Gold Mine Developers & the Lasonde Curve

[drbubb]

Gold Mine Developers & the Lasonde Curve

TLG-etc..  from Mar'21: wUGL: Oct'21: wOIII-Agld: 10d + /         Updated Jan.2024

Last: TLG: C$0.42 / GDXJ: $35.89 = 1.17%  > 1.08.24. ARIS.t: C$4.26, 11.9%

prev.  TLG: C$0.88 / GDXJ: $51.03 = 1.72% > 4.14.22. (was $0.86 / 46.11= 1.87%, Mar.'22)

wOIII-Agld:  10d: AGLD: 0.075, OIII: $2.37, GDXJ: $46.11 : Agld/Gdxj= 16.3% x1/100

Lassonde Curve matters when Building Mines

"When building a mine, a company may trade down to 30-50% of its NAV. 

The Low might come when they finish the feasibility study, and are getting the financing in place,  From the low, they price will rise soon long as they show progress in being on-time and on-budget".  

/  go to xx mins to hear more :   

Pierre Lassonde: 1:1 Dow to Gold Ratio - $25,000 Gold Coming      >

====

I have looked at this before... Posted February 21, 2021

WATCHING Shares with MINES in development : Six companies

Have finished an initial pass on the Mining shares with mines under development, and it looks like TLG / trolius might be a slightly better buy than FF.  Another share, OIII, has come to the same level matching TLG.  TLG i have not bought yet.  At under $1.00, it could be 1/9th of its real value.  But there are many challenges and a big capita; expenditure

TLG vs. ARIS, FF, OIII, etc ... from 2.19.20: w/ATC / 8.19.20: 5yr: 3yr: 1yr: 6mo: 10d / LAST $0.98 / FF-0.405= R2.42X

Last: ARIS: C$1.82 / GDXJ: $51.03 = 3.57% > 4.14.22.

=
Sym: Company: Last: BookV: Pr/BV: MkCap: xM: NPV @ Rate &Gold: CapCst: Project—— : Oz.s :
FF.  : First Mng,: $.405: $0.34: 115.%: $282M: 4.6x: $1.30B, 5.%: $1800: $718M: OpenP, Gold, 4.6M
MCI: Minnova  : $0.34: $0.40: 85.0%: $14.8M: 2.5x: $37.M, ? %: $1250: $15M-e: Undergr. Gld, 327k
TLG: Troilus Gd $0.98: $0.24: 408.%: $128.M: 12.x: $1.54b, 5.%: $1750: $333M: Op./Undergr, 3.8M
OSK Osisko M.: $2.98: $2.02: 148.%: $166.M: 0.0x:  ? ? ? .   0.%: $1485: ? ? ?    : Undergr. Gld, 1.7M
Oiii : O3 Mining: $2.75: $3.24: 84.9%: $191.M: 2.2x: 423M, 5.%: $1450: $256M: ??? Mine.       , 3.9M
ATC: Atac Res : $0.18: $0.67: 26.9%: $28.3M: 5.7x: 161M, ?.%:  $1550: $000M: Rau, u'grd.     , 1.1M
SMD Strategic : $0.39: $0.51: 76.5%: $41.6M:
====

Sym: Price: MkCap: CapCs: Total: NPV, @Gold: %NPV: @100%, Disc, type MC/oz
FF.  : $.405: $282M: 718M: 1.00B: 1.30B,$1800: 76.9%: $ 0.84 : -51.6%, PFS: $ 61.3
MCI: $0.34 $14.8M: 36M.e $50M: $99M $1500: 50.5%: $ 1.45 : -76.6%, PFS: $ 45.3
TLG: $0.98: $128M: 333M: 461M: 1.53B,$1750: 30.1%: $ 9.35 ; -89.5%, Pea: $ 33.7
OSK: $2.96: 1065B : 9.6g/t 3.5cut 1.86M $1458  ====>. ====>  ====>  MRE: $627.
OIII : $2.75 $191.M: 256M: 447M: 675M, $1450* 66.2%: $6.03: -54.4%, Pea: $ 49.0
ATC: $0.18 $28.3M: 110M: 138M: 219M, $1750: 63.0%: $0.69: -73.9%, Pea: $ 27.0
SMD $0.39 $41.6M
===
*$423M NAV, Multiplied by: 124% (1800/1450) + $150M cash

Project Economics Data: PFS, PEA, or MRE:

FF, Springpole: (PFS, 1.20.21): https://www.stockwatch.com/News/Item?bid=Z-C:FF-3019462&symbol=FF&region=C

MCI, PL Mine.  :  (PFS old 2017): http://www.minnovacorp.ca/2020-01-10_NR.pdf : Gold Oz 327k + 000k inf.:
TLG, Troilus.    :     (PEA, Feb.'21): https://www.troilusgold.com/troilus-gold-project/pea-results/
OSK, Windfall  :  (MRE, 2.17.21): https://www.osiskomining.com/osisko-mining-updates-windfall-mineral-resource-estimate/
OIII,  Marban.   :  (12/20 presentation): https://o3mining.com/wp-content/uploads/210212_EN_O3-Corporate-Presentation.pdf .:
ATC, Rau,Tiger :  (Feb21 presentation): https://atacresources.com/assets/docs/ATAC_Corporate_PPT__February 2021.pdf

[drbubb]

xxx

> https://www.visualcapitalist.com/visualizing-the-life-cycle-of-a-mineral-discovery/

[drbubb]

THE LASSONDE CURVE explains why GCM dropped*

GCM slid back into the "ORPHAN" phase by making a bid for GLDX. 

GCM had a market cap of about $350M (US$6 x61m= $366M) and bid about $250M for GLDX, which needed $378M to build a mine at Toroparu.

It Toro has an NAV of US$1Billion and Old GCM $500M. then the current NAV of new GCM/TPRFF ($4.30 x105M= $450M) is 30% of that

GCM share price at the Moment of Approval of the acquisition of Gold-X / GLDX

GCM / Gran Columbia C$ Quote /  ...  5yr-L: 4yr: 2yr. 10d/ Last: C$5.21

US$ Quote / TPRFF ... update: 10d/ Last: US$4.315, after testing $4.00

Comparison: vs.GDXJ; C$5.21, US$4.315 = 7.89% of GDXJ ($54.71), 2.42% of GLD ($178.38),

RATIO: US$4.315 = 7.89% of GDXJ ($54.71), 2.42% of GLD ($178.38),

==

[drbubb]

Orphan period is when the Uncertainties are Highest

BUY when the uncertainities start to go away... with the Production decision

Using this, you can see that it’s good to get into projects early, then sell at a peak – then when it is decided they will construct a mine, to get back in then. The further to the right on this sheet, the less risk. The less risk, also means less upside.

Now, there are other things to consider in what miners to buy….

1. Who are the jockeys? Have the people running this had great success? Have they done this before? Are they well respected?
2. What are the horses? Are they decent projects with volume? Are they cost effective to mine? Is there infrastructure in place, or would a billion dollars need to go into infrastructure to buy? Is it close to another mine where you could truck pay to it?
3. What is the jurisdiction? I tend not to put my money in certain jurisdictions. You are mostly safe in Canada, the US, and Australia. But every jurisdiction has its pitfalls. Political unrest. Government seizing a mine. The US and environmental permitting issues. Governments shaking down companies for taxes. Each jurisdiction at the country level has its own pitfalls, then you have to go deeper in to that. For example, Nevada in the US is a great mining jurisdiction, but Alaska just shut down a potential trillion dollar mine before it was ever built due to environmental concerns.
4. Share structure and funding. Who are the big backers? Does management have skin in the game? Is share dilution a big issue? For example, if you need to raise $10 million for drilling, how are you paying for it? Issuing more common shares and private placements to dilute me? Share dilution is almost inevitable in some instances. In others, maybe a company takes on debt, exchanges shares for land, sells projects to raise money, or gives streaming deals on future gold/silver to fund projects.

> https://renaissancemen.org/2021/01/19/how-to-invest-in-mining-stocks-the-asymmetric-play-of-a-silver-miner/

 

[drbubb]

WM.t  is GROWING AGAIN

"The company expects higher drilling productivity during the second half of the year as the resource focused directional drilling gives way to resource expansion drilling and regional exploration..."

Wallbridge is moving again... even in a weak market.  Moreover, it has announced it will reveal the size of its maiden Deposit next month... and Now it is turning its drills back to EXPANDING the deposit.  This plan is helping the stock price.

WM.t / Wallbridge's Gold resource is set to grow again - Stock is out performing GDXJ:  last: 0.65 / Gdxj: 33.00 = xx%

vs. GDXJ:

VIDEO : Wallbridge Mining (WM) - Settling into a Multi-Million Ounces Rhythm

===

Wallbridge drills 27 m of 3.75 g/t Au at Fenelon

2021-08-05 10:28 ET - Mr. Marz Kord reports

WALLBRIDGE PROVIDES UPDATE ON FENELON RESOURCE DRILLING

Wallbridge Mining Company Ltd. has almost completed its resource definition drill program for the upcoming maiden mineral resource estimate on the Fenelon gold property.

Drilling has been focusing on multiple areas, within the approximately one-kilometre-by-1.2-kilometre central portion of the Fenelon gold system, to better define the gold mineralization in support of the MMRE. Approximately 260,000 metres drilled by the company at Fenelon within the three years since the commencement of systematic, continuous exploration drilling will be incorporated into the MMRE. With the drill program for the MMRE now substantially complete, drill rigs are being transitioned to focus on resource expansion and exploration drilling at Fenelon as well as regional exploration on the company's other projects along the Detour-Fenelon gold trend (see Wallbridge news release dated July 22, 2021, on the commencement of phase I drill program at the Martiniere project).

"As we near the completion of the resource drill program in support of our maiden mineral resource estimate at Fenelon, we are excited to turn our attention again to more widely spaced exploration drilling to continue outlining the ultimate size potential of the Fenelon gold system and to discover additional gold deposits on our underexplored Detour-Fenelon land package," stated Marz Kord, president and chief executive officer of Wallbridge.

"We are excited to reach this important milestone and to move forward with our MMRE," stated Attila Pentek, vice-president, exploration, of Wallbridge. "The MMRE will provide an initial snapshot of the true potential of the Fenelon gold system, the limits of which we have not yet defined."

> more: https://www.stockwatch.com/News/Item/Z-C!WM-3120859/C/WM

[drbubb]

 

GCM... Still waiting for the bottom of this 7-8 month correction.  Last: C$4.65,  Yield: 3.87%

$4.65 is a 42.5% drop from 12mo H of $8.40.  And a 40.8% drop from the prior High of $7.86

Financing of the Second mine is now in place...

Gran Colombia closes $300M (U.S.) note offering done on Aug. 9th

2021-08-09 : GRAN COLOMBIA ANNOUNCES CLOSING OF OFFERING OF US$300 MILLION 6.875% SENIOR UNSECURED NOTES;

...With the net proceeds of this offering, we will be fully financed to develop our Toroparu gold/copper project in Guyana and we will not need to go to market with any dilutive equity financings to carry out our strategy.

[drbubb]

OSISKO Group history

ODV, Osisko Development is putting two mines into production now, and is on the path to becoming an intermediate producer

> ODV Presentation

Market Cap :  Shs. OS : MktCap : Prod.Range: Mid.: MCp/oz
OR  : $15.32 x 168.1M= $2575M:
ODV: $ 5.75 x 190.8M= $1097M : 000k-000k : 275k :  $3,989
GCM: $ 4.60 x 98.49M= $ 453M : 200k-350k : 275k :  $1,647
====

ODV vs. OR,etc... update: 10d / odv: $5.75, / or: $15.32 = 37.5%,  gdxj: $42.68, and odv is 13.5%

x

[drbubb]

LION CLOCK (& A/R Link)... is "liquidity driven" /. Clock position "under review" in mid-2021

The change in sentiment of the investment market toward exploration stage companies recorded during 2020 opens the door to a new and exciting stage of the boom and takes the Lion Clock to 10 o’clock.

The Lion Clock does not move at a steady pace, rather it reacts to indicators of liquidity and these tend to occur in irregular surges rather than a
set tempo. The time between 10 o’clock and 12 midnight in previous cycles has lasted for years, and importantly for investors substantial capital returns are most readily available through this stage. This is especially the case for junior miners and explorers, as this stage is characterised by liquidity moving into smaller companies as investors search for value. With exploration funds now being raised in the market and deployed widely, we expect to see discoveries take place and new projects developed as well as growth in the form of M&A to form larger companies

===

LSX: 5yr: 2yr: 1yr: YTD: 10d / Last: A$0.45



LION SELECTION GROUP LIMITED 2020 ANNUAL REPORT | 3
Lion Selection Group Investment Summary
AS AT 30 SEPTEMBER 2020
                                                        COMMODITY MARKET VALUE
A$M
Pani Joint Venture (33.3% Interest)  Gold        60.7M
The fair value of Lion’s interest in the Pani Joint Venture increased
to A$60.7M at 31 July 2020. This increase reflects the sustained
escalation in gold prices from the time of the most recent arm’s
length transaction in November 20181.
Portfolio
Nusantara Resources                    Gold.        15.5M
Erdene Resources                            Gold.          5.3M
Sihayo Gold                                      Gold.          1.8M
Celamin Holdings                              Phosphate 1.2M
Other0.6
• Portfolio holdings measured at fair value
• Includes investments held directly by Lion and the value
to Lion of investments held by African Lion
                                   Net Cash.                        10.5M
                                   Net Tangible Assets:   A$95.6M
                                   NTA Per Share:               63.7c
Capital Structure
Shares on Issue:                 ].                   150,141,271
Share Price:                        50¢ps30 September 2020

> Reports:  2020 A/R:  https://www.investi.com.au/api/announcements/lsx/16245efd-690.pdf

[drbubb]

LSX / Lion Selection

LSX.        04.30.  Shs.OS: MkValue: /LSX < MkVl < 09.10:
PANI JV:  - N/A -: prv.33%: $62.0M : 41.3C: 62.0M: same?
NUS.     : $0.255: 49,800k: $12.7M :  11.5C: 17.2M: 0.345 :
ERD.      : C$0.35: 11,400k: $ 3.9M :   3.1 Ct  4.6M : 0.405 :
SIH ayo : $0.014:  78,600: $ 1.1M :    0.7 Ct  0.7M :  0.009 :
CNL cel.: $0.080: 17,500k: $ 1.4M :   0.8 Ct  1.1M: 0.065 :
Other.   :              :               : $  1.3M :   0.9 cts 1.3M
Cash.    :              :               : $  7.7M :  5.1 cts 7.7M
===== . Overall  : 150.0M:  $90.1M : 63.4Ct 94.6M:
*=150M   ————————->  $ 0.60 : $ 0.63 :
————   LSX stock price :  $ 0.41 : $ 0.45 :
————   Discount to NAV :  - 32% :  - 29%  :

:Company Overview;

LSX - Listed mining investment company established in 1997

Target ReturnHistoric ReturnsGold LeverageSustainabilityKey InvestmentsInvesting Significant investment in early stage mining companiesPani & Nusantara: two multi million ounce high quality gold projectsAims to generate 5 times initial investment amount within 5 yearsReturned almost $4 per share since listing at $1Commodity supported by perfect storm of fun

> Corp. Presentation: https://www.investi.com.au/api/announcements/lsx/5533a7e2-085.pdf

Portfolio Performance
Strong Shareholder Returns
ASX:LSX lionselection.com.au 5Value Returned
Since InceptionValueDividends 97cpsOffmarket Buyback 81cpsCatalpa 155cpsCurrent value of Lion
share (vs NTA 60cps)41cpsTotal 374c

PANI value, in LSX... at Sep. 2020

Fair value measurement of the interest in the Pani project
Refer to note 3(d)
At 31 July 2020, the Company recognised a fair value of its investment in the Pani project of AU$60.7 million, including an unrealised pre-tax mark to market increase of AU$20.0 million this year.
Certain valuation techniques were utilised to determine the fair value of the Company’s investment in the Pani project at 31 July 2020, including:
• the comparable value method – this primary method involved an assessment of market comparable companies to consider relative movements in the implied value per resource ounce during the year; and
• the yardstick method – a secondary valuation method to provide a cross check of the primary technique.
This was considered to be a key audit matter given:
• the significance of the Pani project’s value as a proportion of the total investment...

> xx

[drbubb]

COSTS matter too

GOLD Projects - initial Capex (at C$1.27), Share price at 11.15.21

Symb.: Project Name : Cty.  C$M: US$M: Oz.M: PerOz US$Pr: shOS: MktCap: / Oz. Comb. Grade
AAU : Ixtaca.                : Mex. $235: $185: 1.387: $133: $0.384: 137.2: $ 53.7M  $ 39 : $172, 1.0g+Ag
Tsgzf: Cast.deSonhos: Braz $249: $196: 1.100: $178: $0.199: 230.0: $ 45.8M $ 42 : $220, 1.20g
OIIIF : Marban              : Can. $256: $202: 1.920: $105: $1.680:   68.2: $ 115.M  $ 60 : $165, 1.01g
Bbsrf: Cerro Blanco     : Guat $265: $209: 3.000: $ 69: $1.346:  150.1: $202.M  $ 67 : $136, 1.50g
Mgdpf Valentine Lake : Can. $276: $217:  3.140: $ 69: $2.610: 244.4: $638.M  $203: $272, 1.72g
SKE  : Eskay Creek       : Can. $315: $248:  3.880:  $ 64: $10.80:   63.9: $690.M  $178: $242, 4.57g
FSM : Lindero                : Arg.  $323: $254: 2.181: $117: $3.890: 185.3: $721.M  $330: $447, 0.60g
Aqarf Back Forty          : U.S.  $338: $266: 1.500:  $177: $0.086: 343.4 $ 29.5M $  20: $197, 4.20g
Spazf Spanish Mtn.      : Can. $369: $291: 4.700: $  61: $0.250: 327.4: $ 81.9M $  17: $  78, 0.72g
Bsxgf Volta Grande      : Braz $403: $317: 4.956: $  63: $0.605: 455.0:  $275.M  $  56: $119, 0.98g
Dpmlf Loma Larga       : Ecu.  $427: $336: 2.600: $129: $7.340: 191.4:  $1.41 B  $564: $692, 4.9gU
Sgsvf Back River          : Can.  $449: $354: 6.321: $. 56: $1.317: 356.2:  $469.M  $   74: $130, 5.85g
AUY : Wasamac           : Can.  $479: $377: 1.900: $ 198: $ 4.50 : 965.0: $4.34 B $2.28k  N/A, 2.56g
Tprff: Toroparu             : Guy.   $511: $402: 7.353: $   55: $ 4.51 :   98.5: $444.M  $  60: $115, 0.91g
Bcekf Corani (Ag/74)   : Peru   $782: $616: 3.040: $203: $1.300: 124.3: $162M  $  53: $256, 0.68g
Fprgf  Horne 5               : Can  $1084: $853: 4.100: $209: $0.264: 259.0: $68.4M $  17: $226, 1.44g
Ffmgf Springpole          : Can  $1093: $861: 3.800: $227: $0.260: 700.1: $182.M $  48: $275, 0.97g
Ppta : Stibnite                : U.S.  $1311: 1032: 4.800: $215:  $5.66 :   62.9: $356.M $  74: $289, 1.80g
Lmgdf Cangredjos        : Ecu   $1351: 1064: 10.40: $102: $0.490: 374.1: $183.M $ 18: $120, 0.7g+Cu
Artg.t: Blackwater         : Can  $1452: 1143: 11.70:  $  98: $ 5.76 : 153.5: $884.M $ 76: $174, 0.6+Ag
WRN : Casino                : Can  $3319: 2613: 14.50: $180:  $ 1.51 : 151.4: $229.M $  16: $196, Cu.36%
OTHER
Dalradian: Curraghinalt    $259: $000: 0.000: $000: $0.000: 000.0R
ARIS: ????   $259: $000: 0.000: $000: $0.000: 000.0

[drbubb]

Wallbridge Mining Details Mineral Resource Estimates for Fenelon, Martiniere Deposits; Shares Down 17%

 11/10/2021 (MT Newswires) -- Wallbridge Mining Co. Ltd. ( WLBMF )

Overnight Tuesday released its maiden mineral resource estimate for its Fenelon gold property and an updated estimate for its Martiniere property, both within the Detour-Fenelon gold trend in Quebec.

The company, which dropped 17% in early Wednesday trading, said the estimate for Fenelon has an indicated resource of over 2.1 million ounces and an inferred resource of nearly 1.5 million ounces. The Martiniere property meanwhile has an indicated resource of 543,700 ounces and an inferred resource of 256,200 ounces.

The two properties have a total combined indicated resource of nearly 2.7 million ounces grading 1.91 g/t gold, and a total combined inferred resource of over 1.7 million ounces grading 1.69 g/t.

Both gold deposits remain open in multiple directions laterally and at depth, indicating significant expansion potential, Wallbridge Mining ( WLBMF )

The company intends to launch additional drilling to add to the released resources and to identify new mineralization elsewhere on the gold trend.

> https://www.fidelity.com/news/article/company-news/202111100950MIDNIGHTUSEQUITY_A2539195

[drbubb]

"TWO BEST PLACES"

"There are only Two Places in the Lassonde Curve where you make money" - at xx Min.

Presentation: Strategic Metals - London 2019 Spring

 

[drbubb]

WEAKEST (& cheapest?) part of my portfolio now - is probably the Mine Developers. 

Those are junior companies that have already FOUND A MEANINGFUL DEPOSIT, but have not yet put it into production.   They are like an OPTION on gold, since they trade at a small price per each ounce of Gold in the ground.  Like under $100 per oz of their Gold deposits, and sometimes just $30-50 per ounce.  They have the challenge of: Drilling out the deposit,  developing a mining plan, financing it, and BUILDING THE MINE.  Some if them may have started on these steps already.

ATC.v / Atac Resouces (Last C$0.15) is an example.  This co. has about 184M shs. OS, (212m f.d.) so an undiluted MktCap of C$27.6M = US$21.7M/ With a gold resource of about 2 Million oz* (464k M&I plus inferred). That's just $13 per ounce on the inferred portion, and $46.8 an oz, Measured&Indicated. (Barrick Gold is the largest shareholder with 15%.)  I started buying in Q1 2021 and acquired a decent size position at an average of $0.18.  I thought that a rally in gold would push the stock higher, but instead Gold traded basically sideways and the price drifted lower, eventually hitting a low of just $0.09.  Recently, with Gold prices rising, it has been picking up.  And if gold stays strong, it may soon be at my cost or higher.  And I think the price may move fast now..

I like to look at stock as a Ratio to UGL, the 2X Gold etf. And on that basis, ATC,v looks cheap now at near 2%, versus a peak 5 years ago near 20%.

About 4 years ago ATC.v was trading at 17.6% of UGL, and recently it got down to just 1.5%.  Now it is up tp 2.13%, and that is about 1/10th of the ratio of the high less than 5 years ago.  So there is plenty of "optionality" and potential upside in the price of the stock, as well as an exposure to rising Gold prices, and exploration success.  In 2022 there will be plenty of new drilling, and the company expects to expand its resources.

( I might look at some other using this framework, if people like it, and I get enough comments, here and on my other chats.)

[drbubb]

TLG-etc from 2020:

Present rally from cycle low is short-lived so far, just over 1 month

FF etc ... Apr2020: Jun2020:

[drbubb]

"O" Fav Gold stocks . "O": 10d / Gdxj: $48.05, OSK: C$4.01, x%, OIII: C$2.27, y%, ODV: C$4.25, z% /2024

ODV / Osisko Development ... update;  Last: C$3.57,  -16.4% below C$4.27

ODV to GDXJ Ratio: 8.72%

NEWS ==

2022-03-21 22:05	C:ODV	4.18	News Release	Osisko Development to close final placement tranche
2022-03-04 10:13	C:ODV	4.72	News Release	Osisko closes $84.8M (U.S.) first tranche of financing
2022-03-02 12:56	C:ODV	4.44	News Release	Osisko Dev closes $103.5-million private placement
2022-02-28 09:19	C:ODV	4.43	News Release	Osisko Dev drills 78.9 m of 2.19 g/t Au at San Antonio

===

Osisko Dev closes $103.5-million private placement

2022-03-02 12:56 ET - News Release / Mr. Sean Roosen reports

OSISKO DEVELOPMENT CLOSES PREVIOUSLY-ANNOUNCED CDN $103.5 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT, INCLUDING FULL EXERCISE OF UNDERWRITERS' OPTION

Osisko Development Corp. has successfully completed its previously announced bought deal brokered private placement of an aggregate of (i) 13,732,900 subscription receipts of the company, and (ii) 9,525,850 units of the company at a price of $4.45 per offered security, for aggregate gross proceeds of approximately $103.5-million, including the full exercise of the underwriters' option.

Each Unit comprises one common share of the company and one common share purchase warrant, with each warrant entitling the holder thereof to purchase one additional common share at a price of $7.60 per common share for a period of 60 months following the date hereof.

About Osisko Development Corp.

Osisko Development is uniquely positioned as a premier gold development company in North America to advance the Cariboo gold project and other Canadian and Mexican properties, with the objective of becoming the next mid-tier gold producer. The Cariboo gold project, located in central British Columbia, Canada, is Osisko Development's flagship asset with measured and indicated resource of 21.44 million tonnes at 4.6 grams per tonne gold for a total of 3.2 million ounces of gold and inferred resource of 21.69 million tonnes at 3.9 g/t Au for a total of 2.7 million ounces of gold. The considerable exploration potential at depth and along strike distinguishes the Cariboo gold project relative to other development assets, as does the historically low, all-in discovery costs of $19 (U.S.) per ounce. The Cariboo gold project is advancing through permitting as a 4,750-tonne-per-day underground operation with a feasibility study on track for completion in the first half of 2022. Osisko Development's project pipeline is complemented by potential near-term production targeted from the San Antonio gold project, located in Sonora, Mexico.

[drbubb]

ARIS vs. TLG, FF, OIII, etc ... from 2.19.20: w/ATC / 8.19.20: 5yr: 3yr: 1yr: 6mo: 10d / LAST $0.98 / FF-0.405= R2.42X

Last: ARIS: C$1.82 / GDXJ: $51.03 = 3.57% > 4.14.22.

===

Mining companies have to aggressively rebuild their gold reserves with M&A – Ian Telfer   

Mining companies need to aggressively grow their reserves through mergers and acquisitions if they want to attract new investors, according to mining legend Ian Telfer.

In the last few years, the mining sector has seen a significant improvement in margins as higher prices and solid production has driven cash flow to record levels. However, Telfer said that many producers are making a mistake trying to attract investors with share buybacks and increased dividends. He added that this is not a sustainable trend for the sector.

"I don't know any investor who buys a gold stock for the dividend," he said. "The only people that buy gold shares are people who think the price of gold is going higher."

Instead of buying back shares, Telfer said that mining companies should be using their growing stockpile to look for acquisition targets. He added that in the current environment, the only way a company is going to grow is through aggressive M&A activity. 

"I don't think we are ever going to see projects valued at $1,200 gold again. If that is the criteria you are looking for, then you will see your reserves shrink away to nothing," he said. "Mining companies have to be aggressive when it comes to rebuilding their reserves and that is what will attract investors. Gold investors want to see companies that are growing."

Telfer is also putting his words into action as independent chair of Aris Gold Corp (TSX: ARIS);. Tuesday, the junior producer closed its acquisition for a 20% joint-venture interest in the Soto Norte gold project in Colombia, to become the operator.

According to the project's Feasibility Study, the deposit contains indicated mineral resources of 8.5 million ounces of gold, 55.3 million ounces of silver, and 193 million pounds of copper.               . .  . 

"Getting our hands on Soto Norte was a huge step forward for the company," Telfer said. "We think that there are enough opportunities out there for us to build another major gold producer. It won't be easy and you have to be aggressive. There's no doubt about it, but in my view, I think that's the way to go."

  > https://www.kitco.com/news/2022-04-15/Mining-companies-have-to-aggressively-rebuild-their-reserves-with-M-A-Ian-Telfer.html

[drbubb]

Liberty Gold is getting cheaper relative to GDXJ

LGD / LIBERTY GOLD-etc... ETC, From 2016: 2yr: 1yr / LGD: 5yr: 2yr: 1yr:  C$0.88 (range:$0.84-$1.82) : 4.1% of Range

From 2016: 2yr: 1yr /

Liberty Gold to GDXJ Ratio: C$0.88 / GDXJ-$51.00 = R-1.72%

Sh.OS 316M x C$0.88 = C$278m/ 1.26= US$ 221M MktCap - Cash ($45M)= $176M / (1.72 +0.93 oz= 2.65M oz) = $66 per Oz (Idaho, Utah)

The Deposits are still growing! And they have $30M+ to spend

Liberty Gold drills 54.9 m of 1.49 g/t Au at Black Pine

2022-04-12 09:10 ET - News Release

Mr. Cal Everett reports

LIBERTY GOLD EXTENDS SHALLOW HIGH-GRADE OXIDE GOLD MINERALIZATION AT RANGEFRONT FOCUS AREA, BLACK PINE

Liberty Gold Corp. has released the first tranche of reverse circulation (RC) drill results from the 2022 winter program in the Rangefront focus area (RFA) at the Black Pine oxide gold deposit in southern Idaho. The winter program in the RFA focused on both stepout and resource definition drilling. An additional 23 RFA drill holes are pending.

Today's drill results further define and expand the higher-grade core zone within the RFA to an area of approximately 500 metres by one kilometre, with high-grade drill intercepts ranging from 20 m to 115 m in length. The mineralization trends shallower as drilling expands the footprint east toward the current Rangefront resource pits and to the north toward the historic heap leach pad. The lower-grade mineralized envelope surrounding the high-grade core is also closer to surface. This should have a positive impact on strip ratio in a future mining scenario.

( more )

On completion of the recent $30-million financing, Liberty has a strong treasury to support our exploration and development efforts on both Black Pine and Goldstrike. Four drills are currently operating split between the two deposits."

About Black Pine

Black Pine is located in the northern Great basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada's Carlin trend. Like Nevada Gold Mines' Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great basin. The historic Black Pine mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate (containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes) was released on July 13, 2021, with the resource technical report filed on SEDAR on Aug. 19, 2021, and available on the Liberty Gold website.

> https://www.stockwatch.com/News/Item/Z-C!LGD-3234690/C/LGD

[drbubb]

Wallbridge had been getting cheap faster than Liberty Gold. While both are getting cheaper relative to GDXJ

In April, WM adds a 117pt. Boxer at Fenelon, and this might bring a new uptrend (?)

WM.t / WALLBRIDGE-etc... ETC, From mid-2019: 2yr: 1yr / WM: 5yr: 2yr: 1yr:  C$0.38 (range:$0.00-$1.00) : x.1% of Range

Ratio:

NEWS

2022-04-07 09:30	C:WM	0.355	News Release	Wallbridge drills 67.70 m of 1.73 g/t Au at Fenelon = 117pt
2022-04-04 11:13	C:WM	0.36	News Release	Wallbridge Mining appoints Makuch as independent chair
2022-03-30 09:29	C:WM	0.33	News Release	Wallbridge drills 0.5 m of 42.63 g/t gold at Grasset
2022-03-24 10:51	C:WM	0.38	News Release	Wallbridge completes underground development at Fenelon
2022-03-22 09:53	C:WM	0.38	News Release	Midland, Wallbridge to begin drilling at Casault

AREA 51 is looking good:  "After completing approximately 1,800 metres of underground development, we have had our first opportunity to see and touch Area 51 gold mineralization since our team discovered this zone in 2019, and everything we've observed so far increases our confidence in the quality and potential of this deposit," said Attila Pentek, Wallbridge's vice-president, exploration. "Underground access to Area 51 will allow us to obtain invaluable data that we need to further grow our existing gold resources and improve our understanding of the mineralization and grade distribution."

===

[drbubb]

MINE DEVELOPERS cannot keep pace ... with Junior Miners

AR & BSR -vs. GDXJ. 10yr: 5yr: ... AR/Argonaut-$0.60 (x%), BSR-$0.56 (y%) / GDXJ-38.56 / 2024 follows:

( year earlier )

[drbubb]

Liberty Gold reports 52% increase in indicated resources at its Black Pine gold project

Kitco News | Feb 8

(Kitco News) - On Tuesday, Liberty Gold (TSX: LGD) announced a 52% increase in indicated and 31% increase in inferred ounces in its updated mineral resource estimate for the Black Pine oxide gold project in southeastern Idaho.

President and CEO Jason Attew stated, "This updated mineral resource estimate for our flagship Black Pine project represents a major milestone for Liberty Gold and a major accomplishment for our exploration team. 

"Compared to the July 2021 resource estimate, tonnes are up significantly while grade has improved using conservative input assumptions, positioning Black Pine in the rarified territory of an oxide resource with more than 2.6 million indicated ounces and a further half a million ounces inferred.  Moreover, we are encouraged that Black Pine continues to expand in all directions with future resource growth expected as drill results continue to impress."

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. The company said it is a Carlin-style gold system, "similar in many ways to the prolific deposits located along Nevada's Carlin trend."

The historic Black Pine mine operated from 1992 to 1997, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au.

[webmaster]

Getting the SWEET SPOT,  using PPSS (Pre-production Sweet Spot) strategy

Buy on Production decision, Sell on First Pour, earned >100% on average (100 cases!)

Lobo Tiggre's Favorite Stocks & How He Picks Them (PART 3)

https://www.youtube.com/watch?v=0g0FkiC5954