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News from February 2020

02/29/2020
Analysis  
Updated: Kinross Gold Corp.
Kinross Gold is a major with 2.4 million oz of gold equivalent production. Their all-in costs for 2020 are projected to be around $1150 (gold equivalent cash costs per oz around $750). In 2017, when gold prices averaged about $1300 and their cash costs...  more
02/29/2020
Analysis  
Updated: Gainey Capital Corp
Gainey Capital is an exploration company with two projects in Mexico. Their main focus is Las Margaritas project (optioned from First Nining Gold in 2018, they have three more annual paymetns of ~$250,000 each left). Trenching program found high grade...  more
02/29/2020
Analysis  
Updated: Petropavlovsk Plc
Petropavlovsk PLC is a mid-tier gold producer in Russia. They have 20 million oz of gold resources and will produce 600,000 oz with cash costs around $800 per oz in 2020. They have a poor balance sheet with $600 million in debt and only $33 million in...  more
02/29/2020
Analysis  
Updated: Osprey Gold Development Ltd
Osprey Gold (formerly Gonzaga Resources) has a high grade gold project (Goldenville) in Nova Scotia. It is a 300,000 oz (3 gpt) resource that should grow in size. They hit a high grade mineralization (268 g/t over 2m) but still couldn't duplicate it in...  more
02/28/2020
Analysis  
Updated: Fortune Minerals Ltd.
Fortune Minerals has a shovel-ready gold/copper/cobalt/bismuth project in Canada (Northwest Territories). The problem is the high capex ($437 million). No one wants to take a chance on it today. The mine life is 21 to 24 years at 40,000 oz of annual gold...  more
02/27/2020
Analysis  
Updated: Almaden Minerals Ltd.
Almaden Minerals is trying to develop their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties to their stockholders in a new company (Almadex Minerals). Ixtaca has a PFS (pre-feasibility study) to produce 80,000 oz (.6...  more
02/27/2020
Analysis  
Updated: Northern Dynasty Minerals Ltd
Northern Dynasty is advancing the Pebble project in Alaska. Over $750 million has been spent. Pebble has 80 billion lbs (4%) of copper, 75 million oz (.4 gpt) of gold, and 500 million oz (1.5 gpt) of silver. Pebble is the largest undeveloped gold mine in...  more
02/27/2020
Analysis  
Updated: Allegiant Gold
Allegiant Gold (spinout from Columbus Gold) is a project generator focused in Nevada and Arizona. They have 10 projects, with most of them drill-ready that they plan to drill. They have one discovery (Eastside). It is a 1 million oz (.6 gpt) open pit...  more
02/26/2020
Analysis  
Updated: Altus Strategies Plc
Altus Strategies is a project generator focused in Africa. They have 19 projects in 6 countries on 800,000 acres. They do not have any advanced projects. Diba in Mali is their largest, with only 275,000 oz at 1.3 gpt. They are currently drilling 4 gold...  more
02/26/2020
Analysis  
Updated: Barra Resources Ltd.
Barra Resources has two early exploration gold projects in Australia. They also have an advanced cobalt/nickel project that can provide cash flow to explore their gold projects. Both of their gold projects appear to have gold, but will require...  more
02/26/2020
Analysis  
Updated: Andromeda Metals Ltd
Andromeda Metals is a project generator focused in Australia. They have 5 projects on large land holdings (1.5 million acres). They have 2 JVs (Drummond and Wudina) with a 25% interest. They also recently obtained some projects in the Pilbara region in...  more
02/25/2020
Analysis  
Updated: Core Gold Inc
Core Gold (previously Dynasty Metals) is a small gold producer in Ecuador. Their problem is the location (plus some past labor issues). Investors are leery of Ecuador's high taxes and resistance groups. They have a solid project (Dynasty) with 2 million...  more
02/25/2020
Analysis  
Updated: Moneta Porcupine Mines Inc.
Moneta Porcupine has an excellent project (Golden Hwy) in Ontario, Canada. Originally, they were focusing on a 4 million oz resources. They did a PEA to produce 288,000 oz annually with a $600 million capex. Now they are focusing on a 1.7 million oz...  more
02/25/2020
Analysis  
Updated: New Gold Inc.
New Gold is a mid-tier producer that has been struggling. They were producing 550,000 oz (gold equivalent) in 2017 and everything looked good. Today their production is down to 370,000 oz. Their costs exploded in 2019 and they lost money. The big jump in...  more
02/24/2020
Analysis  
Updated: Nulegacy Gold Corp
NuLegacy Gold has an early exploration project in Nevada (Iceberg and Avocado deposits on their Red Hill Property). It is nearby Barrick Gold’s 14 million oz Goldrush open pit deposit. It could be another large open pit. The early drill results have...  more
02/24/2020
Analysis  
Updated: Gold Springs Resource Corp.
Gold Springs Resources (formerly TriMetals Mining and 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 10 cents. Ouch. Today it has an FD market cap of $25 million. This...  more
02/24/2020
Analysis  
Updated: Westgold Resources Ltd
Westgold Resources is a mid-tier producer in Australia. They were a spinout of Metals X in 2016 (which remains as a base metals company). They have 10 million oz of resources (plus recent acquisitions of Andy Well and Gnaweeda) and 4 producing mines....  more
02/23/2020
Analysis  
Updated: Bravada Gold Corp.
Bravada Gold is an exploration company focused on Nevada. They have 11 Properties on 23,000 acres. The company was a spin-out from Bravo Gold and is a relatively new project generator. Their best property is Wind Mountain, a past producing open pit...  more
02/23/2020
Analysis  
Updated: Aurania Resources Ltd
Aurania Resources is a new company with an early exploration project in Ecuador called the Lost Cities / Cutucu project. It is a large property with 500,000 acres. In 2017 and 2018 they collected soil samples and looked for drilling targets. They began...  more
02/22/2020
Analysis  
Updated: Gold Resource Corp.
Gold Resource Corp is an emerging mid-tier producer. They are often referred by their trading symbol GORO. After they went into production in 2011, their share price rocketed to $30 a share. However, it came all the way back, trading at $1.91 in early...  more
02/22/2020
Analysis  
Updated: Regis Resources Ltd.
Regis Resources is a large Australian gold producer. It was a fantastic investment in 2008, when they traded for 10 cents. It increased to $6 in 2012, but is now back to $2.99 with a $1.5 billion FD market cap. Cash costs are around $650 per oz, plus...  more
02/22/2020
Analysis  
Updated: Eloro Resources Ltd
Eloro Resources is a project generator focused in Peru. They have a potential large gold discovery at La Victoria (22,000 acres). Early drill results have been impressive. The share price exploded in 2016 and 2017, but it has crashed back to 23 cents. It...  more
02/22/2020
Analysis  
Updated: Cache Exploration Inc.
Cache Exploration is a small project generator in Canada. They have a gold discovery (Kiyuk Lake) in Nunavut on 75,000 acres and a cobalt property (Deep Lake). There has been 60 holes drilled in Kiyuk and they have found four zones with mineralization....  more
02/21/2020
Analysis  
Updated: Saracen Mineral Holdings Ltd.
Saracen Mineral Holdings is a new major gold producer in Australia. They were a mid-tier, with two operations (Carosue and Thunderbox) producing 250,000 oz per year. In 2019, they acquired the Kalgoorlie super pit, which doubled their production and...  more
02/21/2020
Analysis  
Updated: Polymetal Intl. Plc
Polymetal International is a major with both large gold and silver production in Russia. They have 24 million oz of gold resources and 340 million oz of silver resources. They are producing 900,000 oz of gold and 29 million oz of silver. Gold equivalent...  more
02/21/2020
Analysis  
Updated: Metals Exploration Plc
Metals Exploration is a small gold producer in the Philippines. Their Runruno project has 1.4 million oz (1.7 gpt). They plan to produce 75,000 oz for 10 years. The bad news is that the Philippines has been rethinking their mining industry, even...  more
02/20/2020
Analysis  
Updated: Kirkland Lake Gold Ltd
Kirkland Lake Gold is a major gold producer in Canada and Australia. They have a large property (Macassa mine) in Ontario on 13,000 acres. It is a 5 million oz resource (16 gpt) that is forecast to produce 240,000 oz in 2019, growing to 400,000 oz by...  more
02/20/2020
Analysis  
Updated: Ramelius Resources Ltd.
Ramelius Resources is a mid-tier producer in Australia. They are producing 200,000 oz with low all-in costs (free cash flow) under $1100 per oz. They have an FD market cap of $550, which would be undervalued for a 200,000 oz producer with low cash costs,...  more
02/20/2020
Analysis  
Updated: Precipitate Gold Corp
Precipitate Gold is a new company started in 2012. They have a small market cap of $13 million and some interesting properties in the Dominican Republic, Mexico, and Canada. This is a high-risk speculation stock. However, it was founded by the Coffin...  more
02/20/2020
Analysis  
Updated: Torq Resources Inc
Torq Resources (formerly Stratton Resources) is a small project generator. They recently let go of their three properties (Newfoundland and Utah) and are looking for a new property. They have an experienced team with a good track record. They have cash...  more
02/19/2020
Analysis  
Updated: Reunion Gold Corp.
Reunion Gold has 6 projects in South America, none of which appear to be advanced. I don't think they have selected which project to focus on yet. Three are in French Guiana. Haute Mana (30,000 acres) is an 80% option that requires a PEA by 2022. Dorlin (  more
02/19/2020
Analysis  
Updated: West Kirkland Mining Inc
West Kirkland Mining purchased the Hasbrouck and Three Hills properties from Allied Nevada in 2014 for $20 million. They diluted their shares substantially to buy the properties. They have a pre-feasibility study to build both for a capex of $47 million....  more
02/19/2020
Analysis  
Updated: Abitibi Royalties Inc
Abitibi Royalties owns a 2% and 3% NSR (net smelter royalty) for the Malartic CHL property, which is next door to the Malartic mine, which is the largest gold mine in Canada. They do not have to pay any of the costs until production begins. The developer...  more
02/19/2020
Analysis  
Updated: Abitibi Royalties Inc
Abitibi Royalties owns a 2% and 3% NSR (net smelter royalty) for the Malartic CHL property, which is next door to the Malartic mine, which is the largest gold mine in Canada. They do not have to pay any of the costs until production begins. The developer...  more
02/18/2020
Analysis  
Updated: Colorado Resources Ltd
Colorado Resources is a relatively new project generator with a lot of targets. They have several large properties in British Columbia. Their North Rok project is low grade (.25 gpt) with copper offsets. It's currently 140 million tons and could grow in...  more
02/18/2020
Analysis  
Updated: Troy Resources Ltd
Troy Resources is a small gold producer. They have a good project in Guyana. Karouni has a 1 million oz (2.3 gpt) open pit resource. Production began in 2015 and was supposed to ramp up to 90,000 oz. However, they have had problems accessing the high...  more
02/18/2020
Analysis  
Updated: Erdene Resource Development Corp.
Erdene Resource Development is an early player in Mongolia, a country with a significant amount of natural resources. They have two projects that should make it into production soon. Bayan Khundii is headed to gold production in 2021. They released a...  more
02/18/2020
Analysis  
Updated: AuStar Gold Ltd
AuStar Gold is trying to become a small gold producer in Australia. They have two past producing mines (Morning Star and Rose of Denmark) that they are trying to bring back to life. Both have fully permitted mills. They do not have a PEA or resource...  more
02/14/2020
Analysis  
Updated: Latin Metals Inc.
Latin Metals (previously Centenera Mining) is a project generator focused in Argentina. They are exploring 4 projects, all of which are early exploration. They wait for results from Yamana Gold exploration program that started on the Organullo project at...  more
02/14/2020
Analysis  
Updated: Gungnir Resources Inc
Gungnir Resources is a Canadian exploration company with a project in Sweden. Their Knaften property is on 18,000 acres in a good location. Early drill results (86 holes) have found a discovery (10 meters at 3.4 gpt), and more recent drilling kept...  more
02/13/2020
Analysis  
Updated: Trifecta Gold Ltd
Trifecta Gold is a project generator focused in the Yukon. They were created in 2017 from a spinout of 4 properties by Strategic Metals. All of the properties are early exploration and have not been drilled. They are currently in a rebuilding process...  more
02/12/2020
Analysis  
Updated: Inca One Gold Corp
Inca One Gold is a toll miner in Peru. They process gold ore from other companies for a profit. They have a plan to grow from 250 tpd to 450 tpd - if they can sign enough contracts with gold producers. They focus on revenue in their company presentation...  more
02/12/2020
General  
New SeekingAlpha: Ascot Resources
https://seekingalpha.com/article/4323500-ascot-resources-exciting-gold-development-story  more
02/11/2020
Analysis  
Updated: Sibanye-Stillwater
Sibanye-Stillwater (previously Sibanye Gold) is a new major in South Africa that was created by Gold Fields. It encompasses three producing underground gold mines that have 77 million oz in resources. Plus, they will produce 1.5 million oz of platinum...  more
02/10/2020
Analysis  
Updated: Ascot Resources Ltd.
Ascot Resources has a large gold project in Canada (British Columbia). Their Premier project is a gold and silver surface mine. It is a 4 million oz gold resource (.7 gpt), plus 38 million oz of silver (4 gpt). However, recent drill results (572 meters...  more
02/10/2020
Analysis  
Updated: Northern Superior Resources Inc.
Northern Superior Resources has 3 early exploration projects in Canada (Quebec and Ontario). Croteau Est (30,000 acres) and Lac Surprise (35,000) are their focus. Croteau is a 640,000 oz (1 gpt) resource that is likely to exceed 1 million oz. It appears...  more
02/09/2020
Analysis  
Updated: Peloton Minerals Corp
Peloton Minerals is an exploration company currently focused in Nevada. They have three gold projects (Golden Trail, Independence Valley, and Texas Canyon) that could be discoveries. All are small properties (about 1,000 acres each). They have gold at...  more
02/09/2020
Analysis  
Updated: Landore Resources Ltd
Landore Resources is advancing a gold project in Canada. Junior Lake (Bam project) is a recent discovery that has grown into a 1 million oz surface deposit (1 gpt). They released a PEA in 2019. The capex is $93 million to produce about 80,000 oz annually...  more
02/09/2020
Analysis  
Updated: Landore Resources Ltd
Landore Resources is advancing a gold project in Canada. Junior Lake (Bam project) is a recent discovery that has grown into a 1 million oz open pit deposit (1 gpt). They released a PEA in 2019. The capex is $93 million to produce about 80,000 oz...  more
02/08/2020
Analysis  
Updated: Tethyan Resources Plc
Tethyan Resources (formerly Aurasian Minerals) has several early exploration projects in Serbia. Suva Ruda (Rudnica) is a copper/gold/lead/zinc discovery. They have an 8-year option to pay $6 million for 100% (payable at anytime before the 8 year period...  more
02/08/2020
Analysis  
Updated: Galway Metals Inc
Galway Metals is advancing two projects in Canada. Their Clarence Stream gold project (600,000 oz at 2 gpt) could easily become a mine. It's on a large property (150,000 acres) in New Brunswick with significant exploration potential. Their other...  more
02/07/2020
Analysis  
Updated: Orvana Minerals Corp.
Orvana Minerals is an emerging mid-tier producer. Their 1 million oz (4 gpt) property in Spain (EVBC) began production in 2012 for a long-life mine. Currently they are only producing 65,000 oz at EVBC, but that could increase over time. It has high costs...  more
02/07/2020
Analysis  
Updated: Rainy Mountain Royalty Corp
Rainy Mountain Royalty is a project generator focused in Ontario, Canada. They have 6 properties, but many of them are base metals. Two of their properties are early exploration gold projects (Brunswick and Powell). Both need to be drilled. They do...  more
02/06/2020
Analysis  
Updated: Treasury Metals Inc
Treasury Metals has an advanced gold project (Goliath) in Ontario, Canada. It is an open pit (800,000 oz at 2.5 gpt) and underground (700,000 oz) mine. The PEA was updated in 2017 for a capex of $100 million to build the open pit and mill. It will...  more
02/06/2020
Analysis  
Updated: Inv Metals Inc
INV Metals is advancing a large gold project (Loma Larga) to production. The problem is that Loma Larga is in Ecuador and investors are avoiding high-risk locations. It is a 3 million oz (4 gpt) underground project. The silver and copper offsets reduce...  more
02/05/2020
Analysis  
Updated: Ascot Resources Ltd.
Ascot Resources has a large gold project in Canada (British Columbia). Their Premier project is a gold and silver surface mine. It is a 4 million oz gold resource (.7 gpt), plus 38 million oz of silver (4 gpt). However, recent drill results (572 meters...  more
02/05/2020
Analysis  
Updated: Americas Gold & Silver Corp.
Americas Gold & Silver Corp (formerly Americas Silver Corp) is a mid-tier silver producer in Mexico (San Rafael) and Idaho (Galena). They merged with U.S. Silver & Gold in 2014, who had the 54 million oz Galena high-grade silver mine. They currently...  more
02/04/2020
Analysis  
Updated: Endeavour Silver Corp
Endeavour Silver is a silver/gold producer in Mexico. They have 3 high-grade silver/gold producing mines, with expected production of 6.5 million oz (silver equivalent including gold) in 2020. They are expanding production and reserves, projecting 10...  more
02/04/2020
Analysis  
Updated: Great Panther Mining
Great Panther Mining (formerly Great Panther Silver) is a mid-tier gold/silver producer in Mexico. They have two producing mines in Mexico that produce 90% precious metals (silver and gold) and one producing gold mine in Brazil (Tucano). They used to be...  more
02/04/2020
Analysis  
Added: Classic Minerals Ltd
Classic Minerals is a project generator in Australia. They have two early exploration gold projects. Forrestania (1 million acres) has 250,000 oz (1.25 gpt) and is being drilled. It could looks like a mine, but could be small. Kat Gap (8,000 acres) is a...  more
02/03/2020
Analysis  
Added: Red Lake Gold Inc.
Red Lake Gold is a new project generator focused in Canada. They have a single project (Whirlwind Jack) that is located next door to the Dixie Gold discovery by Great Bear. They have yet begun drilling Whirlwind (50,000 acres). It's in a good location in...  more
02/03/2020
Analysis  
Added: Talisker Resources Ltd.
Talisker Resources is a project generator focused in Canada. They have several properties located in British Columbia on 650,000 acres. Their Spences Bridge property is a large district scale property (500,000 acres). They recently acquired the Bralorne...  more
02/02/2020
Analysis  
Added: Sitka Gold Corp.
Sitka Gold is a new project generator focused in North America. They have 4 drill-ready projects. Nothing looks very exciting at this time. They are going to drill their gold/silver project (Burro Creek) in Arizona in 2020. They don't have a lot of cash,...  more
02/02/2020
Analysis  
Added: Turmalina Metals Corp
Turmalina Metals is a new project generator that was listed in 2019. They have a high-grade gold discovery in Argentina (San Francisco). Initial drill results are impressive (85 meters at 4.4 gpt AU and 109 gpt AU). It looks like a mine and is the reason...  more
02/01/2020
Analysis  
Updated: Bitterroot Resources Ltd
Bitterroot Resources is mostly a base metal exploration company with 225,000 acres in Michigan. They have an early exploration gold project in British Columbia (North Brenda) which over the past two years returned no economic results. Recently they...  more
02/01/2020
Analysis  
Updated: 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 had a 75% option which they recently terminated after...  more
02/01/2020
General  
January 2020 Newsletter Posted
January 2020 Newsletter Posted.  more


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