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08/31/2022
Analysis
Updated: DELETE - American Creek Resources Ltd
America Creek Resources is a project generator in Canada. They have two properties in British Columbia: Treaty Creek (20% JV) and Austruck-Bonanza. Treaty Creek is located in the Golden Triangle near the Seabridge KSM and Pretium Brucejack projects. It... more
08/30/2022
Analysis
Updated: Emerald Resources
Emerald Resources is a new mid-tier producer in Cambodia. Okvau (100,000 acres) has 1 million oz at 2 gpt. The capex was $90 million to produce 100,000 oz annually at $700 cash costs. They expect to expand the mine life through exploration success on... more
08/30/2022
Analysis
Updated: Bassari Resources Ltd
Bassari Resources has an advanced gold project in Senegal, West Africa. The Makabingui project (200,000 acres) has a 700,000 oz (their share) deposit (2.6 gpt) with a feasibility study. The capex is only $12 million for the open pit and $35 million for... more
08/30/2022
Analysis
Updated: Prodigy Gold
Prodigy Gold (formerly Abm Resources) is a gold exploration company with 1+ million acres in Australia. In the past they were not so successful as they drilled multiple targets and received disappointing results in all of them. Also their JV partners... more
08/30/2022
Analysis
Updated: Santacruz Silver Mining Ltd
Santacruz Silver Mining is a silver and base metals producer in Mexico and Bolivia. 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... more
08/29/2022
Analysis
Updated: Sun Summit Minerals
Sun Summit Minerals (previously San Marco Resources) is a project generator. They sold all of their mexican assets and now they focus on their sole project - the Buck property (75,000 acres) in British Columbia. It has good historic drill results, plus... more
08/28/2022
Analysis
Updated: Magna Terra Minerals Inc
Magna Terra Minerals is a project generator focused in Newfoundland. They explore multiple gold projects simultaneously and could become an exciting stock if they find something significant. They drilled Cape Spencer but received disappointing results,... more
08/28/2022
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 6 gold/silver projects in British Columbia (Golden Triangle). They started drilling on the American Creek property, but after initial disappointing results, their stock plunged.
After American Creek... more
08/27/2022
Analysis
Updated: Black Cat Syndicate Ltd
Black Cat Syndicate is advancing three gold projects in Western Australia to production. Their starter mine is funded to begin production in 2022 at around 50K oz a year (after ramp up). The capex was low and appears to be funded without debt. They have... more
08/27/2022
Analysis
Updated: Gold Reserve Inc
Gold Reserve Inc had been on hold since April 2008, when their mining license was revoked on their Brisas project by Venezuela. In 2014, they were awarded $740 million by an arbitration court.
In 2016, Venezuela agreed to pay the $740 million... more
08/27/2022
Analysis
Updated: Gold Reserve Inc
Gold Reserve Inc had been on hold since April 2008, when their mining license was revoked on their Brisas project by Venezuela. In 2014, they were awarded $740 million by an arbitration court.
In 2016, Venezuela agreed to pay the $740 million... more
08/26/2022
Analysis
Updated: DRDGOLD Ltd
DRDGOLD is a mid-tier producer in South Africa. They recently sold their underground mine for $18 million. Blyvoor had high cash costs and they wanted to focus on their higher margin tailing reclamation project (from three old surface mines). Their gold... more
08/25/2022
Analysis
Updated: Centerra Gold Inc
Centerra Gold was a Canadian-based major. In 2020, they lost their flagship project (Kumtor) in Kyrgyzstan. It was producing 500,000 oz at low costs. They are in arbitration trying to recover some value for Kumtor.
But Kumtor was not all they had.... more
08/24/2022
Analysis
Updated: Salazar Resources Ltd
Salazar Resources is a project generator focused in Ecuador. They have a 25% carried interest in El Domo, which is an 850,000 oz (2.8 gpt) deposit. The capex is $110 million and the after-tax IRR is 30%. A feasibility study is due in 2021, which... more
08/24/2022
Analysis
Updated: Enduro Metals
Enduro Metals (formerly Crystal Lake Mining) is a project generator focused in Canada. They have a single property (Newmont Lake) in British Columbia. It is a large property (150,000 acres) in the Golden Triangle. They have several discovery holes (14... more
08/23/2022
Analysis
Updated: DELETE - Scotgold Resources Ltd
Scotgold Resources became a small gold producer in 2021. They have a small high-grade gold deposit (Cononish) in Scotland. It's only 250,000 oz (11 gpt). It also has silver, so that will reduce the cash costs. They completed a feasibility study and it is... more
08/22/2022
Analysis
Updated: Thor Explorations Ltd
Thor Exploration began producing gold in Nigeria in 2021. The Segilola project (6,500 acres) is a 500,000 oz open pit deposit (4 gpt) with also an underground mine. The open pit only has a 5-year mine life, and they plan to mine about 350,000 oz. The... more
08/22/2022
Analysis
Updated: DELETE - Tombola Gold Ltd
Tombola Gold (previously Ausmex Mining) is trying to become a small gold producer in Australia. Mt Freda / Golden Mile are both small deposits totaling around 100,000 oz (1.1 gpt). The good news is that they are permitted and have a low capex. They plan... more
08/21/2022
Analysis
Updated: Idaho Strategic Resources Inc
Idaho Strategic Resources (formerly New Jersey Mining) is a small gold producer in Idaho. Their Golden Chest deposit is 400,000 oz at 1.5 to 3 gpt. They are currently mining both open pit and underground, although only about 15,000 oz. They have enough... more
08/20/2022
Analysis
Updated: Rokeby Resources
Inca Minerals has a high-grade zinc/silver discovery (Riqueza) in Peru and multiple IOCG targets in Australia. In Riqueza they have identified 20 veins at surface on the property, the average sample has returned 7% zinc and 200 gpt silver. They also have... more
08/20/2022
Analysis
Updated: Entree Resources Ltd
Entree Gold is a project generator with a large copper/gold project. The Oyu Tolgoi project in Mongolia is one of the largest in the world, with 22 billion lbs of copper and 18 million oz of gold (.4 gpt) and 45 million oz of silver (2 gpt). It has an... more
08/19/2022
Analysis
Updated: Scottie Resources
Scottie Resources (previously Rotation Minerals) is a project generator focusing on gold exploration in the Golden Triangle in British Columbia. They have 7 properties (Scottie, Black Hills, Summit Lake, Ruby, Bitter Creek, Bow, Stock). Scottie is a past... more
08/19/2022
Analysis
Updated: Soma Gold Corp
Soma Gold (formerly Para Resources) is a small gold producer in Colombia. Their El Bagre property has several deposits (La Ye, Cordero, Mangos). The mill is 450 tpd and is producing about 25,000 oz annually with all-in costs of around $1200 per oz. They... more
08/17/2022
Analysis
Updated: Hammer Metals Ltd
Hammer Metals is a project generator focused in Australia. They have two large properties that are being drilled. Bronzewing South - Yandal (50,000 acres) is in Western Australia, and they are drilling a discovery. Mt Isa (500,000 acres) is in a good... more
08/17/2022
Analysis
Updated: Grande Portage Resources Ltd
Grande Portage Resources has a high-grade gold discovery (Herbert) in Alaska. It's a 1.5 million oz resource (10 gpt) and is growing in size. If they can increase the size of the resource to 2 million oz, they should do well. With a $32 million FD market... more
08/16/2022
Analysis
Updated: Triple Flag Precious Metals Corp
Triple Flag is a new gold royalty company. They recently did an IPO and raised $250 million. They already have 80 royalties, including 15 producing royalties. They are targeting $115 million in FCF in 2022, which is only a 15 multiplier, which is low for... more
08/16/2022
Analysis
Updated: CopAur Minerals Inc
CopAur Minerals is a project generator. They are drilling a gold discovery (Williams) in British Columbia (17,000 acres). It has not had much drilling. They recently (August 2022) had their biggest hole of 50 meters at 2.2 gpt near surface. It could be a... more
08/15/2022
Analysis
Updated: DELETE - Earthlabs Inc.
Goldspot Discoveries has a unique model. I am listing them as a royalty company, but in addition to acquiring NSRs, they invest in mining companies (owning shares) and do mining consulting and have a technology division. They use their consulting... more
08/14/2022
Analysis
Updated: Investigator Resources Ltd
Investigator Resources is advancing a silver discovery (Paris) in Australia. It is already a 40 million oz resource (130 gpt) at surface. They have a PFS to mine 4 million oz a year for 6 years. This is likely to be extended. The capex is $100 million... more
08/14/2022
Analysis
Updated: Wolfden Resources Corp
Wolfden Resources has a polymetallic deposit (Picket Mountain) with zinc, copper, lead, gold, and silver in Maine. It is high grade with $500 per ton (10 million tons) and 1.5 million oz of gold equivalent. They say that Maine has new mining laws that... more
08/14/2022
Analysis
Updated: Leocor Mining Inc
Leocor Gold is a project generator focused in Canada. They have 5 early exploration projects in Newfoundland. These are Roberts Arm (100,000 acres), Leamington (150,000 acres), Hodges Hill (100,000 acres), Star Trek (17,300 acres) and Baie Verte (5,000... more
08/13/2022
Analysis
Updated: Gold Fields Ltd
Gold Fields is a major with a global footprint. They currently produce 2.3 million oz per year, making them the 7th largest gold producer. They have 9 operating properties with 10% of production in South Africa, 40% in Australia, 35% in West Africa, and... more
08/13/2022
Analysis
Updated: Gossan Resources Ltd
Gossan Resources is a project generator focused in Canada. Their main project is Gander (25,000 acres) in Newfoundland. They recently raised $880,000 to do an airborne magnetic survey across the entire property, they expect results to assist in planning... more
08/12/2022
Analysis
Updated: Pinnacle Silver and Gold
Newrange Gold (previously Colombian Mines) is a project generator. They are now focusing on a gold discovery in Nevada (Pamlico). It is a 6,300 acre property with several targets. They have only drilled about 50 holes, but have a discovery (76 meters at... more
08/11/2022
Analysis
Updated: Liberty Gold
Liberty Gold (formerly Pilot Gold) was formed from Fronteer Gold and True Gold's management team. The CEO is Mark O'Dea. He has sold his last two projects, including True Gold. It was recently valued with an FD market cap of $486 million based on their... more
08/10/2022
Analysis
Added: Austin Gold Corp
Austin Gold is a new company formed in 2022. I'm not sure if they are a project generator or a development company. They seem to have a strong team and investors have valued them at $25 million without a discovery. They have four early exploration... more
08/10/2022
Analysis
Added: JZR Gold Inc
Jazz Resources is advancing a small tailing project in Brazil. It is a 700,000 oz (2.7 gpt) deposit, but they only own 50%. They are building a mill to produce 30,0000 oz a year, and they will receive half. So, the cash flow will be low. Perhaps this... more
08/09/2022
Analysis
Added: Indiana Resources Ltd
Indiana Resources is a project generator focused in Australia. They have a large property (over 1 million acres) in Western Australia called the Gawler-Craton project. They have a discovery deposit (Minos) with some good holes (21 meters at 8 gpt, 35... more
08/08/2022
Analysis
Updated: DELETE - Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 16 million oz (.5 gpt) of gold and 2 billion lbs of copper. They did a PEA that shows a 25-year mine life at 365,000 annual gold production. With the copper... more
08/08/2022
Analysis
Updated: Minco Silver Corp
Minco Silver is highly undervalued. They have a large high-grade deposit (150 million oz and growing) that is an anomaly. It is high grade at 6 opt and is near surface. Thus, it will be a low cost ($6 per oz cash costs) / high-profit mine. The cash flow... more
08/07/2022
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They have a large open-pit with their Cheechoo project (2 million oz at .65 gpt). They originally planned to release a PEA in 2021 and a pre-feasibility study in 2023, but they're... more
08/07/2022
Analysis
Updated: Stavely Minerals Ltd
Stavely Minerals is mostly a copper exploration company. They have several large copper/gold properties (Stavely, Ravenswood, Ararat, Yarram Park) in Western Victoria, which is a hot spot at the moment. They have had good drill results at Stavely (Thursda more
08/07/2022
Analysis
Updated: Riversgold Ltd
Riversgold Ltd is a new project generator that formed in 2017. They have two projects in south and western Australia, both of them are early exploration with very little drilling. The Kurnalpi Project looks the most exciting one with about 10 target... more
08/07/2022
Analysis
Updated: US Gold Corp
US Gold Corp is developing a large gold/copper project in Wyoming (CK Project). It has 1.4 million oz (.68 gpt AU) AUEQ (including ~250 million lbs of copper) of proven and probable resources. They plan to mine almost 110,000 oz of AUEQ for 12 years. The... more
08/07/2022
Analysis
Updated: Amarc Resources Ltd
Amarc Resources appears to be a project generator (but they claim to be an exploration and development company). Currently they focus on 4 early exploration copper and copper/gold projects (Ike, Joy, Greater Empress and Duke). Expect share dilution as... more
08/07/2022
Analysis
Updated: East Africa Metals Inc
East Africa Metals is a project generator. They arose from a spin-out from Canaco Resources in 2012. They have three large resources in Tanzania and Ethiopia. They are producing gold, but haven't had many news updates since the end of 2021. They are low... more
08/07/2022
Analysis
Updated: Inventus Mining Corp
Inventus Mining appears to have a gold discovery (Pardo) in Ontario, Canada. Their stock jumped from 3 cents a share to 35 cents after the discovery in 2013. Now it's back to 10 cents. Pardo is still early exploration, but a large property (48,000 acres)... more
08/07/2022
Analysis
Updated: Orogen Royalties Inc
Orogen Royalties is a project generator, but calls themselves an Organic Royalty Generator. It was created in 2020 from the combination of two exploration companies (Evrim Resources and Renaissance Gold). They have 14 NSRs, but only the Ermitano (owned... more
08/07/2022
Analysis
Updated: ECR Minerals Plc
ECR Minerals has three early exploration gold projects in Australia that look interesting. They are located in the Victoria district that has produced 80 million oz of high-grade gold.
They own 100% of two gold exploration project, the Bailieston &... more
08/07/2022
Analysis
Updated: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines (ITHM) has a monster project (Livengood) in Alaska with 16 million oz (.6 gpt) with an 80% recovery rate. It has a pre-feasibility study with a $1.8 billion capex to produce 350,000 oz for 23 years (8 million oz). Cash costs are... more
08/06/2022
Analysis
Updated: RosCan Gold Corp
RosCan Gold is a project generator in West Africa. They have one large property (Kandiole) in Mali. It's on 100,000 acres with a lot of discoveries. They started drilling in 2018 and have found at least 6 discoveries that they are drilling. The recent... more
08/06/2022
Analysis
Updated: DELETE - Victoria Gold Corp
Victoria Gold is a mid-tier producer in Canada. Their Eagle Gold project began production in 2019. It is a 5 million oz resource (.7 gpt) the Yukon. It is has a 75% recovery rate, so the actual resource is about 3.5 million oz, which is still large. It... more
08/06/2022
Analysis
Updated: Aurwest Resources Corp
Aurwest Resources is a project generator focused in Canada. They have four properties (Paradise Lake, Stony Caldera, Miguels Lake, Pistol Lake) in Newfoundland on 100,000 acres. Plus, two properties in British Columbia; Stellar which has a porphyry... more
08/06/2022
Analysis
Updated: Hanstone Gold Corp
Hanstone Gold is a new project generator (formed in 2020) focused in Canada. They have two properties (DOC and Snip North) in the Golden Triangle of British Columbia. Both are early exploration and large properties (5,000 acres and 7,500 acres).... more
08/06/2022
Analysis
Updated: TRU Precious Metals Corp
TRU Precious Metals is a project generator focused in Canada. They have 5 early exploration projects in Newfoundland. They are as follows: Golden Rose (52,000 acres), Twilite (4,000 acres), Gander West (7,500 acres), Stony Lake (6,500 acres), Staghorn (65 more
08/05/2022
Analysis
Updated: Adelayde Exploration Inc
Spearmint Resources has 8 early exploration gold projects in Canada. Several of them are in the golden triangle (including Hammernose) and in Quebec (Perron - East). They started drilling their Newfoundland project in August 2022.
They do not have a... more
08/05/2022
Analysis
Updated: Freeman Gold Corp
Freeman Gold is advancing an open-pit gold project (Lemhi) in Idaho (7500 acres). It has 350 historic holes (from the 1990s), but the grade and size is unknown. They were awarded mining water rights in June 2020, and uplifted to the OTCQX in March 2022.... more
08/05/2022
Analysis
Updated: Visionary Copper and Gold Mines
Callinex Mines is a project generator focused in Canada. They are really a zinc exploration company with 4 zinc projects totalling 2.6 billion lbs of zinc eq. They might even be a development company, with guidance of production at their Nash Creek (New... more
08/04/2022
Analysis
Updated: Toubani Resources Inc
Toubani Resources (formerly African Gold Group) has a late-stage project in southern Mali. Koboda already is a 2 million resource at 0.86 gpt, and could get much bigger. The capex is $136 million, with an after-tax IRR around 30% at $1300 gold and NPV at... more
08/02/2022
Analysis
Updated: NexGold Mining Corp
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. They released a PEA in 2017 for a capex of $100 million to build the open pit and mill. It required an... more
08/01/2022
Analysis
Updated: DPM Metals
Dundee Precious Metals is a mid-tier producer. They have two producing gold mines in Bulgaria. Chelopech at 160,000 oz, with significant offsets in silver, copper, and zinc. Cash costs are under $600 per oz, with all-in costs around $950 per oz.... more
08/01/2022
General
July 2022 Newsletter Posted
July 2022 Newsletter Posted. more
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