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04/30/2023
Analysis
Updated: Mistango River Resources Inc
Mistango River is a project generator focused in Canada. They have 4 projects in Ontario. They optioned 75% of their Omega and Kirkland West projects to Kirkland lake (which has to spend $60 million to get 75%). The Omega mine is a past-producing high-gra more
04/30/2023
Analysis
Updated: Golden Ridge Resources
Golden Ridge Resources is a project generator focused in Canada. They have 4 early exploration projects. Their current focus is the Williams Gold Project which they optioned from Evrim Resources and is located 30 km south and on trend with New Found Goldâ more
04/29/2023
Analysis
Updated: Savannah Goldfields Ltd
Savannah Goldfields (previously Laneway Resources) is a small gold producer based in Australia. They recently acquired the Georgetown property, which spans over 125,000 acres in North Queensland and has a mill that they use to process the ore from their... more
04/29/2023
Analysis
Updated: Aurumin Ltd
Aurumin Ltd is a new gold development company in Australia. They have acquired two past producing properties. Sandstone (25,000 acres) seems to be their main focus. It has a resource of 750,000 oz at 1.1 gpt (JORC2012), and it has permitted... more
04/29/2023
Analysis
Updated: White Rock Minerals Ltd
White Rock Minerals is a project generator focused in Australia and Alaska. Their main project is Red Mountain in Alaska. It has silver, gold, zinc, and lead. Combined the 21.3 million tons (393 gpt AGEQ) has 200 million oz AGEQ (50M oz of silver at 90... more
04/29/2023
Analysis
Updated: Xali Gold Corp
Xali Gold Corp (formerly Candente Gold) is a small exploration company with an FD market cap of $6 million. They have a large property (El Oro) in Mexico, which has a lot of potential. Only two veins on the property were mined to 200 meters and produced... more
04/29/2023
Analysis
Updated: Bluebird Merchant Ventures
Bluebird Merchant Ventures is trying to restart two gold mines in South Korea (Kochang & Gubong). They have a historical resource of about 1M oz at 7 gpt. They completed a feasibility study in 2018. Their goal is to resume production in 2024 and they... more
04/28/2023
Analysis
Updated: Matsa Resources
Matsa Resources was a small gold producer in Australia that ceased production in 2021 and sold two properties for $20 million. They kept 100,000 acres (Lake Carey) and 500,000 oz. Their plan is to drill and double their resources, then resume production.... more
04/28/2023
Analysis
Updated: Orex Minerals Inc
Orex Minerals is a project generator in Mexico and Canada. Coneto (12,000 acres) in Mexico is a 45% JV with Fresnillo with a target of 100 million oz of silver equivalent. Fresnillo is drilling and must spend $21 million to get their option. Sandra... more
04/26/2023
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
04/26/2023
Analysis
Updated: S2 Resources Ltd
S2 Resources is a project generator based in Australia. They have a significant nickel discovery and are drilling 6 target areas. It appears to be a large nickel mine. They also have several early exploration gold projects, but no discoveries. They have... more
04/25/2023
Analysis
Updated: Red Pine Exploration Inc
Red Pine is a project generator focused in Canada. Their Wawa project (15,000 acres) in Ontario has 700,000 oz (5 gpt) and is growing in size. It is a mine in the making. In fact, it is a past producing UG mine, which should be easy to permit. It has 6... more
04/25/2023
Analysis
Updated: Dakota Gold Corp
Dakota Gold (formerly Dakota Territory Resource Corp) is a project generator focused in South Dakota. They have 10 properties covering 46,000 acres near the Homestake Mine which produced 40 million oz at 10 gpt. In 2021, they did a reverse takeover of JR... more
04/25/2023
Analysis
Updated: Royal Gold Inc
Royal Gold is a royalty company based in the US. They have about 43 producing properties and 18 under development, plus another 100+ in early or advanced stage exploration. They are growing production and are a growth company (around 10% annual growth).... more
04/25/2023
Analysis
Updated: Auris Minerals Ltd
Auris Minerals is a gold (and copper) exploration company in Australia. They have 9 early exploration projects (350,000 acres) in Western Australia. Including Cashmans, Cheroogna, Morck Well, Forrest, Durack East, Wodger, Horseshoe Well, Milgun, and... more
04/24/2023
Analysis
Updated: PNX Metals
PNX Metals is advancing a gold, silver, and zinc project (Fountain Head) to production in Australia. It's small with about 500,000 oz of gold equivalent (including silver). It has a PFS and they are currently working on permitting and final scoping.... more
04/24/2023
Analysis
Updated: Galleon Gold Corp
Galleon Gold (formerly Pure Nickel) acquired Explor Resources in 2019. Explor had several properties, including TPW (now called the West Cache project). This project (in Quebec) is both an open pit (300,000 oz at 1.5 gpt) and underground (800,000 oz at 2. more
04/24/2023
Analysis
Updated: Abcourt Mines Inc
Abcourt Mines has made slow progress over the years. They seem to have finally begun to move forward. They plan to do a 7 to 1 reverse split and change their name in conjunction with a recent acquisition. Plus, they plan to advance two of their project... more
04/24/2023
Analysis
Updated: Rusoro Mining Ltd
Rusoro Mining had a large gold mine (17 million oz) in Venezuela that was nationalized in 2012. In 2016, they won a $1.2 billion award by an international court. After they won the court case, their stock price jumped from $45 million to $75 million,... more
04/23/2023
Analysis
Updated: Harmony Gold Mining Co.
Harmony Gold Mining is an emerging major, with an FD market cap of $2.7 billion. They are a 1.5 million oz producer. Their problem is that most of its mines are in South Africa, plus they have high costs. They have large resources, with 12 producing... more
04/23/2023
Analysis
Updated: Harmony Gold Mining Co.
Harmony Gold Mining is an emerging major, with an FD market cap of $2.7 billion. They are a 1.5 million oz producer. Their problem is that most of its mines are in South Africa, plus they have high costs. They have large resources, with 12 producing... more
04/23/2023
Analysis
Updated: NV Gold Corp
NV Gold is a project generator focused in Nevada. They have 16 properties and several of them look interesting. Plus, they have a very experienced team. The chairman owns 7%, the CEO owns 2% and Eric Sprott own 6%, so they have a focused team.
They... more
04/23/2023
Analysis
Updated: Majestic Gold Corp
Majestic Gold is a small producer in China. They are currently producing about 20,000 oz (their 70% share) at an underground mine. Most of their resources are for an open pit next to the underground mine. I would estimate the underground mine only has... more
04/23/2023
Analysis
Updated: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They are focused on their Pozzolan-Perlite Project in Nevada and they expect it to be mine ready soon.
They also have several early exploration gold/silver projects. On their Clayton project... more
04/22/2023
Analysis
Updated: Havilah Resources Ltd
Havilah Resources is copper/gold developer in Australia. They are advancing their Kalkaroo project with 3 million oz of gold and more than 1 billion lbs of copper, plus cobalt. They completed a feasibility study and are currently permitting the project.... more
04/21/2023
Analysis
Updated: Silver Mountain Resources Inc
Silver Mountain Resources is a new company formed in 2022. They acquired Reliquias, a past producing mine in Peru with a permitted mill (2,000 tpd) and plan to resume production. They claim to have a 10-year mine life but do not give guidance for annual... more
04/21/2023
Analysis
Updated: Alpha Exploration Ltd
Alpha Exploration is a new project generator that had an IPO in 2021 and is focused on Eritrea (East Africa). They hold a large property on 180,000 acres (Kerkasha) and is currently conducting early exploration on multiple targets such as Anagulu, Aburna, more
04/19/2023
Analysis
Updated: Fresnillo Plc
Fresnillo is a major with an FD market cap of $7.2 billion and is the largest silver producer at 53 million oz per year. They plan to expand production when their flagship Juanicipio mine ramps up. This is a very profitable company at current gold/silver... more
04/19/2023
Analysis
Updated: Mirasol Resources Ltd
Mirasol Resources is a project generator with a lot of projects and JVs. They do not currently have an advanced project (although Sobek appears to be a significant discovery), but they have 10 properties in Chile and 20 in Argentina (1 million acres).... more
04/17/2023
Analysis
Updated: Gold Royalty Corp
Gold Royalty Corp is a new royalty company created by Goldmining Inc. They spun-out 18 NSRs (from their projects with 25 million oz of gold) and funded it via an IPO to start out with about $87 million in cash. Then they acquired Ely Royalties and... more
04/17/2023
Analysis
Updated: Dome Gold Mines
Dome Gold Mines has 3 gold properties in Fiji covering 95,000 acres. However, they found a magnetite deposit (Sigatoka) of 190 million tons (11% magnetite). They are looking for a partner to produce the magnetite and use the cash flow to explore for gold. more
04/15/2023
Analysis
Updated: Juggernaut Exploration
Juggernaut Exploration is a project generator focused in Canada. They have five gold projects in British Columbia (Gold Standard, Goldstar, Midas, Bingo and Empire). Crescat owns 9.90% of the shares and geologist Quinton Hennigh is their technical... more
04/15/2023
Analysis
Updated: PPX Mining Corp
PPX Mining (previously Peruvian Precious Metals) has a small gold project in Peru. So far they have found 700,000 oz of gold equivalent oz (including silver) at pretty good grades (2 gpt gold and 70 gpt silver). They are focusing on higher grade... more
04/15/2023
Analysis
Updated: Warriedar Resources LTD
Warriedar Resources (previously Anova Metals) is an Australian company with a gold project in Nevada (Big Springs) and two large exploration projects in WA Australia (Golden Range & Field Finds). Until recently their focus was a small producing gold mine... more
04/15/2023
Analysis
Updated: Chakana Copper
Chakana Copper is advancing a copper/gold/silver tourmaline pipes discovery (Soledad-Rosales) in Peru. These copper-bearing tourmaline pipes are a distinctive class of intrusion-related breccias which vary considerably in size and metal content. Initial... more
04/14/2023
Analysis
Updated: Rio2 Ltd
Rio2 Ltd (recent takeover of Atacama Pacific Gold) has a large gold project (Fenix) in Chile. It is a 5 million oz, low grade (.4 gpt) oxide surface mine (75% recovery rate). They released a PFS in 2014 to mine 250,000 oz per year. However, the capex was... more
04/14/2023
Analysis
Updated: Arizona Metals Corp
Arizona Metals Corp is drilling two projects in Arizona. I'm not sure if they are an exploration or development company. Investors are valuing them like a developer. Giving them a whopping $650 million FD market cap in 2022, which has now dropped to $405... more
04/14/2023
Analysis
Updated: North Peak Resources Ltd
North Peak Resources is a new exploration project company. In 2021, they obtained an option on the Blackhorse property, a 2,700-acre property in Nevada, with demanding conditions requiring a $10 million payment after 1.5 years and another $10 million one... more
04/12/2023
Analysis
Updated: Western Alaska Minerals Corp
Western Alaska Minerals is a new project generator focused in Alaska. They have a significant silver discovery (Waterpump Creek). They are comparing it to a 150M oz discovery and think it is a big mine. They have a nice discovery hole (9 meters at 1800... more
04/12/2023
Analysis
Updated: Melkior Resources Inc
Melkior Resources is a project generator focused in Canada. They have three early exploration gold projects. Carscallen (10,000 acres) in West Timmins, Ontario is next to a Lakeshore Gold mine and is their focus. After hitting 8 meters at 23 gpt they... more
04/12/2023
Analysis
Updated: Bear Creek Mining Corp
Bear Creek Mining is advancing a large silver project in Peru. Corani (300 million oz at 50 gpt, plus zinc and lead offsets) is one of the largest undeveloped silver projects in the world. Corani is on schedule for production in 2025, if they can finance... more
04/11/2023
Analysis
Updated: Torex Gold Resources Inc
Torex Gold Resources is a large low-cost gold producer in Mexico. El Limon began production in 2015. They produce around 450,000 oz at $750 cash costs. The mine life is ending around 2025. The good news is they are building a new mine (Media Luna) next... more
04/11/2023
Analysis
Updated: B2Gold Corp
B2Gold Corp. is a major with producing mines in the Philippines, Namibia, Finland, Colombia, and Mali. Production is scheduled for around 1,000,000 oz in 2023. They have moderate cash costs at $750 per oz, and about $1350 all-in costs (free cash flow).... more
04/10/2023
Analysis
Updated: Luca Mining
Luca Mining (formerly Altaley Mining and Telson Mining) is a small zinc/gold/silver producer in Mexico. They acquired Campo Morado in 2017, which has a 1 million oz gold deposit (including silver). Production was at 35,000 oz (1.3 gpt) a year, but they... more
04/10/2023
Analysis
Updated: Granada Gold
Granada Gold (previously Gold Bullion Development) has a large gold project (Granada) in Quebec, Canada. It is somewhat undervalued with an FD market cap of only $6 million, although they have a $5M working capital deficit. It is both a surface mine with... more
04/10/2023
Analysis
Updated: Cassiar Gold Corp
Cassiar Gold Corp. (previously Margaux Resources) has 3 projects in British Columbia. Cassiar (60,000 hectares) is a gold project with an inferred resource of 1.4 million oz (1.1 gpt). Past production (permitted 300 tpd mill) from 1979-2007. They are... more
04/09/2023
Analysis
Updated: Outcrop Silver & Gold
Outcrop Silver & Gold (previously Outcrop Gold & Miranda Gold) is a relatively new project generator. They have 2 JVs and 8 properties in Colombia, but their main focus is their newly acquired Santa Ana. In the first 9 holes, they discovered a narrow... more
04/09/2023
Analysis
Updated: Agnico Eagle Mines Ltd
Agnico Eagle Mines is major, producing about 3.3M oz a year. It's a solid company with about 48 million oz of gold reserves and about 90 million oz of M&I gold resources. Growth will be steady, but nothing to get excited about. They are one of the better... more
04/08/2023
Analysis
Updated: Starcore Intl. Mines Ltd
Starcore International is a small gold producer in Mexico, with annual production of about 25,000 AuEq oz at their San Martin mine. They have high costs and they are losing money even at today's high gold prices, for this reason investors have been... more
04/08/2023
Analysis
Updated: Gowest Gold Ltd
Gowest Gold is advancing to production in Canada. They only have one project (Bradshaw), but it is large (30,000 acres) and has 15 targets. The Bradshaw mine is a 1.2 million oz (5 gpt) resource that looks good. It is an underground mine, where the... more
04/08/2023
Analysis
Updated: Kingfisher Metals Corp
Kingfisher Metals is a new Canadian project generator with a focus on early exploration. The company has three large properties - Thibert, Ecstall, and Goldrange - all of which have some historic exploration but no significant discovery. In April 2021,... more
04/08/2023
Analysis
Updated: Signal Gold Inc
Signal Gold (previously Anaconda Mining) is a small gold producer in Canada, with properties in Newfoundland and Nova Scotia. They are only producing about 20,000 oz per year at their Point Rousse project, with all-in costs (free cash flow) around $1300... more
04/08/2023
Analysis
Updated: Signal Gold Inc
Signal Gold (previously Anaconda Mining) was a small gold producer in Canada, with properties in Newfoundland and Nova Scotia. They were producing about 20,000 oz per year at their Point Rousse project, but stopped production in 2022 due to high costs.... more
04/07/2023
Analysis
Updated: Silver Viper Minerals Corp
Silver Viper Minerals is a project generator focused in Mexico. They have a significant discovery (La Virginia) on 15,000 acres. It has a 6-kilometer strike with 300 holes drilled. Some of their drill holes have been exciting (8 meters at 9 gpt Au, 500... more
04/07/2023
Analysis
Updated: Xanadu Mines
Xanadu Mines is a project generator focused in Mongolia. They have a world-class copper/gold project (Kharmagtai). It is already 4 billion lbs of copper and 4 million oz of gold. Plus, they have 19 targets to expand the size. This is going to be a very... more
04/07/2023
Analysis
Updated: Compass Gold Corp
Compass Gold is a project generator focused in West Africa (Mali). They have two large properties (Yanofolila North and South), with several targets on 250,000 acres (Faraba, Koura, Ouassada, Kalé, Sankarani, Kourou, Lontola, Badogo, Kapélégué, Tiél more
04/07/2023
Analysis
Updated: Goldstone Resources
Goldstone Resources has five projects in West Africa on 100,000 acres. They recently advanced their Akrokeri-Homase project to production in Ghana. It is a past-producing mine and has 600,000 oz at 1.7 gpt. They expected to produce 20,000 oz in 2022 with... more
04/07/2023
Analysis
Updated: Wallbridge Mining Company Ltd
Wallbridge Mining is advancing a large gold project (Fenelon) in Quebec. They had an FD market cap of $20 million in 2018 and then it exploded to $139 million in 2019 from high-grade drill results. Although, after their acquisition with Balmoral... more
04/07/2023
Analysis
Updated: Silver Range Resources Ltd
Silver Range Resources is a new spinout from Strategic Metals, which owns 17%. They have 40 projects in Canada (21) and Nevada (28). All of their projects are early exploration and the reason for their low valuation. Their strategy is to get a project... more
04/07/2023
Analysis
Updated: Jaguar Mining Inc
Jaguar Mining is a mid-tier producer in Brazil with 2 operating mines. A few years ago they went bankrupt from high costs and high debt. They have now restructured the debt and re-listed their shares. They cleared $260 million in debt from their balance... more
04/07/2023
Analysis
Updated: Sonoro Gold Corp
Sonoro Gold is a new company formed from Pediment Gold after they sold their flagship project to Argonaut Gold. They are trying to become a small gold producer in Mexico. Their Cerro Caliche project has a PEA to produce 45,000 oz a year for 7 years, with... more
04/06/2023
Analysis
Updated: Goldmining Inc
Goldmining Inc. (previously Brazil Resources) has a strategy of acquiring advanced-stage projects. They have done an excellent job achieving that strategy (although it has not translated into shareholder value yet). They have $70 million in cash and... more
04/06/2023
Analysis
Updated: Golden Minerals Co
Golden Minerals was doing great in 2011 with a share price high of $28. They had 50 properties on 800,000 acres, including two flagship projects. Velardena in Mexico and El Quevar in Argentina (now a JV with Barrick Gold).
They were producing about 10, more
04/05/2023
Analysis
Updated: Kin Mining
Kin Mining is developing a gold project (Cardinia) in Western Australia. It is a 1.3 million oz (1.4 gpt) resource (four deposits) with a pre-feasibility study. Construction was started once before and then they halted work because they were over budget... more
04/05/2023
Analysis
Updated: Gold Basin Resources Corp
Gold Basin Resources is a project generator focused in Arizona. They are drilling a gold discovery (Gold Basin) on 7,500 acres. It has several drill targets. It does not have a maiden resource yet, but initial drill results point to a potential mine.... more
04/05/2023
Analysis
Updated: Zacatecas Silver Corp
Zacatecas Silver is a new project generator focused in Mexico. They have 4 projects on 20,000 acres in the Sierra Madre, which is an ideal location to find silver mines. All of their projects are located near each other. The Zacatecas Property has a... more
04/05/2023
Analysis
Updated: Sky Metals Ltd
Sky Metals is a project explorer focused in Australia. They are drilling three gold discoveries (Cullarin & Caledonian both 100%) and one JV at Kangiara that they own 80%. They are also drilling seven base metal projects. Four tin and three copper-gold.... more
04/05/2023
Analysis
Updated: Orosur Mining Inc
Orosur Mining is a project generator focused in South America. They have a 25% JV with Newmont on their Anza property in Colombia. They have a free-carry deal until Newmont is ready to finance the capex. Newmont is currently drilling, but it is still... more
04/05/2023
Analysis
Updated: Kingston Resources Ltd
Kingston Resources is developing a large open pit gold project in Papua New Guinea. The Misima property (45,000 acres) has a past producing open pit, where 4 million oz was mined (production stopped in 2004). There is still 3.8 million oz left at 1.1 gpt. more
04/04/2023
Analysis
Updated: Denarius Metals
Denarius Metals (formerly Denarius Silver) is new conpany. They have a strong connection with Aris Mining, which owns 25% of their shares. They have the same Chairman and Aris Mining. They recently acquired a project in Spain (Lomero-Poyatos). They are... more
04/04/2023
Analysis
Updated: Andean Precious Metals Corp
Andean Precious Metals Corp is a silver producer in Bolivia. They acquired the San Bartolome mine from a private company. They produced 6 million oz (120 gpt) in 2022 with all-in (breakeven) costs around $22 per oz. About 40% of their production comes... more
04/04/2023
Analysis
Updated: Andean Precious Metals Corp
Andean Precious Metals Corp is a silver producer in Bolivia. They acquired the San Bartolome mine from a private company. They produced 6 million oz (120 gpt) in 2022 with all-in (breakeven) costs around $22 per oz. About 40% of their production comes... more
04/03/2023
Analysis
Updated: Cerrado Gold Inc
Cerrado Gold is a gold producer in South America. Their Don Nicholas mine in Argentina produces 60,000 oz a year at around 4 gpt and they think they can increase it to around 90,000 oz annually (70,000 oz in 2023, and 90,000 oz in 2024). It is a large... more
04/03/2023
Analysis
Updated: Rise Gold Corp
Rise Resources is a project generator with a high-grade gold project in California. Their Idaho-Maryland project has a historical resource of 1.3 million oz (10 gpt). It was last mined in 1956 and produced 2.4 million oz at 17 gpt. They claim that it... more
04/02/2023
Analysis
Added: Ascendant Resources
Ascendant Resources is building a VMS mine (6 metals) in Portugal. Their Lagoa Salgada project is impressive, but investors are not yet interested. Their FD market cap is only $25M, yet the NPV of the project is $250M. Are investors concerned with the... more
04/02/2023
Analysis
Added: Ascendant Resources
Ascendant Resources is building a VMS mine (6 metals) in Portugal. Their Lagoa Salgada project is impressive, but investors are not yet interested. Their FD market cap is only $25M, yet the NPV of the project is $250M. Are investors concerned with the... more
04/02/2023
Analysis
Added: Mineros S.A.
Mineros S.A. is a mid-tier gold producer in Central and South America. Investors don't like it, only valuing it at less then 3x FCF, plus are currently paying a 12% dividend yield. Plus, they are producing 250,000 oz a year and have growth potential. It's more
04/02/2023
Analysis
Added: Dynasty Gold Corp
Dynasty Gold is a project generator focused in Canada. They have a gold discovery (Thundercloud) in Ontario on 5,000 acres. In 2023, they had a drill hole of 28 meters at 13 gpt. That is a 364 g/m hole. The mineralization began at 111 meters, so this... more
04/01/2023
Analysis
Updated: Sierra Madre Gold and Silver Ltd
Sierra Madre Gold and Silver is focused in Mexico. They are a new company that had an IPO in 2021. They have three properties. The main focus appears to be the La Guitarra Mine they acquired from First Majestic in May 2022. First Majestic now owns 19.9%... more
04/01/2023
General
March 2023 Newsletter Posted
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