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News from November 2020

11/26/2020
Analysis  
Updated: Austral Gold Ltd.
Austral Gold is a gold producer in Chile (Guanaco and Amancaya). They currently produce about 60,000 oz of gold equivalent (including silver), with plans to increase that to 100,000 oz. Production will increase to about 100,000 oz when they restart their...  more
11/25/2020
Analysis  
Updated: Sunstone Metals
Sunstone Metals is an Australian-based project generator with two gold/copper projects in Ecuador. Both projects are early exploration. I think investors are excited about Bramaderos in Ecuador (12,500 acres). It appears to be a gold/copper discovery,...  more
11/24/2020
Analysis  
Updated: Bardoc Gold Ltd
Bardoc Gold (previously Spitfire Materials) is an Australian gold mining company. They acquired Excelsior Gold on October 2nd. This gave them a large open pit project (Aphrodite) in Western Australia with 1.7 million oz (2.3 gpt). Aphrodite has a...  more
11/23/2020
Analysis  
Updated: Loncor Resources Inc
Loncor Resources is a new exploration company with 3.5 million acres in the DRC (Democratic Republic of Congo). When I looked at them in 2012, they had an FD market cap of $113 million. I thought that was bit pricey for a company without any resources....  more
11/23/2020
Analysis  
Updated: MegumaGold Corp.
MegumaGold (previously Coronet Metals) is a Canadian exploration company. They recently acquired Osprey Gold to acquire properties in Nova Scotia. They now have 10 properties in Nova Scotia on 250,000 acres. They now surround the Touquoy mine which St...  more
11/22/2020
Analysis  
Updated: Condor Gold Plc
Condor Gold is advancing a 2.4 million oz project (La India) in Nicaragua. It has a pre-feasibility study with a $110 million capex with cash costs around $700 per oz. The starter open pit is 1 million oz at 3 to 4 gpt to produce 80,000 to 100,000 oz...  more
11/22/2020
Analysis  
Updated: Azarga Metals Corp
Azarga Metals is a project generator with a large copper/silver project in Russia. Unkur 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
11/22/2020
Analysis  
Updated: Medgold Resources Corp
Medgold Resources is a project generator focused in Europe. They have a 49/51 JV with Fortuna Silver in Serbia on their Tlamino project (75,000 acres), but recently entered an "all or nothing" deal in which they can purchase Fortuna's 51% for $3.4M over...  more
11/22/2020
Analysis  
Updated: Troilus Gold Corp
Troilus Gold is developing a large open pit mine (Troilus) in Quebec. The deposit is around 7 million oz (.7 gpt). However, about half of the resources are low-grade underground and might not be economic. The open pit is around 3.5 million oz. It relies...  more
11/21/2020
Analysis  
Updated: Eldorado Gold Corp
Eldorado Gold is a large mid-tier producer with a lot of reserves (17 million oz). They have been a growth-oriented company. They have 4 operating mines, plus 3 more being developed. Production will rise from 500,000 oz to about 700,000 oz after these 3...  more
11/21/2020
Analysis  
Updated: First Mining Gold
irst Mining Gold (formerly First Mining Finance) was started as a new company in 2014 by Keith Neumeyer the CEO of First Majestic Silver. His goal was to grow the company by creating a mineral bank of properties. However, in 2017, he hired a CEO (Jeff...  more
11/20/2020
Analysis  
Updated: Wesdome Gold Mines Ltd
Wesdome Gold Mines is a mid-tier producer in Canadian with an FD market cap of $1.1 billion. They are being valued as if they are producing double their 100,000 annual output. Investors like good balance sheets and strong free cash. They have both. Plus,...  more
11/20/2020
Analysis  
Updated: Yamana Gold Inc.
Yamana Gold is a major with production of 1 million oz of gold equivalent ounces (including silver and copper). They report production, cash costs, and all-in costs as GEOs. All-in costs are about $1200 per GEO. They had $150 million in free cash last...  more
11/20/2020
Analysis  
Updated: Integra Resources
Integra Resources is advancing the DeLamar project in Idaho. It is a 4 million oz resource (including silver), although it is low grade with low recovery rates. The good news is that it is economic, with about a 40% after-tax IRR at $1300 gold. The capex...  more
11/19/2020
Analysis  
Updated: Gateway Mining
Gateway Mining is a project generator focused in Western Australia. They have several properties they are exploring. Their large Gidgee property (175,000 acres) has several discovered surface open pits that they are drilling. It looks like a mine in the...  more
11/19/2020
Analysis  
Updated: Adriatic Metals
Adriadic Metals is developing a large silver mine in Bosnia. It has a pre-feasibility to mine about 3 million oz a year for 14 years. Permitting has been moving along at a quick pace. They are expecting to complete a feasibility study and permitting in...  more
11/18/2020
Analysis  
Updated: Hochschild Mining Plc
Hochschild Mining is a large silver/gold producer in South America. They will produce 25 million of silver equivalent (including gold) in 2020. All-in costs per oz are about $20 (silver equivalent, including gold). They currently have 4 operating mines...  more
11/18/2020
Analysis  
Updated: Benchmark Metals Inc
Benchmark Metals is a new exploration and development company. They have a project (Lawyer) in the Golden Triangle (British Columbia) that appears to be a large mine. It's still early exploration, but recent drill results have increased their valuation...  more
11/17/2020
Analysis  
Updated: Nighthawk Gold Corp
Nighthawk Gold has a long life mine in Northern Canada (Northwest Territories). Their large property in the Indin Lake Gold Camp is on 220,000 acres. This camp has produced 16 million oz historically at 1.6 gpt. Production stopped in 1997, when they were...  more
11/17/2020
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
11/16/2020
Analysis  
Updated: Amarillo Gold Corp
Amarillo Gold has an excellent project in Brazil. The Mara Rosa project (1.3 million oz at 1.2 gpt) is economic (20% after-tax IRR at $1300 gold) with cash costs about $700 per oz. They need to acquire a construction license, which is due in 2020. They...  more
11/16/2020
Analysis  
Updated: Santacruz Silver Mining Ltd
Santacruz Silver Mining is a silver and base metals producer in Mexico. They had problems with high costs in 2017 and sold their flagship Gavilanes project. They were left with two mines (Rosario and Veta Grande) with low resources of only about 20...  more
11/16/2020
General  
New SeekingAlpha Article: Top 10 List
https://seekingalpha.com/article/4389175-top-10-list-for-gold-silver-miners  more
11/15/2020
Analysis  
Updated: Wiluna Mining
Wiluna Mining (previously Blackham Resources) is a mid-tier gold producer in Australia. They are producing around 100,000 oz with all-in costs around $1650 per oz. They have large resources of around 6 million oz (current recovery rate at 80%) and have...  more
11/15/2020
Analysis  
Updated: Westhaven Gold
Westhaven Gold (formerly Westhaven Ventures) is a project generator in Canada. They recently had a major discovery (17 meters at 24 gpt) at Shovelnose in 2018 (British Columbia). The stock blasted off over $1, but has come back down, and currently trades...  more
11/15/2020
Analysis  
Updated: Sky Gold Corp.
Sky Gold (previously Sunvest Minerals) is a small exploration company in Canada. Their most exciting projects are the Virgina and Mustang properties, located Contiguous to New Found Gold's Queensway gold project which has intersected very high grade gold...  more
11/15/2020
Analysis  
Updated: Stratabound Minerals
Stratabound Minerals is a project generator focused in Canada. They have two gold properties, one in New Brunswick and another one in the Yukon (Golden Culvert). Golden Culvert is on 20,000 acres and appears to be a discovery. They have only done a...  more
11/14/2020
Analysis  
Updated: Aurcana Corp
Aurcana Corp is scheduled to be a silver producer in Colorado in 2021 (RV Mine). They recently obtained a $28 million loan and raised money through share dilution. Production should ramp up to 3 million oz (AGEQ) with all-in costs around $15 per oz....  more
11/14/2020
Analysis  
Added: Trident Royalties Plc
Trident Royalty is a new royalty company based in England. They only have 8 royalty properties (6 gold), but are likely to continue to expand. This model continues to bring in new players. They have no debt, which is a good start. At some point, I would...  more
11/14/2020
Analysis  
Added: Tarachi Gold Corp
Tarachi Gold is a new project generator focused in Mexico. They have a single project (Tarachi) that has 5 properties (Chivias, Pretoria, San Javier, Jabalia) next to each other on about 5,000 acres. They have two discovery holes (5 meters at 34 gpt and...  more
11/14/2020
Analysis  
Added: Tajiri Resources Corp
Tajiri Resources is a project generator focused in West Africa and South Ameria. They claim to have 3 flagship projects. In reality, they are drilling three potential gold discoveries. It's actually a pretty exciting stock, considering the FD market cap...  more
11/13/2020
Analysis  
Added: Generic Gold Corp.
Generic Gold is a project generator focused in Canada. They have a large property in Quebec (Belvais) that is in a good location with excellent infrastructure. They have been doing surface exploration and are planning to drill soon. They also have 4...  more
11/12/2020
Analysis  
Added: Vanstar Mining Resources Inc
Vanstar Mining is a project generator focused in Canada. They have 5 projects in Quebec. One of them (Nelligan) is a 20% JV with IAMGold and is a large project. Nelligan is already 3.2 million oz (1 gpt) and growing in size. This is the reason for their $  more
11/12/2020
Analysis  
Added: Firefinch Ltd
Firefinch Ltd (formerly Mali Lithium) recently acquired a past producing gold mine in Mali. Morila (175,000 acres) has produced 7.4 million oz and was in production as recently as 2019. It still has 1.3 million oz (1.2 gpt) of inferred resources, plus...  more
11/12/2020
Analysis  
Added: Firefinch Ltd
Firefinch Ltd (formerly Mali Lithium) recently acquired a past-producing gold mine in Mali. Morila (175,000 acres) has produced 7.4 million oz and was in production as recently as 2019. It still has 1.3 million oz (1.2 gpt) of inferred resources, plus...  more
11/11/2020
Analysis  
Added: Montage Gold Corp
Montage Gold is a new company focused in West Africa. They have three large properties in Cote d'Ivoire. Montage (350,000 acres) has 1.5 million oz (.9 gpt) and is being fast-tracked to production. This looks like a large mine and had 5 rigs drilling....  more
11/11/2020
Analysis  
Added: Aeris Resources Ltd
Aeris Resources is a copper and gold producer. Their Tritton copper mine producer 24,000 tons a year. If copper prices rise, that will give them a lot more free cash flow. They also have Cracow, a small underground mine. The resources are small at 300,000  more
11/10/2020
Analysis  
Added: E2 Metals Ltd
E2 Metals is a project generator focused in Argentina and Australia. Investors like this stock, bidding it up to a $80 million FD market cap. That valuation does not appear to be earned yet. They have a discovery hole at Conserrat in Argentina (8 meters...  more
11/10/2020
Analysis  
Added: Pucara Gold Ltd
Pucara Gold is a new project generator focused in Peru. They have two early exploration projects, neither of which have had much drilling. They are planning to drill Lourdes (6,000 acres) in 2021. Investors are excited about the high-grade gold surface...  more
11/09/2020
Analysis  
Updated: New Carolin Gold Corp
New Carolin Gold has a permitted historical mine (1984) in British Columbia. Their Ladner project includes 35,000 acres and 5 past producing mines. The infrastructure is excellent, only a 2 hour drive from Vancouver. They are claiming to have 700,000 oz...  more
11/09/2020
Analysis  
Added: Dios Exploration Inc
Dios Exploration is a project generator focused in Canada. They do not have a company presentation, so I don't have a feel for what they have. They list four projects, but all appear to be early exploration. They must have something because their FD...  more
11/08/2020
Analysis  
Updated: Firefox Gold
Firefox Gold is a new project generator focused in Finland. They did their IPO in 2018 and are exploring 6 properties with a total of 200,000 hectares. Some of their properties have past exploration and are potential discoveries. They were recently...  more
11/08/2020
Analysis  
Added: Roughrider Exploration Ltd
Roughrider Exploration is a project generator focused in Canada. Their Empire Mine project is a past producing property (underground and open pit). It is early exploration, but significant historical information. There is gold on their property. It is a...  more
11/08/2020
Analysis  
Added: Great Thunder Gold Corp.
Great Thunder Gold is a project generator focused in Canada. They have two early exploration projects in Quebec. Northbound (6,500 acres) and Southern Star (25,000 acres) are each side of Wallbridge's large Fenelon project (48 meters at 22 gpt). Neither...  more
11/07/2020
Analysis  
Updated: Aton Resources Inc
Aton Resources (formerly Alexander Nubia International) has several early exploration projects in Egypt. They are a Canadian company with 175,000 acres of claims (24-mile trend with 14 target areas). They have a drill plan to do extensive drilling on two...  more
11/07/2020
Analysis  
Updated: Nicola Mining Inc
Nicola Mining (formerly Huldra Silver) was a small producer in Canada. They have a high-grade (10 opt) deposit (Treasure Mountain). They started producing at 600,000 oz and could have been able to ramp up to 1 million oz with exploration success. But it...  more
11/07/2020
Analysis  
Updated: Rockcliff Metals Corp
Rockcliff Metals (previously Rockcliff Copper and Solvista Gold) is really a copper miner, although a significant amount of gold. They are currently advancing 3 projects (Talbot, Tower, Rail) to production in Manitoba, Canada. They plan to release a PEA...  more
11/07/2020
Analysis  
Updated: Tinka Resources Ltd.
Tinka Resources is a project generator with two significant projects in Peru. Their Ayawilca zinc/tin/silver project (35,000 acres) already has 2.5 billion lbs of zinc (7 billion lbs of zinc equivalent). They released a PEA in 2019, with a 20-year mine...  more
11/06/2020
Analysis  
Updated: Dolly Varden Silver Corp
Dolly Varden Silver is project generator in Canada. They have one exploration project. Their 22,000 acre Dolly Varden property in northern British Columbia has 4 past producing mines. These mines produced 20 million oz at 10 to 30 opt in the 1920s and...  more
11/06/2020
Analysis  
Updated: Sanatana Resources Inc
Sanatana Resources is a project generator based in Canada. They have three 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 had some drilling, but their main...  more
11/06/2020
Analysis  
Updated: 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 Senala project in Senegal is a 30% JV. IamGold has revised the earn-in agreement in 2020 and has to spend $8M...  more
11/05/2020
Analysis  
Updated: Santa Fe Gold Corp.
Santa Fe Gold was a small producer in New Mexico (Summit mine), but they had to stop production due to low gold prices. Their website is lacking information without a company presentation and they declared bankruptcy in 2016 and lost all of their assets....  more
11/05/2020
Analysis  
Updated: Mexican Gold Mining
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
11/03/2020
Analysis  
Updated: Roxgold Inc
Roxgold Inc. is a mid-tier producer in Burkina Faso. Yaramoko is a million oz deposit with an avg grade around 10 to 12 gpt. Production will be 125,000 oz in 2020 with cash costs at $600 per oz. It has a 10-year mine life, but has already been producing...  more
11/03/2020
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 have 3 properties (SIB, Corey, North Mitchell). All are early exploration without a discovery. They are low on cash and...  more
11/01/2020
General  
October 2020 Newsletter Posted
October 2020 Newsletter Posted.  more


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