US Gold Closes $4.9M Offering; Law Firm Investigates Compass Minerals; Newmont Appoints New CTO And More: Friday's Top Mining Stories

Top Stories for April 19, 2024:

1. Chairman and Co-Founder of U.S. Gold USAU Luke Norman announced the company closed its $4.9 million offering from existing shareholders, strengthening their financial stance as they anticipate a mining permit by mid-year. 

This capital will boost exploration and development, especially with the CK project in Wyoming, where they aim to be the first new hardrock mine in nearly a century. 

Supported by favorable market conditions and a supportive regulatory environment, Norman believes U.S. Gold Corp is well-positioned to expand operations and enhance investor value, with further updates expected as they progress.

2. The securities law firm Glancy Prongay & Murray LLP launched an investigation into Compass Minerals CMP for potential federal securities law violations.

The announcement stems from Compass’s disclosure that the U.S. Forest Service will not use its magnesium chloride-based fire retardants in 2024 due to safety concerns from aircraft corrosion. 

This news led to a 17.1% drop in Compass’s stock price, the law firm is investigating on behalf of shareholders.

Also Read: New Canadian Budget Deemed Mixed Bag For Mining Sector

3. Newmont NEM announced the appointment of Francois Hardy as Chief Technology Officer (CTO). 

Francois will join Newmont’s executive leadership team and lead the technical work across the business to improve operational performance and drive growth. 

Francois will take over for interim CTO, Dean Gehring, who also served in a dual role as Newmont’s Chief Integration Officer. 

After a period of transition, Gehring will be leaving the company in early July.

4. UBS analyst Curt Woodworth maintained Alcoa AA with a Sell rating and raised his price target from $27 to $32 following its Q1 earnings.

Meanwhile, Jefferies analyst Chris LaFemina maintained Alcoa with a Buy rating and raised his price target from $45 to $48.

BMO Capital Markets analyst Katja Jancic also raised her price target from $35 to $37 and maintained a Market Perform rating.

Now Read: Biden Plan To Reportedly Block Alaska Mine Access Draws Industry Ire: ‘Frankly, I Am Disgusted’

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