?? - PDAC 2025 Wraps – What’s Next For Gold?
CEO.CA Presents the Chairman's Briefing - March 6th, 2025
“Because silver and gold have their value from the matter itself, they have first this privilege, that the value of them cannot be altered by the power of one, nor of a few commonwealths, as being a common measure of the commodities of all places. But base money may easily be enhanced or abased.”
— Thomas Hobbes
Metals/Crypto Price
In Partnership With
Summa Silver has acquired the Kennedy Project in Nevada's Pershing County through low cost claim staking, covering 99 mineral claims over approximately 2,000 acres.
The project is centered around the historic Kennedy Mining District, where surface mining between 1891 and World War II yielded high grades of 15 g/t gold and 311 g/t silver. Notably, around 22 km of unmined veins remain unexplored, presenting significant exploration potential.
See full press release?here.
Gold
After a two-month-long stair-step higher, the precious metal finally took one on the chin. But it was a momentary correction. After a brief test of the $2830 level—confusion over Trump’s sweeping tariffs blamed for the short-lived swoon—the snapback above $2900 was impressive.
In a late 2024 Briefing, we applauded the precious metal's steep trajectory, a blistering rally marked by short and shallow retracements. In a more recent Briefing, we speculated that $3k, though clearly in play, likely wouldn't fall without a fight; without some extreme chop and volatility... a condition that pretty much defines current trade in this arena.
Central bank appetites continue to underpin the metal. And this appetite is proving insatiable. According to the World Gold Council, global reserves grew by 18 tonnes during the first month of the year. In 2024, CBs bought 1,045 tonnes, marking the third consecutive year accumulation topped 1,000 tonnes. This kind of weight is well above historical norms.
“The sustained buying highlights the strategic importance of gold in official reserves, particularly as central banks navigate heightened geopolitical risks,” wrote Marissa Salim, Senior Research Lead, APAC at the WGC.
Record high prices haven't hindered Chinese investors and institutions from stockpiling the metal as rules governing ownership are being tweaked to allow greater access - Gold-Backed ETFs in China Lure Inflows as Metal Sets Pace.
In addition to the global themes, China gold’s market received a boost earlier this month, with the announcement of a pilot program allowing insurers to buy the metal for the first time. That shift helped drive the recent influx into ETFs, according to Wang Qiang, an ETF analyst at China Asset Management Co.
Concerning listless equity markets, weakness in the yuan, and a real estate rout that is exacting a toll on home prices, Xu Zhiyan, fund manager at Huaan Yifu Gold ETF: “Investors are recognizing gold’s ability to counter currency depreciation and diversify risks.”
So... what happens next? Launch time? Look out below? More chop? Should we fasten our seatbelts? Opinions vary.
In a recent interview with Kitco News, Carley Garner, co-founder of the brokerage firm DeCarley Trading, expressed concerns over the metal's valuation and current (extreme) bullish sentiment: "Two years ago, nobody wanted to touch gold. But now, everybody's long already. Everybody's very emotionally invested, and the sentiment is very lopsided," she said. That's a valid point as extremes in sentiment often mark watershed reversals.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, believes gold has room to run following its shallow correction: “The outlook for gold remains supportive, particularly given the limited depth of the latest correction, which signals strong demand despite selling pressure from technically focused traders. In addition to diversification and safe-haven demand, gold will likely continue to benefit from central bank buying as fiscal debt concerns persist,” Hansen said in his latest precious metals note.
The Chairman's humble opinion? "Make no mistake... it's headed higher."
Concerning the extreme bullish sentiment some analysts point to, I'm reminded of a BNN interview some 20 years back when a well-respected fund manager described the bull cycle of the late 1970s and early 1980s, where gold equities routinely tacked on daily gains of 25% or more. Apparently, a number of companies with 'gold' in their name—companies that had nothing to do with the metal or mining—got pushed dramatically higher in the wake of the buying pressure (some companies added 'gold' to their names specifically to capitalize on the frenzy). We're nowhere near that kind of extreme bullish sentiment in this current market. Not yet.
Concerning our recent coverage of a looming Fort Knox audit promised by President Trump, the following piece from ZeroHedge is both entertaining and educational - The Gold At Fort Knox Was Stolen From Americans.
In Partnership With
The Company is focused on its exploration properties in the state of Idaho known as the: Cuddy Mountain; Selway; and Great Western properties, respectively.
The Idaho properties consist of 101 (Cuddy Mountain), 57 (Selway) and 38 (Great Western) lode mining claims and cover a cumulative area of approximately 4,200 acres. The Company’s flagship Cuddy Mountain Property is adjacent to Hercules Metal Corp’s Leviathan Copper Porphyry discovery.
See full press release?here.
He’s just getting started?
It's official... we're in a trade war with our neighbor. "He's just getting started" is the concern many have over Trump's sweeping tariff tactics. And North American equity markets registered this concern with wild swings and steep losses - Canada and U.S. stock markets fall for a second day after trade war launched.
Markets abhor uncertainty. Extreme volatility can be expected to dominate (general equities) trade going forward as the tariff's effects on our economies become evident.
“We’re going to see massive swings continuously throughout the year, throughout President Trump’s term,” said Ian Chong, portfolio manager for First Avenue Investment Counsel Inc.
Warren Buffett abhors the uncertainty too. The "Oracle of Omaha" recently dumped all of his S&P 500 index funds and has put 27% of Berkshire Hathaway's assets into cash... a record for the company.
General Mining Sector News
There was a deluge of drill results released into the PDAC convention cycle over the past few sessions. A few market-moving headlines...
San Lorenzo
Earlier this week, San Lorenzo Gold (SLG.V) reported results from the first of three recently drilled holes at its Cerro Blanco gold/copper porphyry target, as well as partial results from the first of 3 holes recently drilled at its Arco de Oro epithermal gold target (both targets are located on the company’s flagship Salvadora Property in Chile) -?San Lorenzo Drills Discovery Hole at Cerro Blanco, Reporting 153.5 M of 1.04 g/t Gold and Reports 39.6 Metres of High-Grade Gold in Three Intervals in the First Hole at Arco De Oro.
The values for the Cerro Blanco discovery hole are highlighted in the text of the above headline (1.04 g/t Au over 153.5 meters). The values for the first of three ?holes drilled on the company's Arco de Oro epithermal multi-vein target—a 300-meter step out to the northwest along trend from past drilling at Arco—are highlighted in the following table.
CEO Al Kroontje: “Cerro Blanco is a very large target and we’re just scratching the surface with the three reconnaissance holes in the current program. Arco do Oro has, again, generated results that confirm the robustness of this large, high-grade gold system. Arco has the scale to contain a large resource. San Lorenzo is fortunate to control a property that has not one or two, but five high quality target areas. We plan to expand on our exploration efforts to advance this high-quality project.”
There were no leaks on this one. The stock launched multiples higher from a lowly sub-dime base on heavy volume...
Snowline
Snowline Gold (SGD.V) reported another banner hole from its Rogue Project in Canada's Yukon on Tuesday, March 4 - Snowline Gold Drills 617.6 m at 1.7 Grams per Tonne Gold From Surface, Including 3.24 Grams per Tonne Gold Over 202.0 M, Showcasing Strong Consistency of Valley Deposit, Rogue Project, Yukon.
The interval highlighted in the text of the above headline—617.6 meters at 1.68 g/t Au in drill hole V-24-119—begins at 2.4 meters. Drill holes V-24-119 through V-24-122 all demonstrate strong mineralized continuity across the largest gaps in the deposit. The other holes reported in this press release—V-24-123 and V-24-124—returned zones of low-grade mineralization in large step-outs to the southeast of the existing resource block.
The Valley deposit boasts a current ounce count of 4,052,000 ozs (1.66 g/t Au) Indicated and 3,260,000 ozs (1.25 g/t Au) Inferred. The results released on Tuesday, along with those reported in 2024, will underpin an updated resource estimate due in the next few months. The Company has also engaged SRK Consulting to begin work on a PEA 'set to highlight potential economics of a large, low strip, front-heavy gold system.'
CEO Scott Berdahl: "Today's excellent drill results come on the heels of Snowline's fourth anniversary as a company-we commenced trading on March 1, 2021. At that time, what is now the Valley deposit was a grassroots, greenfield target: an outcrop chip sample of 4.2 grams per tonne gold over 4.7 meters. Snowline drilled the first ever holes at Valley in September 2021. The speed and efficiency with which we have advanced Valley from that outcrop sample to a significant gold deposit since is a testament to many of the same qualities that we feel would make for a robust future gold mine, namely the three-dimensional consistency of high-grade, non-refractory gold mineralization beginning at surface.
The stock is trading strong, having just blown through its all-time high.
No time to read? The Chairman’s Briefing is now on video!
Goliath
Goliath Resources (GOT.V) set the bar high when it released drill hole GD-24-260 (34.52 g/t AuEq over 39.00 meters) from its flagship Golddigger Property in BC's Golden Triangle back in mid-January. The market pushed the stock dramatically higher in the wake of that high-grade hit, anticipating more of the same from its remaining assays due for release. Late last week, the company dropped its final round of results from Golddigger - Goliath Drills 9.39 g/t AuEq Over 10.17 Meters And Updates Model With 4 New Gold Veins For A Total Of 12 Stretching Vertically For 1.2 km And Spread Over A 1.8 km2 Area That Remain Open On Surebet, Golden Triangle, B.C.
The '9.39 g/t AuEq over 10.17 meters' highlighted in the headline's text wasn't what the market was looking for. A wave of intense selling ensued...
To the Goliath faithful, Golddigger and its 1.2 kilometers of 12 stacked gold veins?stand as one of the more important high-grade discoveries of recent years. Quoting this February 27 press release: All 8 original layers identified through drilling and modelling on Surebet (Surebet Upper, Surebet Lower, Bonanza, Golden Gate, Whopper, Goldzilla, Eldorado and Big One) have all been significantly expanded and remain wide open with strong additional expansion potential. 4 new zones have been confirmed and modelled in 2024 bringing the total gold-rich stacked layers to 12, all of which remain wide open for expansion.
It's reasonable to expect an aggressive multiple-rig drill campaign when winter releases its grip on this corner of northwestern BC.
Amarc
Amarc Resources (AHR.V) reported a final round of (highly anticipated) assays from AuRORA, a new Cu-Au-Ag porphyry discovery at its JOY Project in the Toodoggone-Kemess region of north-central British Columbia - Amarc Announces More Drill Results From Aurora and Three Emerging Copper-Gold Systems, in Collaboration With Freeport at the Joy District.
The highlight interval from this round was 132.00 meters of 1.71% CuEq (1.87 g/t Au, 0.63% Cu and 5.2 g/t Ag) including 90.00 meters 0f 2.26% CuEq (2.53 g/t Au, 0.81% Cu and 6.5 g/t Ag). While these are respectable values, the market wasn't sufficiently impressed and pushed the stock down.
CEO Dr. Diane Nicolson: "Today's results continue to build on previously announced holes from the high grade, near-surface AuRORA porphyry Cu-Au-Ag discovery. AuRORA is characterized by its significant vertical and lateral continuity. A total of 20 initial drill holes were completed with three core rigs at the end of the last season at AuRORA, and all results from these holes have now been announced. Importantly, the deposit remains open to further expansion."
With winter having slammed the door shut on drilling for the next few months, assay-related newsflow will be limited.
Hits of the Week
Mining exploration started 2025 on a strong note, as most key metrics tracked by S&P Global including significant drill results, initial resource announcements and project milestones all saw upticks in January compared to December 2024. These metrics — alongside financings, commodity prices and industry market capitalization — are used to calculate S&P’s Pipeline Activity Index (PAI), which rose 5% to a score of 85 in January. Gold-related PAI led the way with an 8% increase, thanks to the precious metal’s strong performance, while base metals PAI was up 3%. Despite the recovery, the January PAI remains a distance away from that of October 2024, which scored 98 — the highest in over a year - Exploration activity shows recovery in 2025 as gold leads the way: S&P
Toronto’s claim as the world’s top mining hub is under threat as exploration companies leave Canada and listings dwindle on the nation’s resource-heavy stock exchange. Canada’s once-thriving mining industry is facing challenges to its decades-old model, in which explorers and developers woo investors with promises of mining breakthroughs and established producers feed on their success, swallowing them in lucrative takeovers. Industry consolidation has reduced head offices and eliminated listings, companies find it harder to attract investors, and government rules on foreign investment have become more restrictive. “The industry that has fueled most of the great Canadian minerals discoveries over the past 50 years is but a skeleton of itself,” said mining financier Pierre Lassonde, who co-founded Franco-Nevada Corp. “We should be extremely concerned” - Toronto exchange’s mining dominance under threat as explorers exit
The biggest gold company you may never have heard of — may, because The Northern Miner did cover it at length two years ago — could be heading towards an initial public offering (IPO) in this year’s third quarter. Navoi Mining and Metallurgical Co. produced 2.9 million oz. in 2023 and sits on a resource of nearly 150 million oz., although it’s not calculated according to Western standards. Deep under the red sands of the Kyzylkum Desert in Uzbekistan lies Muruntau – what may be the world’s largest gold deposit. Even after 60 years of mining, 68 million oz. of indicated and 33 million oz. of inferred resource remains, along with probable reserves of 45 million oz., according to Navoi - Fourth-largest gold producer due for IPO
Canada will extend a tax credit on mineral exploration for two additional years as part of the government’s move to support investment in exploration projects, energy, and natural resources, Natural Resources Minister Jonathan Wilkinson said on Sunday. The mineral exploration tax credit is a capital market tool that offers investors a 15% tax credit to invest in flow-through shares of smaller mining companies. It was set to expire on March 31. Wilkinson said the extension is to ensure that the mining sector has the tools to raise capital for exploration projects. The move is also an attempt by the government to provide companies with an alternative source of capital to China - Canada to extend mineral exploration tax credit for two more years
Panama President Jose Mulino will only take a decision regarding the future of the Cobre Panama mine after he resolves the issue of the country’s social security policy, a supplier of the Cobre Panama mine said after a meeting with the Panamanian president. Abel Oliveros was among a group of suppliers who met with Mulino this week to seek a resolution after public protests led to the closure of the mine. The office of the president did not immediately respond to a request for comment - Panama delays copper mine decision pending social security reform
Want to receive the Chairman's Briefing via email, before markets open?
Disclaimer:
CEO.CA Chairman’s Briefing content and associated news and securities are for educational and illustrative purposes only.?This content should never be considered a recommendation to buy or sell any security or other asset. The source of any third-party content, in which CEO.CA Technologies Ltd. may receive compensation, is clearly and notably identified here as “Sponsored by” or “Sponsored” or “In Partnership With”. The information may not be complete or accurate and is subject to change without notice. CEO.CA Technologies Ltd., its affiliates and clients of CEO.CA Technologies Ltd. or its affiliates may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions. Information regarding the likelihood of various investment outcomes are hypothetical, are not guaranteed for accuracy or completeness, do not reflect actual investment results and are not assurances of future results. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Always do your own research before making any investment decisions. Thank you for reading the Chairman’s Briefing.