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News from December 2023

12/30/2023
Analysis  
Updated: Almaden Minerals Ltd
Almaden Minerals is trying to develop their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties to their stockholders in a new company (Almadex Minerals). Ixtaca has a PFS (pre-feasibility study) to produce 90,000 oz (.6...  more
12/30/2023
Analysis  
Updated: FireFly Metals Ltd
Firefly Metals (previously Auteco Minerals) is an Australian mining company that obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 2.5 million oz deposit at 7 gpt (their share). They continue to...  more
12/30/2023
Analysis  
Updated: Fokus Mining Corp
Fokus Mining (previously Fieldex Exploration) is a project generator focused in Canada. They have one property (Galloway) in Ontario. Galloway (6,000 acres) has three discovery areas they are drilling. The main discovery is Hendrik, which has 1.3M oz at...  more
12/30/2023
Analysis  
Updated: Antilles Gold Ltd
Antilles Gold (Previously PanTerra Gold) was a small producer in the Dominican Republic but now is operating in Cuba. The reason for this is their Las Lagunas tailings project, which is under dispute with the government in regards to the amount of...  more
12/30/2023
Analysis  
Updated: Impact Silver Corp
Impact Silver Corp is a small producer (5 underground mines at 160 gpt). They are one of the few pure silver producers (90% of revenue from silver). They are currently only producing about 1M oz, but that should increase as silver prices rise because...  more
12/29/2023
Analysis  
Updated: Newlox Gold Ventures Corp
Newlox Gold is a new company focused in Costa Rica. They have a unique business model that processes tailings from historical mine sites in Costa Rica. They have a contract with local miners at about 30 mine sites. Commencing tailings processing in 2023,...  more
12/29/2023
Analysis  
Updated: Labyrinth Resources Ltd
Labyrinth Resources is a new company formed in 2021. They have two early exploration projects in Quebec (Labyrinth and Denain) and one JV in Australia (Comet Vale, in which they own 51%). Labyrinth has a historic deposit of 500,000 oz (7 gpt). If it can...  more
12/29/2023
Analysis  
Updated: Asara Resources Ltd
Asara Resources (formerly Golden Rim Resources) is a project generator focused in West Africa. They have two significant gold discoveries that appear to be potential large mines. Kouri (Burkina Faso) has a 10-mile strike length to explore. The initial...  more
12/28/2023
Analysis  
Updated: Doubleview Gold Corp
Doubleview Capital has a copper/gold/silver/cobalt 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. The deposit is currently around 750 meters x 620...  more
12/28/2023
Analysis  
Updated: Dateline Resources Ltd
Dateline Resources is an Australian project generator focused in California and Colorado. They are drilling a gold project (Colosseum) in California with 800,000 oz (1.2 gpt). It is also a rare earth discovery. It seems to have potential, but California...  more
12/28/2023
Analysis  
Updated: Fortune Bay Corp
Fortune Bay Corp is advancing an open pit in Canada. Their Goldfields project (25,000 acres) in Saskatchewan has 1.2 million oz (1.4 gpt). They plan to mine 80,000 oz annually for 10 years. It is marginally economic at $1400 gold with a 20% after-tax IRR,  more
12/25/2023
Analysis  
Updated: Aurelia Metals Ltd
Aurelia Metals is mostly a base metals producer in Australia. They are producing about 60,000 oz with all-in costs (break-even) around $1700 per oz. They have low reserves of around 250,000 oz. Only about 20% of their revenue is from gold. Their...  more
12/24/2023
Analysis  
Updated: Rex Minerals Ltd
Rex Minerals is trying to build a large copper/gold mine (Hillside) in Australia with a capex of $410 million (construction is planned for 2024, if they can get financing). They also recently acquired a large gold project (Hog Ranch) in Nevada that has a...  more
12/24/2023
Analysis  
Updated: FireFly Metals Ltd
Firefly Metals (previously Auteco Minerals) is an Australian mining company that obtained 80% of the Pickle Crow project in Ontario from First Mining Gold. It is a permitted project with 2.5 million oz deposit at 7 gpt (their share). They continue to...  more
12/23/2023
Analysis  
Updated: Alto Metals Ltd
Alto Metals is a project generator drilling a large discovery in Western Australia. Their Sandstone project (225,000 acres) has 226k oz @ 1.6 g/t (indicated) & 600k @ 1.4 g/t (inferred), and it keep growing in size. It comprises multiple surface pits (Lor  more
12/22/2023
Analysis  
Updated: Peregrine Gold Ltd
Peregrine Gold is a project generator focused in Western Australia (Pilbara). They have about 5 properties on 900,000 acres. All are early exploration. Their main focus is Newman (450,000 acres) and Mallina (400,000 acres). They have a discovery at...  more
12/21/2023
Analysis  
Updated: ESGold Corp
ESGold Corp (previously Secova Metals) is a small gold exploration company in Canada. They are trying to advance their Montauban to production. It was a past producing mine that has a mill that they plan to have fully operational and permitted by the end...  more
12/21/2023
Analysis  
Updated: Benz Mining Corp
Benz Mining is a project generator focused in Canada. Their Eastmain project (75,000 acres) in Quebec has 1M oz at 6 gpt and is growing in size. I do not believe it has a historical PEA and is still early exploration. It is growing is size. I'm...  more
12/20/2023
Analysis  
Updated: Regency Silver Corp
Regency Silver was formed in 2022. They have two early exploration projects in Mexico. Dios Padre (they do not list the property size) has had 74 drill holes and is a 11M oz deposit (255 gpt AGEQ). It potentially could double or triple in size and they...  more
12/20/2023
Analysis  
Updated: Adamera Minerals Corp
Adamera Minerals is a project generator focused in Washington State. Their Cooke Mountain (3,000 acres) project has 5 past producing mines in an area that produced 8 million oz's. It is a 200,000 oz deposit and could easily turn into a mine, although...  more
12/20/2023
Analysis  
Updated: Sanu Gold Corp
Sanu Gold is a new project generator (IPO in 2022) focused in West Africa. They have three early exploration projects in Guinea. Daina (25,000 acres) is a discovery (21 meters at 4.7 gpt near surface) that they are drilling. They are also drilling...  more
12/20/2023
Analysis  
Updated: Goldstorm Metals Corp
Goldstorm Metals is a project generator focused in Canada. It was formed in 2022 and has one property (Crown) on 40,000 acres. It is in the Golden Triangle in British Columbia. They'd rilled 23 holes in 2023. There was drilling on the property in the...  more
12/20/2023
Analysis  
Updated: Metals Australia Ltd
Metals Australia is a project generator focused in Australia and Canada. They have several projects and I'm not sure of their focus. They are presenting themselves as a battery metals company now, but still own gold projects. They have a Lithium/base...  more
12/19/2023
Analysis  
Updated: GBM Resources Ltd
GBM Resources is a project generator focused in Australia. Their Drummond project (Twin Hills & Yandan) has 1.5M oz at 1.5 gpt. Plus, they think it will grow to 2M to 3M oz. Yet, their valuation is only $4M. Seems ridiculously undervalued. They only have...  more
12/19/2023
Analysis  
Updated: Exploits Discovery Corp
Exploits Discovery is a new project generator focused in Canada. They have 7+ properties in Newfoundland on 500,000 acres (surrounding New Found Gold's discovery). They have a lot of land, but no significant discoveries yet. They plan on drilling...  more
12/19/2023
Analysis  
Updated: ARGO GOLD INC
Argo Gold is a project generator focused in Ontario, Canada. They have 4 early exploration properties (30,000 acres) in some very good locations and their main focus is the Uchi project. They recently completed another phase of drilling and keep finding...  more
12/18/2023
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. It is fully permitted, giving some added value. They began drilling in 2015 and have had several...  more
12/17/2023
Analysis  
Updated: Kingsmen Resources Ltd
Kingsmen Resources (formerly Tumi Resources) is an exploration company focused in Mexico. They have one early exploration silver project (Las Coloradas) on 2000 acres. They owe $2M over 7 years for 100% ownership. It appears to have had no drilling....  more
12/17/2023
Analysis  
Updated: Transatlantic Mining
Transatlantic Mining (formerly Archean Star Resources) has 3 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
12/16/2023
Analysis  
Added: Highlander Silver Corp
Highland Silver is a new exploration company formed in 2023. They are drilling a discovery in Peru. The target is 25 to 60M oz at 60 gpt AG and .3 gpt AU. Only 8500 meters have been drilled. The downside is the property is small with not a lot of drill...  more
12/16/2023
Analysis  
Updated: Garibaldi Resources Corp
Garibaldi Resources is a project generator. In 2017, they discovered a large boulder field at their E&L Nickel Mountain property in the Golden Triangle (British Columbia), with strong sulphide mineralization that extended approximately 1.3 km downslope...  more
12/16/2023
Analysis  
Updated: Canasil Resources Inc
Canasil Resources is a project generator in Canada and Mexico. They have 6 properties to explore in Mexico and 4 in Canada, with 5 drill-ready gold/silver projects. They are drilling a potential gold discovery (La Esperanza) in Mexico. They are also...  more
12/15/2023
Analysis  
Updated: Headwater Gold Inc
Headwater Gold is a project explorer focused in Nevada, Oregon, and Idaho. They have 12 gold projects, with most of them on small properties. All are early exploration with very little drilling. They recently entered into a JV agreement with Newcrest...  more
12/15/2023
Analysis  
Updated: Timberline Resources Corp
Timberline Resources is a project generator focused in Nevada. They have three early exploration projects. Eureka-Lookout Moutain (15,000 acres), Battle Mountain-Paiute (1300 acres), and Seven Troughs(4,000). They have had several good drill holes at...  more
12/15/2023
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 2023, with all-in costs around $1650 per oz (gold equivalent including silver). They have a low FCF multiple because of their low resources and...  more
12/15/2023
Analysis  
Updated: Kingsgate Consolidated Ltd
Kingsgate Consolidated has a 4 million oz gold mine (Chatree) in Thailand. It was shut down due to environmental issues in 2016. They restarted production in 2023. Production in 2023 was only around 30,000 oz, with full production in 2024 at around 100,00  more
12/14/2023
Analysis  
Updated: Spartan Resources Ltd
Spartan Resources (previously Gascoyne Resources) was a small gold producer in Australia. Their Dalgaranga deposit is 1.7M oz (2.5 gpt). Production was on target to reach 75,000 oz in 2022, but they had to halt production due to high costs (mostly from...  more
12/12/2023
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 began in 2021. San Albino is already a 400,000 oz deposit. It has excellent step-out drilling potential and is a...  more
12/12/2023
Analysis  
Updated: Barrick Gold Corp
Barrick Gold is a monster company with 142 million ounces of gold and projections to increase production steadily from 4 million ounces to 4.5 million (excluding copper, which is currently at 500 million lbs production and projected to reach 1 billion...  more
12/11/2023
Analysis  
Updated: Xtract Resources Plc
Xtract Resources is a project generator based in London. They own 23% of a gold project in Mozambique (Manica). It is both an open pit and an underground mine. It is a 1 million oz deposit. The Fair Bride target of this project, which is already in...  more
12/11/2023
Analysis  
Updated: Independence Gold Corp
Independence Gold is a project generator focused in Canada. Their share price spiked in 2020 due to high-grade drill results on their 3Ts project (12,000 acres) in British Columbia. The deposit is 520,000 oz AU (3.6 gpt), plus 14 million oz of silver (90...  more
12/11/2023
Analysis  
Updated: CMC Metals Ltd
CMC Metals is a project generator focused in Canada. They have at least 7 properties, although all are early exploration. They have been getting some buzz because of their Silverknife property, which is about 4 miles away from Coeur Mining's Silvertip...  more
12/10/2023
Analysis  
Updated: Goldgroup Mining Inc
Goldgroup Mining was a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low-grade open pit project. They began mining in...  more
12/10/2023
Analysis  
Updated: Equity Metals Corp
Equity Metals is a project generator focused in Canada. They have a silver and gold project (plus base metal offsets) in British Columbia (Silver Queen). It has 30 million (180 gpt) silver and 85 million oz of AGEQ (450 gpt). The offsets include copper,...  more
12/10/2023
Analysis  
Updated: Riverside Resources Inc
Riverside Resources is a project generator with a focus on gold exploration. They are mainly active in Canada & Mexico. They have been spinning off non-core assets while recently acquiring additional gold assets and a REE project called Ravel, which is...  more
12/09/2023
Analysis  
Updated: Osisko Gold Royalties Ltd
Osisko Gold Royalties is focused mostly on gold royalties. They have over 180 royalties & streams. 2022 Guidance was 90-95k gold equivalent ounces. 2023 guidance was 95-105k gold equivalent ounces. Their margins are 93% and have a market cap over C$3...  more
12/09/2023
Analysis  
Updated: Minnova Corp
Minnova Corp (formerly Auriga Gold) is a potential producer if they can get financing. They need to raise $30 million to begin production approximately 12 months later. Minnova wants to begin production on their PL property (5,000 acres) in Manitoba,...  more
12/09/2023
Analysis  
Updated: OreCap Invest Corp
OreCap Invest Corp (previously Orefinders Resources) changed its name to better reflect their strategy: lending and investing (with much less emphasis on exploration). They do have a JV with Agnico Eagle on three projects, and AEM owns 9.9% of the...  more
12/08/2023
Analysis  
Updated: Aftermath Silver
Aftermath Silver is a developer with two large silver projects. One in Chile (Challacollo) and the other in Peru (Berenguela). It’s an exciting company that is highly undervalued. The downside is that it is a long-term investment. They won’t be...  more
12/08/2023
Analysis  
Updated: Yandal Resources Ltd
Yandal Resources is a project generator focused in Western Australia. They have four projects that are all being drilled, along with 400,000 oz of resources. They don't seem to have a flagship project and are looking for one. They are drilling Gordons (12  more
12/08/2023
Analysis  
Updated: Delta Resources Ltd
Delta Resources (formerly Golden Hope Mines) is a project generator focused in Canada. They had a potential flagship project (Bellechase) on 45,000 acres. It was in an excellent location and a 43-101 for 400,000 oz at 2 to 3 gpt, but they sold it for $1.7  more
12/08/2023
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
12/08/2023
Analysis  
Updated: GFG Resources Inc
GFG Resources is a project generator. They have four gold projects. Their Rattlesnake Hills project in Wyoming appears to be a mine, although there has never been a PEA. There have been 78,000 meters drilled by previous owners (1 million oz), and it is...  more
12/08/2023
Analysis  
Updated: Evergold Corp
Evergold Corp is a new project explorer focused in Canada. They have 4 early exploration projects in British Columbia. They recently acquired the right to gain 100% interest in the DEM Property also in British Columbia. This seems to be their main focus...  more
12/07/2023
Analysis  
Updated: Altamira Gold Corp
Altamira Gold (previously Equitas Resources) was trying to become a small gold producer in Brazil. Their Cajuiro project (700,000 oz at .8 gpt) had a low $10 million capex (they have a 700 tpd mill). However, they could not find a financing deal for the...  more
12/07/2023
Analysis  
Updated: Getchell Gold Corp
Getchell Gold is a project generator focused in Nevada. Fondaway Canyon (8,000 acres) is a 2 million oz (1.3 gpt) open pit project. They planned to do a PEA in 2023 but I don't see any mention of its release on the company website. At their Foldaway...  more
12/07/2023
Analysis  
Updated: Irving Resources Inc
Irving Resources was formed in 2015 to explore Japan. They have 2 projects on 33,000 acres on Hokkaido island (Omu & Yamagano). Investors liked their chances in the past and gave them a FD market cap of $114 million. In 2022 they drilled high grade...  more
12/07/2023
Analysis  
Updated: Winshear Gold
Winshear Gold (previously Helio Resources) is a project generator, with three early exploration projects in Peru (Gaban, Yang, and Ica). They have a combines 50,000 acres to explore. They have completed over 1,000 surface samples at Gaban from 2019 to...  more
12/07/2023
Analysis  
Updated: Integra Resources
Integra Resources is advancing the DeLamar project in Idaho. It is a 5 million oz resource (including silver), although it is low grade (.7 gpt). The good news is that it is economic, with about a 33% after-tax IRR at $1700 gold. The capex is $282...  more
12/07/2023
Analysis  
Updated: Gatos Silver Inc
Gatos Silver is a mid-tier producer in Mexico. Their Cerro Los Gatos property (70% JV) has 40 million oz (their share) (200 gpt AG). Their share of production is about 5 million oz per year. All-in (break-even) cost per oz is around $15. So, it's a low-co  more
12/07/2023
Analysis  
Updated: Mundoro Capital
Mundoro Capital is a royalty generator mostly focused in Eastern Europe. They have 6 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
12/06/2023
Analysis  
Updated: Maple Gold Mines Ltd
Maple Gold Mines (previously Aurvista Gold) has a large 3 million oz (1 gpt) resource (Douay-Joutel) 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 ($9M spent). Subsequently,...  more
12/06/2023
Analysis  
Updated: Southern Silver Exploration Corp
Southern Silver Exploration is a project generator with a large silver/zinc project in Mexico. Cerro Las Minitas is 335 million oz at 330 gpt (AGEQ). That includes 115 million oz of silver at 100 gpt and 2 billion lbs of zinc. It's really a silver/zinc...  more
12/06/2023
Analysis  
Updated: Steppe Gold Ltd
Steppe Gold is an emerging mid-tier producer in Mongolia. They have an open pit mine (ATO) with 1.7 million oz of gold (1 gpt). Currently, they are producing 50,000 oz with all-in costs (break-even) around $1500 per oz. They plan to expand production to...  more
12/05/2023
Analysis  
Updated: Perseus Mining Ltd
Perseus Mining is a large mid-tier producer in West Africa. They will produce about 500,000 oz in 2023 and 600,000+ oz around 2026. The majority of that will come from their flagship Yaoure project in Cote d’Ivoire. It is a 3 million oz (1.3 gpt) open...  more
12/04/2023
Analysis  
Updated: Alamos Gold Inc
Alamos Gold is a major and a growth story. They have acquired 4 companies (including Aurico Gold and Carlisle Goldfields in 2015, plus Richmont Mines in 2017). They now have 20 million oz in resources and are giving guidance to become a 700,000 oz...  more
12/02/2023
Analysis  
Updated: Canadian Gold Corp
Canadian Gold Corp (previously Satori Resources) has a small high grade gold project (Tartan Lake) in Canada. It is a 300,000 oz resource on a past producing mine with a functioning mill. They did not provide guidance on the amount of money required to...  more
12/01/2023
General  
November 2023 Newsletter Posted
November 2023 Newsletter Posted.  more


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