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04/30/2022
Analysis
Updated: DELETE - Brunswick Exploration Inc
Brunswick Exploration Inc. (previously Komet Resources) is a small gold producer in West Africa (Burkina Faso). Their Guiro project was a small high-grade (8 gpt) underground mine with low cash costs. They sold it for $1 million in 2018, plus the... more
04/30/2022
Analysis
Updated: Panther Metals PLC
Panther Metals is a project explorer focused in Canada and Australia. Their main project is in Ontario (Big Bear) and has 8 properties (12,000 acres). All of which are early exploration that have not been drilled. They also have two projects (Marrakai... more
04/30/2022
Analysis
Updated: Bluebird Merchant Ventures
Bluebird Merchant Ventures is trying to restart two gold mines in South Korea (Kochang & Gubong). They have a historical resource of about 500,000 oz at 7 gpt. They completed a feasibility study in 2018. Their goal is to resume production in 2022 and... more
04/30/2022
Analysis
Updated: Golden Ridge Resources
Golden Ridge Resources is a project generator focused in Canada. They have 4 early exploration projects. Their current focus is the Williams Gold Project which they optioned from Evrim Resources and is located 30 km south and on trend with New Found Goldâ more
04/29/2022
Analysis
Updated: Orex Minerals Inc
Orex Minerals is a project generator in Mexico and Canada. Coneto (12,000 acres) in Mexico is a 45% JV with Fresnillo with a target of 100 million oz of silver equivalent. Fresnillo is drilling and must spend $21 million to get their option. Sandra... more
04/29/2022
Analysis
Updated: Middle Island Resources Ltd
Middle Island Resources is a project generator in Australia. They recently sold their Sandstone project for $6 million in cash and shares. As usual, shareholders received nothing from the sale. Now they are left with one early exploration project (Barkly) more
04/29/2022
Analysis
Updated: Silver Range Resources Ltd
Silver Range Resources is a new spinout from Strategic Metals, which owns 18%. They have 40 projects in Yukon (4), Nunavut (15), NWT (5), Nevada (17). All of their projects are early exploration and the reason for their low valuation. Their strategy is... more
04/28/2022
Analysis
Updated: Xali Gold Corp
Xali Gold Corp (formerly Candente Gold) is a small exploration company with an FD market cap of $11 million. They have a large property (El Oro), which has a lot of potential. Only two veins on the property were mined to 200 meters and produced 6.4... more
04/27/2022
Analysis
Updated: Mistango River Resources Inc
Mistango River is a project generator focused in Canada. They have 3 projects in Ontario. They optioned 75% of their Omega and Kirkland West projects to Kirkland lake (which has to spend $60 million to get 75%). The Omega mine is a past-producing high-gra more
04/27/2022
Analysis
Updated: Compass Gold Corp
Compass Gold is a project generator focused in West Africa (Mali). They have two large properties (Yanofolila North and South), with several targets on 250,000 acres (Faraba, Koura, Ouassada, Kalé, Sankarani, Kourou, Lontola, Badogo, Kapélégué, Tiél more
04/26/2022
Analysis
Updated: Dakota Gold Corp
Dakota Gold (formerly Dakota Territory Resource Corp) is a project generator focused in South Dakota. They have 10 properties covering 42,000 acres near the Homestake Mine which produced 40 million oz at 10 gpt. In 2021, they did a reverse takeover of JR... more
04/26/2022
Analysis
Updated: S2 Resources Ltd
S2 Resources is a project generator based in Australia. They have several early exploration projects, but no discoveries. Their focus appears to be on precious metals. They have six properties in Australia and are drilling Jillewarra.
Central Lapland... more
04/26/2022
Analysis
Updated: Red Pine Exploration Inc
Red Pine is a project generator focused in Canada. Their Wawa project (15,000 acres) in Ontario has 700,000 oz (5 gpt) and is growing in size. It is a mine in the making. In fact, it is a past producing UG mine, which should be easy to permit. It has 6... more
04/26/2022
Analysis
Updated: DELETE - Goldplat Plc
Goldplat PLC does gold recovery in South Africa and Ghana. The recovery is mostly done on old milling equipment, but they also do some toll milling from tailings and artisan mining. This business gives them cash flow to develop their gold projects. Their... more
04/25/2022
Analysis
Updated: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have 43 producing properties and 18 under development, plus another 100+ in early or advanced stage exploration. They are growing production and are a growth company (around 10% annual growth). They... more
04/25/2022
Analysis
Updated: Auris Minerals Ltd
Auris Minerals is a gold (and copper) exploration company in Australia. They have 8 early exploration projects (350,000 acres), including 4 JVs (Cashmans, Doolgunna, Cheroogna, and Mark Well) in Western Australia. Plus, Forrest, Big Billy, Wodger,... more
04/25/2022
Analysis
Updated: Abcourt Mines Inc
Abcourt Mines is a bit of an anomaly. I analyze a lot of stocks, and for some reason this company doesn't spend much on their website or marketing their company to investors. This is odd because management owns 40% of the shares. They have not released a... more
04/24/2022
Analysis
Updated: Rusoro Mining Ltd
Rusoro Mining had a large gold mine (17 million oz) in Venezuela that was nationalized in 2012. In 2016, they won a $1.2 billion award by an international court. After they won the court case, their stock price jumped from $45 million to $75 million,... more
04/24/2022
Analysis
Updated: Galleon Gold Corp
Galleon Gold (formerly Pure Nickel) acquired Explor Resources in 2019. Explor had several properties, including TPW (now called the West Cache project). This project (in Quebec) is both an open pit (300,000 oz at 1.5 gpt) and underground (800,000 oz at 2. more
04/23/2022
Analysis
Updated: Harmony Gold Mining Co.
Harmony Gold Mining is an emerging major, with an FD market cap of $2.6 billion. They are a 1.5 million oz producer. Their problem is that most of its mines are in South Africa. If they were producing in a mining-friendly nation, their stock price would... more
04/23/2022
Analysis
Updated: Goldstone Resources
Goldstone Resources has five projects in West Africa on 100,000 acres. They are advancing their Akrokeri-Homase project to production in Ghana. It is a past-producing mine and has 600,000 oz at 1.7 gpt. Production began in 2021. They expect to produce 20, more
04/23/2022
Analysis
Updated: White Rock Minerals Ltd
White Rock Minerals is a project generator focused in Australia and Alaska. Their main project is Red Mountain in Alaska. It has silver, gold, zinc, and lead. Combined the 21.3 million tons (393 gpt AGEQ) has 207 million oz AGEQ. It has a lot of drill... more
04/23/2022
Analysis
Updated: NV Gold Corp
NV Gold is a project generator focused in Nevada. They have 16 properties and several of them look interesting. Plus, they have a very experienced team. The chairman owns 7%, the CEO owns 2% and Eric Sprott own 6%, so they have a focused team.
They... more
04/23/2022
Analysis
Updated: Majestic Gold Corp
Majestic Gold is a small producer in China. They are currently producing 15,000 oz (their 70% share) at an underground mine. Most of their resources are for an open pit next to the underground mine. I would estimate the underground mine only has about 3... more
04/22/2022
Analysis
Updated: Havilah Resources Ltd
Havilah Resources is copper/gold developer in Australia. They have 3 advanced copper/gold projects with 3 million oz of gold and more than 1 billion lbs of copper, plus cobalt. They completed a feasibility study for their Kalkaroo project and are... more
04/22/2022
Analysis
Updated: Xanadu Mines
Xanadu Mines is a project generator focused in Mongolia. They have a world-class copper/gold discovery (Kharmagtai). It is already 4 billion lbs of copper and 4 million oz of gold. Plus, they have 19 targets to expand the size. This is going to be a very... more
04/21/2022
Analysis
Updated: Kingston Resources Ltd
Kingston Resources is developing a large open pit gold project in Papua New Guinea. The Misima property (45,000 acres) has a past producing open pit, where 4 million oz was mined (production stopped in 2004). There is still 3.8 million oz left at 1.1 gpt. more
04/21/2022
Analysis
Updated: Sky Metals Ltd
Sky Metals is a project explorer focused in Australia. They are drilling two gold discoveries (Cullarin and Caledonian) that have potential. They are also drilling three base metal (Tin) projects (Galwadgere, Tellebung, and Doradilla). There is a good... more
04/21/2022
Analysis
Updated: Bear Creek Mining Corp
Bear Creek Mining is advancing a large silver project in Peru. Corani (300 million oz at 50 gpt) is one of the largest undeveloped silver projects in the world. Corani is on schedule for production in 2024, if they can finance the project ($580 million... more
04/20/2022
Analysis
Updated: Chakana Copper
Chakana Copper is advancing a copper/gold/silver discovery (Soledad-Rosales) in Peru. They think it is a large mine based on initial drilling, which have been very good. One drill hole was 244 meters at 1.4 gpt gold, 55 gpt silver, and .9% copper.... more
04/20/2022
Analysis
Updated: Dome Gold Mines
Dome Gold Mines has 3 gold properties in Fiji covering 95,000 acres. However, they found a magnetite deposit (Sigatoka) of 130 million tons (11% magnetite). They are looking for a partner to produce the magnetite and use the cash flow to explore for gold. more
04/20/2022
Analysis
Updated: Mirasol Resources Ltd
Mirasol Resources is a project generator with a lot of projects and JVs. They do not currently have an advanced project, but they have 10 properties in Chile and 20 in Argentina (1 million acres). They have 7 JV deals, including deals with Yamana,... more
04/19/2022
Analysis
Updated: DELETE - Polyus (PJSC)
Polyus is one of the largest gold miners in the world. They have 100 million oz of reserves and 150 million oz of M&I. Plus, they have very low cash costs under $500 per oz. In 2022, they had $1.6 billion in free cash flow. Plus, they have a high... more
04/19/2022
Analysis
Updated: PPX Mining Corp
PPX Mining (previously Peruvian Precious Metals) has a small gold project in Peru. They are drilling four deposits on their Igor project (3200 acres). So far they have found 700,000 oz of gold equivalent (including silver) at pretty good grades (2 gpt... more
04/18/2022
Analysis
Updated: DELETE - Blackstone Minerals
Blackstone Minerals is a project generator focused in both Canada. They have a potential high-grade cobalt and gold discovery in Canada (British Columbia) that could be exciting. Gold Bridge (80,000 acres) has a 25-mile strike. Initial drill results in... more
04/18/2022
Analysis
Updated: North Peak Resources Ltd
North Peak Resources is a new project explorer. They recently acquired the Blackhorse property (2700 acres) in Nevada. They have a 100% option, but still owe $10 million in June 2023 and $10 million in June 2024. That adds a lot of risk. It has a 350,000... more
04/18/2022
Analysis
Updated: B2Gold Corp
B2Gold Corp. is a major with producing mines in Philippines, Namibia, and Mali. Production is scheduled for around 1,000,000 oz in 2022. They have low cash costs at $700 per oz, and about $1200 all-in costs (free cash flow). These low costs have... more
04/17/2022
Analysis
Updated: Kingfisher Metals Corp
Kingfisher Metals is a new project generator focused in Canada. They have 3 early exploration projects (Thibert, Ecstall, and Goldrange). All of them are large properties with some historic exploration, but none of them has a discovery. I was surprised... more
04/17/2022
Analysis
Updated: Fabled Silver Gold Corp
Fabled Silver Gold Corp is a project generator focused in Mexico. They have one project (Santa Maria) that they are drilling. They have a 4 million oz resource (220 gpt) and 21 known veins (both underground and surface). The problem for me is the size of... more
04/17/2022
Analysis
Updated: Dakota Gold Corp
Dakota Gold (formerly Dakota Territory Resource Corp) is a project generator focused in South Dakota. They have 10 properties covering 42,000 acres near the Homestake Mine which produced 40 million oz at 10 gpt. In 2021, they did a reverse takeover of JR... more
04/16/2022
Analysis
Updated: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They are focused on their Pozzolan-Perlite Project in Nevada and they expect it to be mine ready soon.
They also have several early exploration gold/silver projects. On their Clayton project... more
04/16/2022
Analysis
Updated: Warriedar Resources Ltd
Anova Metals is an Australian company with a gold project in Nevada (Big Springs). Until recently their focus was a small producing gold mine in Australia (Second Fortune), but they stopped producing in 2018 and had to sell it in order to recapitalize... more
04/16/2022
Analysis
Updated: Orosur Mining Inc
Orosur Mining is a project generator focused in South America. They have a 25% JV with Newmont (the option allows Newmont to obtain 75% with a free-carry for Orosur to production). Newmont is currently drilling, but it is still early exploration. It has... more
04/16/2022
Analysis
Updated: Gold Royalty Corp
Gold Royalty Corp is a new royalty company created by Goldmining Inc. They spun-out 18 NSRs (from their projects with 25 million oz of gold) and funded it via an IPO to start out with about $87 million in cash. Then they acquired Ely Royalties and... more
04/16/2022
Analysis
Updated: Starcore Intl. Mines Ltd
Starcore International is a small gold producer in Mexico, with annual production of about 12,000 AuEq oz at their San Martin mine. They have high costs with a breakeven point around $1,700 gold if we count G&A, shares issuances and sustaining costs, for... more
04/15/2022
Analysis
Updated: Sonoro Gold Corp
Sonoro Gold is a new company formed from Pediment Gold after they sold their flagship project to Argonaut Gold. They are trying to become a small gold producer in Mexico. Their Cerro Caliche project has a PEA to produce 45,000 oz a year for 7 years. The... more
04/15/2022
Analysis
Updated: Kin Mining
Kin Mining is was developing a gold project (Cardinia) in Western Australia. It is a 1.3 million oz (1.4 gpt) resource (four deposits) with a pre-feasibility study. Construction was started once before and then they halted work because they were over... more
04/15/2022
Analysis
Updated: Labrador Gold Corp
Labrador Gold is a project generator focused in Canada. They have 5 exploration projects in Newfoundland and Labrador. Kingsway (17,000 acres) is a significant high-grade discovery (4 meters at 44 gpt, 3.5 meters at 20 gpt). They are currently drilling a... more
04/14/2022
Analysis
Added: Savannah Goldfields Ltd
Laneway Resources is planning to become a gold producer in Australia next year. They recently acquired the Georgetown property (125,000 acres) in North Queensland. It has 120,000 oz (4 gpt) and a mill. They plan to spend $2 million to refurbish the mill... more
04/13/2022
Analysis
Added: Alpha Exploration Ltd
Alpha Exploration is a new project generator (IPO in 2021) focused in East Africa (Eritrea). They have a large property (Kerkasha) on 180,000 acres. They are doing early exploration on many targets (Anagulu, Aburna, Tolegimja, Kona West, and Kosolda West) more
04/13/2022
Analysis
Added: Western Alaska Minerals Corp
Western Alaska Minerals is a new project generator focused in Alaska. They have significant silver discovery in Alaska (Waterpump Creek). They are comparing it to a 150M oz discovery and think it is a big mine. They have a nice discovery hole (9 meters... more
04/12/2022
Analysis
Added: Aurumin Ltd
Aurumin Ltd is a new gold development company in Australia. They have acquired two past producing properties. Sandstone (25,000 acres) has a historical resource of 750,000 oz at 1.1 gpt. Plus, it has a permitted mill. It was last in production in 2010.... more
04/12/2022
Analysis
Added: Pantera Silver Corp
Pantera Silver is a project generator focused in Mexico. They have one property (Nuevo Taxo) on 2,500 acres. They have just begun drilling and have many targets. The bad news is they are low on cash and won't be able to drill much until they raise more... more
04/12/2022
Analysis
Added: Gold Basin Resources Corp
Gold Basin Resources is a project generator focused in Arizona. They are drilling a gold discovery (Gold Basin) on 7,500 acres. It has several drill targets. It does not have a maiden resource yet. They will be drilling for the next 2-3 years before... more
04/11/2022
Analysis
Updated: Torex Gold Resources Inc
Torex Gold Resources is a gold producer in Mexico. El Limon began production in 2015. The mine life is ending at the end of 2024. The next three years will generate a large amount of FCF. They will mine around 425,000 oz per year, with FCF around $200M... more
04/11/2022
Analysis
Added: Silver Mountain Resources Inc
Silver Mountain Mining is a new company formed in 2022. They have acquired a past producing mine and plan to resume production 2023. They claim to have a 10-year mine life, but do not give guidance for annual production or estimated costs. I am valuing... more
04/10/2022
Analysis
Updated: Granada Gold
Granada Gold (previously Gold Bullion Development) has a large gold project (Granada) in Quebec, Canada. It is somewhat undervalued with an FD market cap of only $10 million, although they have a $5M working capital deficit. It is a surface mine with... more
04/09/2022
Analysis
Updated: Cassiar Gold Corp
Cassiar Gold Corp. (previously Margaux Resources) has 3 projects in British Columbia. Cassiar (60,000 hectares) is a gold project with an inferred resource of 1 million oz (1.4 gpt). Past production from the property (primarily 1979-1997) was... more
04/09/2022
Analysis
Updated: Luca Mining
Altaley Mining (formerly Telson Mining) is a small zinc/gold/silver producer in Mexico. They acquired Campo Morado in 2017, which has a 1 million oz gold deposit (including silver). Production was at 35,000 oz (1.3 gpt) a year, but they had to place it... more
04/09/2022
Analysis
Updated: Matsa Resources
Matsa Resources was a small gold producer in Australia. They stopped production in 2021 and sold two properties for $20M. They kept 100,000 acres (Lake Carey) and 500,000 oz. They plan to drill and double their resources. Then they will likely resume as... more
04/08/2022
Analysis
Updated: Juggernaut Exploration
Juggernaut Exploration is a project generator focused in Canada. They have five gold projects in British Columbia (Gold Standard, Goldstar, Midas, Bingo and Empire). Crescat owns 9.90% of the shares and geologist Quinton Hennigh is their technical... more
04/08/2022
Analysis
Updated: Highway 50 Gold Corp
Highway 50 Gold is an exploration company. They have a 50% option for a property (Monroe) in British Columbia (3,000 acres). They also have projects in Nevada, one of them is Johnson Canyon (previously Porter Canyon, on 4,000 acres), which is likely to... more
04/07/2022
Analysis
Updated: Outcrop Silver & Gold
Outcrop Silver & Gold (previously Outcrop Gold & Miranda Gold) is a relatively new project generator. They have 2 JVs and 8 properties in Colombia, but their main focus is their newly acquired Santa Ana. in the first 9 holes they discovered a narrow vein... more
04/07/2022
Analysis
Updated: Signal Gold Inc
Anaconda Mining is a small producer in Canada, with properties in Newfoundland and Nova Scotia. They are only producing about 20,000 oz per year at their Point Rousse project, with all-in costs (free cash flow) around $1300 to $1400 per oz. So, they are... more
04/06/2022
Analysis
Updated: Gowest Gold Ltd
Gowest Gold is advancing to production in Canada. They only have one project (North Timmins), but it is large (27,000 acres) and has 15 targets. The Bradshaw deposit is a 1.2 million oz (6 gpt) resource that looks good. It is a high-grade surface and... more
04/06/2022
Analysis
Updated: Silver Bear Resources Plc
Silver Bear Resources has a large (50,000 acres) silver project in Russia. Their Mangazeisky project is a 40 million oz resource (recently reduced, see 2021 news release) of high-grade silver. The first 5 years of production will be an open pit at 650... more
04/06/2022
Analysis
Updated: Wallbridge Mining Company Ltd
Wallbridge Mining is advancing a high-grade gold project (Fenelon) in Quebec. They had an FD market cap of $20 million in 2018 and then it exploded to $139 million in 2019 from high-grade drill results. Today, after their acquisition with Balmoral... more
04/05/2022
Analysis
Updated: Silver Viper Minerals Corp
Silver Viper Minerals is a project generator focused in Mexico. They have a significant discovery (La Virginia) on 15,000 acres. It has a 6-kilometer strike with 300 holes drilled. Some of the recent drill holes have been exciting (8 meters at 9 gpt AU,... more
04/05/2022
Analysis
Updated: Golden Minerals Co
Golden Minerals was doing great in 2011 with a share price high of $28. They had 50 properties on 800,000 acres, including two flagship projects. Velardena in Mexico and El Quevar in Argentina (now a JV with Barrick Gold).
They are currently producing... more
04/04/2022
Analysis
Updated: Rio2 Ltd
Rio2 Ltd (recent takeover of Atacama Pacific Gold) has a large gold project (Fenix) in Chile. It is a 5 million oz, low grade (.4 gpt) oxide surface mine (75% recovery rate). They released a PFS in 2014 to mine 250,000 oz per year. However, the capex was... more
04/04/2022
Analysis
Updated: Zacatecas Silver Corp
Zacatecas Silver is a new project generator focused in Mexico. They have 4 projects on 20,000 acres in the Sierra Madre, which is an ideal location to find silver mines. All of their projects are located near each other. Panuco is a mine in the making.... more
04/04/2022
Analysis
Updated: Jaguar Mining Inc
Jaguar Mining is a mid-tier producer in Brazil with 2 operating mines. A few years ago they went bankrupt from high costs and high debt. They have now restructured the debt and re-listed their shares. They cleared $260 million in debt from their balance... more
04/04/2022
Analysis
Updated: Goldmining Inc
Goldmining Inc. (previously Brazil Resources) stated strategy is to acquire advanced stage projects. They have done an excellent job achieving that strategy (although it has not translated into shareholder value yet). They have $115 million in cash and... more
04/03/2022
Analysis
Updated: Arizona Metals Corp
Arizona Metals Corp is drilling two projects in Arizona. I'm not sure if they are an exploration or development company. Investors are valuing them like a developer. Giving them a whopping $650 million FD market cap. They are only giving guidance to... more
04/03/2022
Analysis
Updated: Denarius Metals
Denarius Metals (formerly Denarius Silver) is new conpany. They have a strong connection with GCM Mining, which owns 28% of their shares. They have the same Chairman and GCM Mining. They recently acquired a project in Spain (Lomero-Poyatos). They are... more
04/03/2022
Analysis
Updated: Andean Precious Metals Corp
Andean Precious Metals Corp is a silver producer in Bolivia. They recently acquired the San Bartolome mine from a private company. They will produce 6 million oz (120 gpt) in 2022 with all-in (breakeven) costs around $19 per oz. About 40% of their... more
04/02/2022
Analysis
Updated: Cerrado Gold Inc
Cerrado Gold is a new company that is attempting to become a mid-tier producer. They have acquired a producing mine in Argentina (Don Nicholas). It produces 60,000 oz a year at around 4 gpt and they think they can increase it to around 90,0000 oz... more
04/02/2022
Analysis
Updated: Rise Gold Corp
Rise Resources is a project generator with a high-grade gold project in California. Their Idaho-Maryland project has a historical resource of 1.3 million oz (10 gpt). It was last mined in 1954 and produced 2.4 million oz at 17 gpt. They claim that it... more
04/01/2022
General
March 2022 Newsletter Posted
March 2022 Newsletter Posted. more
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