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06/30/2013
Analysis
Updated: Luca Mining
Telson Resources has a late stage gold and silver project in Mexico that could generate about $500 million in cash flow (50,000 oz for 11 years). They have a FD market cap of only $2 million, making this a potential 50 bagger. The capex is only $89... more
06/29/2013
Analysis
Updated: Starcore Intl. Mines Ltd
Starcore International is a small gold producer in Mexico, with annual production of 20,000 oz at their San Martin mine. Their market cap has crashed to $24 million, so it has significant potential. Their mine has limited reserves (60,000 oz at 2 gpt),... more
06/29/2013
Analysis
Updated: Kingsmen Resources Ltd
Tumi Resources has 7 early exploration projects in Sweden and Mexico (mostly silver, but some tungsten projects). They have some upside potential with a fully diluted market cap of only $2 million. However, they have not made much progress with their... more
06/22/2013
Analysis
Updated: Wheaton Precious Metals Corp
Silver Wheaton is a large silver royalty company. They have 19 producing silver royalty properties with a fixed cash cost of around $4, and 4 projects in development. They have 1.6 billion ounces in attributable resources and production of 32 million oz,... more
06/22/2013
Analysis
Updated: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have 36 producing properties and 22 under development, plus another 100+ in early or advanced stage exploration. They are growing revenues at about 25%, which is a little bit better than bullion price... more
06/21/2013
Analysis
Updated: Slam Exploration Ltd
Slam Exploration is a project generator focused in Canada with large land holdings in Ontario and New Brunswick. They have a gold discovery in New Brunswick called Menneval (75,000 acres) and have drilled 64 holes. They have found a high grade vein that... more
06/21/2013
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a relatively new royalty company. They are focusing on gold and currently have only 6 producing properties (under contract). However, they have solid cash flow from these properties (about $60 million in cash flow in 2012) and are... more
06/21/2013
Analysis
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator, but they currently don't have any JVs. They have 4 early exploration gold projects (100% owned) in the Yukon. They are focusing on their 70,000 acre Mariposa property, and began drilling in 2011. Early... more
06/19/2013
Analysis
Updated: Ramelius Resources Ltd
Ramelius Resources is a mid tier producer (my definition). They are producing 100,000 oz in Australia, and production is forecasted to grow to around 140,000 oz by 2016. They have a FD market cap of $48 million and future reserves valued at $16 per oz.... more
06/17/2013
Analysis
Updated: Idaho Strategic Resources Inc
New Jersey Mining has a small advanced gold project in Idaho. However, they only have a 50% interest (they are the operator). The Golden Chest project looks like a potential mine, although they have not yet issued a PEA and are still drilling it. The... more
06/16/2013
Analysis
Updated: Tristar Gold Inc
TriStar Gold is a small project generator with a couple of projects in Brazil. Both are on large land packages: CDS on 170,000 acres and Bon Jardin on 22,000 acres. However, both are early exploration projects that are going to take a lot of money to... more
06/16/2013
Analysis
Updated: Elevation Gold Mining Corp
Northern Vertex Mining has an advanced project in Arizona called Moss. It is a 700,000 oz (gold equivalent, including silver) resource at .7 gpt. The PEA has excellent economics with only a $26 million capex. The IRR is 117% with $110 NPV. They plan to... more
06/16/2013
Analysis
Updated: Melkior Resources Inc
Melkior Resources is an early project generator focused in Canada. They do not have any JV deals where their partners are paying for exploration. Plus, they only have $125,000 in cash. They have three large promising gold properties. Carscallen in West... more
06/15/2013
Analysis
Updated: Aya Gold & Silver Inc
Maya Gold & Silver has significant potential. They have a gold and silver projects in Morocco that are both likely producing mines. Zgounder, their silver project (85% owned) is a past producing mine (working mill onsite) with a 15 million oz resource (5... more
06/15/2013
Analysis
Updated: Bonterra Resources Inc
BonTerra Resources is a new project generator focusing in Quebec. They have 3 properties (Eastern Extension, Urban-Barry, Lavoie) on 6500 acres that are all next to each other. Fifty-nine holes were drilled in the 1990s, and then they obtained the... more
06/14/2013
Analysis
Updated: Silver Storm Mining Ltd
Golden Tag Resources has an excellent silver project in Mexico. It is a 100 million oz resource (2 opt) with significant offsets for lead, zinc (1 billion lbs of each) to make it a very low cost mine. They own 60% (if they spend another $3 million on... more
06/14/2013
Analysis
Updated: Garibaldi Resources Corp
Garibaldi Resources is a new company with a large land package (800,000 acres) in Mexico (Sierra Madre). They have 9 projects on 3 properties (Iris, Rodadero, and Tonichi) and dozens of potential drilling targets. They have used hyper spectral aerial... more
06/12/2013
Analysis
Updated: Eagle Plains Resources Ltd
Eagle Plains Resources is a project generator in Western Canada that has been around since 1992. They have amassed 35 projects and have 18 JV deals. They would have more, but utilize a spin-out strategy once a project advances to production. This... more
06/11/2013
Analysis
Updated: Bayhorse Silver Inc
Kent Exploration had a good property (Gnaweeda) and spun it out into a new company (Archean Star). They kept 10 million shares in Archean which are worth about $1.5 million. That left shareholders with 3 early exploration projects in New Zealand. That... more
06/10/2013
Analysis
Updated: Goldflare Exploration Inc
Typhoon Exploration is new project generator that began in 2003. They have 6 properties in Southern Quebec in the Abitibi gold belt. All are early exploration. The Fayolle property (5500 acres) is a gold discovery with 200,000 oz at 1.5 gpt. Their other... more
06/08/2013
Analysis
Updated: Greencastle Resources Ltd
Greencastle Resources is a new project generator. They have 3 early exploration gold properties. Their main property is Nechako on 30,000 acres in British Columbia. They spun this property into a subsidiary called Deveron Resources. The own 65% with... more
06/08/2013
Analysis
Updated: TNR Gold Corp
TNR Gold is not performing that well for a project generator. They have been around a while, yet they do not have any JVs. They have three projects. The Los Azules copper project has the most potential. This large copper/gold project is owned by McEwen... more
06/08/2013
Analysis
Updated: First Majestic Silver Corp
First Majestic Silver is one of the best silver producers. They have $100 million in cash and no debt. Their all-in costs for 2013 should be around $15, with cash costs about $10. Production is forecasted to grow from 11 million oz in 2013 to 16 million... more
06/07/2013
General
Is Gold Confiscation Possible?
I say no. The problem with confiscation is that gold is becoming a global currency and replacing fiat. This wasn't the case in the 1930s. If a country like the US wanted to confiscate gold while the rest of the world was moving to gold as a currency, then that wouldn't make sense. We would be perceived as a laughing stock with our heads in the sand.
Gold is becoming a de-facto currency. I don't see how this can be stopped or how governments can stop it. The real issue here is taxation, which... more
06/07/2013
General
Is June the Month?
This gold correction which began in September 2011 has been brutal for mining stock investors. Anyone who has bought the dip during this correction has constantly watched mining shares go lower, until May. Now we appear to have seen the bottom in the HUI hold. Sure, we could see a new low below 250, but it looks like June will be the month for a breakout.
The mining shares have been obliterated during this 21 month correction, just like what happened in 2008. The fall in the HUI (628 to 249 = more
06/05/2013
Analysis
Updated: Franco-Nevada Corp
Franco Nevada is a royalty company, and a very good one. They're revenue growth is growing at fast rate. They have 46 producing projects with an expected net income around $150 million in 2013. They have an excellent pipeline of 28 advanced stage... more
06/03/2013
Analysis
Updated: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines has a monster project in Alaska with 20 million oz (.5 gpt) at a 80% recovery rate. They plan to begin producing in 2019 at 550,000 oz per for 23 years (13 million oz). Estimated cash costs are around $700, but energy prices are... more
06/02/2013
Analysis
Updated: TRX Gold Corp
Tanzanian Royalty Exploration has a late stage project (Buckreef) and numerous exploration properties in Tanzania. In fact, they have a 5 year plan to bring 5 projects into production (or close to production): Buckreef, Tembo, Itetemia, Bingwa, and... more
06/02/2013
Analysis
Updated: DELETE - Braveheart Resources Inc
Rainbow Resources is a new exploration company. They have two projects that are both early exploration. The Big Strike project is several properties on 30,000 acres in Southwest British Columbia. Their other project is called Jewel Ridge in Nevada and is... more
06/02/2013
Analysis
Updated: Carlin Gold Corp
Carlin Gold Corp. has 3 early exploration properties in Nevada that look promising. Plus, a 50/50 JV with Constantine Metals for 13 projects on 120,000 acres in Yukon, Canada. They have only drilled 7 holes on their properties (Cortez Summit in Nevada).... more
06/01/2013
Analysis
Updated: Santacruz Silver Mining Ltd
Santacruz Silver Mining is an emerging mid-tier producer. It was a good investment a year ago when their market cap was $60 million. At that time it appeared to be a can't miss investment and I had it rated at 3.5. However, once they began producing in... more
06/01/2013
Analysis
Updated: Canstar Resources Inc
Canstar Resources is in the lowest category: Potential Exists. They have a significant property called Mary March that has upside potential. It is near a past producing mine and the geology is very similar. Early drill results have been promising with... more
06/01/2013
Analysis
Updated: Canagold Resources
Canarc Resources is a Project Generator focusing in Canada. They have some good properties, yet investors have stayed away. Their New Polaris project is a 1.1 million oz resource, averaging 11 gpt. They have a PEA for 72,000 oz of production for 10 years... more
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