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News from November 2021

11/28/2021
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
11/28/2021
Analysis  
Updated: Newfoundland Discovery Corp.
Newfoundland Discovery Corp. (formerly Great Thunder Gold) is a project generator focused in Canada. They recently acquired 10 properties (75,000 acres) in Newfoundland. All are early exploration. This seems to be their new focus. If Newfoundland...  more
11/28/2021
Analysis  
Updated: 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 have tiny FD market cap of $7 million....  more
11/27/2021
Analysis  
Updated: Black Dragon Gold Corp
Black Dragon Gold (formerly Astur Resources) is a case study on the high risk of gold mining stocks. They had an economic project (Salave in Spain) and then their environmental mining permit was denied. The stock crashed from 47 cents to 1 cent. Now They...  more
11/27/2021
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
11/27/2021
Analysis  
Updated: Patriot Gold Corp.
Patriot Gold is a small project generator focused in Nevada. They have a 3% NSR for an open pit project (Moss) in Nevada. The Moss mine began production in 2018 by Elevation Gold (previously Northern Vertex) and Patriot Gold should continue to get around...  more
11/27/2021
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
11/26/2021
Analysis  
Updated: Orca Gold Inc
Orca Gold arose out of Canaco Resources a couple of years ago. Their Block 14 property (250,000 acres) in Sudan (East Africa) is 4 million oz at 1.8 gpt. They have 70% ownership. They have about $8 million in cash and no debt. It appears they are fast-tra  more
11/26/2021
Analysis  
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 45 years. They have 7 early exploration gold projects, 3 in Yukon and 4 in British Columbia. Their main focus is the Kliyul copper-gold project that adjoins Kwanika prospect (o  more
11/26/2021
Analysis  
Updated: Wheaton Precious Metals Corp
Wheaton Precious Metals (previously Silver Wheaton) is a large gold/silver royalty company. Gold is about 63% of revenue. Silver is about 33% of revenue. They have 21 producing silver and gold royalty properties with 9 projects in development. Their...  more
11/26/2021
Analysis  
Updated: Palamina Corp.
Palamina Corp is a new project generator. They are focusing on Peru and have 5 early exploration projects (150,000 acres). They are getting ready to drill Usicayos (previously "Coasa", 45,000 acres), which is a gold discovery that was never drilled...  more
11/26/2021
Analysis  
Updated: Romios Gold Resources Inc
Romios Gold has a large property (180,000 acres) in the Golden Triangle near Novagold's large Galore Creek copper project. They are exploring three project (Lundmark - Akow Lake, Newmont Lake and Trek) and have had some success. It is still too early to...  more
11/26/2021
Analysis  
Updated: Radisson Mining
Radisson Mining has a small high-grade/open-pit gold project in Quebec. Their O'Brien - New Alger (13,000 acres) project has 400 oz (7 gpt) and likely will increase in size. They are targeting 1 million oz and are cashed up to drill, with 70,000 meters...  more
11/25/2021
Analysis  
Updated: BTU Metals
BTU Metals Corp. is a project generator focused in Canada. Their flagship project is Dixie Halo in the Red Lake area which shares 35km of boundaries with Great Bear Resources's discovery (the Dixie project). They defined three targets on the property:...  more
11/24/2021
Analysis  
Updated: Sailfish Royalty Corp
Sailfish Royalty is a new company. They only have 6 NSR properties, but one of them (San Albino) begins paying out in 2021 at about $3 million per year. At higher gold prices, it could double in value. They are currently out of cash, so expect dilution....  more
11/24/2021
Analysis  
Updated: Azure Minerals Ltd.
Azure Minerals is an Australian-based exploration company. They seem to be focusing on a base metals project (Andover). Andover appears to be the reason for their high valuation. They own 60% and their JV partner is a large miner in Australia (Creasy)....  more
11/24/2021
Analysis  
Updated: Bellevue Gold
Bellevue Gold is developing a large high-grade project in Western Australia (Bellevue). Investors like it, giving them a FD market cap of $629 million. It is 3 million oz at 10 gpt resource. It is economic, with all-in costs (break-even) around $1100 per...  more
11/23/2021
Analysis  
Updated: Bardoc Gold Ltd
Bardoc Gold (previously Spitfire Materials) is an Australian gold mining company. They acquired Excelsior Gold in 2019. This gave them a large open pit project (Aphrodite) in Western Australia with 1.7 million oz (2.3 gpt). Aphrodite has a recently...  more
11/23/2021
Analysis  
Updated: Austral Gold Ltd.
Austral Gold is a gold producer in Chile (Guanaco and Amancaya). They currently produce about 50,000 oz of gold equivalent (including silver). Production will increase to about 75,000 oz when they restart their Casposo mine in Argentina. However, they...  more
11/23/2021
Analysis  
Updated: Sunstone Metals
Sunstone Metals is an Australian-based project generator with two gold/copper projects in Ecuador. Both projects are early exploration, but both appear to be discoveries. Investors are excited about Bramaderos (12,500 acres). It appears to be a gold/coppe  more
11/22/2021
Analysis  
Updated: Loncor Resources Inc
Loncor Resources is a project generator 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 a bit pricey for a company without any resources. Their...  more
11/22/2021
Analysis  
Updated: Condor Gold Plc
Condor Gold is advancing a 3 million oz project (La India) in Nicaragua. It has a pre-feasibility study with a $150 million capex with cash costs around $700 per oz. They want to build both an open pit and underground mine at the same time. Production...  more
11/21/2021
Analysis  
Updated: Vior Inc.
Vior Inc (Societe D Exploration Mineire Vior) is a project generator in Quebec, Canada. This is a high risk speculation explorer, but they are in a good location. They have been around since 1984 and discovered the Douay project which they sold to...  more
11/21/2021
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 (250,000 acres) has several discovered surface open pits that they are drilling. It looks like a mine in the...  more
11/21/2021
Analysis  
Updated: QCX Gold Corp.
QCX Gold Corp. is a new project generator focused in Canada. They have two projects in Quebec, the most significant of them is Golden Giant, Located 2.9 km away from Azimut Exploration’s discovery (The Elmer gold project). Their interpretation is that...  more
11/20/2021
Analysis  
Updated: 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
11/20/2021
Analysis  
Updated: 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
11/20/2021
Analysis  
Updated: 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. They are carried to...  more
11/19/2021
Analysis  
Updated: E2 Metals Ltd
E2 Metals is a project generator focused in Argentina and Australia. Investors like this stock, bidding it up to an $80 million FD market cap in 2020. That valuation does not appear to be earned yet. They have a discovery hole at Conserrat in Argentina (8  more
11/19/2021
Analysis  
Updated: 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 2.5 million oz (1.2 gpt) resource, plus exploration...  more
11/19/2021
Analysis  
Updated: Aeris Resources Ltd
Aeris Resources is a copper and gold producer. Their Tritton copper mine produces about 18,000 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. Their gold resources are...  more
11/18/2021
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
11/18/2021
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
11/17/2021
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 4 projects (Talbot, Tower, Rail, Bur) to production in Manitoba, Canada. They released a PEA in...  more
11/17/2021
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 updated their PEA in 2021, with a 20-year...  more
11/16/2021
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 450,000 oz to about 700,000 oz after these 3...  more
11/16/2021
Analysis  
Updated: First Mining Gold
First Mining Gold 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 Swinoga) to develop their...  more
11/16/2021
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
11/15/2021
Analysis  
Updated: Wesdome Gold Mines Ltd
Wesdome Gold Mines is a mid-tier producer in Canada (Ontario and Quebec) with an FD market cap of $1.5 billion. They are being valued highly because they are ramping up production at their second mine (Kiena). They will mine at a rate of about 175,000 oz...  more
11/15/2021
Analysis  
Updated: Yamana Gold Inc.
Yamana Gold is a major with production of 1 million oz of gold equivalent ounces (including silver). They report production, cash costs, and all-in costs as GEOs. All-in costs are about $1200 per GEO. They had about $120 million in free cash flow last...  more
11/15/2021
Analysis  
Updated: Adriatic Metals
Adriatic Metals is building a large silver/zinc/gold/copper mine (Rupice) in Bosnia. It is financed and permitted with construction beginning soon. It is an 18-month build with a $170 million capex. They streamed the copper, but the AGEQ cash costs are...  more
11/14/2021
Analysis  
Updated: Thunder Mountain Gold Inc.
Thunder Mountain Gold is small project generator focused in the U.S. They sold their South Mountain project (1200 acres), which will give them some cash and shares in BeMetals, the operator of the project which looks to provide a PEA. The problem for...  more
11/14/2021
Analysis  
Updated: Hochschild Mining Plc
Hochschild Mining is a large silver/gold producer in South America. They will produce 30 million of silver equivalent (including gold) in 2021. All-in costs per oz are currently about $20 (silver equivalent, including gold). Hochschild is not a low-cost...  more
11/14/2021
Analysis  
Updated: Adriatic Metals
Adriatic Metals is building a large silver/zinc/gold/copper mine (Rupice) in Bosnia. It is financed and permitted with construction beginning soon. It is an 18-month build with a $170 million capex. They streamed the copper, but the AGEQ cash costs are...  more
11/13/2021
Analysis  
Updated: Fortuna Silver Mines Inc
Fortuna Silver is a mid-tier gold and silver producer in Mexico, Peru, Argentina, and West Africa (Burkina Faso). They acquired Roxgold in 2021, which gives them an additional 120,000 oz of production (Yaramoko) at all-in costs around $1200 per oz. Plus,...  more
11/13/2021
Analysis  
Updated: Nighthawk Gold Corp
Nighthawk Gold is drilling a large open pit project 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,  more
11/13/2021
Analysis  
Updated: Pure Gold Mining Inc
Pure Gold Mining has an excellent gold project in Red Lake, Ontario. It is a large property on 12,000 acres and high grade. It is a 2.5 million oz deposit at 6 to 8 gpt (with pockets of high-grade above 10 gpt). Everything about this project looks good....  more
11/12/2021
Analysis  
Updated: Triumph Gold Corp
Triumph Gold (formerly Northern Freegold) is a project generator in the Yukon. They have drilled about 3% of their flagship Freegold Mountain project (Yukon, Canada) and already have a 2+ million oz resource (75% recovery) at .5 gpt (along with 10...  more
11/11/2021
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
11/10/2021
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 silver mines in Mexico that produce 90% precious metals (silver and gold) and one producing gold mine in Brazil (Tucano). They used...  more
11/09/2021
Analysis  
Updated: Amarillo Gold Corp
Amarillo Gold has an excellent project in Brazil. The Posse 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 2021. They have...  more
11/09/2021
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
11/08/2021
Analysis  
Updated: Aurcana Silver Corp
Aurcana Silver Corp is a silver producer in Colorado (RV Mine). They recently obtained a $28 million loan and raised money through share dilution. Production should ramp up to 4 million oz (AGEQ) with all-in costs around $18 per oz in Q1 2022. The...  more
11/08/2021
Analysis  
Updated: Wiluna Mining
Wiluna Mining (previously Blackham Resources) is a mid-tier gold producer in Australia. They are producing around 120,000 oz with all-in costs around $1500 per oz. They have large resources of around 6 million oz and have plans to expand production (phase  more
11/08/2021
Analysis  
Updated: Wiluna Mining
Wiluna Mining (previously Blackham Resources) is a mid-tier gold producer in Australia. They are producing around 120,000 oz with all-in costs around $1500 per oz. They have large resources of around 6 million oz and have plans to expand production (phase  more
11/07/2021
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
11/07/2021
Analysis  
Updated: Montage Gold Corp
Montage Gold is advancing a large open-pit project (Kone) in West Africa (Cote d’Ivoire). The project is on 350,000 acres and is already a 4 million oz deposit. It has various grades (.9 gpt to .3 gpt), so they will mine the high-grade portion first,...  more
11/06/2021
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, although they do have some discovery holes (35...  more
11/06/2021
Analysis  
Updated: Norden Crown Metals Corp.
Norden Crown Metals (previously Boreal Metals) is a project generator focused in Scandinavia. They have two properties - a VMS style project (Gumsberg, Sweden) and a JV (20%) on an IOCG type project (Burfjord, Norway). Both are early exploration and they...  more
11/06/2021
Analysis  
Updated: 55 North Mining Inc.
55 North Mining is a project generator focused in Canada. They have one property (Last Hope) in Manitoba. It is a small (350,000 oz at 5 gpt) deposit that they keep expanding (they issued 2 resource estimates in 2021 alone). The main challenge of the...  more
11/06/2021
Analysis  
Added: Ranchero Gold Corp
Ranchero Gold is a new company that was formed in 2021. They are a project generator with a single property (Santa Daniela) on 55,000 acres in Mexico. It has had two rounds of drilling by the previous owner and has found gold. One family owns 60% of the...  more
11/05/2021
Analysis  
Added: Fancamp Exploration Ltd
Fancamp Exploration is an experienced project generator with 90 projects, including 6 high-priority projects. They have both precious metals and base metals. They currently don't have a significant discovery that they are drilling. It appears that all of...  more
11/05/2021
Analysis  
Added: Vulcan Minerals Inc
Vulcan Minerals is project generator focused in Canada. They have two early exploration projects in Newfoundland. They appear to be focusing on Gander (1,500 acres) and Colchester-Springdale (10,000) acres. They are cashed up with about $10 million and...  more
11/04/2021
Analysis  
Added: Riley Gold Corp
Riley Gold is a new project generator focusing in Nevada. They have two early exploration projects. Tokop has some historical drilling and several high-grade surface samples. There is definitely gold on their property, but is there enough for a mine....  more
11/04/2021
Analysis  
Added: Mas Gold Corp
Mas Gold is a project generator focused in Saskatchewan, Canada. They have four properties and several discovered deposits over 80,000 acres. Their Preview North property is the most advanced with 400,000 oz (.9 gpt) and a PEA due in 2022. It is composed...  more
11/03/2021
Analysis  
Updated: Maverix Metals, Inc.
Maverix Metals is a new royalty company created by Pan American Silver, who owns 18%. They have 100+ streaming and royalty properties. Thirteen of which are generating around $50 million annually in revenue. It's not cheap with an FD market cap of $695...  more
11/03/2021
Analysis  
Added: GoldHaven Resources Corp
Goldhaven Resources is a new project generator. They have several early exploration projects. The two most exciting are in Newfoundland. Pats Pond (22,000 acres) and O Neil (32,000 acres) will be drilled soon and are in good locations. They also have...  more
11/02/2021
Analysis  
Updated: Osisko Gold Royalties Ltd
Osisko Gold Royalties is focused mostly on gold royalties. They have about 17 producing royalties at about 80,000 oz per year (gold equivalent oz). They are growing and expect to reach 180,000 oz by 2023. They have very lost costs, with 90% margins. Plus,  more
11/02/2021
Analysis  
Updated: Great Bear Resources Ltd
Great Bear Resources is a project generator focused in Canada. They are one of the rare success stories for a small exploration company. In 2016, their share price was at 4 cents. All they had were two early exploration gold projects in Canada with very...  more
11/01/2021
Analysis  
Updated: Heliostar Metals Ltd
Heliostar Metals (formerly Redstar Gold) is a project generator focused in North America. They have a large property in Alaska (Unga) on 60,000 acres. Unga has significant potential with numerous drilling targets. It is a narrow vein, high-grade...  more
11/01/2021
Analysis  
Updated: Patagonia Gold Plc
Patagonia Gold (formerly Hunt Mining) is a small producer in Argentina. They produced only 5k oz at Lomada in 1H of 2021, where they have 1.2 million oz (AUEQ including silver). They have about 2.5 million oz of gold resources (AUEQ including silver), so...  more
11/01/2021
Analysis  
Updated: Eros Resources Corp
Eros Resources is developing a small gold mine in Nevada. Bell Mountain (3,200 acres) has 90,000 oz at .6 gpt. So, it is low grade. The capex is $17 million to produce about 50,000 oz (10,000 oz per year). The after-tax IRR isn't terrible at 24% at $1300...  more
11/01/2021
Analysis  
Updated: Inflection Resources Ltd
Inflection Resources is a project generator focused in Australia. They have a huge property (1.2 million acres) in New South Wales. They are calling it Northern NSW. It is in a large mining district with 20 other mining companies. That is always a good...  more
11/01/2021
General  
October 2021 Newsletter Posted
October 2021 Newsletter Posted.  more


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