News from April 2024

04/30/2024

Analysis

Updated: Savannah Goldfields Ltd

Savannah Goldfields (previously Laneway Resources) is a small gold producer based in Australia. They recently acquired the Georgetown property, which spans over 125,000 acres in North Queensland, and has a mill that they use to process the ore from their... more

04/30/2024

Analysis

Updated: Mistango River Resources Inc

Mistango River is a project generator focused in Canada. They have 4 projects in Ontario. They have a strong management team and significant insiders. They think they have quality properties in a good location. The Omega mine is a past-producing high-grad more

04/30/2024

Analysis

Updated: Silver Range Resources Ltd

Silver Range Resources is a new spinout from Strategic Metals, which owns 17%. They have 38 projects in Canada and Nevada. All of their projects are early exploration and the reason for their low valuation. Their strategy is to get a project drill ready... more

04/29/2024

Analysis

Updated: Aurumin Ltd

Aurumin Ltd is a new gold development company in Australia. They have acquired two past producing properties. Sandstone (25,000 acres) seems to be their main focus. It has a resource of 750,000 oz at 1.1 gpt (from 2012), and it has permitted... more

04/29/2024

Analysis

Updated: Bluebird Merchant Ventures

Bluebird Merchant Ventures is trying to restart two gold mines in South Korea (Kochang & Gubong). They have a historical resource of about 1M oz at 7 gpt. They completed a feasibility study in 2018. Their goal is to resume production in 2026. They plan... more

04/29/2024

Analysis

Updated: Xali Gold Corp

Xali Gold Corp (formerly Candente Gold) is a small exploration company with an FD market cap of $6 million. They have a large property (El Oro) in Mexico, which has a lot of potential. Only two veins on the property were mined to 200 meters and produced... more

04/28/2024

Analysis

Updated: Toubani Resources Inc

Toubani Resources (formerly African Gold Group) has a late-stage project in southern Mali. Koboda already is a 2 million resource at .8 gpt, and could get much bigger. The capex is $136 million, with an after-tax IRR around 30% at $1300 gold and NPV at $2 more

04/28/2024

Analysis

Updated: S2 Resources Ltd

S2 Resources is a project generator based in Australia. They have a significant nickel discovery and are drilling 6 target areas. It appears to be a large nickel mine. They also have several early exploration gold projects, but no discoveries. They have... more

04/28/2024

Analysis

Updated: Orex Minerals Inc

Orex Minerals is a project generator in Mexico and Canada. Coneto (12,000 acres) in Mexico is a 45% JV with Fresnillo with a target of 100 million oz of silver equivalent. Fresnillo is drilling and must spend $21 million to get their option. Sandra (17,00 more

04/27/2024

Analysis

Updated: Majestic Gold Corp

Majestic Gold is a small producer in China. They are currently producing about 30,000 oz (their 70% share) at an underground mine. Most of their resources are for an open pit next to the underground mine. I would estimate the underground mine only has... more

04/27/2024

Analysis

Updated: Matsa Resources

Matsa Resources was a small gold producer in Australia that ceased production in 2021 and sold two properties for $20 million. They retained ownership of the Lake Carey project (on 100,000 acres), which includes the following deposits: Red October with... more

04/26/2024

Analysis

Updated: Auris Minerals Ltd

Auris Minerals is a gold (and copper) exploration company in Australia. They have 9 early exploration projects (1000,000 acres) in Western Australia. Including Cashmans, Cheroogna, Morck Well, Forrest, Durack East, Wodger, Horseshoe Well, Milgun, and... more

04/26/2024

Analysis

Updated: Red Pine Exploration Inc

Red Pine is a project generator focused on Canada. Their Wawa project (15,000 acres in Ontario) contains 700,000 oz of gold across two shears: 600k oz at 5 g/t in Jubilee and 100k oz at 6.5 g/t in Minto. They keep hitting gold, but the resource appears... more

04/26/2024

Analysis

Updated: Dakota Gold Corp

Dakota Gold (formerly Dakota Territory Resource Corp) is advancing the old Homestake property in South Dakota. The Homestake mine produced 40M oz at 10 gpt). They have 10 properties on 48,000 acres, including 13,000 acres on private land. The CEO said he... more

04/26/2024

Analysis

Updated: Abcourt Mines Inc

Abcourt Mines has made slow progress over the years. They seem to have finally begun to move forward. They plan to do a 7 to 1 reverse split and change their name in conjunction with a recent acquisition. Plus, they plan to advance two of their project... more

04/26/2024

Analysis

Updated: Galleon Gold Corp

Galleon Gold, formerly Pure Nickel, acquired Explor Resources in 2019. Explor had several properties, including TPW, now referred to as the West Cache project. It has both an open pit (with 300,000 ounces at 1.5 gpt) and an underground mine (with 800,000... more

04/24/2024

Analysis

Updated: Harmony Gold Mining Co.

Harmony Gold Mining is a major, with an FD market cap of $5.5 billion. They are a 1.5 million oz producer. Their problem is that all of its producing mines are in South Africa. They have large resources, with 11 producing mines. Free cash flow is about $8 more

04/24/2024

Analysis

Updated: Havilah Resources Ltd

Havilah Resources is copper/gold developer in Australia. They are advancing their Kalkaroo project with 3 million oz of gold and more than 1 billion lbs of copper, plus cobalt. They completed a feasibility study and are currently permitting the project.... more

04/22/2024

Analysis

Updated: Alpha Exploration Ltd

Alpha Exploration is a new project generator that had an IPO in 2021 and is focused on Eritrea (East Africa). They hold a large property on 180,000 acres (Kerkasha) and is currently conducting early exploration on multiple targets such as Anagulu, Aburna, more

04/21/2024

Analysis

Updated: Kingfisher Metals Corp

Kingfisher Metals is a project generator focused in Canada. I’m surprised by their FD mkt cap of $4M. Their HWY 37 property (90,000 acres) in British Columbia seems promising. The Hank-Williams deposit has had drill holes of 402M at .7 gpt AU and 20M... more

04/20/2024

Analysis

Updated: Zacatecas Silver Corp

Zacatecas Silver is a new project generator focused on Mexico. They have two projects on 20,000 acres. The Zacatecas Property has a resource of 3.4 million tonnes at 187 g/t AgEq, but their primary focus is the Esperanza oxide gold project. It has a... more

04/20/2024

Analysis

Updated: Silver Mountain Resources Inc

Silver Mountain Resources is a new company formed in 2022. They acquired Reliquias, a previously operational mine in Peru with a permitted mill (2,000 tpd) and plan to resume production. They have not provided production guidance, but they have only 5.5... more

04/19/2024

Analysis

Updated: Arizona Metals Corp

Arizona Metals Corp is drilling two projects in Arizona. I'm not sure if they are an exploration or development company. Investors are valuing them like a developer. Giving them a whopping $650 million FD market cap in 2022, which has now dropped to $187... more

04/19/2024

Analysis

Updated: Sonoro Gold Corp

Sonoro Gold is a new company formed from Pediment Gold after they sold their flagship project to Argonaut Gold. They are trying to become a small gold producer in Mexico. Their Cerro Caliche project has a PEA forecasting a total production of 300,000 oz... more

04/19/2024

Analysis

Updated: Highway 50 Gold Corp

Highway 50 Gold is an exploration company. They have a 50% option for a property (Monroe) in British Columbia (3,000 acres). The spent $3 million on drilling to get the option, but have not drilled since 2019. They also have three projects in Nevada.... more

04/19/2024

Analysis

Updated: Xanadu Mines

Xanadu Mines is a project generator focused in Mongolia. They have a world-class copper/gold project (Kharmagtai). They have a 50/50 JV with Zigin Metals, which can finance, build, and operate the mine. It is already 8 billion lbs of copper and 8... more

04/18/2024

Analysis

Updated: Juggernaut Exploration

Juggernaut Exploration is a project generator focused in Canada. They have five gold projects in British Columbia (Gold Standard, Goldstar, Midas, Bingo and Empire). They have two potential discoveries. Midas (50,000 acres) had a hole of 9 meters at... more

04/18/2024

Interview

Don Interview: Seeking Alpha

https://seekingalpha.com/article/4684539-buying-to-the-bottom-in-gold-and-silver-with-don-durrett more

04/16/2024

Analysis

Updated: Kingston Resources Ltd

Kingston Resources is a small gold producer in Australia. They have been producing an open pit (Mineral Hill) and tailings and plan to transition to underground mining in 2025. In 2024, they raised $20 million using debt and equity to mine underground....... more

04/16/2024

Analysis

Updated: Kin Mining

Kin Mining is developing a gold project (Cardinia) in Western Australia. It is a 1.3 million oz (1.4 gpt) resource (four deposits) with a pre-feasibility study. Construction was started once before and then they halted work because they were over budget... more

04/15/2024

Analysis

Updated: Sierra Madre Gold and Silver Ltd

Sierra Madre Gold and Silver is focused in Mexico. They are a new company that had an IPO in 2021. They have three properties. The main focus appears to be the La Guitarra Mine they acquired from First Majestic in May 2022. First Majestic now owns 47% of... more

04/15/2024

Analysis

Updated: PPX Mining Corp

PPX Mining (previously Peruvian Precious Metals) has a small gold project in Peru. So far they have found 700,000 oz of gold equivalent oz (including silver) at pretty good grades (2 gpt gold and 70 gpt silver). They produced only 13k ounces in 2022... more

04/15/2024

Analysis

Updated: Mineros S.A.

Mineros S.A. is a mid-tier gold producer in Central and South America. Investors don't like it, only valuing it at less then 2x FCF, plus are currently paying a 10% dividend yield. Plus, they are producing 215,000 oz a year. Why is it so unloved? They... more

04/14/2024

Analysis

Added: Wia Gold Ltd

Wia Gold is an Australian exploration company focused in Africa. They are drilling a significant discovery (Kokoseb) in Namibia (South Africa). The maiden resource was 1.3M oz at 1 gpt AU. It has 5-kilometer strike and will grow in size. It's an exciting... more

04/14/2024

Analysis

Added: Kobo Resources Inc

Kobo Resources is a Canadian-based exploration company focused in West Africa. Their Kossou project (35,000 acres) in Cote d'Ivoire appears to be a discovery, although they in their initial 5,000 meter drill program. They are already excited enough to... more

04/13/2024

Analysis

Updated: Fresnillo Plc

Fresnillo is a major with an FD market cap of $5,7 billion and is the largest silver producer at 60 million oz per year (plus 600,000 oz of gold). Note that silver production drops to 55 million oz’s in 2025. They have high costs, but it is still a... more

04/13/2024

Analysis

Updated: Bear Creek Mining Corp

Bear Creek Mining is advancing a large silver project in Peru. Corani (300 million oz at 50 gpt, plus zinc and lead offsets) is one of the largest undeveloped silver projects in the world. It is shovel-ready but requires a 3-year build. Corani is on... more

04/13/2024

Analysis

Updated: Rio2 Ltd

Rio2 Ltd (acquired Atacama Pacific in 2018) has a large gold project (Fenix) in Chile. It is a 5 million oz, low grade (.4 gpt) oxide surface mine (75% recovery rate). Atacama Pacific released a PFS in 2014 to mine 250,000 oz per year. However, the capex... more

04/12/2024

Analysis

Updated: Gold Basin Resources Corp

Gold Basin Resources is a project generator operating in Arizona. They manage a gold project known as Gold Basin on 7,500 acres, which consists of two parallel trends with shallow oxide gold along a 1.5 km strike. They do not have a resource estimate,... more

04/11/2024

Analysis

Updated: Torex Gold Resources Inc

Torex Gold Resources is a large gold producer in Mexico. El Limon began production in 2015. They produce around 450,000 oz at $1400 breakeven costs. The mine life for El Limon is ending around 2026. The good news is they are building a new mine (Media... more

04/11/2024

Analysis

Updated: Western Alaska Minerals Corp

Western Alaska Minerals is a new project generator focused in Alaska. They have a significant silver discovery (Waterpump Creek). They are comparing it to a 150M oz discovery and think it is a big mine. They have a nice discovery hole (9 meters at 1800... more

04/10/2024

Analysis

Updated: B2Gold Corp

B2Gold Corp. is a major with producing mines in the Philippines, Namibia, Finland, and Mali. Production is scheduled for around 900,000 oz in 2024 and 1.2M oz in 2025 (after Back River begins production). Costs in 2024 are high at about $1400 AISC and $16 more

04/09/2024

Analysis

Updated: Luca Mining

Luca Mining (formerly Altaley Mining and Telson Mining) is a small gold/silver/base metals producer in Mexico. They acquired Campo Morado in 2017, which has a 1 million oz gold deposit (including silver). Production is around 35,000 oz AUEQ,... more

04/09/2024

Analysis

Updated: Outcrop Silver & Gold

Outcrop Silver & Gold (previously Outcrop Gold & Miranda Gold) is trying to advance a high-grade silver project in Colombia. Santa Ana (65,000 acres) has a maiden resource of 40M oz at 500 gpt AG (including gold) and is growing in size. This is still... more

04/09/2024

Analysis

Updated: Granada Gold

Granada Gold (previously Gold Bullion Development) has a gold project (Granada) in Quebec, Canada. It is undervalued with an FD market cap of only $6 million, although they working capital issues. It is both a surface mine with good grades (450,000 oz at... more

04/09/2024

Analysis

Updated: Cassiar Gold Corp

Cassiar Gold is a project generator focused in British Columbia. Cassiar (60,000 hectares) has two separate gold projects. Cassiar North (Taurus) has an inferred resource of 1.4 million oz (1.1 gpt). Taurus is growing in size where they are drilling step- more

04/08/2024

Analysis

Updated: Agnico Eagle Mines Ltd

Agnico Eagle Mines is major, producing about 3.4M oz a year. It's a solid company with about 54 million oz of gold reserves and about 98 million oz of M&I gold resources. Growth will be steady, but nothing to get excited about. They are one of the better... more

04/08/2024

Analysis

Updated: Gowest Gold Ltd

Gowest Gold is advancing to production in Canada. They have a large gold project (Bradshaw) on 30,000 acres with 15 drill targets. The Bradshaw mine is a 1.2 million oz (5 gpt) resource that looks good. It’s a past-producing underground mine where the... more

04/06/2024

Analysis

Updated: Sky Metals Ltd

Sky Metals is a project explorer focused in Australia. They have 3 gold projects: the Kangiara & Caledonian JVs (holding an 80% interest in both) and the wholly-owned Cullarin project. Additionally, they are drilling at various base metal sites, with a... more

04/06/2024

Analysis

Updated: Wallbridge Mining Company Ltd

Wallbridge Mining is advancing a large gold project (Fenelon) in Quebec. They had an FD market cap of $20 million in 2018 and then it exploded to $139 million in 2019 from high-grade drill results. Although, after their acquisition with Balmoral... more

04/06/2024

Analysis

Updated: Gold Royalty Corp

Gold Royalty Corp is a new royalty company created by Goldmining Inc. They spun-out 18 NSRs (from their projects with 25 million oz of gold) and funded it via an IPO to start out with about $87 million in cash. Then they acquired Ely Royalties and... more

04/06/2024

Analysis

Updated: Warriedar Resources Ltd

Warriedar Resources (previously Anova Metals) is an Australian company with a gold project in Nevada (Big Springs) and two large exploration projects in WA Australia (Golden Range & Field Finds). Until recently their focus was a small producing gold mine... more

04/06/2024

Analysis

Updated: Signal Gold Inc

Signal Gold (previously Anaconda Mining) was a small gold producer in Canada, with properties in Newfoundland and Nova Scotia. They were producing about 20,000 oz per year at their Point Rousse project, but stopped production in 2022 due to high costs.... more

04/05/2024

Analysis

Updated: Dynasty Gold Corp

Dynasty Gold is a project generator focused on Canada. They are drilling the Thundercloud project in Ontario (5,000 acres). Their 2023 drill program aimed to follow up on previous results, such as 6.5 meters of 72.23 g/t gold and a 1.5m intersection of... more

04/05/2024

Analysis

Updated: Jaguar Mining Inc

Jaguar Mining is a mid-tier producer in Brazil with 2 operating mines. Several years ago, they went bankrupt from high costs and high debt. They restructured the debt and re-listed their shares. They cleared $260 million in debt from their balance sheet.... more

04/05/2024

Analysis

Updated: Mirasol Resources Ltd

Mirasol Resources is a project generator with a lot of projects and JVs. They have 3 projects that they're actively exploring-Inca Gold, Sobek & Virginia. Have one in active partnership (Claudia) and 12 more up for sale or joint ventures. The focus... more

04/05/2024

Analysis

Updated: Royal Gold Inc

Royal Gold is a royalty company based in the US. They have 177 properties spread over 17 countries. 37 are producing and 24 are in development. 76% are gold focused. 69% of their income comes from streams. They did $606M in revenue in 2023 which equals... more

04/05/2024

Analysis

Updated: Goldmining Inc

Goldmining Inc. (previously Brazil Resources) has a strategy of acquiring advanced-stage projects. They have done an excellent job achieving that strategy (although it has not translated into shareholder value yet). They have $160 million in cash and... more

04/05/2024

Analysis

Updated: Golden Minerals Co

Golden Minerals was doing great in 2011 with a share price high of $28 (the ATH is $700 after a 25 to 1 reverse split in 2023). They had 50 properties on 800,000 acres, including two flagship projects. Velardena in Mexico and El Quevar in Argentina.... more

04/05/2024

Analysis

Updated: Chakana Copper

Chakana Copper is advancing a copper/gold/silver tourmaline pipes discovery (Soledad-Rosales) in Peru. These copper-bearing tourmaline pipes are a distinctive class of intrusion-related breccias which vary considerably in size and metal content. Initial... more

04/05/2024

Analysis

Updated: Dome Gold Mines

Dome Gold Mines has 3 gold properties in Fiji covering 95,000 acres. However, they found a magnetite deposit (Sigatoka) of 190 million tons (11% magnetite). They say they are close to production at Sigatoka, but they don't give much details on how they... more

04/03/2024

Analysis

Updated: Orosur Mining Inc

Orosur Mining is a project generator focused in South America. They have a 25% JV with Newmont on their Anza property in Colombia. They have a free-carry deal until Newmont is ready to finance the capex. Newmont is currently drilling, but it is still... more

04/03/2024

Analysis

Updated: Orosur Mining Inc

Orosur Mining is a project generator focused in South America. They have a 25% JV with Newmont on their Anza property in Colombia. They have a free-carry deal until Newmont is ready to finance the capex. Newmont is currently drilling, but it is still... more

04/03/2024

Analysis

Updated: North Peak Resources Ltd

North Peak Resources is a new exploration project company. In 2021, they obtained an option on the Blackhorse property, a 2,700-acre property in Nevada, with demanding conditions requiring a $10 million payment after 1.5 years and another $10 million one... more

04/03/2024

Analysis

Updated: Denarius Metals

Denarius Metals (formerly Denarius Silver) is a new conpany formed in 2021. They have a strong connection with Aris Mining, which owns 16% of their shares. They have the same Chairman and Aris Mining. They recently acquired a project in Spain (Lomero-Poya more

04/03/2024

Analysis

Updated: Compass Gold Corp

Compass Gold is a project generator focused in West Africa (Mali). They have two large properties (Tarabala & Moribala), with several targets on 250,000 acres that are collectively referred to as the Sikasso project. They have drilled about 300 holes.... more

04/03/2024

Analysis

Updated: Silver Viper Minerals Corp

Silver Viper Minerals is a project generator focused in Mexico. They have a significant discovery (La Virginia) on 15,000 acres. It has a 6-kilometer strike with 300 holes drilled. Some of their drill holes have been exciting (8 meters at 9 gpt Au, 500... more

04/02/2024

Analysis

Updated: Andean Precious Metals Corp

Andean Precious Metals Corp is a silver producer in Bolivia. They acquired the San Bartolome mine from a private company. They produced 5 million oz (120 gpt) in 2023 with all-in (breakeven) costs around $25 per oz. About 40% of their production comes... more

04/01/2024

Analysis

Updated: Ascendant Resources

Ascendant Resources is building a VMS mine (6 metals) in Portugal. Their Lagoa Salgada project is impressive, but investors are not interested. Their FD market cap has crashed to $8M. A big reason why is the high capex. They say the capex is $165M, but... more

04/01/2024

General

March 2024 Newsletter Posted

March 2024 Newsletter Posted. more

News from April 2024

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