Gold prices are approaching all-time highs and there is little doubt that multiple new all-time highs will be made over the next 18-month period. JPMorgan analysts predict gold prices will surpass $2,000 per ounce by the end of this year and Bank of America analysts expect the gold price to reach $3,000 per ounce in 2021. Below is a list of the top small cap gold producers:
1) INCA ONE GOLD (TSX.V: IO) (OTC: INCAF)
Inca One Gold is a junior gold producer with two processing facilities in Peru. Hard rock miners throughout the country ship their gold-bearing material to Inca One’s milling facilities. Inca One buys the gold-bearing material at a discount to the spot price of gold and then processes and ships gold doré bars to buyers throughout the world. Inca One produced more than 25,000 ounces of gold in 2019 and has enjoyed four consecutive years of increasing production. Over the last five years the Company has generated over US$100 million in revenue, including US$35 million in sales during 2019 alone.
2) FIORE GOLD (TSX.V: F) (OTC: FIOGF)
Fiore Gold operates the Pan Mine in Nevada, an open-pit heap leach mine. Fiore acquired the mine out of bankruptcy in 2016. In it most recent production quarter at the Pan mine, Fiore produced 12,085 ounces of gold at all-in sustaining costs of $1,196 per ounce. Fiore also owns the Golden Eagle project in Washington State, where is recently announced a historical resource estimate that outlined two million ounces of gold. Fiore currently has a market cap of around C$114 million.
3) MCEWEN MINING (NYSE: MUX)
McEwen Mining is a diversified gold and silver production company with operating mines in Nevada, Canada, Mexico and Argentina. McEwen produced 29,200 ounces of gold and 553,2000 ounces of silver in the first quarter of 2020. For the quarter, the company generated a consolidated net loss of -C$99.2 million, mostly due to an impairment charge for its Gold Bar mine in Nevada. McEwen Mining currently has a market cap of our US$400 million.
4) KARORA RESOURCES (TSX: KRR)
Karora Resources operates the integrated Beta Hunt Gold Mine and Higginsville Gold Operations in Western Australia. In Q1 2020 the company produced 24,816 ounces of gold at Higginsville. Karora also holds a 28% interest in a nickel joint venture that owns the Dumont Nickel-Cobalt Project located in the Abitibi region of Quebec.
5) K92 MINING (TSX.V: KNT)
K92 Mining owns the Kainantu Gold Mine in the province of Papua New Guinea. The Company produced 26,847 gold equivalent ounces in Q2 2020. K92 declared commercial production from Kainantu in February 2018 and has commenced an expansion of the mine.
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