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01/31/2025
Analysis
Updated: Red Lake Gold Inc
Red Lake Gold is a project generator established in 2019, focused on exploration in Canada. Their primary project, Whirlwind Jack (50,000 acres) is located near Great Bear's Dixie Gold discovery. However, they have not yet started drilling at Whirlwind.... more
01/31/2025
Analysis
Updated: Volcanic Gold Mines Inc
Volcanic Gold Mines (formerly Volcanic Metals) is an exploration company focused on Guatemala. They withdrew from Guinea due to political issues that caused the loss of their drilling permits. Subsequently, they exited their project in the Ivory Coast to... more
01/31/2025
Analysis
Updated: Nord Precious Metals Mining
Nord Precious Metals (previously Canada Silver Cobalt) has two past producing silver mines (Castle and Beaver). The Castle mine (20,000 acres) produced 20 million oz of silver at 25 opt, plus a significant amount of cobalt. Production stopped in 1989 for... more
01/31/2025
Analysis
Updated: White Gold Corp
White Gold Corp. has 30 properties in the Yukon on 900,000 acres. They acquired the Golden Saddle property from Kinross Gold, who traded it for 20 million shares of the company. Golden Saddle is 2 million oz at 1.7 gpt (open pit) and is growing in size.... more
01/29/2025
Analysis
Updated: Baru Gold Corp
Baru Gold (formerly East Asia Minerals) is developing a small open-pit project in Indonesia. Their 70%-owned Sangihe project has a 2017 resource estimate of 100,000 Au oz in the orebodies. However, an older 2010 estimate reported 500,000 oxide Au oz @ 1.2 more
01/29/2025
Analysis
Updated: GMV Minerals Inc
GMV Minerals is an open pit oxide gold mine in Arizona. Their Mexican Hat property (4800 acres) is a gold discovery with 650,000 oz at 0.6 g/t (inferred). They published a PEA in 2019 but the market didn't believe those results were reasonable given the... more
01/29/2025
Analysis
Updated: Silver Bull Resources Inc
Silver Bull Resources has a large silver/zinc project in Mexico. In 2019, an illegal blockade denied access to the project. Subsequently, an unlawful expropriation by the Mexican government, resulting from the blockade, revoked their rights and led to a... more
01/28/2025
Analysis
Updated: Augusta Gold Corp
Augusta Gold (formerly Bullfrog Gold) has an open pit project in Nevada (Bullfrog-Reward). The combined properties (7 miles apart) have almost 2M oz. Reward has about 500,000 oz at .75 gpt and almost construction-ready. Permits are due in 2025, then they... more
01/28/2025
Analysis
Updated: Galway Metals Inc
Galway Metals is advancing two projects in Canada. Their Clarence Stream gold project (2M oz at 2.5 gpt AU) is going to be a large mine. It's on a large property (150,000 acres) in New Brunswick with significant exploration potential and is growing in... more
01/28/2025
Analysis
Updated: Sierra Metals Inc
Sierra Metals was mostly a base metals producer in Mexico and Peru. They had a flooding event in 2022. This caused their share price to crash to 10 cents. It has since rebounded to 68 cents, with an FD market cap of $136 million. They remain cheap if you... more
01/26/2025
Analysis
Updated: Monument Mining Ltd
Monument Mining is a building a small gold mine in Malaysia (Selinsing). It is an 800,000 oz resource and will produce about 25,000 oz annually. They have an FD market cap of $78 million. They are projecting all-in costs (breakeven) around $1500 per oz.... more
01/26/2025
Analysis
Updated: Hercules Metals Corp
Hercules Metals (formerly Hercules Silver) is a project generator focused on the USA. They are currently drilling their Hercules project, which spans 10,000 acres in Idaho. In 2023, they announced a significant copper porphyry discovery, with an interval... more
01/26/2025
Analysis
Updated: Carnavale Resources Ltd
Carnavale Resources is a project generator focused on Australia. They have two gold projects: Ora Banda South and an 80% ownership in Kookynie. Kookynie (12,500 acres) is a gold lode with notable drill results such as 6m at 72 g/t Au and 6m at 68 g/t Au.... more
01/25/2025
Analysis
Updated: Silver Elephant Mining
Silver Elephant Mining is a project generator focused in Bolivia.
They had a large silver project called Pulacayo-Paco (8,000 acres). It is currently around 100 million oz (70 gpt), and perhaps 200 million oz AGEQ (135 gpt). However, they lost their... more
01/24/2025
Analysis
Added: Future Metals NL
Future Metals has a large PGE project (Panton) in Western Australia. It's a 4.5M oz PGE deposit at 1.5 gpt. However, it has a 2M oz PGE high grade section with 5.5 gpt. They have a PEA to produce 115K oz at $800 AISC. The capex is $170M with an IRR... more
01/24/2025
Analysis
Added: Podium Minerals Ltd
Podium Minerals has a large PGE project (Parks Reef) in Western Australia. It has some gold, but is mostly PGEs. It is a 7.6M oz PGE deposit at 1.3 gpt, plus some copper and nickel offsets. It is still early exploration and will grow in size. It does not... more
01/24/2025
Analysis
Updated: Silver Elephant Mining
Silver Elephant Mining is a project generator focused in Bolivia. They have a large silver project called Pulacayo-Paco (8,000 acres). It is currently around 100 million oz (70 gpt), and perhaps 200 million oz AGEQ (135 gpt).
Pulacayo is a past-produc more
01/19/2025
Analysis
Added: Legacy Minerals Holdings Ltd
Legacy Minerals is project generator focused in Australia. They have 9 properties on 2 million acres in NSW (New South Wales). All of their project are early exploration, but a lot of drills are turning. They have $20M in commitments from JV partners to... more
01/17/2025
Analysis
Updated: Precipitate Gold Corp
Precipitate Gold is a project generator focused on the Dominican Republic and Canada. They have a small market cap of $16 million and some interesting properties. This is a high-risk speculation stock, but it has a lot of potential. It was founded by the... more
01/17/2025
Analysis
Added: Arika Resources Ltd
Arika Resources is a project generator focused in Western Australia. They have two large properties. Kookynie (25,000 acres) is a past producing mine with a 80,000 oz (1.6 gpt) historical resources. They are drilling it with a recent drill hole of 10... more
01/17/2025
Analysis
Updated: Electrum Discovery
Electrum Discovery (previously Medgold Resources) is developing a small gold project (Tlamino) in Serbia. It is a 670,000 oz (3 gpt) deposit at surface. The capex is $70 million to produce 50,000 oz annually for 8 years. The NAV is $100 million at $1500... more
01/16/2025
Analysis
Updated: Challenger Gold
Challenger Gold (previously Challenger Exploration) is an Australian-based company advancing a large open-pit/underground gold project in Argentina. It has a 2 million oz (4 gpt AU), and is growing in size. It's a large property with a lot of drill... more
01/16/2025
Analysis
Updated: Silver Storm Mining Ltd
Silver Storm Mining (previously Golden Tag Resources) has a large silver project (San Diego) in Mexico. It is a 115 million oz resource (60 gpt) with significant offsets of lead and zinc (1.5 billion lbs of zinc). The grade is low, but the zinc and lead... more
01/16/2025
Analysis
Updated: Capricorn Metals Ltd
Capricorn Metals is a mid-tier gold producer in Australia. They began production at Karlawinda (350,000 acres) in 2021. It is a 2.3 million oz open pit (.8 gpt). They were able to build it for only $60 million of debt and have already paid back $30... more
01/14/2025
Analysis
Updated: Empress Royalty Corp
Empress Royalty is a new gold/silver royalty company that was formed in 2020. They have 14 NSRs and 3 streams. Revenue was projected to be $10M in 2024. In actuality it was closer to $6M due to some production delays. 2025 revenue should be around $14M... more
01/14/2025
Analysis
Updated: Torq Resources Inc
Torq Resources (formerly Stratton Resources) is a new project generator. They have two projects, both in Chile. Santa Cecilia is their main project with a focus on gold & copper. They have some historic drill holes of 925m of 0.21 g/t. Recent drill holes... more
01/13/2025
Analysis
Updated: Perpetua Resources Corp
Perpetua Resources (formerly Midas Gold) has a very large gold project in Idaho that is heading to production around 2028. Stibnite is a 6.8 million oz open pit resource (1.6 gpt) that is growing in size and has significant exploration potential (25,000... more
01/13/2025
Analysis
Updated: Nova Minerals Ltd
Nova Minerals has a large gold project (Estelle) in Alaska on 125,000 acres. It's in a good location with good infrastructure. The Korbel/Cathedral deposits are 8 million oz, although low grade (.3 gpt). The RPM deposit is 1.5 million oz (1.2 gpt) with... more
01/12/2025
Analysis
Updated: Falcon Metals Ltd
Falcon Metals is a newly established project generator focused on Australia. They went public through an IPO in 2021. They hold the largest exploration land package in Victoria, located near the world-class Fosterville mine. Currently, they are drilling... more
01/11/2025
Analysis
Updated: Buenaventura Mining
Buenaventura Mining is a major with production of 15 million oz of silver and 175,000 oz of gold (50% of revenue), plus significant copper (47% of revenue) and zinc (3% of revenue). They have a pipeline of 6 projects, but are giving guidance to remain at... more
01/10/2025
Analysis
Updated: Orla Mining Ltd
Orla Mining became a mid-tier producer in 2022, when they built their first mine (Camino Rojo). They have 15 million oz of gold and are a growth story. They currently produce 125,000 oz in Mexico (Camino Rojo) with cash costs around $500 per oz. They... more
01/09/2025
Analysis
Updated: Sitka Gold Corp
Sitka Gold is a project generator focused in North America. Their current focus is the RC gold project (80,000 acres) in the Yukon. They had a discovery hole in 2021 of 220 meters at 1.1 gpt AU. Then 449 meters at .7 gpt in 2023. They released a maiden... more
01/09/2025
Analysis
Updated: Landore Resources Ltd
Landore Resources is advancing a gold project in Canada. Junior Lake (Bam project) is a recent discovery that has grown into a 1 million oz open pit deposit (1 gpt). They updated their PEA in 2022, The capex is $85 million to produce about 70,000 oz... more
01/09/2025
Analysis
Updated: IAMGOLD Corp
IAMGold Corp is a large mid-tier producer, with production around 700,000 oz once Cote reaches full production in Q1 2025. They have 2 operating mines in Canada (Quebec), and 1 in Burkina Faso. They are currently building a large gold mine in Ontario (Cot more
01/08/2025
Analysis
Updated: Tectonic Metals Inc
Tectonic Metals is a project generator focused in Alaska. They are drilling their Flat-Chicken Mountain project (92,000 acres). It appears to be a significant discovery (24 meters at 12 gpt Au). They have drilled 74 holes at Chicken Mountain and hit gold... more
01/08/2025
Analysis
Updated: K92 Mining Inc
K92 Mining is a mid-tier gold producer in Papua New Guinea. They have one of the best gold mines in the world. It is high-grade and large (8 million oz at 9 gpt). Plus, they have 10 drills turning and are finding more high-grade gold. They have enough... more
01/08/2025
Analysis
Updated: Viscount Mining Corp
Viscount Mining is a project generator focused in Colorado and Nevada. They have two early exploration silver projects. They are drilling Silver Cliff (2,000 acres) in Colorado. Early drill results have been promising (34 meters at 90 gpt AG, 12 meters... more
01/07/2025
Analysis
Updated: Omai Gold Mines Corp
Omai Gold Mines is a project generator focused in Guyana. Their Omai property in Guyana (South America) produced 3.7 million oz between 1992 and 2005 by IAMGold. They left a lot of gold behind. The Wenot open pit has 2.4M oz at 1.5 gpt. The Gild... more
01/06/2025
Analysis
Updated: Teuton Resources Corp
Teuton Resources is a project generator in Canada (British Columbia). They have been around for a long time (1982) and have about 25 properties (about 5 JVs) on 240,000 acres. They have 20% of the Treaty Creek project (plus 1% NSR) that is being drilled... more
01/06/2025
Analysis
Updated: Eminent Gold Corp
Eminent Gold is a project generator focused in Nevada. They had four early exploration gold projects, but they recently terminated agreements for two of them (Spanish Moon & Weepah). The other projects have low-sulfidation epithermal potential; Hot... more
01/06/2025
Analysis
Updated: Abitibi Metals Corp
Abitibi Metals is a new exploration company founded in 2023. They have two discoveries in Quebec that they are drilling. B26 (8,000 acres) is a copper/gold discovery. They have 550 million pounds of copper and 370,000 oz of gold. Indicated is 11.3Mt at 2. more
01/06/2025
Analysis
Updated: West African Resources Ltd
West African Resources is a mid-tier gold producer in Burkina Faso (West Africa). They have 12 million oz (1.2 gpt) and are producing 350,000 oz annually at two mines (Sanbrado and Kiaka). Both mines are on large properties with a lot of drill targets.... more
01/05/2025
Analysis
Updated: AbraSilver Resource Corp
Abrasilver Resources (previously Abraplata Resources) is advancing a large silver/gold project in Argentina. They obtained the Diablillos project from Silver Standard (now SSR Mining). They paid cash ($7 million was due from 2023 to 2026), and they gave... more
01/05/2025
Analysis
Updated: Skeena Gold & Silver
Skeena Resources is close to beginning construction on a large (5.5 million oz) high-grade open pit project (Eskay Creek) in the Golden Triangle in British Columbia. They obtained Eskay Creek from Barrick Gold in December, 2017. Since then, they have... more
01/04/2025
Analysis
Updated: MAG Silver Corp
MAG Silver has an excellent silver project in Mexico. Their Juanicipio project is a JV with Fresnillo and they have a 44% interest. Full ramp-up was completed in 2023. MAG's share will be about 8 million oz of annual silver production for the first 8... more
01/03/2025
Analysis
Updated: Osisko Development Corp
Osisko Development was created in 2020 from a spinout by Osisko Gold Royalty. They are advancing the Caribou project in British Columbia. It is a 4.5 million oz underground project with a $450 million capex (two phases). Permitting was completed in 2024,... more
01/03/2025
Analysis
Updated: Hecla Mining Company
Hecla Mining is a silver and gold mining company (about 44% revenue from silver and 33% revenue from gold). They used to be a low-cost silver producer, and their cash costs remain low at around $4 per oz after offsets. However, last Qtr their net profit... more
01/02/2025
Analysis
Updated: Xtract Resources Plc
Xtract Resources is a project generator based in London. The company previously owned 23% of the Manica gold project in Mozambique but decided to divest it to focus on its remaining projects, which are primarily copper-focused. The disposal decision was... more
01/01/2025
General
December 2024 Newsletter Posted
December 2024 Newsletter Posted. more
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