Gold Prices Near $3,000 as Inflation Drives 2024 Rally

On Behalf of Opawica Explorations Inc.

Gold prices are continuing their bull run, smashing an all-time high of nearly $2,800 in October, underscoring its role as a hedge against inflation. November could see even more momentum, with inflation data, a crucial Federal Reserve meeting, and global uncertainties potentially driving gold prices toward the $3,000 mark.  Demand for gold has surged so intensely that stores like Costco have seen stockouts, and this rising interest could bring fresh competition among buyers. Given the recent trend, those interested in gold should review their options and stay informed to make the most of this market. Gold exploration and mining companies like Opawica Explorations Inc. (TSXV:OPW) (OTCQB:OPWEF), Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM), Gold Fields Limited (NYSE:GFI), Newmont Corporation (NYSE:NEM) (TSX:NGT), and Alamos Gold Inc. (NYSE:AGI) (TSX:AGI) are positioned to benefit from increased interest, as their ongoing exploration and production efforts align with rising demand in the gold market.

Opawica Explorations Inc. (TSXV:OPW) (OTCQB:OPWEF) is a Canadian junior exploration company focused on advancing precious and base metal projects within the prolific Abitibi Gold Belt in Québec and Newfoundland. 

Leveraging a management team with a successful track record, Opawica’s core mission is to enhance shareholder value through strategic exploration and development practices. The company’s property portfolio includes the Arrowhead, Bazooka, and McWatters projects, all located in highly prospective regions known for rich mineral deposits, particularly gold. Opawica aims to explore these assets cost-effectively, seek new acquisitions, and form partnerships with industry leaders, either through joint ventures or potential sales. 

Recent collaborations, like the one with ALS GoldSpot Discoveries, underscore Opawica’s commitment to identifying high-priority drill targets, strengthening their exploration potential in one of the world’s most productive gold belts.

Opawica Explorations Inc. (TSXV:OPW) (OTCQB:OPWEF) has begun the permitting process to drill 20 newly identified high-potential gold targets on its Bazooka Property in the Abitibi gold camp. The application includes 11 drill pad locations with close-range spacing, enabling the company to initiate drilling on any target as soon as permits are approved.

”We look forward to embarking on an aggressive drill program on the Arrowhead Property once permitting has been granted. We are eager to unlock the potential of this highly prospective property and build on the rich mining history of the region,” said Opawica Explorations CEO Blake Morgan. “With millions of dollars spent on exploration since 2021, the team feels this drill program could be a game changer for the company. We have a wealth of data and our understanding of the structure is much more advanced.”

The 13 drill targets were developed in partnership with ALS GoldSpot Discoveries Ltd. By combining recent and legacy geological, structural, and geochemical data, the team created an integrated 3D geological model and fault network, forming the basis for an informed drilling strategy at Bazooka.

In October, Opawica Explorations Inc. (TSXV:OPW) (OTCQB:OPWEF) begun the drill permitting process for 25 high-potential gold targets at its Arrowhead Property in the Abitibi gold camp. Collaborating with ALS GoldSpot, the team developed a 3D geological model to guide exploration. Positioned near the Cadillac Fault, Arrowhead offers promising prospects in one of Canada’s most prolific gold regions.

Click here for more information about Opawica Explorations (TSXV:OPW) (OTCQB:OPWEF).

Gold Producers See Strong Growth, Record Profits, and New Expansions as Prices Rise

Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) reported record financial results for Q3 2024, driven by strong operational performance, cost management, and high gold prices. Highlights include gold production of 863,445 ounces at a cost of $908 per ounce and all-in sustaining costs (AISC) of $1,286 per ounce. The company posted an adjusted net income of $572.6 million ($1.14 per share) and generated free cash flow of $620.4 million. Agnico Eagle reduced its debt significantly, repaying $375 million in Q3 and increasing its cash position to $977.2 million. Continued exploration success at key projects, including Canadian Malartic and Hope Bay, demonstrates promising resource growth.

Gold Fields Limited (NYSE:GFI) has acquired Osisko Mining’s stake in the Windfall gold project in Quebec, becoming the sole owner. Gold Fields paid C$1.93 billion and stated it retains a strong financial position. CEO Mike Fraser highlighted Windfall’s scale, quality, and location as key assets in Gold Fields’ portfolio. The project is expected to produce 300,000 oz/year at an all-in sustaining cost of $758/oz, making it one of the company’s lowest-cost mines, with a projected 10-year mine life. The current focus is on securing environmental permits and finalizing agreements with local Cree communities, with production anticipated by late 2026 or early 2027.

Newmont Corporation (NYSE:NEM) (TSX:NGT) announced Q3 2024 results, reporting 2.1 million gold equivalent ounces produced and $760 million in free cash flow. The company declared a $0.25 per share dividend and continued its non-core asset divestments, including agreements to sell the Akyem mine in Ghana for up to $1 billion and the Telfer mine in Australia for $475 million. Additionally, Newmont repurchased 9.4 million shares, totaling $500 million, and reduced debt by $233 million. The company expects to meet its 2024 production target, delivering 1.8 million gold ounces at an AISC of $1,475 per ounce in Q4.

Alamos Gold Inc. (NYSE:AGI) (TSX:AGI) has raised its production guidance by over 20% for 2025-2026 following the acquisition of the Magino mine, along with increased 2024 guidance for the Mulatos District. Capital guidance now includes investments in the Puerto Del Aire project and the Phase 3+ Expansion at Island Gold. Consolidated production is expected to rise by 13% in 2024 and over 20% in the following two years, with costs projected to stay well below the industry average. Alamos aims to reach 900,000 ounces annually, driven by growth at Island Gold and efficiencies at Magino.

In October, Opawica Explorations Inc. (TSXV:OPW) (OTCQB:OPWEF) announced a non-brokered private placement aiming to raise up to C$1 million with 6,666,666 units offered at $0.15 each. The funds are allocated to accelerate exploration and drilling at Opawica’s Arrowhead and Bazooka properties in Quebec’s Abitibi Gold Belt, reinforcing the company’s dedication to tapping into the region’s rich resource potential.

Click here for more information about Opawica Explorations (TSXV:OPW) (OTCQB:OPWEF).

Featured Image @ Freepik

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding Opawica Explorations Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Opawica Explorations Inc.’s industry; (b) market opportunity; (c) Opawica Explorations Inc.’s business plans and strategies; (d) services that Opawica Explorations Inc. intends to offer; (e) Opawica Explorations Inc.’s milestone projections and targets; (f) Opawica Explorations Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Opawica Explorations Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Opawica Explorations Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Opawica Explorations Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Opawica Explorations Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Opawica Explorations Inc.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Opawica Explorations Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Opawica Explorations Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Opawica Explorations Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Opawica Explorations Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Opawica Explorations Inc.’s business operations (e) Opawica Explorations Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Opawica Explorations Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Opawica Explorations Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Opawica Explorations Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Opawica Explorations Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Opawica Explorations Inc. or such entities and are not necessarily indicative of future performance of Opawica Explorations Inc. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Yvan Bussieres, P. Eng, at Opawica Explorations Inc. as the Qualified Person for the Company as defined in National Instrument 43-101.

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