Billionaire John Paulson Bullish On Gold Miners, Including This Penny Stock
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 20 2024
0mins
Source: Benzinga
John Paulson's Investment Strategy: Billionaire hedge fund manager John Paulson is heavily invested in gold mining stocks, which constitute over 33% of his fund's portfolio, as he anticipates further gains from the rising price of gold.
Key Holdings and Performance: Paulson & Co.'s largest gold miner investment is a $231.6 million stake in Perpetua Resources Corp., with other significant holdings including Novagold Resources Inc. and International Tower Hill Mines, while the fund recently sold its position in AngloGold Ashanti Plc.
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Analyst Views on THM
About THM
International Tower Hill Mines Ltd. is a Canada-based company. The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. It has 100% interest in its Livengood Gold Project, located in the Tintina gold belt approximately 70 miles (113 kilometers) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. The Company's subsidiaries include Tower Hill Mines, Inc., Tower Hill Mines (US) LLC, and Livengood Placers, Inc.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Concurrent Private Placement: The company simultaneously closed a $40 million private placement of 18.02 million shares, resulting in total gross proceeds of $114.8 million from both offerings, providing ample funding for the exploration and development of the Livengood Gold Project.
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- Private Placement Agreement: Paulson & Co. Inc. has agreed to purchase $40 million shares at the public offering price, further boosting total proceeds and demonstrating confidence in the company's future potential while providing funding for the development of the Livengood Gold Project.
- Clear Use of Proceeds: The net proceeds from the offering and private placement will be allocated to the exploration and development of the Livengood Gold Project and general corporate purposes, ensuring sustained investment and strategic positioning in resource development.
- Underwriters' Option: The underwriters have an option to purchase up to 15% additional shares, potentially raising total proceeds to $115 million if exercised, which would further enhance the company's financial flexibility and market competitiveness.
See More
Spot Silver Continues Decline, Currently Down 6% at $67 per Ounce
- Market Performance: Silver prices have experienced a decline, dropping 6% to $67 per ounce.
- Trend Analysis: The recent downturn in silver prices indicates a potential shift in market dynamics.
See More
Gold Prices Soar to New Heights, Exceeding $5,300 an Ounce Before FOMC Meeting
Market Surge: Spot gold prices have surged above $5,300, setting new records in the market.
FOMC Meeting Anticipation: The increase in gold prices comes ahead of the upcoming Federal Open Market Committee (FOMC) meeting.
See More
International Tower Hill Mines Completes Upsized Public Offering
- Successful Public Offering: International Tower Hill Mines has successfully completed an upsized public offering of 33.67 million shares at a price of $2.22 per share, expected to generate $74.8 million in gross proceeds, significantly enhancing its financial capacity for future project development.
- Concurrent Private Placement: The company simultaneously closed a $40 million private placement of 18.02 million shares, resulting in total gross proceeds of $114.8 million from both offerings, providing ample funding for the exploration and development of the Livengood Gold Project.
- Clear Use of Proceeds: The proceeds from the offerings will be allocated to drilling, feasibility studies, and baseline environmental studies for the Livengood Gold Project, ensuring smooth project advancement and enhancing the company's competitiveness in the gold mining sector.
- Compliance with Related Party Transactions: As Paulson and other participants are related parties, the issuance of shares is classified as related party transactions, with the company relying on exemptions under MI 61-101 to ensure compliance and transparency.
See More
Spot Silver Reaches All-Time High of $115.13/Oz, Surging More Than 11%
Record High for Silver Prices: Silver prices have reached a record high of $115.13 per ounce, marking a significant increase.
Percentage Increase: The price of silver has risen over 11% recently, contributing to its record-setting value.
See More
Spot silver briefly surpassed $100 per ounce before retreating to $99.93.
- Silver Price Movement: Silver prices rose above $100 per ounce during intraday trading.
- Price Adjustment: Following the peak, prices slightly decreased to $99.93 per ounce.
See More
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- Upsized Offering: International Tower Hill Mines has upsized its offering to 29.29 million shares at a public price of $2.22 per share, with total gross proceeds expected to reach approximately $105 million, significantly enhancing the company's financial capacity for future growth.
- Private Placement Agreement: Paulson & Co. Inc. has agreed to purchase $40 million shares at the public offering price, further boosting total proceeds and demonstrating confidence in the company's future potential while providing funding for the development of the Livengood Gold Project.
- Clear Use of Proceeds: The net proceeds from the offering and private placement will be allocated to the exploration and development of the Livengood Gold Project and general corporate purposes, ensuring sustained investment and strategic positioning in resource development.
- Underwriters' Option: The underwriters have an option to purchase up to 15% additional shares, potentially raising total proceeds to $115 million if exercised, which would further enhance the company's financial flexibility and market competitiveness.
See More
