Gold Prices Hold Stable as Investors Appraise Policy Decisions

FinancialBuzz.com News Commentary

NEW YORK, April 28, 2021 /PRNewswire/ -- Among the many variables impacting the price of gold are interest rates. In order to reduce the pandemic's impact on the economy, various economic measures have had to be implemented, including near-zero interest rates and economic stimuli for business and individuals. And now, the Federal Reserve's policy-setting arm isn't expected to be changing interest rates or formally updating its economic forecasts when it concludes its two-day meeting Wednesday. Nonetheless, the U.S economy is witnessing a period of inflation. According to a report by Kitco, Jon Deane, the CEO of Trovio, explained that "we are already seeing inflation. If you look around the world, you see real estate prices, building supplies, and services skyrocket," he said. "What we created since the early 1990s is an entire financial infrastructure that is relying on debt, and we have accelerated that dramatically in our response to managing the COVID-19 crisis. In that regard, we will continue to increase the money supply globally, and we will continue to have a quite aggressive fiscal policy. We are sitting on an economic cliff." Exploits Discovery Corp. (CSE: NFLD) (OTC: NFLDF), IAMGOLD Corporation (NYSE: IAG), NovaGold Resources Inc. (NYSE: NG), DRDGOLD Limited (NYSE: DRD), Fortuna Silver Mines Inc. (NYSE: FSM).

Analysts at Metals Focus recently looked at the impact geopolitical instability has on gold. "While several geopolitical events have the potential to escalate, including on the Ukrainian border, more important for the gold price will be the still supportive macro backdrop… Monetary and fiscal policies, including the persistence of ultra-low interest rates and negative real yields, and concerns about future inflation will continue to make the case for strong gold investment for the foreseeable future," the analysts said, according to Kitco.

Exploits Discovery Corp. (CSE: NFLD) (OTC: NFLDF) announced yesterday breaking news regarding, "non-brokered private placement of $4,100,000 consisting of 8,200,000 units (the "Units") at a price of $0.50 per Unit (the "Private Placement").

The entire Private Placement is being fully subscribed and invested into by Mr. Eric Sprott. Upon completion of the financing, Eric Sprott will hold 9.81% on a non-diluted basis and 14.45% on a fully diluted basis.

Michael Collins, President, CEO & Director stated 'I am pleased to welcome Mr. Sprott as a shareholder of Exploits Discovery Corp. Mr. Sprott's participation is a validation of our land, team and exploration strategy.  This funding will allow us to expand and aggressively chase both our current drill targets, and the development of new targets on the 200+ km of deep seated gold bearing structures on our Exploits Subzone claims.'

Each Unit consists of one common share ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.67 for a period of 24 months immediately following the closing date of the Private Placement.

A finder's fee of 3% of the gross proceeds of the Private Placement, will be paid to Raymond James Ltd. who are an arms-length finder and is payable in cash.

The proceeds from the Units will be used for exploration on the Company's properties, acquisition of additional properties, marketing and general working capital.

All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date under applicable securities laws in Canada and among other things, receipt by Exploits of all necessary regulatory approvals, including the Canadian Stock Exchange.

The securities being offered under the Private Placement have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States."

For our latest "Buzz on the Street" Show featuring Exploits Discovery Corp. recent corporate news, please head over to: https://www.youtube.com/watch?v=hD6IjgQqfEA

IAMGOLD Corporation (NYSE: IAG) reported on November 4th, its consolidated financial and operating results for the quarter ended September 30th, 2020.  "IAMGOLD performed well in challenging circumstances, generating $105.1 million in operating cash flows and producing 159,000 ounces of gold, resulting in $80.0 million in free cash flows from our operating mine sites," commented Gordon Stothart, President and CEO of IAMGOLD.  "In the quarter, we successfully completed our new bond issuance, lowering our interest costs, extending the maturity to 2028 and enhancing our financial flexibility with a cash balance of approximately $900 million. This cash position, along with access to our largely undrawn $500 million credit facility, brings our total liquidity to over $1.4 billion, enabling us to cover our portion of Côté's capital expenditures. Project engineering at Côté is now 66% complete, as early works continue and permitting advances to enable construction activities. Looking to the fourth quarter, production will be underpinned by Essakane and by Saramacca's contribution to Rosebel. As reported Monday, we had a seismic event at Westwood, with all employees safely brought above ground. I would like to recognize our Westwood team for their safe and successful response to this event. The Westwood mill is expected to restart operations in the next few days while the underground mine operations remain suspended."

NovaGold Resources Inc. (NYSE: NG) announced last year that its flagship Donlin Gold project, which NOVAGOLD owns equally with Barrick Gold Corp. ("Barrick"), received the final State Right-of-Way (ROW) authorization for the buried natural gas pipeline, issued by the Alaska Department of Natural Resources (ADNR) on January 17th, 2020. Additionally, ADNR denied an appeal and affirmed the Division of Mining, Land, and Water's original January 18th, 2019 approval of Donlin Gold LLC's Reclamation Plan and its accompanied permit. "We are very pleased to see the issuance of key transportation and energy infrastructure approvals for Donlin Gold," said Greg Lang, President and CEO.

DRDGOLD Limited (NYSE: DRD) reported on October 27th, in an operational update for the quarter ended 30 September 2020, a 45% quarter-on-quarter increase in gold production to 1 514kg, due primarily to a 27% increase in tonnage throughput to 7 260 000t and a 15% increase in yield to 0.209g/t.  Gold sold increased by 60% to 1 522kg.  As a result, cash operating costs per kilogram of gold sold decreased by 10% to R489 750/kg. Cash operating costs per ton of material processed increased by 2% to R104/t.

Fortuna Silver Mines Inc. (NYSE: FSM) reported last year the first gold pour from its Lindero Mine located in the Province of Salta in Argentina. The pour took place today, on Tuesday, October 20th, 2020, and produced 728 ounces of gold. Jorge A. Ganoza, President, CEO and Director, commented, "The first gold pour at Lindero, our third mine in the Americas, is a significant achievement for the Company as we advance the mine's ramp-up phase towards commercial production in the first quarter of 2021. Lindero is a mine with reserves for a projected life of thirteen years and is a pillar in Fortuna's asset portfolio." Mr. Ganoza continued, "I want to take this opportunity to commend our Salta based team's commitment and hard work in achieving this milestone, especially in the context where COVID-19 related restrictions continue to pose multiple limitations." Mr. Ganoza concluded, "If conditions permit, we look forward to hosting an on-site inauguration ceremony of Argentina's newest gold mine with provincial and federal authorities early next year."

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