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04/30/2017
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 20+ bagger. If you value this as a 250,000 oz per year long... more
04/30/2017
Analysis
Updated: Evolution Mining Ltd
Evolution Mining is a large gold producer in Australia. They have seven producing mines and will produce about 800,000 oz in 2018. They have low cash costs (about $550 per oz) and are very profitable. They have $450 million in debt, but plenty of cash... more
04/30/2017
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 4 JV deals. Their flagship project is Promontorio, which is a 115 million oz... more
04/29/2017
Analysis
Added: Industrias Penoles NPV
Industria Penoles owns 75% of Fresnillo, which is one of the largest silver and gold producers in the world. They claim most of that production in their financials (Fresnillo is listed as a subsidiary), so I'm a bit confused. Fresnillo has a separate... more
04/28/2017
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
04/28/2017
Analysis
Updated: 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 know what they are doing. They are low on cash,... more
04/25/2017
Analysis
Added: Bold Ventures Inc
Bold Ventures is a project generator focused in Canada. They have a lot of land 100,000 acres and 4 projects, but all of them are early exploration without a significant discovery. I'm not sure where they are focusing their exploration dollars. They... more
04/25/2017
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a gold producer in Azerbaijan. Production is projected at 60,000 oz in 2017, with all-in costs around $1150 per oz. Their Gedabek surface mine has been in production since 2009 and has 500,000 in reserves. This total will increase... more
04/25/2017
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a gold producer in Azerbaijan. Production is about 60,000 oz, with all-in costs around $1150 per oz. Their Gedabek surface mine has been in production since 2009 and has 500,000 in reserves. This total will increase somewhat, but it... more
04/24/2017
Analysis
Updated: Minaurum Gold Inc
Minaurum Gold is a new project generator with 5 projects in Mexico. The have an experienced team and a very good Board of Directors. They recently made a high grade silver discovery on their Alamos property, which has numerous drill targets. This... more
04/24/2017
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, where the city of Timbuktu was overthrown by ex-Libyan military forces and Al Qaeda... more
04/24/2017
Analysis
Updated: St. Augustine Gold & Copper Ltd
St. Augustine Gold & Copper has a very large project in the Philippines (King-king). It is primarily a copper project with gold offsets. The stock price has crashed to 1 cent because of political events in the Philippines. The President has been anti-mini more
04/23/2017
Analysis
Updated: Equinox Gold Corp
Trek Mining (previously JDL Corp) merged with Luna Gold in 2016. They now have the Aurizona project in Brazil. It is a 2 million oz open pit that is permitted. Once they finish the updated feasibility study (2017) and finance the capex ($146 million)... more
04/23/2017
Analysis
Updated: Brixton Metals Corp
Brixton Metals has two early exploration silver projects in Canada. The Thorn project (60,000 acres) in northern British Columbia is mostly a silver project, but it also has significant gold, copper, lead, and zinc offsets. They have drilled 20,000... more
04/22/2017
Analysis
Updated: Prosper Gold Corp
Prosper Gold is a project generator focused in Canada. They have a good exploration team, which previously sold Richfield Ventures to New Gold. Hopefully one of their two early exploration projects will become a mine. Both are 20,000 acres with potential. more
04/22/2017
Analysis
Updated: DELETE - Mexus Gold US
Mexus Gold is a small producer in Mexico. They have a poor website without a company presentation. Their project (Santa Elena) does not have a PEA or resource estimate. Their only guidance is that they plan to ramp up to 5,000 tpd at .7 gpt (their share)... more
04/21/2017
Analysis
Updated: DELETE - Goldplat Plc
Goldplat PLC is a small producer in Kenya, plus they 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
04/21/2017
Analysis
Updated: Keras Resources Plc
Keras Resources PLC is a small project generator focused in Australia. They have a 60% JV on their Warrawoona property. Calidus Resources is the operator and is currently drilling. It is a 450,000 oz deposit (2 gpt) that is likely to get mined. If they... more
04/20/2017
Analysis
Updated: Red Pine Exploration Inc
Red Pine is a small project generator focused in Canada. Their Wawa project in Ontario is a 1 million oz (1.7 gpt) deposit that is ready to be developed. The Surluga deposit has a 650,000 oz starter pit at 2 gpt. They own 60% and have a FD market cap of $ more
04/20/2017
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
04/19/2017
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 (1.5 gpt). They have an 80% interest, giving them 800,000 oz. The capex is $70 million (their share) and... more
04/19/2017
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 (1.5 gpt). They have an 80% interest, giving them 800,000 oz. The capex is $70 million (their share) and... more
04/19/2017
Analysis
Updated: DELETE - Nortec Minerals Corp
Nortec Minerals is a small exploration company. They recently obtained a 80% option for a gold project (Tomboko) in West Africa (Guinea). It is a large property (18,000 acres) and is next to a 5 million oz gold mine with similar geology. It has not been... more
04/19/2017
Analysis
Added: Tower Resources Ltd
Tower Resources is an exploration company focused in Canada (British Columbia). They have 3 properties on 70,000 acres. Their More Creek project is located in the Golden Triangle and could be a potential gold discovery based on soil samples. They also... more
04/18/2017
Analysis
Added: DELETE - Nortec Minerals Corp
Nortec Minerals is a small exploration company. They recently obtained a 80% option for their Tomboko gold project in West Africa (Guinea). It is a large property (18,000 acres) and is next to a 5 million oz gold mine with similar geology. It has not... more
04/18/2017
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 7 years. They have... more
04/17/2017
Analysis
Updated: ESGold Corp
Secova Metals is a small gold exploration company in Canada. They are trying to advance their Duvay project (17,000 acres) in Quebec. It has had past exploration and is a 500,000 historical surface resource. They think it could be a 1+ million oz open... more
04/17/2017
Analysis
Updated: ESGold Corp
Secova Metals is a small gold exploration company in Canada. They are trying to advance their Duvay project (17,000 acres) in Quebec. It has had past exploration and is a 500,000 historical surface resource. They think it could be a 1+ million oz open... more
04/16/2017
Analysis
Updated: Baru Gold Corp
East Asia Minerals has been a disaster for shareholders since 2010. The stock price went from .10 cents in 2008 to $8.30 in 2010 (today $80.30 after a 10 to 1 reverse split). Then dropped to 1 cent in 2015 with a FD market cap of $2 million. The stock... more
04/15/2017
Analysis
Updated: Skeena Resources Ltd
Skeena Resources is a project generator in Canada. They have 3 solid projects in the golden triangle in northern British Columbia. All are early exploration and they do not have a PEA on any of their projects, or any JVs.
Their Spectrum project is a... more
04/14/2017
Analysis
Updated: Heliostar Metals Ltd
Redstar Gold is a project generator focused in North America. They have a 30% JV in an early exploration project (Newman Todd) in Red Lake, Ontario. Their JV partner, Confederation Minerals, has 70% ownership, but only a $5 million FD market cap. Newman... more
04/13/2017
Analysis
Added: DELETE - Otso Gold
Firesteel Resources has an option to obtain 100% of the Laiva gold mine in Finland (10,000 acres). I'm not sure why their FD market cap is only $7 million. Laiva is fully permitted and was producing from 2012 to 2014. It is a 1 million oz deposit (1 gpt). more
04/13/2017
Analysis
Updated: Asante Gold Corp
Asante Gold is a new company focused in Ghana, West Africa. They have an 50% JV for their Kubi project (see terms below). It is a 350,000 oz high grade deposit on 4,500 acres with considerable exploration potential. Their partner is building the mine,... more
04/12/2017
Analysis
Added: Auris Minerals Ltd
RNI NL (new name will soon be Auris Minerals) is a gold exploration company in Australia. They had a large project (Grosvenor) and recently sold it for 18 million shares of Metals X (currently worth $13 million). Those shares could rise 5x in the future... more
04/10/2017
Analysis
Updated: B2Gold Corp
B2Gold is an emerging major with 6 producing mines in Nicaragua, Colombia, Philippines, Namibia, Burkina Faso, and Mali. Production is scheduled to increase from 550,000 oz in 2017 to 900,000 oz by 2018. They have low cash costs at $550 per oz, but are... more
04/10/2017
Analysis
Updated: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have 38 producing properties and 22 under development, plus another 100+ in early or advanced stage exploration. They are growing production and are a growth company (12% annual growth). They have a $5 more
04/09/2017
Analysis
Updated: GMV Minerals Inc
GMV Minerals is advancing an open pit oxide gold mine in Arizona. Their Mexican Hat property (4800 acres) is a gold discovery with 500,000 oz at .7 gpt. Their share price jumped in 2016 from 6 cents to 46 cents, but now back to 27 cents. The reason for... more
04/09/2017
Analysis
Added: Volcanic Gold Mines Inc
Volcanic Gold Mines (formerly Volcanic Metals) is an exploration company focused in West Africa. They recently obtained 75% ownership in a quality project (Mandiana) in Guinea. It's a large property (75,000 acres) with targets on a 15 mile trend. It's... more
04/09/2017
Analysis
Added: Highway 50 Gold Corp
Highway 50 Gold is an exploration company. They recently obtained a 50% option for a property (Monroe) in British Columbia (3,000 acres). Recently the stock doubled in value on no news to a FD market cap of $15 million. The stock has jumped from 4 cents... more
04/09/2017
Analysis
Added: Kingman Minerals
Astorius Resources is a new exploration company. They have a property (Condor) in Ecuador that is 2 miles from the large Fruita Del Norte project. They have a $1.2 million option that is due in September. They will have to dilute significantly to pay for... more
04/08/2017
Analysis
Updated: New Pacific Metals Corp
New Pacific Holdings (previously New Pacific Metals) is a new company. They changed their focus from an exploration company to a holding company. They plan to only invest. They have $18 million in the bank, plus $8 million in equities in 10 companies. I... more
04/08/2017
Analysis
Updated: Mako Mining Corp
Golden Reign Resources has an advanced high grade (7 pgt) project in Nicaragua (San Albino). It is funded with production beginning in 2018. San Albino is already a 900,000 oz oz deposit (open pit and underground). It has excellent step-out drilling... more
04/07/2017
Analysis
Added: Wallbridge Mining Company Ltd
Wallbridge Mining is a likely near-term producer in Quebec. Their Fenelon project is small with only 38,000 oz of M&I resources. They think they have enough exploration potential to become a 40,000 oz producer. Their plan is to spend $5 million capex to... more
04/07/2017
Analysis
Added: Kenadyr Mining Holdings Corp
Kenadyr Mining (formerly Javelle Capital) has a gold discovery in the Kyrgyz Republic. It has a 2 million oz historical resource around 2.5 gpt. They have $6 million in cash for drilling. It's not cheap with a $48 million FD market cap. Investor think... more
04/07/2017
Analysis
Added: S2 Resources Ltd
S2 Resources has three early exploration properties. They are a mineral exploration company based in Australia. It looks like their focus is on gold. All of their properties have large land holdings. Skellefte is in Sweden (zinc, copper, silver). Central... more
04/06/2017
Analysis
Added: Abacus Mining & Exploration Corp
Abacus Mining and Exploration has a 20% interest in a large copper/gold project in Canada (British Columbia). The Ajax project has 2.7 billion lbs of copper and 2.6 million oz of gold reserves. They plan to produce 58,000 tons of copper and 125,000 oz of... more
04/06/2017
Analysis
Updated: Canagold Resources
Canarc Resources has an advanced project in Canada (northern British Columbia) that looks promising. Their New Polaris project is a 1.1 million oz resource, averaging 11 gpt. They have a PEA for 72,000 oz of production for 10 years with low cash costs... more
04/06/2017
Analysis
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (3 underground mines at 140 gpt). They have a good management team and have performed well, taking mines into production 24 months after discovery. That is impressive. They are also growing production and plan to... more
04/05/2017
Analysis
Added: Mclaren Resources
McLaren Resources has 3 early exploration gold projects in Ontario. One of their properties is on trend to a large Goldcorp mine. This is likely the reason for their $5 million FD market cap. Their three projects (Blue Quartz, TimGinn, and Augdome) all... more
04/05/2017
Analysis
Added: Mclaren Resources
McLaren Resources has 3 early exploration gold projects in Ontario. One of their properties is on trend to a large Goldcorp mine. This is likely the reason for their $5 million FD market cap. Their three projects (Blue Quartz, TimGinn, and Augdome) all... more
04/05/2017
Analysis
Updated: Monument Mining Ltd
Monument Mining is a small gold producer in Malaysia and Australia. They will produce about 25,000 oz in 2017 and they have a FD market cap of $24 million. The stock is cheap, and they have significant upside potential. They only have about 1.5 million... more
04/04/2017
Analysis
Updated: DELETE - Ireland Inc
Ireland Minerals has a potential large open pit gold mine in Nevada. Their Columbus property (6700 acres) has a target of 175 million tons at 1 gpt. That equates to 5 million oz, which seems extremely optimistic to me. However, if it is 2 million oz, it's more
04/04/2017
Analysis
Updated: DELETE - Guyana Goldfields Inc.
Guyana Goldfields is new mid-tier producer. Gold crashed to $1100 and this stock barely moved. It was a steal two years ago, but has increased in value to $972 million FD market cap. Production began in Q4 2015, with expected production of 180,000 oz in... more
04/04/2017
Analysis
Updated: Torex Gold Resources Inc
Torex Gold Resources has two large open pit projects in Mexico. El Limon is a 4 million oz (2.6 gpt) deposit. They have a $1.6 billion FD market cap, so most of the value is already in the stock price. El Limon began production in December 2015. It is... more
04/02/2017
Analysis
Updated: Hecla Mining Company
Hecla Mining has two large low cost high grade silver mines: Lucky Friday in Idaho and Greens Creek in Alaska. They will produce 16 million oz of silver in 2016 at cash costs around $8 per oz. Plus, Greens Creek, Casa Berardi, and San Sebastian will... more
04/01/2017
Analysis
Added: DELETE - Ireland Inc
Ireland Minerals has a potential large gold open pit project in Nevada. Their Columbus project (50,000 acres) has a target of 175 million tons at 1 gpt. That equates to 5 million oz. They recently raised $5 million and are cashed up for drilling. I think... more
04/01/2017
Analysis
Added: DELETE - Lka Gold Inc
LKA Gold has a single small project in Colorado. They have a 35% JV with Kinross who is drilling. It is a past producing mine from 1998 to 2006 (130,000 oz at 16 opt). It is very high grade and Kinross thinks they might find something. They have 6... more
04/01/2017
Analysis
Updated: Resolute Mining Ltd
Resolute Mining is a strong mid-tier producer (325,000 oz of production) with three producing mines in West Africa (Mali) and Australia. They have moderate cash costs ($750 per oz), with about $1000 all-in costs per oz. A good balance sheet with $200... more
04/01/2017
Analysis
Updated: Resolute Mining Ltd
Resolute Mining is a strong mid-tier producer (325,000 oz of production) with three producing mines in West Africa (Mali) and Australia. They have moderate cash costs ($750 per oz), with about $1100 all-in costs per oz. A good balance sheet with $200... more
04/01/2017
General
March 2017 Newsletter Posted
The March 2017 newsletter has just been posted. more
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