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News from September 2022

09/30/2022
Analysis  
Updated: Star Royalties Ltd
Star Royalties is a new royalty company started in 2021. They recently created the first ever carbon negative JV in Green Star Royalties, of which Agnico Eagle owns 35%. They only have 9 royalties, so it is very early for them. They don't have any debt,...  more
09/30/2022
Analysis  
Updated: Peruvian Metals
Peruvian Metals (previously Duran Ventures) is an early project generator in Peru, but also a toll miner. They own 80% in a 100 tpd mill (Aguila Norte). They want to expand the mill to 500 tpd and to use a lot of their own ore. For this reason they...  more
09/30/2022
Analysis  
Updated: Stroud Resources Ltd
Stroud Resources has a silver project in Mexico (Santo Domingo). It is a 38 million resource (120 gpt) including gold. There has not been any work when silver prices were low and they are still low on cash. I think they are an exploration company, but...  more
09/30/2022
Analysis  
Updated: TNR Gold Corp
TNR Gold is a project generator with a gold project in Alaska. They have been very inactive lately due to their difficult financial situation (very little cash with $6M in debt). However, their projects have value so they might be able the negotiate (They  more
09/30/2022
Analysis  
Updated: Franco-Nevada Corp
Franco-Nevada Corp. is a royalty company and a very good one. Their revenue is growing at a fast rate. Overall they have 413 total assets. They have 113 producing projects. 54% of their resources are gold with 10% silver. They also have some energy...  more
09/30/2022
Analysis  
Updated: Sun Peak Metals Corp
Sun Peak Metals is a project generator focused in Ethiopia. Their Shire project has more than 225,000 acres on 4 properties. Two of them (Meli and Terer) are 70% options. The other two (Adi Dairo and Nefasit) are owned 100%. All of their properties are...  more
09/30/2022
Analysis  
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a high-quality gold royalty company. They are focusing on gold and currently have 39 producing assets. They now have 250 royalty and streaming properties and are creating a pipeline of growth. From 2021 to 2026 they plan to double...  more
09/28/2022
Analysis  
Updated: Vast Resources Plc
Vast Resources was a small copper/gold producer in Romania. The company presentation is a year old and I couldn't get a good feel for what they plan to do. I couldn't find any recent financials. I don't know how much debt they have. All I know is they...  more
09/28/2022
Analysis  
Updated: Rover Metals Corp
Rover Metals is a project generator focused in Canada. They have three early exploration projects in the Northwest Territory. They are currently drilling Cabin Lake (3,500 acres). Historical drilling has found about 50,000 oz (5+ gpt) with only about 7,50  more
09/27/2022
Analysis  
Updated: Pan African Resources Plc
Pan African Resources is a mid-tier gold producer in South Africa. They have large resources at 30 million oz (3.5 gpt) and are producing 200,000 oz with all-in costs (free cash flow) around $1400 per oz. They don't have a good balance sheet with about $3  more
09/27/2022
Analysis  
Updated: China Gold Intl. Resrcs Corp Ltd
China Gold International is mostly a copper stock, but they do have a lot of gold and silver. Their CSH open pit gold mine is producing 240,000 oz and has 8 million oz of resources, which makes for a long-life mine. This mine alone probably gives it a...  more
09/26/2022
Analysis  
Updated: Navarre Minerals Ltd
Navarre Minerals is a small gold producer in Australia. Their Mt Carlton open pit project only has 400,000 oz (2 gpt), but appears to be growing in size. Recent drill results have been good: 22 meters at 22 gpt, 5 meters at 21 gpt. Plus, many other good...  more
09/26/2022
Analysis  
Updated: Capitan Mining Inc
Capitan Mining is a new (2020) project generator that was a spinout from Riverside Resources. They have one project (Penoles) on 5,500 acres in Mexico. It is a potential open-pit mine with 500,000 ounces (including silver). It is low grade (.5 gpt) but...  more
09/25/2022
Analysis  
Updated: Lara Exploration Ltd
Lara Exploration is a project generator focused in South America. The only problem with this stock is that it is not precious metals focused. However, with a higher price of gold, I would expect this company to focus more on gold. Lara has shown the...  more
09/25/2022
Analysis  
Updated: Carnaby Resources Ltd
Carnaby Resources is a project generator focused in Australia. They have three large properties which are all early exploration projects. Their Pilbara properties include 100,000 acres. It has a 70-kilometer strike to explore. Their Duchess project (2  more
09/25/2022
Analysis  
Updated: Gold Terra Corp
Gold Terra Corp (previously TerraX Minerals) is advancing a large property in Canada (Northwest Territories). They are drilling three or four different discoveries on their large (200,000 acres) Yellowknife property. It has 450 historical drill holes...  more
09/24/2022
Analysis  
Updated: Winston Gold Corp
Winston Gold Mining is advancing their Winston project to production in Montana. It is a past producing mine. They have 630 drill holes and do not have a PEA or a resource estimate, so the risk is extremely high, especially given their $7M in...  more
09/24/2022
Analysis  
Updated: Manitou Gold Inc
Manitou Gold is a project generator focusing on properties in Ontario, Canada. In 2021 They discovered a new gold zone ("Bald Eagle") at their Goudreau project (80,000 acres), which requires more drilling in order to understand its extent (mainly narrow...  more
09/24/2022
Analysis  
Updated: Canagold Resources
Canagold Resources (formerly Canarc Resource Corp) has an advanced project in Canada that looks promising. Their New Polaris project in northern British Columbia is a high-grade 1 million oz (10 gpt) resource. They have a PEA for 80,000 oz of production...  more
09/24/2022
Analysis  
Updated: RTG Mining Inc
RTG Mining is building a gold/copper mine (Mabilo) in the Philippines. I was surprised they received a mining permit because it is an open pit. Phase 1 has a low capex of $20 million to produce 40,000 oz annually with low costs using copper offsets. With...  more
09/23/2022
Analysis  
Updated: Japan Gold Corp
Japan Gold (formerly Sky Ridge Resources) is a new exploration company focused in Japan. They have 31 gold properties on 150,000+ acres. All are early exploration, although they have at least 11 past-producing high-grade gold mines (before 1980). The FD...  more
09/23/2022
Analysis  
Updated: Ausgold Ltd
Ausgold Ltd is developing a gold project (Katanning) in Western Australia. It is a 12,000 acre property with a 9-mile strike. The resource is 2.1 million oz (1.2 gpt) and likely to grow in size. They have 50+ more targets to drill and they think there is...  more
09/22/2022
General  
New SeekingAlpha Article: Equinox Gold
https://seekingalpha.com/article/4542547-equinox-gold-one-of-my-favorite-gold-producers?v=1663877159#comment-93410619  more
09/22/2022
Analysis  
Updated: Genesis Minerals Ltd
Genesis Minerals is trying to become a gold producer in Australia. The Ulysses project (1.6 million oz at 1.8 gpt) is a large open-pit mine (several deposits). They plan to complete a feasibility study in 2022 and begin production in 2023. I think it...  more
09/22/2022
Analysis  
Updated: Norsemont Mining Inc
Norsemont Mining is a new company that acquired a past producing gold mine (Choquelimpie) in Chile. It has a 3,000 tpd mill and a camp. The capex to restart the mine appears to be low, although they do not provide any guidance. It has a historical...  more
09/22/2022
Analysis  
Updated: West Wits Mining
West Wits Mining is developing a gold project South Africa. They have a large 3 million oz (their share) underground resource (WBP), although it is low grade (4 gpt). They own 66%. They do not have any debt, but do have very high share dilution (2...  more
09/21/2022
Analysis  
Updated: Los Cerros Ltd
Los Cerros Ltd is an Australian mining company advancing a gold project (Quinchia) in Colombia. It includes 3 deposits and is both an open pit/underground project. The resource is 2.3 million oz at 1 gpt. It has a 500,000 oz (1.3 gpt) starter pit and a...  more
09/21/2022
Analysis  
Updated: Blue Lagoon Resources Inc
Blue Lagoon Resources is a near-term producer in Canada. Their Dome Mountain property in British Columbia has a small high-grade gold mine. It is permitted at 75,000 tpa (tons per annum). That is only about 20,000 oz per year. The resources is only about...  more
09/21/2022
General  
New SeekingAlpha Article: Development Optionality Plays
https://seekingalpha.com/article/4542381-gold-and-silver-development-optionality-plays  more
09/21/2022
Analysis  
Updated: Nexus Minerals Ltd
Nexus Minerals is advancing an open pit project (Wallbrook) in Western Australia. It has a 600-meter length and considerable width. Looks like a pretty good-sized mine, but we don’t have a resource estimate yet. It appears to be open at depth, with...  more
09/20/2022
Analysis  
Updated: Arizona Silver Exploration Inc
Arizona Silver Exploration was formed in 2016. They have 4 silver projects in Arizona and Nevada. They are currently focused on their newly acquired Philadelphia project (250 acres), a past producing mine. It is characterized by narrow veins and their...  more
09/20/2022
Analysis  
Updated: Manuka Resources Ltd
Manuka Resources is a new small gold producer focused in Australia. They started production in 2020 in their Mt Boppy mine (225,000 acres) and are looking to produce 20k ounces a year. The red flag is they only have 50k ounces of gold in resources....  more
09/20/2022
Analysis  
Updated: Alkane Resources Ltd
Alkane Resources is small Australian gold producer at about 65,000 oz per year. However, they have a $303 million FD market cap. Why? A huge discovery in 2019 at Boda, which had a drill hole of 1150 meters at .45 gpt (including 500 meters at 1 gpt), plus...  more
09/19/2022
Analysis  
Added: Caracal Gold Plc
Caracal Gold is a small producer in East Africa (Kenya). Their Kilimapesa mine is producing about 25,000 oz and is forecast to double production. They have 700,000 at 1.5 gpt. They also have a project in Tanzania (Nyakafura) that has 650,000 oz at 1.5...  more
09/19/2022
Analysis  
Updated: Banyan Gold Corp
Banyan Gold is advancing a large open project (Aurmac-McQuesten) in the Yukon (22,000 acres). It is currently 4M oz (.6 gpt). They plan to drill in 2023 and do a PEA in 2024. Their target is 6M oz. The company is currently valued at $13 per oz, so they...  more
09/19/2022
Analysis  
Updated: Banyan Gold Corp
Banyan Gold is advancing a large open project (Aurmac-McQuesten) in the Yukon (22,000 acres). It is currently 4M oz (.6 gpt). They plan to drill in 2023 and do a PEA in 2024. Their target is 6M oz. The company is currently valued at $11 per oz, so they...  more
09/18/2022
Analysis  
Added: Platina Resources Ltd
Platina Resources is a project generator focused in Australia. They have 7 gold properties in Western Australia. All of them are early exploration. They are mostly large projects and one of them (Xanadu) is a discovery (83 meters at .6 gpt) that they are...  more
09/18/2022
Analysis  
Updated: Catalyst Metals Ltd
Catalyst Metals is a small gold producer in Australia, but it is really a drill story. They have an exciting gold discovery (Four Eagles) with drill holes of 27 meters at 22 gpt, 22 meters at 31 gpt, 20 meters at 21 gpt. Their FD market cap exploded to $1  more
09/18/2022
Analysis  
Updated: Velocity Minerals Ltd
Velocity Minerals is a Canadian developer focused on Bulgaria. Investors are ignoring their potential, giving them a $22 million FD market cap valuation. They completed a pre-feasibility for Rozino in 2020. It has a 27% after-tax IRR at $1500 gold to...  more
09/17/2022
Analysis  
Updated: New Pacific Metals Corp
New Pacific Metals is advancing a large silver project (Silver Sand) in Bolivia. In 2017, they paid $45 million to acquire Silver Sand. Amazingly, they got extremely lucky. Their FD market cap exploded to $624 million based on exploration success at...  more
09/17/2022
Analysis  
Updated: FenixOro Gold Corp
FenixOro Gold Corp. is a project generator focused in Colombia. On May 2020 they acquired Fenix Gold, which has the right to earn up to 90% of the Abriaqui project, located in western Antioquia, 100 km northwest of Medellin. The project is located just...  more
09/17/2022
Analysis  
Updated: Apollo Silver
Apollo Gold & Silver recently acquired a large silver project (Calico) from Pan American Silver. It has 170 million oz at 90 gpt. It is located in California and is a past producing mine. That should help with permitting. It does not have a PEA and they...  more
09/16/2022
Analysis  
Updated: Canstar Resources Inc
Canstar Resources is a project generator with gold and base metals projects in Newfoundland. Their flagship project is the Golden Baie project which is a large claim block that is located in proximity to a large number of the gold deposits, such as...  more
09/11/2022
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
09/11/2022
Analysis  
Added: Tempest Minerals Ltd
Tempest Minerals is a project generator focused in Western Australia. They have about 7 projects, most of which are on large properties. They do not have a company presentation, so I don't have a good feel for what they have. But they seem to be cashed...  more
09/10/2022
Analysis  
Updated: Silver Hammer Mining Corp
Silver hammer Mining (forme rly Lakewood Exploration) is a new project generator formed in 2021. They have 3 past-producing high-grade silver mines in Nevada and Idaho. Eliza produced 40 million oz from 1876-1890. Silverton produced from 1921 to 1937....  more
09/10/2022
Analysis  
Updated: Goldshore Resources Inc
Goldshore Resources is a new company formed in 2021. They acquired the Moss Lake project from Wesdome Mines, who accepted shares of Goldshore, and currently owns 27% of the company. Management owns another 11%, making it tightly held. They are cashed up...  more
09/10/2022
Analysis  
Updated: Asante Gold Corp
Asante Gold is a mid-tier producer in West Africa. They acquired the Bibiani project (Ghana) from Resolute Mining in 2021. Bibiani is a large 2.5 million oz (3.4 gpt) underground mine. The will produce around 200,000 oz in 2023, with break-even costs...  more
09/09/2022
Analysis  
Updated: Collective Mining Ltd
Collective Mining is a new project generator formed in 2021. It is the same team (Continental Gold) that sold a large mine for more than $1 billion. They have two early exploration projects in Colombia. Both of their projects (San Antonio and Guayabales)...  more
09/09/2022
Analysis  
Updated: Northern Star Resources Ltd
Northern Star Resources is a new major. They have 3 large producing mines at 1.5 million oz and an FD market cap of $7 billion. They have 20 million oz of reserves, but 60 million oz of resources. The stock is pricey, but their all-in costs are about $1,2  more
09/09/2022
Analysis  
Added: Thomson Resources Ltd
Thomson Resources is advancing a silver/gold project in Australia. Their New England Fold project in Queensland is a hub and spoke project with 5 properties (Mt Carrington, Hortons, Webbs, Conrad, and Texas Silver). It has a resource of 35 million oz of...  more
09/07/2022
Analysis  
Updated: Gold Road Resources Ltd
Gold Road Resources is a new producer in Australia. They have 50% JV (Gruyere) with Gold Fields (the operator). They are receiving 160,000 oz of annual production (ramping up to 175,000 in 2023). It is a large (5 million oz) long-life mine (their share)....  more
09/07/2022
Analysis  
Updated: G2 Goldfields Inc
G2 Goldfields (previously Sandy Lake Gold) is a project generator focused in Canada and Guyana. They have six early exploration projects. Sandy Lake in Ontario is a large property (90,000 acres) in a good location. They claim it is the only place near...  more
09/06/2022
Analysis  
Updated: Osisko Mining Corp
Osisko Mining acquired the Windfall Lake project in 2015 from Eagle Hill. It is a 7 million oz (7 gpt) resource that is growing in size. A PEA was completed to produce 300,000 oz per year for the first 7 years. I would expect the mine life to be extended...  more
09/06/2022
Analysis  
Updated: New Found Gold Corp
New Found Gold is a project generator (formed in 2020) focused in Newfoundland. They have a large property called Queensway (about 350,000 acres). It has become a significant discovery in a very short period of time from several high-grade drill holes (19  more
09/05/2022
Analysis  
Updated: Magmatic Resources Ltd
Magmatic Resources is project generator located in Australia. They have a large land package with three projects in a world class gold-copper province. Their current focus is the Wellington North project which is located in proximity to the recent...  more
09/05/2022
Analysis  
Updated: Alien Metals Limited
Alien Metals (formerly Arian Silver) is a project generator focused in Mexico and Australia. They lost their 117 million oz San Jose project in 2015 due to debt issues. They got two sets of drill results back on their Mexico properties in August. San...  more
09/05/2022
Analysis  
Updated: Metals Creek Resources Corp
Metals Creek Resources is a project generator focused in Canada. Their Ogden gold project in Ontario was drilled in the past (2012-13) with good results (12 meters at 210 gpt, including 1 meter at 2700 gpt, and 21 meters at 6 gpt). It's too early to tell...  more
09/05/2022
Analysis  
Updated: Golden Arrow Res Corp
Golden Arrow Resources had a large silver project (Chinchilla/Punta) in Argentina. This is yet again another cautionary tale for investing in project generators. Chinchilla is a 140 million oz deposit. They sold it for $44 million (cash and SSR Mining...  more
09/05/2022
Analysis  
Updated: Bunker Hill Mining Corp
Bunker Hill Mining (previously Liberty Silver) began trading in 2017. They have done a good job progressing with their plans to return the Bunker Hill mine in Idaho back to production. They have raised $50 million in debt and the rebuild is underway. The...  more
09/05/2022
Analysis  
Updated: Barksdale Resources Corp
Barksdale Resources is a project generator focused in Arizona and Mexico. They have several early exploration projects. The most exciting is probably Sunnyside which is next door to the large South32 Hermosa project. They have acquired 30,000 acres near...  more
09/05/2022
Analysis  
Updated: BeMetals Corp
BeMetals is an explorer focused on projects in Japan (Copper), Idaho (Zinc) and Zambia (Copper). The Zambia project should have drill results in early 2023. The Kato project in Japan should have results in September, 2022, and the zinc project in Idaho...  more
09/05/2022
Analysis  
Updated: Millennial Precious Metals
Millennial Precious Metals is a new project generator (formed in 2021) focused in Nevada. They have several properties, including a possible mine. Wildcat (9,000 acres) has 800,000 oz (.4 gpt) and will get PEA in late 2022 or early 2023. Mountain View (1,  more
09/05/2022
Analysis  
Updated: Okapi Resources Ltd
Okapi Resources is a project generator from Australia. They have one gold project, four Uranium projects, and one Lithium project at Lake Johnston. They seem to focus more and more on Uranium lately. They only have $4 million in cash and no drill...  more
09/05/2022
Analysis  
Updated: Encounter Resources Ltd
Encounter Resources is a project generator focused on copper deposits in Western Australia. They are currently doing drill campaign on three separate properties, so expect news flow end of 2022 into early 2023. They are partnered with mid majors like BHP,  more
09/05/2022
Analysis  
Updated: Chesapeake Gold Corp
Chesapeake Gold is developing a huge gold/silver/zinc project in Mexico. Metates has 18 million oz. of gold (.6 gpt), 500 million oz. of silver (15 gpt), and 4 billion lbs. of zinc. With AUEQ production potentially reaching 500,000 oz. per year, this...  more
09/05/2022
Analysis  
Updated: Great Southern Mining Ltd
Great Southern Mining is a project generator focused in Australia. They are currently drilling two projects (Duketon and Mon Ami) in Western Australia. Mon Ami has a surface deposit of 50,000 oz that they are considering mining. It also has underground...  more
09/04/2022
Analysis  
Updated: Galiano Gold Inc
Galiano Gold (previously Asanko Gold) is a mid-tier producer in West Africa (Ghana). Their AGM (Asanko Gold Mine) project is a 50% JV with Goldfields. Galiano is the operator. AGM has 3 million oz (their share) and 9 drill targets on 250,000 acres. They...  more
09/04/2022
Analysis  
Updated: Lion One Metals Ltd
Lion One Metals has an advanced high-grade project in Fiji called Tuvatu (50,000 acres). It is an 800,000 oz. (7 gpt) open-pit deposit that is fully permitted. The capex is $48 million (from the 2015 PEA) with an after-tax IRR over 50% at $1,300 gold....  more
09/03/2022
Analysis  
Updated: ATAC Resources Ltd
ATAC Resources is a project generator (possible developer) with a large project (many deposits) in the Yukon (Canada). The Rackla Gold property is a 115-mile narrow trend on 400,000 acres. They are drilling about 20 deposits and have had excellent drill...  more
09/03/2022
Analysis  
Updated: Silver Tiger Metals
Silver Tiger Metals (formerly Oceanus Resources) is a project generator with a large low-grade silver/gold project in Mexico. The El Tigre silver project (70,000 acres) has 44 million oz at 75 gpt (including gold) / or 1 million oz of gold equivalent at .  more
09/02/2022
Analysis  
Updated: Freegold Ventures Ltd
Freegold Ventures has a large gold project in Alaska. The Golden Summit project (3 million oz at .7 gpt) is in a good location, only 20 miles from Fairbanks and 5 miles from a large Kinross surface mine. It is growing in size after a monster hole of 257...  more
09/02/2022
Analysis  
Updated: Red 5 Ltd
Red 5 Ltd is a new mid-tier producer in Australia. They begin production at their KOH (King of Hills mine in 2022. It is a large 4 million oz deposit with 2.5 million oz of reserves (1 gpt). They will produce around 125,000 to 150,000 for many years to...  more
09/01/2022
General  
August 2022 Newsletter Posted
August 2022 Newsletter Posted.  more
09/01/2022
Analysis  
Updated: Sihayo Gold Ltd
Sihayo Gold is trying to build their first mine in Indonesia. They have been in business a long time and have 20 projects. Their Pungkut deposit is 1.6 million oz (2 gpt) with a completed feasibility study. The capex is about $80 million (their share) to...  more


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