StrikePoint Completes Northumberland Acquisition, Unveils 4.4 Moz AuEq Resource
NEM sits 49% above its 52-week low of $76.047.
Summary
StrikePoint Gold completed its acquisition of the Northumberland Gold Project from Newmont subsidiaries, and trading has resumed. The project hosts an initial mineral resource estimate of 2.86 Moz AuEq indicated and 1.57 Moz AuEq inferred. StrikePoint has approximately C$90M in working capital post closing and plans to begin drilling within a month. This is a divestiture of a non-core asset by Newmont, with contingent payments tied to future milestones. The resource is significant for StrikePoint, but the direct impact on Newmont's $119B market cap is modest.
At the time of this announcement, NEM was trading at $113.03 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $119.6B. The 52-week trading range was $76.05 to $135.29. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.