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08/31/2021
Analysis
Updated: Stavely Minerals Ltd
Stavely Minerals is mostly a copper exploration company. They have several large copper/gold properties (Stavely, Ravenswood, Ararat, Yarram Park) in Western Victoria, which is a hot spot at the moment. They have had good drill results at Stavely (Thursda more
08/31/2021
Analysis
Updated: ECR Minerals Plc
ECR Minerals has three early exploration gold projects in Australia that look interesting. They are located in the Victoria district that has produced 80 million oz of high-grade gold. Windidda (400,000 acres), Avoca (100,000 acres), and Bailieston (25,00 more
08/31/2021
Analysis
Updated: Investigator Resources Ltd
Investigator Resources is advancing a silver discovery (Paris) in Australia. It is already a 42 million oz resource (130 gpt) at surface. They have not decided how to advance it. There is a possibility they could build it themselves, although they appear... more
08/31/2021
Analysis
Updated: American Creek Resources Ltd
America Creek Resources is a project generator in Canada. They have two properties in the golden triangle in British Columbia: Treaty Creek (20% JV) and Austruck-Bonanza. Treaty Creek is located in the Golden Triangle near the Seabridge KSM and Pretium... more
08/29/2021
Analysis
Updated: Orogen Royalties Inc
Orogen Royalties is a project generator, but calls themselves an Organic Royalty Generator. It was created in 2020 from the combination of Evrim Resources and Renaissance Gold. They have 10 NSRs, but these NSRs are not providing any revenue yet. They... more
08/28/2021
Analysis
Updated: GoldON Resources Ltd
GoldOn Resources is a project generator focused in Canada. They have 8 properties in the Red Lake district in Ontario. Several of their properties are large and in good locations. Currently they do preliminary works on their most recent acquisitions -... more
08/28/2021
Analysis
Updated: Emerald Resources
Emerald Resources is a new mid-tier producer in Cambodia. Okvau (100,000 acres) has 1 million oz at 2 gpt. The feasibility study calls for a $90 million capex to produce 100,000 oz annually at $650 cash costs. They expect to expand the mine life through... more
08/28/2021
Analysis
Updated: Riversgold Ltd
Riversgold Ltd is a new project generator that formed in 2017. They have two projects in south and western Australia, both of them are early exploration with very little drilling. The Kurnalpi Project looks the most exciting one with about 10 target... more
08/27/2021
Analysis
Updated: Magna Terra Minerals Inc
Magna Terra Minerals is a project generator focused in Eastern Canada. They explore multiple projects simultaneously and could become an exciting stock if they find something significant. They drilled Cape Spencer but received disappointing results, they... more
08/27/2021
Analysis
Updated: Gold Fields Ltd
Gold Fields is a major with a global footprint. They currently produce 2.3 million oz per year, making them the 7th largest gold producer. They have 9 operating properties with 10% of production in South Africa, 40% in Australia, 35% in West Africa, and... more
08/26/2021
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 to pay the $740 million settlement,... more
08/26/2021
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. Rio Tinto is building and operating the mine. Their Oyu Tolgoi property located in Mongolia has significant precious metals. They... more
08/26/2021
Analysis
Updated: Scotgold Resources Ltd
Scotgold Resources became a small gold producer in 2021. They have a small high-grade gold deposit (Cononish) in Scotland. It's only 250,000 oz (11 gpt). It also has silver, so that will reduce the cash costs. They completed a feasibility study and it is... more
08/25/2021
Analysis
Updated: Bluestone Resources Inc
Bluestone Resources acquired the Cerro Blanco project from Goldcorp in 2017. Originally, it was going to be a high-grade underground mine. However, Bluestone has decided to do a 3 million oz (1.5 gpt) open pit. They recently did a PEA and the capex... more
08/25/2021
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
08/23/2021
Analysis
Updated: DELETE - Tombola Gold Ltd
Tombola Gold (previously Ausmex Mining) is trying to become a small gold producer in Australia. Mt Freda / Golden Mile are both small deposits totaling around 100,000 oz (1.1 gpt). The good news is that they are permitted have a low capex. They plan to... more
08/23/2021
Analysis
Updated: O3 Mining Inc
O3 Mining was formed in 2019 by Osisko Mining who acquired Chantrell Ventures, Alexandria Minerals, and two properties from Chalice Gold. Plus, Osisko Mining included some of their non-core assets.
I thought they were an exploration company, but they... more
08/22/2021
Analysis
Updated: Enduro Metals
Enduro Metals (formerly Crystal Lake Mining) is a project generator focused in Canada. They have a single property (Newmont Lake) in British Columbia. It is a large property (150,000 acres) in the Golden Triangle. They have several discovery holes (14... more
08/22/2021
Interview
Don Interviewed by The Early Investor
https://youtu.be/VHV7bu5QxGA more
08/21/2021
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They have a large open-pit with their Cheechoo project (2 million oz at .65 gpt). They planned to release a PEA in 2021 and a pre-feasibility study in 2023, but currently waiting for... more
08/21/2021
Analysis
Updated: Prodigy Gold
Prodigy Gold (formerly Abm Resources) is a gold exploration company with 1+ million acres in Australia. They have one JV (Lake Mackay) and are drilling two of their properties at the moment (Hyperion & Raynold Range). Over the past year they were not so... more
08/21/2021
Analysis
Updated: Pinnacle Silver and Gold
Newrange Gold (previously Colombian Mines) is a project generator. They recently sold their Colombia properties (Yarumalito and El Dovio). They are now focusing on a gold discovery in Nevada (Pamlico). It is a 6,300 acre property with several targets.... more
08/21/2021
Analysis
Updated: Amarc Resources Ltd
Amarc Resources appears to be a project generator (but they claim to be an exploration and development company). Currently they focus on 4 early exploration copper and copper/gold projects (Ike, Joy, Greater Empress and Duke). Expect share dilution as... more
08/20/2021
Analysis
Updated: Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 16 million oz (.5 gpt) of gold and 2 billion lbs of copper. They did a PEA that shows a 25-year mine life at 365,000 annual gold production. With the copper... more
08/20/2021
Analysis
Updated: Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 16 million oz (.5 gpt) of gold and 2 billion lbs of copper. They did a PEA that shows a 25-year mine life at 365,000 annual gold production. With the copper... more
08/20/2021
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, including True Gold. I have them listed as a project generator, but they could become a producer.... more
08/19/2021
Analysis
Updated: Salazar Resources Ltd
Salazar Resources is a project generator focused in Ecuador. They have a 25% carried interest in El Domo, which is an 850,000 oz (2.8 gpt) deposit. The capex is $110 million and the after-tax IRR is 30%. A feasibility study is due in 2021, which... more
08/18/2021
Analysis
Updated: Sun Summit Minerals
Sun Summit Minerals (previously San Marco Resources) is a project generator. They are drilling their Buck property (75,000 acres) in British Columbia. It has good historic drill results, plus they had have had good results over a 750-meter strike. It... more
08/17/2021
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 mining both open pit and underground, although only about 10,000 oz. They have enough resources to mine for several years.... more
08/17/2021
Analysis
Updated: Centerra Gold Inc
Centerra Gold was a Canadian-based major. In 2020, they lost their flagship project (Kumtor) in Kyrgyzstan. It was producing 500,000 oz at low costs. They are in arbitration trying to recover some value for Kumtor.
But Kumtor was not all they had.... more
08/16/2021
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 6 gold/silver projects in British Columbia (Golden Triangle). They started drilling on the American Creek property, but after initial disappointing results, their stock plunged.
Another drill program... more
08/15/2021
Analysis
Updated: Thor Explorations Ltd
Thor Exploration is advancing a gold project in Nigeria. The Segilola project (6,500 acres) is a 500,000 oz open pit deposit (4 gpt) with also an underground mine. They have completed a feasibility study, permitting, and financing. Construction will be... more
08/15/2021
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
08/14/2021
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 18 million oz of gold (.4 gpt) and 45 million oz of silver (2 gpt). It has an... more
08/14/2021
Analysis
Updated: Scottie Resources
Scottie Resources (previously Rotation Minerals) is a project generator focusing on gold exploration in the Golden Triangle in British Columbia. They have 7 properties (Scottie, Black Hills, Summit Lake, Ruby, Bitter Creek, Bow, Stock). Scottie is a past... more
08/14/2021
Analysis
Updated: Inca Minerals Ltd
Inca Minerals has a high-grade zinc/silver discovery (Riqueza) in Peru and multiple IOCG targets in Australia. In Riqueza, results for the first drill hole are still pending. They have identified 20 veins at surface on the property, the average sample... more
08/12/2021
Analysis
Updated: Soma Gold Corp
Soma Gold (formerly Para Resources) is a small gold producer in Colombia. Their El Bagre property has several deposits (Nechi, Cordero, Mangos). The mill is 450 tpd and is producing about 25,000 oz annually with all-in costs of around $1200 per oz. They... more
08/12/2021
Analysis
Updated: Altiplano Metals
Altiplano Minerals is a small copper producer in Chile (about 3 million lbs annually) at their Farallon mine. It is a 300,000 ton underground deposit. They are advancing two copper/gold/silver projects at Farallon, which will add two additional revenue... more
08/11/2021
Analysis
Updated: Hammer Metals Ltd
Hammer Metals is a project generator focused in Australia. They have two large properties that are being drilled. Bronzewing South - Yandal (50,000 acres) is in Western Australia, and they are drilling a discovery. Mt Isa (500,000 acres). A portion of Mt... more
08/11/2021
Analysis
Updated: DELETE - Alliance Resources Ltd
Alliance Resources is developing a small high-grade gold mine (Wilcherry) in Australia. It's only 150,000 oz (5 gpt), but the capex is only $33 million. The key for them will be acquiring financing and then using the cash flow for finding more gold on... more
08/11/2021
Analysis
Updated: Spearmint Resources Inc
Spearmint Resources has 8 early exploration gold projects in Canada. Several of them are in the golden triangle (including Hammernose) and in Quebec (Perron - East). It does not appear that they have done much drilling and are low on cash. They do have... more
08/10/2021
Analysis
Updated: Freeman Gold Corp
Freeman Gold is advancing an open-pit gold project (Lemhi) in Idaho (7500 acres). It has 350 historic holes (from the 1990s), but the grade and size is unknown. They plan to release a maiden resource in 2021. In 2020, they tried to raise $4 million, but... more
08/10/2021
Analysis
Updated: Grande Portage Resources Ltd
Grande Portage Resources has a high-grade gold discovery (Herbert) in Alaska. It's a 1.5 million oz resource (10 gpt) and is growing in size. If they can increase the size of the resource, they could do well. With a $49 million FD market cap, it is... more
08/09/2021
Analysis
Added: Triple Flag Precious Metals Corp
Triple Flag is a new gold royalty company. They did an IPO and raised $600 million. Plus, they already have 75 royalties, including 15 producing royalties. They are targeting $100 million in FCF in 2021, which is only a 17 multiplier, which is low for a... more
08/09/2021
Analysis
Added: Leocor Gold Inc
Leocor Gold is a project generator focused in Canada. They have 4 early exploration projects in Newfoundland. These are Roberts Arm (100,000 acres), Leamington (150,000 acres), Hodges Hill (100,000 acres), and Dorset (1,500 acres). None have had much... more
08/09/2021
Analysis
Added: Triple Flag Precious Metals Corp
Triple Flag is a new gold royalty company. They did an IPO and raised $250 million. Plus, they already have 75 royalties, including 15 producing royalties. They are targeting $100 million in FCF in 2021, which is only a 17 multiplier, which is low for a... more
08/09/2021
Analysis
Added: Triple Flag Precious Metals Corp
Triple Flag is a new gold royalty company. They recently did an IPO and raised $250 million. They already have 75 royalties, including 15 producing royalties. They are targeting $100 million in FCF in 2021, which is only an 18 multiplier, which is low... more
08/09/2021
Analysis
Added: CopAur Minerals Inc
CopAur Minerals is a project generator focused in Canada. They have one early exploration project (Williams) in British Columbia. It is a copper/gold project on about 10,000 acres. It has not had much drilling. They recently raised some cash for drilling, more
08/08/2021
Analysis
Added: TRU Precious Metals Corp
TRU Precious Metals is a project generator focused in Canada. They have 5 early exploration projects in Newfoundland. They are as follows: Golden Rose (52,000 acres), Twilite (4,000 acres), Gander West (7,500 acres), Stony Lake (6,500 acres), Rolling... more
08/08/2021
Analysis
Added: Gossan Resources Ltd
Gossan Resources is a project generator focused in Canada. They have 3 early exploration projects in Newfoundland: Gander (25,000 acres), Weir Pond (2,500 acres), and Island Pond (2,500 acres). None of them have had much drilling. They are low on cash,... more
08/07/2021
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 6 gold/silver projects in British Columbia (Golden Triangle). They started drilling on the American Creek property at the beginning of July after initial disappointing results in February that caused... more
08/07/2021
Analysis
Updated: Southern Arc Minerals Inc
Southern Arc Minerals is a project generator based in Canada. They have had several successful discoveries but never seem to be able to monetize them into shareholder value and the stock price fell from $20 to .21 cents today (adjusted for reverse splits) more
08/07/2021
Analysis
Added: Aurwest Resources Corp
Aurwest Resources is a project generator focused in Canada. They have four properties (Paradise Lake, Stony Caldera, Miguels Lake, Pistol Lake) in Newfoundland on 100,000 acres. Plus, one property (Stellar) in British Columbia. All are early exploration.... more
08/07/2021
Analysis
Added: Hanstone Gold Corp
Hanstone Gold is a project generator focused in Canada. They have two properties (DOC and Snip North) in the Golden Triangle of British Columbia. Both are early exploration and large properties (5,000 acres and 7,500 acres). Neither have had much... more
08/06/2021
Analysis
Updated: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines (ITHM) has a monster project (Livengood) in Alaska with 16 million oz (.6 gpt) with an 80% recovery rate. It has a pre-feasibility study with a $1.8 billion capex to produce 350,000 oz for 23 years (8 million oz). Cash costs are... more
08/06/2021
Analysis
Updated: DELETE - Otso Gold
Otso Gold (previously Nordic Gold and Firesteel Resources) is a near-term gold producer in Finland. Their Laiva gold mine (10,000 acres) was built by a previous owner for $250 million. The mine is on care and maintenance and requires about $15 million to... more
08/06/2021
Analysis
Added: DELETE - Earthlabs Inc.
Goldspot Discoveries has a unique model. I am listing them as a royalty company, but in addition to acquiring NSRs, they invest in mining companies (owning shares) and do mining consulting. In fact, they use their consulting business to acquire NSRs and... more
08/06/2021
Analysis
Added: Wolfden Resources Corp
Wolfden Resources has a polymetallic deposit (Picket Mountain) with zinc, copper, lead, gold, and silver in Maine. It is high grade with $500 per ton and 1.5 million oz of gold equivalent. They say that Maine has new mining laws that will allow it to be... more
08/05/2021
Analysis
Updated: Dundee Precious Metals Inc
Dundee Precious Metals is a mid-tier producer. They have two producing gold mines in Bulgaria. Chelopech at 170,000 oz, with significant offsets in silver, copper, and zinc. Cash costs are under $600 per oz, with all-in costs around $950 per oz.... more
08/05/2021
Analysis
Updated: RosCan Gold Corp
RosCan Gold is a project generator in West Africa. They have one large property (Kandiole) in Mali. It's on 100,000 acres with a lot of discoveries. They started drilling in 2018 and have found at least 9 discoveries that they are drilling. It appears to... more
08/05/2021
Analysis
Updated: Mako Gold Ltd
Mako Gold is a new exploration company focused in West Africa. They have 2 early exploration properties. Napie in Cote d'Ivorie is a significant discovery with excellent recent drill holes. It has a substantial target area with a 15-mile strike. They are... more
08/05/2021
Analysis
Updated: Victoria Gold Corp
Victoria Gold is a mid-tier producer in Canada. Their Eagle Gold project began production in 2019. It is a 5 million oz resource (.7 gpt) the Yukon. It is has a 75% recovery rate, so the actual resource is about 3.5 million oz, which is still large. It... more
08/04/2021
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late-stage project in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. The capex is $136 million, with an after-tax IRR around 30% at $1300 gold and NPV at $280 million. Cash costs are... more
08/04/2021
Analysis
Updated: East Africa Metals Inc
East Africa Metals is a project generator. They arose from a spin-out from Canaco Resources in 2012. They have three large resources in Tanzania and Ethiopia.
The Magambazi-Handeni project (20,000 acres) in Tanzania. It is a 1 million oz surface... more
08/03/2021
Analysis
Updated: Black Cat Syndicate Ltd
Black Cat Syndicate is planning to become a gold producer in Australia in 2022. Their Kal East property has 4 deposits with 1 million oz (2.2 gpt). It is mostly open pit, with some underground. They plan to mine 2000 tpd at 2.2 gpt, which is 50,000 oz if... more
08/03/2021
Analysis
Updated: NeXGold Mining Corp
Treasury Metals has an advanced gold project (Goliath) in Ontario, Canada. It is an open pit (800,000 oz at 2.5 gpt) and underground (700,000 oz) mine. They released a PEA in 2017 for a capex of $100 million to build the open pit and mill. It required an... more
08/02/2021
Analysis
Updated: Callinex Mines Inc
Callinex Mines is a project generator focused in Canada. They are really a zinc exploration company with 4 zinc projects totalling 2.6 billion lbs of zinc eq. They might even be a development company, with guidance of production at their Nash Creek (New... more
08/02/2021
Analysis
Updated: Inventus Mining Corp
Inventus Mining appears to have a gold discovery (Pardo) in Ontario, Canada. Their stock jumped from 3 cents a share to 35 cents after the discovery in 2013. Now it's back to 12 cents. Pardo is still early exploration, but a large property (48,000 acres)... more
08/01/2021
General
July 2021 Newsletter Posted
July 2021 Newsletter Posted. more
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