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02/28/2023
Analysis
Updated: Northstar Gold Corp
Northstar Gold is a 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 could... more
02/28/2023
Analysis
Updated: Jupiter Gold Corp
Jupiter Gold is a new project generator focused on Brazil. They have eight properties covering 150,000 acres. They have made one discovery (Alpha), which is a low-grade surface mine with 64,000 oz at 0.8 gpt. It has the potential to become an open pit... more
02/27/2023
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 a large (25,000 acres) property with a lot of drill targets, nearby Barrick Gold’s 14 million oz Goldrush open pit... more
02/26/2023
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
02/26/2023
Analysis
Updated: Precipitate Gold Corp
Precipitate Gold is a project generator focused on the Dominican Republic and Canada. They have a small market cap of $7 million and some interesting properties. This is a high-risk speculation stock, but it has a lot of potential. It was founded by the... more
02/26/2023
Analysis
Updated: E2Gold Inc
E2Gold Inc is a new project generator focused in Canada with two gold properties (Hawkins and Band-Ore). Band-Ore which was recently acquired has a historic resource of 250k ounces at 5 gpt. It has a 10-kilometer strike to explore. Hawkins is on 50,000... more
02/26/2023
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
02/25/2023
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
02/25/2023
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 (7,500 acres) and Atikokan (50,000 acres) is also in Red... more
02/25/2023
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 updated their PEA in 2022, The capex is $85 million to produce about 70,000 oz... more
02/25/2023
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
02/24/2023
Analysis
Updated: Northern Superior Resources Inc
Northern Superior Resources has 5 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 to be... more
02/24/2023
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
02/23/2023
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
02/23/2023
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
02/22/2023
Analysis
Updated: Latin Metals Inc
Latin Metals (previously Centenera Mining) is a project generator focused in Argentina and Peru. They have 14 projects - 7 in Argentina and 7 in Peru - some of them gold related and others are copper projects. They have a lot of JVs (6) for a low FD... more
02/22/2023
Analysis
Updated: Orvana Minerals Corp
Orvana Minerals is an emerging mid-tier producer. Their 1.3 million oz (4 gpt) property in Spain (Orovalle) appears to be a long-life mine. Currently they are producing 50,000 oz at Orovalle, but that could increase over time. It has high breakeven costs... more
02/22/2023
Analysis
Updated: BTU Metals
BTU Metals Corp. is a project generator focused in Canada. Their flagship project is Dixie Halo in the Red Lake area which shares 35km of boundaries with Great Bear Resources' discovery (the Dixie project). They defined three targets on the property:... more
02/21/2023
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 20,000 oz per year (their share). Tavsan (t more
02/20/2023
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 $66 million. It is an... more
02/20/2023
Analysis
Updated: Transition Metals Corp
Transition Metals is a project generator with 21 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 $3 million,... more
02/19/2023
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 220,000 oz in 2023, with break-even costs... more
02/19/2023
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
02/18/2023
Analysis
Updated: TDG Gold Corp
TDG Gold is a new company that was formed in 2021. They have acquired two past-producing permitted gold mines in British Columbia: namely Shasta and Baker. They believe that they will discover 1 to 1.5 million ounces of gold. Currently, they seem to be... more
02/18/2023
Analysis
Updated: Monarch Mining
Monarch Mining (previously Monarch Gold) is a spinout from the Yamana Mining acquisition of their flagship Wasamac property. They were left with 4 properties with around 800,000 oz. Their Beaufor mine has been on care and maintenance since 2019 and... more
02/17/2023
Analysis
Updated: K2 Gold Corp
K2 Gold (formerly West Melville Metals) is project generator focused in Canada and California. They recently acquired two gold discoveries: Mojave in California and Si2 in Nevada. Mojave has several historical discovery holes. They drilled a hole of 86... more
02/17/2023
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 150 million oz (AUEQ) in resources. They will produce 2 million oz of platinum... more
02/17/2023
Analysis
Updated: Lake Victoria Gold
Tembo Gold is trying to advance a project (25,000 acre Tembo property) in Tanzania. They ran out of money in 2014 and stopped drilling. However, with increased gold prices, it seems that they have resumed their business activities. They began drilling (19 more
02/16/2023
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. Shares are currently suspended and have not traded for more than a year. They recently made a deal with a debtor to exchange debt... more
02/15/2023
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
02/14/2023
Analysis
Updated: Sabre Gold Mines Corp
Sabre Gold (formerly Arizona Gold) recently acquired Golden Predator. This acquisition is a game-changer and should turn them into a mid-tier producer. Incredibly, they only have an $11 million FD market cap. I’m not sure why it is so cheap. Their... more
02/14/2023
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
02/13/2023
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 probably the reason why Newcrest Mining owns 20% more
02/13/2023
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 1 million oz (4 to 5 gpt) resource. The capex was only $5 million to restart the mine. They are trying to ramp up to 20,000 oz... more
02/11/2023
Analysis
Updated: New Murchison Gold
Ora Gold (formerly Thundelarra) is a project generator in Australia. They are drilling about 7 properties (60,000 acres), but have been focusing on Crown Prince. They have been finding high-grade gold at surface, but investors have been ignoring them.... more
02/11/2023
Analysis
Updated: Omineca Mining & Metals Ltd
Omineca Mining & Metals has a high-grade gold project (Wingdam) in Canada. They plan to do bulk sampling from 2021 to 2023 of placer gold. It has a low capex, but they don't say how much it will cost. Plus, they don't give any guidance for how many oz... more
02/11/2023
Analysis
Updated: 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, as well as Peru. They have a large low-grade silver/gold project (Maverick... more
02/10/2023
Analysis
Updated: Torq Resources Inc
Torq Resources (formerly Stratton Resources) is a new project generator. They have three projects, all in Chile. Santa Cecilia is their main project with a focus on gold & copper. They have some historic drill holes of 925m of 0.21 g/t. They are... more
02/10/2023
Analysis
Updated: Gungnir Resources Inc
Gungnir Resources is a Canadian exploration company with three projects in Sweden. Their Knaften property (gold) 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... more
02/10/2023
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 6 million oz (AG) in 2023. They have high cash costs ($10 per oz) and high all-in costs (free cash flow) around $22 per... more
02/10/2023
Analysis
Updated: STLLR Gold
Moneta Gold (previously Moneta Porcupine) in 2021 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 projects will have 12 million oz (plus another 76,000 more
02/10/2023
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 1.4 million oz (.6 gpt) open pit... more
02/10/2023
Analysis
Updated: Agnico Eagle Mines Ltd
Agnico Eagle Mines is a solid company with about 44 million oz of gold reserves and about 80 million oz of M&I gold resources (plus more after the Yamana data is added to their website). Growth will be steady, but nothing to get excited about. They are... more
02/10/2023
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
02/09/2023
Analysis
Updated: Kinross Gold Corp
Kinross Gold is a major with 2 million oz of gold equivalent production. Their all-in costs for 2023 are projected to be around $1405 (gold equivalent cash costs per oz around $900). Free cash flow should be around $600 million at $1800 gold.
For... more
02/09/2023
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 $1.61 today, with... more
02/08/2023
Analysis
Updated: Falcon Metals Ltd
Falcon Metals is a new project generator focused in Australia. They did an IPO in 2021. They have the largest exploration land package in Victoria, which is near the world class Fosterville mine. They are drilling 4 areas (Karri, Ironbark, Banksia, and... more
02/08/2023
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 were impressive (82 meters at 4.4 gpt AU and 82 gpt AG, 109 meters at 4.9 gpt AU and 109 AG).... more
02/08/2023
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.
Their other... more
02/08/2023
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 $6-7M in 2022 and $12M in 2024.
They currently have 3 producing royalties/streams, and currently trade at 0.63x... more
02/08/2023
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.
Barrick dropped out of their JV agreement for South Uchi Earn. Their drill program showed mostly... more
02/08/2023
Analysis
Updated: Regis Resources Ltd
Regis Resources is a large Australian gold producer. They will produce about 460,000 oz in 2023, with solid free cash flow of around $150 million at $1800 gold. It has a FD market cap of $1 billion, making them a large mid-tier producer. Cash costs are... more
02/08/2023
Analysis
Updated: Erdene Resource Development Corp
Erdene Resource Development is an early player in Mongolia, a country with a significant amount of natural resources. In February 2023, they did a 50% JV for their gold projects and kept their molly/copper project (Zuun). The buyer, which is the largest... more
02/07/2023
Analysis
Updated: Eloro Resources Ltd
Eloro Resources is a project generator focused in Peru and Bolivia. In 2019, they acquired the Iska Iska property (2300 acres) in Bolivia (since then they have acquired surrounding properties totaling 120,000 acres). It had high-grade silver surface... more
02/06/2023
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
02/06/2023
Analysis
Updated: Ramelius Resources Ltd
Ramelius Resources is a mid-tier producer in Australia. They are producing about 260,000 oz with all-in costs (free cash flow) around $1500 per oz. They have an FD market cap of $580 million, which is undervalued for a 260,000 oz producer with moderate... more
02/06/2023
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
02/05/2023
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
02/05/2023
Analysis
Added: Core Assets Corp
Core Assets Corp is a project generator focused in Canada. They have a single large property (Blue) in British Columbia on 275,000 acres. They have a nice discovery hole in 2022 at their Silver Lime deposit of 2 meters at 661 AG and 13% ZN. Plus, they... more
02/04/2023
Analysis
Updated: Seahawk Gold
Seahawk Gold is a new project generator. They have 4 properties in Quebec. All of them are early exploration. They drilled Touchdown (6,000 acres), Mystery (8,000 acres), and Xtra Point (140 acres) in 2019 but results were not impressive. Now they look... more
02/04/2023
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 million oz (7 gpt). The $175M capex is funded and it is under... more
02/04/2023
Analysis
Added: Lode Resources Ltd
Lode Resources is a project generator focused in Australia. They have 7 projects in NSW (New South Wales), which are gold, silver, and base metals. Four of the projects are precious metals, with a recent silver discovery hole at Webbs (54 meters at 304... more
02/03/2023
Analysis
Updated: Empire Metals Ltd
Empire Metals (Previously Georgia Mining and noricum Gold) is trying to become a producer. They have projects in Australia (Pilbara) and in Georgia (Russian satellite country). in 2022 they mainly drilled their Eclipse-Gindalb project, but after two... more
02/02/2023
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
02/02/2023
Analysis
Added: Brightstar Resources Ltd
Brightstar Resources is attempting to become a small gold producer in Australia in 3 years. They have 3 properties that all have resources, plus a mill that needs to be refurbished. Alpha has 100,000 oz, Beta has 100,000 oz, and Cork Tree has about 250,00 more
02/01/2023
Analysis
Updated: Silver Storm Mining Ltd
Golden Tag Resources has a large silver project (San Diego) in Mexico. It is a 115 million oz resource (60 gpt) with significant offsets of lead and zinc (1.5 billion lbs of zinc). The grade is low, but the zinc and lead will make it economic around $30/o more
02/01/2023
Analysis
Updated: Classic Minerals Ltd
Classic Minerals is a developer in Australia. They are advancing their Kat Gap (8,000 acres) gold project to production. They recently obtained financing and it is under construction. It is a high-grade discovery (originally 15 meters at 15 gpt). However, more
02/01/2023
General
January 2023 Newsletter Posted
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