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News from December 2018

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12/31/2018
Analysis  
Updated: Canagold Resources
Canarc Resources has an advanced project in Canada (northern British Columbia) that looks promising. Their New Polaris project is a 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
12/31/2018
Analysis  
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (3 underground mines at 140 gpt). Last quarter was awful. Their grade decreased and gold prices decreased. They already had high cash costs, so this was painful. Their all-in costs were about $20 per oz. At this...  more
12/30/2018
Analysis  
Updated: Mako Mining Corp
Mako Mining (formerly Golden Reign Resources) has an advanced high grade (7 pgt) project in Nicaragua (San Albino). Production is scheduled for 2020. San Albino is already a 900,000 oz oz deposit (open pit and underground). It has excellent step-out...  more
12/30/2018
Analysis  
Updated: Mako Mining Corp
Mako Mining (formerly Golden Reign Resources) has an advanced high grade (7 pgt) project in Nicaragua (San Albino). Production is scheduled for 2020. San Albino is already a 900,000 oz oz deposit (open pit and underground). It has excellent step-out...  more
12/30/2018
Analysis  
Updated: First Majestic Silver Corp
First Majestic Silver is a large silver producer in Mexico. Until recently they were a very strong company with a clean balance sheet and low costs. Now they have $146 million in debt and lost money last quarter. With only $72 million in cash, their risk...  more
12/29/2018
Analysis  
Updated: Aris Mining Corp
Gran Colombia Gold has turned things around. They had serious debt issues and their stock price crashed. However, they expanded production and lowered their cash costs. Now they have their balance sheet under control. They have $25 million in cash and $73  more
12/27/2018
Analysis  
Updated: K2 Gold Corp
K2 Gold (formerly West Melville Metals) has 3 properties in the Yukon. Their main focus is the Wels project, a 10,000 acre early exploration gold project. In 2017 they had some success after drilling 28 meters of 2.37 g/t gold, However, they were not...  more
12/27/2018
Analysis  
Updated: International Iconic Gold
Marifil Mines is a project generator in Argentina. They have one significant JV with Novagold (San Roque), where they have a 51% interest. Novagold has drilled 100 holes and all of them have found gold, but their recent drilling campaign was less...  more
12/27/2018
Analysis  
Updated: DELETE - Braveheart Resources Inc
Braveheart Resources is a new exploration company. They recently entered an agreement to purchase the Gallowai Bul River Mine in British Columbia, but the finalization of the deal was not anounced yet (They are currently trying to raise $2.5 million by...  more
12/26/2018
Analysis  
Updated: Lupaka Gold Corp
Lupaka Gold is advancing a small gold project to production in Peru. Their 600,000 oz (5 gpt) underground Invicta project is supposed to begin production soon (Q1 2019). It has low resources, but I would expect some exploration success (70,000 acres to...  more
12/26/2018
Analysis  
Updated: GFG Resources Inc
GFG Resources is a project generator. They have two gold projects. Their Rattlesnake Hills project in Wyoming appears to be a mine, although there has never been a PEA. Newcrest mining recently obtained a 75% option and is currently drilling. There has...  more
12/26/2018
Analysis  
Updated: Northisle Copper & Gold Inc
Northisle Copper and Gold has a large copper/gold project (Hushamu) in Canada. The location is excellent, near an existing mine in British Columbia. Investors do not like it, giving it an FD market cap of only $8 million. If you like copper, this could...  more
12/26/2018
Analysis  
Updated: Northisle Copper & Gold Inc
Northisle Copper and Gold has a large copper/gold project (Hushamu) in Canada. The location is excellent, near an existing mine in British Columbia. Investors do not like it, giving it an FD market cap of only $8 million. If you like copper, this could...  more
12/26/2018
Analysis  
Updated: Minnova Corp
Minnova Corp (formerly Auriga Gold) is a potential producer if they can get financing. They need to raise $28 million to begin production approximately 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,...  more
12/25/2018
Analysis  
Updated: Rizal Resources Corp
Rizal Resources (formerly Cadan Resources) was a small producer in the Philippines. Their T Boli project is a 1 million oz deposit (4 gpt). It's a low-grade underground mine. They think they can get the head grade up to 5 gpt, but they did some test...  more
12/24/2018
Analysis  
Updated: Kingsgate Consolidated Ltd
Kingsgate Consolidated had a 4 million oz gold mine (Chatree) in Thailand with $750 per oz cash costs. It was shut-down due to environmental issues in 2016. They are currently suing the Thai government for reparations. Plus, they are suing their...  more
12/24/2018
Analysis  
Added: Oriole Resources PLC
Oriole Resources is a project generator focused in West Africa. They have 3 properties, plus equity interest in 4 companies, plus 2 NSRs. Their Dalafin project in Senegal is a 30% JV. IAMGold has a 70% option if they spend $8 million over 6 years....  more
12/23/2018
Analysis  
Added: Commander Resources Ltd
Commander Resources is a project generator focused in Canada. They have about early exploration gold projects, plus several base metals projects. They have been in business since 1989 and have been around for a long time. It's somewhat surprising for a...  more
12/21/2018
Analysis  
Added: Mako Gold Ltd
Mako Gold is a new exploration company focused in West Africa. They have 3 early exploration properties. Two in Burkina Faso (Niou and Tangora) and one in Cote d'Ivorie (Napie). They seem to be focused on their Napie project, which appears to be a...  more
12/20/2018
Analysis  
Updated: DELETE - Bitterroot Resources Ltd
Bitterroot Resources is mostly a base metal exploration company with 225,000 acres in Michigan. However, they have a high grade silver project in Arizona (North Hackberry). It is a past producing silver mine. Plus, they have an early exploration gold...  more
12/20/2018
Analysis  
Added: Aloro Mining Corp
Aloro Mining is a new exploration company focused in Mexico. They have one property (Los Venados) that is near previously mined open pits (gold). It appears to be a good location, but they have not begun drilling yet. They are out of cash and will need...  more
12/20/2018
Analysis  
Updated: DELETE - Playfair Mining Ltd
Playfair Mining has a high grade gold discovery (Ox Mountain) in Ireland. They have an option to obtain 100% by funding exploration. It is still early exploration, but they optimistically think it could be similar to the Dalradian Resources discovery. It...  more
12/18/2018
Analysis  
Updated: Alien Metals Limited
Alien Metals (formerly Arian Silver) is a small explorer in Mexico. They lost their 117 million oz San Jose project in 2015 due to debt issues. This leaves them with two exploration projects: Los Campos and San Celso. I don't know if they will be...  more
12/18/2018
Analysis  
Added: Steppe Gold Ltd
Steppe Gold is a near-term producer in Mongolia. They have a starter mine with about 200,000 oz of gold. They gave away 25% of production until they pay back 47,000 oz. This will leave them with no debt and the potential to grow organically. I like their...  more
12/18/2018
Analysis  
Added: DELETE - Orsu Metals Corp
Orsu Metals is advancing a gold project in Russia (Siberia). It is next to a large open pit mine and appears to be another mine. It is still early exploration, but they want to do a resource estimate in 2019. This will take a few years to unfold and...  more
12/18/2018
Analysis  
Added: DELETE - NQ Minerals
NQ Minerals is a new company. They have tailing project in Australia that just began production. They are currently trying to get listed on the London stock exchange. Currently I don't have access to their financial records. I don't know how much cash...  more
12/17/2018
Analysis  
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 45 years. They have 7 early exploration gold projects, mainly in Yukon, 3 of them optioned to third parties. Their most recent acquisition is Spius in British Columbia....  more
12/16/2018
Analysis  
Updated: Seabridge Gold Inc
Seabridge Gold is the largest Project Generator by Market Cap. They have two giant projects, but both are not currently economic to build. They are currently de-risking them with permitting and feasibility studies. The stock reached $37 per share in 2007...  more
12/16/2018
Analysis  
Updated: Buenaventura Mining
Buenaventura Mining is a major with production of 650,000 oz of gold, 24 million oz of silver, and significant copper and zinc (30% of revenue comes from base metals). They have a pipeline of 6 projects and 20 million oz of gold resources that will...  more
12/16/2018
Analysis  
Updated: Barrick Gold Corp
Barrick was recently trading at a 5 year low ($9) and has increased to $13. However, their 2011 high was $55, and I expect them to reach a new high. The FD market cap is up to $16 billion. They are currently paying about a 1.5% dividend. One negative...  more
12/16/2018
Analysis  
Updated: Almadex Minerals Ltd
Almadex Minerals was spun off by Almaden Minerals in 2015. Almaden Minerals decided to develop their flagship project (Ixtaca) in Mexico. Almadex was left with 19 exploration properties and 18 NSRs. That's a pretty good portfolio of projects. They have...  more
12/16/2018
Analysis  
Updated: Almadex Minerals Ltd
Almadex Minerals was spun off by Almaden Minerals in 2015. Almaden Minerals decided to develop their flagship project (Ixtaca) in Mexico. Almadex was left with 19 exploration properties and 18 NSRs. That's a pretty good portfolio of projects. They have...  more
12/16/2018
Analysis  
Updated: Orion Minerals
Orion Minerals is trying to advance a zinc and copper project in South Africa (Prieska). It is a past producing mine and needs a feasibility study (due in 2019) to resume production (target of 2020). This seems to be their focus. They have debt issues of...  more
12/15/2018
Analysis  
Updated: Equinox Gold Corp
Equinox Gold was formed in 2017 from a merger between Trek Mining, NewCastle Gold, and Anfield Gold. They have 11 million oz of gold and have a goal of producing 600,000 oz annually. They are producing 135,000 oz (Mesquite in California), which will...  more
12/15/2018
Analysis  
Updated: DELETE - Highland Gold Mining Ltd
Highland Gold Mining is a mid-tier producer in Russia. They have 3 producing mines and 3 more under development. With a market cap of $688 million, they are not cheap, but a possible 5 bagger long term. The will produce about 250,000 oz in 2018 and have...  more
12/15/2018
Analysis  
Updated: DELETE - Comstock Mining Inc
Comstock Mining was a small gold producer in Nevada. They halted production in 2016 because of high costs. Since then their share price has crashed and they also did a reverse split, which further hurt shareholders. Comstock is another in a long list of...  more
12/14/2018
Analysis  
Updated: Garibaldi Resources Corp
Garibaldi Resources is a project generator. In 2017, they had a major discovery in the Golden Triangle of British Columbia at their E&L property. Their share price exploded from 8 cents to $3.70. Today it is back to .85 cents. The discovery is near the...  more
12/13/2018
Analysis  
Updated: Ximen Mining Corp
Ximen Mining has an early exploration project (Brett) in British Colombia. They have a good management team that is good at marketing their company. The stock surged in early 2014, but has subsequently crashed as they ran out of cash. This company...  more
12/12/2018
Analysis  
Updated: Mandalay Resources Corp
Mandalay Resources is a mid-tier gold producer in Australia, and Sweden. They will produce around 80,000 oz in 2018, with all-in costs around $1500 per oz. These high costs, including cash costs around $1,000 per oz at both mines, caused their share...  more
12/12/2018
Analysis  
Updated: DELETE - Bessor Minerals Inc
Troymet Exploration has two early exploration projects. Redhill in a copper/gold project while Golden Eagle has high grade gold, both of them in British Columbia . They also have 1% NSR on a project they sold to New Gold (they had 2%, but they sold 1%...  more
12/10/2018
General  
New SeekingAlpha: Victoria Gold: Near-Term Producer in Canada
https://seekingalpha.com/article/4227516-victoria-gold-near-term-producer-canada  more
12/10/2018
Analysis  
Updated: Chibougamau Independent Mines Inc
Chibougamau Independent Mines has a large (23,000 acres) gold/copper exploration property in Quebec. It has 8 past producing gold/copper mines and a 3,000 tpd mill. The best thing about it is the location. Also, it has significant exploration potential....  more
12/10/2018
Analysis  
Updated: Doubleview Gold 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
12/09/2018
Analysis  
Updated: Sibanye-Stillwater
Sibanye Stillwater (previously Sibanye Gold) is a new emerging 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 1.2 million oz in 2018....  more
12/09/2018
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 $1.5 billion FD market cap, so it isn’t a cheap stock. Sukari has a large resource of 13 million oz M&I. They...  more
12/09/2018
Analysis  
Updated: Apex Resources Inc
Apex Resources has five early stage exploration properties in the Yukon and British Columbia. Their main focus is the Mount Anderson project in which they have recently completed an IP survey with positive results, as well as good values in their rock...  more
12/09/2018
Analysis  
Updated: Solitario Resources Corp
Solitario Zinc Corp. sold their flagship Mt Hamilton project in 2015 for $24 million. They are left with cash and a small pipeline of 3 properties. One is a large zinc project (Floriday Canyon) in Peru that is close to a pre-feasibility study (they are...  more
12/09/2018
Analysis  
Updated: Sun Summit Minerals
San Marco Resources is a project generator focused in Mexico. They have four early exploration projects. Chunibas (1,200 acres) is a 30% JV. Their JV partner is drilling. Oregano (175,000 acres) is still early exploration. 1068 (4,500 acres) is early...  more
12/08/2018
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 200 million oz silver...  more
12/08/2018
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 reached $20 million. Now it is...  more
12/08/2018
Analysis  
Updated: Orea Mining Corp
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
12/08/2018
Analysis  
Updated: Alamos Gold Inc
Alamos Gold is a large producer that has been on a mission to become a major. 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...  more
12/06/2018
Analysis  
Updated: Engold Mines Ltd
Engold Mines has a gold/silver/copper and a copper/gold/silver 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...  more
12/06/2018
Analysis  
Updated: Arkle Resources PLC
Connemara Mining is a small project generator with two gold projects in Ireland. Inishowen is believed to have similar geology to Dalradian's Curraghinalt Project (high grade veins), but first drill results back in 2017 returned only few short and...  more
12/05/2018
Analysis  
Updated: Vior Inc
Vior Inc (Societe D Exploration Mineire Vior) is a project generator in Quebec, Canada. This is a high risk speculation explorer, but they are in a good location. One of their projects (Vezza) is a high grade discovery with 300,000 oz at 6 gpt. They have...  more
12/05/2018
Analysis  
Updated: Patriot Gold Corp
Patriot Gold is a small project generator focused in Nevada. They have a 3% NSR for an open pit project (Moss) in Nevada. It is a 700,000 oz resource with cash costs at $500 per oz. Thus, it is economic. The capex is only $27 million, some of which has...  more
12/04/2018
Analysis  
Updated: Walker River Resources Corp
Walker River Resources is attempting to become a small gold producer in Nevada. Their Lapon Canyon (800 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...  more
12/04/2018
Analysis  
Updated: Sanatana Resources Inc
Sanatana Resources is a project generator based in Canada. They have two early exploration projects. Jackfish in Ontario is on 17,000 acres and has never been drilled. Tirua in Papua New Guinea is on 17,000 acres and is a recent acquisition. It has had...  more
12/03/2018
Analysis  
Updated: DELETE - Everton Resources Inc
Everton Resources is a project generator with several properties with potential (10 projects in the Dominican Republic and Canada). They have a FD market cap of only $2.5 million. They have 2 JVs on their Opinaca project, one of them with Hecla Mining on...  more
12/02/2018
Analysis  
Updated: Goldflare Exploration Inc
Typhoon Exploration is a gold exploration company that began in 2003. They have 7 properties in Southern Quebec in the Abitibi gold belt, All are early exploration. They recently signed a letter of intent to acquire additional 50% in the Fayolle property...  more
12/02/2018
Analysis  
Updated: Irving Resources Inc
Irving Resources is a new company that was recently formed in 2015 to explore Japan. They have 33,000 acres on Hokkaido island. Investors like their chances, bidding up the FD market cap to $70 million. It seems pricey to me. They haven't even started...  more
12/02/2018
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. They released a PEA in 2018. They can begin production at 160,000 oz for a...  more
12/01/2018
Analysis  
Updated: Radisson Mining
Radisson Mining has a small high-grade gold project in Quebec. Their O'Brien project has 400,000 oz (5 gpt) and likely will increase 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
12/01/2018
Analysis  
Updated: Wheaton Precious Metals Corp
Wheaton Precious Metals (previously) Silver Wheaton) is a large gold/silver royalty company. Gold is 49% of revenue. Silver is 46% of revenue. They have 20 producing silver and gold royalty properties with 8 projects in development. Their attributable...  more
12/01/2018
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
12/01/2018
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
12/01/2018
General  
November 2018 Newsletter Posted
The November 2018 newsletter has just been posted.  more


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