TSX dips, Dec. 27-Dec. 31

The S&P/TSX Composite Index fell 6.9 points or 0.03% to finish the December 27-December 31 trading week at 21,222.80. The S&P/TSX Global Mining Index rose 0.02 points or 0.02% to 103.94 and the S&P/TSX Global Base Metals Index lost 0.32 points or 0.18% to178.12. The S&P/TSX Global Gold Index gained 3.21 points or 1.11% to finish at 291.99 and spot gold US$20.60 per oz. or 1.14%, to US$1,829.80 per ounce.

Triple Flag Precious Metals gained $1.23 to $15.19 per share. The company announced on December 24 a US$4.9 million acquisition of three pre-existing 2% net smelter return royalties on each of the Aster 2, Aster 3, and Helada properties from a private third party that “are proximal” to Gold Fields’ Salares Norte gold project in Chile. The company said the properties “cover prospective exploration ground that Gold Fields has been exploring.” The royalties include buy-down provisions that would decrease the amount of each NSR royalty from 2% to 1%. If the buy-down provisions are exercised, Triple Flag said, the amount it would receive would be US$2 million for the Aster 2 royalty and US$4 million for each of the Aster 3 and Helada royalties. The company closed its initial public offering in May 2021, and has 78 assets, including nine streams and 69 royalties.

Solaris Resources jumped $1.08 to $16.94 per share. The company announced assay results from a series of additional holes from resource and exploration drilling programs at its Warintza project in southeastern Ecuador. Highlights included 868 metres grading 0.58% copper-equivalent starting from 28 metres in hole SLS-37; 244 metres of 0.70% copper-equivalent from 58 metres downhole in SLS-38; and 915 metres grading 0.56% copper-equivalent from 90 metres depth, including 368 metres of 0.73% copper-equivalent, in drillhole SLS-39. “These latest results continue to expand the dimensions of Warintza Central to the south and southeast where it remains open,” Jorge Fierro, the company’s vice-president of exploration, stated in a news release. “Our next series of holes will target extensions to the north and northeast. In January, we are looking forward to the results of the first-ever drilling at Warintza South, where are targeting the fourth major discovery within the 7 km by 5 km cluster of copper porphyries on this property.”

Shares of Barrick Gold were the second most actively traded of the week and rose 24¢ to $24.05. On December 29 the gold major reported that its North Mara mine in Tanzania had achieved its commitment to bring the operation’s tailings storage facility pond back within its permitted design capacity before the end of 2021. Barrick spent over US$65 million on the project, increasing the water treatment plant’s capacity 16-fold from 2.5 million liters per day to 40 million litres per day. The addition of a brine treatment plant has also lowered the volume of salts in the effluent water, enabling it to be stored safely, the company said.