Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for Jan. 24, 2024:
1. GoldMining Inc. (NYSE: GLDG) reported positive results from its 2023 drilling program at Alaska's Whistler Gold-Copper Project, executed by its subsidiary U.S. GoldMining Inc.
The program's highlight was the confirmation of a high-grade gold and copper core near the surface, with the most notable drill result revealing 547 meters at 1.06 grams per ton gold equivalent, suggesting potential for further exploration and expansion.
The company plans more drilling in 2024 to further explore the depth of the Whistler Deposit and is financially well positioned, holding approximately $129 million in cash and investments, including an 80% interest in U.S. GoldMining.
Additionally, rising uranium prices have positively impacted the prospects of its Rea uranium project in Canada.
2. Idaho Strategic Resources Inc. (NYSE: IDR) announced that its CEO and President John Swallow was invited to the Future Innovation Needs for Responsible Mining of Critical Minerals workshop by the U.S. Department of Energy, taking place on Jan. 25.
The Department of Energy and the Office of Fossil Energy and Carbon Management selected participants to meet and discuss how to re-establish critical minerals independence in the U.S.
The workshop will gather information from government research programs to explore new technologies and strategies for resource exploration, discovery, appraisal, mining and processing.
Swallow said, "I am looking forward to the upcoming workshop and encouraged to see something like this come together. I have long believed that as a country we need to get the right people in the same room and open the floor for discussion without the distraction of narrative building and publicity, much like a modern-day (and somewhat less consequential) version of the Manhattan Project."
"I personally view Idaho Strategic as the tip of the spear in terms of addressing the U.S.'s rare earth elements demand. My participation on the Industry R&D Needs panel is fitting and I am looking forward to a productive discussion while working our way one step closer to a real solution," he added.
3. Freeport-McMoRan Inc. (NYSE: FCX) reported fourth quarter and full-year results for 2023.
The company exceeded its October 2023 estimates in copper sales volumes and managed to keep unit net cash costs lower than expected and lower than in Q4 2022.
Net income for Q4 2023 was $388 million, equating to 27 cents per share, while adjusted net income, excluding net charges, was $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 matched these production numbers.
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