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09/30/2018
Analysis
Updated: American Creek Resources Ltd
America Creek Resources is a project generator in Canada. They have three properties in the golden triangle in British Columbia: Treaty Creek, Electrum, and Dunwell. They have 2 JVs, with a 20% ownership for Treaty Creek, and 40% ownership for Electrum.... more
09/29/2018
Analysis
Updated: Emerald Resources
Emerald Resources is building an open pit gold project in Cambodia. Okvau (100,000 acres) has 1 million oz's at 2 gpt. It is economic, with a 40% after-tax IRR at $1300 gold. It is construction ready. They expect to complete financing in 2018 and begin... more
09/29/2018
Analysis
Updated: Prodigy Gold
Prodigy Gold (formerly Abm Resources) is a gold exploration company with 3 million acres in Australia. They have 3 JVs (Lake Mackay, Eur, and North Arunta) and are drilling 6 properties on their own. They seem to have a very capable exploration team. Eur... more
09/29/2018
Analysis
Updated: Peruvian Metals
Peruvian Metals (previously Duran Ventures) is an early project generator in Peru, but also a toll miner. 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... more
09/27/2018
Analysis
Updated: DELETE - Arc Minerals Ltd
Arc Minerals (previously Ortac Resources) is focused in Eastern Europe and Central Africa. They have a 1.3 million oz (2 gpt) project in Slovakia (Sturec). They did a PFS in 2013 ($100 million NPV), but it needs to be redone because cyanide use was... more
09/26/2018
Analysis
Updated: Investigator Resources Ltd
Investigator Resources is advancing a silver discovery (Paris) in Australia. It is already a 42 million oz resource (120 gpt) at surface. If they build the mine, this could be a 10+ bagger. The FD market cap is only $8 million. They plan to release a PFS... more
09/26/2018
Analysis
Updated: Amani Gold Ltd
Amani Gold (previously Burey Gold) has a large open pit project in Central Africa. Giro is in the DRC on 125,000 acres. They own 55% with an option for 65%. They have been drilling since 2014 with good results. The resource has grown to 3.8 million oz at... more
09/24/2018
Analysis
Updated: Gold Fields Ltd
Gold Fields is a major with a global footprint. They currently produce 2 million oz per year, making them the 7th largest gold producer. They have 7 operating properties with 10% of production in South Africa, 43% in Australia, 32% in West Africa, and 12% more
09/24/2018
Analysis
Updated: Scotgold Resources Ltd
Scotgold Resources has a small high-grade gold deposit (Cononish) in Scotland. It's only 250,000 oz (11 gpt), but they plan to build it. It also has silver, so that will reduce the cash costs. They completed a feasibility study and it is very economic,... more
09/24/2018
Analysis
Updated: Bassari Resources Ltd
Bassari Resources has an advanced gold project in Senegal, West Africa. The Makabingui project (200,000 acres) has a 700,000 oz (their share) deposit (2.6 gpt) with a feasibility study. The capex is only $12 million for the open pit and $35 million for... more
09/24/2018
Analysis
Updated: DRDGOLD Ltd
DRDGOLD is a mid-tier producer in South Africa. They recently sold their underground mine for $18 million. Blyvoor had high cash costs and they wanted to focus on their higher margin tailing reclamation project (from three old surface mines). Their gold... more
09/23/2018
Analysis
Updated: Gold Reserve Inc
Gold Reserve Inc had been on hold since April 2008, when their mining license was revoked on their Brisas project by Venezuela. In 2014, they were awarded $740 million by an arbitration court. In 2016, Venezuela agreed pay the $740 million settlement,... more
09/23/2018
Analysis
Updated: Bluestone Resources Inc
Bluestone Resources is a new company that purchased a gold project (Cerro Blanco) from Goldcorp in 2017. I'm not sure why Goldcorp would give away a project with 1.5 million oz underground (8 gpt), plus 3 million oz (1.5 gpt) open pit for only $15... more
09/23/2018
Analysis
Updated: Velocity Minerals Ltd
Velocity Minerals is a Canadian developer focused on Bulgaria. Investors seem to be ignoring their potential, giving them a $9 million FD market cap valuation. They produced an economic PEA in 2017 (Rozino) and are working a pre-feasibility study due in... more
09/23/2018
Analysis
Updated: DELETE - Turquoise Hill Resources Ltd
Turquoise Hill Resources is really a copper producer, which is 51% owned by Rio Tinto, one of the largest copper producers. Their Oyu Tolgoi property located in Mongolia has significant precious metals. They own 65% and the Mongolian government owns 35%.... more
09/20/2018
Analysis
Updated: Dundee Precious Metals Inc
Dundee Precious Metals is a mid-tier producer. They have one producing gold mine in Bulgaria (Chelopech) at 150,000 oz, with significant offsets in silver, copper, and zinc to make them a low cost producer. Cash costs are under $600 per oz, with all-in... more
09/20/2018
Analysis
Updated: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines (ITHM) has a monster project (Livengood) in Alaska with 20 million oz (.5 gpt) with an 80% recovery rate. It has a pre-feasibility study with a $1.8 billion capex to produce 400,000 oz for 25 years. Cash costs are about $900 per oz... more
09/18/2018
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, which... more
09/16/2018
Analysis
Updated: Pinnacle Silver and Gold
Newrange Gold (previously Colombian Mines) is a project generator with a lot of potential. They have 7 projects in Colombia covering 225,000 acres, 3 of which look very promising. The Yarumalito is still early exploration (18,000 meters drilling to date), more
09/16/2018
Analysis
Updated: Maritime Resources Corp
Maritime Resources has a past producing property (Green Bay) in Newfoundland (2000 to 2004). It is about 2 years away from restarting production with financing. They completed a PFS in 2017, and it is economic with about a 35% after-tax IRR, with cash... more
09/15/2018
Analysis
Updated: Liberty Gold
Liberty Gold (formerly Pilot Gold) was formed from Fronteer Gold and True Gold's management team. The CEO is Mark O'Dea. He has sold his last two projects. I have them listed as a project generator, but they could become a producer.
They have several... more
09/15/2018
Analysis
Updated: Magellan Gold Corp
Magellan Gold is actually a silver company. Their goal is to become a small silver producer. They have a property in Arizona (Silver District on 2,000 acres) with a historical resource of 15 million oz at 120 gpt (but a low recovery rate around 65%).... more
09/13/2018
Analysis
Updated: Orezone Gold Corp
Orezone Gold has a late stage project in West Africa (Burkina Faso). Their first mine (Bombore) should begin production in 2020 (if it can be financed). It is a 3.5 million oz open pit deposit. They recently had another company analyze the deposit and it... more
09/11/2018
Analysis
Updated: Hummingbird Resources Ltd
Hummingbird Resources is a new mid-tier producer in West Africa (Mali). Their Yanofolia open pit is 2 million oz (2.5 gpt) with low cash costs ($650 per oz). They are producing 110,000 oz with a 10 year projected mine life. With the resource size, I... more
09/10/2018
Analysis
Updated: Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 8 million oz of gold and 1 billion lbs of copper. They did a PEA in 2018 that shows a 16-year mine life at 373,000 annual gold production. They are currently... more
09/09/2018
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 a mine. The capex is $110 million and the after-tax IRR is 30%. They have 25% JV interest. Curipamba is on... more
09/09/2018
Analysis
Updated: Revival Gold Inc
Revival Gold is developing a gold project in Idaho (10,000 acres). Their Arnett - Beartrack project has 2.4 million oz (1.2 gpt). It looks pretty solid, but will require about $$15 to 20 million to advance to the financing stage. They have just recently... more
09/08/2018
Analysis
Updated: Idaho Strategic Resources Inc
New Jersey Mining is a small gold producer in Idaho. Their Golden Chest deposit is 400,000 oz at 1.5 to 3 gpt. They are currently completing open pit production, with about 25,000 oz left. They have transitioned to underground mining, but production is... more
09/08/2018
Analysis
Updated: DELETE - Southern Gold Ltd
Southern Gold Limited is a project generator focused in Australia. They have some cash flow from a small open pit project (50% JV Cannon). They also have 3 additional properties in Australia on 65,000 acres to explore with their cash. They have two... more
09/06/2018
General
New SeekingAlpha: Silver is Cheap - Is it Time to Buy?
https://seekingalpha.com/article/4204546-silver-cheap-time-buy more
09/06/2018
General
New SeekingAlpha: Why I like Litecoin
https://seekingalpha.com/article/4204569-litecoin-like more
09/06/2018
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 (about $50 million per year) from these properties and are growing rapidly at about 20% per... more
09/06/2018
Analysis
Updated: Centerra Gold Inc
Centerra Gold is a large Canadian-based mid-tier producer. They have 16 million oz of reserves and are producing 700,000 oz at around $1100 per oz all-in costs. Free cash flow will be around $150 million in 2018 at $1250 gold. Their Kumtor mine in... more
09/05/2018
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late stage project (feasibility completed) in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. They tried to make a 50% JV deal with Hummingbird Resources in 2017, but it was canceled.... more
09/05/2018
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late stage project (feasibility completed) in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. They tried to make a 50% JV deal with Hummingbird Resources in 2017, but it was canceled.... more
09/04/2018
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late stage project (feasibility completed) in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. They made a 50% JV deal with Hummingbird Resources in 2017. Hummingbird bought $8 million... more
09/03/2018
Analysis
Updated: Minco Silver Corp
Minco Silver is highly undervalued. They have a large high grade deposit (150 million oz and growing) that is an anomaly. It is high grade at 6 opt and is near surface. Thus, it will be a low cost ($6 per oz cash costs) / high profit mine. The cash flow... more
09/02/2018
Analysis
Updated: Entree Resources Ltd
Entree Gold is a project generator with a large copper/gold project. The Oyu Tolgoi project in Mongolia is one of the largest in the world, with 22 billion lbs of copper and 24 million oz of gold (.4 gpt) and 45 million oz of silver (2 gpt). It has an... more
09/02/2018
Analysis
Updated: Thor Explorations Ltd
Thor Exploration is advancing a gold project in Nigeria. The Segilola project (6,500 acres) is an 800,000 oz open pit deposit (4 gpt) with underground exploration potential. They are drilling and are giving guidance for a 14-year mine life. They are... more
09/02/2018
General
August 2018 Newsletter Posted
The August 2018 newsletter has just been posted. more
09/02/2018
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 (.8 gpt) resource that is a JV... more
09/02/2018
Analysis
Updated: Comstock Metals Ltd
Comstock Metals is a project generator focused in Canada. They have two gold discoveries. The Preview SW property (2,000 acres) in Saskatchewan has 7 zones they are drilling. They have found 400,000 oz (1.5 gpt) and it will likely double in size. Their... more
09/02/2018
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They have a gold discovery with their Cheechoo project (17,000 acres). It has a 900 meter strike length and recent drill results in 2015 and 2016 have been impressive. Their FD... more
09/01/2018
Analysis
Updated: IAMGOLD Corp
IAMGold Corp is an emerging major, with production at 850,000 oz. They have 4 operating mines in Suriname (northern South America), Canada (Quebec), Mali, and Burkina Faso. They are currently building a large gold mine in Ontario (Cote with 7 million oz), more
09/01/2018
Analysis
Updated: Augusta Gold Corp
Bullfrog Gold has a small open pit project in Nevada (Bullfrog). It is a 500,000 deposit at .7 gpt. It is on a property where Barrick Gold mined 2.3 million oz from 1989 to 1999. I would expect it to have a low capex and be easy to permit. They plan to... more
09/01/2018
Analysis
Updated: Thunder Mountain Gold Inc
Thunder Mountain Gold is small project generator focused in the U.S. They are low on cash and could have trouble raising financing if gold prices remain low. Their South Mountain project (1200 acres) is a small past producing mine. They are currently... more
09/01/2018
Analysis
Updated: Elevation Gold Mining Corp
Northern Vertex Mining is small gold producer in Arizona called Moss. It is a 450,000 oz (gold equivalent, including silver) resource at .8 gpt. The feasibility study has excellent economics. The IRR is 44% at $1300 gold. They plan to produce 40,000 oz... more
09/01/2018
Analysis
Updated: Radius Gold Inc
Radius Gold is a project generator with early exploration projects in Nevada, Guatemala, and Mexico. They sold their advanced projects for $20 million in 2012 and are now starting over. They have cash in the bank (about $3 million) and 4 NSRs that are... more
09/01/2018
Analysis
Updated: Zephyr Minerals Ltd
Zephyr Minerals is advancing a small high-grade gold project (Dawson) in Colorado. The deposit is currently only 200,000 oz, so they will need exploration success to extend the mine life. They completed a PEA in 2017 and it is economic, with a 50% after-t more
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