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05/31/2025
Analysis
Updated: Minaurum Gold Inc
Minaurum Gold is a project generator with 6 projects in Mexico. They have an experienced team and a strong Board of Directors. They are advancing their Alamos property (90,000 acres), which has numerous drill targets (about 26 known veins). They will... more
05/31/2025
Analysis
Updated: U.S. GoldMining Inc
U.S. Goldmining was created from a spin-out of Goldmining Inc in 2023. They own the Whistler project in British Columbia. It is a 9M oz (.5 gpt AU) deposit, plus copper and silver offsets. It's large, but low grade. They do not provide guidance on their... more
05/30/2025
Analysis
Updated: Prospector Metals Corp
Prospector Metals (formerly Ethos Gold) is a project generator focused in Canada. They hold several exploration-stage gold and base metals projects but have made no discoveries to date. In 2022, their primary drilling activities were centered around the... more
05/30/2025
Analysis
Updated: Lefroy Exploration Ltd
Lefroy Exploration is a project generator focused in Australia. They have four gold projects. Lefroy East (50,000 acres) hosts multiple targets and approximately 1 million ounces (indicated + inferred), including 3 million tonnes grading 0.36 g/t Au at... more
05/30/2025
Analysis
Updated: Strategic Metals Ltd
Strategic Metals is a project generator in the Yukon with almost 20 precious metals related properties. Their stock price rose 500% in 2010, and peaked at $4.34 per share in 2011, but has since crashed back to C$0.18. Their business plan is to drill and... more
05/30/2025
Analysis
Updated: Robex Resources Inc
Robex Resources is advancing a gold project in West Africa. They expect to begin production in Q4 2205 at their Kiniero project in Guinea. It is a 3M oz deposit at 1 gpt. The ASIC is around $1000 per oz. They will produce around 150K oz a year the first... more
05/29/2025
Analysis
Updated: Beacon Minerals Ltd
Beacon Minerals is a small gold producer in Australia. They have one project (Jaurdi) on 30,000 acres. It is a small resource (600,000 oz) and an open pit (1 gpt). They are profitable, producing 25,000 oz annually with all-in costs are around $1700 per... more
05/29/2025
Analysis
Updated: Brixton Metals Corp
Brixton Metals is a project generator focused in Canada. Their Thorn project (70,000 acres) in northern British Columbia is mostly a copper project, but it also has a significant silver discovery (90 meters at 600 gpt).
Trapper is part of Thorn. Here... more
05/29/2025
Analysis
Updated: Beacon Minerals Ltd
Beacon Minerals is a small gold producer in Australia. They have one project (Jaurdi) on 30,000 acres. It is a small resource (600,000 oz) and an open pit (1 gpt). They are profitable, producing 25,000 oz annually with all-in costs are around $1600 per... more
05/29/2025
Analysis
Updated: Western Copper & Gold Corp
Western Copper & Gold has a huge copper/gold project in Canada (Yukon) called Casino. I think it is too big for them to build on their own with a capex of $2.8 billion, although they appear to be moving toward a construction decision. The feasibility was... more
05/28/2025
Analysis
Updated: Viva Gold Corp
Viva Gold is advancing an open-pit gold project (Tonopah) in Nevada. The deposit is 600,000 ounces at 0.8 gpt. They released a PEA in 2020 with a capex of $58M to produce 40K oz/yr at a $1000 AISC.
They plan to update the PEA in 2025 as well as... more
05/27/2025
Analysis
Updated: Southern Hemisphere Mining
Southern Hemisphere Mining is a project generator. They had a joint venture in Chile with Hudbay Minerals (a major copper producer) on their Llahuin copper/gold project, but Hudbay terminated the option. After the termination of the JV, they decided to... more
05/27/2025
Analysis
Updated: Pasofino Gold Ltd
Pasofino Gold (formerly Enforcer Gold) acquired the Dugbe project (in Liberia) from Hummingbird Resources. They released a feasibility study in 2022 and plan to take it to production (although the $435M capex will make it difficult to finance). This is a... more
05/27/2025
Analysis
Updated: Blackrock Silver
Blackrock Silver is a project generator focused in Nevada. They are drilling their Tonapah West (6,300 acres) project. The resource has grown to 100M oz AGEQ (including gold) at 500 gpt AGEQ. The grade is excellent. It should be worth $2 per oz when they... more
05/27/2025
Analysis
Updated: iMetal Resources
iMetal Resources is a project generator focused in Canada. They are located in the Abitibi Greenstone Gold Belt which is one of the premier gold mining regions in the world. They have three projects. Gowganda West, Ghost Mountain and Carheil.... more
05/26/2025
Analysis
Updated: Magnetic Resources NL
Magnetic Resources is advancing a gold project in Western Australia. Their Lady Julie project appears to be heading to production. The maiden resource was 600K oz at 1.4 gpt, increased to 1.6M oz in 2024, and is likely to grow in size. It is in an ideal... more
05/26/2025
Analysis
Updated: Goldquest Mining Corp
Goldquest Mining has an advanced gold project in the Dominican Republic. The Romero project is 2 million oz at 2.5 gpt with a 28% after-tax IRR at $1300 gold. The capex is $158 million (2016 estimate). Cash costs are projected to be around $400 per oz (20 more
05/26/2025
Analysis
Updated: Prime Mining Corp
Prime Mining is advancing a large gold/silver project in Mexico. They acquired the Los Reyes project from Vista Gold a few years ago. It is a high-grade oxide open-pit gold project in Mexico. It has 2.5 million oz of 1.5 gpt gold equivalent (including... more
05/26/2025
Analysis
Updated: Lundin Gold Inc
Lundin Gold has turned their Fruta Del Norte mine in Ecuador into a cash flow machine. It is an 9M oz high-grade deposit, with a low AISC of around $900. They will mine around 500,000 oz in 2025, with FCF around $1B at $3300 gold.
They paid off... more
05/25/2025
Analysis
Updated: Emperor Metals Inc
Emperor Metals is a newly formed explorer (established in 2023) focused on Canada. They acquired an option on the Duquesne project (3,500 acres) in Quebec, which hosts a historical deposit of 720,000 oz at 5 g/t Au, with extensive past drilling. It's a... more
05/25/2025
Analysis
Updated: Canterra Minerals Corp
Canterra Minerals is a project generator focused on Canada. They own four projects acquired from NorZinc. Their current focus is Buchans, which includes the Lundberg deposit with indicated resources of 156 million lbs Cu, 566 million lbs Zn, 237 million... more
05/23/2025
Analysis
Updated: Besra Gold Inc
Besra Gold is trying to advance a large gold project in Malaysia. Their Bau project is a 3M oz (1.5 gpt) open project with a lot of high-quality drill targets along a 15-kilometer strike. They think it could grow to 5M to 9M oz.
They are having... more
05/23/2025
Analysis
Added: Quimbaya Gold Inc
Quimbaya Gold is a new project generator focused on Colombia. They appear to have a good team. They have acquired 3 early exploration projects in the Antioquia region, which is known for its prolific gold mines. One of their properties has had extensive... more
05/22/2025
Analysis
Updated: Castle Minerals Ltd
Castle Minerals is a project generator. They have eight properties in Australia. Four of them are gold, the rest are all battery metals. They also have four projects in Ghana (2 gold & 2 battery). Their focus seems to the Kamble Graphite Project in Ghana. more
05/22/2025
Analysis
Updated: Nevada King Gold Corp
Nevada King Gold is a new company formed in 2020 when they acquired Victory Metals. They have 11 properties (about 100,000 acres) in Nevada that are all early exploration, although their Atlanta property is a past-producing mine with 600,000 oz (1.2 gpt), more
05/22/2025
Analysis
Updated: Hannan Metals Ltd
Hannan Metals is a project generator with two large properties in Peru. They have a 33% JV with a Japan corp that is drilling for copper/silver/gold on their San Martin (170,000 acres). Plus, they are planning to do initial drilling their Valiente (225,00 more
05/22/2025
Analysis
Updated: Group Eleven Resources Corp
Group Eleven Resources is drilling a zinc/silver discovery (Ballywire) in Ireland. They have a lot of drill targets on 150,000 acres. They already have one significant discovery on PG West, with drill holes of 10 meters at 14% zinc (plus 400 gpt silver),... more
05/22/2025
Analysis
Updated: Kootenay Silver Inc
Kootenay Silver (previously Kootenay Gold) is a project generator focused in Mexico. In 2022, they acquired an exciting property (Columba). It is a high-grade discovery that looks like a large mine. Columba has a 3-kilometer by 4-kilometer footprint of... more
05/22/2025
Analysis
Updated: Newmont Corp
Newmont Corp is a solid major, although growth will be flat at around 5.6 million oz. They have about 300 million oz of gold resources and a large pipeline (15 projects in development). Their problem is that they are so big ($59 billion fully diluted... more
05/22/2025
Analysis
Added: Hamelin Gold Ltd
Hamelin Gold is a project generator with a lot of properties in Western Australia. They have 6 properties on about 600,000 acres. The bad news is that they don't have a discovery yet. This is why their FD mkt cap is only $12M. They are cashed up with... more
05/22/2025
Analysis
Added: Miata Metals Corp
Miata Metals is a project generator focused in South America (Suriname). They have two early exploration gold projects. They must have a very good team to have a FD mkt cap of $72M without any drill holes. The surface samples have been strong at both... more
05/21/2025
Analysis
Updated: Tocvan Ventures Corp
Tocvan Ventures is a project generator in Mexico. They have two small projects, with Pilar (500 acres) being their main focus, they have undergone more than 25,000 meters of drilling but still lacks a maiden resource estimate. The drill holes are... more
05/21/2025
Analysis
Updated: Royal Road Minerals Ltd
Royal Road Minerals is a project generator focused in Columbia, Morocco & Saudi Arabia. They also signed a 50/50 JV with MSB Holdings in Saudi Arabia to perform exploration work. They sold off none core assets and have focused on drilling out their Saudi... more
05/21/2025
Analysis
Updated: Cantex Mine Development Corp
Cantex Mine Development is a project generator in Canada. They own an early-stage exploration property, North Rackla, in the Yukon. They have encountered extremely high-grade Zinc-Lead-silver deposits, but they have yet to demonstrate significant size or... more
05/19/2025
Analysis
Added: Minerals 260 Ltd
Minerals 260 is advancing a gold project (Bullabulling) in Western Australia. It is a strong open pit project. The deposit is large at 2.3M oz at 1.1 gpt AU, and is growing in size with 80,000 meters of drilling planned for 2025.
They plan to do a... more
05/18/2025
Analysis
Updated: Cannindah Resources Ltd
Cannindah Resources is drilling a gold/silver discovery in Queensland, Australia. It doesn't have a maiden resource yet, and the property isn't that big at 2,300 acres, but early drill results have been impressive. They are low on cash, so expect share... more
05/18/2025
Analysis
Updated: Aztec Minerals Corp
Aztec Minerals is a new exploration company with two projects. They have an option for 75% of a gold project in Arizona called Tombstone (1,000 acres). Their first phase results include high grade intervals such as 7 gpt gold equivalent over 15 meters.... more
05/18/2025
Analysis
Updated: Azimut Exploration Inc
Azimut Exploration is a project generator focused in Northern Quebec. They own 5 properties in the James Bay region which is an emerging lithium producer. They have a very low amount of shares out for the amount of properties they own. Overall they own... more
05/18/2025
Analysis
Updated: Tower Resources Ltd
Tower Resources is an exploration company focused on British Columbia. They have three properties totaling 70,000 acres. Drill results at Rabbit North have disappointed the market, with the stock dropping 75% from its 2023 highs. They believe the drill... more
05/17/2025
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
05/17/2025
Analysis
Added: Golden Horse Minerals Ltd
Golden Horse Minerals is a project generator in Western Australia. They have consolidated a mining project they call Southern Cross. It includes several properties on 425,000 acres. It has 11M oz of past production and likely has another mine to be found. more
05/17/2025
Analysis
Updated: Pantera Silver Corp
Pantera Silver is a project generator focused in Mexico and Bolivia. They have identified 21 veins to explore at their Nuevo Taxo project in Mexico (1,000 acres). It is in a mining district that has had silver mining since the 16th century. Their plan... more
05/16/2025
Analysis
Updated: First Andes Silver Ltd
First Andes Silver (formerly Mantaro Precious Metals) is a new company operating in Bolivia. They have divested most of their properties to focus on the Santas Gloria project in Bolivia. It’s a 12-kilometer trend of multiphase, high-grade silver veins,... more
05/16/2025
Analysis
Updated: Adyton Resources Corp
Adyton Resources is a new company formed in 2021. They have two projects in Papua New Guinea. Feni Island (Kabang) hosts a 1.5 million oz Au deposit (0.75 gpt), plus copper. The project has potential to grow, and drilling is currently underway with... more
05/16/2025
Analysis
Updated: Amex Exploration Inc
Amex Exploration is advancing a large gold project in Quebec. I thought they were an exploration company, but they claim to be developing Peron. Their share price has exploded from 4 cents in 2018 to $1.80. Today, it is back to 76 cents.
They updated... more
05/16/2025
Analysis
Added: San Lorenzo Gold Corp
San Lorenzo Gold is a project generator focused in Chile. They have four projects. Salvadora (13,000 acres) is the most promising with a discovery hole of 22M at 4.7 gpt AU, plus several other drill holes. They are drilling it.
Management is excited... more
05/16/2025
Analysis
Updated: Big Ridge Gold Corp
Big Ridge Gold (formerly Alto Ventures) is working to advance a past-producing mine in Canada. Hope Brook is a 1.44 million oz Au deposit (2.35 gpt), of which they hold 80%. It was in production until 1997, so it has existing infrastructure and should... more
05/15/2025
Analysis
Added: Koonenberry Gold Ltd
Koonenberry Gold is a project generator focused in Australia (New South Wales). They have several gold properties over 1M acres. They are drilling a significant discovery (Enmore-Sunnyside) that had a drill hole of 170M at 1.8 gpt AU in 2025. This is... more
05/15/2025
Analysis
Updated: Labrador Gold Corp
Labrador Gold is a project generator focused on Canada. They currently have two exploration projects. In April 2024, they sold their flagship Kingsway project to New Found Gold for C$20 million. Following this, they received C$12 million from selling the... 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
05/12/2025
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
05/11/2025
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
05/11/2025
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: 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
05/10/2025
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: 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
05/06/2025
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: 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
05/02/2025
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: 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
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
General
April 2025 Newsletter Posted
April 2025 Newsletter Posted. more
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