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News from January 2018

01/28/2018
Analysis  
Updated: Goldrich Mining Co
Goldrich Mining is a small producer in Alaska (around 8,000 oz). They have two properties in Alaska (190 miles north of Fairbanks) in an existing mining district. It has significant infrastructure, but I don't think there is a road all the way from...  more
01/28/2018
Analysis  
Updated: Star Gold Corp
Star Gold Corp has a small gold project in Nevada that could get built. It's only a 100,000 oz resource, but the all-in costs make it economic at $1200 gold. The capex is only $25 million and the after-tax IRR is 25% at $1300 gold. The problem is...  more
01/28/2018
Analysis  
Updated: Tethyan Resources Plc
Tethyan Resources (formerly Aurasian Minerals) has three early exploration projects in Serbia. Suva Ruda is a copper/gold/lead/zinc discovery. They have an 8-year option to pay $6 million for 100% (payable at anytime before the 8 year period expires)....  more
01/28/2018
Analysis  
Updated: Capricorn Metals Ltd
Capricorn Metals (formerly Malagasy Minerals) is advancing an open pit gold mine (Karlawinda) in Western Australia. It is a very aggressive company. They think they can begin Production 2019. If they pull it off that would be quite impressive. They just...  more
01/28/2018
Analysis  
Updated: Thundelarra Ltd
Thundelarra is an exploration company in Australia. They have a new gold discovery (Garden Gully) that looks interesting (7 meters at 24 gpt, 80 meters at 1.9 gpt). They also have two early exploration gold projects (Red Dragon and Red Bore). They...  more
01/27/2018
Analysis  
Updated: Beadell Resources Ltd
Beadell Resources is an Australian based mid-tier producer with a large mine (Tucano) in Brazil. They will attempt to produce 170,000 oz in 2018 with cash costs around $750 per oz and all-in costs around $1100 per oz. They have about $20 million in debt...  more
01/27/2018
Analysis  
Updated: Kilo Goldmines Ltd
Kilo Goldmines is project generator focused in Africa. They appear to have a lot of gold on their properties (500,000 acres). They have already defined 1.7 million ounces (2.5 gpt) at their shallow open pit Somituri project (71% ownership). They plan to...  more
01/27/2018
Analysis  
Updated: Rubicon Minerals Corp.
Rubicon Minerals built a large gold mine in Ontario, Canada. They completed construction in 2015, but had to suspend operations because of lower than expected grade. They expected 5+ gpt and only mined 2.5 gpt. After re-calculating the deposit size, they...  more
01/27/2018
Analysis  
Updated: Tembo Gold Corp
Tembo Gold is a new company with a project (25,000 acre Tembo property) in Tanzania. They were drilling in 2016, but then ran out of money. They did not have any news releases in 2017, but their stock is still trading. They began drilling (192 holes)...  more
01/27/2018
Analysis  
Updated: Condor Gold Plc
Condor Gold is advancing a 2.3 million oz project (La India) in Nicaragua. It has a pre-feasibility study with a $120 million capex with cash costs at $750 per oz. The starter open pit is 1.1 million oz at 3 gpt to produce 80,000 oz annually. The high...  more
01/27/2018
Analysis  
Updated: Azumah Resources Ltd.
Azumah resources has a large gold project in West Africa (Ghana), although they only own 48%. They have 5 deposits (WA Project) with 2 million oz at 1.5 gpt, plus 600,000 acres to explore. They recently completed a final feasibility study to produce 90,00  more
01/21/2018
Analysis  
Updated: Dynacor Gold Mines Inc.
Dynacor Gold Mines uses a unique business model. They use cash flow from a mill (about $15 million expected in 2018) to finance exploration. They have three early exploration properties in Peru that they are just beginning to drill. It will take a few...  more
01/21/2018
Analysis  
Updated: Gold Standard Ventures Corp
Gold Standard Ventures is a project generator focusing on Nevada. In 2010, they began drilling their 100% owned Railroad project (27,000 acres) in Nevada on the Carlin Trend. Initial drill results have been very good (they have 4 discoveries and 2...  more
01/21/2018
Analysis  
Updated: West African Resources Ltd
West African Resources is advancing to become a gold producer in West Africa. They have more than 1 million contiguous acres in Burkina Faso. Plus, they have about six potential open pit mines with 2 million oz (1.2 gpt), plus another 500,000 oz of high...  more
01/21/2018
Analysis  
Updated: Viscount Mining Corp
Viscount Mining is a new project generator. They have two early exploration silver projects. They are currently drilling Silver Cliff (2,100 acres) in Colorado. Early drill results have been promising (34 meters at 90 gp), but not great. At higher silver...  more
01/20/2018
Analysis  
Updated: Sierra Metals Inc
Sierra Metals is a silver and copper producer in Mexico and Peru. They have 10 properties on 500,000 acres in Chihauhau, Mexico, and another 4 properties in Peru. They have 3 operating mines and 5 more in late stage development. Their current resources...  more
01/20/2018
Analysis  
Updated: Heatherdale Resources Ltd
Heatherdale Resources has a late stage gold project (Niblack) in Alaska. They are trying to get financing to become a producer. The Niblack project is progressing with a gold equivalent resource size of approximately 500,000 oz (my estimate). With...  more
01/20/2018
Analysis  
Updated: Nexus Gold Corp
Nexus Gold is gold exploration company focused in West Africa (Burkina Faso). They have three properties. All are early exploration with very little drilling. Bouboulou (9,400 acres) is a gold discovery with drill holes of 40 meters at 1.5 gpt and 35...  more
01/20/2018
Analysis  
Updated: GT Gold Corp
GT Gold has an early exploration project (Tatogga) in the Golden Triangle. They had a high grade discovery in 2017 and the stock price exploded from 18 cents to $2. Since then it has come back to 49 cents. There is still excitement with their discovery...  more
01/17/2018
General  
New SeekingAlpha Article: First Majestic Silver Heading to 30 Million oz Silver Eq.
https://seekingalpha.com/article/4138142-first-majestic-silver-heading-30-million-oz-silver-eq-production  more
01/15/2018
Analysis  
Updated: Antioquia Gold Inc
Antioquia Gold is trying to build a small gold mine in Colombia. They received a $15 million loan to begin production on their 14,000 acre Cisneros property, but appear to need more money. They now have $26 million in debt and are not providing a...  more
01/15/2018
Analysis  
Updated: Canada Cobalt Works Inc
Castle Silver Resources has two past producing silver mines (Castle Silver and Beaver). The Castle Silver mine produced 20 million oz of silver at 25 opt, plus a significant amount of cobalt. Production stopped in 1989 for lack of resources and low...  more
01/15/2018
Analysis  
Updated: WPC Resources Inc
WPC Resources is trying to become a gold producer in Canada. They have 3 projects in the Northwest Territory. They recently obtained an option to purchase the Lupin Mine for $3 million, which produced 3.3 million oz (9 gpt) from 1982 to 2004. It has a...  more
01/14/2018
Analysis  
Updated: Detour Gold Corp.
Detour Gold is an emerging major in Canada. They have a 20 million oz deposit (1 gpt) in Ontario. Production began in 2013 and ramped up to 550,000 oz in 2017, and forecast at 600,000 oz in 2018 and full production at 650,000 oz in 2019. All-in costs are...  more
01/14/2018
Analysis  
Updated: First Majestic Silver Corp
First Majestic Silver is a large silver producer in Mexico. They recently acquired Primero Mining for $320 million. I am assuming this deal will close. Their resources, production, shares, and debt reflect this deal closing. Their production will...  more
01/14/2018
Analysis  
Updated: DELETE - Prophecy Development Corp
Prophecy Development (formerly Prophecy Coal) has two high-grade silver projects in Bolivia. They purchased them from Apogee Silver in 2015. Pulacayo is a 50 million oz underground mine. They are going to start with the high grade (500 gpt) and mine 500...  more
01/13/2018
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 25 projects (about 6 JVs). However, they do not have any advanced stage projects. Investors seem to like it and bid up their FD...  more
01/13/2018
Analysis  
Updated: Savary Gold Corp
Savary Gold is an exploration company in West Africa (Burkina Faso). They own 69% of the Karankasso property, which is quickly turning into a large deposit. They already have 800,000 oz at 2 gpt, plus they have 10 miles of mineralization to explore. They...  more
01/13/2018
Analysis  
Updated: Ivanhoe Mines Ltd
Ivanhoe Mines has huge projects. They are not really a gold or silver miner, but their Platreef PGM project in South Africa has 7 million oz (.25 gpt) of gold. Incredibly, that is only 7% of scheduled production. 90% of production (1 million oz a year)...  more
01/07/2018
Analysis  
Updated: Canarc Resource Corp.
Canarc Resources has an advanced project in Canada (northern British Columbia) that looks promising. Their New Polaris project is a 1.1 million oz resource, averaging 11 gpt. They have a PEA for 72,000 oz of production for 10 years with low cash costs...  more
01/07/2018
Analysis  
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (3 underground mines at 140 gpt). They have a good management team and have performed well, taking mines into production 24 months after discovery. That is impressive. They are also growing production and plan to...  more
01/07/2018
Analysis  
Updated: Monument Mining Ltd.
Monument Mining is a small gold producer in Malaysia and Australia. They will produce about 14,000 oz in 2018 and they have a FD market cap of $17 million. They are currently losing money with all-in costs around $1400 per oz, and one of the reasons the...  more
01/07/2018
Analysis  
Updated: White Gold Corp.
White Gold Corp. (formerly G4G Capital) has 30 properties in the Yukon on 1 million acres. They acquired the Golden Saddle property from Kinross Gold, who traded it for 20 million shares of the company (currently 106 million FD shares). Golden Saddle is...  more
01/06/2018
Analysis  
Updated: Mako Mining Corp.
Golden Reign Resources has an advanced high grade (7 pgt) project in Nicaragua (San Albino). It is funded with production beginning in Q1 2019. San Albino is already a 900,000 oz oz deposit (open pit and underground). It has excellent step-out drilling...  more
01/06/2018
Analysis  
Updated: Idm Mining Ltd
IDM Mining is advancing a high grade underground mine in British Columbia. Red Mountain is an advanced project with a positive feasibility study. It is economic with a high IRR (35% after-tax), but a short mine life of 6 years. The cash costs are...  more
01/06/2018
Analysis  
Updated: Sandspring Resources Ltd.
Sandspring Resources has a large gold project and is highly undervalued. However, they will not begin production on their South American Guyana property (Toroparu) until they raise the $500 million capex (they need another $325 million). They have a 10...  more
01/06/2018
Analysis  
Updated: Leagold Mining Corp
Leagold Mining is a new company that is mostly ran by the Endeavour Mining team. The purchased the Los Filos mine in Mexico from Goldcorp for $280 million. They used $150 million in debt and the rest through equity financing. Los Filos is a large open...  more
01/02/2018
General  
December 2017 Newsletter Posted
The December 2017 newsletter has just been posted.  more
01/02/2018
General  
New SeekingAlpha Article: Top 20 Gold Mining Stocks for 2018
https://seekingalpha.com/article/4134895-top-20-gold-mining-stocks-2018  more
01/01/2018
Analysis  
Updated: Gran Colombia Gold Corp
Gran Colombia Gold has big upside potential, but also big risk. They have large resources (10 million oz gold) and are targeting 400,000 oz of production long term. They are currently producing about 170,000 oz (at Segovia) with cash costs about $750 per...  more


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