Will Recent Political Developments Spark A Gold Rally - Seite 3

U.S. Gold Corp. also announced this week it has closed the acquisition of Northern Panther Resource Corporation ("Northern Panther") in an all-share transaction pursuant to a merger agreement between Company and Northern Panther. Northern Panther, a Nevada corporation, has merged into a new subsidiary of U.S. Gold Corp. Northern Panther's principal asset is the Challis Gold exploration project and it also has $2.5 million in cash. Concurrently with the closing of the merger, several Northern Panther shareholders have led a concurrent financing in which the Company received subscriptions for shares of its preferred stock and warrants up to $5.5 million, bringing a total of up to $8.0 million in additional capital to the Company.

Northern Panther's Challis Gold Project provides U.S. Gold Corp. with its newest exploration project, located in Idaho. The founding group of Northern Panther has significant experience in growing mining companies with Challis Gold being a high-priority drill-ready target in a premier and growing U.S. gold district. 

Additional mining industry related developments from around the markets:

Barrick Gold Corporation (NYSE: GOLD ) (TSX: ABX ) recently said it was on track to achieve annual production within its 2020 guidance range, despite the impact of the COVID-19 pandemic, the company said.  Second quarter results show year-to-date gold production of 2.4 million ounces, at the mid-point of its 4.6 million to 5 million ounce annual guidance, driven by strong operating performances, particularly from Nevada Gold Mines (NGM) in the United States, Loulo-Gounkoto in Mali and Kibali in the Democratic Republic of Congo. Barricks copper portfolio continued to outperform with Lumwana in Zambia posting its best quarterly production in years.

Operating cash flow exceeded $1 billion for the quarter and free cash flow ¹ was $522 million. Net earnings per share was 20 cents. Adjusted net earnings per share ² was 23 cents, up 44% from Q1 and well ahead of the market consensus, debt net of cash was reduced by almost 25% to $1.4 billion from the end of Q1, and the quarterly dividend was increased by 14% to 8 cents per share. The quarterly dividend has more than doubled since the announcement of the merger between Barrick and Randgold in September 2018. The non-core asset disposal strategy, which is ongoing, has so far delivered value of $1.5 billion of which $1.25 billion was in cash.