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09/30/2023
Analysis
Updated: West Wits Mining
West Wits Mining is developing a gold project in South Africa (WBF), in which they hold a 66% stake. It boasts a substantial 3 million oz (their share) underground resource, albeit with a low grade of 4 gpt. They are pursuing a staged approach, with... more
09/30/2023
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 200,000 oz and has 8 million oz of resources, which makes for a long-life mine. This mine alone probably gives it a... more
09/30/2023
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. There have been recent gold, more
09/29/2023
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
09/29/2023
Analysis
Updated: Blue Lagoon Resources Inc
Blue Lagoon Resources is a near-term producer in Canada. Their Dome Mountain project in British Columbia encompasses a group of properties: Dome Mountain, Freegold, McKendrick, Hilo, and Federal. Their main focus is the Dome Mountain Gold Project, which... more
09/28/2023
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
09/27/2023
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 190,000 oz with all-in costs (free cash flow) around $1500 per oz. They don't have a good balance sheet with about $3 more
09/26/2023
Analysis
Updated: Capitan Silver
Capitan Mining is a new (2020) project generator that was a spinout from Riverside Resources. They have one project (Cruz de Plata) 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)... more
09/25/2023
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
09/24/2023
Analysis
Added: Eagle Royalties Ltd
Eagle Royalties was created from a spin-out of Eagle Plains in 2023. They have 50 NSRs in Canada. None of them are paying at this time, and none in the near term, They will likely take on debt to acquire some paying properties. Currently, they have no... more
09/24/2023
Analysis
Updated: LCL Resources
LCL Resources (previously 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. more
09/24/2023
Analysis
Updated: Solitario Resources Corp
Solitario Resources is a project generator. Previously, they were focused on zinc, and have two large JV zinc projects. However, they are getting ready to drill an interesting gold project in South Dakota (Golden Chest). The surface results have been so... more
09/23/2023
Analysis
Updated: DELETED - Sihayo Gold Ltd
Sihayo Gold is trying to build their first mine in Indonesia. They own 75% of the Sihayo Pungkut project, where they are developing the Sihayo Starter Project with its 1.6 million oz (1.8 gpt) and a completed feasibility study. Recently, they updated the... more
09/23/2023
Analysis
Updated: Great Southern Mining Ltd
Great Southern Mining is a project generator focused on Australia. They are currently drilling two projects in Western Australia: Duketon and Edinburgh Park. Duketon is a potential discovery with multiple targets, the most significant being Southern Star, more
09/22/2023
Analysis
Updated: DELETE - FenixOro Gold Corp
FenixOro Gold Corp. is a project generator focused in Colombia. In May 2020, they acquired Fenix Gold, which holds the right to earn up to 90% of the Abriaqui project, located in western Antioquia, 100 km northwest of Medellin. The project is situated... more
09/22/2023
Analysis
Updated: Caracal Gold Plc
Caracal Gold is trying to be a small producer in East Africa (Kenya). Their Kilimapesa mine could ramp up to about 25,000 oz and is forecast to double production over time. They have 700,000 at 1.5 gpt. They also have a project in Tanzania (Nyakafura)... more
09/22/2023
Analysis
Updated: Manuka Resources Ltd
Manuka Resources was a 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 150k ounces of gold in resources. Also,... more
09/22/2023
Analysis
Added: American Eagle Gold Corp
American Eagle is a project generator that is drilling a larger copper/gold discovery in British Columbia. It is a small property at 300 hectares, but he drill results have been impressive. Here is sample:
776M at .5% CU (.25 gpt AU)
661M at .4% CU (. more
09/20/2023
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 and open pit. They will produce around 100,000 oz in 2023 and 200,000... more
09/20/2023
Analysis
Updated: Velocity Minerals Ltd
Velocity Minerals is a Canadian developer focused on Bulgaria. Investors are ignoring their potential, giving them a $21 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
09/19/2023
Analysis
Updated: Banyan Gold Corp
Banyan Gold is advancing a large open project (Aurmac) in the Yukon (22,000 acres). It is currently 6M oz (.6 gpt) inferred. They plan to drill in 2024 and do a PEA in 2025. Their target is 6M oz. The company is currently valued at $12 per oz, so they... more
09/17/2023
Analysis
Updated: Northern Star Resources Ltd
Northern Star Resources is a new major. They have 3 large producing mines at 1.7 million oz and an FD market cap of $8 billion. They have 20 million oz of reserves, but 55 million oz of resources. The stock is pricey, but their all-in costs (free cash... more
09/17/2023
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
09/17/2023
Analysis
Updated: Collective Mining Ltd
Collective Mining is a project generator focused in Colombia. Guayabales is a huge new gold discovery. Here are 2022-2023 drill results:
207M at 2.7 gpt AU
237M at 2.8 gpt
307M at 2.5 gpt
451M at 2.6 gpt
593M at 1.7 gpt
374M at 2.3 gpt
601M at 1. more
09/16/2023
Analysis
Updated: Apollo Silver
Apollo Silver recently acquired a large silver project (Calico) from Pan American Silver. It has 110 million oz at 100 g/t (M&I), plus 50 million inferred @ 80 g/t. It is a past-producing mine and should be easier to permit, but its location is one of... more
09/13/2023
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
09/13/2023
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
09/13/2023
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
09/13/2023
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
09/13/2023
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 430 total assets. They have 116 producing projects. 65% of their resources are gold with 11% silver. They also have some energy... more
09/13/2023
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a high-quality gold royalty company. They are focusing on gold and currently have 40 producing assets. They now have 250 royalty and streaming properties and are creating a pipeline of growth. They're currently trading at a 1x Price/NAV. more
09/13/2023
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 (they had $6M in debt, which was re entry paid off). However, their projects have value so they might be able... more
09/12/2023
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
09/12/2023
Analysis
Updated: BeMetals Corp
BeMetals is an explorer focused on projects in Japan (Copper & Gold), and Zambia (Copper). The Zambia project is conducting a second round of drilling, and should have results in the first half of 2024. The Kato project in Japan should have results in... more
09/12/2023
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
09/12/2023
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 which is currently uneconomic. They signed an option to Acquire Santa Beatriz Cu-Au Mine, which is... more
09/12/2023
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). They... more
09/10/2023
Analysis
Updated: New Found Gold Corp
New Found Gold (formed in 2020) is a development company focused in Newfoundland. They have a large property called Queensway (about 350,000 acres). It has become a huge discovery in a short period of time from several high-grade drill holes (19 meters... more
09/09/2023
Analysis
Updated: Alien Metals Limited
Alien Metals (formerly Arian Silver) is a project generator focused in Western Australia. They lost their 117 million oz San Jose project (Mexico) in 2015 due to debt issues. They are not focusing on iron ore projects in Australia. Management agreed to... more
09/09/2023
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. The Wellington North project is situated in proximity to the recent porphyry-style discovery by... more
09/09/2023
Analysis
Updated: Arizona Gold & Silver
Arizona Silver Exploration was formed in 2016. They have 4 silver and gold projects in Arizona and Nevada. They are currently focused on the Philadelphia gold project (250 acres). It is a past producing mine with narrow veins, but a very few intervals... more
09/08/2023
Analysis
Updated: Alkane Resources Ltd
Alkane Resources is small Australian gold producer at about 65,000 oz per year. Their Tomingley/Roswell/San Antonio project is solid, with breakeven costs per oz around $1400. It’s a long life mine with 1.5M oz at 2 gpt, plus significant exploration... more
09/08/2023
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
09/08/2023
Analysis
Updated: Silver Hammer Mining Corp
Silver hammer Mining (formerly 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
09/07/2023
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 19% of the company. Management owns another 10%, making it tightly held. They drilled... more
09/07/2023
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 1.2 million oz (10 gpt) resource (open at depth, only drilled down 1000... more
09/06/2023
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 165,000 oz of annual production (ramping up to 175,000). It is a large (5 million oz) long-life mine (their share). This... more
09/06/2023
Analysis
Updated: G2 Goldfields Inc
G2 Goldfields (previously Sandy Lake Gold) is a project generator focused in Guyana. They have a significant high-grade discovery on 25,000 acres. They have several discoveries (Arema, Ghanie, Oko, Oko West, Tracey) they are drilling. They are currently... more
09/05/2023
Analysis
Updated: Thesis Gold Inc
Thesis Gold (formerly Benchmark Metals) is advancing a large gold mine (Lawyer) in the Golden Triangle (British Columbia). The initial resource was released in 2021 at 3 million oz (1.5 gpt). They are targeting 5 million oz and likely will get there.... more
09/05/2023
Analysis
Updated: Ausgold Ltd
Ausgold Ltd is developing a gold project (Katanning) in Western Australia. It is a 1.2M acre property with 75 miles of strike. The resource is 3 million oz (.9 gpt) and likely to grow in size. They have 50+ more targets to drill, and they think there is... more
09/04/2023
Analysis
Updated: Chesapeake Gold Corp
Chesapeake Gold is developing a huge gold/silver/zinc project in Mexico. Metates has 19 million oz. of gold (.55 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
09/03/2023
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
09/03/2023
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 about $50 million in debt (their last posted... more
09/02/2023
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 60 million oz at 75 gpt (including gold) / or 1 million oz of gold equivalent at . more
09/02/2023
Analysis
Updated: Golden Arrow Res Corp
Golden Arrow Resources had a large silver project (Chinchilla/Punta) in Argentina. It was a 140 million oz deposit, They sold it for $44 million (cash and SSR Mining shares), and kept an NSR. Obviously, investors did not like the sale. This is yet again... more
09/02/2023
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 45% JV with Goldfields. Galiano is the operator. AGM has 2 million oz (their share) and 9 drill targets on 250,000 acres. They... more
09/02/2023
Analysis
Updated: Freegold Ventures Ltd
Freegold Ventures has a large gold project in Alaska. The Golden Summit project (19 million oz at .9 gpt) is in a good location, only 20 miles from Fairbanks and 5 miles from a large Kinross surface mine. That had a monster hole of 257 meters at 2.9 gpt... more
09/01/2023
Analysis
Updated: Vault Minerals
Red 5 Ltd is a new mid-tier producer in Australia. They began production at their KOH (King of Hills) mine in 2022. It is a large 4 million oz (1 gpt) deposit with 2.5 million oz of reserves. They will produce around 125,000 to 150,000 for 15+ years. The... more
09/01/2023
General
August 2023 Newsletter Posted
August 2023 Newsletter Posted. more
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