accepted standard of reporting cash cost of production in North America. Adoption of the standard is voluntary and the cost measures presented may not be comparable to other similarly titled measures of other companies.

 

The World Gold Council definition of AISC seeks to extend the definition of cash cost by adding corporate, and site general and administrative costs, reclamation and remediation costs (including accretion and amortization), exploration and study costs (capital and expensed), capitalized stripping costs and sustaining capital expenditures and represents the total costs of producing gold from current operations. AISC excludes income tax payments, interest costs, costs related to business acquisitions and items needed to normalize profits. Consequently, this measure is not representative of all of the Company’s cash expenditures. In addition, the calculation of AISC does not include depreciation expense as it does not reflect the impact of expenditures incurred in prior periods. Therefore, it is not indicative of the Company’s overall profitability. For the year ended December 31, 2023, along with comparative periods, the Company reclassified regional general and administrative expenses in Mexico, and accretion expenses previously classified under the corporate group, to each individual mine group. Management believes this better attributes regional general and administrative expenses and accretion expenses and also improves comparability amongst our peer companies.

 

“Adjusted net loss” and “adjusted net loss per basic share” exclude a number of temporary or one-time items, which management believes not to be reflective of the underlying operations of the Company, including the impacts of: unrealized losses (gains) on derivatives, non-operating income, foreign exchange losses (gains), impacts of foreign exchange on deferred income taxes, inventory impairments (reversals), impairments (reversals) of mineral properties, plant and equipment, and other unusual or non-recurring items. Adjusted net loss per basic share is calculated using the weighted average number of shares outstanding under the basic calculation of earnings per share as determined under IFRS.

 

“Net debt” is calculated as the sum of the cash and cash equivalents balance net of debt as at the statement of financial position date. “Net debt” calculation includes unamortized transaction costs netted against the drawn debt, but excludes Convertible Debentures and equipment loans which are currently included in total debt, in order to show the nominal undiscounted debt. This measure has no standard meaning under IFRS and other companies may calculate this measure differently.

 

“Operating cash flow before working capital and other items” is a non-IFRS measure as it involves adjustments to the operating cash flow metric defined by IFRS. The company presents operating cash flow that excludes certain working capital changes and other items such as income taxes and interest received, this helps investors to assess the performance of the Company’s operations.

 

  1. The following tables provide reconciliations of production costs and cost of sales per gold ounce sold on the financial statements to cash cost per gold ounce sold and AISC per gold ounce for each mine:

 

Magino Mine Three months ended
December 31,
Year ended
December 31,
2023 2023
Gold sold oz 19,535 31,061
Cost of sales $000s 36,971 52,199
Cost of sales per gold ounce sold $/oz 1,893 1,681
Production costs $000s 28,785 43,660
Less silver sales $000s (85) (142)
Cash Cost $000s 28,700 43,518
Cash cost per gold ounce sold $/oz 1,469 1,401
Cash Cost $000s 28,700 43,518
Accretion and other expenses $000s 130 520
Sustaining capital expenditures $000s 10,426 10,426
AISC $000s 39,256 54,464
AISC per gold ounce sold $/oz 2,010 1,753

 

 

Florida Canyon Mine Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 18,220 13,979 30 % 70,427 49,616 42 %
Cost of sales $000s 30,500 32,084 (5) % 114,210 99,280 15 %
Cost of sales per gold ounce sold $/oz 1,674 2,295 (27) % 1,622 2,001 (19) %
Production costs $000s 26,035 28,655 (9) % 97,634 87,586 11 %
Less silver sales $000s (346) (194) 78 % (1,293) (694) 86 %
Cash Cost $000s 25,689 28,461 (10) % 96,341 86,892 11 %
Cash cost per gold ounce sold $/oz 1,410 2,036 (31) % 1,368 1,751 (22) %
Cash Cost $000s 25,689 28,461 (10) % 96,341 86,892 11 %
Exploration expenses $000s 857 NM 1,680 NM
Accretion and other expenses $000s 294 130 126 % 1,177 521 126 %
Sustaining capital expenditures $000s 3,462 3,592 (4) % 17,260 20,417 (15) %
AISC $000s 30,302 32,183 (6) % 116,458 107,830 8 %
AISC per gold ounce sold $/oz 1,663 2,302 (28) % 1,654 2,173 (24) %

 

 

La Colorada Mine Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 7,967 7,487 6 % 25,957 42,349 (39) %
Cost of sales $000s 13,998 13,860 1 % 48,556 59,069 (18) %
Cost of sales per gold ounce sold $/oz 1,757 1,851 (5) % 1,871 1,395 34 %
Production costs $000s 10,353 12,103 (14) % 39,057 49,194 (21) %
Less silver sales $000s (287) (247) 16 % (992) (2,486) (60) %
Cash Cost $000s 10,066 11,856 (15) % 38,065 46,708 (19) %
Cash cost per gold ounce sold $/oz 1,263 1,584 (20) % 1,466 1,103 33 %
Cash Cost $000s 10,066 11,856 (15) % 38,065 46,708 (19) %
Exploration expenses $000s 20 NM 390 869 (55) %
Accretion and other expenses $000s 64 18 NM 257 71 NM
Sustaining capital expenditures $000s 331 4,897 (93) % 1,057 17,495 (94) %
AISC $000s 10,481 16,771 (38) % 39,769 65,143 (39) %
AISC per gold ounce sold $/oz 1,316 2,240 (41) % 1,532 1,538 – %

 

 

San Agustin Mine Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 9,556 17,719 (46) % 44,148 65,844 (33) %
Cost of sales $000s 17,624 33,785 (48) % 81,324 106,335 (24) %
Cost of sales per gold ounce sold $/oz 1,844 1,907 (3) % 1,842 1,615 14 %
Production costs $000s 16,000 27,536 (42) % 71,263 84,189 (15) %
Less silver sales $000s (751) (1,206) (38) % (4,396) (7,568) (42) %
Cash Cost $000s 15,249 26,330 (42) % 66,867 76,621 (13) %
Cash cost per gold ounce sold $/oz 1,596 1,486 7 % 1,515 1,164 30 %
Cash Cost $000s 15,249 26,330 (42) % 66,867 76,621 (13) %
Exploration expenses $000s 38 NM 75 NM
Accretion and other expenses $000s 59 10 NM 238 30 NM
Sustaining capital expenditures $000s 238 748 (68) % 1,332 1,871 (29) %
AISC $000s 15,584 27,088 (42) % 68,512 78,522 (13) %
AISC per gold ounce sold $/oz 1,631 1,529 7 % 1,552 1,193 30 %

 

 

El Castillo Mine Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 4,353 11,421 (62) % 21,325 42,886 (50) %
Cost of sales $000s 6,362 40,625 (84) % 36,005 99,829 (64) %
Cost of sales per gold ounce sold $/oz 1,462 3,557 (59) % 1,688 2,328 (27) %
Production costs $000s 6,009 34,904 (83) % 32,152 80,203 (60) %
Less silver sales $000s (37) (102) (64) % (315) (817) (61) %
Cash Cost $000s 5,972 34,802 (83) % 31,837 79,386 (60) %
Cash cost per gold ounce sold $/oz 1,372 3,047 (55) % 1,493 1,851 (19) %
Cash Cost $000s 5,972 34,802 (83) % 31,837 79,386 (60) %
Exploration expenses $000s NM 533,000 (100) %
Accretion and other expenses $000s 133 6 NM 530 19 NM
Sustaining capital expenditures $000s (138) (100) % 3,923 (100) %
AISC $000s 6,105 34,670 (82) % 32,367 83,861 (61) %
AISC per gold ounce sold $/oz 1,402 3,036 (54) % 1,518 1,955 (22) %

 

 

All Mines Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Gold sold oz 59,632 50,606 18 % 192,918 200,695 (4) %
Cost of sales $000s 105,455 120,574 (13) % 332,294 364,513 (9) %
Cost of sales per gold ounce sold $/oz 1,768 2,383 (26) % 1,722 1,816 (5) %
Production costs $000s 87,182 103,201 (16) % 283,766 301,172 (6) %
Less silver sales $000s (1,506) (1,749) (14) % (7,138) (11,565) (38) %
Cash Cost $000s 85,676 101,566 (16) % 276,628 289,607 (4) %
Cash cost per gold ounce sold $/oz 1,437 2,007 (28) % 1,434 1,443 (1) %
Cash Cost $000s 85,676 101,566 (16) % 276,628 289,607 (4) %
Corporate general and administrative
expenses
$000s 2,763 2,072 33 % 11,807 10,562 12 %
Regional general and administrative
expenses
$000s 2,168 2,267 (4) % 5,979 4,560 31 %
Share-based compensation expense $000s 607 774 (22) % 2,433 3,104 (22) %
Exploration expenses $000s 915 (2,094) NM 2,145 1,403 53 %
Accretion and other expenses $000s 680 164 NM 2,722 641 NM
Sustaining capital expenditures $000s 14,762 9,936 49 % 30,562 43,913 (30) %
AISC $000s 107,571 114,685 (6) % 332,276 353,790 (6) %
AISC per gold ounce sold $/oz 1,804 2,266 (20) % 1,722 1,763 (2) %

 

  1. Adjusted net loss and adjusted net loss per basic share exclude a number of temporary or one-time items detailed in the following table:

 

Three months ended
December 31,
 Year ended
December 31,
2023 2022 % Change 2023 2022 % Change
Net income (loss) $000s 27,931 (174,937) NM 38,270 (152,202) NM
Unrealized (gains) losses on derivatives $000s (3,580) 5,035 NM (5,230) (7,165) (27) %
Net foreign exchange (gains) losses $000s (9,261) 6,590 NM (8,381) 8,662 NM
Impact of foreign exchange on deferred
income taxes
$000s (9,675) (6,413) 51 % (9,948) (7,556) 32 %
Tax recovery on recognition of deferred
tax assets
$000s (9,899) NM (9,899) NM
Inventory (reversal) impairment $000s (379) 22,996 NM 5,519 22,879 (76) %
(Reversal) impairment of mineral
properties, plant and equipment
$000s (24,031) 135,547 NM (24,031) 135,547 NM
Loss on disposal of mineral property $000s 8,724 NM 8,724 NM
Other $000s (3,849) (100) % NM
Tax effect $000s 2,778 (22,691) NM 2,514 (22,556) NM
Adjusted net loss $000s (17,392) (37,722) (54) % (2,462) (22,391) (89) %
Weighted average number of common
shares outstanding
000s shares 911,290 808,690 13 % 866,060 552,547 57 %
Adjusted net loss per basic share $/share (0.02) (0.05) (60) % (0.00) (0.04) (100) %
  1. A reconciliation of net debt is detailed in the following table:

 

December 31,
2023
December 31,
2022
Cash and cash equivalents $000s 83,785 73,254
Loan Facilities – Term Loan $000s (183,276) (77,581)
Loan Facilities – Revolving Credit Facility $000s (29,245)
Net debt $000s (128,736) (4,327)

 

  1. A reconciliation of operating cash flow before working capital and other items
December 31,
2023
December 31,
2022
Net cash provided by (used in) operating activities $000s 43,345 (3,749)
Less:
Changes in working capital $000s (22,759) (35,755)
Income taxes paid $000s (3,368) (39,837)
Interest received $000s 2,119 1,246
Operating cash flow before changes in working capital and other items $000s 67,353 70,597

 

 

About Argonaut Gold

 

Argonaut Gold is a Canadian-based gold producer with a portfolio of operations in North America. Focused on becoming a low-cost, mid-tier gold producer, the Company’s flagship asset, the Magino mine, in Ontario, Canada is expected to become Argonaut’s largest and lowest cost mine. The Company is pursuing potential for redevelopment and additional growth at the Florida Canyon mine in Nevada, USA. Together, the Magino and Florida Canyon mines are the Company’s cornerstone assets that will drive Argonaut through this pivotal growth stage. The Company also has one additional operating mine in Mexico, the San Agustin mine in Durango. Residual production is expected from two additional mines located in Mexico. The La Colorada mine in Sonora was placed on care and maintenance at the end of 2023 pending a decision on strategic options for the mine, while mining activities ceased at the El Castillo mine in Durango in 2022. The San Agustin mine and the El Castillo mine together form the El Castillo Mining Complex.

 

Posted March 8, 2024

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