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Major Gold Companies Pay Off Debt, Advance Projects
Contributed Opinion
Streetwise Reports (5/12/21) Money manager Adrian Day looks at recent results for four companies with results he says are, for the most part, positive.
Barrick Gold Corp. (ABX:TSX; GOLD:NYSE, US$23.92)reported gold production down slightly in the quarter, mostly because of various operational issuesplanned and unplannedat various mines, but nothing of deep and lasting significance. And the gold price was down for the quarter, even as input costs increased. The result was that costsboth cash costs and all-in sustaining costs rose.
Copper production and prices increased (and copper production costs declined). Copper represented just over 20% of gold-equivalent ounces, up from 16% in 2020. Earnings overall fell from the last (blockbuster) quarter, though up nearly 80% from a year ago. Overall it was a neutral quarter, but follows a very strong one. The company reiterated its full-year g
Roxgold Reports First Quarter 2021 Financial Results
on May 12 2021 6:30 AM
TORONTO (BUSINESS WIRE) Roxgold Inc. (“Roxgold” or the “Company”) (TSX: ROXG) (OTCQX: ROGFF) today reported its first quarter financial results for the period ended March 31, 2021.
For complete details of the unaudited Condensed Interim Consolidated Financial Statements and associated Interim Management’s Discussion and Analysis please refer to the Company’s filings on SEDAR (www.sedar.com) or the Company’s website (www.roxgold.com). All amounts are in U.S. dollars unless otherwise indicated.
Q1 2021 Highlights:
Corporate
Announced entering into a definitive arrangement agreement with Fortuna Silver Mines Inc (“Fortuna”) whereby Fortuna will acquire all of the issued and outstanding securities of Roxgold. Under the agreement Roxgold shareholders will receive 0.283 common shares of Fortuna and C$0.001 for each Roxgold common share held. The exchange ratio implies a consideration of appr
Fortuna: Q1 Earnings Snapshot
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VANCOUVER, British Columbia (AP) Fortuna Silver Mines Inc. (FSM) on Monday reported first-quarter net income of $26.4 million, after reporting a loss in the same period a year earlier.
The Vancouver, British Columbia-based company said it had net income of 14 cents per share. Earnings, adjusted for non-recurring costs, came to 15 cents per share.
The silver and gold miner posted revenue of $117.8 million in the period.
Fortuna shares have declined 22% since the beginning of the year. The stock has climbed 97% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FSM at https://www.zacks.com/ap/FSM
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Fortuna Makes Opportunistic Bid for West African Miner
Contributed Opinion
Streetwise Reports (5/6/21) Fortuna Silver made an all-share offer for West African miner Roxgold, and its shares promptly collapsed on the news. Money manager Adrian Day asks whether this is a good transaction for Fortuna, and what it might mean for the shares in the period ahead.
Fortuna Silver Mines Inc. (FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE, US$6.03) announced on April 26 a friendly share bid for Roxgold Inc. (ROXG:TSX), a low-cost West African producer, offering 0.283 of a share (plus 1 cent) for each share of Roxgold, a better-than 40% premium when the offer was made. Fortuna will own about 64% of the pro-forma company.