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06/30/2015
Analysis
Updated: CMC Metals Ltd
CMC Metals has upside potential, but the risk is very high. They have small deposits, but a plan to begin mining soon. They have (50% owner) a small gold mine (Radcliff) in California that they plan to get into production soon, perhaps in 2016. It is a... more
06/28/2015
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 9 gold/silver projects in Canada (British Columbia). They have one advanced stage gold/silver project (Silver Coin), but they only own 20%. Silver Coin is a 1.6 million oz resource that is a JV with... more
06/27/2015
Analysis
Updated: Centerra Gold Inc
Centerra Gold is a large Canadian-based mid-tier producer in Kyrgyzstan and Mongolia. Their Kumtor mine in Kyrgyzstan has 8 million in P&P reserves and will produce 500,000 oz until 2023 (and maybe longer). Cash cost are around $700, making it a cash... more
06/27/2015
Analysis
Updated: Metallic Minerals Corp
Monster Mining is a new project generator in Canada (Yukon). They have a large silver discovery (Keno-Lightening) that is next door to Alexco's large high grade silver deposit. It is on 5,000 acres and they have identified more than a dozen drill targets. more
06/26/2015
Analysis
Updated: Metallic Minerals Corp
Monster Mining is a new project generator in Canada (Yukon). They have a large silver discovery (Keno-Lightening) that is next door to Alexco's large high grade silver deposit. It is on 5,000 acres and they have identified more than a dozen drill targets. more
06/25/2015
Analysis
Updated: Augusta Gold Corp
Bullfrog Gold had an advanced project in Arizona called Newsboy. However, they terminated it as uneconomic. Now they are left with two early exploration projects in Nevada (Bullfrog and Klondike). Plus, they have $3 million in debt and are out of cash.... more
06/24/2015
Analysis
Updated: Silver North Resources
Alianza Minerals was created from the combination of Tarsis Resources and Estrella Resources. It is a project generator without an advanced project. They have a 20 early exploration projects in the Yukon, Mexico, Nevada, and Peru. This is a high risk... more
06/23/2015
Analysis
Updated: Unigold Inc
Unigold Inc has a large gold project in the Dominican Republic. The Candelones property (50,000 acres) is approaching late stage development. They have already found 2 million oz at 1.5 gpt (inferred) and have 25 more targets. They need to release a PEA,... more
06/21/2015
Analysis
Updated: DELETE - Westminster Resources Ltd.
Westminster Resources is relatively new explorer with two large properties in Mexico. El Cobre is 50,000 acres and has 3 projects and Navojoa is 50,000 acres and has 3 projects. They made their first JV deal with Capstone Mining recently and kept 25% of... more
06/20/2015
Analysis
Updated: Thunder Mountain Gold Inc
Thunder Mountain Gold is small project generator focused in the U.S. They are out of cash and will have trouble raising financing if gold prices remain low. Their South Mountain project in Idaho (25% equity interest) is a small past producing mine. Their... more
06/18/2015
Analysis
Updated: Star Gold Corp
Star Gold Corp has a small gold project in Nevada that could get built. It's only a 100,000 oz resource, but the all-in costs make it economic at $1200 gold. The capex is only $25 million and the after-tax IRR is 25% at $1300 gold. The problem is... more
06/17/2015
Analysis
Updated: Kingsmen Resources Ltd
Tumi Resources has one silver project in Mexico. They have some upside potential with a FD market cap of $1.5 million. However, they have not made much progress the last few years. They are exploring with a small budget. They will continue to drill, but... more
06/16/2015
Analysis
Updated: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have 37 producing properties and 22 under development, plus another 100+ in early or advanced stage exploration. They are growing production and are a growth company. They have a $4.4 billion market... more
06/15/2015
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 $4.50, and 5 projects in development. They have 1.6 billion ounces in attributable resources and production of 40 million... more
06/14/2015
Analysis
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 35 years. 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
06/13/2015
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a relatively new royalty company. They are focusing on gold and currently have 14 producing assets (under contract). They have solid cash flow from these properties and are growing rapidly at about 20% per year (production oz). They now... more
06/13/2015
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
06/12/2015
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They recently had a gold discovery with their Cheechoo project (17,000 acres). It has a 900 meter strike length at .4 gpt. That is low grade, but when gold prices rise it could be... more
06/12/2015
Analysis
Updated: Ramelius Resources Ltd
Ramelius Resources is a mid tier producer (my definition). They are producing 80,000 oz in Australia, and production is forecasted to grow to around 120,000 oz by 2016. They have a FD market cap of $45 million (50 million options expire in August 2015),... more
06/11/2015
Analysis
Updated: Idaho Strategic Resources Inc
New Jersey Mining is a small project generator in Idaho. They have a 48% JV with the Golden Chest project that began production in 2014. Juniper Resources is the operator. The resource size is 500,000 oz (1.5 gpt) and growing. There is some upside... more
06/10/2015
Analysis
Updated: Melkior Resources Inc
Melkior Resources is an early project generator focused in Canada. They have three large gold properties with potential. Carscallen in West Timmins is next to a Lakeshore Mining deposit and is their focus. Recent drill results have been fairly good... more
06/09/2015
Analysis
Updated: West Vault Mining Inc
West Kirland Mining purchased the Hasbrouck and Three Hills properties from Allied Nevada in 2014 for $20 million. They diluted their shares substantially to buy the properties. Three Hills will be built first to help pay for the $54 million capex of... more
06/09/2015
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
06/09/2015
Analysis
Updated: Elevation Gold Mining Corp
Northern Vertex Mining has an advanced project in Arizona called Moss. It is a 425,000 oz (gold equivalent, including silver) resource at .8 gpt. The feasibility study has excellent economics with only a $33 million capex. The IRR is 44% at $1300 gold.... more
06/09/2015
Analysis
Updated: Aya Gold & Silver Inc
Maya Gold & Silver is a small silver producer in Morocco. Zgounder, their silver project (85% owned), is a past producing mine (working mill onsite) with a 10 million oz resource (10 opt). They began production in 2014 at about 500,000 oz per year. They... more
06/08/2015
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 200,000 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
06/08/2015
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 potential low cost mine. Plus, they are still drilling and think they... more
06/08/2015
Analysis
Updated: Vast Resources Plc
Vast Resources is a likely near-term gold producer in Romania. Their Baita Bihor mine is a past producer with a small capex of $3.5 million. Annual production is forecasted to be around 20,000 oz per year (gold equivalent) for 12 years, but they plan to... more
06/03/2015
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, La Patilla, and Tonichi) and dozens of potential drilling targets. They have used hyper spectral aerial... more
06/02/2015
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 (19 have gold or silver) and have several JV deals. They would have more, but utilize a spin-out strategy once a project... more
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