News from December 2024

12/31/2024

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

12/31/2024

Analysis

Updated: GBM Resources Ltd

GBM Resources is a project generator focused on Australia. Their Drummond project (Twin Hills and Yandan) contains 1.5 million ounces of gold @ 1.5 gpt, with potential to grow to 2–3 million ounces. Despite this, their valuation is only $5 million due... more

12/30/2024

Analysis

Updated: Doubleview Gold Corp

Doubleview Capital has a large copper/gold/silver/cobalt/scandium project (Hat) in British Columbia. It's a large single pit with 627M tons, and growing in size. The grade is low with .2% CU and .15 gpt AU (3.3M oz). Plus, some silver, cobalt, and... more

12/30/2024

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 five discovery zones they are drilling. The main discovery is Hendrik, which has 1.3M oz at 1... more

12/29/2024

Analysis

Updated: Sanu Gold Corp

Sanu Gold is a new project generator (IPO in 2022) focused on West Africa. They have three early exploration projects in Guinea, where they have an option to earn 85% by completing a feasibility study (they currently own 75%). These projects are Daina (25 more

12/29/2024

Analysis

Updated: Sanu Gold Corp

Sanu Gold is a new project generator (IPO in 2022) focused on West Africa. They have three early exploration projects in Guinea, where they have an option to earn 85% ownership by completing a feasibility study (they currently own 75%). These projects... more

12/29/2024

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, but I think it is less than 1000 acres. It has had 74 historic holes and an 11M oz deposit (255 gpt AGEQ). Recent drill... more

12/29/2024

Analysis

Updated: Aurelia Metals Ltd

Aurelia Metals is mostly a base metals producer in Australia. They are producing about 45,000 oz AU with all-in costs (break-even) around $2000 per oz. They have low reserves of around 250,000 oz and only 1.5M oz of resources, which is low for a mid-tier... more

12/29/2024

Analysis

Updated: Fortune Bay Corp

Fortune Bay Corp is advancing two open-pit gold projects. One in Canada Canada (Goldfields), and one in Mexico (Ixhuatan). Their Goldfields project (25,000 acres) in Saskatchewan has 1.2 million oz (1.2 gpt). It has a PEA to produce 100,000 annually with... more

12/28/2024

Analysis

Updated: Antilles Gold Ltd

Antilles Gold (Previously PanTerra Gold) is an Australian-based gold development company focused in Cuba. They have a 50/50 JV with a Cuban company with three projects. Two of which appear to be headed to production. Their company presentation is... more

12/28/2024

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). Agnico Eagle owns 9.9% of the company but has terminated their JV on three properties... more

12/28/2024

Analysis

Updated: Headwater Gold Inc

Headwater Gold is a project exploration company focused on Nevada, Oregon, and Idaho. They own 14 gold projects, most of which are on small properties and are at the early exploration stage with minimal drilling. They have entered a JV with Newmont on... more

12/27/2024

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. It does not have a PEA and is still early exploration. It is growing is size. They are only providing... more

12/27/2024

Analysis

Updated: Adamera Minerals Corp

Adamera Minerals is a project generator (possible developer) focused in Washington State, near the Canadian border. They have three projects all located near each other in a mining district with past production. They are drilling Buckhorn (9,000 acres),... more

12/27/2024

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). The property has a... more

12/27/2024

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

12/26/2024

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 drilled 11 holes in 2023 and 7 holes in 2024. There was some historic... more

12/26/2024

Analysis

Updated: Almadex Minerals Ltd

Almadex Minerals was spun off from Almaden Minerals in 2015. Almaden Minerals decided to focus on developing their flagship project, Ixtaca, in Mexico. As part of the spin-off, Almadex retained 19 exploration properties and 18 NSRs — a solid portfolio... more

12/25/2024

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

12/25/2024

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 good locations. Their main gold asset is their Uchi project. However, they currently seem to be focused on the energy (oil)... more

12/24/2024

Analysis

Updated: Peregrine Gold Ltd

Peregrine Gold is a project generator focused on Western Australia, particularly the Pilbara region. They control approximately 900,000 acres across five properties, all of which are at the early exploration stage. Their primary focus is on the Newman... more

12/24/2024

Analysis

Updated: Highlander Silver Corp

Highland Silver is a new exploration company formed in 2023. They are drilling a silver/gold discovery in Peru. Their model indicates a target of 25M to 60M oz at 60 gpt AG and .3 gpt AU. Only 8500 meters have been drilled. I'm surprised at the $79M... more

12/23/2024

Interview

Don Interviewed on Natural Resource Stocks

Don Interviewed on Natural Resource Stocks more

12/23/2024

Analysis

Updated: Spartan Resources Ltd

Spartan Resources (previously Gascoyne Resources) was a small gold producer in Australia. Their Dalgaranga deposit is 2.4M oz (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

12/23/2024

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 2025 will be around 80,000 oz, with full production in 2026 at around 115,000 more

12/23/2024

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 2024, with all-in costs around $1800 per oz (breakeven). They have a low FCF multiple because of their low resources and high costs. This gives... more

12/22/2024

Analysis

Updated: ESGold Corp

ESGold Corp (previously Secova Metals) is a small gold exploration company in Canada. In July 2024, they restructured their management and board of directors and shifted their focus toward getting the Montauban plant operational for tailings processing... more

12/22/2024

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

12/21/2024

Analysis

Updated: Barrick Gold Corp

Barrick Gold is a monster company with 142M ounces of gold and projections to increase production steadily from 4M ounces to 4.5M (excluding copper, which is currently at 420M lbs production and projected to reach 1B lbs) over the next 5 years. They will... more

12/20/2024

Analysis

Updated: Independence Gold Corp

Independence Gold is a project generator focused in Canada. Their share has been trending 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

12/20/2024

Analysis

Updated: Mako Mining Corp

Mako Mining (formerly Golden Reign Resources) is small high-grade gold producer in Nicaragua. They have two producing mines. San Albino is a 10 gpt open pit and 15 gpt underground mine. Las Conchitas is a 10 gpt open pit. Their combine resources in... more

12/19/2024

Interview

Don Interviewed on CapitalCosm

Don Interviewed on CapitalCosm more

12/17/2024

Analysis

Added: Taranis Resources Inc

Taranis Resources is a project generator (and potential developer) focused in Canada. They are drilling a discovery (Thor) in British Columbia. It is currently a small deposit with 17,000 tons, but it growing in size. It is polymetallic with 140 gpt AG, . more

12/17/2024

Analysis

Updated: Goldgroup Mining Inc

Goldgroup Mining is a small gold producer in Mexico. Cerro Prieto (10,000 acres) is low-grade open pit project. They produced 10,000 oz in 2024, but lost money last Qtr when gold prices were above $2600. Resources are only around 150,000 oz (.8 gpt). It... more

12/16/2024

Analysis

Added: ONGold Resources Ltd

OnGold Resources is a new exploration company formed in 2024. It appears to be a spin-out of Northern Superior, who owns 60%. The other large shareholder is Agnico-Eagle with 15%. So, it's tightly held, with only 61M FD shares outstanding. However, they... more

12/15/2024

Analysis

Added: Silver47 Exploration Corp

Silver47 Exploration is a new company formed in 2023. They acquired the Red Mountain polymetallic project in Alaska (150,000 acres). It has a 170M oz 300 gpt AGEQ deposit, although only about 25% of the revenue will be from gold/silver (36M oz AG at 70... more

12/15/2024

Analysis

Added: Silver47 Exploration Corp

Silver47 Exploration is a new company formed in 2023. They acquired the Red Mountain polymetallic project in Alaska (150,000 acres). It has a 170M oz 300 gpt AGEQ deposit, although only about 25% of the revenue will be from gold/silver (36M oz AG at 70... more

12/15/2024

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

12/14/2024

Analysis

Added: Panthera Resources Plc

Panthera Resources is a gold developer focused in West Africa and based in London. They have 3 projects in West Africa. Bassala-Cascades in Burkina Faso is a gold discovery with a 600,000 oz (1.5 gpt) gold deposit that is growing in size. They are... more

12/14/2024

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

12/14/2024

Analysis

Added: Stillwater Critical Minerals Corp

Stillwater Critical Minerals is an exploration company focused on PGEs (platinum group elements) in North America. They have a large discovery in Montana (Stillwater West) that has 2M oz of AUEQ, including the following: Platinum: 2M oz. Paladium: 1.2 more

12/13/2024

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 470,000 oz of resources. They don't seem to have a flagship project and are looking for one. The Siona deposit at... more

12/13/2024

Analysis

Updated: Riverside Resources Inc

Riverside Resources is a project generator focused on gold exploration, primarily operating in Canada and Mexico. They have been divesting non-core assets while recently acquiring additional gold properties and a REE project called Ravel, which forms... more

12/13/2024

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

12/09/2024

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 18 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,... more

12/09/2024

Analysis

Updated: Osisko Gold Royalties Ltd

Osisko Gold Royalties is focused mostly on gold royalties. They have over 185 royalties & streams. 2022 Guidance was 90-95k gold equivalent ounces. 2023 guidance was 95-105k gold equivalent ounces. Their margins are 97% and have a market cap over C$5... more

12/08/2024

Analysis

Updated: Mundoro Capital

Mundoro Capital is a royalty generator primarily focused on Eastern Europe. They own several copper properties in Serbia and Bulgaria. Their North and South Timok properties are optioned to three JV partners (with Mundoro retaining 25% of each), who are... more

12/08/2024

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 24 million oz in resources and are giving guidance to become a 900,000 oz... more

12/08/2024

Analysis

Updated: Dateline Resources Ltd

Dateline Resources is an Australian company operating a gold project in California. The Colosseum project contains 1.1 million ounces of gold (at 1.26 g/t), with additional exposure to rare earth elements. They have completed a PEA for 635,000 ounces... more

12/07/2024

Analysis

Updated: Lode Gold Resources Inc

Lode Gold Resources (previously Stratabound Minerals) is advancing a large gold project in California. Their Fremont project (3300 acres) is a potential mine, and they are giving guidance that they want to become a gold producer. It is about a 1 million... more

12/07/2024

Analysis

Updated: Impact Silver Corp

Impact Silver Corp is a small producer (5 small 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 600K oz (400 tpd), but that should increase as silver... more

12/06/2024

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

12/06/2024

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. They just completed a private... more

12/06/2024

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

12/06/2024

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). In 2022 they drilled high grade veins but didn't find a sizable system yet. They are cashed up and have been identifying... more

12/06/2024

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

12/06/2024

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%). They also have the Vivien Project in Australia which is a past... more

12/06/2024

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

12/05/2024

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

12/05/2024

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. In early 2024 production rates were 15% lower than expected so they... more

12/05/2024

Analysis

Updated: Getchell Gold Corp

Getchell Gold is a project generator focused in Nevada. Fondaway Canyon (8,000 acres) has a 2.3 million oz resource, including a 2 million oz (1.3 gpt) single open pit project. They planned to release a PEA in 2024. That pit will easily be worth $100 per... more

12/05/2024

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

12/04/2024

Analysis

Updated: Winshear Gold

Winshear Gold (previously Helio Resources) is a project generator, with two early exploration projects in Peru (Gaban and Ica). They have a combines 50,000 acres to explore. They have completed over 1,000 surface samples at Gaban from 2019 to 2021. They... more

12/04/2024

Analysis

Updated: Integra Resources

Integra Resources became a gold producer in 2024. They acquired the Florida Canyon gold mine in Nevada for $69M (using shares). It produces 70K oz at around a $1600 AISC with a 3M oz deposit. They are paying $23/oz. Seems like a steal. The downside is... more

12/04/2024

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

12/03/2024

Analysis

Updated: NeXGold Mining Corp

NexGold Mining (previously Treasury Metals) is advancing a gold project (Goliath-Goldlund) in Ontario, Canada. It is both an open pit and an underground project. It has two main deposits (Goliath and Goldlund). Their combined resources is around 3.5... more

12/03/2024

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 300 million oz at 275 gpt (AGEQ). That includes 125 million oz of silver at 100 gpt and 2 billion lbs of zinc. It's really a silver/zinc/co more

12/03/2024

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

12/02/2024

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 (1.5 gpt AUEQ). Currently, they are producing 30,000 oz AGEQ with all-in costs (break-even) around $1500 per oz. They plan to expand... more

12/01/2024

Analysis

Updated: Perseus Mining Ltd

Perseus Mining is a large mid-tier producer in West Africa. They will produce about 500,000 oz in 2025 at around $1550 all-in (free cash flow). The majority of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 3 million oz (1.3 more

12/01/2024

General

November 2024 Newsletter Posted

November 2024 Newsletter Posted. more

12/01/2024

Analysis

Updated: Tajiri Resources Corp

Tajiri Resources is a project generator focused on West Africa and South America. Their Reo project (300,000 acres) in Burkina Faso had an interesting discovery hole: 32 meters at 17 gpt. This was followed by additional promising results, including 12... more

News from December 2024

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