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09/30/2024
General
September 2024 Newsletter Posted
September 2024 Newsletter Posted. more
09/30/2024
Analysis
Updated: West Wits Mining
West Wits Mining is developing a gold project in South Africa (WBA), in which they hold a 66% stake. It boasts a substantial 3 million oz (their share) underground resource, albeit with a low grade of 4.5 gpt. They are pursuing a staged approach, with... more
09/30/2024
Analysis
Updated: Barksdale Resources Corp
Barksdale Resources is a project generator focused on Arizona and Mexico, with several early-stage exploration projects. The most promising is likely the Sunnyside project, which is adjacent to the large South32 Hermosa project. Barksdale has acquired 30, more
09/30/2024
Analysis
Updated: Valkea Resources Corp
Valkea Resources (previously Outback Goldfields) is a project generator focused in Finland, but also has projects in Australia. They have 5 properties in Finland, including 30% JVs with Kinross (Palivanea) and Rupert Resources (Sikavaara). There other... more
09/30/2024
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 150,000 oz and has 8 million oz of resources, which makes for a long-life mine. This mine alone probably gives it a... more
09/30/2024
Analysis
Updated: Nexus Minerals Ltd
Nexus Minerals is advancing an open-pit project (Wallbrook) in Western Australia. They recently released an updated resource estimate for the project, reporting 300,000 ounces (indicated + inferred) at 1.7 g/t Au. Additionally, they published a scoping... more
09/30/2024
Analysis
Updated: TNR Gold Corp
TNR Gold is a project generator with a gold project in Alaska. However, they have been relatively inactive in gold exploration, and most of their value comes from two royalty agreements. They hold a 0.36% NSR royalty on the Los Azules copper project in... more
09/29/2024
Analysis
Updated: Altiplano Metals
Altiplano Minerals was a small copper producer in Chile, operating at their Farellon mine. They produced about 1.2 million lbs of copper per year, which was not enough to keep them profitable. They decided to terminate the mining lease and focus on... more
09/29/2024
Analysis
Updated: BeMetals Corp
BeMetals is an early-stage exploration company focused on projects in Japan (copper and gold) and Zambia (copper). Their primary focus is the Pangeni copper discovery in Zambia. So far, the results have shown low grades or deep mineralization, but these... more
09/29/2024
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
09/29/2024
Analysis
Updated: Carnaby Resources Ltd
Carnaby Resources is a project generator focused in Australia. They have three large properties. Their Pilbara properties include 100,000 acres. It has a 70-kilometer strike to explore. There have been recent gold, nickel, and lithium discoveries in the... more
09/28/2024
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
09/28/2024
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 around 40,000 AUEQ oz annually (about half the revenue is... more
09/28/2024
Analysis
Updated: Pan African Resources Plc
Pan African Resources is a mid-tier gold producer in South Africa. They have large resources at 40 million oz (open pit and underground) and are producing 220,000 oz with all-in costs (free cash flow) around $1700 per oz. They don't have a strong balance... more
09/27/2024
Analysis
Updated: Nubian Resources Ltd
Nubian Resources is a project generator focused on Australia and Peru. Their current priority is the Fosterville East project, located in central Victoria, approximately 10 km east of the world-class, 9-million-ounce Fosterville Gold Mine. They are... more
09/27/2024
Analysis
Updated: Alien Metals Limited
Alien Metals (formerly Arian Silver) is a project generator focused on Western Australia. They lost their 117-million-ounce San Jose silver project (Mexico) in 2015 due to debt issues. Currently they own a high-grade silver project, Elizabeth Hill -... more
09/26/2024
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
09/26/2024
Analysis
Updated: 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 on 750 acres, but the drill results have been impressive. Here are some recent drill results:
776M at .5% CU (.25 gpt AU)... more
09/26/2024
Analysis
Updated: Golden Arrow Res Corp
Golden Arrow Resources previously owned a significant silver project, Chinchillas/Pirquitas in Argentina, which contained a 140-million-ounce silver deposit. They sold it for $44 million, a deal that was unpopular with investors. This is yet again... more
09/26/2024
Analysis
Updated: Canstar Resources Inc
Canstar Resources is a project generator with gold and base metals projects in Newfoundland. Their flagship project is the Golden Baie project which is a large claim block that is located in proximity to a large number of the gold deposits, such as... more
09/25/2024
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 100,000 ounces (1.2 gpt) of gold in... more
09/25/2024
Analysis
Updated: Tempest Minerals Ltd
Tempest Minerals is a project generator focused in Western Australia. They have several early exploration projects, most of which are on large properties. They might be a developer, and some of their properties have past production. They are low on cash,... more
09/24/2024
Analysis
Updated: Capitan Silver
Capitan Silver is a project generator that was a spinout from Riverside Resources. They have one project (Cruz de Plata) on 5,500 acres in Mexico. It is both a silver and gold discovery.
They are currently drilling. If they can expand it large enough, more
09/24/2024
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
09/23/2024
Analysis
Updated: Apollo Silver
Apollo Silver acquired the Calico silver project from Pan American Silver. It has 110 million oz at 100 gpt (M&I), plus 50 million inferred at 80 gpt. It is a past-producing mine, making it easier to permit. It's located in California, although in San... more
09/22/2024
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 3.5 million oz (3.4 gpt) underground mine and open pit. Bibiani will produce around 100,000 oz in 2024 and 200,00 more
09/22/2024
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 $12 billion. They have 20 million oz of reserves, but 60 million oz of resources. The stock is pricey, but their all-in costs (free cash... more
09/21/2024
Analysis
Added: Borealis Mining Company Ltd
Borealis Mining is a gold developer in Nevada. They formed in 2024 and are a new company. They acquired the Borealis mine which was in production as recently as 2022. They have 330,000 tons stockpiled and plan to mine it, which is about 15,000 oz. It has... more
09/20/2024
Analysis
Added: Aurum Resources Ltd
Aurum Resources is an Australian project generator focused in West Africa. They have one project (Boundaliali) that has 250,000 acres in Cote d'Ivoire.
The properties are BM (100,000 acres) with a drill hole of 11.4 meters at 6.7 gpt AU.
BD (65,00 more
09/19/2024
Analysis
Updated: Collective Mining Ltd
Collective Mining is drilling a huge gold discovery in Colombia. Guayabales does not have a maiden resource yet. However, they think it is already 600 x 395 x 1130, and growing in size. That is the Apollo deposit and it is about 500M tons. At 1 gpt, that... more
09/18/2024
Analysis
Updated: G Mining Ventures Corp
G Mining Ventures is a gold producer in South America. In 2024, they built their first 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).... more
09/18/2024
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
09/18/2024
Analysis
Added: Killi Resources Ltd
Killi Resources is a project generator focused in Australia. They don't have a significant discovery yet. They optioned their West Tanami project to Goldfields, who must spend $10M to get 85%. They are currently focused on their Mt Rawdon property (75,000 more
09/17/2024
Analysis
Updated: Goldshore Resources Inc
Goldshore Resources was formed in 2021. They acquired the Moss Lake project (Ontario, Canada) from Wesdome Mines. They drilled aggressively (100,000 meters) from 2021 to 2023. Now they have 6M oz of inferred at 1.1 gpt, including a 3.5M oz high grade... more
09/16/2024
Analysis
Updated: Canagold Resources
Canagold Resources (formerly Canarc Resource Corp) has an advanced project in Canada. Their New Polaris project, located in northern British Columbia, contains 1.2 million ounces of high-grade gold (12 gpt), mostly in the indicated category, with further... more
09/16/2024
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
09/15/2024
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
09/15/2024
Analysis
Updated: Banyan Gold Corp
Banyan Gold is advancing a large open pit project (Aurmac) in the Yukon (22,000 acres). It is currently 7M oz (.6 gpt) inferred (with a 10M oz target). They plan to drill 20,000 meters in 2024/25 and do a PEA in 2025. The company is currently valued at... more
09/15/2024
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
09/15/2024
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
09/13/2024
Analysis
Updated: ECR Minerals Plc
ECR Minerals has five early-stage gold exploration projects in Australia that appear promising. Two of these projects, Bailieston and Creswick, are located in the Victoria district, which has historically produced 80 million ounces of high-grade gold.... more
09/08/2024
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 400,000 acres). It has become a huge discovery in a short period of time from several high-grade drill holes (19 meters... more
09/08/2024
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 118 producing projects. 75% of their revenue comes from precious metals. They also have some energy... more
09/08/2024
Analysis
Updated: Star Royalties Ltd
Star Royalties is a new royalty company started in 2021. They also created the first ever carbon negative JV in Green Star Royalties, of which Agnico Eagle owns 26%. They only have 10 royalties, so it is very early for them.
As of June 30th, 2024... more
09/08/2024
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a high-quality gold royalty company. They are focusing on gold and currently have 41 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
09/07/2024
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
09/07/2024
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
09/07/2024
Analysis
Updated: Salazar Resources Ltd
Salazar Resources is a project generator focused in Ecuador. They have a 25% carried interest in El Domo, which is an 850,000 oz (2.8 gpt) deposit. The capex is $110 million and the after-tax IRR is 44%. They started permitting & construction in 2023... more
09/07/2024
Analysis
Updated: Eagle Royalties Ltd
Eagle Royalties was created from a spin-out of Eagle Plains in 2023. They have 35 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 very... more
09/07/2024
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
09/07/2024
Analysis
Updated: Arizona Gold & Silver
Arizona Gold & Silver (formerly Arizona Silver Exploration) was formed in 2016. They have 3 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... more
09/07/2024
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
09/07/2024
Analysis
Updated: Gold Road Resources Ltd
Gold Road Resources is a mid-tier producer in Australia. They have 50% JV (Gruyere) with Gold Fields (the operator). They are receiving 150,000 oz of annual production (ramping up to 175,000). It is a large (3 million oz) long-life mine (their share).... more
09/07/2024
Analysis
Updated: Alkane Resources Ltd
Alkane Resources is a gold producer at about 75,000 oz per year (increasing to 100,000 oz in 2026). Their Tomingley/Roswell/San Antonio project is solid, with breakeven costs per oz around $2000, but dropping to $1500 in September 2025. It’s a long-life more
09/06/2024
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
09/06/2024
Interview
Don Interviewed on Metals & Miners - Part 1
https://youtu.be/ReHArlGNPS0 more
09/06/2024
Analysis
Updated: Stroud Resources Ltd
Stroud Resources has a silver project in Mexico (Santo Domingo) with 25 million AgEq ounces in the M&I category (134 g/t) and 13 million inferred ounces (120 g/t). It's a small property (340 acres), so I'm unsure how much exploration potential remains.... more
09/06/2024
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
09/06/2024
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
09/05/2024
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) deposit that is fully permitted. The capex was $48 million (from the 2015 PEA) with an after-tax IRR over 50% at $1,300 gold. The cash... more
09/04/2024
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 (including their zinc and... more
09/03/2024
Analysis
Updated: Silver Tiger Metals
Silver Tiger Metals is building a large silver/gold project in Mexico. The El Tigre silver project (70,000 acres) has 180M oz (50 gpt AGEQ open pit and 400 gpt AGEQ underground, and only contains gold and silver). It is getting close to a construction... more
09/03/2024
Analysis
Updated: Freegold Ventures Ltd
Freegold Ventures has a large gold project in Alaska. The Golden Summit project (20 million oz at .9 gpt) is in a good location, only 20 miles from Fairbanks. You can actually drive to the mine on a paved road from Fairbanks. They had a monster hole of... more
09/02/2024
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 has 4.5M oz and they will produce 125,000 oz in 2024. I expect that to increase to at least 150,000 oz annually, and potentially... more
09/02/2024
General
August 2024 Newsletter Posted
August 2024 Newsletter Posted. more
09/01/2024
Analysis
Updated: Emerald Resources
Emerald Resources is a new mid-tier producer in Cambodia. The Okvau project (covering 100,000 acres) has a M&I resource of 460,000 ounces at 2 gpt open pit, and another 965,000 ounces at 6 gpt UG. At the current gold price, they are generating... more
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