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05/29/2022
Analysis
Updated: Aya Gold & Silver Inc
Aya Gold & Silver is an emerging mid-tier silver producer in Morocco. Zgounder, their silver project (85% owned), is a past producing mine (working mill onsite) with a 100 million oz resource (300 gpt). They are producing about 1.7 million oz per year,... more
05/28/2022
Analysis
Updated: Discovery Silver Corp
Discovery Silver is advancing a large silver project (Cordero) in Mexico. Cordero has about 1.5 billion oz. of AGEQ (60 gpt), with significant offsets of lead, zinc, and gold. They are focusing on higher grades to improve the economics (about 500 million... more
05/28/2022
Analysis
Updated: DELETE - Millrock Resources Inc
Millrock Resources is a project generator focused in North America and Mexico. They have 30 properties and about 7 JVs. These numbers should increase over time. It is cheap with a $7 million FD market cap because they do not have an advanced project.... more
05/27/2022
Analysis
Updated: Viva Gold Corp
Viva Gold is advancing a small open-pit gold project (Tonapah) in Nevada. They have 600,000 oz at .8 gpt, only 2/3 of them in the M&I and assuming just 0.15 g/t cut-off grade. It is a large property (8,000 acres) with a lot of drill targets and I think... more
05/27/2022
Analysis
Updated: Candelaria Mining Corp
Candelaria Mining is focused in Mexico. They are currently planning to restart a small high-grade underground mine (Pinos) in 2022. It has a low capex ($15 million), but a 1-year build. It will only produce 12,000 oz annually, but they are targeting $5... more
05/26/2022
Analysis
Updated: Theta Gold Mines Ltd
Theta Gold Mines (previously Stonewall Resources) is trying to become a gold producer in South Africa. They have a 4 million oz high-grade resource (their 74% share) and plan to
become a producer in 2023. Once they get their EIA permit, they plan to... more
05/25/2022
Analysis
Updated: Prospector Metals Corp
Prospector Metals (formerly Ethos Gold) is a project generator focused in Canada, Nevada, and Mexico. They have nine early exploration gold projects and no discoveries. They are cashed up with $4 million and are drilling two properties: Schefferville in... more
05/24/2022
Analysis
Updated: DELETE - ValOre Metals Corp
ValOre Metals (formerly Kivalliq Energy) is currently focused on a PGE (with some gold) property (Pedra Branca) in Brazil. The deposit is already 2 million oz (PGE at 2 gpt). It is large on 85,000 acres with several drill targets. It looks like a mine....... more
05/23/2022
Analysis
Updated: Big Ridge Gold Corp
Big Ridge Gold (formerly Alto Ventures) is trying to advance a past producing mine in Canada. Hope Brook is a 1 million oz deposit (4 gpt). They have an option to obtain 80% from First Mining Gold. Hope Brook was in production in 1997, so it has good... more
05/23/2022
Analysis
Updated: Tower Resources Ltd
Tower Resources is an exploration company focused in Canada (British Columbia). They have 2 properties on 54,000 acres. They recently had a gold discovery at Rabbit North with a drill hole of 95 meters at 1.4 gpt. Their valuation doubled and they are now... more
05/22/2022
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 break-even costs around $23 per oz (free cash flow). We will have to keep an eye on their costs.
They plan... more
05/22/2022
Analysis
Updated: Castle Minerals Ltd
Castle Minerals is a project generator. They have four gold properties in Western Australia. All are early exploration: Polelle, Success Dome, Beasley Creek, and Wanganui. Their values jumped in 2021 and 2022, more than doubling in value. I think this is... more
05/21/2022
Analysis
Updated: Industrias Penoles NPV
Industria Penoles owns 75% of Fresnillo, which is one of the largest silver and gold producers in the world. They claim most of that production in their financials (Fresnillo is listed as a subsidiary), so I'm a bit confused. Fresnillo has a separate... more
05/21/2022
Analysis
Updated: Aruma Resources Ltd
Aruma Resources is a gold exploration company focused in Western Australia. They sold their main gold projects to Black Cat Syndicate in 2020 and shifted their focus to the remaining properties.
Most recently they discovered a shallow high grade gold... more
05/21/2022
Analysis
Updated: Newcore Gold Ltd
Newcore Gold (previously Pinecrest Resources) has a gold project (Enchi) in Ghana, West Africa. The resource size is 1.5 million oz at .6 gpt, and will likely grow in size. It is a large property (140,000 acres) with a lot of drilling targets. They... more
05/21/2022
Analysis
Updated: Minaurum Gold Inc
Minaurum Gold is a project generator with 6 projects in Mexico. They have an experienced team and a very good Board of Directors. They recently made a high-grade silver discovery on their Alamos property (90,000 acres), which has numerous drill targets (a more
05/21/2022
Analysis
Updated: Azimut Exploration Inc
Azimut Exploration is a project generator focused in Northern Quebec. In January 2020, they made a big discovery on their Elmer property (100 meters at 3 gpt). Plus, it had high-grade sections with visible gold. The stock has since blasted off and they... more
05/21/2022
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a gold producer in Azerbaijan. Production is projected at about 55,000 oz in 2022, with all-in costs around $1000 per oz (free cash flow). Their Gedabek property has both an open pit and underground mine (Gadir). Resources are about... more
05/20/2022
Analysis
Updated: Iconic Minerals
Iconic Minerals is a project generator focused in Nevada. They have 2 early exploration gold projects (Midas South & New Pass), but are currently focusing on developing their 50% owned lithium project (Bonnie Claire).
Their New Pass project (2,200... more
05/20/2022
Analysis
Updated: Antler Gold Inc
Antler Gold is a project generator with two projects in Namibia (they also have a rare earth project but they do not explore it for the moment). Their Erongo project is on a large property (200,000 acres) with very little drilling and results were not... more
05/19/2022
Analysis
Updated: Northern Shield Resources Inc
Northern Shield Resources is a project generator focused in Canada. They have several early exploration projects in Nova Scotia, Newfoundland, and Quebec. Very little drilling has been performed. They are excited about a potential discovery called Shot... more
05/19/2022
Analysis
Updated: Royal Road Minerals Ltd
Royal Road Minerals is a project generator focused in Colombia and Nicaragua. They have 10 properties, with a total land package over 1 million acres. It's an interesting company with a lot of drill targets. They have two gold discoveries. Guintar-Niveren more
05/18/2022
Analysis
Updated: Robex Resources Inc
Robex Resources is a small gold producer in West Africa. They have an excellent property called Nampala (1.5 million oz at .8 gpt and growing). The problem is the location (Mali), which limits the upside potential. Although, all of Robex projects are in... more
05/18/2022
Analysis
Updated: St. Augustine Gold & Copper Ltd
St. Augustine Gold & Copper has a very large project in the Philippines (King-king). It is primarily a copper project with gold offsets. The stock price crashed to 1 cent because of political events in the Philippines. However, it has recently recovered... more
05/17/2022
Analysis
Updated: Pasofino Gold Ltd
Pasofino Gold (formerly Enforcer Gold) acquired the Dugbe project (in Liberia) from Hummingbird Resources in 2020. They are the operator and plan to release a feasibility study in 2022. This a 3.3 million oz (1.2 gpt) open pit project on 500,000 acres... more
05/17/2022
Analysis
Updated: DELETE - Peel Mining Ltd
Peel Mining is advancing a mostly copper project in Australia. I added them to the database because their Cobar project (800,000 acres) has a significant amount of precious metals and is currently about 25% of their expected revenue. Currently, they seem... more
05/16/2022
Analysis
Updated: Hannan Metals Ltd
Hannan Metals is a project generator with several large properties in Peru. They have a 25% JV with a Japan corp that is drilling for copper/silver/gold on their San Martin (70,000 acres). Plus, they are planning to do initial drilling their Provisto (100 more
05/16/2022
Analysis
Updated: DELETE - Tietto Minerals Ltd
Tietto Minerals is advancing a large gold project (Abujar) in West Africa (Cote D'Ivoire). It's a 3.5 million oz (1.2 gpt) open pit project, with a higher grade starter pit. It's under construction, with production targeted for Q4 2022. It has a $230... more
05/16/2022
Analysis
Updated: Beacon Minerals Ltd
Beacon Minerals is a small gold producer in Australia. They have one project (Jaurdi) on 30,000 acres. It is a small resource (350,000 oz) and an open pit (1.2 gpt). They are profitable, producing 30,000 oz annually with all-in costs are around $1350 per... more
05/15/2022
Analysis
Updated: Newmont Corp
Newmont Corp is a solid major, although growth will be flat at around 6.5 million oz for the next five years (6.2 in 2022). They have about 195 million oz of gold resources and a large pipeline (15 projects in development). Their problem is that they are... more
05/15/2022
Analysis
Updated: Lundin Gold Inc
Lundin Gold obtained the Fruta Del Norte from Kinross for $240 million. Fruta is a huge high-grade underground mine (9 million oz at 8 gpt). Kinross paid $1.2 billion for it from Aurelian Resources. Kinross did a pre-feasibility study to produce 400,000... more
05/15/2022
Analysis
Updated: Goldquest Mining Corp
Goldquest Mining has an advanced gold project in the Dominican Republic. The Romero project is 2 million oz at 2.5 gpt with a 28% after-tax IRR at $1300 gold. The capex is $158 million (2016 estimate). Cash costs are projected to be around $500 per oz (20 more
05/14/2022
Analysis
Updated: Prime Mining Corp
Prime Mining is a new company. They acquired the Los Reyes project from Vista Gold for $6 million. It is a high-grade oxide open-pit gold project in Mexico. It has about 1 million oz of gold equivalent (including silver). It has three drill areas:... more
05/14/2022
Analysis
Updated: Evolution Mining Ltd
Evolution Mining is a large gold producer in Australia and Canada. They have seven producing mines and will produce about 725,000 oz in 2021. They have moderate cash costs (about $700 per oz) and are very profitable. They have $130 million in debt, but... more
05/14/2022
Analysis
Updated: Western Copper & Gold Corp
Western Copper and Gold has a huge copper/gold project in Canada (Yukon) called Casino. I think it is too big for them to build on their own with a capex of $2.5 billion. The feasibility was completed back in 2013, with an update due in 2022. They are... more
05/14/2022
Analysis
Updated: Cantex Mine Development Corp
Cantex Mine Development is a project explorer focused in Canada and Nevada. They have two early exploration properties (North Rackla and Mt Good) in the Yukon. Both are discoveries, although not large enough to be mines yet. In North Rackla they hit some... more
05/14/2022
Analysis
Updated: St. James Gold Corp
St. James Gold is a new project generator focused in Canada. They have three projects, although they are focusing on Florin (22,000 acres) in the Yukon. It is a 2.5 million oz (.45 gpt) inferred deposit that is likely to double in size, the main problem... more
05/13/2022
Analysis
Updated: Klondike Silver Corp
Klondike Silver is trying to advance a small high-grade silver project in Canada. They have the 30,000 acre Slocan Camp in British Columbia that has 25 past producing mines on it. They have a mill and are trying to restart the Silvana mine, which... more
05/12/2022
Analysis
Updated: Brixton Metals Corp
Brixton Metals is a project generator focused in Canada. They also have two early exploration silver projects. The Thorn project (60,000 acres) in northern British Columbia is mostly a silver project, but it also has significant gold, copper, lead, and... more
05/12/2022
Analysis
Updated: Scorpio Gold Corp
Scorpio Gold was a small producer in Nevada (production began in 2011). They had to halt production in 2017 because of high costs. Since then, they have not made much progress. In 2018, they released a feasibility study for Mineral Ridge to produce 30,000 more
05/12/2022
Analysis
Updated: DELETE - E79 Resources Corp
E79 Resources is a new project generator focused in Australia. They have two large properties (Beaufort - 30,000 acres) and Myrtleford (100,000 acres) in Victoria. The location looks pretty good for finding mines. At their low valuation, this might not... more
05/12/2022
Analysis
Updated: Kootenay Silver Inc
Kootenay Silver (previously Kootenay Gold) is a project generator focused in Mexico. After their acquisition of International Northair (April 2016), they have about 14 properties. Their flagship project is Promontorio, which is a 115 million oz resource ( more
05/12/2022
Analysis
Updated: Minera IRL Ltd
Minera IRL is trying to become mid-tier producer in Peru. It has high risk, because they have $57 million in debt and only about $3 million in cash. Plus, they need $89 million for the capex of their flagship project (Ollachea in Peru). They have been... more
05/10/2022
Analysis
Updated: Adyton Resources Corp
Adyton Resources is a new company formed in 2021. They have two island projects in Papua New Guinea. Feni Island (Kabang) has 1.5 million oz (.75 gpt), plus copper. They are drilling and it is growing in size.
Furgusson Island (Gameta and Wapolu)... more
05/10/2022
Analysis
Updated: DELTE - Kingsrose Mining Ltd
Kingsrose Mining was recently a small gold producer in Indonesia. Their Way Linngo-Talang property is large (25,000 acres) with significant exploration potential. The resource is 250,000 oz (5 gpt) and they are drilling. They have plenty of cash to drill... more
05/10/2022
Analysis
Updated: Amex Exploration Inc
Amex Exploration is a project generator focused in Canada. Their share price has exploded from 4 cents in 2018 to $1.80 today. Once again, Eric Sprott (15% owner) has another winner. I liked this stock at 30 cents and knew it was going higher. I should... more
05/09/2022
Analysis
Updated: DELETE - Tincorp Metals Inc
Whitehorse Gold is a project generator focused in Canada. They have a gold/silver discovery (Skukum) in the Yukon on 42,000 acres. Recent drill results have been very good (6 meters at 11 gpt AU and 300 gpt AG, 10 meters at 8 gpt AU and 175 gpt AG). It... more
05/09/2022
Analysis
Updated: Nevada King Gold Corp
Nevada King Gold is a new company formed in 2020 when they acquired Victory Metals. They have 12 properties (about 100,000 acres) in Nevada that are all early exploration, although their Atlanta property is a past producing mine with 600,000 oz (1.2 gpt). more
05/09/2022
Analysis
Updated: Aztec Minerals Corp
Aztec Minerals is a new exploration company with two projects. They have an option for 75% of a silver project in Arizona called Tombstone (1,000 acres). Their first phase results include high grade intervals such as 7 gpt gold equivalent over 15 meters.... more
05/08/2022
Analysis
Updated: Resolute Mining Ltd
Resolute Mining is a mid-tier producer (345,000 oz of production) with two producing mines in West Africa (Mali, Senegal). They have high cash costs ($1100 per oz), with about $1600 all-in costs per oz. Management seems to be very competent and has been... more
05/08/2022
Analysis
Updated: Strategic Metals Ltd
Strategic Metals is a project generator in the Yukon. Their stock price rose 500% in 2010, and peaked at $4.34 per share in 2011, but has since crashed (along with many gold and silver mining stocks). The share price is down to 24 cents ($31 million... more
05/07/2022
Analysis
Updated: DELETE - Freeport Resources Inc
Freeport Resources is trying to advance a large copper/gold project (Star Mountains) in Papua New Guinea. It has about 3 million oz of gold (.4 gpt) and 1.5 billion lbs of copper (.6%). It's really a copper mine with gold offsets. Investors are not... more
05/07/2022
Analysis
Updated: Maritime Resources Corp
Maritime Resources has a past producing property (Green Bay) in Newfoundland (2000 to 2004). It is about 1 year away from restarting production with financing. They completed a PFS in 2017, and it is economic with about a 35% after-tax IRR at $1300 gold,... more
05/07/2022
Analysis
Updated: De Grey Mining Ltd
De Grey Mining has a large open pit gold project in Australia. Their Mallina project is large with 250,000 acres and is 60 miles long. It has a lot of exploration potential. The resource is 6.8 million oz (1.5 gpt) and growing in size.
The plan is to... more
05/06/2022
Analysis
Updated: Canterra Minerals Corp
Canterra Minerals is a project generator focused in Canada. Their main focus is a large property (Wilding) with 55,000 acres in Newfoundland. They have drilled a lot of holes but do not yet have a maiden resource, most of the intercepts are narrow and... more
05/06/2022
Analysis
Updated: Valkea Resources Corp
Outback Goldfields is a project generator focused in Australia. They have 4 large early exploration properties in Victoria. They have a lot of targets, but that will also require a lot of money for drilling. They are currently cashed up, but they will... more
05/06/2022
Analysis
Updated: Blackrock Silver
Blackrock Silver is a project generator focused in Nevada. They are drilling their Tonapah West (6,300 acres) project. The maiden resource was just released at 42 million oz at 446 gpt (AGEQ including silver). Investors expected more and sold it off.... more
05/04/2022
Analysis
Updated: IAMGOLD Corp
IAMGold Corp is a large mid-tier producer, with production at 600,000 oz. They have 3 operating mines in Suriname (northern South America), Canada (Quebec), and Burkina Faso. They are currently building a large gold mine in Ontario (Cote with 7 million... more
05/04/2022
Analysis
Updated: Orezone Gold Corp
Orezone Gold recently financed their gold project in West Africa (Burkina Faso). Their first mine (Bombore) should begin production in Q4 2022 (under construction). It is a large open pit deposit. In 2017, they had another company analyze the deposit and... more
05/03/2022
Analysis
Added: Reyna Gold Corp
Reyna Gold is a project generator focused in Mexico. It's the same team that started Reyna Silver. They have four early exploration gold projects. None of them have had much drilling. La Gloria (60,000 acres). El Durazno (60,000 acres). La Centella (10,00 more
05/02/2022
Analysis
Updated: Coeur Mining Inc
Coeur Mining has underperformed since 2006. They have to reach $70 per share just to get back to where the share price traded in 2006. However, they have been aggressive, purchasing Orko Silver, Paramount Gold, and a mine from Goldcorp. Plus, they tend... more
05/02/2022
Analysis
Added: Tocvan Ventures Corp
Tocvan Ventures is a project generator focused in Mexico. They have two small projects. Pilar (500 acres) has had 27,000 meters of drilling and will get its maiden resource in 2022. Recent drill holes have been very good (108 meters at .8 gpt and 117... more
05/02/2022
Analysis
Added: Sidney Resources Corp
Sidney Resources is a project generator focused in Idaho. They have a single small property (Lucky Ben) on 250 acres. It is a past-producing mine from 1915. It did not produce very much gold, but the grade was high. I think they might be using this mine... more
05/01/2022
General
April 2022 Newsletter Posted
April 2022 Newsletter Posted. more
05/01/2022
Analysis
Updated: Revival Gold Inc
Revival Gold is developing an open pit project in Idaho. Their Arnett - Beartrack project has 3 million oz (1 gpt). They are targeting restarting the mine in 2025, with a construction decision in 2023. They recently completed a PEA with a capex of $100... more
05/01/2022
Analysis
Updated: Hummingbird Resources Ltd
Hummingbird Resources is a mid-tier producer in West Africa (Mali). Their Yanofolia open pit is a 1.8 million oz (2.5 gpt) deposit. They are producing around 90,000 oz annually. Cash costs are currently high at around $1000 per oz, with all-in (breakeven) more
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