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The Critical Investor

 
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  • African Gold Group: When Mali Cools Down, This Could Be A Big Winner
       • Tue, Jul. 1 AGGFF 6 Comments

    Summary

    • African Gold Group is a West African junior gold developer, with the potentially very profitable Kobada gold project in Mali.
    • The recently announced intended take over of nearby Papillon Resources by B2Gold indicates a positive outlook on Mali developments.
    • The Kobada project is advancing very well since resources were increased considerably last year.
    • The company continues to improve the Kobada project, and the upcoming NI43-101 resource estimate update (August 2014) and Feasibility Study (November 2014) are expected to confirm excellent economics.
    • When the Mali conflict would be over, and the company reaches production, investors could be in for a serious re-rating.
  • Euromax Resources: In General, A 525% Spike Isn't Sustainable, And The PFS Really Isn't That Good
       • Fri, Jun. 27 EOXFF 13 Comments

    Summary

    • Euromax Resources released Pre-Feasibility Study results on June 5, 2014, causing the share price to soar in a few days from $0.12 to $0.75, an incredible rise of 525%.
    • In general, these kind of spikes are short lived regarding junior miners.
    • The Pre-Feasibility Study didn't really justify all the excitement in my view.
  • Undervalued Midway Gold Poised To Bounce Back: Financing Arranged And Fast-Tracking Towards Production
       • Thu, May. 29 TCEGF, MDW 47 Comments

    Summary

    • Midway had to suffer a lot from short selling since Q1, 2014, I believe this to be caused predominantly by disappointed investors and interested financing parties.
    • The company has excellent projects, and very recently signed a binding letter of agreement for debt financing for the last part of necessary Pan Project capex.
    • This capex was recently reduced by switching to contract mining, improving the case for Pan even more.
    • Barrick recently announced the 2014 Spring Valley budget of $13.3M, to take the project to a Pre Feasibility Study and upgrade resources soon.
  • A Long Term Growth Strategy In West Africa: Endeavour Mining
       • Sun, May. 25 EDVMF 10 Comments

    Summary

    • Endeavour Mining is a low cost West African gold producer, with very strong and experienced management and board of directors.
    • The share is trading below peer average multiples, but this extra "African discount" is probably caused by the Mali conflict and the reputation of Côte d'Ivoire.
    • The company has an excellent growth profile, and aims to go from 320,000 oz gold in 2013, via 420,000 oz in 2014 to 580,000-620,000 oz gold in 2016-2017.
  • Dalradian Resources: Stress-Testing A High Grade Gold Opportunity In Northern Ireland
       • Thu, May. 15 DRLDF 8 Comments

    Summary

    • Dalradian Resources has a high grade gold project in Europe, with good management and a very robust 2012 PEA.
    • The company is currently working on a 35,000t bulk sample which is needed to derisk the project considerably regarding width and continuity of veins.
    • An updated economic study is expected at the end of Q3 or in Q4 , 2014, and I expect lower but still good figures.
    • A price to NAV of $1.33 is estimated, for a profit of 53%, and a risk-adjusted price to NAV of $1.16 is estimated for a profit of 33%.
  • Permitting Versus Testing: The High-Risk/High-Reward Stories Of Curis Resources And Excelsior Mining
       • Tue, Apr. 1 EXMGF, PCCRF 6 Comments

    Summary

    • Curis Resources and Excelsior Mining are very similar companies, having in situ recovery (ISR) copper projects in Arizona, with favorable economics over traditional copper mining projects.
    • The main risk for Curis Resources is the permitting process for the Florence project, with a lot of local opposition concerning the water supply.
    • Excelsior is low on cash and its Gunnison project is less advanced: the PFS outlines recommendations for thorough in situ testing of various aspects in order to prove viability.
  • Alderon Iron Ore: A Big Project Advancing Towards Production
       • Tue, Apr. 1 AXX 7 Comments

    Summary

    • Alderon Iron Ore is a near term producing iron ore company, developing the advanced Kami project at high speed, located in the mining friendly Labrador Trough.
    • The Feasibility Study released in 2013 presented solid figures, with an after tax 8% discounted NPV of $1858M, an IRR of 23.1% and a relatively limited capex.
    • The company has already secured a very good off-take partner with the biggest steelmaker in China, Heibei Iron & Steel Group for 60% of production.
    • It wasn't until very recently, on March 27, 2014, that Alderon was granted the amended General Plan and Mineral Extraction Permits. These are considered very important permitting milestones.
  • Why Midway Gold Is No Golden Short Opportunity: There Is More Than Meets The Eye
       • Wed, Feb. 26 ABX, MDW, TCEGF 28 Comments
  • Connecting The Dots: The Hidden Potential Of Tsodilo Resources
       • Sat, Feb. 22 TSDRF 4 Comments
  • To Be (Permitted) Or Not To Be (Permitted): The Risky But Explosive Potential Of Astur Gold
       • Tue, Feb. 11 ATRGF 7 Comments
  • Integra Gold: Interesting Takeover Target For Agnico Eagle And Highly Undervalued
       • Thu, Feb. 6 AEMZF, ALXDF, AEM 23 Comments
  • SEMAFO: Transforming Into A Low Cost Producer But Increasingly Overvalued
       • Wed, Jan. 22 SEMFF 15 Comments
  • Update On REE Peer Comparison: Quest Goes From Undervalued To Overvalued After PFS
       • Oct. 29, 2013 GDLNF, QRM 115 Comments
  • Best In Rare Earth Class And Undervalued: Tasman Metals
       • Oct. 16, 2013 ANLKY, ARAFF, AVL 174 Comments
  • Expanding In The Far East But Overvalued: China Gold International
       • Sep. 30, 2013 JINFF 7 Comments
  • Transformation In Progress: Troy Resources
       • Sep. 29, 2013 TRYRF 3 Comments
  • Interesting Takeover Target For Semafo AND Endeavour: Roxgold
       • Sep. 25, 2013 ROGFF, GLD, SEMFF 3 Comments
  • Takeover Target Could Offer 35.7% Upside Very Soon: Probe Mines Limited
       • Sep. 17, 2013 AEM, CLF, EV 13 Comments
  • Physical Gold Market Strengthens, GLD Is Waiting And Anticipating
    Sep. 12, 2013 DGP, IAU, GLD 53 Comments
  • A Compelling Growth Story: NXT Energy Solutions
       • Sep. 9, 2013 NSFDF 6 Comments
  • An In-Depth Analysis: The Strange Case Of Colossus Minerals
       • Aug. 28, 2013 COLUF 58 Comments