To The Moon

Kinross reported a solid Q3-24 with record free cash flow, despite lower production at three of its highest-margin operations. Meanwhile, AISC margins soared 1,270 basis points year-over-year to 45.5%, benefiting from high-grade feed from its new 70% owned Manh Choh Mine. However, while 2024 has been a banner year, it's quite possible Kinross could see lower free cash flow looking ahead to 2025 with a dip in production at higher costs. In this update we'll dig into its Q3-24 results, recent developments and whether the stock offers an adequate margin of safety at current levels. Charly_Morlock All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in susta

New Gold had a decent Q3-24, but lower grades and a tragic fatality at Rainy River have resulted in a cut to its FY2024 guidance. On a positive note, the company hit its free cash flow inflection point ahead of schedule and continues to execute successfully with two key projects delivered ahead of plan. In this update, we'll dig into the company's Q3-24 results, recent developments and whether the stock is sitting in a low-risk buy zone currently. Thomas Demarczyk All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = silver-equivalent ounces. AISC refers to all-in sustaining costs. LOMP = life of mine plan. TPD = tonnes per day.

Eldorado Gold Corporation's Q3 2024 production increased by 3%, but full-year guidance was trimmed due to downtime at Olympias and slower leach times at Kisladag. Meanwhile, costs increased materially year-over-year, with Eldorado being one name whose costs are more sensitive to higher royalty rates related to the gold price vs. its peers. On a positive note, Skouries remains on schedule & while EGO doesn't screen as attractively for its FCF yield, it will morph into a free cash flow machine in 2026. In this update, we'll dig into its Q3-24 recent, Skouries progress and whether the stock is worthy of investment at current levels. Nordroden All figures are in United States Dollars unless otherwise noted. G/T = grams per tonne (of gold or silver). GEOs = gold-equivalent ounces. SEOs = si

Summary Pan American Silver Corp. had a mediocre quarter in Q2 with solid performances from Huaron, San Vicente, El Penon and Jacobina overshadowed by softness at La Colorada/Cerro Moro. The result was a significant spike in AISC in Q2 2024 to ~$19/oz, but record gold prices still allowed for significant free cash flow generation in Q2. Meanwhile, although Q2 2024 certainly had its challenges, H2 2024 is shaping up to be much stronger with a weaker MXN/USD, higher gold/silver prices and higher production. In this update, we'll dig into the Q3 2024 results, recent developments, and where the stock's updated low-risk buy zone lies. Just_Super We're over halfway through the Q2 Earnings Season for the Silver Miners Index (SIL) and one of the fi

Summary Newmont Mining released its year-end reserve update, reporting reserves of 135.9 million ounces of gold and 30.1 billion pounds of copper. Overall, reserve replacement was satisfactory, with net negative revisions and limited additions from resource conversion offset by significant ounces added from the Newcrest deal. In this update, we’ll dig into Newmont’s year-end reserve update, how its gold reserves and grades stack up vs. other producers and its track record of reserve growth per share. agnormark The Q1 Earnings Season for the Gold Miners Index (GDX) has passed and all eyes are on the Q2 results that will start getting reported in late July. Overall, the Q1 results were solid across the board with the bulk of producers reporti

Summary Osisko Gold Royalties has appointed a new President & CEO, Jason Attew, appointed a new Chair, and seen previous Chair Sean Roosen resign, removing previous uncertainty. Meanwhile, the company has closed new streams and royalties this year which has added to its already deep portfolio, offsetting the temporary suspension of operations at Renard and impairment. In this update, we'll look at the Q3 results, recent developments, and whether OR stock is worthy of investing following what's been a busy and volatile year. Claude Laprise Osisko Gold Royalties (NYSE:OR) was one of the best performers in 2023 for good reason until a key piece of the investment thesis was lost (former CEO, Sandeep Singh) which saw the stock suffer a 35% dr

Summary B2Gold's Q3 production was below plan due to an intense precipitation event at Fekola that impeded access to high-grade P6 ore. The result, when combined with elevated sustaining capital, was that AISC was higher year-over-year despite the benefit of lower fuel costs, but will still meet FY2023 guidance. In this update, we'll dig into the Q3 results, recent developments, and where the stock's updated low-risk buy zone lies. eyegelb The Q3 Earnings Season for the VanEck Gold Miners ETF (GDX) is finally over, and while quite a few miners have traded higher since their reports, B2Gold Corp. (NYSE:BTG) is an exception. This may be attributed to the fact that we still have some uncertaint

Summary Argonaut Gold reported Q3 production of ~53,900 gold-equivalent ounces, a 17% increase from the previous year, but below expectations. Unfortunately, the company faced unplanned downtime at its Magino mine, resulting in lower-than-expected production and had to sell an additional 1.0% NSR to raise cash. In this update, we'll dig into the Q3 results, the updated valuation, and whether the stock is now back to offering an adequate margin of safety below US$0.30. DarrelCamden-Smith Just over two months ago I wrote on Argonaut Gold (OTCPK:ARNGF), noting that i

Summary Ross Stores has massively outperformed XRT with a 50% increase in its stock despite a single-digit gain for the sector. This has been helped by strong Q2 results with an 8% increase in revenue, prompting the company to raise annual EPS guidance by ~9% while maintaining a cautious outlook. However, while Ross Stores has been somewhat of an all-weather stock and been a standout performer during recessionary environments, it's hard to justify chasing the stock above $117.00. Wolterk Just over a year ago, I wrote on Ross Stores (NASDAQ:ROST), noting that while the macro environment looked to be worsening, any pullbacks below $70.00 would provide b

Summary Restaurant Brands put together phenomenal results in Q2 at Tim Hortons and BK International, and it has initiatives in place to grow AUVs and profitability in its other brands/markets. Unfortunately, the company is coming up against tough industry-wide traffic trends that have leaked into quick-service traffic as well, setting up a tougher Q3 on deck. In this update, we'll look at recent progress, industry-wide trends, its valuation relative to peers, and whether the stock is worthy of owning ahead of its upcoming Q3 results. sarayuth3390 It's been a challenging year for the restaurant industry group which was up ~23% as of summer measured by the AdvisorShares Restaurant ETF (EATZ), but has since given up nearly all of its gains. T