News from December 2023

12/30/2023

Analysis

Updated: Almaden Minerals Ltd

Almaden Minerals is trying to develop their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties to their stockholders in a new company (Almadex Minerals). Ixtaca has a PFS (pre-feasibility study) to produce 90,000 oz (.6... more

12/30/2023

Analysis

Updated: FireFly Metals Ltd

Firefly Metals (previously Auteco Minerals) is an Australian mining company that obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 2.5 million oz deposit at 7 gpt (their share). They continue to... more

12/30/2023

Analysis

Updated: Fokus Mining Corp

Fokus Mining (previously Fieldex Exploration) is a project generator focused in Canada. They have one property (Galloway) in Ontario. Galloway (6,000 acres) has three discovery areas they are drilling. The main discovery is Hendrik, which has 1.3M oz at... more

12/30/2023

Analysis

Updated: Antilles Gold Ltd

Antilles Gold (Previously PanTerra Gold) was a small producer in the Dominican Republic but now is operating in Cuba. The reason for this is their Las Lagunas tailings project, which is under dispute with the government in regards to the amount of... more

12/30/2023

Analysis

Updated: Impact Silver Corp

Impact Silver Corp is a small producer (5 underground mines at 160 gpt). They are one of the few pure silver producers (90% of revenue from silver). They are currently only producing about 1M oz, but that should increase as silver prices rise because... more

12/29/2023

Analysis

Updated: Newlox Gold Ventures Corp

Newlox Gold is a new company focused in Costa Rica. They have a unique business model that processes tailings from historical mine sites in Costa Rica. They have a contract with local miners at about 30 mine sites. Commencing tailings processing in 2023,... more

12/29/2023

Analysis

Updated: Labyrinth Resources Ltd

Labyrinth Resources is a new company formed in 2021. They have two early exploration projects in Quebec (Labyrinth and Denain) and one JV in Australia (Comet Vale, in which they own 51%). Labyrinth has a historic deposit of 500,000 oz (7 gpt). If it can... more

12/29/2023

Analysis

Updated: Asara Resources Ltd

Asara Resources (formerly Golden Rim Resources) is a project generator focused in West Africa. They have two significant gold discoveries that appear to be potential large mines. Kouri (Burkina Faso) has a 10-mile strike length to explore. The initial... more

12/28/2023

Analysis

Updated: Doubleview Gold Corp

Doubleview Capital has a copper/gold/silver/cobalt discovery (Hat) in British Columbia. It's still early exploration and they are drilling. Their goal is to produce a resource estimate and then a PEA. The deposit is currently around 750 meters x 620... more

12/28/2023

Analysis

Updated: Dateline Resources Ltd

Dateline Resources is an Australian project generator focused in California and Colorado. They are drilling a gold project (Colosseum) in California with 800,000 oz (1.2 gpt). It is also a rare earth discovery. It seems to have potential, but California... more

12/28/2023

Analysis

Updated: Fortune Bay Corp

Fortune Bay Corp is advancing an open pit in Canada. Their Goldfields project (25,000 acres) in Saskatchewan has 1.2 million oz (1.4 gpt). They plan to mine 80,000 oz annually for 10 years. It is marginally economic at $1400 gold with a 20% after-tax IRR, more

12/25/2023

Analysis

Updated: Aurelia Metals Ltd

Aurelia Metals is mostly a base metals producer in Australia. They are producing about 60,000 oz with all-in costs (break-even) around $1700 per oz. They have low reserves of around 250,000 oz. Only about 20% of their revenue is from gold. Their... more

12/24/2023

Analysis

Updated: FireFly Metals Ltd

Firefly Metals (previously Auteco Minerals) is an Australian mining company that obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 2.5 million oz deposit at 7 gpt (their share). They continue to... more

12/24/2023

Analysis

Updated: Rex Minerals Ltd

Rex Minerals is trying to build a large copper/gold mine (Hillside) in Australia with a capex of $410 million (construction is planned for 2024, if they can get financing). They also recently acquired a large gold project (Hog Ranch) in Nevada that has a... more

12/23/2023

Analysis

Updated: Alto Metals Ltd

Alto Metals is a project generator drilling a large discovery in Western Australia. Their Sandstone project (225,000 acres) has 226k oz @ 1.6 g/t (indicated) & 600k @ 1.4 g/t (inferred), and it keep growing in size. It comprises multiple surface pits (Lor more

12/22/2023

Analysis

Updated: Peregrine Gold Ltd

Peregrine Gold is a project generator focused in Western Australia (Pilbara). They have about 5 properties on 900,000 acres. All are early exploration. Their main focus is Newman (450,000 acres) and Mallina (400,000 acres). They have a discovery at... more

12/21/2023

Analysis

Updated: Benz Mining Corp

Benz Mining is a project generator focused in Canada. Their Eastmain project (75,000 acres) in Quebec has 1M oz at 6 gpt and is growing in size. I do not believe it has a historical PEA and is still early exploration. It is growing is size. I'm... more

12/21/2023

Analysis

Updated: ESGold Corp

ESGold Corp (previously Secova Metals) is a small gold exploration company in Canada. They are trying to advance their Montauban to production. It was a past producing mine that has a mill that they plan to have fully operational and permitted by the end... more

12/20/2023

Analysis

Updated: Regency Silver Corp

Regency Silver was formed in 2022. They have two early exploration projects in Mexico. Dios Padre (they do not list the property size) has had 74 drill holes and is a 11M oz deposit (255 gpt AGEQ). It potentially could double or triple in size and they... more

12/20/2023

Analysis

Updated: Adamera Minerals Corp

Adamera Minerals is a project generator focused in Washington State. Their Cooke Mountain (3,000 acres) project has 5 past producing mines in an area that produced 8 million oz's. It is a 200,000 oz deposit and could easily turn into a mine, although... more

12/20/2023

Analysis

Updated: Sanu Gold Corp

Sanu Gold is a new project generator (IPO in 2022) focused in West Africa. They have three early exploration projects in Guinea. Daina (25,000 acres) is a discovery (21 meters at 4.7 gpt near surface) that they are drilling. They are also drilling... more

12/20/2023

Analysis

Updated: Goldstorm Metals Corp

Goldstorm Metals is a project generator focused in Canada. It was formed in 2022 and has one property (Crown) on 40,000 acres. It is in the Golden Triangle in British Columbia. They'd rilled 23 holes in 2023. There was drilling on the property in the... more

12/20/2023

Analysis

Updated: Metals Australia Ltd

Metals Australia is a project generator focused in Australia and Canada. They have several projects and I'm not sure of their focus. They are presenting themselves as a battery metals company now, but still own gold projects. They have a Lithium/base... more

12/19/2023

Analysis

Updated: ARGO GOLD INC

Argo Gold is a project generator focused in Ontario, Canada. They have 4 early exploration properties (30,000 acres) in some very good locations and their main focus is the Uchi project. They recently completed another phase of drilling and keep finding... more

12/19/2023

Analysis

Updated: GBM Resources Ltd

GBM Resources is a project generator focused in Australia. Their Drummond project (Twin Hills & Yandan) has 1.5M oz at 1.5 gpt. Plus, they think it will grow to 2M to 3M oz. Yet, their valuation is only $4M. Seems ridiculously undervalued. They only have... more

12/19/2023

Analysis

Updated: Exploits Discovery Corp

Exploits Discovery is a new project generator focused in Canada. They have 7+ properties in Newfoundland on 500,000 acres (surrounding New Found Gold's discovery). They have a lot of land, but no significant discoveries yet. They plan on drilling... more

12/18/2023

Analysis

Updated: Walker River Resources Corp

Walker River Resources is a gold exploration company focused in Nevada. Their Lapon Canyon (3000 acres) project is a past-producing high-grade gold mine. It is fully permitted, giving some added value. They began drilling in 2015 and have had several... more

12/17/2023

Analysis

Updated: Transatlantic Mining

Transatlantic Mining (formerly Archean Star Resources) has 3 small past-producing mines in Montana and Idaho. In 2020, they sold Their US Grant project in Montana which required $2 million option payments for 100% ownership, as well as their Kearsarge... more

12/17/2023

Analysis

Updated: Kingsmen Resources Ltd

Kingsmen Resources (formerly Tumi Resources) is an exploration company focused in Mexico. They have one early exploration silver project (Las Coloradas) on 2000 acres. They owe $2M over 7 years for 100% ownership. It appears to have had no drilling.... more

12/16/2023

Analysis

Updated: Garibaldi Resources Corp

Garibaldi Resources is a project generator. In 2017, they discovered a large boulder field at their E&L Nickel Mountain property in the Golden Triangle (British Columbia), with strong sulphide mineralization that extended approximately 1.3 km downslope... more

12/16/2023

Analysis

Updated: Canasil Resources Inc

Canasil Resources is a project generator in Canada and Mexico. They have 6 properties to explore in Mexico and 4 in Canada, with 5 drill-ready gold/silver projects. They are drilling a potential gold discovery (La Esperanza) in Mexico. They are also... more

12/16/2023

Analysis

Added: Highlander Silver Corp

Highland Silver is a new exploration company formed in 2023. They are drilling a discovery in Peru. The target is 25 to 60M oz at 60 gpt AG and .3 gpt AU. Only 8500 meters have been drilled. The downside is the property is small with not a lot of drill... more

12/15/2023

Analysis

Updated: Kingsgate Consolidated Ltd

Kingsgate Consolidated has a 4 million oz gold mine (Chatree) in Thailand. It was shut down due to environmental issues in 2016. They restarted production in 2023. Production in 2023 was only around 30,000 oz, with full production in 2024 at around 100,00 more

12/15/2023

Analysis

Updated: Mandalay Resources Corp

Mandalay Resources is a mid-tier gold producer in Australia and Sweden. They will produce about 100,000 oz in 2023, with all-in costs around $1650 per oz (gold equivalent including silver). They have a low FCF multiple because of their low resources and... more

12/15/2023

Analysis

Updated: Headwater Gold Inc

Headwater Gold is a project explorer focused in Nevada, Oregon, and Idaho. They have 12 gold projects, with most of them on small properties. All are early exploration with very little drilling. They recently entered into a JV agreement with Newcrest... more

12/14/2023

Analysis

Updated: Spartan Resources Ltd

Spartan Resources (previously Gascoyne Resources) was a small gold producer in Australia. Their Dalgaranga deposit is 1.7M oz (2.5 gpt). Production was on target to reach 75,000 oz in 2022, but they had to halt production due to high costs (mostly from... more

12/12/2023

Analysis

Updated: Barrick Gold Corp

Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 4 million ounces to 4.5 million (excluding copper, which is currently at 500 million lbs production and projected to reach 1 billion... more

12/12/2023

Analysis

Updated: Mako Mining Corp

Mako Mining (formerly Golden Reign Resources) has an advanced high grade (9 pgt) open pit project in Nicaragua (San Albino). Production began in 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling potential and is a... more

12/11/2023

Analysis

Updated: Independence Gold Corp

Independence Gold is a project generator focused in Canada. Their share price spiked in 2020 due to high-grade drill results on their 3Ts project (12,000 acres) in British Columbia. The deposit is 520,000 oz AU (3.6 gpt), plus 14 million oz of silver (90... more

12/11/2023

Analysis

Updated: CMC Metals Ltd

CMC Metals is a project generator focused in Canada. They have at least 7 properties, although all are early exploration. They have been getting some buzz because of their Silverknife property, which is about 4 miles away from Coeur Mining's Silvertip... more

12/11/2023

Analysis

Updated: Xtract Resources Plc

Xtract Resources is a project generator based in London. They own 23% of a gold project in Mozambique (Manica). It is both an open pit and an underground mine. It is a 1 million oz deposit. The Fair Bride target of this project, which is already in... more

12/10/2023

Analysis

Updated: Goldgroup Mining Inc

Goldgroup Mining was a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low-grade open pit project. They began mining in... more

12/10/2023

Analysis

Updated: Equity Metals Corp

Equity Metals is a project generator focused in Canada. They have a silver and gold project (plus base metal offsets) in British Columbia (Silver Queen). It has 30 million (180 gpt) silver and 85 million oz of AGEQ (450 gpt). The offsets include copper,... more

12/10/2023

Analysis

Updated: Riverside Resources Inc

Riverside Resources is a project generator with a focus on gold exploration. They are mainly active in Canada & Mexico. They have been spinning off non-core assets while recently acquiring additional gold assets and a REE project called Ravel, which is... more

12/09/2023

Analysis

Updated: Osisko Gold Royalties Ltd

Osisko Gold Royalties is focused mostly on gold royalties. They have over 180 royalties & streams. 2022 Guidance was 90-95k gold equivalent ounces. 2023 guidance was 95-105k gold equivalent ounces. Their margins are 93% and have a market cap over C$3... more

12/09/2023

Analysis

Updated: Minnova Corp

Minnova Corp (formerly Auriga Gold) is a potential producer if they can get financing. They need to raise $30 million to begin production approximately 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,... more

12/09/2023

Analysis

Updated: OreCap Invest Corp

OreCap Invest Corp (previously Orefinders Resources) changed its name to better reflect their strategy: lending and investing (with much less emphasis on exploration). They do have a JV with Agnico Eagle on three projects, and AEM owns 9.9% of the... more

12/08/2023

Analysis

Updated: Aftermath Silver

Aftermath Silver is a developer with two large silver projects. One in Chile (Challacollo) and the other in Peru (Berenguela). It’s an exciting company that is highly undervalued. The downside is that it is a long-term investment. They won’t be... more

12/08/2023

Analysis

Updated: Yandal Resources Ltd

Yandal Resources is a project generator focused in Western Australia. They have four projects that are all being drilled, along with 400,000 oz of resources. They don't seem to have a flagship project and are looking for one. They are drilling Gordons (12 more

12/08/2023

Analysis

Updated: Delta Resources Ltd

Delta Resources (formerly Golden Hope Mines) is a project generator focused in Canada. They had a potential flagship project (Bellechase) on 45,000 acres. It was in an excellent location and a 43-101 for 400,000 oz at 2 to 3 gpt, but they sold it for $1.7 more

12/08/2023

Analysis

Updated: Almadex Minerals Ltd

Almadex Minerals was spun off by Almaden Minerals in 2015. Almaden Minerals decided to develop their flagship project (Ixtaca) in Mexico. Almadex was left with 19 exploration properties and 18 NSRs. That's a pretty good portfolio of projects. The stock... more

12/08/2023

Analysis

Updated: GFG Resources Inc

GFG Resources is a project generator. They have four gold projects. Their Rattlesnake Hills project in Wyoming appears to be a mine, although there has never been a PEA. There have been 78,000 meters drilled by previous owners (1 million oz), and it is... more

12/08/2023

Analysis

Updated: Evergold Corp

Evergold Corp is a new project explorer focused in Canada. They have 4 early exploration projects in British Columbia. They recently acquired the right to gain 100% interest in the DEM Property also in British Columbia. This seems to be their main focus... more

12/07/2023

Analysis

Updated: Altamira Gold Corp

Altamira Gold (previously Equitas Resources) was trying to become a small gold producer in Brazil. Their Cajuiro project (700,000 oz at .8 gpt) had a low $10 million capex (they have a 700 tpd mill). However, they could not find a financing deal for the... more

12/07/2023

Analysis

Updated: Getchell Gold Corp

Getchell Gold is a project generator focused in Nevada. Fondaway Canyon (8,000 acres) is a 2 million oz (1.3 gpt) open pit project. They planned to do a PEA in 2023 but I don't see any mention of its release on the company website. At their Foldaway... more

12/07/2023

Analysis

Updated: Irving Resources Inc

Irving Resources was formed in 2015 to explore Japan. They have 2 projects on 33,000 acres on Hokkaido island (Omu & Yamagano). Investors liked their chances in the past and gave them a FD market cap of $114 million. In 2022 they drilled high grade... more

12/07/2023

Analysis

Updated: Winshear Gold

Winshear Gold (previously Helio Resources) is a project generator, with three early exploration projects in Peru (Gaban, Yang, and Ica). They have a combines 50,000 acres to explore. They have completed over 1,000 surface samples at Gaban from 2019 to... more

12/07/2023

Analysis

Updated: Integra Resources

Integra Resources is advancing the DeLamar project in Idaho. It is a 5 million oz resource (including silver), although it is low grade (.7 gpt). The good news is that it is economic, with about a 33% after-tax IRR at $1700 gold. The capex is $282... more

12/07/2023

Analysis

Updated: Gatos Silver Inc

Gatos Silver is a mid-tier producer in Mexico. Their Cerro Los Gatos property (70% JV) has 40 million oz (their share) (200 gpt AG). Their share of production is about 5 million oz per year. All-in (break-even) cost per oz is around $15. So, it's a low-co more

12/07/2023

Analysis

Updated: Mundoro Capital

Mundoro Capital is a royalty generator mostly focused in Eastern Europe. They have 6 properties in Serbia and Bulgaria. Their North and South Timok properties are optioned to 3 JV partners (they kept 25% of each) who are drilling. All of their properties... more

12/06/2023

Analysis

Updated: Maple Gold Mines Ltd

Maple Gold Mines (previously Aurvista Gold) has a large 3 million oz (1 gpt) resource (Douay-Joutel) in Quebec. In 2020, they announced a 50/50 JV with Agnico-Eagle, who has to spend $18 million over 4 years for their option ($9M spent). Subsequently,... more

12/06/2023

Analysis

Updated: Southern Silver Exploration Corp

Southern Silver Exploration is a project generator with a large silver/zinc project in Mexico. Cerro Las Minitas is 335 million oz at 330 gpt (AGEQ). That includes 115 million oz of silver at 100 gpt and 2 billion lbs of zinc. It's really a silver/zinc... more

12/06/2023

Analysis

Updated: Steppe Gold Ltd

Steppe Gold is an emerging mid-tier producer in Mongolia. They have an open pit mine (ATO) with 1.7 million oz of gold (1 gpt). Currently, they are producing 50,000 oz with all-in costs (break-even) around $1500 per oz. They plan to expand production to... more

12/05/2023

Analysis

Updated: Perseus Mining Ltd

Perseus Mining is a large mid-tier producer in West Africa. They will produce about 500,000 oz in 2023 and 600,000+ oz around 2026. The majority of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 3 million oz (1.3 gpt) open... more

12/04/2023

Analysis

Updated: Alamos Gold Inc

Alamos Gold is a major and a growth story. They have acquired 4 companies (including Aurico Gold and Carlisle Goldfields in 2015, plus Richmont Mines in 2017). They now have 20 million oz in resources and are giving guidance to become a 700,000 oz... more

12/02/2023

Analysis

Updated: Canadian Gold Corp

Canadian Gold Corp (previously Satori Resources) has a small high grade gold project (Tartan Lake) in Canada. It is a 300,000 oz resource on a past producing mine with a functioning mill. They did not provide guidance on the amount of money required to... more

12/01/2023

General

November 2023 Newsletter Posted

November 2023 Newsletter Posted. more

News from December 2023

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