Latest entries

Note: This was not written by a financial professional, and is not intended as financial advice

On this page you can find a summary of each last added company to the portfolio.

Independence Gold (Dec 7 2022) $IGO.v GOLD

At 8Mcap, Independence Gold is insanely undervalued. I see many peers trading at a multiple, so decided to pick up this (tax loss?) candidate.
First, management is the real deal, with veteran Randy Turner at the helm. With 100M shares outstanding, structure is great and noteworthy is the amount of smart money involved: Newmont (16.2%!!) and New Gold (5%) own big stakes, followed by other smart money as Dan Oliver, while management holds 7%
Independence currently has a resource at the 3TS project of approx 700k AuEq ounces (spending so far 5M on the project) at a whopping grade of 4.72g/t. Solely this backs the value multiple times, knowing they have been adding ounces at almost no cost. Next program should launch them over the sweet spot of 1Moz of AuEq.
16km from Artemis mine and on trend with higher grades, they are a natural buyout target (feeding their mill with much higher grades and boosting economics) as Artemis is in the construction phase. i don’t see what one could ask more from a Gold junior: adding ounces cheaply, extremely undervalued, topnotch management, great ownership and multiple hungrey neighbours watching.
Igo has 2 assets, and besides the discovery at 3TS they also hold Boulevard, next to the Coffee project (taken out for 520M): significant drill intercepts include 26.27 g/t gold over 3.10m, so follow up is warranted here as well.
I see independence as a longterm hold, untill they drill the possible porphery below 3TS in a future drill program: if they hit there all bets are off how far this can run. For a risk reward perspective, this seems like a sweet spot entry. With a closed financing of only 1.3M, they are able to drill 5000 meters, so expect lots of news flow going forward. I am not going to put a target, but if this wouldn’t be at least a 10 bagger from here, i wouldn’t be interested.

Aftermath Silver (Nov 9 2022) $AAG.v SILVER

With Silver bottoming out, imo Aftermath presents a wonderfull opportunity of a beaten down Silver junior which has seen very impressive newsflow over a full year without getting rewarded by the market. In contrary, the stock has suffered from (tax loss?) selling to incredible levels and has become too cheap to ignore imo. Aftermath was together with Abrasilver one of the 2 rockstars in the 2020 Silver junior uplegg, and imo the old highs will act as a magnet once the Silver bull gets going. Ironically, over the last 18 months this company has witnessed a total makeover by acquiring Berenguela in Peru, from SSR Mining. They sold Cachinal and have now one flagship property, Berenguela in Peru which is a Silver-Copper-Manganese (battery metal) resource and Calacolla in Chile which is a Silver Gold deposit.
Berenguela is a large project, 1.3km along strike by 200-400m width, tons of targets to explore. Mineralization is at surface, with the potential for open pit mining. Rail, power, road access & water all within 5-6km of project. The historic mineral resource (36.000m of drilling) has 99Moz of Ag and 625klB Copper. Over the last 18m Aftermath completed 6170m of drilling, with impressive intercepts:

22.30M @ 247 G/T AG + 0.56% CU 25.3M @ 452 G/T AG + 1.63% CU 35.9M @ 508 G/T AG + 1.11% CU 8.65M @ 1,010 G/T AG AND 1.48% CU 65.3 M @ 408 G/T AG, 0.91% CU 18.95M @ 1,162 G/T SILVER, 1.1% CU 56.70M @ 254G/T AG + 1.21% CU 8M @ 804 G/T AG
Lots of these intecepts where twin holes to validate the historical resource, but grades overall have been higher.
An expected updated mineral resource update is next, which will also include the Manganese to boost the PEA later on.
metallurgical test work and a PEA are next, combined with more drilling in 2023.
Aftermath is also Challacollo which has another 46Moz of Ag both indicated (35) and inferred (11), with a target to deliver a PEA by 2023 here as well!
So lots is moving at Aftermath after a full year of stand still during covid. Peru sentiment has turned the corner pro mining, which provides imo another opportunity here.

What i like is the optionality here. If Silver takes off tomorrow, this is not early stage. The company has 2 serious assets with lots of metal.
The former highs 1000% (!) higher will be the obvious target in play.

Tectonic Metals (Nov 1 2022) $TECT.v GOLD

Top tier management team led by CEO Tony Reda. This is THE team behind former Kaminak, which succesfully discovered and sold the coffee gold project to Goldcorp for 520Million. The Capital structure has management fully aligned owning 14%, interesting is the Doyon own as well 14%, this is Alaska’s native landowners. On a % base, this is Crescat Capital (behind a few big discoveries as Snowline, Goliath, Eloro, …) biggest position, they own 25% partially diluted. Only 36% is retail.
Three strong assets in portfolio underpinning the rock bottom value here. Many bought shares way higher between 15-33c, we are now at 9c, so this entry seems well timed lowering the risk. The 1st asset is Flat, a large-scale, intrusion-hosted gold system located in the same mineral belt as Donlin which holds 36Moz Au (Barrick & NOVAGOLD), with a 4km gold-in-soil anomaly. Untested mineralized trenches indicating district-scale, open-pit potential (similarities to Valley discovery at Snowline). This Flat project is the reason for me to join, currently the company is doing metallurgical testwork on Flat.
Historical reports state Chicken Mountain is the likely source for most of the placer gold, and all 55 historical drill holes at Flat’s Chicken Mountain intersected gold mineralization (no misses and open). Drilled mineralization begins at surface, open along strike and at depth and the average drill depth 100m, this was NEVER drilled much deeper.
Tibbs is the seccond asset, Pogo-analogue and situated 35km east of the worldclass Pogo Mine.
Seventymile Gold Project is the 3rd asset, showing grades up t104 g/t Au in drilling.
This is a high risk speculative gold exploration story, trading near the lower end of his historical range.
i like assymetrical stocks where the potential reward is easily a 10 to 30x if they can deliver.

Silver X (October 6 2022) $AGX.v SILVER
Enterpreneurial management owning a big part of the company.
My best guess is a new long +100% Silver bull move is underway, so that’s the sweet spot to add an extra producer to the portfolio.
Silver X is a relative new company with a good share structure and almost no warrant overhang to limit the upside.
The asset is from Buenaventura, and at 30Mcap this company is a steal and well on track to grow to a midtier Silver producer.
they are currently ramping up, mining serious grades 570g/t (!) and on track to produce 2Moz AgEq+ oz on a yearly base.
Q4 there aim is the present a new PEA with a expansion scenario growing towards a 2500tpd operation producing 4-5Moz AgEq.
Reserves are very high, more as 200million Oz of AgEq, but most is in the inferred category and will require further drilling to upgrade to indicated.there is a good webinar https://www.youtube.com/watch?v=8kEA7GTTIhw&t=555s
caution as they didn’t published official AISC yet (expected from 2023), there aim is produce at $14 which would be a lot better as SCZ and GSVR.
if they are producing at $14 and production continues to go well, at $30 Silver this becomes a cash cow and with the huge reserves a big winner.
in that scenario they are printing cash and at 5.5x free cash flow this presents 35$M free cash flow and a normal valuation would be 250CadM Mcap or a 9-10 bagger from these levels.
If we also including the growth scenario, the outlook doubles. Untill now management has delivered, so let’s see.

Outcrop Silver (Sep 20 2022) $OCG.v SILVER
Top tier management team led by CEO Joe Hebert, vice president of exploration from the Lundin group and chairman Ian Slater.
Columbia ranks very high (approx 70) on the Fraser mining index ahead of most SA countries. Underground mining in Columbia gets permitted.
Timing is important here as we can expect lot’s of newsflow with a maiden resource coming out EOY.
Grade is extremely high, into the top tier worldwide Silver projects, with only Silvercrest exceeding.
Guidance for the 1st mineral resource is 45 to 55 M at a whopping average grade 550 to 750 g Eq Ag/t
FYI, Blackrock Silver put out a smaller resource at lower grades and trades 4x higher.
Outcrop has 3 rigs permantly turning. What is exciting is their last 2 news reports where the best untill now: 8.97 metres @ 1,651 grams EqAg/t and 6.93 metres @ 2,184 grams EqAg/t, these are AYA style intercepts (which gave us a 5.5x in 2021 during depressed sentiment)
16km of veins of which now 10% are explored
latest presentation https://outcropsilverandgold.com/site/assets/files/5839/ocg_presentation_sept_13_2022.pdf
valuation proposition: Vizsla trades at 235M, Aya at 773M, Outcrop at 27M
if they can move towards the 100Moz of Silver mark, this becomes a mine and a 400M valuation (at $20 Silver) is a realistic assumption.
taking into account a 20% dilution to reach this goal, upside is 1135% with Silver NOT moving.
i owned this stock before in 2020, a small position.
give the upcoming maiden resource and the rare assymetrical opportunity, i decided to take a sizeable position.
as always, i am biased so DYODD.
owning approx 2.8% of all outstanding shares.

Galantas Gold (added 2nd tranche Aug 9 2022) $GAL.v GOLD
Strong management team, led by Mario Stifano.
Galantas has a tight share structure 100M, but only 37M public float the others are in strong hands: Melquart Limited –29.5% Eric Sprott–10.73% Roland Phelps (previous CEO) - 6.3% Mike Gentile 6.8% Ross Beaty 4.55%
It’s a top 3 gold junior holding for me. Negative it’s illuiqid and share price can jump up and down on small volume, so it’s important to have a LT approach.
Production is expected to commence Q3 2022 with 9,000 ounces of gold in concentrate produced at an average head grade of 5.50 grams/tonne.
However Galantas Gold is not a production story, it's a superexciting exploration story subsidized by production. Expect zero dilution from here with very elastic upside potential. 700 sqkm of dalradian style rocks next to 10Moz+ Dalradian, acquired for $500M
Galantas trades at ~50 Mcap and has a fully permitted operation in Ireland, on trend with Dalradian and NewFound. valuation is covered by a 401 compliant resource. since the turnaround in 2021 they did a 4.000m program, with some impressive intercepts
some last hits include: •21.6m at 9.9 gpt Au •7m @ 31.7 gpt Au •8.7m @ 25.3 gpt Au •2.9m @ 26.7 gpt Au •2.2m @ 73.6 gpt Au with Galantas going intro production, expect big exploration commencing soon with plenty of newsflow
i like Galantas as the small productio provides a valuation floor while the exploration upside is virtually unlimited. the speculators dream, and all big names tend to agree with me.


Brunswick Exploration (June 24 2022) $BRW.v LITHIUM
Going forward, this will be my core Lithium position. this co is very much under the radar, taking a 1st mover entry in what i believe could become a multibillion co.
the team: Bob Wares is chairman - mining rock star - 40 year track record - discovered one of Canada’s largest gold deposits in Quebec – owns 41.8 million shares because Brunswick is his next big "mission". That was enough for me, but the modus operandi is impressive. The Company has secured the largest grassroots lithium land package in Canada. If you like Patriot Metals, you will love Brunswick, as BRW identified the the attractiveness of Patriot but was just starting up and late staking it. Using the same process, they staked now 125 pegmatites at least 1km long each, with the largest being 18km long. For comparison, most lithium co’s have a 1 to 5. all in a nr1 jursidiction, Canada.
Next aggressively and systematically conducting grassroots exploration, testing it all over the next 2 years. This can be done with a XRF gun. What are the odds they have one discovery? Or more? That’s the numbers game. Multiple discoveries and we are talking moon valuation.
As always, DYODD. it's not daily you get the chance to be aligned with some of the best men in industry at this valuation. this could take 1-2 years to take shape, but i am patient.
Recently they have been acquiring some drill ready assets and they intend to drill end of the year, 2023. Expect lots of newsflow going forward.

Hercules Silver (May 19 2022) $BIG.v SILVER
Formerly Bald Eagle Gold corp, but renamed to Hercules.
asset was in private hands for a very LT, early 80's it was in feasibility stage but then Silver crashed.
Idaho USA 8Mcap
historical holes include: 9m 1.166 Ag/t
30m 335 Ag/t - 9m 828 Ag/t - 27m 394 Ag/t - 11m 904g/t - 47m 377 Ag/t - 45m 380g/t - 15m 770 g/t whopping results!
just like BlackJack Silver, this is a deserted Silver camp with lots of historical drill data, 300+ holes, which are currently validated. with 2000m confirmation drilling they express to release a compliant first inferred resource
this seems like a low risk entry in the best jurisdiction in the world, Idaho, with a first mover (lower risk) advantage.
the chart is boring, so perfect as this is all about to begin here, we didn’t miss anything.
this is a nanocap but as a speculator i love the risk reward here, backed by historical huge intercepts.

Pacific Ridge (Apr 11 2022) $PEX.v COPPER & GOLD

Exciting Copper Gold junior with a tight share structure and low valuation, holding nice discovery holes from their tiny 2021 program.
tthis summer they are following up on discovery of
437.0 m of 0.61% CuEq (0.96 Au Eq)
291.70 m of 0.75% CuEq (1.18 g/t AuEq)
566.7 m of 0.48% CuEq
Solid management, very communicative and straightforward.
Five Copper-Gold Porphyry Projects to Be Advanced This Summer 2022.
Kliyul 6.000m RDP 1.500m funded by Antofagasta Chuchi and Onjo ZTEM airborne geophysical surve + sampling Redton sampling.
Crescat owns 20% and following their model they believe this has one of the highest upsides in the whole junior space.
https://www.youtube.com/watch?t=4274&v=LV-JVrVYcnI&feature=youtu.be
If they can prove scale this summer, this can fly hard.

Kootenay Silver (Mar 1 2022) $KTN.v SILVER

it's a major rookie mistake to buy into depressed assets. But not when they have been drilling high grade recently. Added Kootenay as they provide great optionality when Silver goes above 30 with the huge lower grade 401 resource (140M ounces AgEq) combined with high grade Columba.
On a valuation per Ag oz base, this must be one of the top 3 cheapest Silver stocks out there.
It’s a typical optionality play which tends to outperform once the bull returns. At 14c, i like the risk reward a lot.
September, they announced great drill results from the high grade Columba program
34.45 meters of 540 gpt silver with 0.26 gpt gold
9.7 meters of 1,746 gpt silver, 0.88 gpt gold
2.45 meters of 5,840 gpt silver, 3.0 gpt gold
If they can prove 50Moz of high grade at Columba, combined with their other assets Kootenay will outperform a lot of the bigger names going forward.

Angold (added a 2nd tranche Mar 2022) $AAU.v GOLD

Respective management with some great assets, from which Iron Butte is the most exciting.
they hold 1M Au oz of historical resource in both Nevada & Chile which backs the current extreme low valuation.
Investors seem to ignore as it got slaughtered since they IPO’d.
drilling Nevada this season in 2022, 10.000m at Iron Butte. Adding ounces to the Resource of 606,186 oz at 0.62 g/t Au
Peers get valuated a multiple higher.
Some news from the program while we wait for assays: “mineralization is completely oxidized from surface up to 175 metres depth and continues as sulphides to depths beyond 250 metres. Of surprise and note is the apparent Carlin-style alteration starting at 428 metres”
They surprised October 17 announcing a 3rd asset for their portfolio, in Oregon US.
Angold adding an asset $AAU.v including historical intercepts 21-2: 88.4 m @ 0.89 g/t Au 21-10: 71.6 m @ 1.09 g/t Au 21-14: 96 m @ 0.82 g/t Au 21-26: 71.6 m @ 1.23 g/t Au 21-28: 112.8 m @ 0.95 g/t Au 21-32: 4.57 m @ 35.61 g/t Au (visible gold)
Much will depend on their 10k program as it will be key to avoid further share dilution.
Higher risk, high reward Gold junior.