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News from December 2019

12/31/2019
Analysis  
Updated: 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 have also done two reverse splits, which further hurt shareholders. Comstock is another in a long...  more
12/31/2019
Analysis  
Added: Cerro de Pasco Resources Inc.
Cerro de Pasco Resources has a large tailings project in Peru. It is a 70 million oz resource (60 gpt). It is low grade, but has lead and zinc offsets. The capex will be low, but the overall cost is unknown. They just acquired it. They plan to mine...  more
12/28/2019
Analysis  
Updated: Mako Mining Corp.
Mako Mining (formerly Golden Reign Resources) has an advanced high grade (6 pgt) open pit project in Nicaragua (San Albino). Production is scheduled for 2020. San Albino is already a 900,000 oz deposit. It has excellent step-out drilling potential and...  more
12/27/2019
Analysis  
Updated: Braveheart Resources Inc
Braveheart Resources is trying to become a small copper/gold producer in Canada. They recently acquired the Bull River Mine in British Columbia. It is a permitted past producing mine with a mill. About $150 million has been spent on development. They are...  more
12/27/2019
Analysis  
Updated: GFG Resources Inc
GFG Resources is a project generator. They have three 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
12/26/2019
Analysis  
Updated: Golden Predator Mining Corp
Golden Predator is attempting to advance their Brewery Creek project in the Yukon to production. It is a 1.5 million oz (1.1 gpt) resource. The capex for the PEA was $85 million with cash costs around $800 per oz. However, they are currently working on a...  more
12/26/2019
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
12/22/2019
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. The stock price crashed 98% ($8.  more
12/21/2019
Analysis  
Updated: Calibre Mining Corp.
Calibre Mining is a new mid-tier producer. They have done a very good job acquiring properties in Nicaragua. They acquired two producing mines (El Limon and La Libertad). Between them, they will produce about 140,000 oz in 2020, with all-in costs around $  more
12/20/2019
Analysis  
Updated: Gatling Exploration Inc
Gatling Exploration is a new company that was a spin-out by Bonterra Resources in 2018. They have one property (Larder Lake) that is likely a mine. I'm not sure why Bonterra did the spin-out now that they are planning to be a producer. What was wrong...  more
12/19/2019
Analysis  
Updated: NQ Minerals
NQ Minerals is a new company. They have tailings project in Australia that just began production. They are currently trying to get listed on the London stock exchange (scheduled for Q1 2019). Currently I don't have access to their financial records. I...  more
12/18/2019
Analysis  
Updated: Orsu Metals Corp
Orsu Metals is trying to advance 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 released an initial resource estimate in 2019 at 1 million oz (1.5 gpt). This...  more
12/17/2019
Analysis  
Updated: 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
12/16/2019
Analysis  
Updated: Luminex Resources Corp
Luminex Resources is a new exploration company focused in Ecuador. They were a spin-out from Luminex Gold in 2018. They have a large gold project (Condor) that has 4 million oz, but it is low grade (.6 gpt). They will likely sell Condor at some point. It...  more
12/15/2019
Analysis  
Updated: Barrick Gold Corp
Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 5.4 million ounces to 7 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4 years. They will spend...  more
12/15/2019
Analysis  
Updated: 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 have also done two reverse splits, which further hurt shareholders. Comstock is another in a long...  more
12/15/2019
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. The stock...  more
12/15/2019
Analysis  
Updated: Steppe Gold Ltd
Steppe Gold is a near-term producer in Mongolia. They have a low-cost, open pit starter mine (ATO) with about 600,000 oz of gold (2 gpt). They owe 25% of production (gold stream deal) until they pay back 47,000 oz. This will leave them with no debt and...  more
12/14/2019
Analysis  
Added: Tectonic Metals Inc.
Tectonic Metals is a project generator focused in Alaska. They have three large properties that are all drill ready. This is a high-risk speculation stock, but they seem to have a good team and a good set of properties. Management owns 38% of the shares,...  more
12/14/2019
Analysis  
Updated: 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 $863 million, they are not cheap, but a possible 3+ bagger long term. They will produce about 300,000 oz in 2020 and...  more
12/14/2019
Analysis  
Added: Dateline Resources Ltd.
Dateline Resources is trying to become a small gold producer in Colorado. They have acquired two producing mines with mills. Both of them are permitted. However, neither has a resource and needs to be drilled. Green Mountain has four discoveries (Gold...  more
12/14/2019
Analysis  
Added: Strategic Energy Resources Ltd.
Strategic Energy Resources is a project generator focused in Australia. They are drilling their Saxby project in Queensland. It is still early exploration without a resource estimate. Their company presentation does not provide any drill results. I'm not...  more
12/14/2019
Analysis  
Added: Providence Gold Mines Inc
Providence Gold Mines is trying to restart a past producing mine in California. It produced from 1894 until 1916. They think it could have 1 to 4 million oz of high-grade gold. They will need to spend a lot of money to drill a resource, do a PEA, pre-feas  more
12/14/2019
Analysis  
Added: Tonogold Resources Inc.
Tonogold Resources acquired the Lucerne project from Comstock Mining. They still own $5 million to complete the sale, but are making progress towards restarting the mine. They do not have a company presentation, so there are a lot of unknowns. We don't...  more
12/13/2019
Analysis  
Updated: GMV Minerals Inc
GMV Minerals is advancing an open pit oxide gold mine in Arizona. Their Mexican Hat property (4800 acres) is a gold discovery with 620,000 oz at 0.6 g/t (inferred). They published a PEA in 2019 but the market didn't believe those results were reasonable...  more
12/13/2019
Analysis  
Updated: Fortune Bay Corp
Fortune Bay Corp is a mystery. They do not have a company presentation and have not done much since they formed. They were created from spin-off properties after the Primero / Brigus Gold merger. Supposedly, they have two advanced open pit projects....  more
12/12/2019
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 $1.8 billion FD market cap, so it isn’t a cheap stock. Sukari has a large resource of 13 million oz M&I. They...  more
12/11/2019
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 .70 cents. The discovery is near the...  more
12/09/2019
Analysis  
Updated: Canasil Resources Inc.
Canasil Resources is a project generator in Canada and Mexico. They had a good project (Sandra-Escobar) and sold it for $2 million, plus a 2% NSR. Since then, their valuation has dropped from $20 million to $5 million. They had an advanced JV project...  more
12/09/2019
General  
New SeekingAlpha Article: 10 Gold Mining Development Projects
https://seekingalpha.com/article/4311495-10-gold-mining-development-projects  more
12/08/2019
Analysis  
Updated: Mandalay Resources Corp.
Mandalay Resources is an emerging mid-tier gold producer in Australia, and Sweden. They will produce about 75,000 oz in 2020, with all-in costs around $1400 per oz. These high costs, including cash costs around $1,050 per oz (gold equivalent including...  more
12/08/2019
Analysis  
Updated: Ximen Mining Corp
Ximen Mining has an early exploration project (Brett) in British Colombia. They claim to be a development company and are permitting Brett. However, I have them categorized as an exploration company until they give guidance of production. They also...  more
12/08/2019
Analysis  
Updated: Doubleview Gold Corp
Doubleview Capital has a copper/gold discovery (Hat) in British Columbia. It's early exploration, with very few holes drilled. Their goal is to produce a resource estimate and then a PEA. They also have an early exploration silver project (Metropolitan)...  more
12/07/2019
Analysis  
Updated: Alamos Gold Inc
Alamos Gold is an emerging major 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 22 million oz in resources and are giving guidance...  more
12/07/2019
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
12/07/2019
Analysis  
Updated: Walker River Resources Corp
Walker River Resources is a gold exploration company focused 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 meters at...  more
12/07/2019
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 (6,500 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 gpt.  more
12/06/2019
Analysis  
Updated: Semafo Inc.
Semafo Inc. is a mid-tier producer in West Africa with an FD market cap of $644 million. They are projected to produce 400,000 oz in 2020 with cash costs around $600 per oz. However, they had a major terrorist attack in 2019 (at Boungou), with 37...  more
12/05/2019
Analysis  
Updated: Calibre Mining Corp.
Calibre Mining is a new mid-tier producer. They have done a very good job acquiring properties in Nicaragua. They acquired to producing mines (El Limon and La Libertad). Between them, they will produce about 140,000 oz in 2020, with all-in costs around $1  more
12/05/2019
Analysis  
Updated: Surge Copper Corp
Surge Copper (formerly Gold Reach Resources) has an advanced large copper/gold project in Canada. Their flagship Ootsa project in British Columbia is mostly a copper deposit. Ootsa has 2+ billion lbs of copper, but also 1.5 million oz of gold equivalent (  more
12/03/2019
Analysis  
Updated: Equinox Gold Corp.
Equinox Gold was formed in 2017 from a merger between Trek Mining, NewCastle Gold, and Anfield Gold. They have 12 million oz of gold and want to become a large company. They are currently producing 240,000 oz at two mines (Mesquite in California, and...  more
12/02/2019
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
12/01/2019
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
12/01/2019
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. They are currently only producing about 800,000 oz, but that should increase as silver prices rise. They have one plant on care and...  more
12/01/2019
Analysis  
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. They will produce about 270,000 oz in 2020. Most of that will come from their large Edikan project in Ghana. They will also produce about 75,000 oz from their new Sissingue project in Cote D’Ivoire....  more


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