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News from December 2020

12/30/2020
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, but then dropped the option. There...  more
12/30/2020
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. There has been 78,000 meters drilled by previous owners (1 million oz), and it is...  more
12/30/2020
Analysis  
Updated: 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. It is a high-grade surface discovery (9 meters at 12 gpt) and looks...  more
12/29/2020
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
12/29/2020
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
12/29/2020
Analysis  
Updated: K2 Gold Corp.
K2 Gold (formerly West Melville Metals) is project generator focused in Canada and California. They recently acquired a gold discovery (Mojave) in California. It has several historical discovery holes. They recently drilled a hole of 86 meters at 4 gpt....  more
12/29/2020
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
12/29/2020
Analysis  
Updated: Orsu Metals Corp
Orsu Metals is advancing their Sergeevskoe gold project in Russia (Siberia). It is next to a large open pit mine and appears to be another mine. They released an updated resource estimate in 2020 with 1.4 million oz (1.5 gpt), all inferred. They also...  more
12/28/2020
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 million ounces to 7 million (excluding copper, which is projected to reach 1 billion lbs) over the next 4 years. They will spend more...  more
12/28/2020
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 (currently listed in England on the AQSE and OTC as an ADR at 100 to 1). They lost...  more
12/28/2020
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 5 million oz, but it is low grade (.6 gpt), but has significant silver offsets. They will...  more
12/28/2020
Interview  
Don Interview: Part 2 Podcast with The Early Stage Investor - Bitcoin
https://youtu.be/-Fuos6YovQw  more
12/27/2020
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 7 million oz resource (7 gpt). Production began in 2017. They were expecting low cash costs of $650 per oz and high grade of around 10 gpt. They missed...  more
12/26/2020
Analysis  
Updated: Tectonic Metals Inc.
Tectonic Metals is a project generator focused in Alaska. They have four large properties that are all drill ready. Currently they are doing rock sampling and drilling on the Tibbs property with high grade results (they drilled 6.03 g/t Au Over 28.95...  more
12/26/2020
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
12/26/2020
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 but they stopped exploring after getting to a 25% ownership. They believe it has a similar geology to Dalradian Resources'...  more
12/26/2020
Analysis  
Updated: Fortune Bay Corp
Fortune Bay Corp is advancing an open pit in Canada. Their Goldfields project (25,000 acres) in Saskatchewan has 1.4 million oz (1.4 gpt) with 1 million oz of reserves. They plan to mine 80,000 oz annually for 13 years. It is economic marginally economic...  more
12/26/2020
Analysis  
Updated: Dateline Resources Ltd.
Dateline Resources is trying to become a small gold producer in Colorado. They have acquired two past-producing mines with mills. Both of them are permitted. However, neither has a resource and needs to be drilled. Green Mountain has four discoveries (Gol  more
12/26/2020
Analysis  
Updated: 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
12/25/2020
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. They have 7 properties to explore in Mexico and 4 in Canada, with 5 drill-ready gold/silver projects....  more
12/25/2020
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
12/24/2020
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 Nickel Mountain property. Their share price exploded from 8 cents to $3.70. Today it is back to 33 cents. The...  more
12/22/2020
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
12/22/2020
Analysis  
Updated: Walker River Resources Corp
Walker River Resources is a gold exploration company focused in Nevada. Their Lapon Canyon (3000 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...  more
12/22/2020
Analysis  
Updated: Doubleview Gold Corp
Doubleview Capital has a copper/gold discovery (Hat) in British Columbia. It's still early exploration and they are drilling. Their goal is to produce a resource estimate and then a PEA. They also have an early exploration silver project (Metropolitan)...  more
12/20/2020
Analysis  
Updated: Seabridge Gold Inc.
Seabridge Gold is the largest project generator by market cap. They have three giant projects, but these are not currently economic to build. They are currently de-risking them with permitting and feasibility studies. The stock reached $37 per share in...  more
12/20/2020
Analysis  
Updated: Timberline Resources Corp
Timberline Resources is a project generator focused in Nevada. They have three early exploration projects (Eureka-Lookout Moutain, Battle Mountain-Paiute, and Seven Troughs). They have had several good drill holes at Eureka-Lookout Mountain (20 meters at...  more
12/19/2020
Analysis  
Updated: Emgold Mining Corp.
Emgold Mining had a big gold project in California, but lost the option. This crashed their share price and they did a reverse split, since then Their FD market cap rose to $4 million. they have a 500,000 oz project in Nevada called Golden Arrow which is...  more
12/19/2020
Analysis  
Updated: Riverside Resources Inc.
Riverside Resources is a project generator with a focus on gold exploration. They have a low market cap ($23 million fully diluted) and seem to be progressing as a company. They currently have 2 JVs, and will likely add more. I listened to an interview...  more
12/19/2020
Analysis  
Updated: Kingsmen Resources Ltd
Kingsmen Resources (formerly Tumi Resources) had only one silver project in Mexico which they sold to GoGold Resources on April 2020 when the Covid-19 situation denied any funding for silver projects (silver price was $14/oz). The first 49% were sold for...  more
12/19/2020
Analysis  
Updated: Gold Bull Resources Corp.
Gold Bull Resources (previously "QX Metals" and "Black Sea Copper & Gold") is a project generator that is turning things around. They had no success in Eastern Europe and their market cap went down to just $380k. Then they decided to focus on the US,...  more
12/19/2020
Analysis  
Updated: Katoro Gold PLC
Katoro Gold had two gold projects in Tanzania but currently has only one. Imweru was a 500,000 oz (1.4 gpt) ) and was sold to Lake Victoria Gold Limited for a total of US$1.0 million and a 1.5% Net Smelter Royalty on all future gold production. Now...  more
12/19/2020
Analysis  
Updated: Evergold Corp
Evergold Corp is a new project explorer focused in Canada. They have 4 early exploration projects in British Columbia. They drilled the Snoball (8,000 acres) and Golden Lion (12,000 acres) project this summer but results were disappointing. In Snoball,...  more
12/18/2020
Analysis  
Updated: CMC Metals Ltd
CMC Metals is trying to become a small silver producer. They had a 50% ownership in a small producing gold JV in California (Radcliff) but has been unable to deliver a consistent grade of ore. Challenges with the joint venture have caused them to halt...  more
12/18/2020
Analysis  
Updated: Aftermath Silver
Aftermath Silver is a developer with two projects in Chile (Challacollo, Cachinal) and one in Peru (Berenguela). It’s an exciting company that is undervalued. The downside is that it is a long-term investment. They won’t be producing for at least 5...  more
12/18/2020
Analysis  
Added: Rex Minerals Ltd
Rex Minerals is building a copper mine in Australia with a capex of $400 million. They also recently acquired a gold property (Hog Ranch) in Nevada that has a 1.4 million oz historical resource (they do not list the gpt). I think it is low grade. The...  more
12/17/2020
Analysis  
Added: Getchell Gold Corp.
Getchell Gold is a project generator focused in Nevada. They have four projects. Fondaway Canyon is a 1 million oz (6 gpt) historical deposit from 2017. I'm not sure why they have such a low valuation with a $25 million FD market cap. What is wrong with...  more
12/17/2020
Analysis  
Added: Carnavale Resources Ltd
Carnavale Resources is a project generator focused in Australia. They have two gold projects (Kookynie and Ora Banda South) and two base metal nickel projects. Both of their gold projects are early exploration and they have not yet begun drilling....  more
12/17/2020
Analysis  
Added: Elemental Royalties Corp
Elemental Royalties is a new royalty company. They appear to be focused on gold royalties. They are projecting $14 million in revenue in 2023. Their current FD market cap is only $56 million. They have 6 producing properties. If they reach their target,...  more
12/15/2020
Analysis  
Added: Benz Mining Corp.
Benz Mining is a new company. They recently acquired the Eastmain project (55,000 acres) in Quebec. It has a 350,000 oz (7 gpt) resource. I do not believe it has a historical PEA and is still early exploration. I'm surprised investors like it so much,...  more
12/15/2020
Analysis  
Added: Aurelia Metals Ltd
Aurelia Metals is a gold producer in Australia. They are producing 90,000 oz at all-in costs (break-even) around $1250 per oz. They have a good balance sheet with about $60 million in cash and no debt. Their strong balance sheet and significant free cash...  more
12/15/2020
Analysis  
Added: Gibb River Diamonds Ltd
Gibb River Diamonds is a diamond miner in Western Australia. They also are drilling a gold discovery (Edjudina). They can use the cash flow from diamonds to finance exploration/development of Edjudina. Their gold project is a discovery with several good...  more
12/15/2020
General  
New SeekingAlpha Article: First Majestic Silver
https://seekingalpha.com/article/4394716-first-majestic-silver-upside-potential-you-think  more
12/15/2020
Interview  
New Podcast: Interviewed on The Early Stage Investor
https://youtu.be/ZNAFkVTC4s0  more
12/14/2020
Analysis  
Added: GBM Resources Ltd.
GBM Resources is a project generator in Australia. They have 6 projects that all seem to be active. Both Malmsbury and White Dam are 50% JV and their partners are drilling. Plus, they are drilling on several of their properties. They have a total of 430,0  more
12/14/2020
Analysis  
Added: Auteco Minerals Ltd
Auteco Minerals is an Australian mining company that recently obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 1 million oz at 11 gpt. They plan to drill in 2021 and then decide their path to...  more
12/14/2020
Analysis  
Added: Exploits Discovery Corp.
Exploits Discovery is a new project generator focused in Canada. They have 7 properties in Newfoundland on 500,000 acres. They have a lot of land, but no discoveries yet. Investors seem to like their chances, giving them a $40 million FD market cap...  more
12/13/2020
Analysis  
Added: Fokus Mining Corp
Fokus Mining is a new project generator focused in Canada. They have one property (Galloway) in Ontario. Galloway (6,000 acres) has three discovery areas they are drilling. GP is low grade with 250,000 oz at .4 gpt. Hendrik is also low grade, but with...  more
12/12/2020
Analysis  
Updated: Xtract Resources Plc
Xtract Resources has a million oz producing gold project (Manica) in Mozambique. They get 23% of net profit. It is both open pit and underground. They have a starter pit (Fair Bride at 1 gpt) and three other discoveries on the property. The revenue is...  more
12/12/2020
Analysis  
Updated: Altamira Gold Corp.
Altamira Gold (previously Equitas Resources) is trying to become a small gold producer in Brazil. They have a large land package and a gold deposit which historically produced +1 Moz Au (Cajuiero) for which the resource was recently updated to 700,000 oz...  more
12/12/2020
Analysis  
Added: Gatos Silver Inc.
Gatos Silver is a new company and new mid-tier producer in Mexico. Their Cerro Los Gatos property has 143 million oz AGEQ (600 gpt AG) their 70% share. Their share of production is about 8 million oz per year. All-in (break-even) cost per oz is around $16  more
12/12/2020
Analysis  
Added: Equity Metals Corp
Equity Metals is a project generator focused in Canada. They have a silver project in British Columbia (Silver Queen). It is 10 million (200 gpt) silver and 40 million oz of AGEQ (700 gpt). The offsets include gold, copper, lead, and zinc, all of which...  more
12/11/2020
Analysis  
Updated: Yorbeau Resources
Yorbeau Resources is a project generator in Canada. They recently gave IAMGold a 100% option to purchase their Rouyn project (about $2 million will be paid over the next 2 years), plus a 2% NSR. That will give them financing to explore their other...  more
12/11/2020
Analysis  
Updated: Antilles Gold Ltd.
Antilles Gold (Previously PanTerra Gold) is a small producer in the Dominican Republic. Their Las Lagunas tailings project is currently under dispute with the government in regards to the amount of tailings available for processing which is equal to $23m.  more
12/11/2020
Analysis  
Updated: Satori Resources Inc
Satori Resources has a small high grade gold project (Tartan) in Canada. It is a 300,000 oz resource on a past producing mine, with a functioning mill. They do not give guidance on how much money is required to resume production because they are...  more
12/10/2020
Analysis  
Updated: Mako Mining Corp.
Mako Mining (formerly Golden Reign Resources) has an advanced high grade (9 pgt) open pit project in Nicaragua (San Albino). Production is scheduled for January 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling...  more
12/10/2020
Analysis  
Updated: Orefinders Resources Inc
Orefinders Resources has a gold discovery (Mirado) in Ontario. It is a 440,000 oz (1.3 gpt) resource. It's a past producing mine, so permitting shouldn't be difficult. Plus, they have some tailings that they can toll mine for cash flow. They appear to be...  more
12/10/2020
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 (.6 gpt). The good news is that it is economic, with about a 40% after-tax IRR at $1300 gold. The capex is $160...  more
12/09/2020
Analysis  
Updated: Golden Predator Mining Corp
Golden Predator is attempting to advance their Brewery Creek project in the Yukon to production. It is a 1.3 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
12/08/2020
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 120,000 oz in 2021, with all-in costs around $  more
12/08/2020
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
12/08/2020
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
12/08/2020
General  
New SeekingAlpha Article: Best Silver Miners
https://seekingalpha.com/article/4393575-best-silver-mining-stocks?source=all_articles_title  more
12/07/2020
Analysis  
Updated: Maple Gold Mines Ltd.
Maple Gold Mines (previously Aurvista Gold) has a large 2.8 million oz (1 gpt) resource (most of it is inferred) in Quebec. In 2020, they announced a 50/50 JV with Agnico-Eagle, who has to spend $18 million over 4 years for their option. Subsequently,...  more
12/07/2020
Analysis  
Updated: Mandalay Resources Corp.
Mandalay Resources is a mid-tier gold producer in Australia and Sweden. They will produce about 100,000 oz in 2020, with all-in costs around $1200 per oz (gold equivalent including silver). They had high costs in 2019, but they have brought them down and...  more
12/07/2020
Interview  
New Podcast with Jake Ducey
https://youtu.be/Ey14iNOhRW0  more
12/06/2020
Analysis  
Updated: Golden Rim Resources Ltd.
Golden Rim Resources has three early exploration gold projects, two in Burkina Faso and one in Guinea. Kouri has a 10 mile strike length to explore. They published an updated resource estimate in 2020 and reported 2M ounces of gold at 1.3 g/t, 1.7M of...  more
12/06/2020
Analysis  
Updated: Steppe Gold Ltd
Steppe Gold is an emerging mid-tier producer in Mongolia. They have a low-cost, open pit starter mine (ATO) with about 600,000 oz of gold (2 gpt). Currently they are producing 60,000 oz with all-in costs (break-even) around $1000 per oz. They plan to...  more
12/06/2020
Analysis  
Updated: Steppe Gold Ltd
Steppe Gold is an emerging mid-tier producer in Mongolia. They have a low-cost, open pit starter mine (ATO) with about 600,000 oz of gold (2 gpt). Currently they are producing 60,000 oz with all-in costs (break-even) around $1100 per oz. They plan to...  more
12/06/2020
Analysis  
Updated: Tonogold Resources Inc.
Tonogold Resources acquired the Lucerne project from Comstock Mining. They are making progress towards restarting the mine. They do not have a company presentation, so there are a lot of unknowns. We don't know the resource size, how much they plan to...  more
12/06/2020
Analysis  
Updated: Tonogold Resources Inc.
Tonogold Resources acquired the Lucerne project from Comstock Mining. They are making progress towards restarting the mine. They do not have a company presentation, so there are a lot of unknowns. We don't know the resource size, how much they plan to...  more
12/05/2020
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 23 million oz in resources and are giving guidance...  more
12/05/2020
Analysis  
Updated: Delta Resources Ltd
Delta Resources (formerly Golden Hope Mines) is a project generator focused in Canada. They had a potential flagship in project (Bellechase). It was on 45,000 acres in an excellent location and a 43-101 for 400,000 oz at 2 to 3 gpt, but they sold it for $  more
12/05/2020
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 because they have one plant on care...  more
12/05/2020
Analysis  
Updated: Winshear Gold
Winshear Gold (previously Helio Resources) is trying to advance a small surface gold mine in Tanzania and 2 new gold projects in Peru (Gaban and Tinka). Unfortunately the Tanzanian government revoked their rights on the property and they are now in...  more
12/05/2020
Analysis  
Updated: Transatlantic Mining
Transatlantic Mining (formerly Archean Star Resources) have 2 small past producing mines in Montana and Idaho. In 2020 they sold Their US Grant project in Montana which required $2 million option payments for 100% ownership, as well as their Kearsarge...  more
12/03/2020
Analysis  
Updated: Perseus Mining Ltd
Perseus Mining is a mid-tier producer in West Africa. They will produce about 250,000 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
12/03/2020
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 270 million oz at 350 gpt (AGEQ). They are targeting 350 million oz. In 2020, they obtained 100% ownership. This makes them a very...  more
12/02/2020
Analysis  
Updated: Golden Tag Resources Ltd
Golden Tag Resources has a large silver project (San Diego) in Mexico. It is a 110 million oz resource (2 opt) with significant offsets of lead and zinc (1 billion lbs of each). The grade is low, but the zinc and lead will make it economic around $30/oz...  more
12/02/2020
Analysis  
Updated: Argent Minerals
Argent Minerals is trying to advance a silver/zinc/gold project in Australia. Their Kempfield project is becoming advanced. It is a low-grade silver/gold project (40 million oz at 45 gpt AG), but it has lead and zinc offsets. It will likely be economic...  more
12/01/2020
Analysis  
Updated: Independence Gold Corp
Independence Gold is new project generator. They 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 share price spiked recently thanks to some...  more
12/01/2020
Analysis  
Updated: Mundoro Capital Inc.
Mundoro Capital is a new project generator focused in Eastern Europe. They have 8 properties in Serbia and Bulgaria. Their North and South Timok properties are optioned to 3 JV partners (they kept 25% of each) who are drilling. All of their properties...  more
12/01/2020
Analysis  
Updated: C2C Gold Corp
C2C Gold Corp. (previously Taku Gold) is a project generator with a large land package of 12 properties (125,000 acres) in the Yukon. Although they are one of the largest landholders in the Yukon, they currently shift their efforts to Newfoundland, in...  more
12/01/2020
Analysis  
Updated: Irving Resources Inc
Irving Resources is a new company that was recently formed in 2015 to explore Japan. They have 33,000 acres on Hokkaido island. Investors like their chances, bidding up the FD market cap to $114 million. It seems pricey to me. They haven't even started...  more
12/01/2020
General  
November 2020 Newsletter Posted
November 2020 Newsletter Posted.  more


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