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End of Barrick Alliance Sends Japan Gold Shares Plummeting

Investing 3 Mins Read

Japan Gold’s (TSXV:JG,OTC:JGLDF) shares sank at the start of the week after the Vancouver-based junior miner announced that its five-year strategic alliance with Barrick Mining (TSX:ABX,NYSE:B) will come to an end on October 31, 2025.

Established in February 2020, the partnership aimed to explore, develop, and potentially mine gold deposits across Japan that could meet the scale of Tier 1 or Tier 2 assets.

Over the life of the deal, Barrick invested about C$23.2 million (US$17.4 million) to fund geochemical and geophysical surveys across Japan Gold’s 3,000-square-kilometre portfolio and support limited scout drilling.

News of the termination rattled investors as shares of Japan Gold plunged more than 40 percent to C$0.12 on Monday (September 29), wiping out roughly C$30 million in market capitalization and leaving the company valued at about C$40.3 million. The stock is now trading at C$0.13 (October 1) roughly a third of where it stood in 2020 when the alliance began.

Despite the setback, Japan Gold’s leadership emphasized that Barrick’s exit does not change the company’s core view of Japan as a promising gold exploration frontier.

“Barrick’s involvement with Japan Gold over the last five years reflects the growing international interest in Japan as an emerging country with the potential for the discovery of new gold deposits, and we thank Barrick for their participation in this journey,” said John Proust, Japan Gold’s chairman and CEO.

“Japan Gold remains well-funded and committed to advancing its projects, and the geological prospectivity of Japan remains unchanged,” Proust added.

Under the alliance, Barrick narrowed its focus to three priority assets: Hakuryu, Togi, and Ebino. Early survey work identified the three as holding the strongest potential.

As part of the announcement, Japan Gold released details from its most recent campaign at Ebino, located in southern Kyushu’s Hokusatsu district.

Still, the company noted that the results confirmed extensions of a regional alteration system in an area that hosts the Hishikari mine, currently Japan’s only active large-scale gold operation, as well as multiple historic mines that together have produced more than 12 million ounces of gold.

With Barrick relinquishing all rights to the alliance projects, Japan Gold now regains full control of its entire Japanese portfolio.

The company plans to advance two district-scale areas in Kyushu and Hokkaido, in addition to the three former alliance properties, either on its own or through fresh joint ventures.

Management said it is already in discussions with other parties interested in its projects.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Aya Gold & Silver Refutes Resource Inflation Allegations

Investing 5 Mins Read

Aya Gold & Silver (TSX:AYA,OTCQX:AYASF) President and CEO Benoit La Salle is calling fake news on Blue Orca Capital’s claim that the company has inflated its silver resource with ‘phantom ounces.’

On September 25, investment advisory firm Blue Orca published a short-seller report alleging resource inflation on the part of Aya. The mid-tier precious metals producer is one of the main mine operators in Morocco.

Its assets include the Zgounder silver mine and the Boumadine polymetallic project.

Within hours of the report’s publication, Aya’s share price on the TSX fell by more than 21 percent, dropping from C$15.50 to C$12.13. Calling the claims “misleading and inaccurate,” Aya moved quickly to refute the allegations in a same-day press release and a subsequent interview with Golden Portfolio’s Garrett Goggin the next day.

La Salle has said the company is considering taking legal action against Blue Orca.

What is Blue Orca claiming about Aya Gold & Silver?

Blue Orca dives directly into claiming that Aya’s 2021 resource estimate for the Zgounder mine intentionally overstates its silver resources by over 100 percent, adding more than 50 million “phantom ounces.’

In its short-seller report, the firm explains that after comparing cut-off tables and block model maps from the March 2021 resource for Zgounder and the December 2021 update, it discovered ‘smoking guns’ that led it to believe Aya manipulated a computer model to find those extra ounces.

“In our opinion, this explains why grades are plummeting, production has been dire, and cash flows are anemic despite soaring silver prices,’ states Blue Orca, pointing to lower-grade production of around 0.32 ounces of silver per metric ton mined out of Zgounder compared to the 0.65 ounces per metric ton outlined in the feasibility study.

The report’s authors suggest that the resource estimate was easily manipulated because it was, in their opinion, not prepared by an independent geologist. They allege the veteran geo who signed off on the estimate was a business associate of Aya’s CEO, implying collusion to mislead investors.

Aya Gold & Silver pushes back on “short scam”

Aya has vociferously refuted Blue Orca’s claims. In its September 26 interview with Golden Portfolio’s Goggin, La Salle calls the short report “wrong from the first page to the last page.’

What’s the why for Blue Orca’s claims against Aya’s management, operations and resource base?

Quite simply, Aya believes the short seller stands to benefit monetarily by manipulating market sentiment in such a way as to drive down the company’s share price. ‘There are no missing ounces,” said La Salle, who informed Goggin that Blue Orca never bothered to call the company to verify its numbers.

In its press release, Aya states that the 10 million ounces of silver mined out of Zgounder since 2020, and the fact that production continues to line up with the resource base, are both strong testaments to the reliability of the December 2021 resource model. La Salle reiterated that point in his interview with Goggin: ‘We are reconciling every month the metal that is taken out of the ground to the metal that’s in the model. We have perfect reconciliation.’

In regards to the independence of Zgounder’s mineral resource estimate, the company says it was prepared and verified by independent qualified persons at P&E Mining Consultants, in compliance with NI 43-101 standards.

In the YouTube interview with Goggin, La Salle assures investors there has been “no collusion” to mislead the market. He also notes the fact that the European Bank for Reconstruction and Development hired an independent technical advisor to conduct a rigorous third-party review before agreeing to a construction loan.

When asked by Goggin about falling grades and rising costs at Zgounder, La Salle acknowledged that silver grades did come down too much during the mine expansion phase. However, he explained that the decrease in grades was due in large part to overblasting in the open pit, less selective mining and more bulk mining.

Aya has made corrections to the mining methods and the resulting grades are improving.

The current resource model is based on 121,500 meters of drilling, 45,500 meters of which were conducted between March 2021 and December 2021. Aya’s press release points out that the extensive drilling (231,000 meters) carried out on the property since then has continued to increase confidence in the resource estimate.

The company is planning to publish an updated technical report by the end of this year that will include an independently modeled resource, and a new mine plan incorporating both open-pit and underground operations. La Salle told Goggin that Aya’s guidance for next year on a forward-looking basis will likely be 6 million ounces of silver with US$25 per ounce margins, translating onto a US$150 million in operating cashflow coming from the mine.

“When we did the 2021 model it was US$22 silver, US$10 all in, US$12 margin. Now we’re US$45 silver, US$20 all in and US$25 margin. So on a margin basis, this mine is much more robust than anticipated,” he said.

As of September 25, Aya said it has about US$115 million in cash and is continuing to generate operating cashflow out of Zgounder. This is why the company is able to self-fund growth at its Boumadine project, where it is on track to deliver a preliminary economic assessment (PEA) before the year comes to a close.

Once the Zgounder updated technical report and resource estimate and Boumadine PEA are out later this year, La Salle believes Aya shareholders will see a recovery in the company’s stock value.

Shares of Aya regained the lost value quickly, ending the month at C$16.10.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Charlie Javice sentenced to 7 years in prison for fraudulent $175M sale of aid startup

Business 4 Mins Read

Charlie Javice, the founder of a startup company that sought to dramatically improve how students apply for financial aid, was sentenced Monday to more than seven years in prison for cheating JPMorgan Chase out of $175 million by greatly exaggerating how many students it served.

Javice, 33, was sentenced in Manhattan federal court for her March conviction by Judge Alvin K. Hellerstein, who said she committed “a large fraud” by duping the bank giant in the summer of 2021. She made false records that made it seem the company, called Frank, had over 4 million customers when it had fewer than 300,000, Hellerstein found.

The judge said Javice had assembled a “very powerful list” of her charitable acts, which included organizing soup kitchens for the homeless when she was 7 years old and designing career programs for formerly incarcerated women.

In court papers, defense lawyers noted that Javice has faced extraordinary public scrutiny, reputational destruction and professional exile, “making her a household name” in the same way Elizabeth Holmes became synonymous with her blood-testing company, Theranos.

Defense attorney Ronald Sullivan told Hellerstein that his client was very different from Holmes because what she created actually worked, unlike Holmes, “who did not have a real company” and whose product “in fact endangered patients.”

In seeking a 12-year prison sentence for Javice, prosecutors cited a 2022 text Javice sent to a colleague in which she called it “ridiculous” that Holmes got over 11 years in prison.

Hellerstein largely dismissed arguments that he should be lenient because the acquisition pitted “a 28-year-old versus 300 investment bankers from the largest bank in the world,” as Sullivan put it.

Still, the judge criticized the bank, saying “they have a lot to blame themselves” after failing to do adequate due diligence. He quickly added, though, that he was “punishing her conduct and not JPMorgan’s stupidity.”

Sullivan said the bank rushed its negotiations because it feared another bank would acquire Frank first.

A prosecutor, Micah Fergenson, though, said JPMorgan “didn’t get a functioning business” in exchange for its investment. “They acquired a crime scene.”

Fergenson said Javice was driven by greed when she saw that she could pocket $29 million from the sale of her company.

“Ms. Javice had it dangling in front of her and she lied to get it,” he said.

Given a chance to speak, Javice said she was “haunted that my failure has transformed something meaningful into something infamous.” She said she “made a choice that I will spend my entire life regretting.”

Javice, sometimes speaking through tears, apologized and sought forgiveness from “all the people touched or tarnished by my actions,” including JPMorgan shareholders, Frank employees and investors, along with her family.

Javice, who lives in Florida, has been free on $2 million bail since her 2023 arrest.

At trial, Javice, a graduate of the University of Pennsylvania’s Wharton School of Business, was convicted of conspiracy, bank fraud and wire fraud charges. Her lawyers had argued that JPMorgan went after Javice because it had buyer’s remorse.

In her mid-20s, Javice founded Frank, a company with software that promised to simplify the arduous process of filling out the Free Application for Federal Student Aid, a complex government form used by students to apply for aid for college or graduate school.

Frank’s backers included venture capitalist Michael Eisenberg. The company said its offering, akin to online tax preparation software, could help students maximize financial aid while making the application process less painful.

The company promoted itself as a way for financially needy students to obtain more aid faster, in return for a few hundred dollars in fees. Javice appeared regularly on cable news programs to boost Frank’s profile, once appearing on Forbes’ “30 Under 30” list before JPMorgan bought the startup in 2021.

Javice was among a number of young tech executives who vaulted to fame with supposedly disruptive or transformative companies, only to see them collapse amid questions about whether they had engaged in puffery and fraud while dealing with investors.

In their pre-sentence submission, prosecutors wrote that they were requesting a lengthy prison sentence to send a message that fraud in the sale of startup companies is “no less blameworthy than other types of fraud and will be punished accordingly.”

Prosecutors added that the message was “desperately needed” because of “an alarming trend of founders and executives of small startup companies engaging in fraud, including making misrepresentations about their companies’ core products or services, in order to make their companies attractive targets for investors and/or buyers.”

This post appeared first on NBC NEWS

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Nearly 200,000 BMWs recalled over potential fire risk

Business 2 Mins Read

The owners of nearly 200,000 BMWs should park their vehicles outside because they risk catching fire while parked or being driven, the National Highway Traffic Safety Administration announced Friday.

The vehicle models affected include 2019-22 Z4; 2019-21 330I; 2020-22 X3; 2020-22 X4; 2020-22 530I; 2021-22 430I standard and convertible; 2022 230I; and roughly 1,500 20-2022 Toyota Supra vehicles manufactured by BMW, NHTSA said in a news release.

The federal agency said the vehicles’ engine starter relay may corrode, “causing the relay to overheat and short circuit, which may cause a fire.”

“Owners should park outside and away from buildings and other vehicles until they either confirm their vehicle is not subject to the recall or have their vehicle remedied,” NHTSA said.

BMW did not immediately return a request for comment.

NHTSA said the German automaker will be conducting a phased recall due to parts availability. Interim notification letters to owners are scheduled to be mailed on Nov. 14, with a second notice to be sent as remedy parts are available, the agency added.

Vehicle identification numbers for affected vehicles will be searchable on NHTSA.gov starting Nov. 14, the agency said.

Beginning on that date, car owners can visit NHTSA.gov/recalls and enter their license plate number or 17-digit VIN to see if their vehicle is under recall. They can also call NHTSA’s Vehicle Safety Hotline at 888-327-4236.

NHTSA also advised owners of the BMWs to call the company with any questions.

The German automaker recalled more than 1 million cars and SUVs in 2017 over similar issues. The recall was expanded to another 185,000 vehicles in 2019.

This post appeared first on NBC NEWS

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Video game maker Electronic Arts to be acquired for $52.5 billion

Business 4 Mins Read

Electronic Arts, maker of video games like “Madden NFL,” “Battlefield,” and “The Sims,” is being acquired for $52.5 billion in what could become the largest-ever buyout funded by private-equity firms.

The private equity firm Silver Lake Partners, Saudi Arabia’s sovereign wealth fund PIF, and Affinity Partners will pay EA’s stockholders $210 per share. Affinity Partners is run by President Donald Trump’s son-in-law, Jared Kushner.

PIF, which was already the largest insider stakeholder in Electronic Arts, will be rolling over its existing 9.9% stake in the company.

The commitment to the massive deal is inline with recent activity by Saudi Arabia’s sovereign wealth fund, wrote Andrew Marok of Raymond James.

“The Saudi PIF has been a very active player in the video gaming market since 2022, taking minority stakes in most scaled public video gaming publishers, and also outright purchases of companies like ESL, FACEIT, and Scopely,” he wrote. “The PIF has made its intentions to scale its gaming arm, Savvy Gaming Group, clear, and the EA deal would represent the biggest such move to date by some distance.”

Electronic Arts would be taken private and its headquarters will remain in Redwood City, California.

The total value of the deal eclipses the $32 billion price paid to take Texas utility TXU private in 2007.

If the transaction closes as anticipated, it will end EA’s 36-year history as a publicly traded company that began with its shares ending its first day of trading at a split-adjusted 52 cents.

The IPO came seven years after EA was founded by former Apple employee William “Trip” Hawkins, who began playing analog versions of baseball and football made by “Strat-O-Matic” as a teenager during the 1960s.

CEO Andrew Wilson has led the company since 2013 and he will remain in that role, the firms said Monday.

“Electronic Arts is an extraordinary company with a world-class management team and a bold vision for the future,” said Kushner, who serves as CEO of Affinity Partners. “I’ve admired their ability to create iconic, lasting experiences, and as someone who grew up playing their games — and now enjoys them with his kids — I couldn’t be more excited about what’s ahead.”

This marks the second high-profile deal involving Silver Lake and a technology company with a legion of loyal fans in recent weeks. Silver Lake is also part of a newly formed joint venture spearheaded by Oracle involved in a deal to take over the U.S. oversight of TikTok’s social video platform, although all the details of that complex transaction haven’t been divulged yet.

Silver Lake has also previously bought out two other well-known technology companies, the now-defunct video calling service Skype in a $1.9 billion deal completed in 2009, and a $24.9 billion buyout of personal computer maker Dell in 2013. After Dell restructured its operations as a private company, it returned to the stock market with publicly traded shares in 2018.

By going private, EA will be able to reprogram its operations without being subjected to the investment pressures and scrutiny that sometimes compel publicly held companies to make short-sighted decisions aimed at meeting quarterly financial targets. Although its video games still have a fervent following, EA’s annual revenues have been stagnant during the past three fiscal years, hovering from $7.4 billion to $7.6 billion.

Meanwhile, one of its biggest rivals Activision Blizzard was snapped up by technology powerhouse Microsoft for nearly $69 billion in 2023, while the competition from mobile video game makers such as Epic Games has intensified.

After being taken private, formerly public companies often undergo extensive cost-cutting that includes layoffs, although there has been no indication that will be the case with EA. After jettisoning about 5% of its workforce in 2024, EA ended March with 14,500 employees and then laid off several hundred people in May.

The deal is expected to close in the first quarter of 2027. It still needs approval from EA shareholders.

EA’s stock rose more than 5% before the opening bell.

This post appeared first on NBC NEWS

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YouTube to pay $24 million to settle Trump lawsuit

Business 2 Mins Read

YouTube said Monday it would settle a lawsuit brought by President Donald Trump for more than $24 million, adding to a growing list of settlements with tech and media companies that have amassed millions of dollars for Trump’s projects.

Trump sued after his YouTube account was banned in 2021. After the Jan. 6 riot, YouTube said content posted to Trump’s channel raised “concerns about the ongoing potential for violence.” His account was reinstated in 2023.

Monday’s settlement makes YouTube the last major tech platform to settle a lawsuit with Trump, who similarly sued Meta and Twitter for banning his accounts in the aftermath of Jan. 6. Meta, the owner of Facebook and Instagram, settled for $25 million, while Twitter, since renamed X, settled for about $10 million.

A notice of settlement for Trump’s lawsuit against YouTube details that $22 million of it will go toward building a new White House ballroom. Trump has touted that the addition will have room for 900 people, and the White House has said it could cost $200 million to build.

Other plaintiffs that joined Trump’s suit, such as the American Conservative Union and a number of other people, will get $2.5 million of the settlement.

In addition to tech companies, many major media outlets have settled lawsuits with Trump over the past year.

In July, Paramount Global settled with him for $16 million after he took issue with a “60 Minutes” interview with Kamala Harris that aired on CBS.

In December, Disney settled with Trump over a lawsuit in which he accused ABC and anchor George Stephanopoulos of defamation in an interview with Rep. Nancy Mace, R-S.C. Disney paid Trump’s future presidential library $15 million as part of the settlement.

Disney came under pressure from the administration again when it recently suspended “Jimmy Kimmel Live!” for nearly a week after two major station owners threatened to stop airing the show. One of the station owners, Nexstar, is seeking clearance from Trump’s Federal Communications Commission chairman for a $6.2 billion merger.

The other station owner, Sinclair, is reportedly considering a merger, which the FCC would also need to approve.

Trump is also suing The Wall Street Journal over its reporting about his friendship with Jeffrey Epstein, and he recently sued The New York Times for $15 billion. A judge struck down that lawsuit, though Trump could refile it.

This post appeared first on NBC NEWS

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Investing

Golconda Gold: Advancing Gold Production in Tier 1 Gold Jurisdictions in South Africa and the US

Investing 2 Mins Read

Golconda Gold (TSXV:GG) is a growth-focused junior producer with operations in prolific gold districts in South Africa and the US. Positioned as one of the sector’s highest-torque opportunities, Golconda offers investors profitable production, exposure to both gold and silver, and a disciplined, capital-efficient path to meaningful growth.

Golconda Gold is anchored by two cornerstone assets: Galaxy, its cash-flowing South African gold mine, and Summit, a high-grade silver-gold project in New Mexico set for restart. Together, they provide self-funded growth, U.S. exposure, and strong leverage to rising gold prices.

Galaxy, Golconda’s cornerstone asset, is a producing mine in South Africa’s prolific Barberton Greenstone Belt. The operation hosts 941,000 oz gold (M&I, 2.79 g/t) and 1.37 Moz inferred (2.62 g/t), supported by strong infrastructure and access to skilled mining services.

Company Highlights

  • Significant Production Growth: On track to triple production over three years at Galaxy while bringing Summit online in Q2 2026.
  • Summit Restart and Spin-out: Fully permitted past-producing mine in New Mexico, expected to restart in Q2 2026 and spin out as a standalone US-focused gold-silver producer in Q4 2026.
  • No Dilution Strategy: Growth funded through operating cash flow rather than equity raises, ensuring torque to gold without shareholder dilution.
  • Insider Alignment: Management and insiders control more than 40 percent of shares, aligning leadership directly with shareholder interests.
  • Jurisdictional Strengths: Operations in South Africa’s Barberton Greenstone Belt (long history of gold mining, strong infrastructure) and in the US southwest.
  • Exploration Upside: Both Galaxy and Summit hold substantial untested upside with additional ore bodies and underexplored zones.

This Goldconda Gold profile is part of a paid investor education campaign.*

Click here to connect with Goldconda Gold (TSXV:GG) to receive an Investor Presentation

This post appeared first on investingnews.com

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Copper Quest Exploration: Unlocking District-scale Copper Porphyry Systems in North America

Investing 2 Mins Read

Copper Quest Exploration (CSE:CQX, OTCQB:IMIMF, FRA:3MX) is focused on creating shareholder value through the exploration and development of its North American critical mineral portfolio, with more than 40,000 hectares across tier-one jurisdictions in Canada and the US.

In British Columbia, the company’s assets include the Stars copper-molybdenum discovery in the Bulkley Porphyry Belt, the Stellar property with historic showings and new anomalies, an earn-in on the Rip project, a large porphyry copper-molybdenum system, and the Thane Project in the Toodoggone Belt, prospective for copper-gold-molybdenum.

The Stars project is a 9,694-hectare, road-accessible copper-molybdenum property in the prolific Bulkley Porphyry Belt, home to past producers such as Imperial Metals’ Huckleberry mine and Newmont’s Equity Silver Mine. Stars is defined by a 5 × 2.5 km annular magnetic anomaly coincident with a mineralized monzonite intrusion. Drilling in 2018 confirmed a significant porphyry system at the Tana Zone, highlighted by intercepts of 0.466 percent copper over 195.1 meters from 23 meters, including 40 meters averaging nearly 1 percent copper, and 0.20 percent copper over 396.7 meters from 28 meters. All holes to date have returned copper levels well above background, with alteration, intrusive textures, and veining typical of productive porphyry systems.

Company Highlights

  • Large, Tier-one Land Position: More than 40,000 hectares across British Columbia’s Bulkley and Toodoggone Porphyry Belts, plus a newly acquired copper-gold porphyry project in Idaho, USA.
  • Flagship Discovery at Stars: Drill intercepts of 0.466 percent copper over 195.1 m confirm a fertile porphyry copper-molybdenum system with over 30 km of untested intrusive contacts.
  • Multiple Copper Systems: Canadian portfolio includes Stars, Stellar, Rip (earn-in up to 80 percent) and Thane, each offering district-scale potential in proven belts.
  • Idaho Acquisition: The Nekash copper-gold porphyry project in Lemhi County, Idaho, is a milestone acquisition aligned with its strategy to build a portfolio of highly prospective copper assets across North America.

This Copper Quest Exploration profile is part of a paid investor education campaign.*

Click here to connect with Copper Quest Exploration (CSE:CQX) to receive an Investor Presentation

This post appeared first on investingnews.com

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Golconda Gold

Investing 6 Mins Read

Investor Insight

With a growth-oriented strategy, Golconda Gold is positioning itself as one of the highest-torque junior gold producers in the sector with assets in prolific gold districts in South Africa and the US. For investors bullish on gold, Golconda is a unique opportunity: a profitable producer with meaningful growth ahead, exposure to both gold and silver, and the discipline to deliver shareholder value in a capital-efficient way.

Overview

Golconda Gold (TSXV:GG;OTCQB:GGGOF) is an unhedged gold producer and explorer with operations in South Africa and the United States. The company is focused on optimizing its current mining and processing operations, reducing costs, and growing organically while pursuing accretive acquisition opportunities.

Its growth story is underpinned by two cornerstone assets: Galaxy Gold, the company’s cash-flowing, long-life South African operation; and Summit, a high-grade silver-gold project in New Mexico poised for a restart. Galaxy provides a steadily growing, self-funded production base, while Summit is positioned as the next major catalyst for Golconda, broadening investor exposure to silver and US operations. These assets enable Golconda to deliver meaningful production growth without dilution, providing investors direct leverage to gold prices at a time when juniors remain undervalued relative to commodity prices.

With strong insider ownership and a disciplined approach to capital, Golconda offers investors a unique combination of operating stability, near-term growth and upside exploration potential.

Company Highlights

  • Significant Production Growth: On track to triple production over three years at Galaxy while bringing Summit online in Q2 2026.
  • Summit Restart and Spin-out: Fully permitted past-producing mine in New Mexico, expected to restart in Q2 2026 and spin out as a standalone US-focused gold-silver producer in Q4 2026.
  • No Dilution Strategy: Growth funded through operating cash flow rather than equity raises, ensuring torque to gold without shareholder dilution.
  • Insider Alignment: Management and insiders control more than 40 percent of shares, aligning leadership directly with shareholder interests.
  • Jurisdictional Strengths: Operations in South Africa’s Barberton Greenstone Belt (long history of gold mining, strong infrastructure) and in the US southwest.
  • Exploration Upside: Both Galaxy and Summit hold substantial untested upside with additional ore bodies and underexplored zones.

Key Projects

Galaxy Gold Mine

Galaxy is Golconda’s cornerstone asset and currently the company’s sole producing mine. Situated in the Barberton Greenstone Belt, one of South Africa’s most prolific gold districts with nearly 150 years of mining history, the mine benefits from established infrastructure, sealed-road access and proximity to skilled mining services. The property hosts a large resource base of 941,000 oz of gold in the measured and indicated categories grading 2.79 grams per ton (g/t), plus 1.37 million oz (Moz) inferred at 2.62 g/t.

Snapshot of Galaxy Gold Mine Operations

The operation is an underground, trackless mechanized mine, currently producing at a run rate of ~12,000 oz/year, with a multi-stage ramp-up plan to 25,000 oz/year by 2027 and up to 45,000 oz/year by 2028. Ore is processed through a 50,000 tonnes per month (tpm) crush-mill-float plant, which was refurbished with a new mill, concentrate tanks, and a filter press. The plant is already capable of handling the full ramp-up capacity, allowing it to expand with minimal capital outlay.

Galaxy produces a refractory gold concentrate sold directly to Ocean Partners, eliminating the need for BIOX or other complex high-capex processing routes. This low-risk sales model enables Galaxy to operate profitably and reinvest cash flow into mine development. The mine plan leverages both the Princeton and Galaxy ore bodies, with development into additional levels and ore bodies among the 21 known mineralized zones on the property. Over its history, Galaxy (formerly, the Agnes mine) has produced more than 1.3 Moz of gold, with current exploration drilling continuing to identify significant upside at depth and along strike.

Economically, Galaxy is highly accretive: at $3,000/oz gold, the operation generates an after-tax NPV5 percent of US$201 million, with life-of-mine free cash flow exceeding US$270 million on conservative assumptions. The operation has a projected all-in sustaining cost (AISC) of ~US$1,000/oz once ramp-up is complete, positioning it competitively within the global cost curve.

Summit Gold-Silver Mine and Banner Mill

The Summit mine, located in the Steeple Rock Mining District of southwestern New Mexico, is a high-grade past-producing underground operation. The New Mexico portfolio also includes the Banner mill, a 240 tpd flotation facility located 57 miles from Summit via paved highways and sealed roads. Golconda acquired the project from Waterton in 2021, along with a streamlined land package totaling ~4,000 acres of patented and unpatented claims.

Summit Mine and Banner Mills snapshot

Summit hosts a defined resource of 1.4 Moz silver and 26,000 oz gold in measured and indicated categories, plus 5.1 Moz silver and 74,000 oz gold inferred. The mine is fully permitted and is expected to restart in Q2 2026, with first concentrate production within 9 to 12 months. The restart strategy is fully funded internally from Galaxy cash flows, ensuring no dilution to shareholders.

The planned annual production profile targets ~10,000 oz gold and 444,000 oz silver at steady state, with an average AISC of US$1,600/oz gold equivalent. At $3,000/oz gold and $35/oz silver, Summit delivers an after-tax NPV5 percent of US$105 million, with cumulative free cash flow of ~US$135 million over its mine life. The project is structured to be spun out into a standalone US-only gold-silver producer by Q4 2026, broadening investor appeal and potentially unlocking a higher valuation multiple.

The Banner Mill 240-tpd flotation facility 57 miles from the Summit mine

Exploration upside at Summit is significant. The Billali Zone, northwest of the main deposit, has returned historical intercepts including 681 g/t silver and 9.38 g/t gold over 4.4 m and hosts a 1992 historical resource of 288,000 tonnes grading 121 g/t silver and 3.67 g/t gold. The nearby Mohawk Area features a 2,000 ft IP anomaly with drill intercepts including 1.5 m at 437.5 g/t silver and 9.34 g/t gold at depth. Both zones remain open and underexplored, providing clear potential to extend mine life and scale production.

Summit’s restart and planned spin-out will give Golconda a second producing asset in a Tier 1 jurisdiction, diversify its commodity mix with silver exposure, and broaden its investor base, while maintaining the company’s no-dilution philosophy.

Management Team

Ravi Sood – Chairman and CEO

Ravi Sood has more than 25 years of experience in capital markets and operations. He is the founder and former CEO of Navina Asset Management, and director of Elemental Altus Royalties and Sparq Systems. He founded and/or co-founded multiple companies in mining, energy and renewables.

Andrew Bishop – Chief Financial Officer

A chartered accountant with more than 22 years of financial and mining experience in Africa and North America, Andrew Bishop brings strong financial discipline and operational insight to Golconda. He was previously with Aureus Mining, Avesoro Resources and Golden Star.

Wayne Hatton Jones – Chief Operating Officer

Wayne Hatton Jones is a mining professional with 38 years of experience in Africa, Asia and Europe. He previously worked at Goldridge, Avocet, Randgold and Harmony. His expertise includes mine development, metallurgy and operations.

This post appeared first on investingnews.com

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Cartier Starts Metallurgical Testwork Program at Cadillac

Investing 6 Mins Read

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR,OTC:ECRFF; FSE: 6CA) is pleased to announce it has awarded the contract to Soutex, a firm specializing in mineral processing and metallurgy, to carry out the first advanced and comprehensive metallurgical sampling and testwork program for the Main Sector of its Cadillac Project.

Key Objectives of the Program

  • Defining expected gold recovery rates and improving upon historical results from the Chimo deposit.
  • Establishing first-time metallurgical recovery data for the East Chimo and West Nordeau satellite deposits, where no previous data exists.
  • Supporting the development of an integrated process flowsheet .
  • Providing critical data for future trade-off studies to guide project development.

‘ The metallurgical program represents a critical de-risking milestone to advance the development of the Cadillac Project. By understanding how the mineralized material responds to conventional processing methods, we can define the most efficient and cost-effective flowsheet. This has the potential to significantly reduce both capital and operating costs, while also improving our environmental footprint. The data generated will directly support optimized project development and enhance our economic models. In short, these test results will strengthen the technical foundation of the project and help unlock greater shareholder value . ‘ – Philippe Cloutier, President and CEO of Cartier.

‘ Following the recent launch of baseline environmental studies, we’re pleased to advance the Cadillac Project with the initiation of our first modern metallurgical test program. With historical data now nearly 30 years old, it was essential for Cartier to generate updated, high-quality data that reflects current standards. This comprehensive program will characterize the mineralized material, gold recovery potential, and validate optimal grind size (key inputs for future engineering and economic studies). Combined with our ongoing 100,000-metre drill program, these initiatives position us to unlock the full value of the Cadillac Project. ‘ – Ronan Deroff, Vice President Exploration of Cartier.

Historical Production Recovery (source: MRNF DV 85-05 to DV 97-01 + internal company reports)

The mineralized material from the Chimo mine (Chimo deposit) was processed by 3 different producers: Chimo Gold Mines (1966-67), Louvem (1984-1989) and Cambior (1989-1997). The flowsheet was focused on gravity separation, flotation and cyanidation of flotation concentrate. Records show that from 1966 through 1997, approximatively 2.4 million tonnes of mineralized material have been processed. During the 15-year period production, the historical average recovery was 90.6% of the contained gold. These numbers appear to underestimate the deposit and should be able to improve, since the first two operators of the Chimo mine (Chimo Gold Mines and Louvem) had good extraction results, around 94%, while the last production period by Cambior showed a significant drop in recoveries with only 89% of the contained gold.

There is no metallurgical information available for the other deposits of the Main Sector like East Chimo and West Nordeau deposits.

Methodology of the Metallurgical Testwork Program

To achieve the program objectives, the testwork will be conducted on NQ-size half-drill core intervals spatially selected to be representative of both the type of mineralization and the average head grade of the resource. A total of 6 composites for 300 kg from the three deposits (Chimo, East Chimo and West Nordeau) will be generated including two 50 kg-composites for each deposit. The composites will be assembled by Cartier geologists.

All composites of the three deposits will be subject to cyanidation tests at three different grind sizes. After these tests, gravimetric concentration separation followed by a cyanide destruction tests of the gravity tails will be done at the grind size showing the best results. In addition to the metallurgical program, comminution test, as well as chemical and mineralogical characterization, will also be performed to define the grindability of the mineralized material and predict his behaviour in the process.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Soutex

Soutex is a consulting firm in mineral processing and metallurgy that offers specialized services, from the initial stages of development on paper to the daily operations of the processing plant. Their designs stem from their solid experience in providing plant operations support. This support is based on their knowledge of fundamental ore processing principles and their in-plant experience. Founded in 2000 and having offices in Canada (Quebec and Longueuil) and Germany (Munich), Soutex comprises more than 40 metallurgists, process engineers, and technicians, making it one of the largest groupings of specialists in the field in Canada. Services have been offered to clients located across Canada and abroad (West Africa, United States, Finland, New Caledonia, Suriname, and Madagascar).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

News Provided by GlobeNewswire via QuoteMedia

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