Source: Streetwise Reports
November 17, 2023 (Investorideas.com Newswire) NevGold has released its first Sustainability Report. Read on to see why analysts like this company's stocks.
According to the press release, the highlights of the report are the company's good performance related to health and safety, as the company had no medical aid injuries, lost time injuries, or fatalities, and the company provided 250 hours of training related to health, safety, and emergency response. The press release stated that the company recycled 99% of the water it used in exploration and reclaimed 100% of land affected by ongoing drill campaigns.
The company also reported that the entirety of its on-site staff was hired inside the country, and 68% from local communities, and that it reached significant diversity and inclusion goals, with 43% of its Executive and Senior Management being women and 50% of the company's board being ethnically diverse.
The CEO of NevGold's subsidiary, GoldMining, Alastair Still, commented: "Sustainability, specifically acting as a steward to the environment and our communities, is a core principle to the way we do business and has been foundational to our strategy as we have accelerated the exploration and advancement of several of our key properties, positioning us for exceptional growth."
Gold Looking Up
Technical Analyst Clive Maund reviewed the gold market in October, where he judged that gold unlikely to lose steam: "It is hardly likely that gold's nominal price in dollars will drop significantly - on the contrary, it can be expected to break out to the upside and ascend to unimaginable heights."
Rick Mills of Ahead of the Herd also wrote about the gold market recently, where he stated that he believes that gold is also on the rise. Mills commented that central banks were still driving much of the demand for gold and that demand for jewelry was also a factor.
Mills believes that there is a significant gap between supply and demand for gold that is being disguised by the demand for recycled gold jewelry: "When we strip jewelry cycling from the equation, 1,144.1t, we get an entirely different result. i.e., 4,741 tonnes of demand minus 3,611.9t of mine production leaves a deficit of 1,129.1t."
An Immediate Strong Buy for All Timeframes
Caesar's Report reviewed the company on September 6, 2023, where it provided a look at the company's recent activity on its flagship property, Nutmeg Mountain.
The report said, "It is very impressive to see NevGold was able to already increase this resource with less than 12 months working on the project."
It also noted that there had been positive advancements on the company's other properties, such as the updated technical report on Limousine Butte and the creation of a subsidiary company on the Ptarmigan silver project.
Technical Analyst Clive Maund reviewed the company in March of 2023 and rated it as "an Immediate Strong Buy for all timeframes."
According to Maund, "We can see that it is in the very late stages of a Cup & Handle base with this interpretation of what is going on being very strongly supported by the powerfully bullish volume pattern of recent weeks."
Maund continued to cite the entry price of the stock and the accumulation line as positives of the company.
Ownership and Share Structure
Reuters has provided a breakdown of the company's ownership and share structure, where management and insiders own 19.2% of the company.
According to Reuters, Non-Executive Chair Giulio T. Bonifacio owns 6.83% of the company with 4.63 million shares, President and CEO Brandon Gennaro Bonifacio owns 6.47% of the company with 4.38 million shares, Independent Director Gregory French owns 1.62% of the company with 1.10 million shares, Independent Director Timothy Dyhr owns 1.37% of the company with 0.93 million shares, Independent Director Victor H. Bradley owns 1.33% of the company with 0.90 million shares, Independent Director Morgan Hay owns 1.25% of the company with 0.85 million shares, and Executive Vice President Robert T. McKnight owns 0.33% of the company with 0.22 million shares.
Reuters reports no institutional investors, but GoldMining Inc., a subsidiary of NevGold and a strategic investor, owns 24.60% of the company with 16.67 million shares.
According to Reuters, there are 67.76 million shares outstanding and 38.07 million free float traded shares, while the company has a market cap of CA$14.59 million, and it trades in the 52-week period between CA$0.25 and CA$0.49.
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