3 Beaten Down Gold Stocks – EVN, SAR, SFR

  • Apr 12, 2019 AEST
  • Team Kalkine
3 Beaten Down Gold Stocks – EVN, SAR, SFR

Gold prices fell in the international market, with COMEX Gold Futures sliding from the level of $1307.10 (Day’s high on 11th April 2019) to the level of $1289.10 (Day’s low on 11th April). Below are three gold stocks which plunged on ASX today-

Evolution Mining Limited

The Sydney-based Evolution Mining Limited (ASX: EVN) explores for gold, copper and silver deposits in Australia and New Zealand. On April 12th, 2019, the EVN stock price settled the market session at AUD 3.580, down 2.98%, with a YTD return of 1.37%.

On the prior day, the company announced to have executed an earn-in joint venture agreement with Enterprise Metals Limited (ASX: ENT) for the early-stage highly prospective Murchison exploration containing archaean greenstone gold deposits. Evolution has extended AUD 150,000 as initial cash payment and may earn 80% interest in the project by spending AUD 6 million over four years.

Besides, Evolution and SRG Global (ASX: SRG) implemented an umbrella agreement to extend the terms of the drill and blast operations at the Mt Carlton, Mt Rawdon and Cowal mines. The works are expected to generate ~ $ 78-million revenue for the first three years. The company reported revenues of ~ $ 756.22 million from ordinary activities for the half-year ended December 31st, 2018 with the profit after income tax of $ 91.11 million.

Saracen Mineral Holdings Limited

Saracen Mineral Holdings Limited (ASX: SAR), based in Perth, is a mineral exploration company with a key interest in gold and nickel deposits. Its wholly-owned portfolio of projects includes Carosue Dam operations in the north-east of Kalgoorlie, Thunderbox operations in the Yandal and Agnew-Wiluna belts in the North Eastern Goldfields of Western Australia. On April 12th, 2019, the SAR stock price dived by 3.85% to AUD 2.750 with ~ 4.15 million shares traded. The Blackrock Group increased its shareholding from 7.20% to 8.22% in the company.

Saracen Mineral Holdings recently announced that its March 2019 Quarterly Activities Report would be released on Wednesday, April 17th, 2019 tentatively. Besides, Saracen Mineral’s Non-Executive Director Geoff Clifford stepped down from the position and retired from the Board, effective April 4th, 2019.

According to the financial and operating results for the first half of FY2019 ended December 31st, 2018, the underlying net profit after tax (NPAT) registered a rise of 17% to AUD 43.5 million, from AUD 37.2 million in the prior corresponding period (PCP). The revenue also increased by 15% to AUD 281.9 million.

Sandfire Resources NL

The West Perth-based Sandfire Resources NL (ASX: SFR) develops, explores, and evaluates mineral deposits (gold, silver, copper, volcanogenic massive sulphide deposits) in tenements across Australia and worldwide. On April 12th, 2019, the SFR stock price ended the market trading at AUD 7.120, down 2.87% with ~ 1.84 million outstanding shares. Besides, SFR has generated a positive YTD return of 14.53% so far.

On April 9th, 2019, White Rock Minerals Ltd and Sandfire Resources announced a detailed update on a comprehensive program to explore high-grade zinc and precious metals volcanogenic massive sulphide (VMS) deposits at Red Mountain in central Alaska, beginning mid-April.

An earn-in and joint venture option agreement was signed in March 2019 for the same and would enable Sandfire to earn up to 51% of White Rock’s interest in its Red Mountain Zinc-Silver-Lead-Gold-Copper Project by spending AUD 20 million over four years.

For the six-month period ended December 31st, 2018, the company recorded a sales revenue of $ 272.29 million, primarily from the DeGrussa Copper-Gold Mine and a profit after income tax of $ 70.144 million.


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