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03/31/2024
Analysis
Updated: KEFI Gold and Copper
Kefi Minerals has a large gold project in Ethiopia. The Tula Kapi (80% JV) open pit and underground project has 1.7 million oz and is growing in size. The PEA is economic with low cash costs around $700 per oz. The capex is high at $320 million, and was... more
03/31/2024
Analysis
Updated: Aurania Resources Ltd
Aurania Resources is a new company with an early exploration project in Ecuador called the Lost Cities / Cutucu project. It is a large property with 500,000 acres. In 2017 and 2018 they collected soil samples and looked for drilling targets. They began... more
03/31/2024
Analysis
Updated: Asra Minerals Ltd
Asra Minerals is a project generator focused in Australia. They have an REE/Gold project in Western Australia (Mt Stirling) on 40,000 acres. It looks like their focus is on REE (rare earth minerals), but they have 10 gold drill targets and a maiden... more
03/30/2024
Analysis
Updated: Predictive Discovery Ltd
Predictive Discovery is an Australian gold miner advancing a large high-grade open pit project (Bankan) in Guinea. The pit is currently projected to be 4M oz at 1.4 gpt, plus UG at 900,000 oz at 4 gpt. That is very large (and growing in size) and the... more
03/30/2024
Analysis
Added: Auric Mining Ltd
Auric Mining is a small gold producer in Western Australia. They mined 10,000 oz in 2023 at their Jefferys Find property and made a $1M profit. They plan to expand production in 2025 at their Widgiemootha-Munda property, which has 200,000 oz, plus some... more
03/30/2024
Analysis
Updated: Serabi Gold
Serabi Gold is a small gold producer in Brazil. They will produce 30,000 oz in 2024 from their Palito and Sao Chico deposits using a single mill. They have about 500,000 oz (8 gpt) between both deposits. Both are underground. The AISC in 2024 is forecast... more
03/28/2024
Analysis
Updated: Filo Mining Corp
Filo Mining was a spinout project from NGex Resources in 2016. It is a large copper/gold/silver project in Argentina, with 3.3 billion lbs of copper, 7 million oz of gold (70% recovery), and 180 million oz of silver (80% recovery), and growing in size (40 more
03/28/2024
Analysis
Updated: Manhattan Corporation Ltd
Manhattan Corporation Ltd is a project generator focused on Australia. They have one large property (Tibooburra) that spans 500,000 acres. They were drilling six targets, including New Bendigo (16 meters at 14 gpt AU, 30 meters at 4 gpt AU) and Western... more
03/28/2024
Analysis
Updated: Aura Minerals Inc
Aura Minerals is a mid-tier producer in Honduras, Brazil, and Mexico. They will produce about 275,000 oz AUEQ in 2023 (70% of revenue is gold and 30% copper) with all-in costs (breakeven) around $15500 per oz. They have about $237 million in cash and $322 more
03/28/2024
Analysis
Updated: Aura Minerals Inc
Aura Minerals is a mid-tier producer in Honduras, Brazil, and Mexico. They will produce about 275,000 oz in 2023 (70% of revenue is gold and 30% copper) with all-in costs (breakeven) around $1300 per oz. They have about $128 million in cash and $214... more
03/28/2024
Analysis
Added: Andean Silver Ltd
Mitre Mining is an Australian-based. In 2023, they acquired the Cerro Bayo silver/gold project (70,000 acres) located in Chile. This is a game-changer for them. The mine was put on C&M in 2022 after producing 45M oz of silver and 650,000 oz of gold. It... more
03/27/2024
Analysis
Updated: Mithril Silver and Gold
Mithril Resources is a project generator based in Australia but focused in Mexico. They have a significant discovery in Mexico (Copalquin) on 17,000 acres. It is 37M oz at 450 gpt AGEQ (including gold). I don't understand their tiny market cap. The stock... more
03/26/2024
Analysis
Updated: G Mining Ventures Corp
G Mining Ventures is building a large gold mine (Tocantizinho) in Brazil. It's a 2 million oz deposit at 1.2 gpt (nearly all reserves) that will produce 175,0000 oz annually (although a $250M gold stream). Investors like it, which is reflected in their... more
03/26/2024
Analysis
Updated: Meridian Mining UK Societas
Meridian Mining is advancing a gold/copper project in Brazil. It is trying to become a gold/copper miner. A PEA was released in 2023. They plan to mine 130K oz of AUEQ with an AISC of $700 for the first 5 years. The capex is $180M with an IRR of 50% at $1 more
03/25/2024
Analysis
Updated: Fitzroy Minerals
Fitzroy Minerals (previously Norseman Silver) is a project generator focused in Canada. They hold three early exploration projects in British Columbia (Silver Vista, New Moon and Cariboo), one in Argentina (Taquetren) and two in Chile (Polimet & Caballos) more
03/23/2024
Analysis
Updated: Provenance Gold Corp
Provenance Gold is a project generator with three early exploration gold projects in Nevada and Oregon. Their flagship project is Eldorado (in Oregon), which has a historical resource estimate of around 1 million oz at .7 g/t with 236 historical holes (22 more
03/22/2024
Analysis
Updated: Endurance Gold Corp
Endurance Gold is a project generator focused in North America (US & Canada). Their flagship project is called Reliance (British Columbia, 3,000 acres). They drilled more than 100 holes in the last four years and it appears to have potential. It is 1 km... more
03/21/2024
Analysis
Updated: Renforth Resources Inc
Renforth Resources is a project generator focused in Canada. They have 6 properties in Quebec, two of them JVs. Their Parbec property (500 acres) has a 250,000 oz (1.8 gpt) resource that have the potential to become a mine. If it was a larger property... more
03/20/2024
Analysis
Updated: Western Exploration Inc
Western Exploration is a new company formed in 2022. They have a solid project (Aura) in Nevada with 1.1M oz at 1.4 gpt (AUEQ including silver) and growing in size. They are drilling 3 deposit areas (Doby George, Gravel Creek, and Wood Gulch). The... more
03/19/2024
Analysis
Updated: Alchemy Resources Ltd
Project Generator focused in Australia. They have several early exploration projects, but nothing significant yet. They are drilling in Western Australia at their Lake Rebecca (gold) and Karonie (gold and lithium) projects. They also have projects in NSW... more
03/18/2024
Analysis
Updated: Inca One Gold Corp
Inca One Gold is a toll milling company in Peru. They process gold ore from other companies for a profit. They have two mills with a capacity of 450 tpd, but they only managed to average 180 tpd in 2023. Revenue was about $50 million, but they do not... more
03/16/2024
Analysis
Updated: First Tellurium Corp
First Tellurium Corp (formerly Deer Horn Capital) is advancing a small gold/silver/tellurium project in British Columbia. They choose to focus on the tellerium for marketing reasons but it is just a small part of the revenue, the majority comes from... more
03/15/2024
Analysis
Updated: Bulletin Resources Ltd
Bulletin Resources is a project generator focused in Western Australia. They have three gold projects and two lithium projects (Ravensthorpe & Mt Farmer). They initiated a soil sampling program on the Chifley project and found a 1km x 1km gold in soil... more
03/14/2024
Analysis
Updated: GPM Metals Inc
GPM Metals has the option to acquire 75% in an early exploration silver project. The Walker Goosan project (425,000 acres) in Australia is in an area known for silver discoveries and could have potential. They currently have no corporate presentation on... more
03/14/2024
Analysis
Updated: Calidus Resources
Calidus Resources became a gold producer in Western Australia in 2022. Their Warrawoona project has 1.5 million oz at 1 gpt (Klondyke property), and is likely to grow in size. They are producing about 65,000 oz’s at a break-even cost of $1600 per oz.... more
03/14/2024
Analysis
Updated: Plato Gold
Plato Gold is a project generator. They have 4 early exploration gold projects in Ontario, Canada (Harker, Holloway, Marriott, and Guibord). They are all small properties, but in a good location. There has been some drilling on several of their... more
03/14/2024
Analysis
Updated: Renegade Gold
Renegade Gold (previously Trillium Gold Mines and Confederated Minerals) is trying to advance a high-grade project (Newman Todd) in Red Lake, Ontario. In 2022, they drilled over 7,500 meters, mostly at Newman Todd. They drilled more in 2023 and have a 10, more
03/14/2024
Analysis
Updated: Leviathan Gold Ltd
Leviathan Gold is a new company formed in 2020. They are a project generator focused in Australia. They have two projects in Victoria, where the high-grade Fosterville mine exists. They are drilling for high-grade gold below two high-grade surface mines,... more
03/14/2024
Analysis
Updated: Rumble Resources
Rumble Resources is a project generator focused in Western Australia. They have had success before with exploration and have a good exploration team. Their valuation jumped 4x in 2021 after a large base metals discovery (Earaheedy). It is primarily a... more
03/13/2024
Analysis
Updated: Titan Minerals Ltd
Titan Minerals has a large gold project in Ecuador (Dynasty). It's a high-grade 3.1 million oz (4 gpt), plus 22 million oz of silver (36 gpt) open pit project. It is growing in size, and they say it is only 20% explored. Dynasty has a lot of drill... more
03/13/2024
Analysis
Updated: Aurion Resources Ltd
Aurion Resources has a large high-grade gold discovery (Risti-Aamuruska) in Finland. Drilling has just begun, but they have 3400 samples averaging 10 gpt. This property is on 35,000 acres, but they have 500,000 acres in Northern Finland. They are... more
03/13/2024
Analysis
Updated: Astral Resources NL
Anglo Australian Resources is a project generator focused in Western Australia.
The Mandilla Scoping Study shows a mine life of 7.4 years producing a 100,000 ounces of gold annually. It has a NPV of $442M at a gold price of $2,750/oz. Payback period... more
03/13/2024
Analysis
Updated: Desert Gold Ventures Inc
Desert Gold Ventures is a project generator focused in West Africa (Mali). They have several contiguous properties (SMSZ) totaling 100,000 acres.
SMSZ has a measure & indicated mineral resource of 8.47 million tonnes grading 1.14 g/t totaling 310,300... more
03/13/2024
Analysis
Updated: Aurion Resources Ltd
Aurion Resources has a large high-grade gold discovery (Risti-Aamuruska) in Finland. Drilling has just begun, but they have 3400 samples averaging 10 gpt. This property is on 35,000 acres, but they have 500,000 acres in Northern Finland. They are... more
03/13/2024
Analysis
Updated: Xtra-Gold Resources Corp
Xtra Gold Resources is a project generator with one property in Ghana (West Africa). The Kibi project has significant potential. It is on 55,000 acres and has 4 deposits that they are drilling. Zone 2 had a 43-101 resource estimate in 2012 of 400,000 oz... more
03/13/2024
Analysis
Updated: Puma Exploration Inc
Puma Exploration is a project generator focused in Canada. They have four projects in New Brunswick and Manitoba. They had a gold discovery (William Brook) in New Brunswick in 2021 (50 meters at 5.5 gpt). It's a large property (50,000 acres) with a lot... more
03/13/2024
Analysis
Updated: Benton Resources Inc
Benton Resources is a project generator. They sold their advanced gold project (Cape Ray) in Newfoundland in Canada for $4 million. I would have preferred if they kept at least 20%. But they have three JVs in Newfoundland that look promising. The first... more
03/12/2024
Analysis
Updated: Alicanto Minerals Ltd
Alicanto Minerals is a project generator based in Australia. They acquired the Sala and Falun projects in Sweden, covering 42,000 acres. Both are early exploration projects with very limited drilling. Sala, a past-producing silver mine that extracted 200... more
03/11/2024
Analysis
Updated: Astral Resources NL
Anglo Australian Resources is a project generator focused in Western Australia.
The Mandilla Scoping Study shows a mine life of 7.4 years producing a 100,000 ounces of gold annually. It has a NPV of $442M at a gold price of $2,750/oz. Payback period... more
03/11/2024
Analysis
Updated: Puma Exploration Inc
Puma Exploration is a project generator focused in Canada. They have four projects in New Brunswick and Manitoba. They had a gold discovery (William Brook) in New Brunswick in 2021 (50 meters at 5.5 gpt). It's a large property (50,000 acres) with a lot... more
03/11/2024
Analysis
Updated: Xtra-Gold Resources Corp
Xtra Gold Resources is a project generator with one property in Ghana (West Africa). The Kibi project has significant potential. It is on 55,000 acres and has 4 deposits that they are drilling. Zone 2 had a 43-101 resource estimate in 2012 of 400,000 oz... more
03/11/2024
Analysis
Updated: Silver One Resources Inc
Silver One Resources was formed in 2016. In 2017, they acquired the Candalaria project in Nevada from Silver Standard for $4 million in shares, plus a 3% NSR. This project has a historical resource of 45 million oz in M&I at 3.5 opt (including gold) and... more
03/11/2024
Analysis
Updated: Equinox Gold Corp
Equinox Gold was formed in 2017 from a merger between Trek Mining, NewCastle Gold, and Anfield Gold. Then in 2020, they merged with Leagold Mining, a 400,000 oz producer with 20 million oz of gold. And in 2021, they acquired Premier Gold, which added... more
03/11/2024
Analysis
Updated: Desert Gold Ventures Inc
Desert Gold Ventures is a project generator focused in West Africa (Mali). They have several contiguous properties (SMSZ) totaling 100,000 acres.
SMSZ has a measure & indicated mineral resource of 8.47 million tonnes grading 1.14 g/t totaling 310,300... more
03/10/2024
Analysis
Updated: Kalamazoo Resources
Kalamazoo Resources is a project generator in Australia. They have 125,000 acres on 5 projects in Victoria, one of them (Mt Piper) sits adjacent to Agnico Eagle's tenure and is just 30 kilometers from the Fosterville gold mine. They also hold two... more
03/09/2024
Analysis
Updated: Kairos Minerals
Kairos Minerals is a project generator focused in Western Australia. They have two early exploration projects that are interesting. Mt York is in the Pilbara region and has 1.6M oz (1 gpt) resource. Currently, they are looking for a JV partner, or... more
03/09/2024
Analysis
Updated: 1911 Gold Corp
1911 Gold has the Rice Lake property (125,000 acres) in Manitoba, Canada. It includes the True North mine (1 million oz at 6 gpt) and 1300 tpd permitted mill. This was owned by San Gold, which was valued at over $1 billion in 2012, when it was producing... more
03/08/2024
Analysis
Updated: Belo Sun Mining Corp
Belo Sun Mining is developing a large open pit project in Brazil called Volta Grande (330,000 acres). It is a 6 million oz open pit project (1 gpt). The feasibility study was released in March 2015. The capex is $300 million capex to produce 200,000 oz... more
03/08/2024
Analysis
Updated: Sable Resources
Sable Resources is a project generator. They have several properties across Mexico (Vinata, Escarpe), and Argentina (Don Julio, El Fierro, Los Pumas). They have yet to make a significant discovery, but they seem to be making progress.
They are cashed... more
03/08/2024
Analysis
Updated: Paramount Gold Nevada Corp
Paramount Gold Nevada is developing a gold project in Oregon (Grassy Mountain). It's a 1 million oz (6 gpt) underground mine. They plan to mine 50,000 oz per year for 8 years. The cash costs are projected to be low at around $700 per oz, and an of AISC... more
03/06/2024
Analysis
Updated: Cabral Gold
Cabral Gold is developing a gold project in Brazil. Cuiu Cuiu is a 1.2 million oz (1 gpt) resource that is growing in size. It's still early exploration and without a PEA. They plan to release a PFS in Q2 2024 for the 250K oz oxides. The management team... more
03/05/2024
Analysis
Updated: Cerrado Gold Inc
Cerrado Gold is a gold producer in Argentina. Their Don Nicholas mine in produces about 55,000 oz a year, with breakeven costs (free cash flow) around $1450 per oz. It is a large property (750,000 acres) with a lot of targets. They will need to be... more
03/05/2024
Analysis
Updated: Falco Resources Ltd
Falco Resources has a large gold project in Quebec on 175,000 acres. The Horne mine is a 5 million oz deposit at 1.4 gpt, with significant amounts of copper (260 million lbs) and zinc (1.2 billion lbs) for offsets. Revenue is projected at about 68% gold,... more
03/04/2024
Analysis
Updated: Mcewen Mining Inc
McEwen Mining has three operating mines in Canada, Nevada, and Argentina. In 2024, they will produce about 135,000 oz of gold equivalent. Costs are high, with all-in costs around $1750 per oz (AUEQ). These high costs are why their share price has not... more
03/03/2024
Analysis
Updated: Silver Bullet Mines Corp
Silver Bullet Mines is a new company formed in 2021. They built a mill at their Black Diamond property (5,000 acres) in Arizona and processing has commenced. Recently, they initiated the processing of a bulk sample of mixed mineralized material from... more
03/03/2024
Analysis
Updated: Seabridge Gold Inc
Seabridge Gold is the largest project generator by market cap. They have three giant projects, but these are not currently economic to build. They are currently de-risking them with permitting and feasibility studies. The stock reached $37 per share in... more
03/03/2024
General
February 2024 Newsletter Posted
February 2024 Newsletter Posted. more
03/02/2024
Analysis
Updated: Mines D’Or Orbec Inc
Blue Thunder Mining is a new project generator focused in Canada. All of their properties are early exploration. They have done a good job of acquiring three properties in Quebec (125,000 acres). Some of them have historical drilling (Muus and Fancamp)... more
03/02/2024
Analysis
Updated: Kinross Gold Corp
Kinross Gold is a major with 2 million oz of gold equivalent production. Their all-in costs (breakeven) for 2024 are projected to be around $1550. Free cash flow should be around $1 billion at $2000 gold. For every $100 gold prices rise, their net profit... more
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