Going for the Gold - What's Next for Canada's Gold Producer's as Gold Hits New Highs

Rhea-AI Summary

As gold prices hit new highs, Canadian gold miners are making significant strides in the market. ESGold Corp. (ESAUF) announced the delivery of Humphrey spiral concentrators to its Montauban site in Quebec, marking progress toward production. The system can process 1,000 tonnes per day of historic tailings for mica concentrate while recovering gold and silver. The company expects to begin production by year-end 2025. The press release also highlights performance of major Canadian gold producers: Barrick Mining reported 758,000 ounces of gold production with net earnings up 59% year-on-year, Kinross Gold produced 512,088 gold equivalent ounces with margins increasing 67% to $1,814 per ounce, and B2Gold achieved 192,752 ounces of production with cash operating costs of $832 per gold ounce. Canada ranks fourth globally, contributing 6.7% of global mine production in 2023.

Positive

• ESGold's gravity separation circuit installation progressing on schedule for year-end 2025 production
• Barrick's net earnings increased 59% year-on-year with $1.2B operating cash flow
• Kinross Gold's margins increased 67% to $1,814 per Au eq. oz sold
• B2Gold exceeded production budgets with $244M operating cash flow
• Gold has surpassed passenger vehicles as Canada's second largest export

Negative

• None.

Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - May 28, 2025) - Investorideas.com, a global investor news source covering mining and metals stocks, releases a mining snapshot looking at recent news from Canadian gold miners in production and pre-production as gold prices rise, featuring ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) (FSE: Z7D), a fully permitted, pre-production resource company at the forefront of clean mining and exploration innovation.

ESGold Corp. (CSE: ESAU)

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Gold production plays a key role in Canada's economy and Mining.com reporting on the recently released report from the Canadian Mining Industry in May noted, "Rising commodity prices have boosted the value of gold, with the industry now surpassing passenger vehicles as Canada's second largest export, and Canada's mineral product exports are reaching new records, driven largely by its gold production, the report found."

According to recent data from Natural Resources Canada, the top five gold-producing countries accounted for 45% of the world's annual gold output in 2023. Canada ranked fourth, with 6.7% of global mine production.

Getting closer to gold production, ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) (FSE: Z7D) just announced the successful delivery of its Humphrey spiral concentrators to the Montauban site in Quebec.

From the news:

These spirals complete the full gravity separation circuit—an essential piece of infrastructure that brings ESGold one step closer to production.

The circuit is designed to process up to 1,000 tonnes per day (TPD) of historic tailings into a marketable mica concentrate, while also recovering gold and silver through ESGold's integrated processing flow.

The installation of the gravity separation system is a foundational step in ESGold's transition from development to production, as it moves toward becoming one of Canada's next gold and silver mining companies. The Humphrey Spirals are industry-standard gravity concentrators that utilize centrifugal force and fluid dynamics to separate lighter waste material from heavier, valuable minerals such as mica, gold, and silver. Widely used in mineral processing operations around the world, these systems are known for their efficiency, low operating cost, and ability to operate without chemical reagents – making them ideal for high-throughput tailings reprocessing. This system will process the Montauban tailings into a clean, marketable mica concentrate, while recovering residual gold and silver values using the Company's integrated processing approach.

Combined with existing infrastructure, this equipment establishes the backbone of the Company's tailings-to-cash flow model, enabling production of valuable industrial minerals with a minimal environmental footprint. 

"The delivery of our gravity separation circuit marks a tangible step as we accelerate toward production," said Paul Mastantuono, CEO of ESGold. "With boots on the ground, key equipment on site, and construction progressing on schedule, there is a high level of excitement across the company. It's one thing to plan for production-it's another to physically see it coming together for our shareholders."

Next Steps

• Updated Preliminary Economic Assessment (PEA): Coming soon, expected to outline enhanced project economics based on current metal prices

• Circuit Assembly & Integration: On-site installation of the gravity system and final mechanical alignment

• First Production: Remains on track for year-end 2025

• Exploration Update: ANT survey interpretation and 3D geological model release expected in the coming weeks

This milestone underscores ESGold's steady progress toward near-term production and revenue generation. With construction advancing, key infrastructure in place, and an updated PEA forthcoming, the Company remains focused on delivering value through disciplined execution and operational readiness.

With proven expertise in Quebec, the Company is advancing its Montauban Gold-Silver Project toward near-term production while delivering long-term value through sustainable resource recovery and strategic exploration. The Montauban Project, located 80 km west of Quebec City, combines production-readiness with untapped district-scale exploration potential.

Video - Complete Gravity Separation Circuit Delivered to Montauban as ESGold Advances Toward Production

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https://www.youtube.com/watch?v=RU6pHXD4-1s

Looking at news from some of the top Canadian gold mining stocks in Canada, earlier this month, Barrick Mining Corporation reported a solid start to the financial year, making significant headway on its long-term strategy and advancing its global portfolio of Tier One gold and copper assets.

From the news:

Net earnings per share increased 59% year-on-year to $0.27 with adjusted net earnings per share growing by 84% year-on-year to $0.35. Operating cash flow of $1.2 billion was also up 59% while free cash flow of $375 million improved materially compared to Q1 2024, driving net debt reduction of 5% over the quarter. The Board again approved a quarterly dividend of $0.10 per share while the Company repurchased $143 million of its shares, consistent with its commitment to shareholder returns.

Gold production of 758,000 ounces was at the top end of guidance with copper production increasing to 44,000 tonnes year-over-year on improved costs. The average realized gold price for the quarter of $2,898 per ounce, up 40% from the prior year, supported stronger margins despite ongoing expansion work at Pueblo Viejo and planned maintenance at Nevada Gold Mines—initiatives that will position both mines for a stronger output next quarter and the rest of the year. Full-year guidance for both gold and copper remains unchanged.

President and CEO Mark Bristow said that during the quarter, Barrick significantly advanced several key growth projects. "At Reko Diq and Lumwana, owner teams have been mobilized, long-lead items secured, and Fluor and Hatch appointed as engineering partners, respectively. These projects will materially grow Barrick's copper and gold production and support our goal to organically grow our gold-equivalent ounces by 30% by the end of the decade. We also progressed with the Pueblo Viejo ramp up and tailings expansion-critical to unlocking its full value-and transitioned Fourmile to prefeasibility with 16 rigs now active, targeting high-confidence substantial resource additions," he said.

Kinross Gold Corporation also announced its results for the first quarter ended March 31, 2025 in early May.

From the news:

2025 first-quarter highlights:

• Production1 of 512,088 gold equivalent ounces (Au eq. oz.)

• Production cost of sales of $1,043 per Au eq. oz. sold and attributable production cost of sales of $1,038 per Au eq. oz. sold

• Attributable all-in sustaining cost of $1,355 per Au eq. oz. sold

• Operating cash flow of $597.1 million

• Attributable free cash flow of $370.8 million

• Margins increased by 67% to $1,814 per Au eq. oz. sold, outpacing the rise in the average realized gold price

J. Paul Rollinson, CEO, made the following comments in relation to 2025 first-quarter results:

"We had an excellent start to the year built on our continued strong operational performance and disciplined cost management, and are well positioned to meet our annual guidance. The Company delivered a 67% increase in margins to $1,814 per ounce sold compared with Q1 2024, significantly outpacing the 38% increase in the gold price over the same period. As a result, we generated over $370 million of free cash flow, more than double over Q1 2024."

B2Gold Corp. announced its operational and financial results for the first quarter of 2025 on May 7^th.

From the news:

2025 First Quarter Highlights

Gold production of 192,752 ounces in Q1 2025: Consolidated gold production in the first quarter of 2025 was 192,752 ounces, higher than expected. All B2Gold operations exceeded production budgets in the first quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the second quarter of 2025.

Consolidated cash operating costs of $832 per gold ounce produced in Q1 2025: Consolidated cash operating costs were $832 per gold ounce produced ($880 per gold ounce sold) during the first quarter of 2025. Cash operating costs per ounce produced for the first quarter of 2025 were lower than expected as a result of lower than expected fuel costs and higher than expected gold production.

Consolidated all-in sustaining costs of $1,533 per gold ounce sold in Q1 2025: Consolidated all-in sustaining costs were $1,533 per gold ounce sold during the first quarter of 2025.

Consolidated all-in sustaining costs for the first quarter of 2025 were lower than expected due to lower than expected total consolidated cash operating costs per gold ounce sold and lower than expected sustaining capital expenditures.

Attributable net income of $0.04 per share; adjusted attributable net income of $0.09 per share in Q1 2025; net income attributable to the shareholders of the Company of $58 million, or $0.04 per share; adjusted net income, attributable to the shareholders of the Company of $122 million, or $0.09 per share.

Operating cash flow before working capital adjustments of $244 million in Q1 2025: Cash flow provided by operating activities before working capital adjustments was $244 million, or $0.19 per share, in the first quarter of 2025.

Outlook

The Company is pleased with its positive first quarter of 2025 operating and financial results. The Company is on track to meet its 2025 total gold production guidance of between 970,000 and 1,075,000 ounces.

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FAQ

What is ESGold's (ESAUF) production timeline for the Montauban project?

ESGold expects to begin production at the Montauban project by year-end 2025, with their gravity separation circuit currently being installed to process 1,000 tonnes per day.

How much gold did Barrick Mining produce in Q1 2025?

Barrick Mining produced 758,000 ounces of gold in Q1 2025, achieving the top end of their guidance with a realized gold price of $2,898 per ounce.

What was Kinross Gold's (KGC) margin increase in Q1 2025?

Kinross Gold's margins increased by 67% to $1,814 per gold equivalent ounce sold, outpacing the 38% increase in gold price compared to Q1 2024.

What is Canada's position in global gold production as of 2023?

Canada ranked fourth globally in gold production, accounting for 6.7% of world's annual gold output in 2023.

What was B2Gold's production and operating costs in Q1 2025?

B2Gold produced 192,752 ounces of gold with cash operating costs of $832 per gold ounce produced and all-in sustaining costs of $1,533 per gold ounce sold.