January 24, 2024 Highlights
1. The successful completion of GoldMining Inc.’s 2023 drilling program at Alaska’s Whistler Gold-Copper Project brings promising news. The program has confirmed a high-grade gold and copper core near the surface, with a notable drill result revealing 547 meters at 1.06 grams per ton gold equivalent, indicating potential for further exploration and expansion.
GoldMining Inc. plans to continue its drilling efforts in 2024, aiming to probe the depth of the Whistler Deposit. Financially strong, with approximately $129 million in cash and investments, including an 80% interest in U.S. GoldMining, the company is well-positioned for future endeavors. The rising uranium prices have also positively impacted the prospects of its Rea uranium project in Canada.
2. Idaho Strategic Resources Inc.’s CEO and President, John Swallow, has been invited to the Future Innovation Needs for Responsible Mining of Critical Minerals workshop by the U.S. Department of Energy, taking place on January 25. The workshop aims to address the critical minerals independence in the U.S. and explore new technologies and strategies for resource exploration, discovery, mining, and processing.
3. Freeport-McMoRan Inc. reported fourth quarter and full-year results for 2023, exceeding its October 2023 estimates in copper sales volumes and maintaining lower unit net cash costs than expected. The company’s net income for Q4 2023 was $388 million, or 27 cents per share, while adjusted net income, excluding net charges, stood at $393 million (also 27 cents per share).
In Q4 2023, the company produced 1.1 billion pounds of copper, 573 thousand ounces of gold, and 20 million pounds of molybdenum. For the entire year, the production was 4.2 billion pounds of copper, 2.0 million ounces of gold, and 82 million pounds of molybdenum. Sales figures closely aligned with these production numbers.
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