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10/29/2016
Analysis
Updated: DELETE - Dragon Mining Ltd.
Dragon Mining is a small gold producer in Sweden and Finland. They have 1.6 million oz's of gold and are producing 40,000 oz a year. They made a profit last year, and have $10 million in cash with no debt. Their all-in costs are around $1200 per oz.... more
10/28/2016
Analysis
Updated: Focus Minerals Ltd
Focus Minerals was a mid-tier producer in Australia, but they halted production in 2013 due to high cash costs. My guess is once gold passes $1400, they will resume production. They have two solid properties: Laverton (82%) and Coolgardie (100%). Both... more
10/28/2016
Analysis
Updated: Hochschild Mining Plc
Hochschild Mining is a large silver producer in South America. They will produce 35 million of silver equivalent (including gold) in 2016. All-in costs per oz are about $15 (silver equivalent). They currently have 4 operating mines in Peru and Argentina.... more
10/28/2016
Analysis
Updated: DELETE - Winston Gold Corp
Winston Gold Mining has two high grade past producing mines. However, neither has been in production in recent times, nor does either have a resource total. Both are exploration projects that will require drilling. Investors seem to like it, pushing up... more
10/27/2016
Analysis
Added: DELETE - Winston Gold Corp
Winston Gold Mining has two high grade past producing mines. However, neither has been in production in recent times, nor does either have a resource total. Both are exploration projects that will require drilling. Investors seem to like it pushing up... more
10/26/2016
Analysis
Updated: Loncor Resources Inc
Loncor Resources is a new exploration company with 3.5 million acres in the DRC (Democratic Republic of Congo). When I looked at them in 2012, they had a FD market cap of $113 million. I thought that was bit pricey for a company without any resources.... more
10/26/2016
Analysis
Updated: Goldgroup Mining Inc
Goldgroup Mining is a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low grade open pit project. They began mining in 2015... more
10/25/2016
Analysis
Added: DELETE - Arcus Development Group Inc.
Arcus Development has 4 properties in the Yukon that comprise their Dawson gold project. All four properties are near each other and are approximately 10,000 acres in total. All are early exploration with very little if any drilling. These properties are... more
10/25/2016
Analysis
Added: GPM Metals Inc
GPM Metals has two early exploration silver projects. The Walker Goosan project (425,000 acres) in Australia is in an area known for silver discoveries. The Pasco project (12,000 acres) in Peru is also in a good location. Investors seem to like their... more
10/24/2016
Analysis
Added: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They have a potential silver discovery (Bay State) in Nevada. There have been some high grade samples (11 opt and 14 opt). Drill results have not found a mine yet, but they have only drilled a few... more
10/24/2016
Analysis
Updated: Golden Arrow Res Corp
Golden Arrow Resources has a large silver project (Chinchilla) in northern Argentina. Silver Standard optioned 75% of the project in 2015, and is working on a pre-feasibility study. Chinchilla is a 140 million oz resource (60 gpt) with a PEA to produce 8... more
10/24/2016
Analysis
Updated: Silver Tiger Metals
Oceanus Resources is a project generator with a large silver project in Mexico. The El Tigre silver project (50,000 acres) has 44 million oz at 75 gpt. It is getting close to a PEA and will likely become a mine. They are cashed up ($4 million) and are... more
10/24/2016
Analysis
Updated: Tinka Resources Ltd
Tinka Resources is a project generator with two significant projects in Peru. Their Ayawilca zinc/tin/silver project (35,000 acres) already has 2.5 billion lbs of zinc and is growing in size. They are currently trying to raise $7 million for drilling and... more
10/21/2016
Analysis
Updated: Euromax Resources Ltd
Euromax Resources has significant upside potential. The Ilovitza project in Macedonia has 2.5 million oz (low grade of .33 gpt). It has a feasibility for 83,000 oz of annual production at $250 cash costs (using copper offsets), plus a large amount of... more
10/20/2016
Analysis
Updated: Paramount Gold Nevada Corp
Paramount Gold Nevada is a project generator. It is a new company (in 2015) that was a spinout of Paramount Gold, which sold their San Miguel project. That leaves them with the Sleeper project in Nevada and Grassy Mountain in Oregon. Sleeper is very... more
10/19/2016
Analysis
Updated: Liberty Gold
Pilot Gold was formed from Fronteer Gold’s management team. They have an advanced project in Turkey called Halilaga. It is really a copper project operated by Teck (60% ownership and operator), with 2 billion lbs of copper and 3.2 million oz of gold (18 more
10/19/2016
Analysis
Updated: Nicola Mining Inc
Nicola Mining (formerly Huldra Silver) was a small producer in Canada. They have a high grade (10 opt) deposit (Treasure Mountain) that could be a low cost mine (because of zinc and lead offsets). They started at 600,000 oz and could have been able to... more
10/19/2016
Analysis
Updated: Lion One Metals Ltd
Lion One Metals has an advanced high grade project in Fiji called Tuvatu (90,000 acres). It is a 800,000 oz (6 gpt) deposit that is fully permitted and partially financed. The capex is $48 million with an after-tax IRR over 50% at $1300 gold. The cash... more
10/19/2016
Analysis
Updated: Lion One Metals Ltd
Lion One Metals has an advanced high grade project in Fiji called Tuvatu (90,000 acres). It is a 800,000 oz (6 gpt) deposit that is fully permitted and partially financed. The capex is $48 million with an after-tax IRR over 50% at $1300 gold. The cash... more
10/18/2016
Analysis
Updated: Dolly Varden Silver Corp
Dolly Varden Silver is a new company. They started trading and drilling in 2012. Their 22,000 acre Dolly Varden property in northern British Columbia has 4 past producing mines. These mines produced 20 million oz at 10 to 30 opt in the 1920s and 1950s.... more
10/18/2016
Analysis
Updated: DELETE - Patriot Gold Corp
Patriot Gold has a 3% NSR for a open pit project (Moss Mine) in Nevada. It is a 700,000 oz resource with cash costs at $500 per oz. Thus, it is economic. The capex is only $27 million, some of which has already been spent by the operator Northern Vertex ( more
10/17/2016
Analysis
Updated: Excellon Resources Inc
Excellon Resources is a small silver producer in Mexico. They are producing about 2 million oz of silver equivalent (including base metals) with all-in costs around $17 per oz. That's not great. But they are currently spending $10 million to double... more
10/17/2016
Analysis
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe, Africa. Production is 50,000 oz and they get 49%. All-in costs are about $1000 per oz. They have cash flow, $10 million in cash, and no debt. Plus, they have 18 properties to explore (200,000 acres in... more
10/17/2016
Analysis
Updated: Almaden Minerals Ltd
Almaden Minerals has decided to build their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties (Mexico, Canada, and Nevada) and NSRs to their stockholders in a new company (Almadex Minerals). Ixtaca will begin production... more
10/17/2016
Analysis
Updated: Almaden Minerals Ltd
Almaden Minerals has decided to build their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties (Mexico, Canada, and Nevada) and NSRs to their stockholders in a new company (Almadex Minerals). Ixtaca will begin production... more
10/16/2016
Analysis
Added: Engold Mines Ltd
Engold Mines has a potential discovery in British Columbia. The La Hache property (45,000 acres) has had significant drilling and several holes with gold: 26 meters at 7 gpt, 12 meters at 4.5 gpt, and 172 meters at .8 gpt. It is still early exploration... more
10/16/2016
Analysis
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe, Africa. Production is 50,000 oz and they get 49%. All-in costs are about $1000 per oz. They have cash flow, $10 million in cash, and no debt. Plus, they have 18 properties to explore (200,000 acres in... more
10/15/2016
Analysis
Added: Goldcliff Resource Corp
Goldcliff Resources has a large copper/gold property (Tulumeen) in Canada. Investors seem to like their potential, bidding up the FD market cap to $10 million. It seems like a very high risk speculation stock to me. They also have a 40% JV in a small... more
10/15/2016
Analysis
Updated: DELETE - Rockcliff Metals Corp
Rockcliff Copper (previously Solvista Gold) is a new exploration company (2010) in Colombia and Canada. They got lucky and had gold discoveries on both of their Colombian properties (Caramanta and Guadalupe – 100,000 acres) during phase 1 drilling.... more
10/15/2016
Analysis
Updated: DELETE - Rockcliff Metals Corp
Rockcliff Copper (previously Solvista Gold) is a new exploration company in Canada. They have a 65% interest in a high grade copper discovery (Snow Lake) in Canada, that also has gold, silver, and zinc. The discovery is already 300 million lbs of copper... more
10/14/2016
Analysis
Updated: Peruvian Metals
Duran Ventures is an early project generator in Peru, but also a toll miners. They have a 100 tpd mill (Aguila Norte) that they own 80%. They want to expand the mill to 500 tpd, and to use a lot of their own ore. They are exploring at Chucara (50%... more
10/13/2016
Analysis
Updated: DELETE - Santa Fe Gold Corp.
Santa Fe Gold was a small producer in New Mexico (Summit mine), but they had to stop production due to low gold prices. They had $13 million in debt. I think they sold Summit, Ortiz, and Mogollon to reduce their debt. They do mention these projects on... more
10/12/2016
Analysis
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 55 years. They have 4 early exploration gold projects (100% owned) in the Yukon. They recently made a 30% JV deal on their 70,000 acre Mariposa property. Early results have... more
10/11/2016
Analysis
Updated: Aton Resources Inc
Aton Resources (formerly Alexander Nubia International) has four early exploration projects in Egypt. They are a Canadian company with 600,000 acres of claims. They have a drill plan to do extensive drilling on two projects (although they are currently... more
10/10/2016
Analysis
Updated: Mexican Gold Mining
Source Exploration has an interesting property in Mexico called Las Minas. It is on 4,000 acres and they have discovered 6 mineralized zones while drilling 14,000 meters. They think it could be a large mine. Early drill results have been very good: 244... more
10/09/2016
Analysis
Updated: DELETE - Stakeholder Gold Corp
Stakeholder Gold is a project generator in Canada. They have two projects. Currently they are focusing on Ballarat (10,000 acres) in the Yukon. It is early exploration and they have not yet began drilling. Recently they raised $2 million and their FD... more
10/08/2016
Analysis
Updated: DELETE - WildSky Resources
China Minerals purchased Hawthorne Gold in 2011. The current FD market cap is only $3 million (trading for 1 cent). They have a 150,000 acre property (Cassiar) in Canada (British Columbia) that has a 1 million oz (1 gpt) surface mine project called... more
10/08/2016
Analysis
Updated: Aben Minerals Ltd
Aben Resources is an early project generator in Canada. The CEO has had success before, selling his last two companies. They have four gold projects and all are early exploration. In 2016, they obtained the Kerr Forrest (23,000 acres) property in the... more
10/07/2016
Analysis
Updated: Black Dragon Gold Corp
Astur Resources is a case study on the high risk of gold mining stocks. They had an economic project (Salave in Spain) and then their environmental mining permit was denied. The stock has crashed from 47 cents to 2 cents. Now it is back to 4 cents. They... more
10/06/2016
Analysis
Updated: Pinnacle Silver and Gold
Colombian Mines is a project generator with a lot of potential. They have 7 project areas covering approximately 225,000 acres, 3 of which look very promising. The Yarumalito project (30% JV) is still early exploration (16,000 meters drilling to date),... more
10/05/2016
Analysis
Updated: Transition Metals Corp
Transition Metals is a project generator with 32 projects (9 gold) in Canada and 4 JVs. They are focusing on 5 district size plays: 2 gold, 1 copper, and 2 nickel, copper, and PGMs. All are early exploration. They have a tiny FD market cap of $6 million.... more
10/04/2016
Analysis
Added: Solidusgold Inc
SolidusGold Inc purchased a 3 million oz (2 gpt) project from Newmont Mining in 2016 for $20 million. This deal is dependent on their ability to close a private placement to pay for the property. It is likely to close, because the Northumberland project... more
10/04/2016
Analysis
Updated: Euro Sun Mining Inc
Euro Sun Mining (formerly 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 a large gold/copper project... more
10/04/2016
Analysis
Added: Solidusgold Inc
SolidusGold Inc purchased a 2.7 million oz resources (2 gpt) from Newmont Mining in 2016 for $20 million. This deal is dependent on their ability to close a private placement to pay for the mine. It is likely to close, because the Northumberland project... more
10/03/2016
Analysis
Updated: Goldquest Mining Corp
Goldquest Mining has a large discovery in the Dominican Republic. They released a solid drill hole in May 2012 of 231 meters at 2.4 gpt. That single drill hole pushed the stock from 7 cents to $1. Then they released a monster hole of 258 meters at 4.5... more
10/03/2016
Analysis
Updated: Salazar Resources Ltd
Salazar Resources has a late stage project (El Domo deposit on their large Curipamba 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
10/02/2016
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 $1.8 billion, so they aren't cheap anymore. They are producing 600,000 oz with all-in costs around $1100 per oz. They have large... more
10/02/2016
Analysis
Updated: Turaco Gold Ltd
Manas Resources had two open pit projects in Kyrgyzstan. The Shambesai deposit was 700,000 oz (2 gpt) and the Obdilla deposit is 485,000 oz (2 gpt). They sold both projects in 2016 for $10 million. They are finalizing the acquisition of a new project (Vic more
10/02/2016
Analysis
Updated: Anglogold Ashanti Ltd
AngloGold Ashanti is one of the largest majors. They are also one of the most undervalued. In fact, they have a 2.5 rating, which is rare for a major. The key for this company is reducing their debt ($2.6 billion) and avoiding political issues in S.... more
10/01/2016
Analysis
Updated: Wiluna Mining
Blackham Resources is a near-term producer in Australia. They have an 800,000 oz open pit project (Matilda) that will begin production in 2016. They will produce 100,000 oz at about $1100 all-in costs for 6 to 8 years (likely to get extended). Plus, they... more
10/01/2016
General
September 2016 Newsletter Posted
The September 2016 newsletter has just been posted. more
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