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02/28/2022
Analysis
Updated: Avino Silver & Gold Mines Ltd
Avino Silver & Gold is an emerging mid-tier silver producer in Mexico. They will produce about 2.5 million oz of silver equivalent in 2022 with all-in costs around $25 per oz (free cash flow). We will have to keep an eye on their costs.
They think... more
02/27/2022
Analysis
Updated: Northstar Gold Corp
Northstar Gold is a new project generator focused in Canada. They have three early exploration gold projects in Ontario. Miller (2700 acres) is their main focus and was explored by Oban Mining from 2012 to 2015. They drilled 27 holes, several of them... more
02/26/2022
Analysis
Updated: Gungnir Resources Inc
Gungnir Resources is a Canadian exploration company with a gold project in Sweden. Their Knaften property is on 18,000 acres in a good location. Early drill results (86 holes) have found a discovery, and more recent drilling kept hitting good grades but... more
02/26/2022
Analysis
Updated: Masivo Silver
Masivo Silver (formerly Gainey Capital) is an exploration company with 4 projects in Mexico and one in Nevada. Their main focus in Mexico was Las Margaritas project (optioned from First Mining Gold in 2018). Trenching program found high-grade samples... more
02/26/2022
Analysis
Updated: MacDonald Mines Exploration Ltd
MacDonald Mines is advancing a gold/cobalt/copper/silver/nickel discovery (SPJ-Scadding) in Ontario, Canada. It's a large property (45,000 acres) and looks like a potential high-grade resource. They are drilling the North Pit and Scadding Mine areas,... more
02/26/2022
Analysis
Updated: Arcwest Exploration Inc
Arcwest Exploration (previously Sojourn Exploration), is a new project generator in British Columbia, Canada. In February 2018 a new management took over the company, lead by Tyler Ruks who founded West Cirque Resources that was acquired by a company... more
02/26/2022
Analysis
Updated: Northern Superior Resources Inc
Northern Superior Resources has 3 early exploration projects in Canada (Quebec and Ontario). Croteau Est (30,000 acres) and Lac Surprise (35,000) are their focus. Croteau is a 640,000 oz (1 gpt) resource that is likely to exceed 1 million oz. It appears... more
02/26/2022
Analysis
Updated: Allegiant Gold
Allegiant Gold (spinout from Columbus Gold) is a project generator focused in Nevada and Arizona. They have 10 projects, with most of them drill-ready that they plan to drill. They have one discovery (Eastside). It is a 1 million oz (.6 gpt) open pit... more
02/25/2022
Analysis
Updated: Bravada Gold Corp
Bravada Gold is an exploration company focused on Nevada. They have 10 Properties on 15,000 acres. The company was a spin-out from Bravo Gold and is a relatively new project generator. Their best property is Wind Mountain, a past producing open pit... more
02/25/2022
Analysis
Updated: Jupiter Gold Corp
Jupiter Gold is a new project generator focused in Brazil. They have 8 properties on 150,000 acres. They have one discovery (Alpha) that they are exploring. It is a low-grade surface mine, with 64,000 oz at .8 gpt. It could turn into an open pit. They... more
02/25/2022
Analysis
Updated: Golden Goliath Resources Ltd
Golden Goliath Resources is a relatively new project generator. They shifted their focus to Canada after the selling of most of their properties in Mexico and also halted exploration in San Timoteo after asked to pay daily "protection" to local groups... more
02/24/2022
Analysis
Updated: Silver Spruce Resources Inc
Silver Spruce Resources is a project generator. in 2020 they changed their managmement and bought a 50% in a couple of projects in the Sonora Gold Belt in Mexico (Jackie & El Mezquite) in addition to their Pino de Plata project (1,000 acres), which has... more
02/23/2022
Analysis
Updated: Dixie Gold Inc
Dixie Gold is a new project generator formed in 2019. They have a large property in Red Lake, Ontario (60,000 acres) that is next door to Great Bear's property. It appears that this property has had very little exploration. They are low on cash so they... more
02/23/2022
Analysis
Updated: DELETE - Petropavlovsk Plc
Petropavlovsk PLC is a mid-tier gold producer in Russia. They have 20 million oz of gold resources and will produce around 500,000 oz with all-in costs (break-even) around $1500 per oz in 2022. They have a poor balance sheet with $570 million in debt and... more
02/23/2022
Analysis
Updated: Orvana Minerals Corp
Orvana Minerals is an emerging mid-tier producer. Their 1.5 million oz (4 gpt) property in Spain (EVBC) appears to be a long-life mine. Currently they are producing 50,000 oz at EVBC, but that could increase over time. It has high costs of about $1700... more
02/23/2022
Analysis
Updated: Fortune Minerals Ltd
Fortune Minerals has a shovel-ready gold/copper/cobalt/bismuth project in Canada (Northwest Territories). The problem is the high capex ($437 million). No one wants to take a chance on it today. The mine life is 21 to 24 years at 45,000 oz of annual gold... more
02/22/2022
Analysis
Updated: Galway Metals Inc
Galway Metals is advancing two projects in Canada. Their Clarence Stream gold project (600,000 oz at 2 gpt) could easily become a mine. It's on a large property (150,000 acres) in New Brunswick with significant exploration potential. They plan to drill... more
02/22/2022
Analysis
Updated: Nulegacy Gold Corp
NuLegacy Gold has an early exploration project in Nevada (Iceberg, Avocado, and Serena deposits on their Red Hill Property). It is nearby Barrick Gold’s 14 million oz Goldrush open pit deposit. It could be another large open pit. The early drill... more
02/22/2022
Analysis
Updated: Ariana Resources Plc
Ariana Resources is a gold producer in Turkey. They have a 23% ownership of the Red Rabbit project (Kiziltepe and Tavsan). Cash costs are projected to be about $700 per oz and the IRR is 38%. Production is about 18,000 oz per year (their share). Tavsan (t more
02/22/2022
Analysis
Updated: Precipitate Gold Corp
Precipitate Gold is a project generator focused in the Dominican Republic. They have a small market cap of $11 million and some interesting properties in the Dominican Republic, Mexico, and Canada. This is a high-risk speculation stock, but it has a lot... more
02/20/2022
Analysis
Updated: West Vault Mining Inc
West Vault Mining (previously West Kirkland Mining) purchased the Hasbrouck and Three Hills properties from Allied Nevada in 2014. They have a pre-feasibility study to produce 70,000 oz annually (for 8 years) with a capex of $47 million. It is an... more
02/20/2022
Analysis
Updated: Torq Resources Inc
Torq Resources (formerly Stratton Resources) is a new project generator. Recently acquired the Santa Cecelia copper/gold project in Chiles (7,500 acres). It is in an excellent location, near large mines. Early drill results point to a large discovery (32m more
02/20/2022
Analysis
Updated: Solidcore Resources
Polymetal International is a major with both large gold and silver production in Russia. They have 28 million oz of gold resources (including silver). They are producing 900,000 oz of gold and 29 million oz of silver. Gold equivalent production (including more
02/20/2022
Analysis
Updated: Transition Metals Corp
Transition Metals is a project generator with 30 projects (13 gold) in Canada and 4 JVs. They are focusing on 5 district size plays: 2 gold, 1 copper, and 2 nickel, copper, and PGMs. All are early exploration. They have a low FD market cap of $8 million,... more
02/19/2022
Analysis
Updated: Agnico Eagle Mines Ltd
Agnico Eagle Mines is a solid company with about 30 million oz of gold reserves and about 80 million oz of gold resources (we won’t know until the Kirkland Lake data is added to their website). Growth will be steady, but nothing to get excited about.... more
02/19/2022
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 200,000 oz in 2022, with break-even costs... more
02/19/2022
Analysis
Updated: Peloton Minerals Corp
Peloton Minerals is an exploration company currently focused in Nevada. They have three gold projects (Golden Trail, Independence Valley, and Texas Canyon) which could be discoveries. All are small properties (about 1,000 acres each) and have gold at... more
02/19/2022
Analysis
Updated: E2Gold Inc
E2Gold Inc is a new project generator focused in Canada with two properties (hawkins and Band-Ore). Band-Ore which was recently acquired has a historic resource of ~200k ounces of gold @ 5 g/t. Hawkins is on 50,000 acres and has a 15-kilometer zone to be... more
02/18/2022
Analysis
Updated: Solstice Gold Corp
Solstice Gold is a project generator focused in Canada. They are exploring three projects. Qaiqtuq is a large property in Nunavut (225,000 acres). Red Lake Extension (RLX) is in Red Lake, Ontario. Atikokan (50,000 acres) is also in Red Lake, Ontario.... more
02/17/2022
Analysis
Updated: Troy Resources Ltd
Troy Resources was a small gold producer, but had to put their mine on C&M (care and maintenance) due to high costs) in 2021. They have a good project in Guyana. Karouni has a 1 million oz (2.3 gpt) open pit resource. Production began in 2015 and was... more
02/17/2022
Analysis
Updated: Sibanye-Stillwater
Sibanye-Stillwater (previously Sibanye Gold) is a new major in South Africa that was created by Gold Fields. It encompasses three producing underground gold mines that have 77 million oz in resources. Plus, they will produce 1.5 million oz of platinum... more
02/16/2022
Analysis
Updated: Landore Resources Ltd
Landore Resources is advancing a gold project in Canada. Junior Lake (Bam project) is a recent discovery that has grown into a 1 million oz open pit deposit (1 gpt). They released a PEA in 2019. The capex is $93 million to produce about 80,000 oz... more
02/15/2022
Analysis
Updated: Turmalina Metals Corp
Turmalina Metals is a new project generator that was listed in 2019. They have a high-grade gold discovery in Argentina (San Francisco). Initial drill results are impressive (82 meters at 4.4 gpt AU and 82 gpt AG, 109 meters at 4.9 gpt AU and 109 AG). It... more
02/15/2022
Analysis
Updated: Talisker Resources Ltd
Talisker Resources is a project generator focused in Canada. They have several properties located in British Columbia on 700,000 acres. Their Spences Bridge property is a large district scale property (500,000 acres) with several discoveries they are... more
02/15/2022
Analysis
Updated: Gold79 Mines Ltd
Gold79 Mines (previously Aura Silver Resources) is a small project generator focused in Nevada and Arizona. They have three early exploration projects. All are potential discoveries, but they are not on large properties.
Gold Chain in Arizona (1,250... more
02/15/2022
Analysis
Updated: Sabre Gold Mines Corp
Sabre Gold (formerly Arizona Gold) recently acquired Golden Predator. This is a game-changer and will turn them into a mid-tier producer. Incredibly, they only have a $34 million FD market cap. I’m not sure why it is so cheap. Their high-grade gold... more
02/15/2022
Analysis
Updated: Sabre Gold Mines Corp
Sabre Gold (formerly Arizona Gold) had two very good properties and they were producing 20,000 oz per year in 2013. However, low gold prices killed them. They got into debt and had to sell most of their valuable properties: Larder Lake, Kerr-Addison, and... more
02/14/2022
Analysis
Updated: STLLR Gold
Moneta Gold (previously Moneta Porcupine) is a project generator focused in Canada. They recently acquired the Garrison project from O3 Mining, which obtained 25% of Moneta’s shares. It is next to their Golden Hwy project in Ontario. Combined, the... more
02/12/2022
Analysis
Updated: Almaden Minerals Ltd
Almaden Minerals is trying to develop their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties to their stockholders in a new company (Almadex Minerals). Ixtaca has a PFS (pre-feasibility study) to produce 90,000 oz (.6... more
02/12/2022
Analysis
Updated: Azucar Minerals Ltd
Azucar Minerals (formed in 2018 as a spinout from Almadex Minerals) has a single gold property in Mexico. El Cobre (17,000 acres) is a potential large mine (One drill hole was 534 meters at .9 gpt, which is partly the reason why Newcrest mining invested $ more
02/12/2022
Analysis
Updated: Gold Mountain Mining Corp
Gold Mountain Mining is a new company that recently acquired a past producing mine (Elk Gold) in British Columbia. It has a 800,000 oz (5 gpt) resource and an existing mill. The capex was only $5 million to restart the mine. They are currently producing... more
02/12/2022
Analysis
Updated: PolarX Ltd
PolarX Ltd is an Australian exploration company with two properties in Alaska (Caribou dome & Stellar which comprise the Alaska Range project) and two in Nevada (Black canyon & Fourth of July, which comprise the Humboldt Range). The Alaska range project... more
02/12/2022
Analysis
Updated: New Murchison Gold
Ora Gold (formerly Thundelarra) is project generator in Australia. They have a large property (60,000 acres) and 7 properties that they are drilling. They have been finding gold but results were mediocre ( such as 10 meters at 5 gpt, 8 meters at 5 gpt at... more
02/12/2022
Analysis
Updated: Sterling Metals Corp
Sterling Metals (formerly Latin American Minerals) is a project generator focused in Canada. They have an early exploration project (Sail Pond) in Newfoundland. They began drilling and intersected some extremely high grades polymetallic intersections,... more
02/11/2022
Analysis
Updated: Gold Resource Corp
Gold Resource Corp is an emerging mid-tier producer. They are often referred by their trading symbol GORO. After they went into production in 2011, their share price rocketed to $30 a share. However, it came all the way back, trading at $1.55 today, with... more
02/10/2022
Analysis
Updated: Gold Mountain Mining Corp
Gold Mountain Mining is a new company that recently acquired a past producing mine (Elk Gold) in British Columbia. It has a 500,000 oz (5 gpt) resource and an existing mill. The capex was only $5 million to restart the mine. They are currently producing... more
02/10/2022
Analysis
Updated: Empress Royalty Corp
Empress Royalty is a new gold/silver royalty company that was formed in 2020. They have 15 NSRs and 2 streams. Revenue is projected to be $6M in 2022 and $15M in 2024. Margins are usually around 75% or higher for royalty companies.
It seems like new... more
02/09/2022
Analysis
Updated: Latin Metals Inc
Latin Metals (previously Centenera Mining) is a project generator focused in Argentina and Peru. They are exploring 17 projects, some of them gold related and others are copper projects. They have a lot of JVs (7) for such a low FD market cap of $8... more
02/08/2022
Analysis
Updated: Kenorland Minerals Ltd
Kenorland Minerals is a new project generator focused in Quebec and Alaska. They have five early exploration projects they (or JV partners) are drilling. To start out a new company and drill five properties at once is impressive. They are cashed up with... more
02/08/2022
Analysis
Updated: Erdene Resource Development Corp
Erdene Resource Development is an early player in Mongolia, a country with a significant amount of natural resources. They have two high-grade open pit gold projects that should make it into production soon. They released a positive feasibility for Bayan- more
02/07/2022
Analysis
Updated: Regis Resources Ltd
Regis Resources is a large Australian gold producer. It was a fantastic investment in 2008, when they traded for 10 cents. It increased to $6 in 2012, but is now back to $1.29 with a $979 million FD market cap. Cash costs are around $900 per oz, plus... more
02/07/2022
Analysis
Updated: Kinross Gold Corp
Kinross Gold is a major with 2.7 million oz of gold equivalent production. Their all-in costs for 2022 are projected to be around $1400 (gold equivalent cash costs per oz around $850). Free cash flow should reach $750 million at $1800 gold. They are a... more
02/06/2022
Analysis
Updated: Westgold Resources Ltd
Westgold Resources is a mid-tier producer in Australia. They were a spinout of Metals X in 2016 (which remains as a base metals company). They have 8 million oz of resources and 3 producing mills. They have high costs with all-in costs (free cash flow)... more
02/06/2022
Analysis
Updated: Ramelius Resources Ltd
Ramelius Resources is a mid-tier producer in Australia. They are producing 275,000 oz with all-in costs (free cash flow) around $1300 per oz. They have an FD market cap of $850 million, which is undervalued for a 275,000 oz producer with moderate cash... more
02/06/2022
Analysis
Updated: Eloro Resources Ltd
Eloro Resources is a project generator focused in Peru and Bolivia. In 2019, they acquired the Iska Iska property (2,200 acres) in Bolivia. It has high-grade silver surface samples and is ready to be drilled. Initial drill results excited investors,... more
02/05/2022
Analysis
Updated: Americas Gold & Silver Corp
Americas Gold & Silver Corp (formerly Americas Silver Corp) was a mid-tier gold/silver producer in Nevada (Relief Canyon), Mexico (Cosala), and Idaho (Galena). However, they had to put Relief Canyon on C&M because of high costs and their share price has... more
02/05/2022
Analysis
Added: Element79 Gold Corp
Element79 Gold is a new company formed in 2021. They claim to be both an exploration and development company. They are focusing on North America, in both Nevada and Canada. They have a large gold project (Maverick Springs) in Nevada. It is a 3.5 million... more
02/04/2022
Analysis
Updated: Ascot Resources Ltd
Ascot Resources has a large high-grade gold project in Canada (British Columbia). They have six deposits (Premier, Silver Coin, Big Missouri, Martha, Dillworth, and Red Mountain) with 3.5 million oz (7 gpt). Plus, they have a mill that needs to be... more
02/04/2022
Analysis
Added: TDG Gold Corp
TDG Gold is a new company formed in 2021. They have acquired two past-producing permitted gold mines in British Columbia. They think they will find 1 to 1.5 million oz. It appears they are focusing on both open-pint (Shasta) underground mining (Baker).... more
02/03/2022
Analysis
Updated: Monarch Mining
Monarch Mining (previously Monarch Gold) is a spinout from the Yamana Mining acquisition of their flagship Wasamac property. They are now left with 4 properties with low resources of around 800,000 oz. They have a working mill and should become a small... more
02/03/2022
Analysis
Added: Falcon Metals Ltd
Falcon Metals is a new project generator focused in Australia. They did an IPO in 2021. They have 1 million acres in Victoria near the Fosterville mine. They are drilling 4 areas (Karri, Ironbark, Banksia, and Wandoo). The potential of these deposits is... more
02/02/2022
Analysis
Updated: Endeavour Silver Corp
Endeavour Silver is a silver/gold producer in Mexico. They have 2 high-grade silver/gold producing mines, with expected production of 4.5 million oz in 2022. They have high cash costs ($12 per oz) and high all-in costs (free cash flow) around $24 per oz.... more
02/02/2022
General
January 2022 Newsletter Posted
January 2022 Newsletter Posted. more
02/01/2022
Analysis
Updated: Northern Dynasty Minerals Ltd
Northern Dynasty is trying to advance the Pebble project in Alaska. However, an important key permit was denied. Unless this permit decision is reversed, this project is stuck. I have my doubts the Biden administration will overturn the decision,... more
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