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VANCOUVER, BC, Dec. 31, 2024 /CNW/ – (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has decreased by 2,809,587 to 774,102,971 common shares with voting rights as of December 31, 2024. The decrease in the number of issued and outstanding shares from December 1, 2024 to date is the result of share buy backs completed under the normal course issuer bid, offset by the exercise of employee stock options or the vesting of employee share units.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on December 31, 2024 at 14:30 Pacific Time.

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

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Lupaka Gold Corp

VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka" or the “Company") (TSX-V: LPK, FRA: LQP) has received an update from the Arbitral Tribunal regarding the Company’s ongoing Arbitration Claim against the Republic of Peru.

In the update, the Tribunal advised that work on the ruling has continued since the last update, and completion of the English text is nearing the final stage. Considering the time necessary to finalize the ruling for dispatch in the two procedural languages, the Tribunal presently estimates that it will be in a position to dispatch its ruling to the Parties in the course of the first quarter of 2025.

Gordon Ellis (CEO) commented “Although the amount of time that the arbitration process has taken so far seems protracted, our legal counsel assures us that it is not abnormal. Considering that it has now been five years since the initiation of the arbitration, another couple of months for receipt of the final ruling is a relatively short time frame to await the Tribunal’s ruling.”

For ongoing updates and more detail with respect to the arbitration, please refer to the Company’s website (www.lupakagold.com/projects/arbitration).

For background on the basis for the Claim, please refer to the Company’s previous news releases, also available on the Company’s website (www.lupakagold.com/news/#2020).

Lupaka is represented in the arbitration proceedings by the international law firm LALIVE (www.lalive.law) and Boies Schiller Flexner (www.bsfllp.com), and has the financial backing of Bench Walk Advisors (www.benchwalk.com).

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold

Lupaka is a Canadian-based company focused on creating shareholder value through identification and development of mining assets.

About LALIVE

LALIVE is an international law firm with offices in Geneva, Zurich and London, that specializes in international dispute resolution. The firm has extensive experience in international investment arbitration in the mining sector, amongst others, and is currently representing investors and States as counsel worldwide.

About Boies Schiller Flexner

Boies Schiller Flexner is a firm of internationally recognized trial lawyers, crises managers, and strategic advisers known for creative, aggressive, and efficient pursuit of successful outcomes for their clients.

About Bench Walk Advisors

Bench Walk Advisors is a global litigation financier with over USD 250 million of capital deployed across in excess of 100 commercial cases. Bench Walk and its principals have consistently been ranked as leading lawyers and litigation funders in various global directories.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

Harmony Gold Mining Company Limited HMY stock looks attractive from a valuation perspective. HMY is currently trading at a forward price/earnings of 6.8X, a roughly 46.7% discount when stacked up with the Zacks Mining – Gold industry’s average of 12.75X. It also has a Value Score of A.HMY is currently trading at a roughly 24.6% discount to its 52-week high of $12.29, reached on Oct. 22, 2024, as gold prices catapulted to new highs on U.S. election uncertainties and heightened geopolitical tensions. Harmony’s cheap valuation should lure investors seeking value. But is the time right to buy HMY’s shares based on its attractive valuation? Let’s delve deeper.

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HMY Stock Outperforms Industry and S&P 500

Thanks to the rally in gold prices, HMY’s shares have surged 50.6% year to date, outperforming the industry’s rise of 21.3% and the S&P 500’s increase of 25.7%. Its peers, Gold Fields Limited GFI and DRDGOLD Limited DRD have racked up a gain of 1.7% and 22.1%, respectively, over the same period.

HMY’s YTD Price PerformanceZacks Investment Research

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Technical indicators show HMY stock eclipsed its 200-day simple moving average (SMA) on Nov. 18, 2024, following a momentary pullback since Nov. 13 as gold prices retreated due to a strengthening U.S. dollar. The stock, for the most part, has traded above the 200-day SMA this year. However, Harmony is currently trading below the 50-day SMA. Nevertheless, the 50-day SMA continues to read higher than the 200-day SMA, indicating a bullish trend.

HMY Trades Below 50-Day SMAZacks Investment Research

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Wafi-Golpu & Eva Copper Projects Underpin HMY’s Growth

Harmony is South Africa's biggest gold producer by volume, with production of roughly 1.56 million ounces in fiscal 2024. It has a diverse portfolio of gold development projects spread across South Africa and Papua New Guinea (PNG). The company’s development projects currently in progress include the development of the Wafi-Golpu copper-gold project in PNG and the Eva Copper project in Australia. The Wafi-Golpu project is believed to be a game-changer for the company, with an estimated reserve of 13 million ounces of gold. HMY is currently in negotiations with its joint venture partner Newmont Corporation NEM and the PNG Government regarding the terms of a Mining Development Contract, which is required for a Special Mining Lease.The low-risk Eva Copper project in Australia offers additional upside, giving HMY a significant global copper-gold footprint. HMY acquired Eva Copper in 2022, adding a tier-one mining jurisdiction to its portfolio. The acquisition is in line with HMY’s objective of transitioning into a low-cost gold and copper mining company. The feasibility study update for the project is currently underway. HMY has received a conditional grant funding from the Queensland government, which will help accelerate the development of this project. It is subject to several conditions, including HMY reaching a positive final investment decision by January 2026. Eva Copper is expected to produce 50,000-60,000 tons of copper per annum.

Rallying Gold Prices to Drive HMY’s Profitability

Gold has been among the best-performing assets this year. Prices of the yellow metal have rallied roughly 27% this year, driven by strong demand from central banks, a dovish Fed interest rate outlook, global uncertainties and a surge in safe-haven demand thanks to increased tensions in the Middle East. While a stronger U.S. dollar weighed on the yellow metal recently, gold prices are regaining strength on heightened uncertainty over the Russia-Ukraine conflict. Prices are also likely to gain support on prospects of another rate cut in December. HMY’s adjusted earnings surged 120% year over year in fiscal 2024 on an 11% rise in average gold prices. In first-quarter fiscal 2025, HMY recorded a roughly 25% increase in average gold prices received to $2,356 per ounce. Higher gold prices should boost HMY’s profitability and drive cash flow generation.

Harmony Gold’s Solid Financial Health Bodes Well

Harmony boasts a strong balance sheet and generates substantial cash flows, which allows it to finance its development projects and drive shareholder value. Its net cash increased roughly 129% to $362 million at the end of first-quarter fiscal 2025 from $158 million at the end of fiscal 2024. The company ended the first quarter with solid liquidity of $910 million. Its operating free cash flow also climbed 60% year over year to $288 million in the quarter, driven by higher average gold prices. HMY also has a dividend policy to pay 20% of net free cash generated to shareholders at its board’s discretion.

Higher Costs Strain HMY’s Margins

Harmony, like most miners, is exposed to higher costs, which are likely to weigh on its margins over the near term. Labor and electricity remain the largest component of its cost structure. It saw a roughly 19% surge in all-in-sustaining costs (in dollars) in the first quarter of fiscal 2025 due to higher labor costs and winter tariffs on electricity. Total cash costs also climbed 18% year over year in the quarter. Total cash operating costs (in dollars) also rose around 4% year over year in full-year fiscal 2024. HMY saw a 21% increase in electricity costs in fiscal 2024 due to higher annual tariffs charged by Eskom. While the company is implementing various energy-saving initiatives and launching a renewable energy program, the burden of higher electricity costs is unlikely to abate over the near term due to higher tariffs.

HMY’s FY25 Earnings Estimates Moving Lower

Earnings estimates for HMY for fiscal 2025 have been going down over the past 60 days. The Zacks Consensus Estimate for fiscal 2026 has been revised upward over the same time frame. Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

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How Should Investors Play the HMY Stock?

Harmony is advancing several key development projects, including Wafi-Golpu and Eva Copper, which are expected to enhance production and expand its international footprint. The acquisition of Eva Copper aligns with the company’s goal of transitioning into a low-cost gold and copper producer. Rallying gold prices are also expected to drive HMY’s performance. Solid liquidity and effort to drive cash flow also augur well. Despite HMY’s attractive valuation, its high electricity and labor costs warrant caution. Therefore, holding onto this Zacks Rank #3 (Hold) stock will be prudent for investors who already own it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Newmont Corporation (NEM) : Free Stock Analysis Report

Gold Fields Limited (GFI) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

DRDGOLD Limited (DRD) : Free Stock Analysis Report

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Investors with an interest in Mining – Gold stocks have likely encountered both Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Harmony Gold and Franco-Nevada are sporting Zacks Ranks of #1 (Strong Buy) and #2 (Buy), respectively, right now. This means that HMY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 8.16, while FNV has a forward P/E of 40.54. We also note that HMY has a PEG ratio of 0.50. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FNV currently has a PEG ratio of 22.03.

Another notable valuation metric for HMY is its P/B ratio of 3.05. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, FNV has a P/B of 4.34.

These metrics, and several others, help HMY earn a Value grade of A, while FNV has been given a Value grade of F.

HMY stands above FNV thanks to its solid earnings outlook, and based on these valuation figures, we also feel that HMY is the superior value option right now.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

Franco-Nevada Corporation (FNV) : Free Stock Analysis Report

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Gold (GC=F) was hovering at a record high around $2,700 per ounce on Wednesday and silver was trading near 12-year highs, with the US presidential election between Kamala Harris and Donald Trump just days away and most investors expecting another rate cut at the Federal Reserve's next meeting on Nov. 7.

Gold

This week, Goldman Sachs analysts predicted gold will rise about 10% to $3,000 by December 2025 due to physical gold demand from central banks, investors pouring into exchange-traded funds (ETFs) backed by physical gold, and speculative positioning.

"History suggests that gold positioning tends to rise with uncertainty and when investors seek safe havens," wrote Goldman Sachs' Lina Thomas and Daan Struyven.

Retail investors wanting to get in on the precious metals action have several options, from owning physical gold to investing in mining companies. Here are some:

Physical gold and silver

"For gold, as well as silver, buying the physical asset is the safest and most reliable way," said Alex Ebkarian, co-founder and COO of Allegiance Gold.

Ebkarian said investors should have a mid- to long-term outlook for their return on investment, as well as understand there are storage and transportation fees if the gold is stored outside the home such as at a secure depository. There is also an upfront premium cost paid during acquisition.

"When it comes to investing in bars, I suggest starting at the 1 oz with well-known brands such as PAMP Suisse, Valcambi," he said.

Physical purchases can be made from local dealers, online platforms, and even big box retailer Costco (COST), though the latter doesn't purchase any back from customers.

Buying coins also carries a premium — from the most common ones to the rarest collectibles.

"When it comes to coins, it is best to focus on products from the world’s top four sovereign mints: US Mint, the Royal Canadian Mint, the Perth Mint, and the Royal Mint. They produce investment-grade coins that are highly sought after and extremely liquid. Diversifying your holdings provides you more flexibility and options in the future," said Ebkarian.

The most popular for both gold and silver is the 1 oz. American Eagle.

"American Eagle 1 oz. coins are the most liquid, traded, and recognized bullion coins in the world. Those are in great demand,” said Scott Travers, executive editor of COINage Magazine and author of the Coin Collector's Survival Manual.

Travers said consumers should make sure coins are verified through one of the industry's main three grading agencies or buy a tester to verify them.

Gold bars on display at a gold jewelry store in Oct. 1, Hangzhou, Zhejiang Province of China. (Ni Lifang/VCG via Getty Images) (VCG via Getty Images)Gold and silver ETFs

Another way to gain exposure to gold or silver is through ETFs that track the price of the commodity.

The iShares Silver Trust (SLV) and Physical Silver Shares ETF (SIVR) are both up about 42% since the start of the year, while SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are each up about 34% year to date.

Global physically backed gold ETFs saw their fifth consecutive monthly inflow in September, attracting $1.4 billion, according to the World Gold Council.

"The main advantage of gold ETFs is that they closely follow gold prices, making them simple to buy and sell, and don’t require physical storage. But ETFs charge management fees, and their prices can fluctuate with market conditions beyond just the changing value of gold," Peter C. Earle, senior economist at the American Institute for Economic Research, told Yahoo Finance.

Gold and silver mining stocks

"There is a case to be made for retail investors to invest in gold and silver through mining stocks," said Warwick Smith, CEO and director of American Pacific Mining Corp (USGD.CN).

"Even with competition from critical metals like copper, gold remains everyone’s top pick in 2024 and will continue to be the best-performing asset in the commodity markets into next year," he added.

Year to date, the VanEck Gold Miners ETF (GDX), composed of companies involved in discovering, mining, and refining gold or silver, is up 33% versus gold's 29% rise during the same period. Miners have played catch-up this year as a broader five-year period shows physical gold has performed far better.

Some experts warn the tangential route to investing in gold adds an element of company risk beyond what comes with the commodity itself.

"Shares of gold-related companies carry all of the risk of adverse movements in the price of gold in addition to the risks of corporate management: operational challenges and company-specific factors," said Earle.

The largest miner, New Gold (NGD), is up roughly 95% year to date, while Chicago-based Coeur Mining (CDE) is up roughly 110% during the same period. South African Harmony Gold (HMY) is up about 85% since the start of 2024.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Harmony Gold (HMY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

Harmony Gold is a member of the Basic Materials sector. This group includes 235 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Harmony Gold is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for HMY's full-year earnings has moved 7.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, HMY has returned 76.3% so far this year. Meanwhile, the Basic Materials sector has returned an average of -0.8% on a year-to-date basis. This means that Harmony Gold is performing better than its sector in terms of year-to-date returns.

Another stock in the Basic Materials sector, New Gold (NGD), has outperformed the sector so far this year. The stock's year-to-date return is 88.4%.

Over the past three months, New Gold's consensus EPS estimate for the current year has increased 7.8%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Harmony Gold belongs to the Mining – Gold industry, which includes 38 individual stocks and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 25.5% this year, meaning that HMY is performing better in terms of year-to-date returns. New Gold is also part of the same industry.

Investors with an interest in Basic Materials stocks should continue to track Harmony Gold and New Gold. These stocks will be looking to continue their solid performance.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

New Gold Inc. (NGD) : Free Stock Analysis Report

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Lupaka Gold Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that the Company has closed the non-brokered private placement (the “Closing”) previously announced on October 8, 2024 (the “Placement”).

At the Closing, the Company issued 1,500,000 units at a price of $0.05 per unit for gross proceeds of $75,000. Each unit consists of one common share (“Share”) and one transferable common share purchase warrant (“Warrant Share”) entitling the holder to purchase an additional common share of the Company at a price of $0.10 for a period of three years from the Closing (a “Unit”). All Shares issued and Warrant Shares (if exercised prior to March 2, 2025) are subject to a hold period expiring four months plus one day from the Closing in accordance with applicable securities laws. Closing of the Placement is subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange.

Gordon Ellis, President and CEO of the Company acquired 200,000 Units of the Placement. His participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units issued to Mr. Ellis, or the consideration paid, exceeded 25% of the Company’s market capitalization. No finders’ fees were paid, and the proceeds of the Placement will be used to fund property research and general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.

gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

Spotify stock is near a buy point and all-time highs while two other stocks are in buy zones. One makes the glass for Apple iPhones.

Lupaka Gold Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 08, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. (“Lupaka Gold” or the “Company”) (TSX-V: LPK, FRA: LQP) announces that it intends to complete a non-brokered private placement (the “Placement”), to raise gross proceeds of up to $75,000.

The Company plans to issue up to 1,500,000 units at a price of $0.05 per unit. Each unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.10 for a period of three years from closing.

Insiders of the Company will be participating in the Placement. Gordon Ellis, President and CEO of the Company and Darryl Jones, Chief Financial Officer, are each acquiring 200,000 Units in the Private Placement. Their participation is considered to be a “related party transaction”. However, the Private Placement transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units issued to Mr. Ellis and Mr. Jones, or the consideration paid, exceeds 25% of the Company’s market capitalization. No finders’ fees are expected to be paid. The proceeds of the Placement will be used to fund property research and general working capital. Additionally, the Company further confirms that there are no undisclosed Material Changes.

Final closing is expected to occur before the end of October, 2024, subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. The shares and Warrants issued in the Placement are subject to a four-month hold period.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

Goliath Resources Limited

TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed the final tranche of its previously announced non-brokered flow through financing for an aggregate $16,120,500 raised from the first and final tranches. Of note, several strategic cornerstone shareholders either initiated a new position or increased their holdings in Goliath (see About Goliath Resources below).

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are delighted to have received significant ongoing financial support from institutional investors Crescat Capital, and a Singapore based Global Commodity Group. In addition, we are very pleased that mining legend Rob McEwen has participated for his third investment into Goliath. We would also like to welcome Larry Childress as a new shareholder with his sizable initial investment into Goliath. We are proud that these strategic cornerstone investors have recognized the high-quality of our gold discovery at Surebet in the Golden Triangle of British Columbia, a prolific mining camp located in a geo-political safe and mining friendly jurisdiction. The investments from these strategic cornerstone investors have enabled us to increase our drilling from a planned 15,000 meters program up to 36,000 meters. With all the visible gold we are seeing in drill core and initial assay results reported, our 2024 drilling campaign has been our most successful to date. We look forward to reporting assays once received, compiled and interpreted.”

Offering Details

The non-brokered private placement was a combination of: (i) Charity Flow-Through shares (CFT) which were sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) which were sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first and final tranche consisted of a total of 6,237,257 CFT shares for proceeds of $12,318,582 and 2,640,221 FT shares for proceeds of $3,801,918 for aggregate proceeds of $16,120,500.

The Company intends to use the proceeds for exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

The proceeds from the CFT and FT offering will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.

Goliath paid finders' fees on certain orders comprising of 6% cash and 6% finder warrants (12 months at $1.26 or $1.44). There was 6% cash paid totaling $292,184 and 6% finder warrants issued for a 12 month period totaling 164,249 (128,835 finder warrants priced at $1.26 and 35,413 finder warrants priced at $1.44), subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects have excellent infrastructure near by and located in a world class geological setting as well as geopolitical safe jurisdiction amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization representing a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott, Mr. Larry Childress, and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

We recently published a list of 8 Cheap Gold Stocks To Buy According to Hedge Funds. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other cheap gold stocks to buy according to hedge funds.

Gold has been on an impressive rally in 2024, positioning itself as one of the best-performing assets of the year. This surge is largely driven by various macroeconomic factors, including central bank policies and geopolitical uncertainty. According to a report by Reuters, major banks expect the gold bull run to extend into 2025 due to a combination of strong physical demand from China and substantial inflows into exchange-traded funds (ETFs). J.P. Morgan analysts noted that the revival of large ETF inflows, which had been absent since April 2022, is crucial for sustaining the rally. The U.S. Federal Reserve’s recent decision to initiate a rate-cutting cycle is also expected to provide additional momentum for gold prices.

So far this year, gold has gained over 27%, or nearly $570 per ounce, and recently hit a record high of $2,639.95 per ounce. This marks its highest annual rise since 2010 and a stark outperformance compared to major stock indices. UBS analysts believe that despite these gains, gold has more room to grow over the next 6 to 12 months. They attribute this optimism to the Fed’s ongoing interest rate cuts and the upcoming U.S. presidential election, which could increase market volatility and further drive investors toward safe-haven assets like gold.

A second report from Goldman Sachs Research supports this bullish outlook, forecasting gold prices to reach $2,700 by early 2025. Strategists point to several factors that could push the precious metal to new heights. Firstly, central bank purchases of gold have accelerated since Russia’s invasion of Ukraine, as these institutions seek to diversify away from the U.S. dollar and mitigate the risks posed by potential U.S. financial sanctions. The bank also highlights that gold is currently their preferred near-term long position due to its potential as a hedge against financial and geopolitical risks.

In addition, strategists believe that further Fed rate cuts will likely bring Western investors back into the gold market, which has seen relatively lower participation from this group during the recent rally. Another key driver could be geopolitical shocks, such as additional tariffs or heightened debt concerns in the United States. Should the U.S. debt burden continue to rise, it could lead to increased credit-default swap spreads, enhancing gold’s appeal as a safe-haven asset.

The strong outlook for gold is echoed by various financial institutions, with several projecting prices to continue climbing over the next few years. ANZ anticipates gold to reach $2,805 by the end of 2025, while BofA sees the potential for prices to touch $3,000 per ounce. Similarly, Macquarie expects gold to hit a peak of $2,600 per ounce in Q1 2025, with a possible spike toward $3,000. Citi Research’s baseline projection ranges between $2,800 and $3,000 per ounce by 2025.

Given these forecasts, investors are increasingly looking at gold as a reliable investment option in the current uncertain economic environment. The continued interest rate cuts by the U.S. Federal Reserve, coupled with strong physical demand and robust ETF inflows, create a favorable backdrop for further appreciation in gold prices. Consequently, several hedge funds have started accumulating positions in gold mining stocks, viewing them as a cost-effective way to gain exposure to the precious metal’s rally.

In this article, we explore eight cheap gold stocks to buy according to hedge funds. These stocks offer investors an opportunity to benefit from the anticipated gold bull market at relatively lower prices. With solid financials and potential for significant upside, these gold stocks could be attractive additions to any portfolio looking to capitalize on the ongoing surge in gold prices.

Our Methodology

For this article, we utilized the Finviz stock screener to identify stocks within the gold industry that have forward price-to-earnings (P/E) ratios below 15 as of September 29. From this initial list, we focused on eight stocks that are most favored by institutional investors. These stocks were then ranked in ascending order based on the number of hedge funds holding stakes in them as of Q2 2024.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Limited (NYSE:HMY)

Number of Hedge Fund Holders: 17

Forward P/E Ratio as of September 29: 8.75

Harmony Gold Mining Company Limited (NYSE:HMY) is a prominent player in the gold mining sector, boasting a significant presence in both South Africa and Papua New Guinea. With over 74 years of mining expertise, the company has established itself as a gold specialist while also diversifying into copper production. As of the second quarter of 2024, Harmony Gold Mining Company Limited (NYSE:HMY) has gained traction among institutional investors, increasing its hedge fund holders to 17 from 15 in the previous quarter, indicating growing confidence in the stock.

The company’s recent financial performance highlights its resilience and operational effectiveness. In the fiscal year ending June 30, 2024, Harmony Gold Mining Company Limited (NYSE:HMY) achieved an impressive gold production increase of 6%, totaling 1.56 million ounces, surpassing revised guidance. The underground recovered grades improved by 6%, reaching 6.11 grams per tonne. This operational excellence contributed to a substantial decrease in all-in sustaining costs, which fell by 4% to $1,500 per ounce, underscoring the company’s commitment to cost management amid rising gold prices.

Moreover, Harmony Gold Mining Company Limited (NYSE:HMY) operating free cash flow soared over 100%, reaching a record ZAR 13 billion (approximately $681 million), supported by a robust margin of 22%. This surge in free cash flow has bolstered Harmony’s balance sheet, leaving it in a net cash position of ZAR 2.9 billion (about $159 million). Headline earnings per share witnessed a remarkable 132% increase, reaching 1,852 South African cents (or $0.99), further solidifying the company’s financial health.

Looking ahead, Harmony Gold Mining Company Limited (NYSE:HMY) is strategically investing in high-quality assets, such as the Moab Khotsong and Mponeng mines, while pursuing transformative copper projects like the Wafi-Golpu and Eva Copper initiatives. These projects are projected to enhance the company’s future production profile, with copper expected to constitute 20% of total output in the next decade. The ongoing feasibility studies and resource drilling at these projects promise to unlock significant value for shareholders.

In summary, Harmony Gold Mining Company Limited (NYSE:HMY) stands as a compelling investment opportunity within the gold sector. With its strong operational performance, solid financial metrics, and strategic growth initiatives, Harmony Gold Mining Company Limited (NYSE:HMY) is well-positioned to capitalize on the favorable gold market dynamics, making it an attractive choice for hedge funds and individual investors alike.

Overall HMY ranks 4th on our list of cheap gold stocks to buy according to hedge funds. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Disclosure: None. This article is originally published at Insider Monkey.

Goliath Resources Limited

TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has increased the previously announced non-brokered flow through financing from $15,725,500 to $16,120,500.

Offering Details

The non-brokered private placement is a combination of: (i) Charity Flow-Through shares (CFT) to be sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) to be sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first tranche closed on September 13, 2024 that consisted of 3,018,000 CFT shares for proceeds of $5,960,550 and 2,501,221 FT shares for proceeds of $3,601,758 for aggregate proceeds of $9,562,308. The final tranche is scheduled to close on October 2, 2024.

The Company intends to use the proceeds for exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

Goliath may pay finders' fees on certain orders composed of 6% cash and 6% finder warrants (12 months at $1.26 or $1.44). In connection with the first tranche, there was 6% cash paid totaling $184,663.09 and 6% finder warrants issued for a 12 month period totaling 103,093 (67,680 finder warrants priced at $1.26 and 35,413 finder warrants priced at $1.44), subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

$9,562,308 Closed In First Tranche And Strategic Singapore Based Global Commodity Group Completes Purchase of 1,600,000 Shares Increasing Ownership to 3.5%

TORONTO, Sept. 13, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has increased the previously announced non-brokered flow through financing from $12,750,000 to $14,725,000 with strategic investor Mr. Larry Childress buying 1,000,000 common shares through Childress Family LP.

In addition, Goliath has closed $9,562,308 in the first tranche of the flow through financing and a strategic Global Commodity Group based in Singapore has completed their purchase of 1,600,000 common shares increasing its stake in Goliath to 3.5%. The final tranche is expected to close in September 2024.

About Mr. Larry Childress

Mr. Childress has an MS Degree in Mining Engineering. He started an oil exploration company in 1980 discovering several major oilfields in western Kansas. Mr. Childress has been investing in mineral projects at various stages for over 40 years and is currently the second largest shareholder in Fireweed Metals, after the Lundin Family, holding ~22 million shares. Other major holdings include: Filo, WA1 Resources and Hercules Metals. He was the second largest shareholder in Noront Resources when they were taken out by Wyloo at a significant premium to market.

Offering Details

The non-brokered private placement is a combination of: (i) Charity Flow-Through shares (CFT) to be sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) to be sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first tranche consisted of 3,018,000 CFT shares for gross proceeds of $5,960,550 and 2,501,221 FT shares for proceeds of $3,601,758 for aggregate proceeds of $9,562,308.

The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

The proceeds from the FT offering will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.

Goliath paid finders' fees on certain orders in connection with this first tranche composed of 6% cash totaling $184,663.09 and 6% finder warrants for a 12 month period totaling 103,093 (67,680 finder warrants priced at $1.26 and 35,413 finder warrants priced at $1.44), subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

TORONTO, Sept. 12, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has upsized its previously announced non-brokered private placement to $12,750,000 comprised of charity flow through shares priced at $1.975 and flow through shares priced at $1.44. Mr. Rob McEwen has agreed to buy 800,000 shares that will increase his ownership in Goliath to 3.8% on a partially diluted basis post financing.

Goliath intends to raise a total of $12,750,000 through a non-brokered private placement in a combination of: (i) Charity-Flow-Through Charity Shares with no warrant (CFT) to be sold at a price of $1.975 each; and (ii) Flow-Through Shares with no warrant (FT) to be sold at a price of $1.44 each.

The proceeds from the CFT and FT will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.

Goliath may pay finders' fees composed of six percent cash and six percent warrants for twelve (12) months priced at $1.26 on certain CFT orders and $1.44 on certain FT orders in connection with the placement subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Harmony Gold Mining Company Limited HMY logged adjusted earnings of 99 cents per share in the fiscal 2024 (ended June 30, 2024), up 120% from adjusted earnings of 45 cents recorded a year ago.

In the fiscal 2024, revenues rose 18% year over year to $3,282 million. Average gold prices received for the fiscal increased 11% year over year to $1,999 per ounce (oz).

Harmony Gold Mining Company Limited Price and Consensus

Harmony Gold Mining Company Limited price-consensus-chart | Harmony Gold Mining Company Limited Quote

Harmony Gold’s Production Rises and Costs Decline

Gold production was 1,561,815 oz for fiscal 2024, up around 6% year over year.

Cash operating costs per oz fell 2% year over year to $1,262. All-in-sustaining costs fell 4% year over year to $1,500 per oz.

HMY’s Financial Overview

As of June 30, 2024, cash and cash equivalents rallied around 70% year over year to $258 million.

Operating free cash flow surged 101% year over year to $681 million in the fiscal 2024.

Long-term debt was $98 million at the end of the fiscal 2024, down around 67% year over year.

HMY’s Outlook Reflects Higher Capex

Harmony Gold expects to produce 1.4-1.5 million oz of gold in fiscal 2025.

The company’s guidance reflects the higher capital expenditure required to continue production and its growth plans. Capital expenditures for the fiscal 2025 are projected to increase to $592 million as a result of HMY’s investment in major high-grade and surface retreatment projects.

HMY Stock’s Price Performance

Shares of Harmony Gold have surged 108.8% in the past year against a 33.4% rise in the industry.

Zacks Investment Research

Image Source: Zacks Investment Research

HMY’s Zacks Rank & Key Picks

HMY currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Hawkins, Inc.HWKN, Carpenter Technology Corporation CRS and Eldorado Gold Corporation EGO, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from the year-ago level. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days.The stock has rallied around 103.3% in the past year.

The Zacks Consensus Estimate for Carpenter Technology’scurrent-year earnings is pegged at $6.06 per share, indicating a rise of 27.9% from the year-ago level. CRS’ earnings beat the consensus estimate in each of the trailing four quarters, the average earnings surprise being 15.9%. The stock has surged nearly 110.6% in the past year.

The Zacks Consensus Estimate for Eldorado Gold’s current year earnings is pegged at $1.35 per share, indicating a year-over-year rise of 136.8%. EGO beat the consensus estimate in each of the trailing four quarters, with the average surprise being 430.3%. The company's shares have surged nearly 69.4% in the past year.

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Zacks Investment Research

Goliath Resources Limited

TORONTO, Sept. 10, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed a $1,000,000 order from its strategic shareholder Crescat Capital, plus an additional order for gross proceeds of $1,093,524 in the final tranche of the previously announced non-brokered financing up to $6,500,000 on August 13, 2024.

The non-brokered private placement was a combination of: (i) Non-Flow-Through shares (NFT) sold at a price of $1.11 each and Flow-Through shares (FT) sold at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The first and second tranche consisted of 3,767,567 NFT shares for gross proceeds of $4,181,999 and 1,810,629 FT shares for proceeds of $2,317,605 for an aggregate of $6,499,604.

The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in the Golden Triangle of northwestern British Columbia.

Goliath paid finders' fees on certain orders in connection with this offering composed of 6% cash totaling $67,342.26 and 6% finder warrants for a 12 month period totaling 59,382 (8,400 finder warrants priced at $1.28 and 50,982 finder warrants priced at $1.11), subject to compliance with the policies of the TSX Venture Exchange. No finders fees were paid on the final tranche. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Crescat Capital

Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s mission is to grow and protect wealth over the long term by deploying tactical investment themes based on proprietary value-driven equity and macro models. Crescat’s goal is industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks. Crescat’s investment process involves a mix of asset classes and strategies to assist with each client’s unique needs and objectives and includes Global Macro, Long/Short and Precious Metals funds. Crescat has been building friendly activist stakes in a select group of precious and base metal exploration and mining companies as one of its predominant macro themes.

Crescat is advised by Dr. Quinton Hennigh, its geologic and technical director on investments in gold and silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. He has more than 40 years of mining and exploration experience including with major gold mining firms that include Homestake Mining, Newcrest Mining and Newmont Mining. Dr. Hennigh is currently chairman and CEO of San Cristobal Mining, Inc., a leading global producer of zinc and silver in Bolivia. Among his notable project involvements are First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, Novo Resources Pilbara assets in Australia, Lion One’s Tuvatu gold project on Fiji, New Found’s Queensway gold deposit in Newfoundland, Eloro Resources’ Iska Iska silver/polymetallic deposit in Bolivia, Snowline Valley gold deposit in the Yukon, Goliath’s Surebet gold project in British Columbia, and San Cristobal’s Isidorito silver deposit in Bolivia.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

TORONTO, Sept. 04, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it intends to raise $7,366,750 by way of a non-brokered charity flow through private placement at a price of $1.975 per share (no warrant). A strategic Singapore based Global Commodity Group (“GCG”) has agreed to purchase 1,600,000 shares. GCG recently participated in Goliath’s $1.11 non-brokered hard dollar private placement that closed in August and will own 3.6% post this financing.

Goliath intends to raise $10,116,750 through a non-brokered private placement in a combination of: (i) Charity-Flow-Through Charity Shares with no warrant (CFT) to be sold at an average price of $1.975 each; and (ii) Flow-Through Shares with no warrant (FT) to be sold at a price of $1.44 each.

Goliath may pay finders' fees composed of six percent cash and warrants priced at $1.26 on certain orders in connection with the placement, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

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Surebet Drill Highlights:

Drill hole GD-24-260 has the highest concentration of Visible Gold drilled to date at the Surebet Discovery. This intercept suggests this structure is a principal conduit for gold-depositing fluids and is likely close to the heat engine driving this system that remains open (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/1f4beb71-875e-4345-854e-1542d0ad624b
Drill hole GD-24-260 intercepted the Bonanza Zone between 533.90 – 547.00 meters (over 13.10 meters) and remains open which includes the highest concentration of visible gold to date with a vein-hosted band of semi-massive pyrrhotite that looks similar to GD-23-197 that assayed 34.03 g.t AuEq (1.09 oz/t AuEq) over 9 meters (~true with) (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b05dbcd0-0f76-4c71-a2c9-5058ca4b2548

New Deep Zone discovered at 1,239 meters below surface containing multiple quartz veins with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open (assays pending). Drilling of the new Deep Zone is ongoing (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f49a528e-2d46-405e-9cfe-10bb42cc8d76

The deepest downhole mineralized interval intercepted to date is from the new Deep Zone at a depth of 890 meters downhole (1.239 kilometers below the surface) and consists of a 1.75-meter interval from 890.90 – 892.65 meters with quartz veins containing significant amounts of chalcopyrite, galena and sphalerite and remains wide open.
Based on 100 % hit rate as well as all the visible gold seen in 66% holes (22 out of 33 holes) drilled to date in 2024, Goliath has expanded the program from 15,000 to up to 36,000 meters with 8 drill rigs currently operating (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/1d7cc305-ceee-489f-a966-c8e286509550

Bonanza Zone continuity of the thick high-grade gold horizon being drill tested with 21 new holes where GD-24-197 returned 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (~true width) and GD-24-235 returning 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (~true width).
Significant amounts of Visible Gold have been identified in multiple veins hosted in intermediate porphyritic dykes in drill holes GD-24-237 and GD-24-240. Investigation of the mineralization in the dykes is ongoing (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/58fad56f-081d-4781-a4fb-a2e940825878

The new Blue Origin discovery comprises a series of veins up to 20 cm wide containing bismuth minerals, molybdenite and chalcopyrite, hosted in a felsic intrusion located 4 kilometers to the south of the Surebet discovery. This intrusion could be spatially related to Surebet as an uplifted part of the potential feeder source below the 1.8 km2 area that remains open (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/89930104-011a-477f-8973-01104df3b54a

Based on the newly discovered Visible Gold, bismuth minerals, molybdenite and chalcopyrite in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet (i.e. Blue Origin) that strongly resemble a Reduced Intrusion-Related Gold system (RIRG), the Company has increased its 100 % controlled land package from 66,000 ha to 91,518 ha (28 % increase) to include open ground amenable to this type of mineralization (see map below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/189ef63d-b3b2-43a1-b171-7017b3e4cd01
Currently the 100 % controlled Golddigger property encompasses 56 km of the Red Line in world class geologic terrane. This geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks is used as key marker when exploring for gold-copper-silver mineralization in the Golden Triangle.
With only two months of drilling in the 2024 season Goliath Resources has already quadrupled the known depth extent of mineralization from 300 meters to over 1.2 km beneath the surface and remains wide open. This clearly demonstrates the tremendous discovery potential remaining and proves that we have barely begun to scratch the tip of the iceberg.
Deep drilling is ongoing, focussed on discovery, including tapping into the feeder source of this extensive new high-grade gold system covering an area of over 1.8 km2 and remains open.
Additional drilling will target the Jackpot surface outcrop showing from a quartz-sulphide vein with 500 meters of strike that assayed 21.5 oz AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) on located 1 km southeast of Surebet and believed to be associated with the same mineralizing system as Surebet (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/9bf7888e-1c37-40e5-9d3d-8949a5062096

Treasure Island Highlights:

Extensive high-grade quartz-sulphide mineralization on the original Treasure Island discovery with channel samples that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq has been traced in drill holes for 450 meters of strike that remains open in all directions with 2,938 meters drilled from 4 pads (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/80e41842-f9db-4804-8be2-2f83406d074e
The mineralized intervals average 29.99 meters wide and on average include 6.79 meters of moderate, semi-massive and massive sulphide mineralization in quartz-sulphide breccia over 450 meters of strike extent that remains open (see table below).

		Treasure IslandMineralized Intervals			Including moderate,semi-massive andmassive sulphide
Hole ID	Pad ID	From	To	Interval	From	To	Interval
TI-24-01	Pad 1	376.64	415.29	38.65	376.64	386.44	9.80
TI-24-05	Pad 2	23.40	71.75	48.35	23.40	29.60	6.20
TI-24-08	Pad 3	53.00	65.70	12.70	59.30	65.70	6.40
TI-24-12	Pad 4	120.50	140.75	20.25	136.00	140.75	4.75
Average				29.99			6.79

Drill hole TI-24-01 intercepted a 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%) in a zone that remains open (assays pending).
The strong sulphide mineralization encountered in drill hole TI-24-01 is comparable to what was observed in a surface channel cut, which assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters and confirms the continuity of the system at depth (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/1968124a-c4f5-426c-b5ee-c64a072c2d8a

Pending assays, future work on Treasure Island will include a geophysical survey to identify the extent and geometry of the mineralized horizons at depth as well as additional drilling in 2025.

TORONTO, Sept. 03, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the highest concentration of Visible Gold to date drilled on the Surebet discovery at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. The intercept from drill hole GD-24-260 intersected the Bonanza Zone between 533.90 – 547.00 meters that remains open which includes the highest concentration of visible gold to date with a vein-hosted band of semi-massive pyrrhotite, sphalerite and minor galena and suggests this structure is a principal conduit for gold-depositing fluids and is likely close to the heat engine driving this system that remains open. In addition, the new Deep Zone discovered at 1,239 meters below surface contains multiple quartz veins with chalcopyrite, galena and sphalerite demonstrating the tremendous additional untapped discovery potential of the Surebet system that remains wide open. Assays are pending.

Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: “This is proving to be a summer of discovery at Golddigger. The recently discovered Bonanza Zone has delivered a succession of core intercepts displaying visible gold, the most recent of which, hole GD-24-260, appears to be notably rich in gold particles. This might indicate that the Bonanza structure was a main fluid conduit at the time of gold deposition. Also very encouraging, more veins have been discovered at depth, a very promising sign. The mineralogy of these veins is nearly identical to Surebet and other shallower veins, a clear sign they are of the same origin. Recent intercepts of intrusive dykes displaying quartz veinlets, some with visible gold, provide the first conclusive evidence of an intrusive association with mineralization. This association is further confirmed by the discovery of mineralized veins at Blue Origin just a few km south of Surebet. All of this evidence points to a very large, perhaps reduced intrusion-related gold system at Golddigger.”

Visible Gold has been observed in 22 out of 33 holes (66 % of holes) drilled during the ongoing 2024 drill campaign as well as 100 % hit rate with compelling base metals mineralization observed in all drill holes. As a result of the continued success of the drilling in 2024, the program has been expanded from 15,000 to 36,000 meters with 8 drill rigs currently operating. The continuity of the thick high-grade gold horizon pertaining to the Bonanza Zone is currently being drill tested with 21 new holes in an area where GD-24-197 returned 34.03 g/t AuEq (1.09 oz/t AuEq) over 9 meters (~true width) and GD-24-235 returning 35.04 g/t AuEq (1.13 oz/t AuEq) over 5.25 meters (~true width).

Significant amounts of Visible Gold as well as bismuth mineralization, molybdenite and chalcopyrite have been identified in multiple veins hosted in intermediate porphyritic dykes in drill holes GD-24-237 and GD-24-240. Investigation of the mineralization in the dykes is ongoing. Visible Gold, bismuth mineralization, molybdenite and chalcopyrite mineralization has also been observed on surface on the new Blue Origin discovery located 4 km to the south of Surebet where a series of veins up to 20 cm wide are hosted in a felsic intrusion and display similar characteristics to the dykes observed on Surebet. This intrusion could be spatially related to Surebet as an uplifted part of the potential feeder source below the 1.8 km2 area that remains open. Based on the newly discovered Visible Gold, bismuth mineralization, molybdenite and chalcopyrite mineralization in the felsic to intermediate porphyritic dykes on Surebet as well as in the intrusions surrounding Surebet (i.e. Blue Origin) that strongly resemble a Reduced Intrusion-Related Gold system (RIRG), the Company has increased its 100 % controlled land package from 66,000 ha to 91,518 ha (28 % increase) to include open ground amenable to this type of mineralization.

Table 1: Visible gold identified in drill holes from 2024

Hole ID	Nr of Occurrences	Particle size (mm)	Country Rock	Mineral Association	Spatial Association With Mineralization
GD-24-235	8	0.27-1.30	Andesite	Qtz-Po-Sph-Py-Cpy (+ Gal)	Mineralized interval; Isolated vein
GD-24-237	6	0.23-0.63	Intermediate Intrusive	Qtz-Bi-Mo; Qtz-Po-Sph-Gal-Py	Isolated vein
GD-24-240	2	0.12-0.42	Intermediate Intrusive	Qtz-Cal-Po-Cpy	Isolated vein
GD-24-241	3	0.42-0.49	Andesite	Qtz-Po-Sph (+Gal, +Cpy)	Isolated vein
GD-24-242	6	0.28-0.62	Sandstone/Andesite	Qtz-Sph-Gal-Po (+Cpy)	Mineralized interval; Isolated vein
GD-24-243	2	0.30-0.41	Sandstone/Andesite	Qtz-Gal (+Po)	Isolated vein
GD-24-244	1	0.63	Mudstone	Qtz-Po-Sph-Cpy	Isolated vein
GD-24-245	6		Mudstone/Sandstone/Andesite	Qtz-Po-Sph (+Gal, +Cpy)	Mineralized interval; Isolated vein
GD-24-246	3		Andesite	Qtz-Sph-Py-Po	Mineralized Interval
GD-24-247	8	0.44-1.30	Mudstone/Andesite	Qtz-Sph-Gal-Po (+Cpy)	Mineralized Interval
GD-24-248	4		Mudstone/Andesite	Qtz-Sph-Gal-Po (+Cpy)	Mineralized interval; Isolated vein
GD-24-250	1	0.5	Mudstone	Qtz-Po-Sph-Gal-Py	Mineralized Interval
GD-24-252	7	0.30-0.32	Andesite	Qtz-Py-Po-Sph-Gal (+Cpy)	Mineralized interval; Isolated vein
GD-24-254	11		Andesite	Qtz-Po-Py-Sph-Gal	Isolated vein
GD-24-255	6	0.97-1.76	Andesite	Qtz-Po-Py-Sph-Gal-Cpy	Isolated vein
GD-24-256	6	0.37-1.00	Mudstone/Andesite	Qtz-Sph-Gal-Po-Cpy	Mineralized interval; Isolated vein
GD-24-258	1		Mudstone	Qtz-Po-Sph-Gal	Isolated vein
GD-24-259	1	0.22	Mudstone	Qtz-Po-Sph	Mineralized Interval
GD-24-260	16		Sandstone/Andesite	Qtz-Po-Sph (+Gal); Calc-silicate-Po	Isolated vein
GD-24-262	3		Sandstone	Qtz-Po-Sph-Gal	Isolated vein
GD-24-264	10		Andesite	Qtz-Po-Sph (+Gal)	Mineralized interval; Isolated vein
GD-24-270	1		Sandstone	Qtz-Py-Po-Sph-Gal-Cpy	Isolated vein

With only two months of drilling in the 2024 season Goliath Resources has already quadrupled the known depth extent of mineralization from 300 meters to over 1.2 km beneath the surface and remains wide open. This clearly demonstrates the tremendous discovery potential remaining and proves that we have barely begun to scratch the tip of the iceberg. Deep drilling is ongoing, focussed on discovery, including tapping into the feeder source of this extensive new high-grade gold system covering an area of over 1.6 km2 and remains open. Additional drilling will target a surface outcrop from a quartz-sulphide vein with 500 meters of strike that assayed 21.5 oz AuEq or 667.40 gpt AuEq (636.00 gpt Au, 1,690.00 gpt Ag, 7.96 % Cu, 2.22 % Pb) on the Jackpot showing located 1 km southeast of Surebet.

Treasure Island

Extensive high-grade quartz-sulphide mineralization on the original Treasure Island discovery with channel samples that assayed up to 28.08 gpt AuEq and grab samples that assayed up to 11.08 gpt AuEq has been traced in drill holes for 450 meters of strike that remains open in all directions with 2,938 meters drilled from 4 pads. The mineralized intervals average 29.99 meters wide and on average include 6.79 meters of moderate, semi-massive and massive sulphide mineralization in quartz-sulphide breccia over 450 meters of strike extent that remains open.

Drill hole TI-24-01 intercepted a 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%) in a zone that remains open. The strong sulphide mineralization encountered in drill hole TI-24-01 is comparable to what was observed in a surface channel cut, which assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters and confirms the continuity of the system at depth.

Pending assays, future work on Treasure Island will include a geophysical survey to identify the extent and geometry of the mineralized horizons at depth as well as additional drilling in 2025.

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 91,518 ha hectares and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone, at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the east of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Goliath is a paying member and active supporter of CASERM, an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources LimitedGoliath Resources is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization that represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: Au 2398.13 USD/oz, Ag 28.118 USD/oz, Cu 4.10 USD/lbs, Pb 2067.5 USD/ton and Zn 2669 USD/ton on July 28th, 2024. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

We recently compiled a list of the 10 Best Middle East and Africa Stocks To Buy According to Analysts. In this article, we are going to take a look at where Harmony Gold Mining (NYSE:HMY) stands against the other Middle East and Africa stocks.

MENA's Economic Outlook for 2024 and the Rising Interest in Private Equity and Venture Capital Investments

According to the Middle East and North Africa Economic Update report published by the IMF in April 2024, the Middle East and North Africa (MENA) region will experience modest growth of 2.7% in 2024, up from 1.9% in 2023. Both oil importers and exporters in the region are expected to grow at similar rates in 2024. The forecasted growth difference between the Gulf Cooperation Council (GCC) economies and developing oil importers (excluding Egypt) is nearly 1%. GDP per capita is expected to rise by just 1.3% in 2024, driven almost entirely by the GCC economies. The impact of ongoing conflicts has ceased economic activity, particularly in Palestine. In Gaza, economic activity has nearly dropped by 86% in the fourth quarter of 2023 compared to the same quarter in 2022. The Palestinian economy's outlook remains highly uncertain, heavily dependent on the conflict's progression. The disruptions in maritime transportation, particularly through the Suez Canal, affected both regional and global trade.

Over the past decade, most MENA economies have seen increases in their debt-to-GDP ratios as MENA oil importers struggle to reduce their debt-to-GDP ratios due to high oil prices. Additionally, oil importers have been unable to lower their debt-to-GDP ratios through inflation, mainly due to exchange rate fluctuations and off-budget factors, known as stock-flow adjustments, highlighting the need for greater debt transparency. On the other hand, for MENA oil exporters, periods of high GDP growth are typically associated with smaller increases in nominal debt stocks, leading to a slower rise or even a decrease in the debt-to-GDP ratio.

However, interest in private equity (PE) and venture capital (VC) has been surging in the Middle East and Africa, reflecting a notable shift in investment preferences within the region. According to recent data, provided by Preqin, in collaboration with the Dubai International Financial Centre (DIFC), approximately 65% of investors in the region are either planning to maintain or increase their exposure to private equity this year. Similarly, 56% of investors are keen to do the same with their venture capital investments. This growing interest is partly due to the region's historical under-investment combined with an optimistic outlook on the regional economic and market conditions.

Despite challenges due to geopolitical tensions, venture capital remains a critical component of the investment ecosystem. The sector is expected to recover as it adapts to the current economic conditions. In the Middle East, investor sentiment towards VC and PE is generally positive. A significant portion of regional investors have reported that their PE and VC investments have met or exceeded expectations. Sectors such as fintech, technology, healthcare, and infrastructure are particularly attractive to investors.

The Middle East and North Africa region is poised for a modest economic recovery in 2024, however, geopolitical tensions and conflicts continue to pose significant challenges. As MENA economies navigate through fluctuating global conditions and regional disruptions, the interest of private equity and venture capital investors reveals the region's promising outlook for investors and economic stakeholders.

Our Methodology

For this article, we used Finviz and Yahoo Finance stock screeners plus online rankings to compile an initial list of the 40 largest companies in the Middle East and Africa by market cap. From that list, we narrowed our choices to the 10 stocks that analysts see the most upside to. The list is sorted in ascending order of analysts’ average upside potential, as of August 23. We also included the market cap of the companies as of August 23. The list is sorted in ascending order of their average upside potential as of August 23.

Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining (NYSE:HMY)

Upside Potential: 92.52%

Market Cap: $6.33 Billion

Harmony Gold Mining (NYSE:HMY) is one of the largest gold mining companies in South Africa by production. Almost all of its gold mine assets are located in South Africa, which contributes to 90% of its total gold output. However, the company also has gold and copper assets in Papua New Guinea, and Australia. The company focuses on assets where it believes it can acquire the highest mineral grades to maintain strong operating margins.

Harmony Gold Mining’s (NYSE:HMY) gold production has shown impressive stability over the past three years. At the start of the financial year 2024, the management had projected that its production would remain stable as compared to the previous year. However, the company significantly exceeded expectations, as the gold production increased by 12% year-over-year in the first half of FY24, reaching 832,000 ounces. This remarkable performance was driven by an 11% increase in recovered grades from its underground gold mines. The strong production momentum continued into the third quarter and the management raised its full-year production target to 1.55 million ounces, surpassing the initial expectation of 1.38 million to 1.47 million ounces. In the latest operational update released on August 26, Harmony Gold announced that it will achieve a full-year production volume of 1.56 million ounces, marking a 6% increase year-over-year, with recovered grades also up 6% to 6.11 g/t.

Gold prices reached an all-time high of $2,531.70 per ounce on August 27, driven by strong demand and favorable market conditions. J.P. Morgan Research forecasts that gold will maintain a stable price of $2,500 per ounce by the end of 2024 and rise to $2,600 per ounce in the first half of 2025. Harmony Gold is exceptionally well-positioned to capitalize on the upward trend in gold prices. This leverage, combined with stronger-than-expected production growth from its core underground assets, sets Harmony Gold apart from its competitors.

Harmony Gold Mining (NYSE:HMY) is trading 11.11 times its earnings, which is a 31% discount compared to the sector median of 16.10. The company’s earnings are expected to grow by 68.61% this year. In the second quarter, Harmony Gold Mining’s (NYSE:HMY) stock was held by 17 hedge funds with stakes worth $171.88 million. Kopernik Global Investors is the largest shareholder in the company with a stake worth $26.90 million as of June 30. Industry analysts have a consensus on the stock’s Buy rating, setting an average share price target at $10.30, which represents a 92.52% upside potential from its current level.

Overall HMY ranks 1st on our list of the best Middle East and Africa stocks to buy according to analysts. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Disclosure: None. This article is originally published at Insider Monkey.

Goliath Resources Limited

TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed the $2,000,000 order from a strategic global commodity group based in Singapore, plus additional orders for gross proceeds of $5,406,080 in the first tranche. The second tranche up to a total of $6,500,000 is expected to close early September 2024.

The non-brokered private placement is a combination of: (i) Non-Flow-Through shares (NFT) to be sold at a price of $1.11 each and Flow-Through shares (FT) to be sold at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first tranche consisted of 2,782,410 NFT shares for gross proceeds of $3,088,475 and 1,810,629 FT shares for proceeds of $2,317,605 for aggregate proceeds of $5,406,080.

The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

Goliath paid finders' fees composed of 6% cash totaling $67,342.26 and 6% finder warrants totaling 59,382 on certain orders in connection with the first tranche of the placement, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Harmony Gold (HMY) closed the latest trading day at $10.13, indicating a +1.3% change from the previous session's end. The stock lagged the S&P 500's daily gain of 1.61%. Meanwhile, the Dow experienced a rise of 1.39%, and the technology-dominated Nasdaq saw an increase of 2.34%.

Coming into today, shares of the gold miner had lost 5.12% in the past month. In that same time, the Basic Materials sector lost 5.56%, while the S&P 500 lost 2.88%.

Analysts and investors alike will be keeping a close eye on the performance of Harmony Gold in its upcoming earnings disclosure. The company's earnings report is set to go public on August 28, 2024.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $1.20 per share and revenue of $3.7 billion. These totals would mark changes of +166.67% and +33.15%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Harmony Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Harmony Gold holds a Zacks Rank of #5 (Strong Sell).

Digging into valuation, Harmony Gold currently has a Forward P/E ratio of 8.33. This indicates a discount in contrast to its industry's Forward P/E of 15.8.

The Mining – Gold industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 80, which puts it in the top 32% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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Goliath Resources Limited

TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has received a $2,000,000 order from a strategic global commodity group based in Singapore. Goliath is increasing its non-brokered private placement from $3,000,000 up to $6,500,000.

Goliath intends to raise up to $6,500,000 through a non-brokered private placement in a combination of: (i) Non-Flow-Through shares (NFT) to be sold at a price of $1.11 each and Flow-Through shares (FT) to be sold at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

Goliath may pay finders' fees composed of cash and warrants on certain orders in connection with the placement, subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

The Golddigger Project’s Cambria Icefields District Is 36 KM North Of The Surebet Gold Discovery In The Prolific Golden Triangle Of British Columbia

Infographic 5

Infographic 7

Infographic 9

Infographic 10

Infographic 11

Infographic 12

Newly Discovered Treasure Island 550 x 450 Meters VMS Type Target – Drill Hole Highlights:

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/5fe254e7-e654-405b-b1b2-6a87d7ec3984

TI-24-01, Pad 1: A 9.8 meter interval of mineralization containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains open, and assays are pending (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0401a20b-0975-4bf9-a23d-2d08962cbd4f

TI-24-04, Pad 1: The 5.46 meter interval of mineralization contains stockwork, quartz breccia hosting semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%), together with subordinate malachite, the zone remains open; assays are pending (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/6aadd45c-3228-449d-bb39-550bdc127282

TI-24-02, Pad 1: The 2.74 meter interval of mineralization contains quartz-carbonate breccia, consisting of blebs of pyrite (2%) and trace chalcopyrite (<1%), the zone remains open; assays are pending (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/704101c6-001b-4456-a79b-082c80a1dd12

TI-24-03, Pad 1: The 1.77 meter interval of mineralization contains quartz-carbonate breccia with small blebs to semi massive pyrite (1%) and minor chalcopyrite (<1%), the zone remains open; assays are pending (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d5256854-8965-45d7-9c14-8346e5192e84

The planned 2024 program at Treasure Island includes 11 holes from 4 drill pad locations with one diamond drill rig for 1,600 meters; additional drill holes will be designed based on mineralized intercepts (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/be6f7fb8-b190-4656-90d7-b697a5529cad

Treasure Island is located on Golddigger’s Cambria Icefields District claim blocks, 36 km north of the Surebet gold discovery, and has only recently been exposed due to the result of glacial retreat and permanent snowpack abatement (see map below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/b05ff15a-8c37-49f5-aa43-db41cb36ad8d
It is located 6 km east of, and on trend with, the Porter Idaho mine classified as a polymetallic vein deposit and/or possible VMS deposit that was operational in the early 1900’s. (see map below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/9094d9d4-3d11-44ea-bb72-2f47ae4bd5f9
The new Treasure Island discovery consists of multiple shear-hosted, VMS-style polymetallic zones covering an area of approximately 550 by 450 meters and is NW-SE trending. The extent of mineralization is currently open in all directions.
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e62e277c-84eb-4481-83f3-a4abb9b19efe
Broad high-grade mineralized zones are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
Channel samples collected over 20.60 meters included the previously reported results of 0.85 meters of 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) (see images below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/8d7dcafc-c20d-4daa-acc3-589dee24561f

Widespread grab and chip samples previously reported assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu) (see images below).
- Accompanying infographics are available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/c794a67c-8e29-4572-a3b3-399e643a9a6c https://www.globenewswire.com/NewsRoom/AttachmentNg/6e0b9d58-d8bb-462d-b7be-87831d10d390

A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide area assayed >1.00 gpt AuEq.
An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.
The new Treasure Island target demonstrates the excellent untapped potential for additional discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”, which is the name Goliath Resources uses to describe a key geological contact between two regional stratigraphic packages (read more below – About Golddigger Property).
In the Golden Triangle the most important discoveries and mines are on either side of the “Red Line” and within 3 kilometers meters of either side. We consider this a critical exploration vector and the Golddigger project is within the sweet spot of the “Red Line.”

TORONTO, Aug. 12, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway at its newly discovered VMS type targets with high-grade gold-copper at the Treasure Island outcrop.

The first four holes have all hit abundant mineralization up to 9.8 meters containing quartz stockwork and breccia hosting massive chalcopyrite (up to 8%) and pyrite (up to 10%); the zone remains open, and assays are pending. The outcropping mineralized targets remain wide open. Treasure Island is located on the Cambria Icefields at its 100% controlled Golddigger Property 36 km north of the Surebet Discovery, Golden Triangle, British Columbia.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “While most of our drilling is focused on the Surebet gold discovery, part of our plans include regional exploration on other areas of our Golddigger Project (66,608 hectares in size) which was until recently covered by glaciers and permanent snowpack. Our maiden drilling at our Treasure Island target is off to a great start and showing signs that it could be a second important discovery. Our team of geologists and drillers are doing a fantastic job completing drill holes and we are delighted with our early results and look forward to an expanded drill campaign.”

Description Of Maiden Drill Holes At Treasure Island Target

TI-24-01, Pad 1: The 9.8 meter interval of mineralization intersection is from 376.64 to 386.44 meters. Quartz stockwork in mudrocks. Frequent, chaotic quartz wollastonite veins range from <1 – 37cm wide with calc-silicate alteration. That becomes slightly quartz brecciated at 381.21 meters leading towards the main mineralized zone. Brecciated and slightly sheared from 385.5 – 386.44 meters. Vein contacts in the middle of the zone are rubbly and have some gouge. Massive chalcopyrite (8%) and pyrite (10%) from 381.63 – 382.22 meters hosted in chaotic quartz veins and extending to the host rock. 11cm quartz vein at 382.91 meters with massive pyrite. Disseminated and small blebs of chalcopyrite and pyrite throughout, assays are pending.

TI-24-04, Pad 1: The 5.46 meter interval of mineralization is white to dark grey quartz breccia intersected from 48.6 to 54.12 meters. It contains semi-massive to massive pyrite (2%) and trace chalcopyrite (<1%), together with subordinate malachite. Carbonate is a minor phase. Iron oxides present on fracture planes and through the breccia material. It appears very fractured locally. It includes an intermediate dyke crosscut by barren milky white quartz veins from 52.1 to 53 meters, assays are pending.

TI-24-02, Pad 1: The 2.74 meter interval of mineralized quartz-carbonate breccia intersection is from 77.4 to 80.14 meters. Dark grey, quartz carbonate breccia hosted in mudrocks, associated with some wollastonite. Most of the mineralization is observed from 78.63 to 79.59 meters. The rest of the interval shows a lesser degree of brecciation. It appears very fractured at the start of the mineralized interval and includes some gouge. Mineralization consists of blebs of pyrite (2%) and trace chalcopyrite (<1%), assays are pending.

TI-24-03, Pad 1: The 1.77 meter interval of mineralized quartz-carbonate breccia associated with some wollastonite intersection is from 259.86 to 261.63 meters, entraining clasts of both host mudrocks and intermediate dyke. The latter becomes prevalent towards the unit's lower contact, showing weak chlorite alteration. The mineralization consists of small blebs to semi massive pyrite (1%) and minor chalcopyrite (<1%), assays are pending.

The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target has recently been exposed as a result of glacial abatement and is being drill tested for the first time during the 2024 field season.

A total 15 out of 16 channel cuts previously reported assayed > 1.00 gpt AuEq, which corresponds to 94% of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04% Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34% Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15% Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43% Cu). See Table 1 and 2 below for complete assay results.

The high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, VMS type polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.

Table 1: 2023 grab and chip samples from Treasure Island (previously reported).

Sample ID	Au (gpt)	Ag (gpt)	Cu (%)	Pb (%)	Zn (%)	AuEq (gpt)
ST115881	0.04	126.00	7.15	0.00	0.02	11.08
ST115879	0.04	89.30	5.61	0.00	0.02	8.59
ST116045	5.85	20.70	1.43	0.00	0.00	8.00
ST116174	0.43	66.70	4.85	0.00	0.01	7.70
ST116398	3.72	38.60	1.76	0.00	0.00	6.52
ST116388	0.37	56.80	4.11	0.00	0.00	6.52
ST115874	2.04	47.30	2.73	0.00	0.01	6.24
ST116038	0.34	47.70	2.47	0.00	0.00	4.20
ST116397	0.44	28.10	1.99	0.00	0.01	3.43
ST116399	0.60	25.20	1.58	0.00	0.00	3.00
ST116044	0.02	27.00	1.41	0.00	0.01	2.22
ST113101	0.91	14.15	0.80	0.00	0.00	2.14
ST115884	0.05	6.07	0.81	0.00	0.00	1.20
ST116391	0.03	10.95	0.56	0.00	0.01	0.90
ST115882	0.04	5.46	0.34	0.00	0.01	0.55
ST115872	0.02	5.12	0.29	0.00	0.00	0.47
ST115883	0.28	0.72	0.03	0.00	0.00	0.33
ST115873	0.01	2.56	0.21	0.00	0.00	0.33
ST115885	0.02	0.17	0.00	0.00	0.00	0.03

Table 2: 2023 channel samples from Treasure Island (previously reported).

Channel ID		Length (m)	Au (gpt)	Ag (gpt)	Cu (%)	Pb (%)	Zn (%)	AuEq (gpt)
Treasure_RP_2	Interval	2.48	0.13	23.96	2.34	0.00	0.01	3.54
	Including	1.44	0.13	37.76	3.97	0.00	0.01	5.87
	Including	0.33	0.20	126.00	14.45	0.00	0.02	20.98
GD_CHA_15_JS	Interval	2.20	0.55	14.09	1.25	0.00	0.00	2.39
GD_CHA_15_JS	Including	1.00	0.78	24.30	2.24	0.00	0.00	4.06
GD_CHA_16_JS	Interval	1.50	0.59	17.57	1.51	0.00	0.01	2.83
GD_CHA_16_JS	Including	0.70	1.11	33.10	3.20	0.00	0.02	5.78
NN1	Interval	0.85	20.60	63.60	5.04	0.00	0.01	28.08
NN2	Interval	0.97	4.06	22.20	0.78	0.00	0.01	5.37
NN3	Interval	1.00	0.58	44.40	2.58	0.00	0.01	4.55
GD_CHA_18_JS	Interval	3.65	0.44	8.74	0.50	0.00	0.00	1.22
GD_CHA_18_JS	Including	0.60	1.89	36.80	1.98	0.00	0.00	4.97
GD_CHA_99_JS	Interval	1.05	0.77	28.79	1.84	0.00	0.00	3.57
GD_CHA_99_JS	Including	0.50	0.99	36.80	2.40	0.00	0.00	4.63
Treasure_RP_3	Interval	1.05	0.11	24.73	1.58	0.00	0.01	2.52
Treasure_RP_3	Including	0.58	0.12	31.40	2.31	0.00	0.01	3.58
Treasure_RP_1	Interval	1.01	0.11	19.58	1.46	0.00	0.01	2.28
NN5	Interval	1.00	0.37	22.40	1.16	0.00	0.00	2.18
GD_CHA_17_JS	Interval	0.80	0.66	15.60	1.26	0.00	0.00	2.53
NN4	Interval	0.52	3.47	3.12	0.05	0.00	0.00	3.58
Treasure_RP_4	Interval	0.64	0.23	26.70	1.72	0.00	0.00	2.84
Treasure_RP_5	Interval	0.44	0.42	37.00	2.07	0.00	0.01	3.62
Treasure_RP_99	Interval	0.81	0.17	0.44	0.01	0.00	0.01	0.19

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world-class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Qualified Person

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

In the latest market close, Harmony Gold (HMY) reached $9.48, with a +0.48% movement compared to the previous day. The stock's change was more than the S&P 500's daily gain of 0.47%. Elsewhere, the Dow gained 0.13%, while the tech-heavy Nasdaq added 0.51%.

Prior to today's trading, shares of the gold miner had lost 5.79% over the past month. This has lagged the Basic Materials sector's loss of 3.94% and the S&P 500's loss of 4.45% in that time.

Investors will be eagerly watching for the performance of Harmony Gold in its upcoming earnings disclosure.

For the full year, the Zacks Consensus Estimates project earnings of $1.20 per share and a revenue of $3.7 billion, demonstrating changes of +166.67% and +33.15%, respectively, from the preceding year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Harmony Gold. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Harmony Gold boasts a Zacks Rank of #5 (Strong Sell).

Investors should also note Harmony Gold's current valuation metrics, including its Forward P/E ratio of 7.86. This denotes a discount relative to the industry's average Forward P/E of 15.

The Mining – Gold industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 58, this industry ranks in the top 23% of all industries, numbering over 250.

To follow HMY in the coming trading sessions, be sure to utilize Zacks.com.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

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Goliath Resources Limited

TORONTO, Aug. 08, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report it has received a lead order from its strategic investor, Crescat Capital LLC, the Company’s single largest shareholder. Goliath intends to raise up to $3,000,000 through a non-brokered private placement.

Based on exceptional assay results and the abundance of visible gold in a majority of the holes drilled thus far, the Company will be expanding the drill program at the Surebet Discovery.

100% of the first 8 holes drilled to date during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins. Including mineralization that suggests the drilling has tapped into the heat engine source of the gold mineralizing system at the Surebet Discovery. Abundant visible gold up to 1.30 mm in size has been identified in multiple intervals in 6 out of the first 8 holes of 2024, corresponding to 75% of the holes drilled thus far. A majority of the gold seen is hosted further downhole within the volcanics above the valley floor, and gold mineralization remains open in all directions for further new discoveries.

Goliath’s largest shareholder, Crescat Capital, who currently owns ~18% (P/D) of the issued and outstanding common shares of the Company, will be participating in this placement pursuant to a pre-emptive right granted to them by the Goliath.

Goliath intends to raise up to $3,000,000 through a non-brokered private placement in a combination of: (i) Non-Flow-Through shares (NFT) to be sold at a price of $1.11 each and Flow-Through shares (FT) to be sold at a price of $1.28 that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).

The Company intends to use the proceeds for general operating expenses and exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

About Crescat Capital LLC

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area has hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% including 48.8% free gold from gravity alone, at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, high-tension power and infrastructure capable of housing at least 300 people.

Consulting Advisory Agreement

The Corporation is pleased to announce it has entered into a consulting agreement dated August 8, 2024 (the “Consulting Agreement”) with Mezzo Consulting Services S.A. (the “Consultant”) for the provision of advisory services relating to prospective mergers and acquisitions, fundraising opportunities in Europe and local business practices, culture and customs (collectively, the “Services”). The Consulting Agreement shall have an initial term of 24 months, after which it shall renew for one month terms on the first day of each calendar month until terminated by either the Corporation or the Consultant.

As compensation for the provision of the Services, the Corporation has agreed to issue the Consultant, on a one time basis, an aggregate of 240,000 restricted share units of the Corporation (“RSUs”) pursuant to the Corporation’s Omnibus Equity Incentive Plan (the “Omnibus Plan”). The RSUs shall vest one year following their issuance and shall otherwise be governed by the terms of the Omnibus Plan. The issuance of the RSUs remains subject to the prior approval of the TSX Venture Exchange.

Qualified Person

About Goliath Resources Limited

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit™. Drill holes were planned using Leapfrog Geo™ and QGIS™ software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Goliath Resources Limited

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Drill Highlights From 2024 Drilling Season:

100% of the first 8 holes drilled to date during the 2024 drill season have intercepted continuous strong mineralization in the targeted veins. Including mineralization that suggests the drilling has tapped into the heat engine source of the gold mineralizing system at the Surebet Discovery.
Abundant Visible Gold up to 1.30 mm in size has been identified in multiple intervals in 6 out of the first 8 holes of 2024, corresponding to 75% of the holes drilled thus far. The majority being hosted further downhole within the volcanics, and gold mineralization remains open in all directions.
Mineralization consists of abundant visible gold, galena, sphalerite, chalcopyrite, and other sulphides hosted in breccia, stockwork and/or veins. This system remains wide open for further discoveries.
To date, 10 mineralized veins have been delineated within the Hazelton Sedimentary unit and underlaying Hazelton volcanics, with additional (or continued) mineralization being discovered at downhole depth along trend deeper in the mountain. Promising results from 2024 drilling campaign has intercepted a new zone that could potentially be the top of the heat engine source.
An impressive vertical trend of visible gold has been noticed in the drill core. Highest in the gold zones, it is fine grained sporadic visible gold. In the deeper downhole zones, there is a transition to abundant visible gold including coarse grained visible gold.
Drill hole GD-24-244 (in progress) intersected visible gold within an interval of strong quartz-sulphide mineralization at 700 meters downhole hosted within the volcanics. This is the deepest downhole occurrence of visible gold and sulphide-mineralization recorded to date on the Surebet Discovery, confirming the tremendous additional discovery potential at depth below the valley floor where the system remains wide open (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/f17283b1-5dfd-41e7-a468-1bf5321c912a

GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified and remains open.

It is important to note that the gold zones start at the top of the mountain where there is an extremely large outcrop with 700 meters of vertical relief. It goes down 1 kilometer on the south slope and 1.1 kilometer down the north slope, then appears to have the potential to extend down to the valley floor and beyond. The gold zones could be easily accessed through a series of portals and underground workings to precisely target the gold zones in a potential mining scenario.
Drilling has barely started to scratch the surface, with excellent potential for additional discovery as we venture deeper down into and past the valley floor. Because of the topography of the Surebet discovery and the majority of drilling being carried out on the slope of the mountain, none of the drill holes completed to date have drilled deeper than the valley floor, where the Surebet system remains open.
The increase in coarser visible gold and base metal components observed with depth, indicates stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. This suggests that drilling is closing in on the heat engine responsible for the precious and base metals mineralization observed at Surebet (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a46cc828-bfec-4d38-9e09-f78b4c4af76d

The expanded 2024 drill plan will focus on building continuity on the 10 known mineralized veins, including Surebet, Bonanza, Eldorado and Golden Gate as well as expanding them in all directions, which will allow the Company to better understand the size and grade distribution of this system that remains wide open.

GD-24-235 collared from Golden Gate pad, and previously reported, intercepted abundant visible gold up to 1.30 mm in size and sulphide mineralization in shear zones hosted in both the sedimentary and volcanic units. This hole assayed 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters ~true width, including 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 5.24 meters ~true width (updated interval) and corresponds to the Bonanza Shear (444.3 – 452.9 meters downhole):
- Assays are pending on a 24.4 meter intercept of a porphyritic intrusion with abundant visible gold, molybdenite up to 2 mm in size, and bismuth between 529.29 – 553.67 meters downhole interpreted as Mothership Feeder Zone;
- The newly discovered mineralized porphyritic intrusion intercepted at depth strongly indicates close proximity to the feeder source responsible for the widespread high-grade mineralization confirmed at Surebet; and
- Assays are also pending on a 10 meter interval between 550 and 650 meters downhole that is hosted within the andesite with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite interpreted as the Golden Gate Zone.
  - An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/7066fac7-9aef-4fb7-bffd-4220125f80f4

GD-24-236 collared from Go-For-Gold pad, as previously reported, intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters, including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to correspond with the Surebet Upper Zone.
GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified. Within the sedimentary rocks a high-density vein interval was identified between 190.00 and 498.15 meters, including 47.07 meters of quartz-sulphide stockwork containing pyrrhotite, chalcopyrite and sphalerite from 190.00 meters to 237.07 meters, and 21.02 meters of high-density quartz veining containing pyrrhotite, chalcopyrite and sphalerite from 474.50 meters to 495.52 meters. The Bonanza Shear was intercepted at the contact between sedimentary and volcanic rocks from 583.70 meters to 585.49 meters and is characterized by semi-massive to massive pyrrhotite (up to 50 %), sphalerite (up to 8%) and galena (up to 3%).
GD-24-242 has the longest intercept of consistent and widespread quartz-sulphide mineralization of the holes completed so far in 2024 (assays pending).
GD-24-240 collared from Goldsmith pad intercepted multiple quartz-sulphide veins and stockwork sections including visible gold hosted in the sedimentary rocks between 204.20 meters and 379.47 meters, which includes a 9.68 meter interval corresponding to the Bonanza Shear from 369.80 meters to 379.47 meters characterized by semi-massive sphalerite, chalcopyrite and pyrrhotite (assays pending).
GD-24-241 collared from Golden Gate pad intercepted an extensive 51.33 meter interval consisting of sheared quartz-stockwork with high density of veins containing chalcopyrite (up to 1%), pyrrhotite (up to 1%) and pyrite (up to 1%) from 442.71 meters to 494.04 meters. Visible gold was intercepted in 3 separate veins hosted in the volcanic rocks between 553.72 meters and 568.89 meters (assays pending).
GD-24-238 collared from Go-for-Gold pad intersected 2.59 meter interval of quartz-sulphide breccia and stockwork containing up to 5% pyrite, 1% galena, 1% chalcopyrite and minor sphalerite from 281.07 meters to 283.66 meters hosted within a 12.13 meter section of sedimentary rocks characterized by pervasive quartz-sulphide veining from 274.78 meters to 286.91 meters (assays pending).
GD-24-237 collared from Golden Gate pad intercepted 1.61 meter interval of quartz-sulphide stockwork and veining at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Shear from 449.69 meters to 451.30 meters with pyrite (up to 1%), minor galena, sphalerite and pyrrhotite. The sedimentary rocks above this interval contain significant quartz veining with trace sulphide from 425.00 meters to 449.69 meters. A second interval of quartz-sulphide veining containing visible gold is 0.75 meters long and was identified from 569.29 meters to 570.04 meters and is hosted in volcanic rocks containing veinlets of pyrrhotite and pyrite throughout from 451.30 meters to 833.73 meters (assays pending).

Surebet Highlights:

Exceptional continuity of the gold mineralization that is predictable with our geological team has a strong understanding of the system. The gold mineralization has excellent metallurgical recoveries of 92.2% Gold from gravity and flotation, including 48.8% free gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
Located in a mining friendly jurisdiction within a world class geological setting of the Golden Triangle, B.C.
Next door to the old Kitsault Mine, a permitted brownfield mine site that is located on the BC Hydro grid with road access to the Nass Valley and tidewater access to Prince Rupert.
The Golddigger property is fully permitted until 2029 for 199 drill pads.
66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).
44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.
Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.
Mineralization can be seen at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent appears to continue below the valley floor with 700 meters of vertical relief that has exceptional continuity.
10 gold mineralized vein horizons have been identified to date and remain open.
The mineralized footprint of the Surebet discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields.

TORONTO, Aug. 06, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to report the discovery of strong sulphide mineralization in quartz breccia, stockwork and veining in 100% of the first 8 holes to date during the 2024 drill season with 6 (75%) containing abundant visible gold at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

Drill hole GD-24-244 (in progress) intersected visible gold within an interval of strong quartz-sulphide mineralization at 700 meters downhole hosted within the volcanics. This is the deepest downhole occurrence of visible gold and sulphide-mineralization recorded to date on the Surebet Discovery, confirming the tremendous additional discovery potential at depth below the valley floor where the system remains wide open. This increases the Company’s confidence in the proximity of the feeder source of the Surebet system.

Description Of Drill Holes From 2024 Drilling Campaign

Hole GD-24-235 (180Az/-81.5 Dip, EOH 696.00 meters) was collared from Golden Gate Pad and drilled into the Bonanza Shear Zone and the newly discovered Mothership Feeder Zone. This hole assayed 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters ~true width, including 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 5.24 meters ~true width (updated interval) and corresponds to the Bonanza Vein (444.3 – 452.9 meters downhole). It is hosted within the Lower Hazelton volcanics containing abundant visible gold and strong sulphide mineralization in quartz breccia. The hole intercepted a porphyritic intermediate intrusive dyke containing veins with abundant visible gold, molybdenum up to 2 mm and bismuth mineralization. The host rock consists of intervals of interbedded mudstone and siltstone, in the deeper portion of the hole calc-silicate-altered andesite. Several mineralized quartz veins with abundant visible gold have been intersected within the andesite.

Assays are pending from GD-24-235 on a 24.4 meter intercept of a porphyritic intrusion with abundant visible gold, molybdenite up to 2 mm in size, and bismuth between 529.29 – 553.67 meters downhole interpreted as the Mothership Feeder Zone. Assays are also pending on a 10 meter interval between 550 and 650 meters downhole that is hosted within the andesite with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite interpreted as the Golden Gate Zone. The newly discovered mineralized porphyritic intrusion is interpreted as the distal expression of the feeder intrusion responsible for the mineralization seen at Surebet.

Hole GD-24-236 (200 Az/-45 Dip, EOH 351.00 meters) collared from Go-For-Gold Pad above the main Surebet Zone intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to be the Surebet Upper Zone. The hole drilled through a sedimentary sequence of mudstones that contained interbedded siltstones and sandstones in the upper portion of the hole. The lower part of the hole consists of interbedded mudstones and pyritic limestone (1 – 2% disseminated pyrite). Mineralization in this interval consists of strongly carbonate-altered sedimentary rocks with massive pyrrhotite (2%) and sphalerite (1%), semi-massive galena (<1%) and pyrite (<1%), as well as trace chalcopyrite. Sulphide was observed in host rock margins near quartz breccia.

GD-24-242 collared from Golden Gate pad intersected multiple intervals of mineralization consisting of quartz-sulphide veining and stockwork cumulatively adding up to 90.15 meters, within which 4 occurrences of visible gold were identified. Within the sedimentary rocks a high-density vein interval was identified between 190.00 and 498.15 meters, including 47.07 meters of quartz-sulphide stockwork containing pyrrhotite, chalcopyrite and sphalerite from 190.00 meters to 237.07 meters, and 21.02 meters of high-density quartz veining containing pyrrhotite, chalcopyrite and sphalerite from 474.50 meters to 495.52 meters. The Bonanza Shear was intercepted at the contact between sedimentary and volcanic rocks from 583.70 meters to 585.49 meters and is characterized by semi-massive to massive pyrrhotite (up to 50 %), sphalerite (up to 8%) and galena (up to 3%). GD-24-242 has the longest intercept of consistent and widespread quartz-sulphide mineralization of the holes completed so far in 2024 (see image below).

An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2c46d24d-33aa-40a5-a86d-b6aaba7b9983

Drill hole GD-24-240 (068 Az/65 Dip, EOH 819.00 meters) collared from Goldsmith pad intercepted multiple quartz-sulphide veins and stockwork sections including visible gold hosted in the sedimentary rocks between 204.20 meters and 379.47 meters, which includes a 9.68 meter interval corresponding to the Bonanza Shear from 369.80 meters to 379.47 meters characterized by semi-massive sphalerite, chalcopyrite and pyrrhotite.

Drill hole GD-24-241 (140 Az/60 Dip, EOH 738.00 meters) collared from Golden Gate pad intercepted an extensive 51.33 meter interval consisting of sheared quartz-stockwork with high density of veins containing chalcopyrite (up to 1%), pyrrhotite (up to 1%) and pyrite (up to 1%) from 442.71 meters to 494.04 meters. Visible gold was intercepted in 3 separate veins hosted in the volcanic rocks between 553.72 meters and 568.89 meters.

Drill hole GD-24-238 (240 Az/50 Dip, EOH 380.00 meters) collared from Go-for-Gold pad intersected 2.59 meter interval of quartz-sulphide breccia and stockwork containing up to 5% pyrite, 1% galena, 1% chalcopyrite and minor sphalerite from 281.07 meters to 283.66 meters hosted within a 12.13 meter section of sedimentary rocks characterized by pervasive quartz-sulphide veining from 274.78 meters to 286.91 meters.

GD-24-237 collared from Golden Gate pad intercepted 1.61 meter interval of quartz-sulphide stockwork and veining at the contact between sedimentary and volcanic rocks corresponding to the Bonanza Shear from 449.69 meters to 451.30 meters with pyrite (up to 1%), minor galena, sphalerite and pyrrhotite. The sedimentary rocks above this interval contain significant quartz veining with trace sulphide from 425.00 meters to 449.69 meters. A second interval of quartz-sulphide veining containing visible gold is 0.75 meters long and was identified from 569.29 meters to 570.04 meters and is hosted in volcanic rocks containing veinlets of pyrrhotite and pyrite throughout from 451.30 meters to 833.73 meters.

Summary Of Drilling

The increase in coarser gold and base metal components observed with depth, indicates stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. This suggests that drilling is closing in on the heat engine responsible for the precious and base metals mineralization observed at Surebet.

Drilling has barely started to scratch the surface, with excellent potential for additional discovery as we venture deeper down past the valley floor. Because of the topography of the Surebet discovery and the majority of drilling being carried out on the slope of the mountain, none of the drill holes completed to date have drilled deeper than the valley floor. The expanded 2024 drill plan will focus on building continuity on the 10 known mineralized veins, including Surebet, Bonanza, Eldorado and Golden Gate as well as expanding them in all directions, which will allow the Company to better understand the size and grade distribution of this system that remains wide open.

The Surebet Discovery will see the bulk of meters planned with the balance testing a new strongly mineralized gold-copper outcropping target: Treasure Island (see location map below).

An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/20616150-6dd5-4d28-9d3c-215bbf9ca0b0

Golddigger Property

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, high-tension power and infrastructure capable of housing at least 300 people.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Qualified Person

About Goliath Resources LimitedGoliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Harmony Gold (HMY) closed the latest trading day at $9.57, indicating a -1.54% change from the previous session's end. This change lagged the S&P 500's 1.37% loss on the day. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 2.3%.

Shares of the gold miner have appreciated by 3.85% over the course of the past month, outperforming the Basic Materials sector's loss of 0.16% and the S&P 500's gain of 1.11%.

The investment community will be paying close attention to the earnings performance of Harmony Gold in its upcoming release.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.20 per share and a revenue of $3.7 billion, signifying shifts of +166.67% and +33.15%, respectively, from the last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Harmony Gold. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

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The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 11.11% lower. Harmony Gold is currently a Zacks Rank #5 (Strong Sell).

In the context of valuation, Harmony Gold is at present trading with a Forward P/E ratio of 8.1. This valuation marks a discount compared to its industry's average Forward P/E of 16.07.

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Goliath Resources Limited

Drill Highlights:

Drill hole GD-24-235 intercepted abundant visible gold and high-grade gold mineralization containing 35.04 g/t AuEq (34.16 g/t Au and 34.15 g/t Ag) over 6.34 meters ~true width, within 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters, corresponding to the Bonanza Shear (see image below).
Assays are pending from GD-24-235 on an additional 24.4 meter intercept of a porphyritic intrusion between 529.29 – 553.67 meters downhole. It contains veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth that indicates increased confidence in the proximity of the feeder source of the Surebet system.
Assays are also pending on a 10 meter interval from GD-24-235 between 550 and 650 meters downhole that is hosted within the andesite in a series of closely spaced quartz sulphide veins being observed. It contains abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite.
The 11.9 meter interval reported from GD-24-235 of high vein density sits between 445 – 457 meters downhole. Oriented core confirms near true width of mineralized vein widths, multiple large quartz-sulphide veins corresponding to the Bonanza Shear located just below the contact between Upper Hazelton sedimentary and Lower Hazelton volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
The increase in coarser gold and base metal components observed with depth, suggests stronger mineralization in deeper parts of the system as drilling ventures past the valley floor. Which suggests that drilling is closing in on the heat engine source of the gold mineralizing system.
Based on drill assay results from 2021 – 2023 from a total of 234 widely spaced drill holes, Goliath’s Surebet Discovery has been expanded to include 10 mineralized vein domains; Surebet Upper, Surebet Lower, Bonanza, Whopper, Eldorado, Golden Gate Upper, Golden Gate Lower, Goldzilla, Hot Spot. In addition, the minerals hit in the early drilling during 2024 suggests we have tapped into the top of the heat engine source of the gold mineralizing system.

Goliath – image 1

Goliath – image 2

Goliath – image 3

TORONTO, July 30, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the first set of assay results of the 2024 drill campaign at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C. Drill hole GD-24-235 which intercepted abundant visible gold and high-grade mineralization returned 35.04 g/t AuEq or 1.13 oz/t (34.16 g/t Au and 34.15 g/t Ag) over 6.34 meters (~true width) within 15.86 g/t AuEq (15.40 g/t Au and 17.11 g/t Ag) over 11.9 meters.

Hole GD-24-235 (180Az/-81.5 Dip, EOH 696.0 m) collared from Golden Gate Pad and drilled into the Bonanza Shear Zone and the newly discovered Mothership Feeder Zone. It is hosted within the Lower Hazelton volcanics containing abundant visible gold and strong sulphide mineralization in quartz breccia. The hole intercepted a porphyritic intermediate intrusive dyke containing veins with abundant visible gold, molybdenum up to 2 mm and bismuth mineralization. The host rock consists of intervals of interbedded mudstone and siltstone, in the deeper portion of the hole calc-silicate-altered andesite. Several mineralized quartz veins with abundant visible gold have been intersected within the andesite.

Hole GD-24-236 (200 Az/-45 Dip, EOH 351.0 m) collared from Go-For-Gold Pad above the main Surebet Zone intercepted high-grade gold mineralization containing 4.14 g/t AuEq (3.02 g/t Au and 63.55 g/t Ag) over 6.0 meters including 6.79 g/t AuEq (4.96 g/t Au and 78.03 g/t Ag) over 3.04 meters interpreted to be the Surebet Upper Zone. The hole drilled through a sedimentary sequence of mudstones that contained interbedded siltstones and sandstones in the upper portion of the hole. The lower part of the hole consists of interbedded mudstones and pyritic limestone (1 – 2% disseminated pyrite). Mineralization in this interval consists of strongly carbonate-altered sedimentary rocks with massive pyrrhotite (2%) and sphalerite (1%), semi-massive galena (<1%) and pyrite (<1%), as well as trace chalcopyrite. Sulphide was observed in host rock margins near quartz breccia.

Table 1: Selected 2024 Golddigger drill hole assay results.

Pad ID	Hole ID		From (m)	To (m)	Interval (m)	Au (g/t)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)	AuEq (g/t)
Golden Gate	GD-24-235	Interval	444.3	450.64	6.34	34.16	34.15	0.03	0.56	0.85	35.04
Golden Gate	GD-24-235	Within	441	452.9	11.9	15.40	17.11	0.02	0.28	0.47	15.86
Go-For-Gold	GD-24-236	Interval	83.0	89.0	6.0	3.03	63.55	0.01	0.76	0.45	4.14
Go-For-Gold	GD-24-236	Including	83.9	86.94	3.04	4.96	103.60	0.02	1.27	0.74	6.79

Table 2: Collar information for the drill holes reported in this news release.

Pad	Drillhole Name	Easting	Northing	CRS	Azimuth	Dip	Length (m)
Golden Gate	GD-24-235	457444	6162775	NAD83 UTM ZN 9N	180	81.5	696
Go-for-gold	GD-24-236	457755	6163133	NAD83 UTM ZN 9N	200	45	351

The drill program will focus on testing the potential feeder source at depth below the valley floor, while positioned to also drill through known zones, to discover new additional veins/shears, expanding the footprint of the 10 known veins and increasing the continuity of the veins/shears. The Surebet discovery will see the bulk of the meters planned. The balance of the drilling will be used to test two new strongly mineralized gold-copper targets: Jackpot and Treasure Island (location map below).

Goliath – image 4

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift, within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks used as key markers when exploring for gold-copper-silver mineralization.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)

Qualified Person

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b496d7b5-a6eb-439f-ab60-0a18b1c4646b https://www.globenewswire.com/NewsRoom/AttachmentNg/9a01115e-6233-45d6-9cbb-abe2c6e67a6b https://www.globenewswire.com/NewsRoom/AttachmentNg/05f67d31-8d67-4488-9b93-e2f086373899 https://www.globenewswire.com/NewsRoom/AttachmentNg/18548d1a-c418-4289-9c8e-d8dfcee3f52d

The latest trading session saw Harmony Gold (HMY) ending at $8.94, denoting a -1.65% adjustment from its last day's close. This change was narrower than the S&P 500's daily loss of 2.32%. At the same time, the Dow lost 1.25%, and the tech-heavy Nasdaq lost 3.64%.

The the stock of gold miner has fallen by 0.98% in the past month, leading the Basic Materials sector's loss of 1.83% and undershooting the S&P 500's gain of 1.79%.

The investment community will be paying close attention to the earnings performance of Harmony Gold in its upcoming release.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.20 per share and a revenue of $3.7 billion, indicating changes of +166.67% and +33.15%, respectively, from the former year.

Investors should also pay attention to any latest changes in analyst estimates for Harmony Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 11.11% downward. Harmony Gold is currently a Zacks Rank #5 (Strong Sell).

In terms of valuation, Harmony Gold is currently trading at a Forward P/E ratio of 7.57. This signifies a discount in comparison to the average Forward P/E of 15.99 for its industry.

The Mining – Gold industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 35, this industry ranks in the top 14% of all industries, numbering over 250.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

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Harmony Gold (HMY) closed at $9.09 in the latest trading session, marking a +0.55% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.

The gold miner's shares have seen a decrease of 0.22% over the last month, surpassing the Basic Materials sector's loss of 1.64% and falling behind the S&P 500's gain of 1.96%.

The investment community will be closely monitoring the performance of Harmony Gold in its forthcoming earnings report.

Investors might also notice recent changes to analyst estimates for Harmony Gold. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 11.11% lower. Harmony Gold is currently sporting a Zacks Rank of #5 (Strong Sell).

Investors should also note Harmony Gold's current valuation metrics, including its Forward P/E ratio of 7.53. Its industry sports an average Forward P/E of 15.81, so one might conclude that Harmony Gold is trading at a discount comparatively.

The Mining – Gold industry is part of the Basic Materials sector. At present, this industry carries a Zacks Industry Rank of 32, placing it within the top 13% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

To read this article on Zacks.com click here.

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