US equity indexes move higher, Jan. 22-26

The Dow Jones Industrial Average advanced 2.09% to 26,616.71 and the S&P 500 Index gained 2.23% to 2,872.87. The Philadelphia Gold & Silver Index jumped 2.66% to 90.31 on the back of higher precious metal prices. Gold touched US$1,360.00 per oz. on Jan. 25 before finishing at US$1,349.30 per oz., in a 1.41% weekly gain. Silver jumped to US$17.45 per oz. for a 2.4% weekly gain.

Barrick Gold acquired another 9.87 million common shares of Royal Road Minerals in a private placement that brings the gold major’s ownership in the junior to 12.5% on a non-diluted basis. Royal Road Minerals is exploring for copper and gold in Central and South America, and has projects in Nicaragua and Colombia. Royal Road was started in 2010 by the founding members and shareholders of Lydian International. At Lydian, the team discovered, financed and developed the 5 million oz. Amulsar gold deposit in Armenia. Barrick rose US38¢ to US$14.75 per share.

Gold Fields rose 5.3% to US$4.37 per share. The company announced selling its Arctic Platinum project in Finland to CD Capital for US$40 million in cash and a 2% net smelter return royalty on all metals (1% capped at US$20 million and 1% uncapped). The buyer is a Finnish subsidiary of London-headquartered CD Capital Natural Resources Fund III. The sale of the palladium-rich, polymetallic project is part of Gold Fields’ strategy of divesting non-core assets.

Shares of First Majestic Silver fell US38¢ to US$6.50. The company is offering US$150 million unsecured convertible senior notes due in 2023, with proceeds funding costs at its recent Primero Mining Corp. acquisition and general corporate purposes. First Majestic expects to grant initial buyers an option to buy up to another US$22.5 million of notes within 20 days of the offer closing.

Cameco fell US39¢ to US$9.23 per share. The company filed a technical report on the Inkai operation in Kazakhstan, in which it owns a 40% stake, and Kazatomprom, 60%. Inkai produced 5.5 million lb. U3O8 in 2017, and forecast 6.9 million lb. U3O8 in 2018. The joint venture can increase production to 10.4 million lb. per year, subject to market conditions and the terms of its resource-use contract, with a projected mine life extending to mid-2045. TNM


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