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12/31/2022
Analysis
Updated: Almaden Minerals Ltd
Almaden Minerals is trying to develop their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties to their stockholders in a new company (Almadex Minerals). Ixtaca has a PFS (pre-feasibility study) to produce 90,000 oz (.6... more
12/31/2022
Analysis
Updated: Antilles Gold Ltd
Antilles Gold (Previously PanTerra Gold) was a small producer in the Dominican Republic but now is shifting to Cuba. The reason for this strategy is their Las Lagunas tailings project, which is under dispute with the government in regards to the amount... more
12/31/2022
Analysis
Updated: GFG Resources Inc
GFG Resources is a project generator. They have five 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
12/31/2022
Analysis
Updated: Evergold Corp
Evergold Corp is a new project explorer focused in Canada. They have 4 early exploration projects in British Columbia. They drilled the Snoball (8,000 acres) and Golden Lion (12,000 acres) project this summer but results were disappointing. In Snoball,... more
12/31/2022
Analysis
Updated: Fokus Mining Corp
Fokus Mining (previously Fieldex Exploration) is a new project generator focused in Canada. They have one property (Galloway) in Ontario. Galloway (6,000 acres) has three discovery areas they are drilling. GP is low grade with 250,000 oz at .4 gpt.... more
12/28/2022
Analysis
Updated: DELETE - Major Precious Metals Corp
Major Precious Metals is advancing a large palladium project in Greenland, which has 17 million oz of palladium (~1.5 g/t) and 7 million ounces of gold (~0.55 g/t). SRK did a PEA for Platina Resource in 2019 (Platina still holds 45M shares of Major... more
12/25/2022
Analysis
Updated: Asara Resources Ltd
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 resource estimate in 2020 was... more
12/24/2022
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 excellent location and a 43-101 for 400,000 oz at 2 to 3 gpt, but they sold it for $1.7M,... more
12/24/2022
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%). Labyrinth had a historic 500,000 oz (7 gpt) but new drill results... more
12/24/2022
Analysis
Updated: Luminex Resources Corp
Luminex Resources is a project generator focused in Ecuador. They were a spin-out from Luminex Gold in 2018. They have a large gold project (Condor) that has 6 million oz, but it is low grade (.6 gpt), but has significant copper offsets. They released a... more
12/24/2022
Analysis
Updated: Fortune Bay Corp
Fortune Bay Corp is advancing an open pit in Canada. Their Goldfields project (25,000 acres) in Saskatchewan has 1.4 million oz (1.4 gpt) with 1 million oz of reserves. They plan to mine 80,000 oz annually for 10 years. It is marginally economic at $1400... more
12/22/2022
Analysis
Updated: Doubleview Gold Corp
Doubleview Capital has a copper/gold/silver/cobalt discovery (Hat) in British Columbia. It's still early exploration and they are drilling. Their goal is to produce a resource estimate and then a PEA. The deposit is currently around 750 meters x 620... more
12/22/2022
Analysis
Updated: Dateline Resources Ltd
Dateline Resources is an Australian project generator focused in Colorado. They a small gold project (Green Mountian) that has four discoveries (Gold Links, Carter, Sacramento, and Raymond). They own a working mill (Lucky Strike). They have five areas to... more
12/21/2022
Analysis
Updated: Rex Minerals Ltd
Rex Minerals is trying to build a large copper/gold mine (Hillside) in Australia with a capex of $410 million (construction is planned for 2024). They also recently acquired a large gold project (Hog Ranch) in Nevada that has a 2 million oz historical... more
12/21/2022
Analysis
Updated: Aurelia Metals Ltd
Aurelia Metals is a gold producer in Australia. They are producing about 80,000 oz at all-in costs (break-even) around $1750 per oz. They have low reserves of around 250,000 oz. They do not list their resource ounces on their website or in their current... more
12/20/2022
Analysis
Updated: Getchell Gold Corp
Getchell Gold is a project generator focused in Nevada. Fondaway Canyon (8,000 acres) is a 2 million oz (1.3 gpt) open pit project. They plan to do a PEA in 2023. It is undervalued at $38 million, which is about $20 per oz. They will likely also drill... more
12/20/2022
Analysis
Updated: Benz Mining Corp
Benz Mining is a new project generator focused in Canada. They recently acquired the Eastmain project (55,000 acres) in Quebec. It has a 350,000 oz (7 gpt) resource. I do not believe it has a historical PEA and is still early exploration.
I'm... more
12/20/2022
Analysis
Updated: FireFly Metals Ltd
Auteco Minerals is an Australian mining company that recently obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 1.8 million oz deposit at 8 gpt (their share). They plan to drill 50,000 meters in... more
12/18/2022
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 are currently set to restart production in 2023. Production in 2023 will only be 40,000 oz, with full production reached... more
12/18/2022
Analysis
Updated: Mandalay Resources Corp
Mandalay Resources is a mid-tier gold producer in Australia and Sweden. They will produce about 110,000 oz in 2022, with all-in costs around $1300 per oz (gold equivalent including silver). They have a low FCF multiple (around 6) because of their low... more
12/18/2022
Analysis
Updated: Headwater Gold Inc
Headwater Gold is a project explorer focused in Nevada, Oregon, and Idaho. They have 10 gold projects, with most of them on small properties. All are early exploration with very little drilling.
They recently entered into a JV agreement with Newcrest... more
12/17/2022
Analysis
Updated: Mako Mining Corp
Mako Mining (formerly Golden Reign Resources) has an advanced high grade (9 pgt) open pit project in Nicaragua (San Albino). Production began in 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling potential and is a... more
12/17/2022
Analysis
Updated: Angold Resources Ltd
Angold Resources is a new project generator. They have projects in Chile, Nevada, and Canada. None of them are advanced, although Dorado (35,000 acres) in Chile has a 450,000 oz (.5 gpt) historical resource that they are expanding with drilling. In... more
12/16/2022
Analysis
Added: Yandal Resources Ltd
Yandal Resources is a project generator focused in Western Australia. They have four projects that are all being drilling, including 400,000 oz of resources. They don't seem to have a flagship project and are looking for one. They are drilling Gordons (12 more
12/16/2022
Interview
Don interviewed by Francis Hunt
https://youtu.be/MJtZnFEq_L8 more
12/15/2022
Analysis
Updated: Gold Line Resources Ltd
Golde Line Resources is a project generator focused in Sweden and Finland. They have several large properties, although all of them are early exploration. They are drilling, but are low on cash and not drilling aggressively. It's an interesting stock... more
12/15/2022
Analysis
Added: 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. They have just begun processing... more
12/14/2022
Analysis
Updated: Spartan Resources Ltd
Gascoyne Resources was a small gold producer in Australia. Their Dalgaranga deposit is 650,000 oz (1.3 gpt). Production was on target to reach 75,000 oz in 2022, but they had to halt production due to high costs (mostly from COVID labor shortages and... more
12/14/2022
Analysis
Added: Alto Metals Ltd
Alto Metals is a project generator drilling a large discovery in Western Australia. Their Sandstone project (225,000 acres) is 650,000 oz (1.8 gpt) and rapidly growing in size. I'm surprised it is only valued at $35 million. They are drilling 60,000... more
12/13/2022
Analysis
Added: Sanu Gold Corp
Sanu Gold is a new project generator focused in West Africa. They have three early exploration projects in Guinea. Daina (25,000 acres) is a discovery (21 meters at 4.7 gpt near surface) that they are drilling. They are also drilling Diguifara (20,000... more
12/13/2022
Analysis
Updated: Tajiri Resources Corp
Tajiri Resources is a project generator focused in West Africa and South Ameria. They claim to have 3 flagship projects. In reality, they are drilling three potential gold discoveries. It's an interesting stock, considering the FD market cap is only $4... more
12/12/2022
Analysis
Added: Peregrine Gold Ltd
Peregrine Gold is a project generator focused in Western Australia (Pilbara). They have about 5 properties on 900,000 acres. All are early exploration. Their main focus is Newman (450,000 acres) and Mallina (400,000 acres). They have a discovery at... more
12/12/2022
Analysis
Updated: Winshear Gold
Winshear Gold (previously Helio Resources) is a project generator, with three early exploration projects in Peru (Gaban, Yang, and Ica). They have a combines 50,000 acres to explore. They have completed over 1,000 surface samples at Gaban from 2019 to... more
12/11/2022
Analysis
Updated: Barrick Gold Corp
Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 4 million ounces to 4.5 million (excluding copper, which is currently at 500 million lbs production and projected to reach 1 billion... more
12/11/2022
Analysis
Updated: CMC Metals Ltd
CMC Metals is a project generator focused in Canada. They have at least 7 properties, although all are early exploration. They have been getting some buzz because of their Silverknife property, which is about 4 miles away from Coeur Mining's Silvertip... more
12/10/2022
Analysis
Updated: Garibaldi Resources Corp
Garibaldi Resources is a project generator. In 2017, they had a significant high-grade nickel discovery in the Golden Triangle of British Columbia at their E&L Nickel Mountain property. Their share price exploded from 8 cents to $3.70. Today it is back... more
12/10/2022
Analysis
Updated: Thesis Gold Inc
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. They have 20 drill targets... more
12/10/2022
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). Investors liked their chances in the past and gave them a FD market cap of $114 million (now back to $52 million, The stock... more
12/10/2022
Analysis
Updated: Independence Gold Corp
Independence Gold is a project generator focused in Canada. Their share price spiked in 2020 due to high-grade drill results on their 3Ts project (12,000 acres) in British Columbia. However, it has come back down to a $7 million FD market cap. That is... more
12/09/2022
Analysis
Updated: Timberline Resources Corp
Timberline Resources is a project generator focused in Nevada. They have three early exploration projects (Eureka-Lookout Moutain, Battle Mountain-Paiute, and Seven Troughs). They have had several good drill holes at Eureka-Lookout Mountain (20 meters at... more
12/09/2022
Analysis
Updated: Equity Metals Corp
Equity Metals is a project generator focused in Canada. They have a silver project in British Columbia (Silver Queen). It has 30 million (200 gpt) silver and 85 million oz of AGEQ (500 gpt). The offsets include gold, copper, lead, and zinc, all of which... more
12/08/2022
Analysis
Updated: Goldgroup Mining Inc
Goldgroup Mining was a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects.
Cerro Prieto is low-grade open pit project. They began mining in... more
12/08/2022
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 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,... more
12/07/2022
Analysis
Updated: Aftermath Silver
Aftermath Silver is a developer with two projects in Chile (Challacollo) and one 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 producing for about 4 years.... more
12/07/2022
Analysis
Updated: Riverside Resources Inc
Riverside Resources is a project generator with a focus on gold exploration. They are planning drill programs for 3 of their projects and have JV's with Yamana, BHP and RioTinto to name a few. Their market cap is only $9M so if they hit some good drill... more
12/07/2022
Analysis
Updated: Mundoro Capital
Mundoro Capital is a royalty generator mostly focused in Eastern Europe. They have 6 properties in Serbia and Bulgaria. Their North and South Timok properties are optioned to 3 JV partners (they kept 25% of each) who are drilling. All of their properties... more
12/07/2022
Analysis
Updated: Tonogold Resources Inc
Tonogold Resources acquired the Lucerne project (5,000 acres) from Comstock Mining. They are currently drilling three target areas. They have a 20 year exclusive lease on the processing plant and infrastructure in the area. They are using historical data... more
12/07/2022
Analysis
Updated: Yorbeau Resources
Yorbeau Resources is a project generator in Canada. they have 4 precious metals and 6 base metals projects, all of them in Quebec. They gave IamGold a 100% option to purchase their Rouyn project if they pay $15 per ounce in a future resource estimate... more
12/07/2022
Analysis
Updated: OreCap Invest Corp
Orefinders Resources has a JV with Agnico Eagle on three projects. AEM owns 9.9% if the company in exchange for spending $60M in exploration/development. One of their projects is Mirado, a gold discovery in Ontario. It is a 440,000 oz (1.3 gpt) resource.... more
12/07/2022
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. They began drilling in 2015 and have had several good drill holes (23 meters at 7.8 gpt, 18 meters... more
12/07/2022
Analysis
Updated: Osisko Gold Royalties Ltd
Osisko Gold Royalties is focused mostly on gold royalties. They have over 175 royalties & streams. 2022 Guidance was 90-95k gold equivalent ounces. Their margins are 93% and have a market cap over C$3 Billion.
76% of their income comes from gold. 21%... more
12/07/2022
Analysis
Updated: GBM Resources Ltd
GBM Resources is a small gold producer in Australia. They have resource updates coming for their Twin Hills & Yandan projects. Newcrest is supposedly interested in forming some kind of partnership with them. They have been selling off their non core... more
12/07/2022
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
12/07/2022
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 discoveries yet. They plan on drilling aggressively to... more
12/07/2022
Analysis
Updated: Xtract Resources Plc
Xtract Resources is a project generator based in London. They have a copper/gold discovery (Bushranger) that they are drilling in Australia. It is already 74 million tons (.5% CUEQ) that is growing in size. This has been pushing their valuation higher.... more
12/06/2022
Analysis
Updated: Gatos Silver Inc
Gatos Silver is a mid-tier producer in Mexico. Their Cerro Los Gatos property (70% JV) has 60 million oz (their share) (300 gpt AG). Their share of production is about 5 million oz per year. All-in (break-even) cost per oz is around $15. So, it's a low-co more
12/06/2022
Analysis
Updated: Integra Resources
Integra Resources is advancing the DeLamar project in Idaho. It is a 4 million oz resource (including silver), although it is low grade (.7 gpt). The good news is that it is economic, with about a 33% after-tax IRR at $1700 gold. The capex is $282... more
12/05/2022
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. Subsequently, Maple’s FD... more
12/05/2022
Analysis
Updated: Steppe Gold Ltd
Steppe Gold is an emerging mid-tier producer in Mongolia. They have a low-cost, open pit mine (ATO) with 1.5 million oz of gold (1 gpt). Currently, they are producing 50,000 oz with all-in costs (break-even) around $1200 per oz. They plan to expand... more
12/04/2022
Analysis
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (3 underground mines at 140 gpt). They are one of the few pure silver producers (90% of revenue from silver). They are currently only producing about 700,000 oz, but that should increase as silver prices rise... more
12/04/2022
Analysis
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (3 underground mines at 140 gpt). They are one of the few pure silver producers (90% of revenue from silver). They are currently only producing about 600,000 oz, but that should increase as silver prices rise... more
12/04/2022
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 335 million oz at 330 gpt (AGEQ). That includes 115 million oz of silver at 100 gpt and 2 billion lbs of zinc. It's really a silver/zinc... more
12/03/2022
Analysis
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. They will produce about 500,000 oz in 2023 and 600,000+ oz in 2025 or 2026. Most of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 4 million oz (1.3 gpt) open pit that... more
12/03/2022
Analysis
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. They will produce about 500,000 oz in 2023 and 600,000+ oz in 2025 or 2026. Most of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 4 million oz (1.3 gpt) open pit that... more
12/03/2022
Analysis
Updated: Argent Minerals
Argent Minerals is trying to advance a silver/zinc/gold project in Australia. Their Kempfield project is becoming advanced. It is a low-grade silver/gold project (40 million oz at 45 gpt AG), but it has lead and zinc offsets. It will likely be economic... more
12/03/2022
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 very good locations and their main focus is the Uchi project. They recently completed another phase of drilling and keep finding... more
12/03/2022
Analysis
Updated: Alamos Gold Inc
Alamos Gold is a major (my definition) and a growth story. They have acquired 4 companies in the past 5 years (including Aurico Gold and Carlisle Goldfields in 2015, plus Richmont Mines in 2017). They now have 23 million oz in resources and are giving... more
12/02/2022
Analysis
Updated: Silver Storm Mining Ltd
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 will make it economic around $30/o more
12/01/2022
General
November 2022 Newsletter Posted
November 2022 Newsletter Posted. more
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