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06/30/2019
Analysis
Updated: DELETE - Algold Resources Ltd
Algold Resources is a new gold exploration company with a gold discovery in West Africa (Mauritania). Their Tijirit project (75,000 acres) is a 900,000 oz (2.5 gpt) resource and is growing in size. Tijirit encompasses 3 discoveries (Sophie, Elenore, and... more
06/30/2019
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
06/30/2019
Analysis
Updated: IAMGOLD Corp
IAMGold Corp is an emerging major, with production at 800,000 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
06/29/2019
Analysis
Updated: Klondike Gold Corp
Klondike Gold has three properties in the Yukon totalling 135,000 acres. There is gold on these properties and if gold prices explode in value, this company should do well. They drilled about 50 holes in 2016, 2017 and 2018, with plans to drill more in... more
06/29/2019
Analysis
Updated: DELETE - Xtierra Inc
Xtierra Inc. has a late stage silver project in Mexico. The problem is that the PEA has a post-tax IRR of only 13%. Plus, the capex was $100 million, which is probably too much to finance 1.4 million oz of annual production. It could get financed, but... more
06/29/2019
Analysis
Updated: DELETE - Rambler Metals & Mining Plc
Rambler Metals and Mining is a copper and gold producer in Canada. They are producing 1250 tpd and plan to increase production to 2000 tpd. Most of the production is copper. They have a single long life mine (Ming) that began production in 2012. Copper... more
06/28/2019
Analysis
Updated: Angkor Resources
Angkor Gold Corp. is a project generator in Cambodia. They have 5 large properties on 250,000 acres, but all are early exploration without a significant discovery. They have 3 JV deals where their partners are drilling. They are low on cash, so expect... more
06/27/2019
Analysis
Updated: Antipa Minerals Ltd
Antipa Minerals is a project generator in Australia. They have three large (1 million acres) properties. The most advanced is Citadel, which a 25% JV with Rio Tinto. It has 1.6 million oz (.8 gpt) of gold and 300 million lbs of copper. They also have a... more
06/27/2019
Analysis
Updated: Decade Resources Ltd
Decade Resources is a project generator focused in Canada. They have 12 properties in the golden triangle area of British Columbia. All of their properties are early exploration and they do not have a discovery. Also, they are out of cash, so expect... more
06/27/2019
Analysis
Updated: Capella Minerals Ltd
New Dimension Resources is a project generator focused in Argentina and Canada. They have five early exploration properties. Las Calandrias (6,000 acres), Los Cisnes (7,500 acres), and Sierra Blanca (10,000 acres) are in Argentina. Savant Lake (50,000... more
06/26/2019
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
06/25/2019
Analysis
Updated: Eagle Plains Resources Ltd
Eagle Plains Resources is a project generator in Western Canada that has been around since 1992. They have amassed 35 projects (about half are gold or silver) and have several JV deals. They would have more but utilize a spin-out strategy once a project... more
06/24/2019
Analysis
Updated: Red Rock Resources Plc
Red Rock Resources is a mining, oil and gas, exploration and development company. They have several projects, but only a $5 million FD market cap. Clearly, management has not achieved their objectives. They have projects all over the world. From reverse... more
06/23/2019
Analysis
Updated: Altiplano Metals
Altiplano Minerals is advancing two copper/gold projects in Chile. They have an option to issue 7.5 million shares to obtain 100% of both projects. This should close in 2019. Both projects are currently small, but have exploration potential to expand in... more
06/23/2019
Analysis
Updated: Regulus Resources Inc
Regulus Resources is a project generator with two large copper projects. They acquired Southern Legacy Minerals in 2014, which had a 5 billion lb copper project (Antakori) in Peru, with 4.5 million oz of gold (.35 gpt) and 125 million oz of silver. Since... more
06/23/2019
Analysis
Updated: Pantoro Ltd
Pantoro Ltd is a high-grade gold producer in Australia. Currently, they are producing around 60,000 oz (Nicolsons) at low cash costs (although they lost money last quarter). They recently acquired 50% of the Central Norseman project, which has a 2... more
06/23/2019
Analysis
Updated: Pantoro Ltd
Pantoro Ltd is a high-grade gold producer in Australia. Currently, they are producing around 60,000 oz (Nicolsons) at low cash costs (although they lost money last quarter). They recently acquired 50% of the Central Norseman project, which has a 2... more
06/22/2019
Analysis
Updated: Rugby Resources Ltd
Rugby Mining is a new project generator. They recently obtained 5 gold properties (200,000 acres) in Colombia from Barrick Gold, including a database of Barrick's previous exploration work. The stock jumped from 3 cents to 25 cents from this acquisition,... more
06/22/2019
Analysis
Updated: Solgold Plc
Solgold has a very large copper/gold project (Cascabel) in Ecuador. It has 23 million of gold and 10 billion lbs of copper. It has a 50-year mine life. They will mine 400,000 oz of gold annually at very low cash costs using copper offsets. The after-tax... more
06/22/2019
Analysis
Updated: Probe Gold Inc
Probe Metals (recent merger with Adventure Gold) has a 1.5 million oz deposit in Ontario (Val d'Or East). It is half open pit and half underground. They also have 22 additional properties (150,000 acres) in Quebec and Ontario, which are all located next... more
06/22/2019
Analysis
Updated: Metallis Resources Inc
Metallis Resources is a project generator with a large property (Kirkham) in the Golden Triangle in British Columbia. Kirkham (25,000 acres) has had very little drilling, but has significant potential. They have identified 8 drill areas. The Cliff... more
06/20/2019
Analysis
Updated: Comstock Metals Ltd
Comstock Metals is a project generator focused in Canada. They recently sold their QV Gold project to White Gold for $350k and shares valued at $2M. They now have only one gold project - the SW property (2,000 acres) in Saskatchewan - which has 7 zones... more
06/18/2019
Analysis
Updated: Strategic Metals Ltd
Strategic Metals is a project generator in the Yukon. Their stock price rose 500% in 2010, and peaked at $4.34 per share in 2011, but has since crashed (along with many gold and silver mining stocks). At today's 22 cent price ($21 million fully diluted),... more
06/17/2019
Analysis
Updated: Granada Gold
Granada Gold Mine Inc. (previously Gold Bullion Development) has a large gold project (Granada) in Quebec, Canada. It is extremely undervalued with an FD market cap of only $9 million. Their future reserves in the ground (my estimate) are currently... more
06/16/2019
Analysis
Updated: Sarama Resources Ltd
Sarama Resources is a project generator in West Africa (Burkina Faso). They have one flagship project: South Hounde. It is a 2 million oz deposit at 1.5 gpt. It will get built, but there is no PEA yet, so it will take about 4-5 years until production.... more
06/16/2019
Analysis
Updated: TNR Gold Corp
TNR Gold is a project generator with an interesting project in Alaska. Their Shotgun project covers 17,000 acres in a very good location to find gold. They already have a 700,000 resource at 1 gpt, with a lot more likely to be discovered. This is a... more
06/16/2019
Analysis
Updated: US Gold Corp
US Gold Corp has two early exploration projects in Nevada and Wyoming. They are excited the most about their Keystone project in Nevada (18,000 acres). It is located on the Cortez Trend near two huge mines (Cortez Hills and Pipeline). They think it could... more
06/16/2019
Analysis
Updated: Metallic Minerals Corp
Metallic Minerals (previously Monster Mining) is a new project generator in Canada (Yukon). They have a potential silver discovery (Keno-Lightening) that is adjacent to Alexco's large high-grade silver deposit. It's on 27,000 acres and they have... more
06/16/2019
Analysis
Updated: Sarama Resources Ltd
Sarama Resources is a project generator in West Africa (Burkina Faso). They have one flagship project: South Hounde. It is a 2 million oz deposit at 1.5 gpt. It will get built, but there is no PEA yet, so it will take about 4-5 years until production.... more
06/16/2019
Analysis
Updated: Fresnillo Plc
Fresnillo is a major with an FD market cap of $7.8 billion and is the largest silver producer at 60 million oz per year. They plan to expand production to 65 million oz. This is a very profitable company with low cash costs. They have large resources at... more
06/16/2019
Analysis
Updated: Defiance Silver Corp
Defiance Silver has a high-grade discovery in Mexico. In 2011, then obtained a $5.5 million option to purchase the historic San Acacio mine in the Zacatecas Silver district ($4.6 million is due). They need to raise at least $10 million to drill and... more
06/15/2019
Analysis
Updated: Endeavour Mining Corp
Endeavour Mining is a large gold producer in West Africa, with 5 operating mines in 3 countries. Their market cap has jumped to $1.6 billion, so they aren't cheap anymore. They are producing 675,000 oz with all-in costs (free cash flow) around $1150 per... more
06/15/2019
Analysis
Updated: Strikepoint Gold Inc
Strikepoint Gold is a project explorer focused in Canada. They have 26 properties in the Yukon on 700,000 acres. All they had to pay was 10 million shares to IDM Mining. They also have two early exploration projects in Ontario, Canada. Lobstick (3,000... more
06/15/2019
Analysis
Updated: Argentum Silver Corp
Argentum Silver has two early exploration projects in Mexico. Coyote (2,500 acres) and Victoria (7,500 acres) are both early exploration. Eric Sprott owns 50% of the shares and may fund drilling. There appears to be some past silver production on both... more
06/15/2019
Analysis
Updated: DELETE - Millrock Resources Inc
Millrock Resources is a project generator focused in North America and Mexico. They have 27 properties and about 7 JVs. These numbers should increase over time. It's still cheap with a $10 million FD market cap because they do not have an advanced... more
06/14/2019
Analysis
Updated: Rio2 Ltd
Rio2 Ltd (recent takeover of Atacama Pacific Gold) has a large gold project (Fenix / Cerro Maricunga) in Chile. It is a 5 million oz, low grade (.4 gpt) oxide surface mine (80% recovery rate). They released a PFS in 2014 to mine 250,000 oz per year. The... more
06/14/2019
Analysis
Updated: DELETE - Great Panther Mining
Great Panther Mining (formerly Great Panther Silver) is a mid-tier producer in Mexico. They have two producing mines in Mexico that produce 90% precious metals (silver and gold) and one producing gold mine in Brazil (Tucano). They used to be mostly a... more
06/13/2019
Analysis
Added: AuMEGA Metals Ltd
Matador Mining is a project generator focused in Canada. They have a single project (Cape Ray) in Newfoundland. The odd thing is that it is an Australian company and the stock currently does not trade in Canada. It is a very good project, with 1 million... more
06/13/2019
Analysis
Updated: Antler Gold Inc
Antler Gold is a new project generator focused in Canada (formed in 2016). They have a project (Wilding Lake) in Newfoundland (a good location) on 50,000 acres. Early trenching has been promising and they have been able to raise money for drilling.... more
06/12/2019
Analysis
Added: Prospector Metals Corp
Ethos Gold is a project generator focused in Canada, Nevada, and Mexico. They have five early exploration projects and no discovery as yet. One of them is Vanadium project, the others are gold projects. They are cashed up with $5 million and will be... more
06/11/2019
Analysis
Updated: DELETE - Glen Eagle Resources Inc
Glen Eagle Resources is a small gold producer in Honduras. They do not list their resources or give guidance for production in 2019. They recently obtained a property (La Cobra) in Honduras that has significant past production. They received the property... more
06/11/2019
General
New SeekingAlpha Article: Pan American Silver
https://seekingalpha.com/article/4269640-pan-american-silver-quality-silver-producer more
06/10/2019
Analysis
Updated: Avrupa Minerals Ltd
Avrupa Minerals is a Canadian based Project Generator that is exploring in Europe. They have 12 projects, most of which are primarily base metals (Copper and Tungsten), and are focusing in Portugal and Kosovo. They have 4 JVs, one in Kosovo, Germany, and... more
06/09/2019
Analysis
Updated: Silvercorp Metals Inc
Silvercorp Metals is a mid-tier producer in China. They have large resources with 250 million oz at 200 gpt. Their cash costs for 2018 were under $3 per oz. All-in costs were about $6 per oz (free cash flow). Thus, they are profitable at very low silver... more
06/09/2019
Analysis
Updated: Maple Gold Mines Ltd
Maple Gold Mines (previously Aurvista Gold) has a large 3.3 million oz (1.1 gpt) resource (most of it is inferred) in Quebec. Their new CEO announced his intention to sell the project, with this statement: "The team is now focused on making Maple Gold... more
06/09/2019
Analysis
Updated: Vista Gold Corp
Vista Gold has a large project in Australia called Mt Todd (8 million oz at .8 gpt, with 90% recovery rate). They are currently looking for a partner to help finance the project. They might even sell for a small premium. This is a property that a major... more
06/09/2019
Analysis
Updated: Badlands Resources Inc
Mineral Mountain Resources is a new company with a gold project in South Dakota. They have a good management and technical team, led by Nelson Baker, the ex CEO of Rainy River. They are currently drilling their Rochford project (7,500 acres). It is 15... more
06/09/2019
Analysis
Updated: DELETE - Eurasia Mining Plc
Eurasia Mining is mostly a PGM (Platinum group metals) focused company in Russia. They have cash flow from a small platinum mine (West Kytlin), but only about 4,000 oz per year. They are trying to build a larger mine with 2 million oz of palladium... more
06/09/2019
Analysis
Updated: DELETE - Pan Andean Minerals Ltd
Pan Andean Minerals (formerly BCGold Corp) is small project generator based in Canada. They have a large property (13,000 acres) in Peru (Chanape / Pucacorral) that they recently obtained. It is currently their focus. Past drill results have been... more
06/08/2019
Analysis
Updated: Condor Resources Inc
Condor Resources is a project generator focused in Peru. They have 7 properties and 2 JVs, all of which are early stage exploration. Currently they are drilling two projects, which they hope to JV. They have a low FD market cap of $4 million, so one... more
06/08/2019
Analysis
Updated: Atico Mining Corp
Atico Mining is a small copper/gold producer in Colombia. They are profitable, with all-in costs around $800 per oz, and they have a decent balance sheet. Plus, they have a new discovery. Recent drill holes have been impressive: 109 meters at 3.8 gpt,... more
06/08/2019
Analysis
Updated: First Nordic Metals Corp
Barsele Minerals was a recent spin-out from Orex Minerals. They have a single project, which is the Barsele gold project in Sweden. It is currently a 2.5 million oz (2.7 gpt) open pit and underground project. They have a JV with Agnico Eagle, who has an... more
06/08/2019
Analysis
Updated: Calibre Mining Corp
Calibre Mining is a project generator in Nicaragua. They have 8 early exploration properties in Nicaragua and 2 are JVs. I like their JV partners. IAMGold will spend $3 million over the next 2 years drilling the Borosi project (42,000 acres). They have... more
06/08/2019
Analysis
Updated: Gogold Resources
GoGold Resources is a silver producer in Mexico. They will produce 1.5 million oz of silver equivalent (including gold) in 2019 with all-in costs around $10 per oz (last quarter they had $2 million in free cash flow). They plan to spend $5 million to... more
06/08/2019
Analysis
Updated: Oceanagold Corp
OceanaGold is a large mid-tier producer. They have 12 million oz in resources (1.2 gpt) and will produce 500,000 oz in 2019 with all-in costs $1100 to $1200 per oz. They are not cheap, with an FD market cap of $1.7 billion and future reserves valued at $1 more
06/07/2019
Analysis
Updated: Pan American Silver Corp
Pan American Silver is one of the best silver producers. They get about half of their revenue from silver production, about a quarter from gold, and the rest in base metals (zinc, lead, and copper). They recently acquired Tahoe Resources. Amazingly,... more
06/06/2019
Analysis
Updated: Silver Mines Ltd
Silver Mines Ltd is perhaps largest pure silver miner in Australia. They recently purchased the Bowdens project, which is the largest undeveloped silver project in Australia (150 million oz). It is low grade (50 gpt), but has zinc and lead offsets.... more
06/06/2019
Analysis
Updated: Jaxon Mining Inc
Jaxon Minerals is a project generator focused on the Golden Triangle in British Columbia, Canada. They have two projects (Hazelton and More Creek) that are ready for drilling. Hazelton is more advanced and on 120,000 acres, they recently drilled in one... more
06/05/2019
General
New Seeking Alpha: McEwen Mining
https://seekingalpha.com/article/4268388-mcewen-mining-mid-tier-gold-silver-producer more
06/04/2019
Analysis
Updated: Aztec Minerals Corp
Aztec Minerals is a new exploration company with two projects. Their Cervantes gold project (8,000 acres) is a recent discovery in Mexico, with initial drilling in 2017 and 2018. They have to be excited about the drill results (160 meters at .77 gpt, 139... more
06/03/2019
Analysis
Updated: TRX Gold Corp
Tanzanian Gold Corp (formerly Tanzanian Royalty Exploration) has a late-stage project (Buckreef) and numerous exploration properties in Tanzania. In fact, they have a 5-year plan to bring 3 projects into production: Buckreef, Itetemia and Kigosi. In 2013, more
06/02/2019
Analysis
Updated: Spearmint Resources Inc
Spearmint Resources has 5 early exploration gold projects in Canada. Several of them are in the golden triangle. It does not appear that they have done much drilling and are low on cash. They seem to currently be focusing on their base metals projects (Li more
06/02/2019
Analysis
Added: Compass Gold Corp
Compass Gold is a project generator focused in West Africa (Mali). They have a large property (Sikasso) with 50 drill targets. They have drilled 2500 holes and appear to have found a mine. They have had a lot of good drill results. They are cashed up ($2... more
06/02/2019
General
May 2019 Newsletter Posted
The May 2019 newsletter has just been posted. more
06/02/2019
Analysis
Updated: 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
06/01/2019
Analysis
Updated: Matsa Resources
Matsa Resources is a new small gold producer in Australia. They only have 450,000 oz (2.2 gpt), so they are dependent on exploration success. They have 4 projects on 150,000 acres. They have two operating open pit mines (Fortitude and Red October) on... more
06/01/2019
Analysis
Updated: Trailbreaker Resources
Goldstrike Resources is a project generator in the Yukon. They have a large property (Plateau) that appears to have a large gold discovery. Trenching and soil samples have confirmed a 4-mile trend, which is a very large drilling target. Newmont Mining... more
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