News from December 2020

12/30/2020

Analysis

Updated: Strategic Energy Resources Ltd

Strategic Energy Resources is a project generator focused in Australia. They are drilling their Saxby project in Queensland. It is still early exploration without a resource estimate. It is a high-grade surface discovery (9 meters at 12 gpt) and looks... more

12/30/2020

Analysis

Updated: GFG Resources Inc

GFG Resources is a project generator. They have three gold projects. Their Rattlesnake Hills project in Wyoming appears to be a mine, although there has never been a PEA. There has been 78,000 meters drilled by previous owners (1 million oz), and it is... more

12/30/2020

Analysis

Updated: GFG Resources Inc

GFG Resources is a project generator. They have three gold projects. Their Rattlesnake Hills project in Wyoming appears to be a mine, although there has never been a PEA. Newcrest mining recently obtained a 75% option, but then dropped the option. There... more

12/29/2020

Analysis

Updated: Minnova Corp

Minnova Corp (formerly Auriga Gold) is a potential producer if they can get financing. They need to raise $28 million to begin production approximately 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,... more

12/29/2020

Analysis

Updated: DELETE - Orsu Metals Corp

Orsu Metals is advancing their Sergeevskoe gold project in Russia (Siberia). It is next to a large open pit mine and appears to be another mine. They released an updated resource estimate in 2020 with 1.4 million oz (1.5 gpt), all inferred. They also... more

12/29/2020

Analysis

Updated: Thesis Gold Inc

Benchmark Metals is a new exploration and development company. They have a project (Lawyer) in the Golden Triangle (British Columbia) that appears to be a large mine. It's still early exploration, but recent drill results have increased their valuation... more

12/29/2020

Analysis

Updated: K2 Gold Corp

K2 Gold (formerly West Melville Metals) is project generator focused in Canada and California. They recently acquired a gold discovery (Mojave) in California. It has several historical discovery holes. They recently drilled a hole of 86 meters at 4 gpt.... more

12/29/2020

Analysis

Updated: DELETE - Comstock Mining Inc

Comstock Mining was a small gold producer in Nevada. They halted production in 2016 because of high costs. Since then their share price has crashed and they have also done two reverse splits, which further hurt shareholders. Comstock is another in a long... more

12/28/2020

Interview

Don Interview: Part 2 Podcast with The Early Stage Investor - Bitcoin

https://youtu.be/-Fuos6YovQw more

12/28/2020

Analysis

Updated: Barrick Gold Corp

Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 5 million ounces to 7 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4 years. They will spend more... more

12/28/2020

Analysis

Updated: DELETE - NQ Minerals

NQ Minerals is a new company. They have tailings project in Australia that just began production. They are currently trying to get listed on the London stock exchange (currently listed in England on the AQSE and OTC as an ADR at 100 to 1). They lost... more

12/26/2020

Analysis

Updated: Providence Gold Mines Inc

Providence Gold Mines is trying to restart a past producing mine in California. It produced from 1894 until 1916. They think it could have 1 to 4 million oz of high-grade gold. They will need to spend a lot of money to drill a resource, do a PEA, pre-feas more

12/26/2020

Analysis

Updated: Dateline Resources Ltd

Dateline Resources is trying to become a small gold producer in Colorado. They have acquired two past-producing mines with mills. Both of them are permitted. However, neither has a resource and needs to be drilled. Green Mountain has four discoveries (Gol more

12/26/2020

Analysis

Updated: Fortune Bay Corp

Fortune Bay Corp is advancing an open pit in Canada. Their Goldfields project (25,000 acres) in Saskatchewan has 1.4 million oz (1.4 gpt) with 1 million oz of reserves. They plan to mine 80,000 oz annually for 13 years. It is economic marginally economic... more

12/26/2020

Analysis

Updated: DELETE - Playfair Mining Ltd

Playfair Mining has a high grade gold discovery (Ox Mountain) in Ireland. They have an option to obtain 100% by funding exploration but they stopped exploring after getting to a 25% ownership. They believe it has a similar geology to Dalradian Resources'... more

12/26/2020

Analysis

Updated: Almadex Minerals Ltd

Almadex Minerals was spun off by Almaden Minerals in 2015. Almaden Minerals decided to develop their flagship project (Ixtaca) in Mexico. Almadex was left with 19 exploration properties and 18 NSRs. That's a pretty good portfolio of projects. The stock... more

12/26/2020

Analysis

Updated: Tectonic Metals Inc

Tectonic Metals is a project generator focused in Alaska. They have four large properties that are all drill ready. Currently they are doing rock sampling and drilling on the Tibbs property with high grade results (they drilled 6.03 g/t Au Over 28.95... more

12/25/2020

Analysis

Updated: Canasil Resources Inc

Canasil Resources is a project generator in Canada and Mexico. They had a good project (Sandra-Escobar) and sold it for $2 million, plus a 2% NSR. They have 7 properties to explore in Mexico and 4 in Canada, with 5 drill-ready gold/silver projects.... more

12/25/2020

Analysis

Updated: Engold Mines Ltd

Engold Mines has a gold/silver/copper and a copper/gold/silver discovery in British Columbia. The La Hache property (6,500 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. more

12/24/2020

Analysis

Updated: Garibaldi Resources Corp

Garibaldi Resources is a project generator. In 2017, they had a major discovery in the Golden Triangle of British Columbia at their E&L Nickel Mountain property. Their share price exploded from 8 cents to $3.70. Today it is back to 33 cents. The... more

12/22/2020

Analysis

Updated: Doubleview Gold Corp

Doubleview Capital has a copper/gold discovery (Hat) in British Columbia. It's still early exploration and they are drilling. Their goal is to produce a resource estimate and then a PEA. They also have an early exploration silver project (Metropolitan)... more

12/22/2020

Analysis

Updated: Walker River Resources Corp

Walker River Resources is a gold exploration company focused in Nevada. Their Lapon Canyon (3000 acres) project is a past producing high-grade gold mine. They began drilling in 2015 and have had several good drill holes (23 meters at 7.8 gpt, 18 meters... more

12/22/2020

Analysis

Updated: Ximen Mining Corp

Ximen Mining has an early exploration project (Brett) in British Colombia. They claim to be a development company and are permitting Brett. However, I have them categorized as an exploration company until they give guidance of production. They also... more

12/20/2020

Analysis

Updated: Seabridge Gold Inc

Seabridge Gold is the largest project generator by market cap. They have three giant projects, but these are not currently economic to build. They are currently de-risking them with permitting and feasibility studies. The stock reached $37 per share in... more

12/19/2020

Analysis

Updated: Gold Bull Resources Corp

Gold Bull Resources (previously "QX Metals" and "Black Sea Copper & Gold") is a project generator that is turning things around. They had no success in Eastern Europe and their market cap went down to just $380k. Then they decided to focus on the US,... more

12/19/2020

Analysis

Updated: Kingsmen Resources Ltd

Kingsmen Resources (formerly Tumi Resources) had only one silver project in Mexico which they sold to GoGold Resources on April 2020 when the Covid-19 situation denied any funding for silver projects (silver price was $14/oz). The first 49% were sold for... more

12/19/2020

Analysis

Updated: Emergent Metals Corp

Emgold Mining had a big gold project in California, but lost the option. This crashed their share price and they did a reverse split, since then Their FD market cap rose to $4 million. they have a 500,000 oz project in Nevada called Golden Arrow which is... more

12/19/2020

Analysis

Updated: Riverside Resources Inc

Riverside Resources is a project generator with a focus on gold exploration. They have a low market cap ($23 million fully diluted) and seem to be progressing as a company. They currently have 2 JVs, and will likely add more. I listened to an interview... more

12/19/2020

Analysis

Updated: Evergold Corp

Evergold Corp is a new project explorer focused in Canada. They have 4 early exploration projects in British Columbia. They drilled the Snoball (8,000 acres) and Golden Lion (12,000 acres) project this summer but results were disappointing. In Snoball,... more

12/19/2020

Analysis

Updated: Katoro Gold PLC

Katoro Gold had two gold projects in Tanzania but currently has only one. Imweru was a 500,000 oz (1.4 gpt) ) and was sold to Lake Victoria Gold Limited for a total of US$1.0 million and a 1.5% Net Smelter Royalty on all future gold production. Now... more

12/18/2020

Analysis

Updated: Aftermath Silver

Aftermath Silver is a developer with two projects in Chile (Challacollo, Cachinal) and one in Peru (Berenguela). It’s an exciting company that is undervalued. The downside is that it is a long-term investment. They won’t be producing for at least 5... more

12/18/2020

Analysis

Updated: CMC Metals Ltd

CMC Metals is trying to become a small silver producer. They had a 50% ownership in a small producing gold JV in California (Radcliff) but has been unable to deliver a consistent grade of ore. Challenges with the joint venture have caused them to halt... more

12/18/2020

Analysis

Added: Rex Minerals Ltd

Rex Minerals is building a copper mine in Australia with a capex of $400 million. They also recently acquired a gold property (Hog Ranch) in Nevada that has a 1.4 million oz historical resource (they do not list the gpt). I think it is low grade. The... more

12/17/2020

Analysis

Added: Getchell Gold Corp

Getchell Gold is a project generator focused in Nevada. They have four projects. Fondaway Canyon is a 1 million oz (6 gpt) historical deposit from 2017. I'm not sure why they have such a low valuation with a $25 million FD market cap. What is wrong with... more

12/17/2020

Analysis

Added: Carnavale Resources Ltd

Carnavale Resources is a project generator focused in Australia. They have two gold projects (Kookynie and Ora Banda South) and two base metal nickel projects. Both of their gold projects are early exploration and they have not yet begun drilling.... more

12/17/2020

Analysis

Added: Elemental Altius Royalties Corp

Elemental Royalties is a new royalty company. They appear to be focused on gold royalties. They are projecting $14 million in revenue in 2023. Their current FD market cap is only $56 million. They have 6 producing properties. If they reach their target,... more

12/15/2020

Interview

New Podcast: Interviewed on The Early Stage Investor

https://youtu.be/ZNAFkVTC4s0 more

12/15/2020

Analysis

Added: Benz Mining Corp

Benz Mining is a new company. They recently acquired the Eastmain project (55,000 acres) in Quebec. It has a 350,000 oz (7 gpt) resource. I do not believe it has a historical PEA and is still early exploration. I'm surprised investors like it so much,... more

12/15/2020

General

New SeekingAlpha Article: First Majestic Silver

https://seekingalpha.com/article/4394716-first-majestic-silver-upside-potential-you-think more

12/15/2020

Analysis

Added: Aurelia Metals Ltd

Aurelia Metals is a gold producer in Australia. They are producing 90,000 oz at all-in costs (break-even) around $1250 per oz. They have a good balance sheet with about $60 million in cash and no debt. Their strong balance sheet and significant free cash... more

12/15/2020

Analysis

Added: DELETE - Gibb River Diamonds Ltd

Gibb River Diamonds is a diamond miner in Western Australia. They also are drilling a gold discovery (Edjudina). They can use the cash flow from diamonds to finance exploration/development of Edjudina. Their gold project is a discovery with several good... more

12/14/2020

Analysis

Added: Exploits Discovery Corp

Exploits Discovery is a new project generator focused in Canada. They have 7 properties in Newfoundland on 500,000 acres. They have a lot of land, but no discoveries yet. Investors seem to like their chances, giving them a $40 million FD market cap... more

12/14/2020

Analysis

Added: FireFly Metals Ltd

Auteco Minerals is an Australian mining company that recently obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 1 million oz at 11 gpt. They plan to drill in 2021 and then decide their path to... more

12/14/2020

Analysis

Added: GBM Resources Ltd

GBM Resources is a project generator in Australia. They have 6 projects that all seem to be active. Both Malmsbury and White Dam are 50% JV and their partners are drilling. Plus, they are drilling on several of their properties. They have a total of 430,0 more

12/13/2020

Analysis

Added: Fokus Mining Corp

Fokus Mining is a new project generator focused in Canada. They have one property (Galloway) in Ontario. Galloway (6,000 acres) has three discovery areas they are drilling. GP is low grade with 250,000 oz at .4 gpt. Hendrik is also low grade, but with... more

12/12/2020

Analysis

Added: Equity Metals Corp

Equity Metals is a project generator focused in Canada. They have a silver project in British Columbia (Silver Queen). It is 10 million (200 gpt) silver and 40 million oz of AGEQ (700 gpt). The offsets include gold, copper, lead, and zinc, all of which... more

12/12/2020

Analysis

Added: Gatos Silver Inc

Gatos Silver is a new company and new mid-tier producer in Mexico. Their Cerro Los Gatos property has 143 million oz AGEQ (600 gpt AG) their 70% share. Their share of production is about 8 million oz per year. All-in (break-even) cost per oz is around $16 more

12/12/2020

Analysis

Updated: Xtract Resources Plc

Xtract Resources has a million oz producing gold project (Manica) in Mozambique. They get 23% of net profit. It is both open pit and underground. They have a starter pit (Fair Bride at 1 gpt) and three other discoveries on the property. The revenue is... more

12/12/2020

Analysis

Updated: Altamira Gold Corp

Altamira Gold (previously Equitas Resources) is trying to become a small gold producer in Brazil. They have a large land package and a gold deposit which historically produced +1 Moz Au (Cajuiero) for which the resource was recently updated to 700,000 oz... more

12/11/2020

Analysis

Updated: Antilles Gold Ltd

Antilles Gold (Previously PanTerra Gold) is a small producer in the Dominican Republic. Their Las Lagunas tailings project is currently under dispute with the government in regards to the amount of tailings available for processing which is equal to $23m. more

12/11/2020

Analysis

Updated: Yorbeau Resources

Yorbeau Resources is a project generator in Canada. They recently gave IAMGold a 100% option to purchase their Rouyn project (about $2 million will be paid over the next 2 years), plus a 2% NSR. That will give them financing to explore their other... more

12/11/2020

Analysis

Updated: Canadian Gold Corp

Satori Resources has a small high grade gold project (Tartan) in Canada. It is a 300,000 oz resource on a past producing mine, with a functioning mill. They do not give guidance on how much money is required to resume production because they are... more

12/10/2020

Analysis

Updated: Integra Resources

Integra Resources is advancing the DeLamar project in Idaho. It is a 4 million oz resource (including silver), although it is low grade (.6 gpt). The good news is that it is economic, with about a 40% after-tax IRR at $1300 gold. The capex is $160... more

12/10/2020

Analysis

Updated: OreCap Invest Corp

Orefinders Resources has a gold discovery (Mirado) in Ontario. It is a 440,000 oz (1.3 gpt) resource. It's a past producing mine, so permitting shouldn't be difficult. Plus, they have some tailings that they can toll mine for cash flow. They appear to be... more

12/10/2020

Analysis

Updated: Mako Mining Corp

Mako Mining (formerly Golden Reign Resources) has an advanced high grade (9 pgt) open pit project in Nicaragua (San Albino). Production is scheduled for January 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling... more

12/08/2020

Analysis

Updated: Kingsgate Consolidated Ltd

Kingsgate Consolidated had a 4 million oz gold mine (Chatree) in Thailand with $750 per oz cash costs. It was shut-down due to environmental issues in 2016. They are currently suing the Thai government for reparations. The stock price crashed 98% ($8. more

12/08/2020

Analysis

Updated: Kingsgate Consolidated Ltd

Kingsgate Consolidated had a 4 million oz gold mine (Chatree) in Thailand with $750 per oz cash costs. It was shut-down due to environmental issues in 2016. They are currently suing the Thai government for reparations. The stock price crashed 98% ($8. more

12/08/2020

Analysis

Updated: Calibre Mining Corp

Calibre Mining is a new mid-tier producer. They have done a very good job acquiring properties in Nicaragua. They acquired two producing mines (El Limon and La Libertad). Between them, they will produce about 120,000 oz in 2021, with all-in costs around $ more

12/08/2020

General

New SeekingAlpha Article: Best Silver Miners

https://seekingalpha.com/article/4393575-best-silver-mining-stocks?source=all_articles_title more

12/07/2020

Analysis

Updated: Maple Gold Mines Ltd

Maple Gold Mines (previously Aurvista Gold) has a large 2.8 million oz (1 gpt) resource (most of it is inferred) in Quebec. In 2020, they announced a 50/50 JV with Agnico-Eagle, who has to spend $18 million over 4 years for their option. Subsequently,... more

12/07/2020

Analysis

Updated: Mandalay Resources Corp

Mandalay Resources is a mid-tier gold producer in Australia and Sweden. They will produce about 100,000 oz in 2020, with all-in costs around $1200 per oz (gold equivalent including silver). They had high costs in 2019, but they have brought them down and... more

12/07/2020

Interview

New Podcast with Jake Ducey

https://youtu.be/Ey14iNOhRW0 more

12/06/2020

Analysis

Updated: DELETE- Tonogold Resources Inc

Tonogold Resources acquired the Lucerne project from Comstock Mining. They are making progress towards restarting the mine. They do not have a company presentation, so there are a lot of unknowns. We don't know the resource size, how much they plan to... more

12/06/2020

Analysis

Updated: DELETE- Tonogold Resources Inc

Tonogold Resources acquired the Lucerne project from Comstock Mining. They are making progress towards restarting the mine. They do not have a company presentation, so there are a lot of unknowns. We don't know the resource size, how much they plan to... more

12/06/2020

Analysis

Updated: Asara Resources Ltd

Golden Rim Resources has three early exploration gold projects, two in Burkina Faso and one in Guinea. Kouri has a 10 mile strike length to explore. They published an updated resource estimate in 2020 and reported 2M ounces of gold at 1.3 g/t, 1.7M of... more

12/06/2020

Analysis

Updated: Steppe Gold Ltd

Steppe Gold is an emerging mid-tier producer in Mongolia. They have a low-cost, open pit starter mine (ATO) with about 600,000 oz of gold (2 gpt). Currently they are producing 60,000 oz with all-in costs (break-even) around $1100 per oz. They plan to... more

12/06/2020

Analysis

Updated: Steppe Gold Ltd

Steppe Gold is an emerging mid-tier producer in Mongolia. They have a low-cost, open pit starter mine (ATO) with about 600,000 oz of gold (2 gpt). Currently they are producing 60,000 oz with all-in costs (break-even) around $1000 per oz. They plan to... more

12/05/2020

Analysis

Updated: Alamos Gold Inc

Alamos Gold is an emerging major and a growth story. They have acquired 4 companies in the past 5 years (including Aurico Gold and Carlisle Goldfields in 2015, plus Richmont Mines in 2017). They now have 23 million oz in resources and are giving guidance... more

12/05/2020

Analysis

Updated: Transatlantic Mining

Transatlantic Mining (formerly Archean Star Resources) have 2 small past producing mines in Montana and Idaho. In 2020 they sold Their US Grant project in Montana which required $2 million option payments for 100% ownership, as well as their Kearsarge... more

12/05/2020

Analysis

Updated: Winshear Gold

Winshear Gold (previously Helio Resources) is trying to advance a small surface gold mine in Tanzania and 2 new gold projects in Peru (Gaban and Tinka). Unfortunately the Tanzanian government revoked their rights on the property and they are now in... more

12/05/2020

Analysis

Updated: Impact Silver Corp

Impact Silver Corp is a small producer (3 underground mines at 140 gpt). They are one of the few pure silver producers. They are currently only producing about 800,000 oz, but that should increase as silver prices rise because they have one plant on care... more

12/05/2020

Analysis

Updated: Delta Resources Ltd

Delta Resources (formerly Golden Hope Mines) is a project generator focused in Canada. They had a potential flagship in project (Bellechase). It was on 45,000 acres in an excellent location and a 43-101 for 400,000 oz at 2 to 3 gpt, but they sold it for $ more

12/03/2020

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 270 million oz at 350 gpt (AGEQ). They are targeting 350 million oz. In 2020, they obtained 100% ownership. This makes them a very... more

12/03/2020

Analysis

Updated: Perseus Mining Ltd

Perseus Mining is a mid-tier producer in West Africa. They will produce about 250,000 oz in 2020. Most of that will come from their large Edikan project in Ghana. They will also produce about 75,000 oz from their new Sissingue project in Cote D’Ivoire.... more

12/02/2020

Analysis

Updated: Argent Minerals

Argent Minerals is trying to advance a silver/zinc/gold project in Australia. Their Kempfield project is becoming advanced. It is a low-grade silver/gold project (40 million oz at 45 gpt AG), but it has lead and zinc offsets. It will likely be economic... more

12/02/2020

Analysis

Updated: Silver Storm Mining Ltd

Golden Tag Resources has a large silver project (San Diego) in Mexico. It is a 110 million oz resource (2 opt) with significant offsets of lead and zinc (1 billion lbs of each). The grade is low, but the zinc and lead will make it economic around $30/oz... more

12/01/2020

Analysis

Updated: Irving Resources Inc

Irving Resources is a new company that was recently formed in 2015 to explore Japan. They have 33,000 acres on Hokkaido island. Investors like their chances, bidding up the FD market cap to $114 million. It seems pricey to me. They haven't even started... more

12/01/2020

Analysis

Updated: C2C Gold Corp

C2C Gold Corp. (previously Taku Gold) is a project generator with a large land package of 12 properties (125,000 acres) in the Yukon. Although they are one of the largest landholders in the Yukon, they currently shift their efforts to Newfoundland, in... more

12/01/2020

General

November 2020 Newsletter Posted

November 2020 Newsletter Posted. more

12/01/2020

Analysis

Updated: Mundoro Capital

Mundoro Capital is a new project generator focused in Eastern Europe. They have 8 properties in Serbia and Bulgaria. Their North and South Timok properties are optioned to 3 JV partners (they kept 25% of each) who are drilling. All of their properties... more

12/01/2020

Analysis

Updated: Independence Gold Corp

Independence Gold is new project generator. They acquired 60% in two projects in British Columbia (Merit and Nicoamen) from Almadex, after selling 3 projects in the Yukon because of disappointing results. Their share price spiked recently thanks to some... more

News from December 2020

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