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News from October 2019

10/30/2019
Analysis  
Updated: Helio Resource Corp
Helio Resources is trying to advance a small surface gold mine in Tanzania and 2 new gold projects in Peru (Gaban and Tinka). They have a small FD market cap of only $3 million, but their SMP project (600,000 oz) has 2 gpt gold at surface. This is a...  more
10/29/2019
Analysis  
Updated: Argonaut Gold Inc
Argonaut Gold is a mid-tier producer. There is a lot to like about this company. Their production is forecasted to grow from 170,000 oz in 2018 to 200,000 in 2019. They have three producing mines in Mexico with all-in costs (free cash flow) around $1200...  more
10/28/2019
Analysis  
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe (South Africa). Production is 50,000 oz and they get 64%. All-in costs (free cash flow) are about $900 per oz. They have cash flow, $8 million in cash, and only $1 million in debt. Plus, they have 18...  more
10/27/2019
Analysis  
Added: Ora Banda Mining Ltd
Ora Banda Mining is a near-term producer in Australia. They were a producer in 2018, but ran into financial issues. They renamed the company and recapitalized their debt, which was eliminated. They currently have no debt and no streaming deals. Their...  more
10/27/2019
Analysis  
Updated: Crater Gold Mining Ltd
Crater Gold Mining is trying to become a small producer in Papua New Guinea. Their Crater Mountain project (45,000 acres) has substantial potential in a good location. They planned to begin mining their HGZ (High-Grade Zone) deposit in 2017, but it didn't  more
10/27/2019
Analysis  
Added: Orford Mining Corp
Orford Mining is a project generator focused in Canada. They have a large property (90,000 acres) in Northern Quebec called Qiqavik. It has a 6.5 mile strike and is still early exploration with very little drilling. They have 60% insiders, with Alamos...  more
10/26/2019
Analysis  
Updated: Delta Resources Ltd
Delta Resources (formerly Golden Hope Mines) is a project generator focused in Canada. They have a potential flagship in their Bellechase property in Quebec. It is on 45,000 acres in an excellent location. They have drilled 30,000 meters and have a 43-101  more
10/26/2019
Analysis  
Updated: Taku Gold Corp
Taku Gold is a project generator with a large land package of 12 properties (125,000 acres) in the Yukon. They are one of the largest landholders in the Yukon, yet their FD market cap is only $2 million. They are out of cash, and could option some of...  more
10/26/2019
Analysis  
Added: Aldebaran Resources Inc.
Aldebaran Resources is a new project generator focused in Argentina. They are mostly a copper exploration company, although they have a lot of low-grade gold. Someone could focus on the higher grade zones of Altar, which has 17 billion lbs of copper and...  more
10/26/2019
Analysis  
Added: Saturn Metals Ltd
Saturn Metals is a project generator focused in Australia. They have a large property (Apollo Hill) with 250,000 acres. They recently released an updated resource at 780,000 oz (1 gpt). Plus, they are cashed up and drilling to expand the resource. It...  more
10/26/2019
Analysis  
Added: Sun Metals Corp.
Sun Metals is a project explorer in Canada. They have a single project in British Columbia (Stardust). It is on 22,000 acres and has 400 drill holes (2-kilometer strike). It is a discovery, but the initial resource is still small. It is an open pit...  more
10/26/2019
Analysis  
Added: Highgold Mining Inc.
Highgold Mining was formed in 2019. They are a project generator focused in North America. They have high-grade discovery in Alaska (Johnson Tract) with 88 historical drill holes. Several of the drill holes are significant (100 meters at 10 gpt). They...  more
10/26/2019
Analysis  
Added: Warrior Gold Inc
Warrior Gold is a project generator focused in Canada. They have one property (Goodfish-Kirana) on 9,000 acres. It's in a good location (Ontario) with 18 historical open pits, plus some underground workings. They are currently drilling, but do not yet...  more
10/24/2019
Analysis  
Updated: Manas Resources Ltd.
Manas Resources is an Australian gold exploration company. They recently sold a project for $8 million and are cashed up. They are now exploring 3 large properties in Cote d'Ivorie. Mbenge (100,000 acres), Eburnea (80,000 acres), and Gonsan (250,000...  more
10/23/2019
Analysis  
Updated: QMX Gold Corp
QMX Gold (formerly Alexis Minerals) was a small producer in Quebec, Canada in 2016. They had to stop production at Lac Herbin due to high costs. In 2015, they sold their flagship Snow Lake project to Hudbay for $12 million. Today they are focusing on...  more
10/23/2019
Analysis  
Updated: Aben Resources Ltd
Aben Resources is a project generator in Canada. The CEO has had success before, selling his last two companies. They have four gold projects and all are early exploration. In 2016, they obtained the Forrest Kerr (23,000 acres) property in the golden...  more
10/21/2019
Analysis  
Updated: Auramex Resource Corp
Auramex Resources is a small gold explorer with 5 properties in British Columbia. They have done some drilling and found some gold, but not much. They were out of cash so no drilling has been done over the last 2 years, but they have just finalized a...  more
10/21/2019
Analysis  
Updated: Independence Gold Corp
Independence Gold is new project generator. They recently acquired 60% in two projects in British Columbia (Merit and Nicoamen) from Almadex, after selling 3 projects in the Yukon because of disappointing results. Their current focus is to drill Merit,...  more
10/21/2019
Analysis  
Updated: Kore Mining
Kore Mining (formerly Eureka Resources) is trying to develop 3 open pit mines, with a combined 5 million oz (.6 gpt). Investors are not interested, giving it a small $22 million FD valuation. The CEO is a CPA and has never built a mine. It appears that...  more
10/20/2019
Analysis  
Updated: Black Dragon Gold Corp
Black Dragon Gold (formerly Astur Resources) is a case study on the high risk of gold mining stocks. They had an economic project (Salave in Spain) and then their environmental mining permit was denied. The stock crashed from 47 cents to 1 cent. Now it...  more
10/20/2019
Analysis  
Updated: SSR Mining Inc
SSR Mining (previously Silver Standard Resources) has become mostly a gold mining company (80% of revenue). They purchased the Marigold mine in 2013 from Barrick Gold in Nevada. This was a good deal for SSRI. This will give them 200,000 oz of gold...  more
10/20/2019
Analysis  
Updated: Tristar Gold Inc.
TriStar Gold has a large open pit project (CDS) in Brazil. It is on 70,000 acres and they think it has a 10-mile trend of mineralization. CDS is up to 2 million oz (1 gpt). It is mostly inferred, but is still early drilling. The recently sold the NSR to...  more
10/20/2019
Analysis  
Updated: Mexican Gold Corp
Mexican Gold (previously Source Exploration) has an interesting property in Mexico called Las Minas. It is on 4,000 acres and they have discovered 6 mineralized zones while drilling 14,000 meters. They think it could be a large mine. Early drill results...  more
10/19/2019
Analysis  
Updated: Angel Gold Corp
Angel Gold Corp is a new company with three early exploration projects in Colombia. Their lead geologist is very good and made the Ventana discovery. This is a very high risk speculation stock until they make a discovery. They acquired the El Porvenir...  more
10/19/2019
Analysis  
Updated: Contango Ore Inc
Contango Ore has a high-grade surface discovery (Tetlin) in Alaska. Drill results have been very good. One drill hole was 38 meters at 51 gpt, another was 58 meters at 14 gpt (both from near surface). They have already found 1.3 million oz of high-grade...  more
10/19/2019
Analysis  
Updated: Nordic Gold
Nordic Gold (previously Firesteel Resources) is a near-term gold producer in Finland. Their Laiva gold mine (10,000 acres) was built by a previous owner for $250 million. The mine is on care and maintenance and requires about $5 million to restart. All-in  more
10/19/2019
Analysis  
Updated: VR Resources Ltd
VR Resources is a project generator focused in Canada and Nevada. They are drilling a copper/gold project in Canada (Ranoke) in 2019. I think this will be their first drill holes. They also have five early exploration gold projects in Nevada. They are...  more
10/19/2019
Analysis  
Updated: AEX Gold
AEX Gold is an exploration company focused in Greenland. Nalunaq (5,000 acres) is a potential mine with 250,000 oz at 18 gpt. It was a past producing mine from 2004 to 2009, producing 350,000 oz. They think exploration will increase the deposit to 1.2...  more
10/19/2019
Analysis  
Updated: Cassini Resources Ltd
Cassini Resources is a project generator focused in Australia. They have an advanced base metals project (West Musgrave) that has nickel and copper. It is a 30% JV. This what has pushed up their valuation. The project appears headed for production in...  more
10/19/2019
Analysis  
Updated: Noble Mineral Exploration Inc
Noble Mineral Exploration is a project generator focused in Canada. They have two projects in Ontario. Project 81 (175,000 acres) is a potential nickel, gold discovery. They have 9 drill ready targets and a total of 500 targets to explore. It could be an...  more
10/19/2019
Analysis  
Updated: Western Atlas Resources Inc
Western Atlas Resources is a project generator focused in Canada. They have two large properties in Nunavut that are both early exploration. It appears that neither Meadow Bank (150,000 acres) or Committee Bay (250,000 acres) have been drilled. Meadow...  more
10/17/2019
Analysis  
Updated: Palamina Corp.
Palamina Corp is a new project generator. They are focusing on Peru, with 5 early exploration projects (180,000 acres). They also have 3 projects in Mexico. It appears that there has been very little drilling on their properties. This is the same...  more
10/16/2019
Analysis  
Updated: Emx Royalty Corp
EMX Royalty Corp (formerly Eurasian Minerals) is a global project generator with 50+ projects (many are available for option) in about 10 countries. With an FD market cap of $120 million and low cash flow, the upside is somewhat constrained without any...  more
10/15/2019
Analysis  
Updated: Aquila Resources Inc
Aquila Resources is developing a gold project in Michigan. Back Forty is a 1 million oz resource (2 gpt), along with: Silver: 12 million oz (sold as part of a streaming deal). Zinc: 1 billion lbs Copper: 110 million lbs Lead: 74 million lbs...  more
10/15/2019
Analysis  
Updated: Bold Ventures Inc
Bold Ventures is a project generator focused in Canada. They have a lot of land 80,000 acres and 5 projects, but all of them are early exploration without a significant discovery. I'm not sure where they are focusing their exploration dollars. They...  more
10/14/2019
Analysis  
Updated: Nortec Minerals Corp
Nortec Minerals is a small exploration company. They have obtained a 80% option for a gold project (Tomboko) in West Africa (Guinea). It is a large property (18,000 acres) and is next to a 5 million oz gold mine with similar geology. After collecting 10,0  more
10/14/2019
Analysis  
Updated: Prospero Silver Corp.
Prospero Silver is an exploration company focused in Mexico. They have 5 properties (55,000 acres) that they are exploring for silver. Insiders hold 16% of the company and Fortuna Silver another 20%, although recently Fortuna decided to terminate its 70%...  more
10/13/2019
Analysis  
Updated: Trilogy Metals Inc
Trilogy Metals (formerly Novacopper) has two large copper projects in Alaska. In 2017, they made a 50/50 JV deal with South32 Ltd for both projects. South32 has to spend $10 million annually the next 3 years, and then pay Trilogy another $150 million to...  more
10/13/2019
Analysis  
Updated: Eskay Mining Corp.
Eskay Mining has 130,000 acres next to the large Seabridge Gold Kerr project in the Golden Triangle (British Columbia, Canada). They recently made a JV deal on a portion of the property (SIB / 12,000 acres) with SSR Mining, who has to spend $12 million...  more
10/13/2019
Analysis  
Updated: Ely Gold Royalties
Ely Gold Royalties (previously Ely Gold and Minerals) has about 20 exploration properties for sale and 34 royalties in Nevada. The royalties are .5% to 3% NSR deals on small projects. They do not have any JV deals or are exploring. They are focusing on...  more
10/13/2019
Analysis  
Updated: Romios Gold Resources Inc
Romios Gold has a large property (180,000 acres) in the Golden Triangle near Novagold's large Galore Creek copper project. They are drilling two projects (Newmont Lake and Trek) and have had some success. They have discovered copper, gold, and silver. It...  more
10/13/2019
Analysis  
Updated: Greatland Gold Plc
Greatland Gold is a London based stock with 6 exploration properties in Australia and Tasmania. One of those properties (Havieron) is a 25% JV with Newcrest Mining, who has to spend $65 million over 6 years to get the option. That is a lot of money and...  more
10/12/2019
Analysis  
Updated: Asante Gold Corp
Asante Gold is a new company focused in Ghana, West Africa. After drilling 1,800 on the Keyhole project and receiving high grade but very narrow results, they decided to focus mainly on their 50% JV in the Kubi project. It is a 350,000 oz (5 gpt) deposit...  more
10/12/2019
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 high-grade 1.1 million oz (11 gpt) resource. They have a PEA for 80,000 oz of production for 9 years with low cash costs...  more
10/12/2019
Analysis  
Updated: Corvus Gold Inc
Corvus Gold is a project generator focused in Nevada. Their North Bullfrog/Mother Lode property in Nevada (17,000 acres) is a 3.5 million oz resource (1 gpt). They recently did a PEA to produce 3.5 million oz with low cash costs and a high IRR. However,...  more
10/12/2019
Analysis  
Updated: Eco Oro Minerals Corp
Eco Oro Minerals (formerly Greystar Resources) recently lost their mining rights for their Angostura project (3.2 million oz). The project had a PEA with a $500 million capex, but appears to be dead. They will likely get some money back from the...  more
10/12/2019
Analysis  
Updated: Gunpoint Exploration Ltd
Gunpoint Exploration is a project generator with an advanced project in Nevada (Talapoosa). It is a 1.2 million oz (1 gpt) open pit project with 15 million oz of silver (15 gpt). They also have an exciting project (El Escorpion) in Guatemala next to...  more
10/12/2019
Analysis  
Updated: Shanta Gold Ltd.
Shanta Gold is a producer in Tanzania. Their open pit Luikda mine is a 1.2 million oz resource at 4 gpt. Current production is 80,000 oz at around $950 all-in costs (free cash flow). Thus, they are profitable with cash flow. They have $30 million in debt...  more
10/12/2019
Analysis  
Updated: Tudor Gold Corp
Tudor Gold has several large properties (90,000 acres) in the golden triangle in British Columbia. Currently, their focus is on Treaty Creek (45,000 acres). Early drill results have increased their FD market cap to $51 million. One drill hole was 370...  more
10/11/2019
Analysis  
Updated: Lka Gold Inc
LKA Gold has a single small project (Golden Warrior) in Colorado. It is a permitted past producing mine (from 1998 to 2006 - 130,000 oz at 16 opt). They had a 35% JV with Kinross which decided to terminate its exploration program and revert it back to...  more
10/11/2019
Analysis  
Updated: Mclaren Resources
McLaren Resources has 3 early exploration gold projects in Ontario. One of their properties is on trend to a large Goldcorp mine. This is likely the reason for their $5 million FD market cap. Their three projects (Blue Quartz, TimGinn, and Augdome)...  more
10/10/2019
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 $150 million in debt and lost money last quarter. They do have $94 million in cash. Their...  more
10/09/2019
Analysis  
Updated: Sandspring Resources Ltd.
Sandspring Resources has a large gold project (Toroparu) in Guyana, South America. It is a 10 million oz open pit project, with 4 million oz of reserves. In 2019, they released a new PEA to build the project in two phases. The capex for phase one is $378...  more
10/09/2019
Analysis  
Updated: 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 locations. They had some problems financing exploration and it won't be easy for them to raise money to drill...  more
10/08/2019
Analysis  
Updated: Gran Colombia Gold 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 $50 million in cash and $73  more
10/08/2019
Analysis  
Updated: Marifil Mines Ltd.
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
10/08/2019
Analysis  
Updated: Azarga Metals Corp
Azarga Metals is a project generator with a large copper/silver project in Russia. Unkar has 700 million lbs of copper and 75 million oz of silver (38 gpt). It is mostly a copper mine, but could become a silver mine at higher silver prices. A PEA was...  more
10/07/2019
Analysis  
Updated: Osisko Gold Royalties Ltd
Osisko Gold Royalties is focused mostly on gold royalties. They have about 20 producing royalties at about 90,000 oz per year (about 89% margins). But they are growing and expect to reach 180,000 oz by 2023. Plus, they have 135 assets that should lead to...  more
10/06/2019
Analysis  
Updated: Excellon Resources Inc.
Excellon Resources is a small silver producer in Mexico. Their La Platosa property (50,000 acres) is producing 1 million oz (600 gpt). That is the highest grade silver mine in Mexico. However, all-in costs are around $18 per oz. That's not good, and they...  more
10/06/2019
Analysis  
Updated: Patagonia Gold Plc
Patagonia Gold (formerly Hunt Mining) is a small producer in Argentina. They will produce about 40,000 oz at Cap Oeste in 2019, where they have 1.2 million oz (including silver). They are only planning to produce 80,000 oz over two years. They have about...  more
10/06/2019
Analysis  
Updated: TMAC Resources Inc.
TMAC Resources is a new mid-tier gold producer in Canada. Their Hope Bay project (400,000 acres) is a 6 million oz resource (8 gpt) that is highly economic (40% after-tax IRR). Production began in 2017. They have about $110 million in debt, but that...  more
10/06/2019
Analysis  
Updated: Maverix Metals, Inc.
Maverix Metals is a new royalty company created by Pan American Silver, who owns 30%. They have 80 streaming and royalty properties. Thirteen of which are generating income of around $40 million annually. It's not cheap with an FD market cap of $526...  more
10/06/2019
Analysis  
Updated: Great Bear Resources Ltd
Great Bear Resources is a project generator focused in Canada. They are one of the rare success stories for a small exploration company. In 2016, their share price was at 4 cents. All they had were two early exploration gold projects in Canada with very...  more
10/05/2019
Analysis  
Updated: Midland Exploration Inc.
Midland Exploration is a project generator with 41 properties and 21 projects on 600,000 acres in Quebec and Ontario. They have 6 JVs (gold projects), including deals with Agnico Eagle, Osisko, IAMGold, Teck and Soquem. However, none of them are advanced...  more
10/05/2019
Analysis  
Updated: Novagold Resources Inc.
NovaGold Resources has a huge advanced gold project in Alaska. Donlin is a 45 million oz resource at 2.2 gpt, which is one of the highest grade large open pit mines in the world. They are projecting cash costs of $600 per oz. However, mining will not...  more
10/05/2019
Analysis  
Updated: Aurion Resources Ltd
Aurion Resources has a large high-grade gold discovery (Risti-Aamuruska) in Finland. Drilling has just begun, but they have 3400 samples averaging 10 gpt. This property is on 35,000 acres, but they have 500,000 acres in Northern Finland. They are...  more
10/05/2019
Analysis  
Updated: Serengeti Resources Inc
Serengeti Resources has a very large copper/gold project (Kwanika) in British Columbia. It's already 5 billion lbs of copper and 2.5 million oz (.2 gpt) of gold. Plus, they recently hit two monster holes of 438 meters at .7% copper and .8 gpt gold, and...  more
10/04/2019
Analysis  
Added: Meteoric Resources N.L.
Meteoric Resources is an Australian project generator focused on two properties in Brazil. In 2019, they acquired the Juruena property that has significant potential. It already a 250,000 oz (6 gpt) deposit, and they are drilling in 2019. It appears to...  more
10/03/2019
Analysis  
Added: Vizsla Resources Corp.
Vizsla Resources is a new company formed in 2019. They purchased a large property (Panuco) in Mexico for $43 million in cash plus 18 million shares. The cash must be paid over 6 years. This will create a lot of dilution, so that adds a lot of risk....  more
10/02/2019
Analysis  
Updated: Emmerson Resources Ltd.
Emmerson Resources is a successful project generator in Australia. They have several properties on 800,000 acres and are an aggressive explorer. They have cash flow from a 12% NSR (Edna Beryl), although it is currently a small mine (250,000 oz). They...  more
10/01/2019
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 $5 million. If you like copper, this could...  more
10/01/2019
General  
September 2019 Newsletter Posted
The September 2019 newsletter has just been posted  more


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