{"id":4145,"date":"2024-01-08T02:07:24","date_gmt":"2024-01-08T02:07:24","guid":{"rendered":"https:\/\/economicherald.net\/?p=4145"},"modified":"2024-01-08T02:07:24","modified_gmt":"2024-01-08T02:07:24","slug":"ground-breakers-emerald-continues-to-sparkle-red-5-eyes-top-of-guidance","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4145","title":{"rendered":"Ground Breakers: Emerald continues to sparkle, Red 5 eyes top of guidance"},"content":{"rendered":"

Gold price to hit US$2200-2400\/oz during next leg up: analyst Dave Brady
\nOne of the ASX\u2019s best goldies Emerald on track to hit FY24 guidance of 100,000oz at US$780 \u2013 US$850\/oz AISC
\nRed 5 also expects to hit top end of FY24 guidance of 195,000 \u2013 215,000oz<\/p>\n

\u00a0<\/p>\n

Precious metals are about to hit their new lows, says analyst and gold bug David Brady \u2013 the next move will be a ride to US$2200-US$2400\/oz.<\/p>\n

\u201cIdeal conditions were in place two weeks ago for a big drop in gold and silver, and they have not disappointed,\u201d he writes<\/a> for Sprott Money.<\/p>\n

\u201cIn fact, both continue to fall. On the bright side, we are fast approaching my targets for the bottom in both metals at lower lows around 1920-50 in gold and 21-22 in silver.\u201d<\/p>\n

Brady says when we hit these next lower lows, they will be \u2018THE LOWS\u2019.<\/p>\n

\u201cEmphasizing my degree of conviction, I plan to go all-in when we hit bottom in Gold, Silver, and the miners, then just let it ride to 2200-2400 in Gold, 30 in Silver, and ~40 in GDX or higher next,\u201d he says.<\/p>\n

Gold is currently paying US$2046\/oz, or $3041\/oz in local money.<\/p>\n

\u00a0<\/p>\n

Emerald continues to sparkle, Red 5 eyes top of guidance<\/h2>\n

One of the ASX\u2019s top performing gold producers Emerald Resources (ASX:EMR)<\/a> remains on track to hit FY24 guidance of 100,000oz at US$780-US$850\/oz all in sustaining costs.<\/p>\n

It produced over 29,000oz in the December quarter \u2014 the upper end of guidance between 25-30,000oz \u2014 from Okvau in Cambodia, one of the world\u2019s highest margin gold mines<\/a>.<\/p>\n

It represents another strong result from the $1.9bn capped ASX standout, which is up 140% over the past 12 months.<\/p>\n

The company now has $137.8m in cash and bullion.<\/p>\n

EMR deftly evaded problems plaguing other gold companies during ramp up, and now plans to become a multi-mine 300,000ozpa producer via the Mermot (Cambodia) and North Laverton (Australia) projects.<\/p>\n\n

<\/span>
\n\u00a0<\/p>\n

Speaking of ramp up problems \u2014 Tietto (ASX:TIE)<\/a> produced a record 13,700oz in December from its flagship Abujar gold mine in C\u00f4te d\u2019Ivoire.<\/p>\n

Tietto \u2013 which is fighting off an \u201copportunistic\u201d takeover from Chinese goldie Zhaojin<\/a> \u2013 previously knocked down guidance at stuttering Abujar to 65,000-75,000oz for the second half of 2023.<\/p>\n

The mine had initially been forecast to produce as much as 120,000oz for H2 back in July.<\/p>\n

TIE, which is down ~30% over the past 12 months, says it expects to reach a revised full production capacity of ~170,000ozpa in H1 2024.<\/p>\n\n

<\/span>
\n\u00a0<\/p>\n

Goldfields miner Red 5 (ASX:RED)<\/a> expects to hit top end of FY24 guidance of 195,000\u2013215,000oz after producing 108,026oz for the first half.<\/p>\n

It sold 53,087oz in the December quarter at an average realised price of $2,619\/oz.<\/p>\n

While cost haven\u2019t been released yet, this gives it a nice margin at expected FY24 AISC of $1,850-$2,100\/oz.<\/p>\n

Importantly, RED\u2019s combined cash and bullion stash increased to $53m in the December quarter. Its net debt position was slashed by $18.6m to $49.6m.<\/p>\n\n

<\/span>
\n\u00a0<\/p>\n

Pantoro (ASX:PNR)<\/a> produced 18,185oz during the quarter, representing a 275% increase since the first quarter of 2023.<\/p>\n

PNR sold over 18,000oz for the quarter at an average price of $3054\/oz. Like the previous quarter, it has not yet divulged all-important AISC.<\/p>\n

But cash in bank increased from $30 to $50m from the previous three months and the outlook looks pretty good, PNR says.<\/p>\n

\u201cThe Norseman processing plant is operating above nameplate capacity with quarterly throughput of 271,893 tonnes @ 2.24g\/t and 92.8% recovery,\u201d it says.<\/p>\n

\u201cGrades are expected to continue to increase as the Scotia open pit depth increases during the 2024 calendar year.\u201d<\/p>\n

PNR has production guidance of 100,000oz for FY24 @ AISC of $1,900\/oz.<\/p>\n\n

\ufeff<\/span><\/span>\u00a0
\n<\/span><\/p>\n

The post Ground Breakers: Emerald continues to sparkle, Red 5 eyes top of guidance<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Gold price to hit US$2200-2400\/oz during next leg up: analyst Dave Brady One of the ASX\u2019s best goldies Emerald on track to hit FY24 guidance [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4146,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nGround Breakers: Emerald continues to sparkle, Red 5 eyes top of guidance - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=4145\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ground Breakers: Emerald continues to sparkle, Red 5 eyes top of guidance - 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