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03/30/2017
Analysis
Updated: Cordoba Minerals Corp
Cordoba Minerals is a project generator with a single large property in Colombia. San Matias is on 500,000 acres and already has three discoveries from early drilling. It is already 800 million lbs (.7%) copper and 650,000 oz (.37 gpt) gold. It will... more
03/28/2017
Analysis
Updated: Orex Minerals Inc
Orex Minerals is a project generator with two interesting projects. Coneto (42,000 acres) in Mexico is a 45% JV with Fresnillo with a target of 100 million oz of silver equivalent. Fresnillo is drilling and must spend $21 million to get their option.... more
03/27/2017
Analysis
Updated: Harmony Gold Mining Co.
Harmony Gold Mining is an emerging major with most of its mines in South Africa. It's too bad they are located in politically risky South Africa. If their mines were based in a mining friendly nation, their stock price would be triple it's current price.... more
03/26/2017
Analysis
Updated: Havilah Resources Ltd
Havilah Resources is a small gold producer in Australia. They are currently mining 20,000 oz a year (their 50% share) with very low all-in costs below $1000. Their goal is to produce 100,000 oz of gold and 34,000 tons of copper. Large copper projects... more
03/26/2017
Analysis
Updated: Majestic Gold Corp
Majestic Gold is a small producer in China. They are currently producing 15,000 oz (their 70% share) and should reach full production of 70,000 oz (their share) in about 2 years. First they need to resettle two villages (scheduled for 2017). Their 2... more
03/25/2017
Analysis
Added: Havilah Resources Ltd
Havilah Resources is a small gold producer in Australia. Their goal is to produce 100,000 oz of gold and 34,000 tons of copper. Large copper projects have been become more difficult to build because of low copper prices. I am only valuing them as a gold... more
03/25/2017
Analysis
Added: Sonoro Gold Corp
Sonoro Metals has two early exploration gold properties. They have a 40% JV deal on their Hilltop property (30,000 acres) in Alaska. Their partner is drilling. And they have a 2,500 acre, early exploration project in Mexico (San Marcial). There is not a... more
03/25/2017
Analysis
Updated: Rusoro Mining Ltd
Rusoro Mining had a large gold mine (17 million oz) in Venezuela that was nationalized in 2012. In 2016, they won a $1.2 billion award by an international court. After they won the court case, their stock price jumped from $45 million to $75 million.... more
03/24/2017
Analysis
Updated: Ascot Resources Ltd
Ascot Resources has two nice projects. Their Dilworth/Premier project is a gold and silver surface mine in Canada (British Columbia). It is a 4 million oz gold resource (.7 gpt), plus 38 million oz of silver (4 gpt). However, recent drill results (572... more
03/23/2017
Analysis
Updated: OR Royalties Ltd
Osisko Gold Royalties has two long term NSR deals with two large mines in Canada: Canadian Malartic (5%) and Eleanor (2% to 3%). Combined these two mines will produce more than 800,000 oz for a long time. This is a big reason why they have a market cap... more
03/23/2017
Analysis
Updated: Mirasol Resources Ltd
Mirasol Resources is a project generator with a lot of cash ($18 million). They do not currently have an advanced project, but they have 10 properties in Chile and 20 in Argentina (1 million acres). They have 3 JV deals, including deals with Yamana and... more
03/22/2017
Analysis
Updated: Aura Minerals Inc
Aura Minerals is an emerging mid-tier producer in Honduras. They have a large gold mine in Hondurus (San Andres) with 1.7 million oz of resources. It is an 80,000 oz long life mine (10 year mine life that could be extended). They also have another gold... more
03/21/2017
Analysis
Updated: Rise Gold Corp
Rise Resources is a project generator with a high grade gold project in California. Their Idaho-Maryland project has a historical resource of 1.3 million oz (10 gpt). It was last mined in 1942, and produced 2.4 million oz at 15 gpt. It will not be easy... more
03/20/2017
Analysis
Added: Horizon Gold Ltd
Horizon Gold is a new company (spin out from Panoramic Resources) in Australia. They have a 1.2 million oz (2 gpt) open pit project (Gum Creek) that looks excellent. The FD market cap is only $20 million, which is really cheap for their potential. They... more
03/20/2017
Analysis
Updated: PPX Mining Corp
PPX Mining (previously Peruvian Precious Metals) has a pretty good project in Peru. They are drilling three deposits on their Igor project. So far they have found 930,000 oz of gold equivalent (including silver) at pretty good grades (2 gpt gold and 70... more
03/20/2017
Analysis
Updated: Galiano Gold Inc
Asanko Gold (formerly Keegan Resources) is a new mid-tier producer in West Africa (Ghana). They have two flagship projects and are heading to 450,000 oz of production in 2021. Their 3 million oz Nkran open pit project is producing 200,000 oz at $650 to $7 more
03/20/2017
Analysis
Updated: Avesoro Resources Inc
Avesoro Resources (formerly Aureus Mining) is a new mid-tier producer. They have a large properties in West Africa (Liberia) on 250,000 acres. The New Liberty gold project is high grade surface deposit (1.7 million oz at 3 gpt). They have 30 exploration... more
03/19/2017
Analysis
Added: DELETE - El Capitan Precious Metals Inc.
El Capitan Precious Metals is a small gold producer in the US (New Mexico). Their website is a disaster and almost useless for deterring what they have. I have no idea on their resources, grade, or costs. They had some revenue in 2015, but none in 2016.... more
03/19/2017
Analysis
Added: Rise Gold Corp
Rise Resources is a project generator with a large project in California. Their Idaho-Maryland project has a historical resource of 1.3 million oz (10 gpt). It was last mined in 1942, and produced 2.4 million oz at 15 gpt. It will not be easy to permit,... more
03/18/2017
Analysis
Updated: Orosur Mining Inc
Orosur Mining is a producer in Uruguay at 35,000 oz per year. Their all-in costs are around $1300 per oz. The San Gregorio mine is low on resources (600,000 oz), but they could find more through exploration.
The also have two other projects they are... more
03/18/2017
Analysis
Updated: Serabi Gold
Serabi Mining is a new small producer in Brazil. They will produce 40,000 oz in 2017 from their Palito and Sao Chico deposits using a single mill. The have 700,000 oz (7 gpt) between both deposits. They plan to double production by 2020 or 2022, but will... more
03/16/2017
Analysis
Updated: Belo Sun Mining Corp
Belo Sun Mining is developing a very large open pit project in Brazil called Volta Grande (330,000 acres). It is a 6 million oz open pit project (1 gpt). The feasibility study was released in March 2015. The capex is $300 million capex to produce 200,000... more
03/16/2017
Analysis
Updated: First Mining Gold
First Mining Finance is a new company created in 2014 by Keith Neumeyer the CEO of First Majestic Silver. He originally populated it with 16 projects in Mexico on 500,000 acres. His goal is to grow the company by creating a mineral bank of properties.... more
03/15/2017
Analysis
Added: Grizzly Discoveries Inc
Grizzly Discoveries is a project generator focused in Canada. They have a large property (Greenwood) in British Columbia with 225,000 acres. On part of the property (65,000 acres), Kinross Gold has a 75% option. On the remaining areas they have several... more
03/15/2017
Analysis
Added: ARGO GOLD INC
Argo Gold is a project generator focused in Ontario, Canada. They have 6 early exploration properties (30,000 acres) in some very good location. There problem is financing. They are low on cash and have a small market cap. It won't be easy for them to... more
03/15/2017
Analysis
Updated: KEFI Gold and Copper
Kefi Minerals has an exciting project in Ethiopia. The Tula Kapi open pit and underground project has 1.7 million oz and is growing in size. The PEA is economic with low cash costs around $600 per oz. The capex is high at $150 million, but will likely... more
03/14/2017
Analysis
Updated: Northern Dynasty Minerals Ltd
Northern Dynasty currently owns 100% of the Pebble project in Alaska. Over $750 million has been spent. They have no debt and $40 million in cash. Pebble has 75 billion lbs (4%) of copper, 100 million oz (.4 gpt) of gold, and 500 million oz (1.5 gpt) of... more
03/14/2017
Analysis
Added: Desert Gold Ventures Inc
Desert Gold Ventures has projects in Africa. They are trying to become a gold miner in Rwanda, but are having trouble raising financing. Their Byumba project is only 265,000 oz, but they have a mining license. It is low capex and they might be able to... more
03/13/2017
Analysis
Updated: Xtra-Gold Resources Corp
Xtra Gold Resources is a project generator with one property in Ghana (West Africa). The Kibi project has significant potential. It is on 55,000 acres and has 4 deposits that they are drilling. Zone 2 had a 43-101 resource estimate in 2012 of 400,000 oz... more
03/13/2017
Analysis
Added: Thunderstruck Resources Ltd
Thunderstruck Resources is a project generator focused in Fiji. They are exploring 4 deposits, most of which are base metals (copper and zinc). However, several of them have zinc which is in demand. They have one gold project (Liwa Creek). All of their... more
03/13/2017
Analysis
Updated: DELETE - Josemaria Resources Inc
NGEx Resources has two large copper/gold/silver projects in Argentina. The have FD market cap of $186 million, which is very cheap based on their potential. The key is going to be financing and copper demand. Their first project called Los Helados has... more
03/13/2017
Analysis
Added: DELETE - Filo Mining Corp
Filo Mining was a spinout project from NGex Resources in 2016. It is a large copper/gold/silver project, with 3.3 billion lbs or copper, 4 million oz of gold, and 150 million oz of silver. They think it is larger and are currently drilling to expand the... more
03/12/2017
Analysis
Updated: Xtract Resources Plc
Xtract Resources has a gold project (Manica) under development in Mozambique. It's a 1 million deposit (1 gpt) that is likely to increase in size. They have a starter pit (Fair Bride) and three other discoveries on the property. They will complete the... more
03/12/2017
Analysis
Updated: Melkior Resources Inc
Melkior Resources is an early project generator focused in Canada. They have three large gold properties with potential. Carscallen in West Timmins is next to a Lakeshore Mining deposit and is their focus. Recent drill results have been fairly good... more
03/11/2017
Analysis
Updated: Kinross Gold Corp
Kinross Gold is a major with 2.6 million oz of gold equivalent production. Their all-in costs for 2017 are projected to be around $1100 (gold equivalent cash costs per oz around $750). They are a growth company with plans to expand production to 3.5... more
03/10/2017
Analysis
Updated: Westhaven Gold
Westhaven Ventures is a project generator in Canada. They have two early exploration projects in British Columbia. Prospect Valley (25,000 acres) is a gold discovery with 150,000 oz. Shovelnose (45,000 acres) also appears to be a gold discovery, but... more
03/09/2017
Analysis
Updated: DELETE - Nautilus Minerals Inc.
Nautilus Minerals is a high risk speculation stock, however, the sky is the limit. They are planning to mine from the sea floor at deep depths (5000 feet and deeper). If it works, they will likely expand rapidly, adding reserves and new mines. They... more
03/09/2017
Analysis
Added: Fortune Minerals Ltd
Fortune Minerals had a shovel ready gold/copper/cobalt/bismuth project in Canada (Northwest Territories). The problem is the high capex ($437 million). No one want to take a chance on it today. The mine life is 21 to 24 years. However, it will get built,... more
03/08/2017
Analysis
Updated: DELETE - Petropavlovsk Plc
Petropavlovsk PLC is a mid-tier gold producer in Russia. They have 23 million oz of gold resources and produce 450,000 oz with cash costs around $750 per oz. They have a poor balance sheet with $600 million in net debt. This makes the stock high risk and... more
03/08/2017
Analysis
Updated: Spanish Mountain Gold Ltd
Spanish Mountain has a large open pit gold project in Canada (British Columbia). They are currently updating their PEA in 2017, which will reduce the capex to around $500 million. That is very high to only produce 150,000 oz annually, and will be... more
03/07/2017
Analysis
Added: DELETE - Broadway Gold Mining Ltd
Broadway Mining has a high grade gold/copper discovery (Madison) in Montana. The share price has exploded in value from 2 cents in 2015 to $1.10 today. With a $63 million FD market cap, it is now a bit pricey. They don't even have an initial resource,... more
03/07/2017
Analysis
Updated: Austral Gold Ltd
Austral Gold is a gold producer in Chile and Argentina with a third mine under development (Amancaya). Their Guanaco mine (750,000 oz at 1.5 gpt) produces 50,000 oz at $850 per oz cash costs. They recently purchased the Casposo mine (25,000 oz of... more
03/06/2017
Analysis
Updated: Gold Springs Resources
TriMetals Mining (formerly South American Silver) has been a painful fall for their investors. It has fallen from $3.25 a share in 2010 to today’s price of 20 cents. Ouch. Today it has a FD market cap of $38 million. This happened because the Bolivian... more
03/05/2017
Analysis
Added: Gungnir Resources Inc
Gungnir Resources is a Canadian exploration company with a project in Sweden. Their Knaften property is 18,000 acres in a good location. Early drill results (86 holes) have found a discovery (10 meters at 3.4 gpt). Plus, they have a royalty that will pay... more
03/05/2017
Analysis
Updated: STLLR Gold
Moneta Porcupine has an excellent project in Ontario, Canada. The Golden Hwy property is a 4.3 million oz resource (1 gpt with a 90% recovery rate). They recently released a PEA for 25,000 tpd at 288,000 oz annual production. The capex was high at $600... more
03/04/2017
Analysis
Added: Latin Metals Inc
Centenera Mining is a project generator focused in Argentina. They are exploring 5 projects, all of which are early exploration. They do not have any JVs at the moment. They do have a copper/gold discovery (Huachi), which has a 350 meter hole at .35... more
03/04/2017
Analysis
Updated: Santacruz Silver Mining Ltd
Santacruz Silver Mining is a small silver producer in Mexico. Their last financial report was weak, with cash costs around $11 per oz. However, they recently restructured their silver loan which will lower their costs and perhaps make them profitable in... more
03/03/2017
Analysis
Added: Aurania Resources Ltd
Aurania Resources is a new company with a deal to acquire 500,000 acres in Ecuador called the Lost Cities / Cutucu project. It is supposed to close in Q2 2016. They have to raise $6 million for the deal to close. They will use this money to begin... more
03/03/2017
Analysis
Updated: Gold Resource Corp
Gold Resource Corp (often referred by their trading symbol GORO) was a great pick in early 2009, when it traded under $3. After they went into production, the stock rocketed to $30 a share in 2011. However, it came all the way back, trading at $1.91 in... more
03/03/2017
Analysis
Updated: Santacruz Silver Mining Ltd
Santacruz Silver Mining is a small silver producer in Mexico. Their last financial report was weak, with cash costs around $11 per oz. However, they recently restructured their silver loan which will lower their costs and perhaps make them profitable in... more
03/02/2017
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 3.5 million oz open pit deposit. They recently had another company analyze the deposit and it... more
03/02/2017
Analysis
Updated: Fortuna Mining
Fortuna Silver is a mid-tier producer in Mexico and Peru. Fortuna is very similar to First Majestic Silver and Endeavour silver. All of them performed very well in 2010 and 2011. They all have low cash costs, very little debt, and substantial cash. And... more
03/01/2017
General
February 2017 Newsletter Posted
The February 2017 newsletter has just been posted. more
03/01/2017
Analysis
Added: Westgold Resources Ltd
Westgold Resources was a spinout of Metals X in 2016. They are a mid-tier gold producer in Australia. They have 15 million oz of resources and 4 producing mines. They are profitable with all-in costs around $1100 per oz. Plus, they have an excellent... more
03/01/2017
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) in... more
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