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News from January 2020

01/30/2020
Analysis  
Updated: Capricorn Metals Ltd
Capricorn Metals (formerly Malagasy Minerals) is advancing an open pit gold mine (Karlawinda) in Western Australia. It is an aggressive company and have advanced this project quickly. They bought the project in 2016 and production is scheduled for Q1...  more
01/29/2020
Analysis  
Updated: Star Gold Corp
Star Gold Corp has a small gold project in Nevada that could get built. It's only a 100,000 oz resource, but the all-in costs make it economic at $1200 gold. The capex is only $25 million and the after-tax IRR is 25% at $1300 gold. The problem is...  more
01/28/2020
Analysis  
Updated: East Asia Minerals Corp
East Asia Minerals is an exploration company focused in Indonesia. Currently they are waiting for an environmental decision on their 70% owned Sangihe project, which has 300,000 oz in the Indicated & inferred categories, about 1/3 of them are oxide. It...  more
01/27/2020
Analysis  
Updated: Renforth Resources Inc
Renforth Resources is a project generator focused in Canada. They have 5 properties in Quebec and 2 JVs. Their Parbec property (500 acres) has a 650,000 oz (2 gpt) resource that looks like a mine. If it was a larger property with more exploration...  more
01/26/2020
Analysis  
Updated: Chaarat Gold Holdings Ltd
Chaarat Gold is an emerging mid-tier producer with lofty ambitions. Their goal is to become a major with 1 million oz of annual production. That ambitious growth potential makes this stock attractive. The problem is their flagship project (Kyzyltash) is...  more
01/26/2020
Analysis  
Updated: American Cumo Mining Corp
American Cumo Mining has a large copper/moly project (CuMo) in Idaho with 2 billion lbs of moly and 1.5 billion lbs of copper. It also has 150 million oz of silver, although very low grade (1.7 gpt). They don't provide the annual silver production...  more
01/26/2020
Analysis  
Updated: Seahawk Ventures Inc
Seahawk Ventures is a new project generator focused in Canada. They have 5 properties in Quebec. All of them are early exploration with very little drilling. They drilled Touchdown (6,000 acres), Mystery (8,000 acres), and Xtra Point (140 acres) in 2019....  more
01/25/2020
Analysis  
Updated: Monument Mining Ltd.
Monument Mining is a small gold producer in Malaysia (Selinsing). They will produce about 15,000 oz in 2020 and they have an FD market cap of $10 million. Last quarter they broke-even with all-in costs around $1300 per oz. They have about 800,000 oz of...  more
01/25/2020
Analysis  
Updated: Viscount Mining Corp
Viscount Mining is a new project generator. They have two early exploration silver projects. They were drilling Silver Cliff (5,000 acres) in Colorado, but there was not much activity in 2019. Early drill results have been promising (34 meters at 90 gpt,...  more
01/25/2020
Analysis  
Updated: Secova Metals Corp.
Secova Metals is a small gold exploration company in Canada. They tried to advance their Duvay project (17,000 acres) in Quebec after hiring the CEO from Eagle Hill Exploration, which sold his company to Osisko Mining after finding 1.8 million oz in...  more
01/25/2020
Analysis  
Updated: Ivanhoe Mines Ltd
Ivanhoe Mines has two huge projects, plus another very large project. They are not really a gold or silver miner, but their Platreef PGM project in South Africa has 7 million oz (.25 gpt) of gold. Incredibly, that is only 7% of scheduled production. 90%...  more
01/24/2020
Analysis  
Updated: Azumah Resources Ltd.
Azumah resources has a large gold project in West Africa (Ghana), although they only own 50%. They have 10+ deposits (WA Project) with 2.5 million oz at 1.5 gpt, plus 600,000 acres to explore. They recently completed a final feasibility study to produce...  more
01/24/2020
Analysis  
Updated: GT Gold Corp
GT Gold has an early exploration project (Tatogga) in the Golden Triangle. They had a high grade discovery in 2017 and the stock price exploded from 18 cents to $2. Since then it has come back to 90 cents. There is still excitement with their discovery...  more
01/23/2020
Analysis  
Updated: Dynacor Gold Mines Inc.
Dynacor Gold Mines uses a unique business model. They use the free cash flow from a mill (about $8 million expected in 2020) to finance exploration and pay dividends (3% yield). They plan to expand the mill and increase their annual free cash flow....  more
01/23/2020
Analysis  
Updated: GT Gold Corp
GT Gold has an early exploration project (Tatogga) in the Golden Triangle. They had a high grade discovery in 2017 and the stock price exploded from 18 cents to $2. Since then it has come back to 90 cents. There is still excitement with their discovery...  more
01/23/2020
Analysis  
Updated: Max Resource Corp
Max Resource Corp has 2 projects in Colombia. The first one is Choco (400,000 acres) is a similar discovery as the conglomerate found by Novo Resources. It is only 12 meters thick and a surface mine. Their second project is Cezar (copper-silver), which...  more
01/21/2020
Analysis  
Updated: Azumah Resources Ltd.
Azumah resources has a large gold project in West Africa (Ghana), although they only own 50%. They have 10+ deposits (WA Project) with 2.5 million oz at 1.5 gpt, plus 600,000 acres to explore. They recently completed a final feasibility study to produce...  more
01/20/2020
Analysis  
Updated: Sierra Metals Inc
Sierra Metals is mostly a base metals producer in Mexico and Peru. They are currently producing about 5 million oz of silver equivalent, but only about 25% of revenue is from silver and gold. They do have potential to increase silver production to about...  more
01/20/2020
Analysis  
Updated: Tembo Gold Corp
Tembo Gold is trying to advance a project (25,000 acre Tembo property) in Tanzania. They ran out of money in 2014 and stopped drilling. Since then they have not made any progress. They did not have any news releases in 2017 and very few in 2018, while in...  more
01/19/2020
Analysis  
Updated: Columbus Gold
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
01/19/2020
Analysis  
Updated: Golden Star Resources Ltd.
Golden Star Resources is an old company with 25 years of experience. They have a good management team and appear to be heading in a good direction. They have 10 million oz (3 gpt) of resources in Ghana, West Africa. They have two producing mines (Wassa...  more
01/19/2020
Analysis  
Updated: Dacian Gold Ltd
Dacian Gold is a new mid-tier producer in Australia. Production began in 2018 at 150,000 oz. They should be able to maintain that level of production for at least 10 years and likely longer. All-in costs are about $1300 per oz (free cash flow)....  more
01/19/2020
Analysis  
Updated: iMetal Resources
iMetal Resources is a project generator focused in Canada. They are a new company that recently acquired a large property (25,000 acres) in Ontario called Gowganda. Only 5% has been explored and they have found high-grade grab samples. They did initial...  more
01/18/2020
Analysis  
Updated: Antioquia Gold Inc
Antioquia Gold is a small gold producer in Colombia. They are producing about 15,000 oz and are planning to double that in 2020. It is projected to mine 150,000 oz over 5 years. I don't know how they were able to raise $80 million in debt for such low...  more
01/18/2020
Analysis  
Updated: Gold Standard Ventures Corp
Gold Standard Ventures is a project generator focusing on Nevada. In 2010, they began drilling their 100% owned Railroad project (27,000 acres) in Nevada on the Carlin Trend. Initial drill results have been very good (they have 4 discoveries and 3.5...  more
01/18/2020
Analysis  
Updated: Bunker Hill Mining Corp
Bunker Hill Mining (previously Liberty Silver) began trading in 2017. They initially purchased the Bunker Hill silver/zinc mine in Idaho for $30 million, but recently amended it to just $11 million which they need to pay by August 2020. They plan to...  more
01/18/2020
Analysis  
Updated: West African Resources Ltd
West African Resources is advancing a large gold project in West Africa. They have six potential open pit mines with 3 million oz (1.2 gpt) and another 500,000 oz of high-grade gold underground. Plus, they have more than 1 million contiguous acres in...  more
01/18/2020
Analysis  
Updated: Ora Gold Ltd
Ora Gold (formerly Thundelarra) is trying to become a small gold producer in Australia. They have a small high-grade open pit project (Crown Prince). It has 177,000 oz (4 gpt) and a small capex of around $2 million. They also have another gold discovery (  more
01/18/2020
Analysis  
Updated: Astorius Resources Ltd.
Astorius Resources is a new exploration company. They have a property (Condor) in Ecuador that is 2 miles from the large Fruita Del Norte project. They have two other early exploration projects, OSOS 1 in Ecuador (gold, 500 acres) and Taca Taca in...  more
01/18/2020
Analysis  
Updated: Volcanic Gold Mines Inc
Volcanic Gold Mines (formerly Volcanic Metals) is an exploration company focused in West Africa. They had a 75% ownership in a quality project (Mandiana) in Guinea with 600,000 oz (1.1 gpt), but regulations and political difficulties caused them to lose...  more
01/16/2020
Analysis  
Updated: Teuton Resources Corp.
Teuton Resources is a project generator in Canada (British Columbia). They have been around for a long time (1982) and have 25 projects (about 6 JVs). However, they do not have any advanced stage projects. They have 20% of the Treaty Creek project that...  more
01/15/2020
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 has low resources an they planned to mine 350 tpd (about 20,000 oz per year). Unfortunately for them the project was illegaly...  more
01/15/2020
Analysis  
Updated: Tembo Gold Corp
Tembo Gold is trying to advance a project (25,000 acre Tembo property) in Tanzania. They ran out of money in 2014 and stopped drilling. Since then they have not made any progress. They did not have any news releases in 2017 and very few in 2018, while in...  more
01/15/2020
Analysis  
Updated: Abraplata Resource Corp
Abraplata Resource Corp obtained the Diablillos silver/gold project from Silver Standard (now SSR Mining). They paid cash ($12 million still due in 2023 and 2025) to obtain 100%. Diablillos is an 80 million oz (90 gpt) silver deposit with 750,000 oz (.8...  more
01/13/2020
Analysis  
Updated: Alacer Gold Corp
Alacer Gold was created in early 2011 from a merger of Avoca Resources (Australia) and Anatolia Minerals (Turkey). In 2013 Alacer sold their Australian properties. Now it is Turkey focused. In 2020, they will produce around 400,000 oz (their share), with...  more
01/12/2020
Analysis  
Updated: Bear Creek Mining Corp.
Bear Creek Mining is advancing a large silver project in Peru. Corani (300 million oz at 50 gpt) is one of the largest undeveloped silver projects in the world. Corani is on schedule for production in 2021, if they can finance the project ($580 million...  more
01/12/2020
Analysis  
Updated: NorZinc Ltd.
NorZinc Ltd (previously Canadian Zinc) has a zinc/silver/lead project (Prairie Creek) in the Northwest Territories. They are heading towards production, but still need financing ($240 million capex). They have a large high-grade deposit (84 million oz at...  more
01/12/2020
Analysis  
Updated: Midas Gold Corp
Midas Gold has a very large gold project in Idaho that is heading to production around 2024. Stibnite is a 6.8 million oz resource (1.6 gpt) that is growing in size and has significant exploration potential. They have an FD market cap of $225 million,...  more
01/12/2020
Analysis  
Updated: Orla Mining Ltd
Orla Mining has two open pit projects totaling 12 million oz. They could easily become a large company. They are developing their first mine (Camino Rojo - Mexico), which is a 2.4 million oz. (.8 gpt) oxide deposit. The capex in $125 million to produce...  more
01/11/2020
Analysis  
Updated: Batero Gold Corp
Batero Gold has a low-grade open pit project in Columbia. They have a 3 million oz resource (.6 gpt), but only a 67% recovery rate. Surprisingly Batero Gold has a low valuation of $7 million fully diluted. The stock has crashed 98% from $3.80 per share...  more
01/11/2020
Analysis  
Added: Advance Gold Corp.
Advance Gold is a Canadian-based exploration company focused in Mexico. They have two early exploration projects (Venaditas and Tabasquena) and are starting to drill. They think they have a discovery and are waiting for assay results. Both properties are...  more
01/11/2020
Analysis  
Added: Challenger Exploration Ltd.
Challenger Exploration is an Australian based company with two projects. Their Hualilan project in Argentina looks pretty good, although it is dependent on exploration success. They have 600,000 oz (13 gpt), but only own 75%. It is growing in size and...  more
01/11/2020
Analysis  
Added: Rockridge Resources Ltd
Rockridge Resources is a project generator focused in Canada. They have one gold project (Raney) and one copper project (Knife Lake). Neither are very exciting at this time. They are drilling Raney trying to find a discovery. They are low on cash and...  more
01/11/2020
Analysis  
Added: PolarX Ltd
PolarX Ltd is an Australian exploration company with a project (Alaska Range) in Alaska. It is comprised of three adjacent properties (Caribou Dome, Senator, and Stellar) on about 100,000 acres. It is mostly a copper project, but they are also finding...  more
01/10/2020
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
01/10/2020
Analysis  
Updated: Georgian Mining Corp
Georgia Mining (previously Noricum Gold) is trying to become a copper/gold producer in Georgia (Russian satellite country). They own 50% of the Bolnisi project which currently only has 2.2 million tons with .1 gpt gold (only about 10,000 oz, low grade)....  more
01/10/2020
Analysis  
Added: Tempus Resources Ltd
Tempus Resources is an Australian exploration company. They have two gold projects with potential. Their Blackdome-Elizabeth project is in British Columbia, and is two past producing high-grade mines. Combined they have 275,000 oz at 11 gpt. Their other...  more
01/10/2020
Analysis  
Added: Omineca Mining & Metals Ltd.
Omineca Mining & Metals has small high-grade project (Wingdam) in Canada. They plan to do bulk sampling from 2020 to 2023 of placer gold. It has a low capex, but they don't say how much it will cost. Plus, they don't give any guidance for how many oz...  more
01/08/2020
Analysis  
Updated: Buenaventura Mining
Buenaventura Mining is a major with production of 450,000 oz of gold, 20 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
01/08/2020
Analysis  
Added: Nova Minerals Ltd
Nova Minerals is an Australian exploration company that has a large gold project in Alaska. Estelle is already 2.5 million oz, although low grade (.4). They think they have a higher grade starter pit and plan to do a PEA in 2020. It's an exciting...  more
01/08/2020
General  
New SeekingAlpha Article: Top 10 Gold Mining Stocks for 2020
https://seekingalpha.com/article/4315726-top-10-gold-mining-stocks-for-2020  more
01/06/2020
Analysis  
Updated: Skeena Resources Ltd
Skeena Resources is a development company focused in the Golden Triangle in British Columbia. They obtained the Eskay Creek mine from Barrick Gold in December, 2017. It produced 3.3 million oz of gold and 160 million oz of silver. Amazingly, two years...  more
01/05/2020
Analysis  
Updated: New Gold Inc.
New Gold is a mid-tier producer that has been struggling. They were producing 550,000 oz in 2017 and everything looked good. Today their production is down to 350,000 oz. Their costs exploded in 2019 and they lost money. The big jump in costs came from...  more
01/05/2020
Analysis  
Updated: Rubicon Minerals Corp.
Rubicon Minerals built a large gold mine in Ontario, Canada. They completed construction in 2015, but had to suspend operations. They expected 5+ gpt and only mined 2.5 gpt. The low grade prevented them from mining and caused the company to collapse in...  more
01/05/2020
Analysis  
Updated: K92 Mining Inc
K92 Mining is a mid-tier gold producer in Papua New Guinea. They purchased a past producing mine (2006 to 2009) from Barrick Gold for $2 million, plus $60 million in future payments. The Kainantu mine has about 2.5 million oz at 10 gpt, with extensive...  more
01/04/2020
Analysis  
Updated: Silver Bull Resources Inc
Silver Bull Resources has a large silver/zinc project in Mexico. Sierra Mojada is a 90 million oz (50 gpt and 75% recovery rate) silver deposit with 4 billion lbs of zinc, plus copper and lead. The property is on 50,000 acres and has exploration...  more
01/04/2020
Analysis  
Updated: SilverCrest Metals Inc.
Silvercrest Metals arose from the Silvercrest Mining and First Majestic merger in 2015. Four early exploration projects were spun out. Either First Majestic made a mistake in leaving Silvercrest the Las Chispas project, or it wasn't for sale. Las Chispas...  more
01/04/2020
Analysis  
Updated: Adamera Minerals Corp
Adamera Minerals is hoping to become a small gold producer. They have several targets in an area in Washington State (USA) near a mill that can be used. They are confident they can find at least 200,000 oz at 5 gpt, and potentially 1 million oz. It is...  more
01/04/2020
Analysis  
Updated: White Gold Corp.
White Gold Corp. (formerly G4G Capital) has 30 properties in the Yukon on 1 million acres. They acquired the Golden Saddle property from Kinross Gold, who traded it for 20 million shares of the company. Golden Saddle is 1 million oz at 2.5 gpt and is...  more
01/04/2020
Analysis  
Updated: Canada Cobalt Works
Canada Cobalt (formerly Castle Silver Resources) has two past producing silver mines (Castle Silver and Beaver). The Castle Silver mine produced 20 million oz of silver at 25 opt, plus a significant amount of cobalt. Production stopped in 1989 for lack...  more
01/04/2020
Analysis  
Updated: Deer Horn Capital Inc
Deer Horn Capital is advancing a small gold/silver/tellurium project in British Columbia. It's very economic, with an after-tax IRR of 40%. Plus, the capex is only $28 million. They have a tiny FD market cap of $5 million. However, they will likely...  more
01/03/2020
Analysis  
Updated: Premier Gold Mines Ltd.
Premier Gold Mines is a mid-tier producer with growth potential. They currently only operate one mine (Mercedes), which is in Mexico. They paid $123 million, plus 6 million shares, for the 900,000 oz Mercedes deposit. That seems high, but they expect to...  more
01/03/2020
General  
New SeekingAlpha Article: Top 20 Silver Miners for 2020
https://seekingalpha.com/article/4315151-10-best-silver-mining-stocks-for-2020  more
01/01/2020
Analysis  
Updated: Fortuna Silver Mines Inc
Fortuna Silver is a mid-tier producer in Mexico, Peru, and Argentina. They produce silver, gold, and base metals. In fact, they have 1 mine for each. San Jose in Mexico is a silver mine (8 million oz of annual production), Caylloma in Peru is a base...  more
01/01/2020
Analysis  
Updated: Hecla Mining Company
Hecla Mining is a silver and gold mining company (about 50/50). They used to be a low-cost silver producer, but they lost $23 million last quarter. Now they have a poor balance sheet with $584 million in debt and only $33 million in cash. A lot of that...  more
01/01/2020
Analysis  
Updated: MAG Silver Corp
Mag Silver has an excellent silver project in Mexico. Their Juanicipio project is a JV with Fresnillo and they have a 44% interest. Production should begin in Q4 2020 and it has a 19-year mine life (likely to be increased). Mag's share will be about 5...  more
01/01/2020
General  
December 2019 Newsletter Posted
December 2019 Newsletter Posted  more


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