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05/12/2025
Analysis
Updated: Resolute Mining Ltd
Resolute Mining is a mid-tier producer (350,000 oz of production) with two producing mines in West Africa (Mali, Senegal). They have a high AISC ($1700 per oz), with about $2200 break-even costs per oz. Management seems to be competent and has been... more
05/12/2025
Analysis
Updated: Industrias Penoles NPV
Industria Penoles owns 75% of Fresnillo, which is one of the largest silver and gold producers in the world. They claim most of that production in their financials (Fresnillo is listed as a subsidiary), so I'm a bit confused. Fresnillo has a separate... more
05/11/2025
Analysis
Updated: Evolution Mining Ltd
Evolution Mining is a large gold producer in Australia and Canada. They have 5 producing mines in Australia and 1 in Canada, and will produce about 750,000 oz in 2025. They have moderate cash costs (about $900 per oz) and are very profitable. They have $1 more
05/11/2025
Analysis
Updated: Aya Gold & Silver Inc
Aya Gold & Silver is an emerging mid-tier silver producer in Morocco. Zgounder is a large silver project (100 million oz at 250 gpt AG) producing about 5 million oz a year. Their PFS expected higher grade to produce 7 million oz/yr. Reserve grade is 250... more
05/11/2025
Analysis
Updated: Newcore Gold Ltd
Newcore Gold (previously Pinecrest Resources) is advancing a gold project (Enchi) in Ghana, West Africa. It is a large property (62,000 acres) in a prolific gold belt. The deposit is 1.6M oz at .9 gpt, but is growing in size and will probably be a 3M oz... more
05/10/2025
Analysis
Updated: Pan American Silver Corp
Pan American Silver is one of the largest silver producers, but they are currently primarily a gold producer. They get about 20% of their revenue from silver production and about 65% from gold. The rest comes from base metals (zinc, lead, and copper).... more
05/07/2025
Analysis
Updated: Avino Silver & Gold Mines Ltd
Avino Silver & Gold is a growing mid-tier silver producer in Mexico. They will produce about 2.8 million oz of silver equivalent in 2025 with break-even costs around $25 per oz (free cash flow). We will need to keep an eye on their costs.
In 2023,... more
05/06/2025
Analysis
Updated: West Red Lake Gold Mines Inc
West Red Lake Gold Mines acquired the Madsen Mine from Pure Gold’s creditors in 2023. This is a game-changer and will make them a mid-tier producer. Madsen is a 2M oz (6 gpt) deposit with a working 800 tpd mill (can be expanded to 1500 tpd with... more
05/06/2025
Analysis
Updated: Orezone Gold Corp
Orezone Gold recently became a mid-tier producer in West Africa (Burkina Faso). Their first mine (Bombore) began production in Q4 2022. It is a deposit at around 5 million oz. They own 90%. Plus, the property has excellent exploration potential (33,000... more
05/06/2025
Analysis
Updated: Revival Gold Inc
Revival Gold is developing an open pit and underground project in Idaho (Beartrack-Arnett), plus another open pit project in Utah (Mercur). Beartrack-Arnett is 4.6 million oz (1.4 gpt) and growing in size. Mercur is 1.4M oz at .6 gpt and growing in size.... more
05/02/2025
Analysis
Updated: Xanadu Mines
Xanadu Mines is a project generator focused in Mongolia. They have a world-class copper/gold project (Kharmagtai). They have a 50/50 JV with Zijin Metals, which can finance, build, and operate the mine. The JV appears to be dynamic, whereby Zijin can... more
05/01/2025
Analysis
Updated: Western Exploration Inc
Western Exploration is a new company formed in 2022. They have a solid project (Aura) in Nevada with 1.2M oz at 1.4 gpt (AUEQ including silver) and growing in size. They are drilling 3 deposit areas (Doby George, Gravel Creek, and Wood Gulch). The... more
05/01/2025
Analysis
Updated: 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 2x FCF, plus are currently paying a 10% dividend yield. Plus, they are producing 215,000 oz a year. Why is it so unloved? They... more
05/01/2025
General
April 2025 Newsletter Posted
April 2025 Newsletter Posted. more
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