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11/30/2014
Analysis
Updated: Alamos Gold Inc
Alamos Gold is a mid tier producer that is performing well. They have moderate cash costs, $375 million in cash, no debt, and forecasted production growth. This rosy picture has pushed up the stock price to a $938 million FD market cap. A lot of the... more
11/29/2014
Analysis
Updated: Galleon Gold Corp
Explor Resources is a project generator in Canada with 4 active properties and 16 total. They have a large land package of 65,000 acres in the Abitibi greenstone belt. Their TPW (Timmins Porcupine West) project is a high grade flagship in the right... more
11/28/2014
Analysis
Updated: Meadow Bay Gold Corp
Meadow Bay got lucky. They purchased a past producing mine in Nevada that had a 500,000 oz resource (1.3 gpt) and they planned to restart production. However, when they started drilling they found a porphyry extension off the main pit that could result... more
11/26/2014
Analysis
Updated: Centamin Plc
Centamin Plc is a mid-tier producer in Egypt. In October 2012, a court ruling removed Centamin's rights to mine in Egypt. This is currently under appeal and the mine is still operating. Because this is a 50/50 JV with an Egyptian government agency, it... more
11/24/2014
Analysis
Updated: Mandalay Resources Corp
Mandalay Resources is a mid tier gold producer (they also produce 3 million oz of silver) in Chile, Australia, and Sweden. They are not significantly undervalued, although they have 5 bagger potential at higher gold prices. The management team is... more
11/20/2014
Analysis
Updated: Heliostar Metals Ltd
Redstar is a project generator without an advanced stage project. However, they have 3 JV’s on their 13 properties and likely will add more JVs. All they need is to find one large mine to make them a 5 bagger, because their fully diluted market cap is... more
11/18/2014
Analysis
Updated: Golden Arrow Res Corp
Golden Arrow Resources has a large silver project (Chinchilla) in northern Argentina. They have a PEA to produce 8 million oz a year for 12 years, plus exploration potential to extend the mine life. Yet, their FD market cap is only $9 million, giving it... more
11/18/2014
Analysis
Updated: Southern Silver Exploration Corp
Southern Silver Exploration is a project generator with a tiny FD market cap under $1 million and a potential flagship property (Cerro Las Minitas) in Mexico. Early drill results (23,000 meters) have been very good and it is likely a large high grade... more
11/16/2014
Analysis
Updated: Bear Creek Mining Corp
I loved Bear Creek Mining until June 25, 2011. That was the day the President of Peru did the highly unusual act of revoking the mining rights at their Santa Ana project. He did this because of political pressure from local resistance to the project in... more
11/16/2014
Analysis
Updated: Gogold Resources
GoGold Resources has potential, but they will need to find a third mine. They began producing 1.8 million oz of silver in 2014 at projected all-in costs of $9 per oz. The Parral tailing project has 35 million oz silver equivalent (including gold). The... more
11/15/2014
Analysis
Updated: Avino Silver & Gold Mines Ltd
Avino Silver is an emerging mid-tier silver producer in Mexico. They will produce around 1.5 million oz of silver equivalent in 2015 with all-in costs around $14 per oz. And they think they can double production to 3 million oz and reduce costs over the... more
11/15/2014
Analysis
Updated: Golden Minerals Co
Golden Minerals was one of my favorite stocks in 2011. They had 50 properties on 800,000 acres, including two flagship projects: Velardena in Mexico and El Quevar in Argentina. Velardena was in production and ramping up to 4 million oz of silver... more
11/14/2014
Analysis
Added: Ximen Mining Corp
Ximen Mining has an early exploration project (Brett) in British Colombia that looks promising. They have a good management team that is good at marketing their company. The stock surged in early 2014, but has subsequently crashed as they ran out of cash. more
11/12/2014
Analysis
Updated: Resource Capital Gold Corp
Reliance Resources is a high risk speculation stock and a long term investment. It has a small FD market cap less than $1 million. They have 5 projects in Indonesia on 68,000 acres. They are currently out of cash and are not drilling. Initial drill... more
11/11/2014
Analysis
Updated: Orea Mining Corp
Columbus Gold is a project generator. They own 49% of the Montagne deposit in French Guyana (South America). It is a 5 million oz surface deposit at 1.4 gpt (inferred). Their JV partner (Nordgold) has $1 billion in revenue and must spend $30 million over... more
11/10/2014
Analysis
Updated: Bravada Gold Corp
Bravada Gold has a tiny market cap of less than $1 million fully diluted. They have 14 Properties in Nevada with significant exploration potential. The company was a roll out from Bravo Gold and is a relatively new project generator. Their best property... more
11/09/2014
Analysis
Updated: Sibanye-Stillwater
Sibanye Gold is a new major in South Africa that was created by Gold Fields. It encompasses three producing underground gold mines that have 77 million oz in resources. They will produce 1.3 million oz in 2014. They plan to payout 25% to 35% of earning... more
11/08/2014
Analysis
Updated: Perpetua Resources Corp
Midas Gold is highly undervalued. They have a very large project in Idaho that is heading to production around 2018. Golden Meadows is a 6.4 million oz resource (1.6 gpt) that is growing in size, and has significant exploration potential. They have a FD... more
11/08/2014
Analysis
Updated: Mawson Gold Limited
Mawson Resources is a new project generator focusing in Sweden and Finland. They do not yet have any JV deals, but they have a big project in Sweden called Rompas. Soil samples have averaged 3 opt, and several samples averaged 30 opt. They began initial... more
11/06/2014
Analysis
Updated: Xtra-Gold Resources Corp
Xtra-Gold is a project generator with one property in Ghana (West Africa). The Kibi project has significant potential. It is on 55,000 acres and has 4 deposits that they are drilling. Zone 2 had a 43-101 resource estimate in 2012 of 400,000 oz at 2 gpt (n more
11/05/2014
Analysis
Updated: DELETE - Evolving Gold Corp
Evolving Gold is a relatively new project generator, led by an excellent geologist. They have three early stage exploration projects in Nevada on 50 square miles of land. All three have had high grade drill results, but it is very early in the drilling... more
11/04/2014
Analysis
Added: Masivo Silver
Gainey Capital is actually a gold and silver mining company. They have a 300 tpd mill that is giving them cash flow in Mexico as a tolling operation. Plus, they have an interesting property of high grade silver. El Colomo is large (45,000 acres) and next... more
11/02/2014
Analysis
Added: Vast Resources Plc
African Consolidated has an excellent project. However, it is in a bad location: Zimbabwe. This makes it very high risk. It is a 3.5 million oz deposit with a low capex of $18 million and an IRR of 72%. Those are good numbers, but Zimbabwe will scare... more
11/02/2014
Analysis
Added: Vast Resources Plc
African Consolidated is a near-term gold producer. Their Pickstone/Peerless project is financed and permitted. Production will begin in 2015. However, it is in a bad location: Zimbabwe. This makes it very high risk. Also, the Pickstone/Peerless project... more
11/01/2014
Analysis
Updated: Southern Arc Minerals Inc
Southern Arc is a project generator. They have 3 properties in Indonesia that have potential. East Elang is a 25% JV with Valle (a major copper producer).West Lombok has a 12 mile strike with three deposits, and is a possible 3 to 5 million oz gold... more
11/01/2014
Analysis
Updated: Solitario Resources Corp
Solitario Exploration & Royalty has a late stage project (Mt Hamilton) in Nevada that looks promising. It is a relatively small project at 720,000 oz at .8 gpt (their 80% share), but it has an affordable capex ($90 million) and low all-in costs ($900... more
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