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07/31/2024
Analysis
Updated: Anglogold Ashanti Ltd
AngloGold Ashanti is one of the largest gold producers. They were cheap in 2018, crashing to $7 per share. This was due to strikes in South Africa and higher cash costs. They resolved those issues (and they sold their SA mines), and now the stock is back... more
07/31/2024
Analysis
Updated: Summa Silver Corp
Summa Silver is a new company with a silver project (Hughes) in Nevada. They have 5500 acres on the Tonapah district that mined 175 million oz at very high grades in the 1940s. They don't own the entire district, but have the Belmont Mine, which mined 36... more
07/31/2024
Analysis
Updated: Ten Sixty Four Ltd
Ten Sixty Four Ltd (formerly Medusa Mining) was a mid-tier producer in the Philippines. Their shares are currently not trading, and they are in Voluntary Administration to identify broken laws and do an audit. Did not give a timeframe for when company... more
07/31/2024
Analysis
Updated: Rupert Resources Ltd
Rupert Resources is advancing a large high-grade open project (Ikkari) in Finland. It is 4 million oz (2.5 gpt) open pit and growing in size. They released a PEA in 2022. The capex is only $405M, with low cash costs of $600 per oz for the first 11 years.... more
07/29/2024
Analysis
Updated: Focus Minerals Ltd
Focus Minerals was a mid-tier producer in Australia, but they halted production in 2013 due to high cash costs. They restarted production at Coolgardie in July 2023 at 25K oz a year. All-in costs (breakeven) have been high (they lost money last Qtr). I'm... more
07/27/2024
Analysis
Updated: Bayhorse Silver Inc
Bayhorse Silver (formerly Kent Exploration) is a near-term silver producer in Oregon (Bayhorse). It is a small resource (6 million oz), but high-grade (20 opt). They plan to begin production at 600,000 oz annually. That could increase to 1 million oz... more
07/27/2024
Analysis
Updated: Fireweed Metals
Fireweed Metals (formerly Fireweed Zinc) is advancing a large zinc/silver/lead project (Macmillan Pass) in the Yukon. They released a PEA in 2018. The deposit has 55M tons and is growing in size. It has 6% zinc and 4% lead, plus 55 million oz of silver... more
07/27/2024
Analysis
Updated: Elevation Gold Mining Corp
Elevation Gold Mining (formerly Northern Vertex Mining) is a small gold producer operating the Moss project in Arizona, covering 40,000 acres. The project has a resource estimate of 500,000 ounces (gold equivalent, including silver) at a grade of 0.8 g/t. more
07/27/2024
Analysis
Updated: Horizon Gold Ltd
Horizon Gold was created in 2016 from a spin-out of Panoramic Resources in Australia. Gum Creek is a large property (150,000 acres) that has had extensive mining (37 open pits and 3 underground mines). It is a 2 million oz deposit, both open pit (1.5 gpt) more
07/26/2024
Analysis
Updated: EnviroGold Global Ltd
Envirogold Global has a unique strategy: they plan to acquire and mine tailings projects. This approach potentially offers low capex and an easier permitting process. They have acquired the Hellyer project in Tasmania, which is expected to produce 100,000 more
07/26/2024
Analysis
Updated: Marvel Gold Ltd
Marvel Gold is advancing three gold projects in Mali. Their flagship project, Tabakorole, allows them to earn up to 80%. It has at least 1 million ounces (1.2 gpt) of open-pit gold, which would be easy to permit and mine. Additionally, the property is... more
07/26/2024
Analysis
Updated: Harfang Exploration Inc
Hargang Exploration is a project explorer focused on Canada. They have about 10 properties in good locations in Quebec and Ontario. All of these projects are early exploration gold and lithium properties.
They seem to be focused on their Serpent -... more
07/26/2024
Analysis
Updated: Harfang Exploration Inc
Hargang Exploration is a project explorer focused on Canada, with projects located in the James Bay region of Quebec, as well as in Timmins (Egan) and Ontario (Blakelock). All of these projects are early exploration gold and lithium properties.
They... more
07/26/2024
Analysis
Updated: Decade Resources Ltd
Decade Resources is a project generator focused in Canada. They have 6 properties in the golden triangle area of British Columbia. All of their properties are early exploration and they do not have a discovery. They focused mainly on the Del Norte and... more
07/26/2024
Analysis
Updated: Geopacific Resources Ltd
Geopacific Resources is developing a 1.5 million oz (1.5 gpt) open-pit project (Woodlark Island) in Papua New Guinea. It has a feasibility study from 2018 with an update in 2020, but it faces some hurdles. The capex was approximately $190M in 2020 and is... more
07/25/2024
Interview
Don Interviewed on CapitalCosm
https://youtu.be/ONzJg910ESI?si=NO-Nssy85rO63vSc more
07/23/2024
Analysis
Updated: Rockfire Resources
Rockfire Resources is a London-based exploration company with 4 projects in Australia and one in Greece. They have a lot of land (250,000 acres) in Australia, but no significant discoveries. This is why it has a tiny FD market cap of $6M.
Plateau is... more
07/23/2024
Analysis
Updated: Euromax Resources Ltd
Euromax Resource was trying to advance a gold project in Macedonia. Everything looked great and then suddenly they could not get the mining permit. They won a legal decision against the government in 2024. However, they still need the government to grant... more
07/22/2024
Analysis
Updated: MetalsTech Ltd
MetalsTech Ltd is trying to re-start a gold mine in Eastern Europe (Slovakia). The Sturec property (2300 acres) is a large 2.7 million oz at 2 gpt AUEQ (including silver) deposit. However, it is only 1 kilometer from a town, which adds risk.
They... more
07/22/2024
Analysis
Updated: Rockhaven Resources Ltd
Rockhaven Resources has an excellent gold/silver project in the Yukon. They did a PEA in 2020 and the after-tax IRR was 37% at $1450 gold, The capex is high at around $250 million. For this reason, investors have not been interested. But at $2000 gold,... more
07/21/2024
Analysis
Updated: Santana Minerals Ltd
Santana Minerals is advancing a large gold project in New Zealand. The Bendigo-Ophir-RAS project is already 3M oz at 2.3 gpt and is growing in size. The bad news is that it is not cheap, with a $191M FD market cap. Investors like it. A PEA was released... more
07/21/2024
Analysis
Updated: Cartier Silver Corp
Cartier Silver is a project generator focused in Bolivia and Newfoundland. They have three early exploration projects, none of which have had much drilling. They seem to be focusing on Gonalbert in Bolivia (6,200 acres), which is near the large Iska Iska... more
07/21/2024
Analysis
Updated: Santana Minerals Ltd
Santana Minerals is advancing a large gold project in New Zealand. The Bendigo-Ophir-RAS project is already 3M oz at 2.3 gpt and is growing in size. The bad news is that it is not cheap, with a $191M FD market cap. Investors like it. A PEA was released... more
07/21/2024
Analysis
Updated: Novo Resources Corp
Novo Resources exploded in value based on a potential large discovery in Western Australia (Pilbara region). However, its high valuation was based on a theory. The theory is that they can mine a very thin layer near the surface called conglomerate. This... more
07/20/2024
Analysis
Updated: Euro Sun Mining Inc
Euro Sun Mining (formerly Carpathian Gold) was a mid-tier producer in Brazil with a huge debt load. In 2015, they were able to make a deal to sell the project for the amount of debt ($177 million). Now they are debt free with a large gold/copper project... more
07/19/2024
Analysis
Updated: Cora Gold Ltd
Cora Gold is working to advance a small open-pit gold project (Sanankoro) in Mali to production. The project has a short reserve mine life of 6.8 years. The economics at $1,750/oz seem very good, with a 52.3% IRR, a 1.2-year payback period, AISC of $997/ more
07/18/2024
Analysis
Updated: Cartier Resources Inc
Cartier Resources is a project generator focusing in Quebec. They have a significant project (Chimo) that has 2.3 million oz (3 gpt). They want to grow the Chimo resource to 4 million oz. This is a big mine in a good location. It will get built. I find... more
07/17/2024
Analysis
Updated: Boab Metals Ltd
Boab Metals (previously Pacifico Minerals) is advancing a lead-silver project (Sorby Hills) in Australia. It has about 35 million oz (their share) of low-grade silver (35 gpt). However, it also has high-grade lead offsets that should make it economic.... more
07/17/2024
Analysis
Updated: Silver Dollar Resources Inc
Silver Dollar Resources was formed in 2020. They acquired a silver property (La Joya) from First Majestic Silver, who received about 20% of Silver Dollar (they currently hold 16%). They have a $15 million FD market cap, but this is an 80 million oz (30... more
07/16/2024
Analysis
Updated: Rox Resources Ltd
Rox Resources is advancing a large gold project in Western Australia. Their Youanmi property (175,000 acres) is a 2.3M oz deposit (open pit and underground). It is a past-producing mine (1997) with a mill that can be refurbished. They did a PEA, and the... more
07/16/2024
Analysis
Updated: Genesis Minerals Ltd
Genesis Minerals is a mid-tier producer in Australia. They have large resources, with 15M oz’s. They currently only produce 175K oz, but that will increase over time. They are targeting slow growth (300K oz by 2029), but that could increase with higher... more
07/16/2024
Analysis
Updated: Genesis Minerals Ltd
Genesis Minerals is a mid-tier producer in Australia. They have large resources, with 15M oz’s. They currently only produce 175K oz, but that will increase over time. They are targeting slow growth (300K oz by 2029), but that could increase with higher... more
07/16/2024
Analysis
Updated: Artemis Gold Inc
Artemis Gold was formed by the Atlantic Gold management team after they were acquired by St Barbara. They acquired the huge Blackwater project (British Columbia) from New Gold for $155 million, plus a 4% NSR (8% for the first 280,000 oz delivered). Those... more
07/16/2024
Analysis
Updated: Artemis Gold Inc
Artemis Gold was formed by the Atlantic Gold management team after they were acquired by St Barbara. They acquired the huge Blackwater project (British Columbia) from New Gold for $155 million, plus a 4% NSR (8% for the first 280,000 oz delivered). Those... more
07/15/2024
Analysis
Updated: GR Silver Mining Ltd
GR Silver Mining (previously Goldplay Exploration) is advancing a large silver project (Plomosas) in Mexico. It’s up to 135M oz at 180 gpt AGEQ. Investors were ignoring it, giving it a market cap valuation of only $18M in 2023. Now it is up to $65M,... more
07/14/2024
Analysis
Updated: Catalyst Metals Ltd
Catalyst Metals was a small gold producer in Australia, but acquired Superior Gold in 2023 (and the Plutonic mine) to become a mid-tier producer. They increased their resources to 4M oz at 3.4 gpt. The problem is that Plutonic is a low-grade underground... more
07/14/2024
Analysis
Updated: Minera Alamos Inc
Minera Alamos is a small gold producer (Santana) in Mexico. Plus, they are advancing two more open-pit gold projects (La Fortuna, and Cerro De Oro) to production. Santana will produce 25,000 oz in 2024, but currently has a small resource (300K oz).... more
07/14/2024
Analysis
Updated: Minera Alamos Inc
Minera Alamos is a small gold producer (Santana) in Mexico. Plus, they are advancing two more open-pit gold projects (La Fortuna, and Cerro De Oro) to production. Santana will produce 25,000 oz in 2024, but currently has a small resource (300K oz).... more
07/14/2024
Analysis
Updated: Vox Royalty Corp
Vox is a returns-focused precious metals royalty company with a portfolio of over 60 royalties and streams spanning eight jurisdictions. Six royalties are already producing. By 2025, they should have 10+ royalties producing. The Company was established... more
07/13/2024
Analysis
Updated: Horizon Minerals Limited
Horizon Minerals is a small producer in Australia. They are planning to resume production at some point. They recently merged with Greenstone Resources, which increased their resource base. Their Boorara-Cannon project has 450,000 oz, and overall, they... more
07/13/2024
Analysis
Updated: American Pacific Mining
American Pacific Mining is an exploration company focused in North America. They have multiple JV's and multiple fully owned projects. In 2024 they're focusing on their 100% owned Madison Mine and commenced drilling there in the first half of 2024. They... more
07/13/2024
Analysis
Updated: First Majestic Silver Corp
First Majestic Silver is a large silver/gold producer in Mexico and Nevada. Until recently, they were a strong company with a clean balance sheet and low costs. Now they have $201 million in debt, and their costs are no longer low. Their break-even costs... more
07/13/2024
Analysis
Updated: Vox Royalty Corp
Vox is a returns-focused precious metals royalty company with a portfolio of over 60 royalties and streams spanning eight jurisdictions. Six royalties are already producing. By 2025, they should have 10+ royalties producing. The Company was established... more
07/12/2024
Analysis
Updated: Angkor Resources
Angkor Resources is a project generator in Cambodia. They have 3 projects in Cambodia, but have also recently diversified into the energy and carbon capture space. They have a carbon capture plant in Canada that is converting carbon in natural gas at the... more
07/12/2024
Analysis
Updated: St Barbara Ltd
St. Barbara is a mid-tier gold producer based in Australia. In 2022, they sold their flagship Leonora project in Australia to Genesis Mineral for cash and shares. This left them with two projects and a strong balance sheet. They now have $145M in cash (bu more
07/12/2024
Analysis
Updated: Globex Mining Enterprises Inc
Globex Mining is a project generator that has been around for 60 years. With 249 projects (118 are precious metals) in Canada and the US (mostly in Quebec and Ontario). They also have 103 royalty properties, with 1 paying out about $1.5 million per year.... more
07/12/2024
Analysis
Updated: Avanti Gold Corp
Avanti Gold (formerly Valorem Resources) is a project generator focused on Canada. They have restructured their board of directors and appointed a new experienced geologist as CEO, with Robert Cross (Chairman & Co-founder of BTG) and Paul Matysek as... more
07/12/2024
Analysis
Updated: Tier One Silver Inc
Tier One Silver is a project generator focused in Peru. They are focusing on Curibaya (40,000 arcres) & had had good drill results in 2021. Drill results were high but very narrow so they need to further define the scope of their project if they want to... more
07/12/2024
Analysis
Updated: Strikepoint Gold Inc
Strikepoint Gold is a project explorer focused in Nevada and Canada. They seem to be focused on their Cuprite project (10,000 acres) in Nevada. They believe that it shares similarities with the nearby Silicon gold deposit (which was recently discovered... more
07/11/2024
Analysis
Updated: Contango Ore Inc
Contango Ore is a new gold producer in Alaska (Kinross is the operator). They have a 30% interest in the Manh Choh project, which they discovered. Kinross began trucking the ore to their Fort Knox mill 240 mills away in Q3 2024. The capex was $180... more
07/09/2024
Analysis
Updated: Citigold Corp Ltd
Citigold is trying to advance its large Charters Towers (42,000 acres) gold project in Australia. They have 14 million oz at 14 gpt (inferred), 600,000 oz at 7 gpt (reserves), and 800,000 oz at 7 gpt (M&I). Plus, they think they can find more.... more
07/09/2024
Analysis
Updated: Griffin Mining Ltd
Griffin Mining is mining zinc in China. I included them in the database because they have 88M oz of silver at 27 gpt, and 1.6M oz of gold at .5 gpt. Currently, they are not mining very much gold or silver. The company presentation is from 2022. The 2023... more
07/08/2024
Analysis
Updated: Gogold Resources
GoGold Resources (they also call themselves GoGold Silver & Gold as a tagline on their website) is a small silver producer in Mexico. They will produce 1.5 million oz of silver equivalent (including gold) in 2024 with all-in costs of around $20 per oz (fr more
07/07/2024
Analysis
Updated: Blue Star Gold Corp
Blue Star Gold (formerly WPC Resources) has a high-grade gold project (Ulu) and the Roma project in Nunavut. Ulu has 572,000 oz at 7.02 g/t (M&I) and an inferred resource of 303,000 oz at 7.34 g/t. Their current plan is to define more targets using... more
07/07/2024
Analysis
Updated: Unigold Inc
Unigold Inc has a large gold project in the Dominican Republic. Their Neita Sur - Candelones property (25,000 acres) is approaching late stage development. They have already found 2.1 million oz and have several more targets. It is both an open pit (1.1... more
07/06/2024
Interview
Don Interviewed on Natural Resources
https://youtu.be/84FqF0wJg3g?si=jQK1cI28r2ZgfGj1 more
07/06/2024
Analysis
Added: Griffin Mining Ltd
Griffin Mining is mining zinc in China. I included them in the database because they have 88M oz of silver at 27 gpt, and 1.6M oz of gold at .5 gpt. Currently, they are not mining very much gold or silver. The company presentation is from 2022. The 2023... more
07/06/2024
Analysis
Added: Nations Royalty Corp
Nations Royalty was formed in 2024. They hold 5 royalties, with one paying royalty. Their FCF should be around $5M for the next 5 years. So, they are valued at around 20x FCF. They would be valued higher if they had any expected growth in the near term.... more
07/05/2024
Analysis
Updated: Relevant Gold Corp
Relevant Gold is a project generator focused on Wyoming. The company was formed in 2022, and all of their projects are in the early exploration stage with minimal drilling. They have five projects covering 40,000 acres. The South Pass project includes... more
07/05/2024
Analysis
Updated: Sokoman Minerals Corp
Sokoman Minerals has several gold properties in Newfoundland, Canada. Investors were excited about 2018 drill holes at their Moosehead property (17 meters at 11 gpt and 16 meters at 14 gpt). Moosehead looks like a mine, but it is still early exploration.... more
07/05/2024
Analysis
Added: Larvotto Resources Ltd
Larvotto Resources is a gold/base metals developer focusing in Australia. In 2023, they acquired the Hillgrove gold/antimony project. It's a past-producing mine (2022) on C&M with a working mill. It's a 1.4M oz deposit (6 gpt AUEQ) with excellent... more
07/05/2024
Analysis
Updated: Gold Springs Resources
Gold Springs Resources (formerly TriMetals Mining and South American Silver) has been a painful fall for their investors. It has fallen from $3.25 a share in 2010 to today’s price of 13 cents. This crash happened because the Bolivian Government... more
07/05/2024
Analysis
Updated: Phenom Resources Corp
Phenom Resources is trying to advance a large vanadium project in Nevada. The capex is $535 million. They also have a gold project (South Carlin) that is early exploration. The PEA completed in 2020 says they own the largest highest grade primary... more
07/05/2024
Analysis
Updated: Kaiser Reef Ltd
Kaiser Reef is trying to restart two high-grade underground mines in Australia. Both have had significant production in the past, but neither appear to currently have any reserves or resource totals. They are both in Victoria and have significant drill... more
07/05/2024
Analysis
Updated: Radius Gold Inc
Radius Gold is a project generator with early exploration projects in Guatemala and Mexico. They sold their advanced projects for $20 million in 2012 and started over. They appear to have found a potential mine in Mexico (Amalia), in which Pan American... more
07/04/2024
Analysis
Updated: Spanish Mountain Gold Ltd
Spanish Mountain Gold has a large open-pit gold project (Spanish Mountain) in Canada (British Columbia). In 2021, they released a pre-feasibility, which increased the capex to $460 million, decreased cash costs to $550 (for the first 10 years), and... more
07/03/2024
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a copper/gold producer in Azerbaijan. Production is projected at about 50,000 oz AUEQ in 2024. They lost money last Qtr and I don't have a good understanding of their expected AISC. They call themselves a low cost operator, so they... more
07/03/2024
Analysis
Updated: Anglo Asian Mining Plc
Anglo Asian Mining is a copper/gold producer in Azerbaijan. Production is projected at about 50,000 oz in 2024. The lost money last Qtr and I don't have a good understanding of their expected AISC. Their Gedabek property has both an open pit and an... more
07/02/2024
Analysis
Updated: Silver X Mining
Silver X Mining has a producing silver mine (Tangana) on their Nueva Recuperada (35,000 acres) property in Peru. It has about 150 million oz of 300 gpt AGEQ (about 50 million oz of AG at 90 gpt), and they are producing about 1.5 million oz of AGEQ. It's... more
07/01/2024
General
June 2024 Newsletter Posted
June 2024 Newsletter Posted. more
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