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Market Equities Research - Market Bulletin   August 12, 2021 1:00 AM UTC



World’s 10 biggest gold mining companies based on 2020 production, and review of Jr. mining explorer Lucky Minerals Inc.


Figure 1. (above): Producer pouring gold bars.


The following is a list of the top gold miners in the world based on their 2020 production:

1. Newmont HQ in United States NYSE:NEM 5.88 moz (-3.45%)
2. Barrick Gold HQ in
Canada TSX:ABX 4.84 moz (-3.39%)
3. Polyus HQ in
Russia RTC:PLZL 2.87 moz (-2.71%)
4. AngloGold Ashanti*** HQ in
South Africa JSE:ANG 2.81 moz (-14.33%)
5. Kinross Gold HQ in
Canada TSX:K 2.38 moz (-5.93%)
6. Gold Fields HQ in
South Africa JSE:GFI 2.13 moz (+4.41%)
7. Newcrest Mining HQ in
Australia ASX:NCM 2.06 moz (-11.59%)
8. Agnico Eagle HQ in
Canada TSX:AEM 1.73 moz (-2.81%)
9. Polymetal International HQ in
Russia LSE:POLY 1.40 moz (+6.87)
10. Harmony Gold HQ in
South Africa JSE:HAR 2.38 moz (0.00%)

* Does not include equity ownership of other producers.
** Ranking excludes Uzbek state-owned enterprise Navoi Mining & Metallurgy Combinat, owner of one of the world’s largest gold mines in Muruntau, as the reliability of its information is unconfirmed (reports have it having produced ~2 million ounces of gold in 2020).
*** Reported production from continued AGA operations; production figures were adjusted to reflect a company’s ownership % as of December 31, 2020 (i.e. AngloGold sold some assets to Harmony in October).

In total, thirteen companies saw their production surpass the one million ounce mark; Canada’s Kirkland Lake Gold (1.37moz), Australia’s Northern Star Resources (1.01moz) and the UK-based Nord Gold (1.01moz). Sibanye-Stillwater almost made the list with 0.98moz of gold.

Comment on Global Production of Gold:

Chart 1. (left) -- Mine Output


In 2020, mining output fell by nearly-4%, which was the biggest drop in over a decade. Most of this decline was due to COVID-related shutdowns.


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Junior Mining Explorer Lucky Minerals Inc. (TSX-V: LKY)  (OTC: LKMNF) Presents Opportunity


Lucky Minerals New Gold Discoveries in Ecuador have Enormous Potential, Now Tracking Multiple Feeder Zones at Surface


Lucky Minerals Inc. (TSX-V: LKY) (US Listing: LKMNF) (Frankfurt: LKY) has several new gold discoveries at its 100%-owned royalty-free 550km2 (55,000 Ha, or 136,000 Acres) Fortuna Project in Ecuador, located in prolific mineral belts ~40km from Lundin Gold's Fruta del Norte (9.48 M oz Au I+Inf) deposit and the Mirador (2.7 M oz Au and 5.9 B lbs Cu M+I) deposit. Within the last few months Lucky's geological team has discovered an entirely new gold trend, the Shincata Gold Trend, which extends across the NW Fortuna concessions for ~22 km, in an area of multiple volcanic centers. Lucky's geological team is actively exploring on ground with all the ingredients for extensive gold potential; on July 12, 2021 announced  "Lucky Minerals Systematic Sampling of Outcrop Averages 3.06 g/T Gold over 4.0 m at Wayka" (T1 results), and July 30, 2021 "Lucky Minerals Samples 8.08 g/t Gold Across 7.0 m Including 17.63 g/T Gold Across 3.0 m at Wayka" (T6 results) -- In-short, Lucky Minerals has tapped into a high-sulfidation epithermal gold system that has shown economic levels of mineralization at surface, this type of deposit tends to be a disseminated body that can scale up quickly. The geological team is tracking multiple feeder zones at surface (T1 & T6 are 700m apart), how far this carries is being investigated now; there are teams in the field bringing back new information from material exposed at surface. The geological team is mapping advanced argillic alteration (high-temperature volcanic material favourable for trapping/hosting gold) across a significant and rapidly expanding footprint, there is evidence pointing to parallel feeder zones to be uncovered, and Lucky plans to put drills into optimized targets this year -- favourable results are apt to send the share price vertical. The aforementioned July 12 feeder zone has been followed to at least ~30 m, it trends east to west, with stellar grades in what has been released to date. This is a rapidly developing story, lots of information is incoming, and quickly turning into one of the most exciting exploration efforts in the mining sector.


Lucky Minerals is on to a potential world-class discovery at its Wayka Gold Discovery Zone

  • Wayka is a high sulphidation epithermal gold system (examples of such deposits that are world-class: Yanacocha, Pierina, Pueblo Viejo).

  • Trenching has confirmed a large system is mineralized with gold between trenches T1 and T6 (700m apart).

  • High temperature alteration footprint (advanced argilic – blue elipse on map below) more than 1.5 km by 1.0 km and still open in three directions. It is generally the area where most gold mineralization is localized in these type deposits.


Figure 2. (above) -- Trench T6: Samples across 7m averaged 8.08 g/t gold, including 3m at 17.63 g/t Gold and is 700m from T1.


Figure 3. (above) -- Size Matters, Alteration Size Comparison of some world class high sulphidation epithermal gold systems. Considering Lucky has a high temperature alteration footprint more than 1.5 km by 1.0 km and still open in three directions, excitement runs high as the Company plans a maiden drill program.


The Fortuna Gold Project lays within a tertiary volcanic belt that trends NE-SW through the property, these are volcanics which are known to hosts major epithermal gold deposits, similar trending structures intersect neighboring Fruta del Notre, Mirador, Loma Larga, El Mozo and others. Satellite imagery confirms what is understood to be a collapsed caldera proximal to the discoveries Lucky is now making.



For further DD on Lucky Minerals Inc. see the following URLs:

Corporate website: https://www.luckyminerals.com

Recent Mining MarketWatch Journal Review:https://miningmarketwatch.net/lky.htm

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This bulletin may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned.

Contact information:
Simon Levinson
Market Equities Research Group



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