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News from November 2017

11/26/2017
Analysis  
Updated: Centamin Plc
Centamin Plc is a mid-tier producer in Egypt. They have a 50/50 JV with an Egyptian government agency for their large Sukari mine. They have a $2.1 billion FD market cap, so it isn’t a cheap stock. Sukari has a large resource of 13 million oz M&I. They...  more
11/26/2017
Analysis  
Updated: Mandalay Resources Corp.
Mandalay Resources is a mid-tier gold producer (they also produce 2.2 million oz of silver) in Chile, Australia, and Sweden. They are not significantly undervalued, although they have 5 bagger potential at higher gold prices if they find more resources....  more
11/26/2017
Analysis  
Updated: DELETE - Sage Gold Inc
Sage Gold has a fully permitted small gold project in Canada. The Clavos project in Ontario is a 320,000 oz deposit (4.7 gpt) and has exploration potential to extend the life of the mine. They recently obtained financing ($8 million capex) and production...  more
11/26/2017
Analysis  
Updated: San Marco Resources Inc.
San Marco Resources is a project generator focused in Mexico. They have three early exploration projects. Chunibas (1,200 acres) is drill ready. Oregano (175,000 acres) is still early exploration. 1068 (4,500 acres) is early exploration. There isn't much...  more
11/25/2017
Analysis  
Updated: Balmoral Resources Ltd
Balmoral Resources had a lot of investor interest in 2014. Their market cap exploded from $38 million to $128 million from solid drill results. Now it is back to $49 million, but seems to be trending higher. They own an 82 kilometer trend in a high grade...  more
11/25/2017
Analysis  
Updated: Columbus Gold
Columbus Gold is a project generator. They own 45% of the Montagne deposit in French Guyana (South America). It is a 5 million oz surface deposit at 1.4 gpt with exploration potential to increase in size. Their JV partner (Nordgold) has $1 billion in...  more
11/25/2017
Analysis  
Updated: Victoria Gold Corp
Victoria Gold is bulding a large open pit project. Their Eagle Gold project looks excellent. It is a 6 million oz resource (.7 gpt) in Canada (Yukon). It is only a 70% recovery rate, so the actual resource is 4 million oz, which is still large....  more
11/25/2017
Analysis  
Updated: Solitario Zinc Corp
Solitario Exploration & Royalty sold their flagship Mt Hamilton project in 2015 for $24 million. They are left with cash and a small pipeline of 3 JV projects where they have a 30% share. Their JV projects do look pretty good. One is a large zinc project...  more
11/25/2017
Analysis  
Updated: Southern Silver Exploration Corp
Southern Silver Exploration is a project generator with a large silver/zinc discovery in Mexico. Cerro Las Minitas is a JV and they have a 40% interest. The deposit increased quickly in size. It went from a small deposit to 110 million oz silver...  more
11/25/2017
Analysis  
Updated: Sibanye-Stillwater
Sibanye-Stillwater (previously Sibanye Gold) is a new major in South Africa that was created by Gold Fields. It encompasses three producing underground gold mines that have 77 million oz in resources. They will produce 1.5 million oz in 2017. Plus, they...  more
11/25/2017
Analysis  
Updated: Avanco Resources Ltd..
Avanco Resources is a copper/gold producer in Brazil. Production at Carajas (450,000 acres) started at 10,000 oz of gold and 24 million lbs of copper. They plan to triple production over the next 5 years. They also have two other gold projects. Their...  more
11/25/2017
Analysis  
Updated: Avanco Resources Ltd..
Avanco Resources is a copper/gold producer in Brazil. Production at Carajas (450,000 acres) started at 10,000 oz of gold and 24 million lbs of copper. They plan to triple production over the next 5 years. They also have two other gold projects. Their...  more
11/25/2017
Analysis  
Updated: Doubleview Capital Corp
Doubleview Capital has a copper/gold discovery (Hat) in British Columbia. It's early exploration, but it looks like a small mine. Their goal is to produce a resource estimate and then a PEA. They also have an early exploration silver project (Metropolitan  more
11/25/2017
Analysis  
Updated: Black Sea Copper & Gold Corp
Black Sea Copper & Gold is a project generator focused in Eastern Europe near the Black Sea. They have several early exploration projects on 500,000 acres in Bulgaria and Serbia. They are targeting copper/gold deposits. Currently they do not have a...  more
11/24/2017
Analysis  
Updated: Alamos Gold Inc
Alamos Gold is large producer that has been on mission to become a major. They have acquired 4 companies in the past 4 years (including Aurico Gold and Carlisle Goldfields in 2015, plus Richmont Mines in 2017). They now have 23 million oz in resources...  more
11/24/2017
Analysis  
Updated: Meadow Bay Gold Corp
Meadow Bay Gold is trying to build a small gold mine in Nevada. They purchased a past producing mine that had a 500,000 oz resource (1.2 gpt). Once they started drilling they found a porphyry extension off the main pit. One drill hole from 2011 was 105...  more
11/24/2017
Analysis  
Updated: Wheaton Precious Metals Corp
Wheaton Precious Metals (previously) Silver Wheaton) is a large silver/gold royalty company. They have 20 producing silver and gold royalty properties with a fixed cash cost of around $4.50, and 8 projects in development. They have 1.6 billion ounces in...  more
11/24/2017
Analysis  
Updated: Yamana Gold Inc.
Yamana Gold is a major with production of 1 million oz of gold, 10 million oz of silver, and 110 million lbs of copper projected for 2018. They are also in solid locations of Canada, Brazil, Chile, and Argentina. Their balance sheet is a red flag, with $1  more
11/24/2017
Analysis  
Updated: Cardinal Resources Ltd
Cardinal Resources is an Australian company that is advancing a large gold discovery in Ghana. Their Namdini project has 7 million oz (1.2 gpt) that is open in all directions. It has areas of high grade that they could mine first. They have $15 million...  more
11/24/2017
Analysis  
Updated: Radisson Mining
Radisson Mining has a small high grade gold project in Quebec. Their O'Brien project has 300,000 oz (6 gpt) and likely will double in size. They have an uneconomic PEA with an IRR of 5% at $1450 gold. That is terrible, but I think this project will get...  more
11/23/2017
Analysis  
Updated: Bonterra Resources Inc
BonTerra Resources is a new project generator focusing in Quebec. They have 2 very good projects (Gladiator, Larder Lake) on 23,000 acres. They are currently focusing on Gladiator, which has 500,000 oz (5 gpt) and is growing in size. Drill results in...  more
11/23/2017
Analysis  
Updated: Orca Gold Inc
Orca Gold arose out of Canaco Resources a couple of years ago. Their Block 14 property (900,000 acres) in Sudan (East Africa) is 2.3 million oz at 1.8 gpt. They have $8 million in cash and no debt. It appears they are fast tracking their first mine to...  more
11/23/2017
Analysis  
Updated: West Red Lake Gold Mines Inc
West Red Lake Gold Mines has three properties (7,500 acres) in a good location: the Red Lake district in Ontario, Canada. It is next door to Rubicon Minerals. They are drilling 3 projects on their Red Lake property: Mount Jamie, Rowan Lake, and Red...  more
11/23/2017
Analysis  
Updated: Nevada Exploration Inc
Nevada Exploration is an early project generator focused in Nevada. They have 5 properties (12,000 acres) and 3 JVs that are being drilled. Nevada Exploration is using a unique method of testing water samples to identify potential gold deposits. They are...  more
11/23/2017
Analysis  
Updated: Nighthawk Gold Corp
Nighthawk Gold has a potential long life mine in Northern Canada. Their large property in the Indin Lake Gold Camp is on 220,000 acres. This camp has produced 16 million oz historically at 1.6 gpt. Production stopped in 1997, when they were producing 100,  more
11/23/2017
Analysis  
Updated: Triumph Gold Corp
Triumph Gold (formerly Northern Freegold) is project generator in the Yukon. They have drilled about 3% of their flagship Freegold Mountain project (Yukon, Canada) and already have a 2.4 million oz resource (75% recovery) at .5 gpt (along with 10 million...  more
11/23/2017
Analysis  
Updated: Nexus Minerals Ltd
Nexus Minerals is advancing a small open pit gold project (Pinnacles) in Australia, which they own 85%. The resource is only 82,000 oz, but the capex should be very low because they have a JV partner with a nearby mill. If they produce 10,000 or 15,000...  more
11/23/2017
Analysis  
Updated: Toachi Mining Inc
Toachi Mining has a small high grade gold project (La Plata). They have a 75% option. It is still early exploration with 1 million tons at 8 gpt (250,000 oz). However, they have 14 targets on a 5 mile strike. This could be a much larger mine than 1...  more
11/19/2017
Analysis  
Updated: Canasil Resources Inc.
Canasil Resources is a project generator in Canada and Mexico. It was undervalued in 2015 with a $3 million FD market cap. Then the share price took off from drill results at their Sandra-Escobar JV project in Mexico and reach $20 millioin. Now it is...  more
11/19/2017
Analysis  
Updated: Riverside Resources Inc.
Riverside Resources has a low market cap ($11 million fully diluted) and seems to be progressing as a company. They are an exploration company using the project generator model. They currently have 3 JVs, and will likely add more. I listened to an...  more
11/19/2017
Analysis  
Updated: DELETE - Birimian Ltd
Birmian Ltd is a project generator in West Africa. They have an advanced Lithium project that appears heading for production. They can use the cash flow to explore their gold properties in Malia and Liberia. Their Massigui gold project (180,000 acres)...  more
11/18/2017
Analysis  
Updated: Core Gold Inc
Core Gold (previously Dynasty Metals) is a gold producer in Ecuador. Their problem is the location. Investors are going to avoid Ecuador until they lower the tax rate. That is why it pencils as a 20+ bagger at higher gold prices, with a current market...  more
11/18/2017
Analysis  
Updated: Levon Resources Ltd
Levon Resources has a huge potential silver mine in Mexico. The Cordero project has 500 million oz of silver (18 gpt), 9 billion lbs of zinc, and 4 billion lbs of lead. They released a PEA in March 2012, with a mine plan to produce 40,000 tpd for the...  more
11/18/2017
Analysis  
Updated: Mundoro Capital Inc.
Mundoro Capital is a new project generator with 8 properties in Mexico on 450,000 acres and another 8 properties in Serbia and Bulgaria. Their 4 properties in Serbia are a JV where their partner is drilling. All of their properties are early exploration....  more
11/18/2017
Analysis  
Updated: Galway Gold Inc
Galway Gold is a new project generator in Colombia. They were created from Galway Resources in 2012, when they were purchased by Aux Resources. They had a single project - the Vetas property. It was the past producing El Volcan mine. It has a 550,000...  more
11/18/2017
Analysis  
Updated: Revelo Resources Corp
Revelo Resources has 25 projects in Chile (750,000 acres). They have obtained 17 of those projects in the past 3 years, so they are a new company. They have a JV with Newmont, who has a 75% JV with the Montezuma copper/gold project. They also have 5...  more
11/18/2017
Analysis  
Updated: Georgian Mining Corp
Georgia Mining (previously Noricum Gold) is trying to become a small copper/gold producer in Georgia (Russian satellite country). They own 50% of the Bolnisi project which currently only has 2.2 million tons with .1 gpt gold (only about 10,000 oz). Long...  more
11/18/2017
Analysis  
Updated: Monarques Gold Corp
Monarques Gold is a small producer in Canada, with the potential to become a mid-tier producer. The recently obtained a small producing mine (Beaufor), along with the Wasamac open pit project (2.5 million oz at 2.6 gpt) from Richmont Mines. They paid...  more
11/13/2017
General  
New SeekingAlpha Article: Top 10 Silver Producers
New SeekingAlpha Article: Top 10 Silver Producers https://seekingalpha.com/article/4124420-top-10-silver-stocks?v=1510606445&comments=show  more
11/12/2017
Analysis  
Updated: Teranga Gold Corp
Teranga Gold is a mid-tier producer in Senegal. Their production should increase over of the next few years from 200,000 oz in 2017 to 300,000 oz in 2020. They get about 80% of the profits at Sabodala (200,000 oz annual producer). Cash costs are...  more
11/12/2017
Analysis  
Updated: Teranga Gold Corp
Teranga Gold is a mid-tier producer in Senegal. Their production should increase over of the next few years from 200,000 oz in 2017 to 300,000 oz in 2019. They get about 80% of the profits at Sabodala (200,000 oz annual producer). Cash costs are...  more
11/12/2017
Analysis  
Updated: Wesdome Gold Mines Ltd
Wesdome Gold Mines is an emerging mid-tier producer in Canadian with an FD market cap of $196 million. They recently stumbled a bit, with production decreasing in 2010 from 96,000 ounces to 55,000 in 2017. However, they have a decent pipeline going...  more
11/12/2017
Analysis  
Updated: Altamira Gold Corp.
Altamira Gold (previously Equitas Resources) is trying to become a small gold producer in Brazil. They have a 500,000 (.8 gpt) deposit (Cajuiero) and were hoping to ramp up production to 30,000 oz annually. However, they lost their financing and the...  more
11/11/2017
Analysis  
Updated: Alexco Resource Corp.
Alexco Resources was a silver producer in the Yukon until 2014. They were producing 1.5 million oz annually at their Bellekeno mine. High costs forced them to put it on care & maintenance. They have an excellent 55,000 acre property (Keno Hill) located...  more
11/11/2017
Analysis  
Updated: Mcewen Mining Inc
McEwen Mining is a mid-tier gold and silver producer. In 2017, they will produce 100,000 oz of gold and 3 million oz of silver and (150,000 oz of gold equivalent). By 2020, they should be producing somewhere around 220,000 oz gold equivalent (including...  more
11/11/2017
Analysis  
Updated: Orezone Gold Corp
Orezone Gold has a late stage project in West Africa (Burkina Faso). Their first mine (Bombore) should begin production in 2019 (if it can be financed). It is a 4.5 million oz open pit deposit. They recently had another company analyze the deposit and it...  more
11/11/2017
Analysis  
Updated: Pure Gold Mining Inc
Pure Gold Mining has an excellent gold project in Red Lake, Ontario. It is a large property on 12,000 acres and high grade. It is already a 1.2 million oz deposit at 9 gpt. Everything about this project looks good. That is probably why Rob McEwen owns 10%  more
11/11/2017
Analysis  
Updated: Austral Gold Ltd.
Austral Gold is a small gold producer in Chile (Casposo) and Argentina (Guanaco and Amancaya). They currently produce about 50,000 oz of gold equivalent (including silver), with plans to increase that to 70,000 oz in the near term. Currently their costs...  more
11/05/2017
Analysis  
Updated: DELETE - Hill End Gold Ltd.
Hill End Gold recently obtained a base metals project and may divest their gold projects. They might not have enough financing to pursue both strategies. They have seven gold exploration projects in Australia. The Hargraves property has several...  more
11/05/2017
Analysis  
Updated: Oroco Resource Corp.
Oroco Resources is another case study of why investing in gold mining stocks is so risky. They had an advanced project called Cerro Prieto that was on the verge of getting financed and developed into production. It was a 500,000 resource (M&I .7 gpt)...  more
11/05/2017
Analysis  
Updated: Yorbeau Resources
Yorbeau Resources is a project generator in Canada. They recently gave Kinross a 4 yr option to purchase their Rouyn project for $25 million, plus a 2% NSR. That will give them financing to explore their other projects. If Kinross backs out, they can...  more
11/05/2017
Analysis  
Updated: Hummingbird Resources Ltd
Hummingbird Resources has two advanced open pit gold projects in West Africa (Mali and Liberia). It looks like a can't miss stock. They have 6.4 million oz at 2 gpt and another 150 targets on 1 million acres. The Yanfolila project (2.2 million oz at 2.5...  more
11/05/2017
Analysis  
Updated: Azure Minerals Ltd.
Azure Minerals is an Australian based exploration company focused in Mexico. They have a 49% JV with Teck Resources on their Alacran property (12,000 acres), who must spend $10 million to get 51%. Alacran is a potential mine with 32 million oz (84 gpt)...  more
11/05/2017
Analysis  
Updated: Engold Mines Ltd
Engold Mines has a copper/gold discovery in British Columbia. The La Hache property (45,000 acres) has had significant drilling and several holes with gold: 26 meters at 7 gpt, 12 meters at 4.5 gpt, and 172 meters at .8 gpt. It is still early exploration...  more
11/04/2017
Analysis  
Updated: Golden Tag Resources Ltd
Golden Tag Resources has a large silver project (San Diego) in Mexico. It is a 110 million oz resource (2 opt) with significant offsets of lead and zinc (1 billion lbs of each). The silver equivalent is 200 million oz. A geologist thinks that it is...  more
11/04/2017
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. My guess is once gold passes $1400, they will resume production. They have two solid properties: Laverton (82%) and Coolgardie (100%). Both...  more
11/04/2017
Analysis  
Updated: Hochschild Mining Plc
Hochschild Mining is a large silver/gold producer in South America. They will produce 37 million of silver equivalent (including gold) in 2018. All-in costs per oz are about $15 (silver equivalent). They currently have 4 operating mines in Peru and...  more
11/04/2017
Analysis  
Updated: Fiore Gold
Fiore Gold is a small producer (35,000 oz) in Nevada. It is a new company that was formed by billionaire Frank Giustra merging Fiore Exploration with GRP Minerals in 2017. They have two projects in Nevada on 50,000 acres. Pan has 500,000 oz (.5 gpt) and...  more
11/01/2017
General  
October 2017 Newsletter Posted
The October 2017 newsletter has just been posted.  more


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