Value Microcaps Junior Miners

[Lone Clone]

OGC, EDV, TUO, IAU

Oceanagold aka OGC announced their Q1 results. They have set up 2024 to increase production each quarter, and they are off to a decent start, delivering results that meet expectations and set them up to reach their 2024 guidance as improvements across a number of their mines set them up for a strong second half.

As expected, the amount of material milled and the grade were both down from Q1 2023, but OGC still managed to produce 104800 oz Au and 3 kt Cu. Cash costs were up to $1194/oz Au, and the company actually posted a small loss in Q1, but thanks partially to selling over 12k oz Au produced earlier, they remain in excellent financial shape, which will become even better when they receive $30M from the sale of a non-core asset and the proceeds of the IPO for Didipio on the Manila exchange.

I am looking forward to watching all these numbers improve through the year, along with, I hope, the share price.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34655088

West African gold miner Endeavour Mining aka EDV released a very similar set of results to OGC. Yes, the numbers are larger, but as with OGC, they had planned for lower production this quarter, but also that it will increase through the year as new mines come on line, with the Sabodala-Massawa BIOX® Expansion project having just started pouring gold with Lafigué coming on line in a month or so. And, as with OGC, EDV says that Q1 results set them up to achieve their 2024 guidance.

Indeed, Q1 gold production of 219k oz was down 22% from last quarter with costs per ounce up over 20%, but they still managed to make a profit mostly thanks to higher gold prices, and the production numbers will increase and costs come down through the rest of the year. They paid out $100M in dividends and spent over $13M on share buybacks during Q1 which conducting several large exploration programmes while building two mines, yet they remain in excellent financial shape with a cash stash of $461M. I expect that figure to grow substantially this year, depending on how much debt they decide to repay.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34655140

Teuton Resources aka TUO released news about several of their JVed properties in BC's Golden Triangle.

I remember expressing a bit of worry when BlackWolf Copper and Gold bought out Optimum Ventures, including Optimum's JV with TUO on the Harry property. I was worried that Optimum had been totally focused on Harry wile Blackwolf's attention seemed to be focused elsewhere, and now we learn that TUO has filed to end the JV because Blackwolf was not fulfilling their requirements. This could go several directions. It was also announced thatt Balckwolf is merging with Treasury metals, so maybe the combined new company will seek to remedy the deficiencies and resume the JV, but I doubt it. If not, I don't think TUO will have much trouble finding a new JV partner.

There was happier news from the nearby Del Norte project, JVed out to Decade Resources, DEC reported some skookum results from grab samples taken at the crest of a ridge, with assays up to 30.9 g/t Au. This will be followed up by drilling later this year.

And if you want to see the Technical Report for the latest Resource Estimate for Treaty Creek, JV partner Tudor Gold has filed it on SEDAR.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34655114

Nevada gold miner i-80 Gold aka IAU closed their latest financing and for the first time, IAU warrants were listed. I converted a small portion of my shares into these warrants, though I did not manage to get the very cheap ones at the opening. Still, I am happy with my cost in the low 0.30s, and have a stink bid in in case someone decides to dump a bunch of them no matter the price. (It happens...)

If you want to learn more about trading warrants, check out this board, including the header which though parts of it are obsolete, does still link to some useful tools for evaluating warrants. The local denizens are also usually willing to share their expertise.

https://www.siliconinvestor.com/subject.aspx?subjectid=27370