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11/30/2016
Analysis
Updated: DELETE - Galway Gold Inc
Galway Gold is a new project generator in Colombia. They were created from Galway Resources in 2012, when they were purchased by Aux Resources. They had a single project - the Vetas property. It was the past producing El Volcan mine. It has a 550,000... more
11/28/2016
Analysis
Updated: Mundoro Capital
Mundoro Capital is a new project generator with 8 properties in Mexico on 450,000 acres and another 8 properties in Serbia and Bulgaria. Their 4 properties in Serbia are a JV where their partner is drilling. All of their properties are early exploration.... more
11/27/2016
Analysis
Added: Transatlantic Mining
Transatlantic Mining (formerly Archean Star Resources) has two small past producing mines in Montana and Idaho. Their US Grant project in Montana requires $2 million option payments the next three years for 100% ownership. They recently raised $4 million... more
11/26/2016
Analysis
Added: DELETE - Arc Minerals Ltd
Ortac Resources is focused in Eastern Europe and Africa. They have a 1.3 million oz (2 gpt) resources in Slovakia. They did a PFS in 2013 ($100 million NPV), but it needs to be redone because cyanide use was outlawed. They are currently looking for a... more
11/25/2016
Analysis
Updated: Empire Metals Ltd
Georgia Mining (previously Noricum Gold) has an exciting gold project in Georgia, the previous Russian satellite country. They own 50% of the Bolnisi project which has a large historic resource of 6 million oz of gold, 22 million oz of silver, and 1... more
11/25/2016
Analysis
Added: Sulliden Mining Capital Inc
Sullidan Mining Capital has been successful exploration company. They have sold their last 3 projects. This strategy isn't great for shareholders, but is common for exploration stocks. Now they have $20 million in cash and equities (mining shares). Their... more
11/24/2016
Analysis
Updated: Atlanta Gold Inc
Atlanta Gold has upside potential, but also a lot of risk. They have a $3 million FD market cap, but $10 million in debt. Their Atlanta mine in Idaho is a 1 million oz (3 gpt) deposit (surface and underground mine). They planned to bulk sample 2,500 oz... more
11/23/2016
Analysis
Added: Sun Summit Minerals
San Marco Resources is a project generator focused in Mexico. They have two early exploration projects. Chunibas (1,200 acres) is drill ready. Mariana (175,000 acres) is still early exploration. There isn't much excitement with this stock, although the... more
11/23/2016
Analysis
Updated: DELETE - Highland Gold Mining Ltd
Highland Gold Mining is a mid-tier producer in Russia. They have 3 producing mines and 3 more under development. With a market cap of $550 million, they are not cheap, but a possible 5 bagger long term. The will produce about 250,000 oz in 2015 and have... more
11/23/2016
Analysis
Updated: DELETE - Highland Gold Mining Ltd
Highland Gold Mining is a mid-tier producer in Russia. They have 3 producing mines and 3 more under development. With a market cap of $550 million, they are not cheap, but a possible 5 bagger long term. The will produce about 250,000 oz in 2015 and have... more
11/23/2016
Analysis
Updated: Alien Metals Limited
Arian Silver is a small explorer in Mexico. The lost their 117 million oz San Jose project in 2015 due to debt issues. This leaves them with two exploration projects: Los Campos and San Celso. I don't know if they will be able to rebound after the loss... more
11/22/2016
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 ruling was over-turned, but is currently under appeal and the mine is still operating. Because this is a 50/50 JV with an... more
11/22/2016
Analysis
Updated: Mandalay Resources Corp
Mandalay Resources is a mid-tier gold producer (they also produce 2.2 million oz of silver) in Chile, Australia, and Sweden. They are not significantly undervalued, although they have 5 bagger potential at higher gold prices if they find more resources.... more
11/21/2016
Analysis
Updated: Southern Silver Exploration Corp
Southern Silver Exploration is a project generator with a large silver/zinc discovery in Mexico. Cerro Las Minitas is a JV and they have a 40% interest. The deposit increased quickly in size. It went from a small deposit to 110 million oz silver... more
11/21/2016
Analysis
Added: Gold Bull Resources Corp
Black Sea Copper & Gold is a project generator focused in Eastern Europe and Turkey. They have several early exploration projects on 500,000 acres in Bulgaria, Serbia, Romania, and Turkey. They are targeting copper/gold deposits. Currently they do not... more
11/21/2016
Analysis
Updated: Gogold Resources
GoGold Resources has potential, but they will need to find a third mine to have big upside. They began producing 1.5 million oz of silver in 2014 with all-in costs around $10 per oz. They plan to spend $5 million to double production. The Parral/Emeralda... more
11/20/2016
Analysis
Updated: Orea Mining Corp
Columbus Gold is a project generator. They own 45% of the Montagne deposit in French Guyana (South America). It is a 5 million oz surface deposit at 1.4 gpt with exploration potential to increase in size. Their JV partner (Nordgold) has $1 billion in... more
11/19/2016
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 1.6 million oz in 2016. They have one of the highest dividend... more
11/19/2016
Analysis
Updated: DELETE - Great Panther Mining
Great Panther Silver is a mid-tier producer in Mexico. Their flagship Guanajuato mine produces 75% of their production. It only has 17 million oz of resources, but they have been very successful with exploration at Guanajuato, continually replacing... more
11/19/2016
Analysis
Added: Doubleview Gold Corp
Doubleview Capital has a copper/gold discovery (Hat) in British Columbia. It's early exploration, but it looks like a small mine. Their goal is to produce a resource estimate and then a PEA. They also have an early exploration silver project (Metropolitan more
11/17/2016
Analysis
Updated: Solitario Resources Corp
Solitario Exploration & Royalty sold their flagship Mt Hamilton project in 2015 for $24 million. They are left with cash and a small pipeline of 3 JV projects where they have a 30% share. Their JV projects do look pretty good. One is a large zinc project... more
11/17/2016
Analysis
Updated: Batero Gold Corp
Batero Gold is highly undervalued. They have a 3 million oz. resource (.6 gpt) in Colombia, but only 67% recovery rate. That is a large flagship project. Surprisingly Batero Gold has a low valuation of $9 million fully diluted. The stock has crashed 99%... more
11/15/2016
Analysis
Updated: NorZinc Ltd
Canadian Zinc looks like a slam dunk. They are heading towards production once they get financing ($193 million capex) and have a large high grade deposit (70 million oz at 5 opt). Production will start slow (2.2 million oz) and increase, likely reaching... more
11/14/2016
Analysis
Updated: Jaguar Mining Inc
Jaguar Mining is a mid-tier producer in Brazil with 2 operating mines at 90,000 oz annual production. Recently they went bankrupt from high costs and high debt. They have now restructured the debt and re-listed their shares. Original shareholders got... more
11/14/2016
Analysis
Updated: Silver Bull Resources Inc
Silver Bull Resources has a large silver/zinc project in Mexico. Sierra Mojada is a 90 million oz (50 gpt and 75% recovery rate) silver deposit with 4 billion lbs of zinc, plus copper and lead. The property is on 50,000 acres and has exploration... more
11/12/2016
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 with plans to ramp up to 4 million oz of silver... more
11/12/2016
Analysis
Updated: NeXGold Mining Corp
Treasury Metals has an advanced gold project (Goliath) in Canada. It is an open pit (800,000 oz at 2.5 gpt) and underground (700,000 oz) mine. The PEA was completed in 2011 for a capex of $70 million to build the open pit, which has at least a 7 year... more
11/11/2016
Analysis
Updated: Pan American Silver Corp
Pan American Silver is one of the best silver producers. They plan to increase silver production from 25 million oz to 30 million oz. As long as silver prices stay high, they are going to be a cash flow machine. Cash costs in 2016 will be around $8 per... more
11/10/2016
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
11/10/2016
Analysis
Updated: Victoria Gold Corp
Victoria Gold is advancing a large open pit project. Their Eagle Gold project looks excellent. It is a 6 million oz resource (.7 gpt) in Canada (Yukon). It is only a 70% recovery rate, so the actual resource is 4 million oz, which is still large. The... more
11/09/2016
Analysis
Updated: Silvercorp Metals Inc
Silvercorp is a mid-tier producer in China. They have large resources with 225 million oz at 200 gpt. Their cash costs for the last quarter were under $5 per oz. All-in costs were below $10 per oz (free cash flow). Thus, they are profitable at low silver... more
11/08/2016
Analysis
Updated: Cardinal Resources Ltd
Cardinal Resources is an Australian exploration company with a large gold discovery in Ghana. Their Namdini project has 4 million oz (1.2 gpt) that is open in all directions. It has areas of high grade that they could mine first. They have $15 million of... more
11/08/2016
Analysis
Updated: Alamos Gold Inc
Alamos Gold is a mid-tier producer that has been on mission to become a major. They have acquired 3 companies in the past 3 years (including Aurico Gold and Carlisle Goldfields in 2015). They now have 16 million oz in resources and are giving guidance to... more
11/08/2016
Analysis
Updated: Maple Gold Mines Ltd
Aurvista Gold has 2.7 million oz (.75 gpt) of gold (mostly inferred) in Quebec. They have a $17 million FD market cap. This could be a 20+ bagger if they get financing and build the mine. They released a PEA with a high grade starter pit with a small... more
11/07/2016
Analysis
Updated: St Barbara Ltd
St. Barbara is a mid-tier gold producer based in Australia. They have two producing mines. Gwalia in Australia at 250,000 oz, and Simberi in Papua New Guinea at 100,000 oz. Cash costs for the last quarter were about $500 per oz (because of the strong... more
11/07/2016
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 (1.2 gpt) and they planned to restart production. However, when they started drilling they found a porphyry extension off the main pit. One drill hole... more
11/06/2016
Analysis
Updated: Wheaton Precious Metals Corp
Silver Wheaton is a large silver royalty company. They have 22 producing silver royalty properties with a fixed cash cost of around $4.50, and 7 projects in development. They have 1.6 billion ounces (silver equivalent) in attributable resources and... more
11/06/2016
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a relatively new royalty company. They are focusing on gold and currently have 21 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
11/06/2016
Analysis
Added: Radisson Mining
Radisson Mining has a small high grade gold project in Quebec. Their O'Brien project has 300,000 oz (6 gpt) and likely will double in size, and perhaps triple. They are currently drilling. They have an uneconomic PEA with an IRR of 5% at $1450 gold. That... more
11/05/2016
Analysis
Updated: Agnico Eagle Mines Ltd
Agnico-Eagle Mines is a solid company with 20 million oz (2.5 gpt) of gold reserves and 47 million oz of gold resources. Growth will be steady, but nothing to get excited about. They could under-perform in the major category, because they are already... more
11/05/2016
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 free cash flow around $150 million in 2016. They have an excellent pipeline of 39 advanced stage... more
11/04/2016
Analysis
Updated: West Red Lake Gold Mines Inc
West Red Lake Gold Mines has three properties (7,500 acres) in a good location: the Red Lake district in Ontario, Canada. It is next door to Rubicon Minerals. They are drilling 3 projects on their Red Lake property: Mount Jamie, Rowan Lake, and Red... more
11/04/2016
Analysis
Updated: Bonterra Resources Inc
BonTerra Resources is a new project generator focusing in Quebec. They have 2 very good projects (Gladiator, Larder Lake) on 23,000 acres. They are currently focusing on Gladiator, which has 500,000 oz (5 gpt) and is growing in size. However, Larder Lake... more
11/03/2016
Analysis
Updated: Triumph Gold Corp
Northern Freegold is project generator in the Yukon. They have drilled about 3% of their flagship Freegold Mountain project (Yukon, Canada) and already have a 2.4 million oz resource (75% recovery) at .5 gpt (along with 10 million oz of silver and 250... more
11/03/2016
Analysis
Added: Nexus Minerals Ltd
Nexus Minerals is advancing a small open pit gold project (Pinnacles) in Australia. The resource is only 82,000 oz, but the capex should be very low because they have a JV partner (they own 85%) with a nearby mill. If they produce 10,000 or 15,000 oz per... more
11/02/2016
Analysis
Updated: Nevada Exploration Inc
Nevada Exploration is an early project generator focused in Nevada. They have 5 properties (12,000 acres) and 3 JVs that are being drilled. Nevada Exploration is using a unique method of testing water samples to identify potential gold deposits. They are... more
11/02/2016
Analysis
Updated: Canasil Resources Inc
Canasil Resources is a project generator in Canada and Mexico. It was undervalued in 2015 with a $3 million FD market cap. Then the share price took off from drill results at their Sandra-Escobar JV project in Mexico. Now it is trading at a FD market cap... more
11/01/2016
General
October 2016 Newsletter Posted
The October 2016 newsletter has just been posted. more
11/01/2016
Analysis
Updated: Riverside Resources Inc
Riverside Resources has a low market cap ($4 million fully diluted) and seems to be progressing as a company. They are an exploration company using their project generator model. They currently have 3 JVs, and will likely add more. I listened to an... more
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