News from December 2021

12/31/2021

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, now Their FD market cap is $6 million. They have a 500,000 oz project in Nevada called Golden Arrow which is on 5,500... more

12/31/2021

Analysis

Updated: Ximen Mining Corp

Ximen Mining has a number of exploration projects in British Colombia and a past producing mine which is their focus (Kenville). They claim to be a development company but I have them categorized as an exploration company until they do a significant... more

12/30/2021

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

12/30/2021

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

12/30/2021

Analysis

Updated: Riverside Resources Inc

Riverside Resources is a project generator with a focus on gold exploration. They have a low market cap ($9 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

12/29/2021

Analysis

Updated: GFG Resources Inc

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

12/29/2021

Analysis

Updated: Gold Bull Resources Corp

Gold Bull Resources (previously "QX Metals" and "Black Sea Copper & Gold") is a project generator focused in Nevada. They have a significant discovery (Sandman) in Nevada on 30,000 acres. It is a 500,000 oz (.7 gpt) deposit that is growing in size.... more

12/29/2021

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

12/29/2021

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

12/28/2021

Analysis

Updated: Barrick Gold Corp

Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 4.5 million ounces to 5 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4 years. They will spend... more

12/28/2021

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

12/28/2021

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

12/27/2021

Analysis

Updated: DELETE - Gibb River Diamonds Ltd

Gibb River Diamonds is a diamond miner in Western Australia. They are also 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... more

12/26/2021

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 marginally economic at $1400... more

12/26/2021

Analysis

Updated: Thesis Gold Inc

Benchmark Metals is advancing a large gold mine (Lawyer) in the Golden Triangle (British Columbia). The initial resource was released in 2021 at 3 million oz (1.5 gpt). They are targeting 5 million oz and might get there. I am valuing them at 3.5 million... more

12/26/2021

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

12/26/2021

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

12/25/2021

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

12/25/2021

Analysis

Updated: Dateline Resources Ltd

Dateline Resources is planning 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 historical resource. Green Mountain has four discoveries (Gold Links,... more

12/24/2021

Analysis

Updated: Equity Metals Corp

Equity Metals is a project generator focused in Canada. They have a silver project in British Columbia (Silver Queen). It has 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

12/24/2021

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

12/24/2021

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 18 cents. The... more

12/24/2021

Analysis

Updated: Antilles Gold Ltd

Antilles Gold (Previously PanTerra Gold) was a small producer in the Dominican Republic but now is shifting to Cuba. The reason for this strategy is their Las Lagunas tailings project, which is under dispute with the government in regards to the amount... more

12/24/2021

Analysis

Updated: Fokus Mining Corp

Fokus Mining (previously Fieldex Exploration) 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.... more

12/22/2021

Analysis

Updated: Rex Minerals Ltd

Rex Minerals is trying to build a copper mine (Hillside) in Australia with a capex of $410 million (construction is planned for 2024). They also recently acquired a gold property (Hog Ranch) in Nevada that has a 2 million oz historical resource.... more

12/22/2021

Interview

Don Interviewed by Bill Powers

https://youtu.be/5fTkxfFseWY more

12/21/2021

Analysis

Updated: Benz Mining Corp

Benz Mining is a new project generator focused in Canada. 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... more

12/21/2021

Analysis

Updated: Aurelia Metals Ltd

Aurelia Metals is a gold producer in Australia. They are producing about 100,000 oz at all-in costs (break-even) around $1500 per oz. They have low reserves of around 250,000 oz. They do not list their resource ounces on their website or in their current... more

12/21/2021

Analysis

Updated: 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. They are drilling it, but only 8 holes were drilled in 2021, so they do not have enough funding to be... more

12/20/2021

Analysis

Updated: GBM Resources Ltd

GBM Resources is a small gold producer in Australia. Their White Dam project only has 100,000 oz, but they are trying to use it to finance exploration on their large Drummond project with 1.5 million oz (all open pits around 1 gpt). At Drummond, they... more

12/19/2021

Analysis

Updated: 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 $50 million FD market cap... more

12/19/2021

Analysis

Updated: 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 1.2 million oz at 8 gpt (their share). They plan to drill 50,000 meters in 2021 (which... more

12/19/2021

Analysis

Updated: 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 1.2 million oz deposit at 8 gpt (their share). They plan to drill 50,000 meters in... more

12/18/2021

Analysis

Updated: Canadian Gold Corp

Satori Resources has a small high grade gold project (Tartan Lake) 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 their current... more

12/18/2021

Analysis

Updated: Yorbeau Resources

Yorbeau Resources is a project generator in Canada. they have 4 precious metals and 6 base metals projects, all of them in Quebec. They gave IamGold a 100% option to purchase their Rouyn project if they pay $15 per ounce in a future resource estimate... more

12/18/2021

Analysis

Updated: Xtract Resources Plc

Xtract Resources is a project generator based in London. They have a copper/gold discovery that they are drilling in Australia. It is already 74 million tons (.5% CUEQ) that is growing in size. This has been pushing their share price. They also own... more

12/18/2021

Analysis

Updated: Kingsgate Consolidated Ltd

Kingsgate Consolidated has 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 set to restart production in 2022. An agreement is supposed to be signed in... more

12/17/2021

Analysis

Updated: DELETE- Tonogold Resources Inc

Tonogold Resources acquired the Lucerne project (5,000 acres) from Comstock Mining. They are currently drilling three target areas. I'm not sure if they own Comstock's mill, which was in production recently. That would make a big difference on how fast... more

12/17/2021

Analysis

Updated: Angold Resources Ltd

Angold Resources is a new project generator. They have projects in Chile, Nevada, and Canada. None of them are advanced, although Dorado (35,000 acres) in Chile has a 450,000 oz (.5 gpt) historical resource that they are expanding with drilling. In... more

12/17/2021

Analysis

Updated: OreCap Invest Corp

Orefinders Resources has a JV with Kirkland Lake Gold on three projects. Kirkland can get 75% by spending $60M in exploration/development. One of their projects is Mirado, a gold discovery in Ontario. It is a 440,000 oz (1.3 gpt) resource. It's a past... more

12/17/2021

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 2021, with all-in costs around $1400 per oz (gold equivalent including silver). They have a low multiple because of their high costs. This gives... more

12/16/2021

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

12/16/2021

Analysis

Updated: C2C Gold Corp

C2C Gold Corp. (previously Taku Gold) is a project generator with a large land package of 11 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

12/16/2021

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

12/16/2021

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 (now back to $54 million). It's a bit pricey, but a... more

12/15/2021

Analysis

Updated: Minnova Corp

Minnova Corp (formerly Auriga Gold) is a potential producer if they can get financing. They need to raise $30 million to begin production approximately 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,... more

12/15/2021

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

12/14/2021

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 4... more

12/14/2021

Analysis

Updated: Goldgroup Mining Inc

Goldgroup Mining was a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low-grade open pit project. They began mining in... more

12/13/2021

Analysis

Updated: Altamira Gold Corp

Altamira Gold (previously Equitas Resources) was trying to become a small gold producer in Brazil. Their Cajuiro project (700,000 oz at .8 gpt) had a low $6 million capex (they have a 700 tpd mill). However, they could not find a financing deal for the... more

12/13/2021

Analysis

Updated: Gatos Silver Inc

Gatos Silver is a mid-tier producer in Mexico. Their Cerro Los Gatos property (70% JV) has 170 million oz (their share) (300 gpt AG). Their share of production is about 7 million oz per year. All-in (break-even) cost per oz is around $22. So, it's a high- more

12/12/2021

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 (.7 gpt). The good news is that it is economic, with about a 40% after-tax IRR at $1300 gold. The capex is $160... more

12/12/2021

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 began in 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling potential and is a... more

12/11/2021

Analysis

Updated: Maple Gold Mines Ltd

Maple Gold Mines (previously Aurvista Gold) has a large 2.8 million oz (1 gpt) resource (Douay-Joutel) 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, Maple’s FD... more

12/11/2021

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 175,000 oz in 2021, with all-in costs around $ more

12/11/2021

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 1.5 million oz of gold (1 gpt). Currently, they are producing 60,000 oz with all-in costs (break-even) around $1200 per oz. They plan to... more

12/10/2021

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 700,000 oz, but that should increase as silver prices rise because they have one mill on care... more

12/09/2021

Analysis

Updated: Alamos Gold Inc

Alamos Gold is a new major (my definition) 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... more

12/09/2021

Analysis

Updated: Southern Silver Exploration Corp

Southern Silver Exploration is a project generator with a large silver/zinc project in Mexico. Cerro Las Minitas is 270 million oz at 350 gpt (AGEQ). That includes 115 million oz of silver at 100 gpt and 2 billion lbs of zinc, plus lead, copper, and gold. more

12/08/2021

Analysis

Updated: Perseus Mining Ltd

Perseus Mining is a mid-tier producer in West Africa. They will produce about 400,000 oz in 2021 and 500,000 oz from 2022 to 2025. Most of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 4 million oz (1.3 gpt) open pit that... more

12/08/2021

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

12/07/2021

Analysis

Added: DELETE - Major Precious Metals Corp

Major Precious Metals is advancing a large palladium project in Greenland. They will probably change their name is my expectation, although the project does have 5 million oz of gold. It is a 19 million oz palladium equivalent deposit. They plan to... more

12/07/2021

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 (60 gpt) 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

12/06/2021

Analysis

Added: Headwater Gold Inc

Headwater Gold is a project explorer focused in Nevada, Oregon, and Idaho. They have 9 gold projects, with most of them on small properties. All are early exploration with very little drilling. They do have cash and plan to drill in 2022. So, they appear... more

12/06/2021

Analysis

Added: Labyrinth Resources Ltd

Labyrinth Resources is a new company formed in 2021. They have two early exploration projects in Quebec (Labyrinth and Denain). Labyrinth has 500,000 oz at 7 gpt and is a possible mine. They plan to drill in 2022. Denain has not had much drilling. They... more

12/05/2021

Analysis

Added: DELETE - Infinico Metals Corp

Burin Gold is a new company founded in 2021. They have one large early exploration project (Hickey's Pond) in Newfoundland on 40,000 acres. It does have some past drilling and a few discovery holes (58 meters at 1 gpt), although nothing yet pointing at a... more

12/05/2021

Analysis

Added: Gold Line Resources Ltd

Golde Line Resources is a project generator focused in Sweden and Finland. They have several large properties, although all of them are early exploration. They are drilling, but are low on cash and not drilling aggressively. It's an interesting stock... more

12/04/2021

Analysis

Updated: DELETE - Eco Oro Minerals Corp

Eco Oro Minerals (formerly Greystar Resources) lost their mining rights for their Angostura project (3.2 million oz). The project had a PEA with a $500 million capex, but appears to be dead. They will likely get some money back from the Colombian... more

12/04/2021

Analysis

Updated: ARGO GOLD INC

Argo Gold is a project generator focused in Ontario, Canada. They have 4 early exploration properties (30,000 acres) in some very good locations and their main focus is the Uchi project. They recently completed another phase of drilling and keep finding... more

12/04/2021

Analysis

Updated: DELETE - MegumaGold Corp

MegumaGold (previously Coronet Metals) is a Canadian exploration company. They recently acquired Osprey Gold to acquire properties in Nova Scotia. They now have 10 properties in Nova Scotia on 250,000 acres. They now surround the Touquoy mine which St... more

12/04/2021

Analysis

Updated: Independence Gold Corp

Independence Gold is new project generator focused in Canada. Their share price spiked in 2020 due to high-grade drill results on their 3Ts project in British Columbia. However, it has come back down and with a $7 million FD market cap. That is pretty... more

12/04/2021

Analysis

Updated: DELETE - Nevada Exploration Inc

Nevada Exploration is a project generator focused in Nevada. They have 5 properties (42,000 acres) that are being drilled. They use a unique method of testing water samples to identify potential gold deposits. They are the only company known to be using... more

12/03/2021

Analysis

Updated: Sky Gold Corp

Sky Gold (previously Sunvest Minerals) is a small exploration company in Canada. Their most exciting projects are the Virginia (250 acres) and Mustang (4,200 acres) properties, located Contiguous to New Found Gold's Queensway gold project which has... more

12/03/2021

Analysis

Updated: Azarga Metals Corp

Azarga Metals is a project generator with a large copper/silver project in Russia. Unkur has 700 million lbs of copper and 75 million oz of silver (40 gpt). It is mostly a copper mine, but could become a silver mine at higher silver prices. A PEA was... more

12/03/2021

Analysis

Updated: Spartan Resources Ltd

Gascoyne Resources is a gold producer in Australia. Their Dalgaranga deposit is 650,000 oz (1.3 gpt). Production began in 2018. They have had trouble ramping up production and costs have been high. All-in costs are currently around $2,000 per oz. They... more

12/03/2021

Analysis

Updated: Tajiri Resources Corp

Tajiri Resources is a project generator focused in West Africa and South Ameria. They claim to have 3 flagship projects. In reality, they are drilling three potential gold discoveries. It's an interesting stock, considering the FD market cap is only $7... more

12/01/2021

General

November 2021 Newsletter Posted

November 2021 Newsletter Posted. more

News from December 2021

Calendar

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