In this week’s Stockhouse Gold Report, we’ll examine mining projects tied to four companies that took part in the first Canada Investment Summit, the Carney administration’s attempt to bolster the domestic economy by courting investors from across the world.
With almost C$500 billion raised over the 2-day event, and the announcement of a new tax deduction, applicable to mining property, that cuts the marginal rate on new business investment from 13 to 6.4 per cent – the lowest among major economies – investing across Canada’s industrial landscape is as attractive as it has ever been.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
We’ll start off with Western Copper and Gold (TSX:WRN), market cap C$712.45 million, which was selected to speak about its Casino project in the Yukon, one of the largest undeveloped mining projects in Canada, whose 2022 feasibility study estimates average annual production of 1.392 million ounces of gold, 164 million pounds of copper, 259,000 ounces of silver and 15 million pounds of molybdenum over a 27-year mine life. The company is actively engaged in exploration and permitting work at the proposed mine site.
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By the ounce
At the time of writing on Wednesday, the price of gold was US$4,340.97, according to data from ADVFN, down from US$4,410.86 per ounce in our September 9th report, with the precious metal suffering about a 16.5 per cent loss since the beginning of the US-Iran war in late February.
We can attribute the weekly dip to the broader market vacillating between concerns about an interest rate hike once the US Federal Reserve wraps up its latest meeting on September 16th, with a decision expected around 2:00 pm ET, as well as ongoing tit-for-tat attacks between Iran and the United States, which continue to stoke exactly the kind of geopolitical tension that sends investors fleeing for safety into the gold market.
This week in gold
Nexgold Mining (TSXV:NEXG), market cap C$383 million, received the call from Prime Minister Carney to showcase its Goldboro project in Nova Scotia, whose 2.58-million-ounce resource, contained within high-grade ore measuring 3.72 grams per ton of gold, will be re-characterized in an updated feasibility study expected in Q3 as the company diligently ticks off its checklist towards a construction decision.
Troilus Mining (TSX:TLG), market cap C$1.15 billion, attended the summit to speak about its eponymous copper and gold project in Quebec, whose output is estimated at 5.63 million ounces of gold, 472 million pounds of copper and 10.88 million ounces of silver over a 26-year mine life. Engineering and permitting work are well underway, with mine development supported by a US$1.2 billion financing mandate.
We end with Canagold Resources (TSX:CCM), market cap C$149.76 million, whose New Polaris project in British Columbia made the summit prospectus thanks to its more than 900,000-ounce gold production scenario, complemented by more than 5,100 tons of antimony, a critical mineral to the electronics, metallurgy and flame retardant industries, at a conservative base case of only US$2,500 per ounce of gold.
Top trending gold stocks
- New Found Gold (TSXV:NFG) | 13,200+ views.
- Tudor Gold (TSXV:TUD) | 5,500+ views.
- West Red Lake Gold Mines (TSXV:WRLG) | 5,300+ views.
- Monument Mining (TSXV:MMY) | 4,700+ views.
- NorthIsle Copper and Gold (TSXV:NCX) | 3,700+ views.
- Banyan Gold (TSXV:BYN) | 3,000+ views.
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