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04/30/2016
Analysis
Updated: Barrick Gold Corp
Barrick Gold is a monster company with 200 million ounces of gold and projections to increase production steadily from 5 million ounces to 7 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4 years. They will spend more... more
04/30/2016
Analysis
Updated: Buenaventura Mining
Buenaventura Mining is a major with production of 650,000 oz of gold, 24 million oz of silver, and significant copper and zinc (30% of revenue comes from base metals). They have a pipeline of 12 projects and 23 million oz of gold resources that will... more
04/28/2016
Analysis
Updated: Endeavour Mining Corp
Endeavor Mining is a mid-tier producer in West Africa, with 5 operating mines in 4 countries. Their market cap has jumped to $744 million, so they aren't cheap anymore. They are producing 550,000 oz with all-in costs around $1100 per oz. They have large... more
04/28/2016
Analysis
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. In 2012 when I analyzed it, the FD market cap was a $1.3 billion market cap. Today it is down to $338 million, but they have doubled their resources to 17 million oz with the acquisition of Amara... more
04/27/2016
Analysis
Updated: Endeavour Mining Corp
Endeavor Mining is a mid-tier producer in West Africa, with 5 operating mines in 4 countries. Their market cap has jumped to $744 million, so they aren't cheap anymore. They are producing 550,000 oz with all-in costs around $1100 per oz. They have large... more
04/27/2016
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
04/27/2016
Analysis
Updated: Golden Goliath Resources Ltd
Golden Goliath Resources is a relatively new project generator with a focus in Mexico. They have 10 properties on 20,000 acres. However, they optioned 6 of these properties to Fresnillo for a 1% NSR. Basically they gave them away. They kept San Timeteo,... more
04/26/2016
Analysis
Updated: Turaco Gold Ltd
Manas Resources has two open pit projects in Kyrgyzstan. The Shambesai deposit is 700,000 oz at 2 gpt and they have a feasibility study to produce 50,000 oz per year for a $41 million capex. They have a FD market cap of $3 million and are having trouble... more
04/26/2016
Analysis
Updated: Salazar Resources Ltd
Salazar Resources has a late stage project (El Domo deposit on their large Curipampa property). El Domo (850,000 oz at 2.8 gpt) looks like it is heading to production. The capex is $110 million and the after-tax IRR is 30% (with a 41% tax rate). It has... more
04/26/2016
Analysis
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. In 2012 when I analyzed it, the FD market cap was a $1.3 billion market cap. Today it is down to $338 million, but they have doubled their resources to 17 million oz with the acquisition of Amara... more
04/25/2016
Analysis
Updated: Lundin Gold Inc
Lundin Gold obtained the Fruta Del Norte from Kinross for $240 million. Fruta is a huge high grade open pit (9 million oz at 7 gpt). Kinross paid $1.2 billion for it from Aurelian Resources. Kinross did a pre-feasibility study to produce 400,000 oz for... more
04/25/2016
Analysis
Updated: Kootenay Silver Inc
Kootenay Silver (previously Kootenay Gold) is a project generator focused in Mexico. After their acquisition of International Northair (April 2016), they have 14 properties and 5 JV deals. Their flagship project is Promontorio, which is a 115 million oz... more
04/24/2016
Analysis
Updated: Evolution Mining Ltd
Evolution Mining is a large gold producer. They have seven producing mines in Australia and will produce about 700,000 oz in 2016. They have low cash costs ($550 per oz) and are very profitable. They only have $47 million in debt, which is low for their... more
04/24/2016
Analysis
Updated: Western Copper & Gold Corp
Western Copper and Gold has a huge copper/gold project in Canada (Yukon) called Casino. If they can get financing ($2.5 billion capex), and both copper and gold prices hold up, this could be a 25+ bagger. If you value this as a 250,000 oz per year long... more
04/22/2016
Analysis
Added: Royal Road Minerals Ltd
Royal Road Minerals is a project generator without any discoveries. However, they have a pretty good management team that comes from Lydian International. They have had several discoveries in the past and no what they are doing. They are low on cash, but... more
04/21/2016
Analysis
Updated: Robex Resources Inc
Robex Resources has an excellent property called Nampala (1.5 million oz at .7 gpt and growing). The problem is the location: Mali. Are investors going to invest in Mali when they had a major political issues in northern Mali, where the city of Timbuktu... more
04/21/2016
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a gold producer in Azerbaijan. In 2015, they produced 70,000 oz at cash costs around $1000 per oz in the first half of the year. Their Gedabek surface mine has been in production since 2009 and has 500,000 in reserves. This total... more
04/21/2016
Analysis
Updated: St. Augustine Gold & Copper Ltd
St. Augustine Gold & Copper has a very large project in the Philippines (King-king). Even when reducing resources and future cash flow to represent their 60% ownership (and 80% recovery rate), this is a potential 10 to 20 bagger at higher gold prices.... more
04/18/2016
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 dropped to $23 million, so it has upside potential. Their mine has limited reserves (40,000 oz at 2 gpt), but... more
04/17/2016
Analysis
Updated: Minaurum Gold Inc
Minaurum Gold is a new project generator with 4 projects in Mexico. The have an experienced team and a very good Board of Directors. Also, they have some interesting projects. The Vuelcos del Destino project is on 45,000 acres in the Guerrero Gold Belt (G more
04/17/2016
Analysis
Updated: Brixton Metals Corp
Brixton Metals has two early exploration silver projects in Canada. The Thorn project (60,000 acres) in norther British Columbia is mostly a silver project, but it also has significant gold, copper, lead, and zinc offsets. They have drilled 20,000 meters... more
04/16/2016
Analysis
Updated: Badlands Resources Inc
Mineral Mountain Resources is a new company with a lot of potential. They have a good management and technical team, led by Nelson Baker, the ex CEO of Rainy River. If you like betting on people and getting in early, this could be your type of stock.... more
04/16/2016
Analysis
Added: DELETE - Mexus Gold US
Mexus Gold is close to production in Mexico. They have a poor website without a company presentation, nor any cost guidance. They are confident that they have a shallow open pit mine with 1 to 2 gpt of 150,000 oz of gold. They are going to begin there... more
04/16/2016
Analysis
Added: Prosper Gold Corp
Prosper Gold is a project generator focused in Canada. They have a good exploration team. Hopefully one of their two early exploration projects will become a mine. Both are 20,000 acres with potential. Ashley is in Quebec and is a gold project. It is a... more
04/16/2016
Analysis
Added: Keras Resources Plc
Keras Resources. Soon to be a small gold producer in Australia. They have two past producing mines with 550,000 oz or resources. They plan to produce about 15,000 oz in 2016, and then ramp up to 30,000 to 40,000 oz over the next few years. They have low... more
04/11/2016
Analysis
Updated: Maple Gold Mines Ltd
Aurvista Gold has 3 million oz (.75 gpt) of gold (mostly inferred) in Quebec, but investors don't care. They are valued at $2 per oz for future reserves, which is about as cheap as you will find for a large deposit in Canada. They have a $3 million FD... more
04/11/2016
Analysis
Updated: DELETE - Goldplat Plc
Goldplat PLC is a small producer in Kenya, plus the do gold recovery in South Africa and Ghana. The recovery is mostly done on old milling equipment, but they also do some toll milling from tailings and artisan mining. This business gives them cash flow... more
04/10/2016
Analysis
Added: Red Pine Exploration Inc
Red Pine is a small project generator focused in Canada. They are undervalued, with 1 million oz deposit (Wawa project) that is ready to be developed. The Surluga deposit has a 650,000 oz starter pit at 2 gpt. They own 60% and only have a FD market cap... more
04/10/2016
Analysis
Updated: DELETE - Orinoco Gold Ltd
Orinoco Gold is a near-term gold producer in Brazil. The do not have a resource estimate, so I had to guess on their production and future reserves. I guessed 20,000 oz and 300,000 oz, but that is probably conservative, based on their exploration... more
04/09/2016
Analysis
Updated: Spartan Resources Ltd
Gascoyne Resources has two advanced gold projects in Australia, both with a PFS (pre-feasibility study). Their Dalgaranga deposit is 1 million oz. They have an 80% interest, giving them 800,000 oz. The capex is $40 million (their share) and cash costs... more
04/09/2016
Analysis
Updated: Abcourt Mines Inc
Abcourt Mines is a bit of an anomaly. I analyze a lot of stocks, and for some reason this company doesn't spend much on their website or marketing their company to investors. They have not released a company presentation in the past 5 years. They have... more
04/01/2016
Analysis
Updated: Euro Sun Mining Inc
Carpathian Gold was a mid-tier producer in Brazil with a huge debt load. In 2015, they were able to make a deal to sell the project for the amount of debt ($177 million). Now they are debt free with their large Rovina Valley project in Romania. The... more
04/01/2016
General
March 2016 Newsletter Posted
The March 2016 newsletter has just been posted. If you're set to receive a notification via email, it will be arriving shortly. more
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