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Kalkine TV. I'm Sage and you’re watching Buzzing Trends Show.
Last week was a decent week for gold prices as the yellow metal made some decent gains on Wednesday
and Thursday. The significant gains in gold prices came as the US dollar and treasury yield retreated
in line with the widely expected interest rate hike announcement from the Federal Reserve.
The US Fed on Wednesday hiked key interest rates by 75 basis points,
the largest since 1994. The weaker US dollar, coupled with falling US bond yields, pushed the
prices of yellow metal higher on economic growth worries. As a result, gold prices jumped as much
as 1.9% higher after the announcement. Also, Fed Chair Jerome Powell stated that the Fed seems most
likely to increase the interest rates by 50- or 75-point basis at the next meeting in July.
August delivery gold futures hovered at US$1,833.45 per ounce on Thursday, up 0.76%.
However, gold prices fell below US$1,850 per ounce on Friday, shedding some gains made in
the earlier two sessions amid a rebound in the US dollar and treasury yields.
Given this backdrop, let's look at three ASX-listed gold miners with
a market cap of over AU$6 billion and their performance in 2022.
On Wednesday, Northern Star Resources successfully completed the sale of two wholly-owned assets
located in Western Australia to ASX listed Black Cat Syndicate for total cash, scrip, and
contingent cash payment consideration of AU$44.5 million. Additionally, the miner sold 380,075
ounce of gold in the March-ending quarter at an all-in sustaining cost of AU$1,656 per ounce.
The company is well-positioned to achieve its financial year 2022 production guidance
of 1.55 to 1.65 million ounces with a group 2022 all-in sustaining cost guidance of AU$1,600-1,640
per ounce. Northern Star Resources was trading at AU$8.21, down 4.53% today.
Moving on. ASX-listed gold explorer Evolution Mining’s joint venture
partner ASX listed Musgrave Minerals in April 2022 reported robust assay results
from diamond and air-core drilling programs on the Cue Joint Venture.
During the March quarter, Evolution Mining increased gold production by 67%
at its Red Lake asset. Its ore mined increased by 25% to 243,000 tonnes, including a record month
in March of 106,000 tonnes. Evolution Mining was trading at AU$3.50 down 5.28% today.
Lastly. Towards the end of May 2022, Antipa Minerals announced a total of 43 drill holes
testing twelve greenfield and two brownfield targets. Additionally,
fixed-loop ground electromagnetic surveys were completed at six targets in the Wilki Farm-in
Project. The exploration activities at the project are fully funded by Newcrest Operations, which
is a subsidiary of Newcrest Mining. The Wilki Farm-in Project 2022 exploration program includes
air core and diamond drilling, soil sampling, and an aeromagnetic survey. Antipa Minerals is
down 3.5 cents, down 5.41% today. Newcrest Mining is also down 3.87% at AU$23.83.
With that we come to an end of this Buzzing trend show. Will be back again tomorrow with the
show. Till than stay tuned to Kalkine TV for the
latest insights and updates from the market. I’m Sage, signing off.