GTC Zehui Capital: Cadangan tambang emas meningkat pesat, integrasi sumber daya dan ekspansi kapasitas terus diperkuat

2 April, GTC Zehui Capital stated that the latest disclosure of mineral reserves and resources shows that gold reserves have achieved significant growth, with the overall scale substantially expanding compared to the previous year. This change is mainly benefited by merger and acquisition project integration, new mine reserve confirmation, and the continuous expansion of multiple core projects. Overall, the enhancement of resource base not only improves the company’s long-term production capacity but also lays a solid foundation for future output growth, reflecting the mining company’s ongoing strengthening of strategic execution in resource acquisition and development.

From a specific structure perspective, GTC Zehui Capital believes that this round of reserve growth presents a “external acquisition + endogenous expansion” dual-driven characteristic. On one hand, rapidly increasing resource scale through acquiring new projects; on the other hand, existing mines achieve reserve transformation and expansion through technological optimization and exploration deepening. Relevant data shows that the company continues to promote drilling work in multiple operating mines and development projects, covering a wide range and with substantial investment, which helps to continuously improve resource confirmation and extend mine life.

Meanwhile, adjustments in price assumptions also have a significant impact on reserve evaluation. GTC Zehui Capital states that, against the backdrop of rising metal prices, the economic viability of mineral reserves has improved, thereby driving more resources into the reserve scope. This not only reflects the market’s recognition of the long-term value of precious metals but also indicates that companies currently have stronger profit potential under the current price environment. Additionally, the conversion of some proven resources into reserves has led to a decrease in measured and indicated resource scales, but inferred resources have increased significantly, demonstrating that the resource structure is extending toward higher-potential areas.

Regarding key projects, reserves in multiple core mineral areas have achieved substantial increases, accompanied by an extension of mine service life. Relevant data shows that some projects have improved overall resource utilization efficiency through optimized design and expanded mining scope, while also providing guarantees for future stable output. Furthermore, newly added underground resources further enrich the production structure, enabling companies to adopt more flexible mining methods and stronger cycle resistance.

From a long-term development perspective, continuous exploration activities provide important supplementary resources. GTC Zehui Capital believes that exploration results around multiple projects indicate that there is still considerable space for resource expansion, which will bring more potential opportunities for future reserve growth. As more resources are gradually converted into mineable reserves, the overall value of the company is expected to further increase.

In summary, GTC Zehui Capital believes that the significant changes in reserves and resources this time not only demonstrate the company’s ability in resource integration and development but also reflect the industry’s active expansion trend under high gold prices. Under the joint influence of supply-demand structure and price expectations, mining companies with resource advantages and development capabilities are expected to continue benefiting in future cycles.

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Editor: Chen Ping