Joseph Fazzini of Dundee Capital Markets discusses gold equities that can weather volatility in the gold price. He recommends focusing on quality names with low-cost assets, strong balance sheets, and responsible management. Specifically, he notes positive views of B2Gold, Detour Gold, Kirkland Lake Gold, SEMAFO, Claude Resources, and Continental Gold. Fazzini expects M&A activity to increase as companies consolidate to improve access to capital in the challenging market environment. Overall, investors are advised to focus on quality producers with solid fundamentals rather than higher-risk explorers.
This document provides industry allocation charts for three investment pools managed by Barometer Capital: the Barometer Equity Pool, Barometer Global Macro Pool, and Barometer Balanced Pool as of October 31, 2016. The Barometer Equity Pool has its largest allocations to the information technology, energy, and consumer discretionary sectors. The Barometer Global Macro Pool's largest allocations are to sectors in the US market such as information technology, financials, and industrials. The Barometer Balanced Pool combines equities, corporate bonds, and cash, with its largest industry exposures to corporate bonds, financials, and information technology.
NOVAGOLD Updated Corporate Presentation - April 2015NOVAGOLD
This document provides cautionary statements regarding forward-looking statements in the presentation. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also provides context around scientific and technical information, noting differences between Canadian and US standards for reserve and resource reporting. Finally, it identifies the roadshow participants and their backgrounds.
NOVAGOLD Marketing Presentation - April 2015NOVAGOLD
This document provides cautionary statements regarding forward-looking statements and scientific and technical information for Novagold Resources Inc. It notes that all statements other than statements of historical fact are forward-looking and subject to risks and uncertainties. It also states that mineral resource and reserve estimates have been prepared according to Canadian standards which differ from U.S. standards and may not be comparable. The document cautions readers not to assume that all or any part of an inferred mineral resource exists or is economically viable.
The document provides cautionary statements regarding forward-looking statements in the presentation and regarding scientific and technical information. It discusses risks and uncertainties in estimates related to mineral resources and mineral reserves. It also notes that reserve and resource estimates are prepared in accordance with Canadian standards which differ from U.S. standards.
The document provides an overview of Western Copper and Gold Corporation and its Casino copper-gold project in Yukon, Canada. It summarizes the project's mineral resources which include 14.5 million ounces of gold and 7.6 billion pounds of copper in the measured and indicated categories. It also compares Casino favorably to other major copper and gold deposits based on scale, grades, and economics. The project is described as having potential to become Canada's premier copper-gold mine given the outlook for strong demand and deficits in both copper and gold markets.
Goldmoney investor presentation November 2020Goldmoney Inc.
Goldmoney Inc. is a precious metals focused financial services company. It provides online precious metals custody and trading services through its Goldmoney Holding platform. The company reported record quarterly revenue and net income in Q2 2021, driven by strong growth across its business lines including Goldmoney.com, SchiffGold, and its investment in Menē Inc. Goldmoney has a global network of vaults storing over $2.5 billion in client assets and pursues a business model that aims to generate returns through accumulating precious metals over time.
Goldmoney Investor Presentation November 2019Goldmoney Inc.
The document is an investor presentation from Goldmoney Inc. summarizing the company's Q2 2020 financial results and business operations. Some key highlights include record quarterly revenue of $127.2 million, gross margin of $2.5 million, and total comprehensive income of $2.7 million. Tangible common equity increased to $133.5 million while client assets under custody grew to $1.9 billion. The company also increased its quarterly dividend by 20% and implemented a gold-linked dividend policy.
Goldmoney Investor Presentation August 2019Goldmoney Inc.
This document provides an overview and update on Goldmoney Inc., which operates as a precious metals custodian and financial services company. It discusses Goldmoney's subsidiaries, including Schiff Gold and Lend & Borrow Trust, and investment in Menē jewelry. Goldmoney's business model aims to grow its tangible capital in gold grams per share over time through a "return on metal weight" approach. The document also summarizes new trading, payment, and redemption platforms launched by Goldmoney to improve clients' experience.
This document provides industry allocation charts for three investment pools managed by Barometer Capital: the Barometer Equity Pool, Barometer Global Macro Pool, and Barometer Balanced Pool as of October 31, 2016. The Barometer Equity Pool has its largest allocations to the information technology, energy, and consumer discretionary sectors. The Barometer Global Macro Pool's largest allocations are to sectors in the US market such as information technology, financials, and industrials. The Barometer Balanced Pool combines equities, corporate bonds, and cash, with its largest industry exposures to corporate bonds, financials, and information technology.
NOVAGOLD Updated Corporate Presentation - April 2015NOVAGOLD
This document provides cautionary statements regarding forward-looking statements in the presentation. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also provides context around scientific and technical information, noting differences between Canadian and US standards for reserve and resource reporting. Finally, it identifies the roadshow participants and their backgrounds.
NOVAGOLD Marketing Presentation - April 2015NOVAGOLD
This document provides cautionary statements regarding forward-looking statements and scientific and technical information for Novagold Resources Inc. It notes that all statements other than statements of historical fact are forward-looking and subject to risks and uncertainties. It also states that mineral resource and reserve estimates have been prepared according to Canadian standards which differ from U.S. standards and may not be comparable. The document cautions readers not to assume that all or any part of an inferred mineral resource exists or is economically viable.
The document provides cautionary statements regarding forward-looking statements in the presentation and regarding scientific and technical information. It discusses risks and uncertainties in estimates related to mineral resources and mineral reserves. It also notes that reserve and resource estimates are prepared in accordance with Canadian standards which differ from U.S. standards.
The document provides an overview of Western Copper and Gold Corporation and its Casino copper-gold project in Yukon, Canada. It summarizes the project's mineral resources which include 14.5 million ounces of gold and 7.6 billion pounds of copper in the measured and indicated categories. It also compares Casino favorably to other major copper and gold deposits based on scale, grades, and economics. The project is described as having potential to become Canada's premier copper-gold mine given the outlook for strong demand and deficits in both copper and gold markets.
Goldmoney investor presentation November 2020Goldmoney Inc.
Goldmoney Inc. is a precious metals focused financial services company. It provides online precious metals custody and trading services through its Goldmoney Holding platform. The company reported record quarterly revenue and net income in Q2 2021, driven by strong growth across its business lines including Goldmoney.com, SchiffGold, and its investment in Menē Inc. Goldmoney has a global network of vaults storing over $2.5 billion in client assets and pursues a business model that aims to generate returns through accumulating precious metals over time.
Goldmoney Investor Presentation November 2019Goldmoney Inc.
The document is an investor presentation from Goldmoney Inc. summarizing the company's Q2 2020 financial results and business operations. Some key highlights include record quarterly revenue of $127.2 million, gross margin of $2.5 million, and total comprehensive income of $2.7 million. Tangible common equity increased to $133.5 million while client assets under custody grew to $1.9 billion. The company also increased its quarterly dividend by 20% and implemented a gold-linked dividend policy.
Goldmoney Investor Presentation August 2019Goldmoney Inc.
This document provides an overview and update on Goldmoney Inc., which operates as a precious metals custodian and financial services company. It discusses Goldmoney's subsidiaries, including Schiff Gold and Lend & Borrow Trust, and investment in Menē jewelry. Goldmoney's business model aims to grow its tangible capital in gold grams per share over time through a "return on metal weight" approach. The document also summarizes new trading, payment, and redemption platforms launched by Goldmoney to improve clients' experience.
Goldmoney Investor Presentation August 2019Goldmoney Inc.
This document is an investor presentation for Goldmoney Inc. It discusses Goldmoney's mission to build a safe financial service harnessing financial technology and making precious metals savings accessible. It outlines Goldmoney's subsidiaries and investments including Schiff Gold, Lend & Borrow Trust, and Menē jewelry. It describes Goldmoney's return on metal weight business model, whereby it aims to grow its gold holdings per share over time. It provides updates on new Goldmoney platform features like active trading and physical redemption capabilities. Finally, it summarizes Menē jewelry's mission to restore the link between jewelry and savings by selling transparently by gold weight.
- Goldmoney Inc. released its fiscal year 2020 investor deck, reporting record annual revenue of $458.9 million, up 64% year-over-year. It also achieved record annual gross profit of $22.3 million, up 96% year-over-year.
- Goldmoney provides precious metals custody services through its online Goldmoney Holding and stores client assets totaling $2.07 billion in vaults around the world. It is pursuing growth through subsidiaries like SchiffGold, Menē jewelry, and Lend & Borrow Trust peer-to-peer lending.
- The company had a strong year of growth across its business lines and is focused on maximizing the potential of its ecosystem
NAP is an intermediate palladium producer with its primary asset being the Lac des Iles mine in Ontario, Canada. The presentation discusses NAP's investment case which includes commodity fundamentals that are positive for palladium with constrained supply and growing demand from the automotive sector. NAP is undertaking an expansion at LDI to transition it into a long-life, low cost mine with steady production growth to over 250,000 ounces per year. The expansion is on track and low risk due to NAP's experienced team and existing infrastructure.
The document provides an overview of Western Copper and Gold Corporation and its Casino copper-gold project in Yukon, Canada. It summarizes the Casino deposit as having significant measured and indicated gold and copper resources. It also compares the Casino project favorably to other major copper and gold deposits based on size, grades, capital and operating costs, and financial metrics. The document is aimed at investors to highlight the quality and potential of the Casino project as a large-scale, long-life copper and gold mine.
Goldmoney Investor Relations Presentation June 2019Goldmoney Inc.
The document is an investor presentation from Goldmoney Inc. It provides an overview of Goldmoney's business model and subsidiaries. Some key points:
- Goldmoney is a precious metals custodian that allows customers to buy, sell, transfer, and spend gold and other precious metals through an online account.
- It has over $1.8 billion in assets under custody from customers in 150 countries.
- Goldmoney aims to grow its tangible capital in gold grams per share over time through a "return on metal weight" business model.
- It has subsidiaries like Schiff Gold and has investments in companies like Menē jewelry that help expand its precious metals activities and services.
This presentation provides an overview of North American Palladium and its Lac des Iles palladium mine. It highlights NAP's strong balance sheet, experienced management team, and the compelling investment case for palladium given constrained mine supply and growing demand. The presentation also details the expansion underway at LDI mine, including sinking a new shaft to increase production capacity and lower costs. Once mining rates reach 5,500 tpd in 2015, annual production is projected to exceed 250,000 ounces of palladium with cash costs of around $200 per ounce.
TNR Gold Shotgun Gold Project PresentationKirill Klip
TNR Gold Corp. presents information on its Shotgun Gold Project located in Alaska. The project covers over 4 mineralized target areas and has seen over 7,000 meters of drilling completed. An inferred mineral resource estimate completed in 2013 for the Shotgun Ridge area contains over 20 million tonnes at 1.06 g/t gold for approximately 706,000 ounces of gold. The project lies in a region known as "Elephant Country" with potential for large gold deposits, and shows similarities to the nearby multi-million ounce Donlin Gold project. TNR's strategy is to attract a major partner to help advance the project through further drilling and economic studies.
Goldmoney Inc. Investor Relations Presentation - June 2017 Goldmoney Inc.
1. Goldmoney is a financial technology company that provides precious metals-backed savings accounts and payment services to clients around the world.
2. Their mission is to build the world's safest financial service using fintech and to make precious metals accessible to all through lasting client relationships.
3. They safeguard $1.9 billion in precious metals for over 150 countries, offering metal accounts, payments, and research. Their business model focuses on growing gold ownership per share over time.
The gold market has moved firmly into the spotlight recently, as the price has rallied to an all-time high.
There are several reasons why investors buy gold, but perhaps the most compelling is gold’s role as
a long-term or strategic asset.
The rationale for including gold in a portfolio is fairly intuitive given its lack of correlation with other assets, which makes it an effective
portfolio diversifer.
What is less clear, is how much gold?
The document provides an overview of the Casino copper-gold project located in Yukon, Canada. It summarizes that the Casino deposit contains significant measured and indicated copper and gold resources of 7.6 billion pounds and 14.5 million ounces respectively. The 2013 feasibility study outlined a mine plan with average grades of 0.5% copper equivalent over a 22-year mine life. The project is estimated to have an after-tax IRR of 20.1% and NPV of $1.83 billion, with excellent cash costs and robust project economics through the commodity cycle. The Casino project is positioned to become a major new copper and gold mine.
NOVAGOLD Marketing Presentation - May 2015NOVAGOLD
The document discusses cautionary statements regarding forward-looking statements for Novagold Resources Inc. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also provides context around scientific and technical information standards.
Rodman & Renshaw Global Investment Conference, NYNOVAGOLD
This document summarizes a presentation by NovaGold Resources Inc. about its Donlin Gold project in Alaska and Galore Creek project in Canada. Donlin Gold is projected to become one of the largest gold producers worldwide with an estimated 39 million ounces of gold reserves. It has high-grade ore of over 2 grams per tonne on average. The project also has potential for further exploration success. Galore Creek is expected to become the largest and lowest cost copper mine in Canada. NovaGold believes gold will continue to increase in value as a portfolio diversifier and store of wealth.
Gold prices rose slightly on Friday and were headed for their best week in 15 years as the dollar weakened. Oil prices fell as OPEC delayed a final decision on output cuts, awaiting support from Russia. MCX Crude opened lower and is expected to remain weak, with a recommendation to sell Crude oil futures below 3553 levels.
Kirkland Lake Gold provides a summary of its operations and financial position. It produced 295,838 ounces of gold in 2016, exceeding guidance of 270,000-290,000 ounces. Production from its Canadian operations, including the Macassa and Holt Mine Complexes, exceeded high end of guidance for 2016. Kirkland Lake has tier one gold mines in Canada and Australia, with projected 2017 production of 500,000-525,000 ounces. It has a strong balance sheet with $234 million in cash and projected costs of less than $675/oz and all-in sustaining costs of less than $1,000/oz. Kirkland Lake represents a significant value proposition compared to peers given its low enterprise value per ounce
Goldmoney Inc. Investor Relations Presentation - August 2017 Goldmoney Inc.
Goldmoney provides a precious metals-backed savings service through its Goldmoney Holding accounts. The documents discusses Goldmoney's mission to build the world's safest financial service by making precious metals savings accessible through technology. It outlines Goldmoney's history and the development of its product offerings over time, including its expansion into payments and accessibility features. The document also discusses Goldmoney's business model, which aims to grow gold ownership per share over time through its Return on Metal Weight approach.
TNR Gold Corp holds a 0.36% net smelter return (NSR) royalty on the Los Azules copper project in Argentina. The Los Azules project is one of the largest undeveloped copper deposits in the world, containing over 10 billion pounds of copper in the indicated resource category. A 2017 preliminary economic assessment estimated the project would produce over 400 million pounds of copper annually for the first 10 years at a low cash cost. TNR's NSR royalty has the potential to generate significant cash flow if Los Azules reaches production.
TNR Gold Investor Presentation February 2019Kirill Klip
TNR Gold Corp is building a royalty company focused on green energy metals like lithium and copper. It holds royalty interests in the large Los Azules copper project in Argentina and the Mariana lithium brine project in Argentina. At Los Azules, TNR has a 0.36% NSR royalty on the world-class deposit owned by McEwen Mining. The preliminary economic assessment for Los Azules shows it could produce over 400 million pounds of copper annually over its 36-year mine life. TNR also has a 1.8% NSR royalty on the Mariana lithium project, where a preliminary economic assessment outlined 25 years of production of 10,000 tonnes of lithium carbonate annually.
TNR Gold Investor Presentation April 2019Kirill Klip
TNR Gold Corp is building a portfolio of royalty and project interests focused on green energy metals like lithium and copper. One of its main assets is a 0.36% NSR royalty on the large Los Azules copper project in Argentina, which according to a PEA could produce over 400 million pounds of copper annually. TNR also holds a 1.8% NSR royalty on the Mariana lithium brine project in Argentina, where a PEA showed positive economics for lithium carbonate and sulfate production over a 25 year mine life. In Alaska, TNR has a 90% interest in the Shotgun gold project, located in an area with other major gold projects like Donlin and Pebble.
Goldmoney Investor Presentation August 2019Goldmoney Inc.
This document is an investor presentation for Goldmoney Inc. It discusses Goldmoney's mission to build a safe financial service harnessing financial technology and making precious metals savings accessible. It outlines Goldmoney's subsidiaries and investments including Schiff Gold, Lend & Borrow Trust, and Menē jewelry. It describes Goldmoney's return on metal weight business model, whereby it aims to grow its gold holdings per share over time. It provides updates on new Goldmoney platform features like active trading and physical redemption capabilities. Finally, it summarizes Menē jewelry's mission to restore the link between jewelry and savings by selling transparently by gold weight.
- Goldmoney Inc. released its fiscal year 2020 investor deck, reporting record annual revenue of $458.9 million, up 64% year-over-year. It also achieved record annual gross profit of $22.3 million, up 96% year-over-year.
- Goldmoney provides precious metals custody services through its online Goldmoney Holding and stores client assets totaling $2.07 billion in vaults around the world. It is pursuing growth through subsidiaries like SchiffGold, Menē jewelry, and Lend & Borrow Trust peer-to-peer lending.
- The company had a strong year of growth across its business lines and is focused on maximizing the potential of its ecosystem
NAP is an intermediate palladium producer with its primary asset being the Lac des Iles mine in Ontario, Canada. The presentation discusses NAP's investment case which includes commodity fundamentals that are positive for palladium with constrained supply and growing demand from the automotive sector. NAP is undertaking an expansion at LDI to transition it into a long-life, low cost mine with steady production growth to over 250,000 ounces per year. The expansion is on track and low risk due to NAP's experienced team and existing infrastructure.
The document provides an overview of Western Copper and Gold Corporation and its Casino copper-gold project in Yukon, Canada. It summarizes the Casino deposit as having significant measured and indicated gold and copper resources. It also compares the Casino project favorably to other major copper and gold deposits based on size, grades, capital and operating costs, and financial metrics. The document is aimed at investors to highlight the quality and potential of the Casino project as a large-scale, long-life copper and gold mine.
Goldmoney Investor Relations Presentation June 2019Goldmoney Inc.
The document is an investor presentation from Goldmoney Inc. It provides an overview of Goldmoney's business model and subsidiaries. Some key points:
- Goldmoney is a precious metals custodian that allows customers to buy, sell, transfer, and spend gold and other precious metals through an online account.
- It has over $1.8 billion in assets under custody from customers in 150 countries.
- Goldmoney aims to grow its tangible capital in gold grams per share over time through a "return on metal weight" business model.
- It has subsidiaries like Schiff Gold and has investments in companies like Menē jewelry that help expand its precious metals activities and services.
This presentation provides an overview of North American Palladium and its Lac des Iles palladium mine. It highlights NAP's strong balance sheet, experienced management team, and the compelling investment case for palladium given constrained mine supply and growing demand. The presentation also details the expansion underway at LDI mine, including sinking a new shaft to increase production capacity and lower costs. Once mining rates reach 5,500 tpd in 2015, annual production is projected to exceed 250,000 ounces of palladium with cash costs of around $200 per ounce.
TNR Gold Shotgun Gold Project PresentationKirill Klip
TNR Gold Corp. presents information on its Shotgun Gold Project located in Alaska. The project covers over 4 mineralized target areas and has seen over 7,000 meters of drilling completed. An inferred mineral resource estimate completed in 2013 for the Shotgun Ridge area contains over 20 million tonnes at 1.06 g/t gold for approximately 706,000 ounces of gold. The project lies in a region known as "Elephant Country" with potential for large gold deposits, and shows similarities to the nearby multi-million ounce Donlin Gold project. TNR's strategy is to attract a major partner to help advance the project through further drilling and economic studies.
Goldmoney Inc. Investor Relations Presentation - June 2017 Goldmoney Inc.
1. Goldmoney is a financial technology company that provides precious metals-backed savings accounts and payment services to clients around the world.
2. Their mission is to build the world's safest financial service using fintech and to make precious metals accessible to all through lasting client relationships.
3. They safeguard $1.9 billion in precious metals for over 150 countries, offering metal accounts, payments, and research. Their business model focuses on growing gold ownership per share over time.
The gold market has moved firmly into the spotlight recently, as the price has rallied to an all-time high.
There are several reasons why investors buy gold, but perhaps the most compelling is gold’s role as
a long-term or strategic asset.
The rationale for including gold in a portfolio is fairly intuitive given its lack of correlation with other assets, which makes it an effective
portfolio diversifer.
What is less clear, is how much gold?
The document provides an overview of the Casino copper-gold project located in Yukon, Canada. It summarizes that the Casino deposit contains significant measured and indicated copper and gold resources of 7.6 billion pounds and 14.5 million ounces respectively. The 2013 feasibility study outlined a mine plan with average grades of 0.5% copper equivalent over a 22-year mine life. The project is estimated to have an after-tax IRR of 20.1% and NPV of $1.83 billion, with excellent cash costs and robust project economics through the commodity cycle. The Casino project is positioned to become a major new copper and gold mine.
NOVAGOLD Marketing Presentation - May 2015NOVAGOLD
The document discusses cautionary statements regarding forward-looking statements for Novagold Resources Inc. It notes that forward-looking statements involve risks and uncertainties that could cause actual results to differ from expectations. It also provides context around scientific and technical information standards.
Rodman & Renshaw Global Investment Conference, NYNOVAGOLD
This document summarizes a presentation by NovaGold Resources Inc. about its Donlin Gold project in Alaska and Galore Creek project in Canada. Donlin Gold is projected to become one of the largest gold producers worldwide with an estimated 39 million ounces of gold reserves. It has high-grade ore of over 2 grams per tonne on average. The project also has potential for further exploration success. Galore Creek is expected to become the largest and lowest cost copper mine in Canada. NovaGold believes gold will continue to increase in value as a portfolio diversifier and store of wealth.
Gold prices rose slightly on Friday and were headed for their best week in 15 years as the dollar weakened. Oil prices fell as OPEC delayed a final decision on output cuts, awaiting support from Russia. MCX Crude opened lower and is expected to remain weak, with a recommendation to sell Crude oil futures below 3553 levels.
Kirkland Lake Gold provides a summary of its operations and financial position. It produced 295,838 ounces of gold in 2016, exceeding guidance of 270,000-290,000 ounces. Production from its Canadian operations, including the Macassa and Holt Mine Complexes, exceeded high end of guidance for 2016. Kirkland Lake has tier one gold mines in Canada and Australia, with projected 2017 production of 500,000-525,000 ounces. It has a strong balance sheet with $234 million in cash and projected costs of less than $675/oz and all-in sustaining costs of less than $1,000/oz. Kirkland Lake represents a significant value proposition compared to peers given its low enterprise value per ounce
Goldmoney Inc. Investor Relations Presentation - August 2017 Goldmoney Inc.
Goldmoney provides a precious metals-backed savings service through its Goldmoney Holding accounts. The documents discusses Goldmoney's mission to build the world's safest financial service by making precious metals savings accessible through technology. It outlines Goldmoney's history and the development of its product offerings over time, including its expansion into payments and accessibility features. The document also discusses Goldmoney's business model, which aims to grow gold ownership per share over time through its Return on Metal Weight approach.
TNR Gold Corp holds a 0.36% net smelter return (NSR) royalty on the Los Azules copper project in Argentina. The Los Azules project is one of the largest undeveloped copper deposits in the world, containing over 10 billion pounds of copper in the indicated resource category. A 2017 preliminary economic assessment estimated the project would produce over 400 million pounds of copper annually for the first 10 years at a low cash cost. TNR's NSR royalty has the potential to generate significant cash flow if Los Azules reaches production.
TNR Gold Investor Presentation February 2019Kirill Klip
TNR Gold Corp is building a royalty company focused on green energy metals like lithium and copper. It holds royalty interests in the large Los Azules copper project in Argentina and the Mariana lithium brine project in Argentina. At Los Azules, TNR has a 0.36% NSR royalty on the world-class deposit owned by McEwen Mining. The preliminary economic assessment for Los Azules shows it could produce over 400 million pounds of copper annually over its 36-year mine life. TNR also has a 1.8% NSR royalty on the Mariana lithium project, where a preliminary economic assessment outlined 25 years of production of 10,000 tonnes of lithium carbonate annually.
TNR Gold Investor Presentation April 2019Kirill Klip
TNR Gold Corp is building a portfolio of royalty and project interests focused on green energy metals like lithium and copper. One of its main assets is a 0.36% NSR royalty on the large Los Azules copper project in Argentina, which according to a PEA could produce over 400 million pounds of copper annually. TNR also holds a 1.8% NSR royalty on the Mariana lithium brine project in Argentina, where a PEA showed positive economics for lithium carbonate and sulfate production over a 25 year mine life. In Alaska, TNR has a 90% interest in the Shotgun gold project, located in an area with other major gold projects like Donlin and Pebble.
Welt Branding will follow a 6-step process to develop a new corporate logo for the Cincinnati Insurance Companies:
1. They will hold a kickoff meeting to define goals, understand past issues, develop an implementation strategy, and specify logo parameters.
2. Welt will research existing logos and competitors to identify effective and ineffective elements to guide the design process.
3. Creative teams will discuss ideas and visions based on research insights to build a shared understanding.
4. Designs will be created that express the company's identity, values, and offerings.
5. Feedback will be gathered to refine the chosen design and ensure it meets specifications.
6. Upon completion, W
This document provides an analysis of gold as an investment to diversify a portfolio. It discusses the objectives of analyzing gold market factors and fluctuations to help investors determine the right time to invest. The document outlines the methodology, which includes secondary research from sources like the internet and company reports. It also reviews literature on gold and defines relevant investment terms. Additionally, the document examines history factors that influence gold prices, as well as ways to invest in gold, such as coins, bars, and funds.
The Economist Intelligence Unit argues that the industrial commodities supercycle isn’t over: continued demand from China (slower, but from a larger base), ongoing global urbanisation, and structural factors such as higher energy and extraction costs will continue to support prices in the medium term. Download full report on http://bit.ly/1iVCHAL
This document provides an overview of a global resource investment company and merchant bank. It summarizes the company's value proposition as an active investor in private resource companies, with the goal of generating triple digit returns. It highlights some of the company's key assets and investment portfolio, including holdings in gold, coal, agriculture and oil and gas. The document also outlines the company's investment methodology, management team, and provides contact details.
This document provides an overview of a global resource investment company and merchant bank. It discusses the company's portfolio holdings, investment approach, management team, and future outlook. The company has a diverse portfolio of private and public resource investments, with a focus on building value through active management. It expects positive catalysts over the next quarters from its holdings and aims to address its stock's valuation discount through business growth and corporate activities.
Day 1- Session 3: Precious Metals Sector
Gold Dynamics
Objective Capital Global Mining Investment Conference 2010
Stationers' Hall, City of London
28-29 September 2010
Speaker:
Angelos Damaskos - Sector Investment Managers Ltd
Harvest group was founded in 2003 to provide Forex, Metal, Indices and Stock trading. It has over 16 billion in assets and subsidiary companies in 12 countries. It employs 1300 staff across its operations. PT Harvest International futures is a registered member of the Indonesia Regulatory Agency and several other exchanges. It provides fundamental analysis to assess long term trends, values, strengths, and weaknesses to identify investment opportunities.
This document provides an overview of Aberdeen International Inc., a global resource investment company focused on building value in private micro- and small-cap resource companies. It highlights the company's diverse investment portfolio concentrated in gold and other commodities, as well as its experienced management team and board of directors. The summary also notes that several portfolio companies are expected to deliver catalysts in the near future through financing, drilling programs, and public listings.
The document provides an overview of major topics affecting the global economy and various industries. It discusses the proposed merger between Anheuser-Busch InBev and SABMiller, which would create the largest beer company in the world. It also analyzes the struggling global economy, falling oil prices, and a high-risk mining company called Red Rock Resources that investors should avoid. The editor provides commentary on these various economic and industry news items.
This document provides an overview of a global resource investment company and merchant bank. It details the company's value proposition as an active investor in private resource companies, with a goal of generating triple digit returns. The company has a proven track record of successes through its affiliation with Forbes & Manhattan. Key aspects of the company include its diverse investment portfolio concentrated in gold and energy/metals assets, as well as producing gold royalty interests. The company aims to continue unlocking value from its private holdings and address its stock's valuation discount through business growth and corporate activities.
This document provides an overview of a global resource investment company and merchant bank. It summarizes the company's value proposition as an active investor in private resource companies, with a goal of achieving triple digit returns. It highlights some of the company's current core private holdings and investments across commodities like gold, coal, and metals. The document also outlines the company's management team and board of directors, as well as contact details for inquiries.
Corex Gold Corporate Presentation October 2017 MomentumPR
Corex Gold Corp is a Canadian junior gold mining company focused on its flagship Santana Gold Project located in Sonora, Mexico. The company is currently engaged in pre-commercial mining operations at the Santana Project which involves bulk sampling and heap leach processing to generate revenue and optimize operations. Corex plans to make a production decision for the larger Nicho zone at the Santana Project in 2018. The project has potential for open pit mining and heap leach processing of near-surface gold mineralization. Corex also sees additional exploration potential across its 8,500 hectare land package at Santana.
Retaining Wall: A Structured Product for Mineral Wealth Generation in Guyana.Brian McGann
The document proposes a structured product called the "Retaining Wall" to generate mineral wealth in Guyana. It would provide financing to mining companies in Guyana through a convertible bond guaranteed by MIGA. This would help attract investors, reduce volatility, eliminate cost pressures through scale, and realize the dormant value of mining projects. The product is needed because individual companies cannot access sufficient capital given financial market constraints and project risks. It would allocate risk across senior and subordinated tranches to provide an attractive risk-return proposition for all parties.
Dacha Strategic Metals Inc. owns a physical inventory of rare earth elements and other strategic metals stored in LME approved warehouses outside of China. China controls over 95% of global rare earth supply and has been reducing export quotas, driving up prices. Dacha can capitalize on rising rare earth prices without mining risk by trading its physical inventory. Management has extensive experience in mining finance and rare earth markets. The company aims to become a market maker in rare earths and other strategic metals to generate profits.
CPM Group recently released their 2011 Gold Yearbook, an invaluable resource for us gold analysts. Mostly a reference book, even a gold enthusiast might find it dry reading. But I loved it, and as I studied it on a plane, I kept finding data that made me perk up.http://www.whatisgold.net
The document discusses gold's performance in Q1 2013 and analyzes the recent pullback in gold prices. It makes the following key points:
- Gold prices fell 3.6% in Q1 amid gains in other assets, and dropped another 10% in mid-April. However, gold's volatility declined.
- Analysts have questioned if this signals the end of gold's bull run, but structural changes over the past decade have supported long-term price increases despite past corrections.
- Gold prices have previously fallen more than 10% seven times and over 20% three times since 2001 during its bull run, with prices rebounding after each correction. Emerging market demand has increased during past pullbacks
The annual survey of junior mining and exploration companies found the following:
1) Funding remains the most significant constraint for junior mining companies, as lack of accessible funding has hampered growth for many companies.
2) Competition for capital is intense, with many companies planning fundraisings and low cash balances. There are few signs of improved investor interest.
3) Junior miners are searching more globally than ever for investors to expand their potential pool of capital.
4) Business failures, consolidations and exits are expected to increase over the next two years due to low investor interest and lack of funding.
This presentation discusses Royal Gold's outlook on the gold industry. It argues that gold is becoming increasingly precious and scarce as exploration has become less efficient at finding reserves and lead times to develop new mines have increased. It also argues that gold remains a valuable and competitive investment, having outperformed other asset classes historically. It notes that successful gold companies trade at a premium to the overall market value of gold equities. The presentation aims to emphasize the importance of Royal Gold pursuing a strategy of long term value creation through its stream and royalty portfolio.
The document provides an outlook on global markets from Henley for May 2013. It discusses developments in various asset classes including equities, currencies, fixed income, property, and commodities. For equities, it provides a positive assessment of Japan due to new stimulus measures weakening the Yen but remains negative on the US due to large national debt and lack of political will to address long-term fiscal issues. It also remains neutral on Japan, expecting more stimulus and monetary easing to revive the economy under a new Prime Minister and central bank Governor. The outlook expresses a negative view on fixed income given low yields compared to potential future inflation, but sees some opportunities in emerging market bonds in the short-term. Property prices are seen
The document provides an outlook on global markets from Henley for May 2013. It discusses developments in various asset classes including equities, currencies, fixed income, property, and commodities. For equities, it provides views on specific regions including the US, Japan, UK, Europe, Australia, ASEAN, China, and other emerging markets. It notes recent price movements and economic indicators. For most areas it expresses a negative or cautious outlook given ongoing challenges and risks in the global economy.
1. 07/27/2015
COMPANIES MENTIONED
B2Gold Corp.
Claude Resources Inc.
Continental Gold Inc.
Detour Gold Corp.
Kirkland Lake Gold Inc.
Oban Mining Corp
SEMAFO Inc.
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With ongoing volatility expected in the gold space, mostly owing to global
economic weakness, investors should focus on quality gold names with three
key attributes to weather the current metal price environment, explains
Joseph Fazzini, vice president and senior analyst with Toronto-based Dundee
Capital Markets. Fazzini says those attributes are low-cost, long-life assets;
defensive balance sheets; and responsible management teams. In this
interview with The Gold Report , Fazzini lists six Buy-rated names with those
key attributes and more.
Source: Brian Sylvester of The Gold Report
The Gold Report : Many of the people we interview have a theory about why gold
is performing poorly this summer despite so much global uncertainty, especially in
China and Greece. What's your theory?
Joseph Fazzini: Gold typically plays numerous roles, including being a hedge
against inflation, devaluation and economic turmoil, but it's still a commodity. Most
commodities typically come under pressure in a recessionary environment. Right
now, the global economic landscape isn't all that promising, inflation remains
minimal and investors prefer other safe-haven investments (i.e., U.S. dollar). As a
result, we expect gold to continue performing in-line with most other commodities
and remain under pressure.
TGR: How low can gold go?
JF: Recent events have shown that the price of gold can move without rhyme or
reason. While some have suggested that opportunistic investors have conspired to
drive down the price of gold, weakened investor sentiment has also played an
important role. Rather than try to hedge inflation or economic uncertainty with gold,
investors from around the world have sought refuge in safety assets like the
strengthening U.S. dollar, which moves inversely with gold. With Chinese,
European and North American equity markets on precarious financial footing, gold
remains out of favor and the bottom is tough to call.
TGR: What about sub-$1000/ounce (sub-$1,000/oz) gold?
JF: With the price of gold recently declining to a five-year low of US$1,088/oz, sub-
$1,000 is certainly a near-term possibility. While we hope for the best, we continue
to advise caution.
TGR: Is it Dundee Capital Markets' view that gold could rebound in 2016 or
possibly 2017?
JF: We have a constructive long-term view of gold, but in the near term we still see
a lot of risk. We're not ready to call a gold rebound. We would need to see some
serious developments in the global economy that would support a rebound in gold.
TGR: What would some supportive measures be?
Six Miners Dundee's Joseph Fazzini Believes Will Weather
the Storm
The Gold Report www.TheAUReport.com
2. "We expect gold to continue performing in-line with most other
commodities and remain under pressure."
JF: Further quantitative easing would be probably the most encouraging thing we
could see for the gold price. As this scenario would entail more money being
pumped into the global economy, we expect this could drive investors out of fiat
currencies and into hard assets, including gold, which can't be printed. With
indications of U.S. interest rates rising in the coming quarters, it's clear that the U.S.
is unlikely to pursue that route, but we could see it happen in Europe and China. In
addition, a weakening of the U.S. dollar would inherently be positive for gold as it
would become more affordable for foreign nations, most notably China and India,
which have been major buyers of bullion.
TGR: We have the situation in Europe with Greece and stock market weakness in
China. Which is more likely to affect the gold price?
JF: In our opinion we consider the recent events in China to be of greater
significance. Apart from China having one of the largest global economies, the
Chinese also represented roughly 25% of global gold demand in Q1/15. If things
were to materially worsen in China, we think that would have a far more
pronounced effect on the price of gold than anything happening with Greece.
TGR: With such uncertainty surrounding the marketplace, what are three things that
become more important in gold equities, especially the micro- and small-cap
stocks?
JF: With continued volatility expected in the gold space, we consider the three
prerequisites for investment to be ownership of quality low-cost assets, defensive
balance sheets and responsible management teams.
You want to look for low-cost operations that continue to generate cash despite gold
price fluctuations. Next, you want companies with defensive balance sheets. For
the most part higher leverage will result in significantly higher risk, and so you want
companies with good cash balances and limited debt. Those names are going to be
better positioned to weather prolonged market weakness. Lastly, having a
responsible, experienced management team is key. You really want to be in a
position where the company is being responsibly managed in tough market
conditions. Whether that means laying people off, shutting down an operation or
selling the company you need to have the people willing to make the best decisions
for shareholders.
TGR: Would you tell us about consolidation in the industry?
"Further quantitative easing would be probably the most encouraging
thing we could see for the gold price."
JF: Dundee Corp. (DC.A:TSX) Chairman Ned Goodman is about to become co-
chairman of Oban Mining Corp (OBM:TSX), the banner under which several small-
and micro-cap gold names are being consolidated. The emergence of Oban reflects
a changing environment for the juniors. There was a time when these companies
could advance independently and get access to capital. The reality today is that
access to capital is limited to companies with cash and credibility. In our view, the
Oban strategy is the right approach as it consolidates a couple of cash-rich micro-
caps with attractive, yet underfunded development projects. When you add in a
reputable and experienced management team and board of directors, we think that
these assets are far better positioned to advance within Oban than they would have
been independently. We think investors should want to see more deals like this.
3. TGR: Should investors expect mergers and acquisitions (M&A) activity to gain
momentum throughout the remainder of 2015 and into 2016?
JF: I think so. As I said, access to capital will remain limited. The consolidation of
juniors and mergers among larger players are, in our opinion, essential to longer-
term survival in this industry. When companies join together, we see potential for
significant synergies through economies of scale and streamlined management
structures. If we continue to see a challenging metal price environment, M&A is
inevitable. Companies will have little choice but to get together or they simply won't
survive.
TGR: Would you talk about some of the companies that you cover?
JF: Continental Gold Inc. (CNL:TSX; CGOOF:OTCQX) is one that I cover. The
company just announced an updated mineral resource on its flagship Buriticá
project; the new resource provides a basis for the company's upcoming Feasibility
study in 2016. With significant conversion of Inferred resources into Measured and
Indicated, the new resource also provides a greater degree of confidence in the
deposit.
"Buy companies with strong balance sheets, solid production assets
and responsible management teams."
The next catalyst is obviously the permit. A lot of people are waiting to see
Continental get its final operating permit. The permit would allow the company to
build-out and expand Buriticá from its current small-scale production. Recognizing
the importance of the permit from a derisking perspective, our expectation is that
Continental will receive the permit in the coming months. The Feasibility study will
also play a key role as it will provide a better indication of potential project
parameters and economics.
TGR: What does Buriticá look like to you at this stage?
JF: It's quite clear this is a high-grade underground mining scenario. The question
is how big will it be? And what will it cost to develop Buriticá? The preliminary
economic assessment (PEA) gives us a rough sense of what that project will look
like, but the differences between the PEA and the Feasibility will be significant due
to the additional amount of drilling and technical studies that will be completed.
TGR: If Continental receives its final operating permit, do you see it as a takeover
target?
JF: Yes. Given the size of the deposit, the likelihood of an extensive mine life and
the potential for potent project economics, we think Buriticá is a project that a lot of
companies would be interested in.
TGR: What is your target on Continental?
JF: My target is $4.75, with a Buy, Speculative risk rating.
TGR: What are some companies you cover with low-cost assets, strong balance
and responsible management teams?
JF: Among the names that we like, B2Gold Corp. (BTG:NYSE; BTO:TSX;
B2G:NSX) remains a favorite. It offers the combination of production growth,
attractive cash costs, a defensive balance sheet and a compelling valuation. The
company recently commissioned the Otjikoto gold mine in Namibia and it's
performing well. The mine has further improved B2Gold's cash cost profile, and it
4. should help the company drive consolidated production well in excess of 500,000
ounces (500 Koz) this year. The company still has further growth ahead with the
Fekola gold project in Mali, which is expected to start production in 2018.
TGR: B2Gold is thumping its chest about Fekola. Should investors buy the hype?
JF: We think so. We like the project. It offers both high grade in an open pit and the
potential for robust project economics once it is up and running. Given the limited
amount of exploration in the past, we see potential for the deposit to get bigger
through extension along strike and at depth.
TGR: What's your target on B2Gold?
JF: $2.75 and a Buy rating.
TGR: What else does Dundee like?
JF: Detour Gold Corp. (DGC:TSX) is another favorite. We consider the company's
Detour Lake mine to be a unique asset that supports a significant production profile
of over 500 Koz a year. As production continues to ramp up, we expect to see
further cost optimization, which will lead to meaningful cash flows over the next 20+
years. Detour Lake is located in northern Ontario, a jurisdiction with low geopolitical
risk, which further enhances the company's appeal. We think it's one of the best
single-asset producers out there.
TGR: What does Detour have to do to get a rerating?
JF: Generate free cash. People look at Detour and they still see it as a ramp-up
story. It's still growing. The operations continue to show improvement every quarter
but people want to see the company become a meaningful free cash flow generator.
TGR: The Street's consensus target on Detour is around $16. What's yours?
JF: Our target is $17 with a Buy rating.
TGR: What are some other companies that you like?
JF: Kirkland Lake Gold Inc. (KGI:TSX) is another one that we like. The company
has been a strong performer through the past 12 months on the back of an
operational turnaround at its Macassa mine in northern Ontario. It has a very high-
grade ore body with extensive mine life and a vastly improved balance sheet. Given
the operational results we've seen, Kirkland is well positioned to continue
generating robust cash flows through growing production over the next few years.
TGR: Kirkland Lake reported earnings of $19.8 million ($19.8M) in fiscal 2015
versus a loss of $11.08M in 2014. Was that in line with your estimates?
JF: Indeed. Production was pre-released so there weren't really any surprises.
There has been such a big difference in that company over the past 12 months,
predominantly due to management changes and a focus on mining higher grades
rather than moving marginal tonnes.
TGR: What's the next catalyst for Kirkland?
JF: The next quarter's results. The operational results are going to be a key
catalyst, along with ongoing exploration work.
TGR: What is your target there?
JF: $7.75 with a Buy rating.
5. TGR: What company did you recently initiate coverage on?
JF: SEMAFO Inc. (SMF:TSX; SMF:OMX). The company is another name that we
really like for a variety of reasons, but predominantly because it has a track record
of under-promising and over-delivering. It has delivered on its guidance six out of
the past seven years, which is excellent. In addition, it has a meaningful production
profile, with almost 250 Koz a year coming from its Mana mine in Burkina Faso.
Mana is a low-cost mine with good grades and an extensive mine life ahead of it.
The other attraction is the Natougou project that SEMAFO is advancing in Burkina
Faso. A Feasibility study is expected in 2016 and Natougou has all the indications
of a world-class mine.
TGR: About 16 analysts cover SEMAFO. They seem mostly torn between Buy and
Hold. What's your view?
JF: I think the disparity between the different views is that some people look at the
valuation and think that SEMAFO is expensive. We believe the company deserves
a premium given the quality of its assets, the track record of its management team
and the growth profile that the company offers. All those things together suggest that
this is a company worth owning in a portfolio.
TGR: What's your target on SEMAFO?
JF: $5 with a Buy rating.
TGR: Are there other names you would like to discuss?
JF: Claude Resources Inc. (CRJ:TSX) has performed very well on the back of a
turnaround at its Seabee mine in Saskatchewan. The company began generating
meaningful cash flows after it changed its mining methods and focused on higher-
grade portions of the deposit. As a result, Claude has been able to pay down debt
while repeatedly beating its own production and cost guidance.
TGR: The company recently increased 2015 guidance to 68–72 Koz a year, an
increase of roughly 4 Koz. Is that meaningful?
JF: We consider the increase in guidance to be meaningful and totally achievable.
TGR: Claude recently added 3,000 hectares to its land position in Saskatchewan.
What's the thinking behind that move?
JF: The ground around the Santoy mine complex is important for Claude. Santoy
has good grade and from an exploration perspective, it's quite prospective ground.
The company wanted to lock up those claims and given it acquired the land for very
little money, we think the move was prudent.
TGR: And your target on Claude?
JF: $1 with a Buy rating.
TGR: What's your advice to retail gold investors during this summer of global
economic discontent?
JF: Everything comes back to quality. Investors should focus on quality. Don't buy
the high-risk names in the hopes of outsized returns. Buy companies with strong
balance sheets, solid production assets and responsible management teams.
TGR: Thank you for talking with us today, Joe.
6. Joe Fazzini is a senior mining analyst with Dundee Capital Markets in Toronto.
Joe's research is predominantly focused on junior mining companies in both the
production and preproduction stage. Prior to joining Dundee, Joe articled at
PricewaterhouseCoopers LLP in the firm's global metals and mining assurance
practice. He is a registered Chartered Accountant (CA) as well as a CFA charter
holder. Joe holds a Bachelor of Commerce degree, majoring in economics and
finance from the University of Toronto.
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IMPORTANT DISCLOSURES
1) Brian Sylvester conducted this interview for Streetwise Reports LLC, publisher of The Gold Report, The Energy Report and The Life Sciences
Report, and provides services to Streetwise Reports as an independent contractor. He owns, or his family owns, shares of the following companies
mentioned in this interview: None.
2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Continental Gold Ltd. The companies mentioned in this
interview were not involved in any aspect of the interview preparation or post-interview editing so the expert could speak independently about the
sector. Streetwise Reports does not accept stock in exchange for its services.
3) Joseph Fazzini: I own, or my family owns, shares of the following companies mentioned in this interview: SEMAFO Inc. I personally am, or my
family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies
mentioned in this interview: Detour Gold Corp. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions
expressed are my own comments and opinions. I determined and had final say over which companies would be included in the interview based on
my research, understanding of the sector and interview theme. I had the opportunity to review the interview for accuracy as of the date of the
interview and am responsible for the content of the interview.
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