Erik Wetterling - The Hedgeless Horseman – Thu 6 Aug, 2020

A discussion on the Novo acquisition of the Millennium Mill

Since Erik brings up Novo Resources a lot on the show I get his thoughts on the news this week. Novo acquired Millennium Minerals Limited for its production assets, known by some as the Millennium Mill.

I discussed this acquisition with Quinton earlier in the week. Click here to listen to that interview.

Click here to visit Erik’s site – The Hedgeless Horseman

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Comments:
  1. On August 6, 2020 at 12:43 pm,
    bonzo says:

    Looks like great news for Novo, yet the stock is down big today. And silver is up 1.67 today, yet many silver stocks are down. WTF? At least ETHOF is up over 50% today.

    • On August 6, 2020 at 1:11 pm,
      David says:

      Bonzo:
      May be nothing more than reacting to the fundraising price per share or warrant price as it is tied to $3.25 canadian. I think that is about $2.45 US. Soon as it opened it was in the $2.65 to 2.70 US. I think I got some about $2.68. Had to go to the grocery store and missed everything. Got in the door in time to pick up some Great Bear on sale. I also saw our wandering child, Santacruz, is trading and up over 15%. Something good must of happened other than somebody wanting a correction. Matthew says it is all good, so I have been taking a few profits and buying. I picked up Scorpio yesterday which was up and haven’t found out why yet. OK…I have had enough correction. They wiped out Monday and Tuesday…that should be enough to satisfy the dysfunctional market syndrone which is another Pandemic in New York and Washington.

      • On August 6, 2020 at 1:13 pm,
        David says:

        Forgot. I need to listen to Edik who probably tells us everything about the Novo deal.

        • On August 6, 2020 at 2:25 pm,
          Excelsior says:

          “I also saw our wandering child, Santacruz, is trading…”

          (SCZ) Santacruz Silver closed up 20.7% today (post week and 1/2 halt) on the good news about them now owning Mine # 3 Zimapan.

          Quite the wanderer… eh?
          _______________________________________________________

          > Dion – The Wanderer

          https://youtu.be/IkoidwsLXCg

          • On August 6, 2020 at 2:30 pm,
            Excelsior says:

            Silver is up above $29, but you sure wouldn’t know it by looking at the way most of the Silver stocks have been trading lately. The under-performance in these miners is staggering.

            Again, if we went back 6 months or a year and asked people where they thought the Silver miners would go once the 2016 high of $21.23 was taken out up to $22 or $23, most would have anticipated much more action and fireworks. If we had said where do you think the Silver miners will be at $24-$26, most would have expected to see multibaggers. Now Silver is up over $29 and it is like Weekend At Bernies out there in most of the miners…. Sad…. so sad…

          • On August 6, 2020 at 2:31 pm,
            Excelsior says:

            Silver futures real time pricing:

            https://www.investing.com/commodities/silver

          • On August 6, 2020 at 3:13 pm,
            Wolfster says:

            Yeah it’s pretty funny how things go ……. up over 300% in 4 months on many plays makes one happy indeed yet had you said silver $29 it would not have been wrong to exp ct 500-600% gains if not more……and btw Ex I was being a little facetious when I was talking about Glenfidish’s silver call being the end of the first week of August…..even his bold year end call underestimated things but none of us are complaining

          • On August 6, 2020 at 3:31 pm,
            Excelsior says:

            Wolfster – Agreed. Nobody saw this quick of an undeterred move higher in either Gold or Silver to such highs this soon. There are people that have retooled their forecasts according as things have moved higher, as they should in an evolving market, but nobody was calling for this kind of move Jan-May, and then boom June, July, August it has plowed through almost every technicians resistance points without even a pause or much of a challenge.

            Silver is now $29.52 for goodness sakes, and 2/3rds of the Silver stocks sold off on this news. It’s crazy how bad the Silver stocks are underperforming this move higher in the metals, and how they are not offering the leverage most investors expected to see.

            Maybe the investors in the miners don’t trust the moves higher in the metal, or maybe the miners just have A TON of catching up to do. As OOTB mentioned earlier, it may just be that most generalist investors are just not positioned in the miners yet. Of course, some generalist funds have come into the ETFs GDX & GDXJ and the larger producers, but even most of the larger Silver producers were down today on this rocket-launch higher in Silver. It’s crazy out there.

          • On August 6, 2020 at 3:41 pm,
            Excelsior says:

            What is shocking is that most of the Silver miners aren’t even close to where they were back in 2016 when Silver shot up to $21.23. Silver is $8 above that level, and every single producer can make money at current levels, and their margins just all improved in a major way, and so investors hit the sell button. (WTF?)

            The Silver developers that have all the ounces in the ground that were looking good at $16-$18 Silver, Great at $19-$21 Silver, and insanely valuable at $22+ have not really been re-rated higher at $23, $24, $25, $26, $27, $28, $29. It likely would have been much more accretive for the metals to have moved higher like this over many months or a year, versus in such a short time period where the miners just yawned.

            The buying has actually been exhausted the last few weeks now (even with Silver making new recent highs each day). Most of the big gains coming out of the mid-March sector low, were just regaining ground back up to $18 and then the move from $18-$20. For the rest of the move higher in the $21-$29 range, the silver miners really have not done much at all as far as performance and either a massive catchup rally is coming, or there is nobody left to buy these stocks. I believe the Silver miners will play catch up over time, even if the metal corrects back down, but still the lack of movement or excitement during this metals rally has been stunning.

          • On August 6, 2020 at 3:41 pm,
            David says:

            Ex:
            Can it all be as simple as the bullion banks on the wrong side of the paper trade. I don’t know but it always seems to be the problem.

          • On August 6, 2020 at 3:48 pm,
            Excelsior says:

            Hi David. Oh I’m sure many of the shorts are getting squeezed and forced to cover their positions which is moving the Silver and Gold prices higher and higher.

            Still – most mining companies for the last few years have stated as soon as Silver was back above $20 they could really pour it on and make some cake. If someone had asked – well what about $23 or $24 or $25 Silver, most of the companies and their investors would have been flipping out with excitement.

            Here things are with Silver at $29.40 and both Silver mining ETFs SIL and SILJ closed down on the day. For the past few weeks many Silver stocks have been selling off as the metal added $.50 – $1.00 many days which are huge moves and used to take weeks or months the last few years. There has just been a major disconnect in the miners versus the metals, and the good news is the cure for low prices is low prices. Eventually someone is going to hit these miners with a shark prod and say “Hey, wake up you should be making boatloads of money here.”

          • On August 7, 2020 at 4:16 am,
            Excelsior says:

            Uh-oh. Silver down to $28.35 – How will the Silver miners ever survive? πŸ™‚

      • On August 6, 2020 at 1:13 pm,
        David says:

        Edik = Erik

      • On August 6, 2020 at 1:22 pm,
        Marty says:

        Dysfunctional ( intervention) syndrome

        • On August 6, 2020 at 5:16 pm,
          Marty says:

          Basically what we’re seeing is a draw down/ outage in both Au & Ag on the Comex & LBMA with the commercials trapped. No doubt the PPT with say $5 billion funny money in the trading desk each day at The Treasury is shorting the individual miners & ETFs. Anybody have any better understanding?

          • On August 6, 2020 at 5:45 pm,
            Matthew says:

            The CoTs look record bullish to me. The commercials significantly reduced shorts into a $100 gold rise while the specs reduced longs significantly. That’s probably never happened before and open interest is still very low.

        • On August 6, 2020 at 6:32 pm,
          Marty says:

          Sprott Money with Eric & Craig I’m sure will address the miner/ETF stock suppression Friday am

  2. On August 6, 2020 at 2:41 pm,
    Charles says:

    I bought a few more shares today after the drop.

  3. On August 6, 2020 at 2:59 pm,
    keith says:

    Quinton had a huge mistake of stating that he is paying for a mill in receivership the same price of a new mill and that the mill being bought needs upgrades. No receivership discount ? On top of that who knows what the fully diluted share number is now ! anyone know ?

    • On August 6, 2020 at 3:11 pm,
      OOTB Jerry says:

      Great questions Keith……

  4. On August 6, 2020 at 3:22 pm,
    Brad says:

    Anyone know any U.S. brokerages that would handle Canadian private placements?

  5. On August 6, 2020 at 3:53 pm,
    Excelsior says:

    (SVM) Silvercorp Reports Net Income of $15.5 Million, $0.09 Per Share, and Cash Flow from Operations of $30.1 Million for Q1 Fiscal 2021

    by @nasdaq on 6 Aug 2020

    – Sold approximately 1.9 million ounces of silver, 1,100 ounces of gold, 20.9 million pounds of lead, and 7.0 million pounds of zinc, representing an increase of 1%, 10%, and 17% in silver, gold and lead sold, and a decrease of 5% in zinc sold, compared to the prior year quarter;
    – Revenue of $46.7 million, up 2% or $1.1 million compared to $45.6 million in the prior year quarter;
    – Net income attributable to equity shareholders of $15.5 million, or $0.09 per share, compared to $12.6 million or $0.07 per share in the prior year quarter;
    – Cash cost per ounce of silver1, net of by-product credits, of negative $1.48, compared to negative $2.17 in the prior year quarter;
    – All-in sustaining cost per ounce of silver1, net of by-product credits, of $5.61, compared to $5.69 in the prior year quarter;
    – Cash flow from operations of $30.1 million, compared to $19.9 million in the prior year quarter;
    – Gain of $16.4 million on equity investments;
    – Receipt of $6.5 million (CAD$9.0 million) break fee from Guyana Goldfields Inc.;
    – Paid dividends of $2.2 million, or $0.0125 per share, to equity shareholders;
    I- nvested $5.8 million in New Pacific Metals Corp. (NUAG) to maintain the Company’s ownership interest at 28.8%;
    – Strong balance sheet with $178.4 million in cash and cash equivalents and short-term investments, an increase of $35.9 million or 25% compared to March 31, 2020; and,
    – Investment in NUAG with market value of $178.2 million and other investments of $7.4 million.

    http://silvercorpmetals.com/news_and_media/news/silvercorp-reports-net-income-of-155-million-009-per-share–and-cash-flow-from-operations-of-301-million-for-q1-fiscal-2021

    • On August 7, 2020 at 9:49 am,
      b says:

      I’ve thought svm excellent for years, they were giving away shares at .60 cent cdn for awhile. ipt 11 cents cdn at the time.
      The only issue with svm is its in china, and Trump is pushing for war so I figure thats the risk with svm.

      He and crony’s sanctions tariffs etc

      • On August 7, 2020 at 2:20 pm,
        Excelsior says:

        I’ve been adding more to my Silvercorp position again (including today) to hold profits from other trades and it is my 2nd largest position again, and I may add more next week and move it to my largest position. They still have the best margins in the Silver miners with an AISC of $5.61, a large cash holding, and a strategic position in New Pacific Metals. Also they didn’t get much credit from the market on scooping up $6.5 Million ($9 Million Canadian) on Guyana Goldfields breaking their merger contract, so that was a nice pick up of Millions just to make an offer that got rejected. I continue to see them as economically stable, but with the risk of operating in China. It looks like they were trying to expand more into South America on that last deal, and by a recent strategic stake they took in Avalon Investment Holdings Ltd. And Anconia Resources Corp in Guyana, as well as NUAG in Bolivia. Those are all somewhat riskier jurisdictions but they also have proven they can operate in those areas effectively so I’m comfortable risking it for the better margins, dividends back to shareholders, and growth. SVM has outperformed most of the other Silver producers over the last 2-3 years or so.

  6. On August 6, 2020 at 4:06 pm,
    RICHARD/DOC says:

    Not to worry about the lack of move in the silver stocks. I look at it as a positive since it affirms how strong and long this bull market will be—it also could be signalling that we’re going to see silver prices a lot higher in the future then we have ever seen them. Those that have been proponents of the silver “cup and handle” technicals could be spot on this time. I like the price action since it will be a much more solid market that is with us for some time. Some of the silver stocks are finally breaking out of their monthly trading channels. It’s just more opportunity to continue to take long term positions in the silver miners.

    • On August 6, 2020 at 7:52 pm,
      Buzz says:

      I feel a lot better hearing Doc bullish. Sprott had said last week that silver could go up in a hurry. Where are the bullion banks going to come up with 900 million ozs to cover their silver shorts?

  7. On August 6, 2020 at 4:10 pm,
    dw jones says:

    another opinion on eastmain res. from jeff clark…Jeff Clark
    @TheGoldAdvisor
    Personal portfolio move: I decided to sell Eastmain. Yes, I will miss out on some shares if deal goes thru, but not crazy about its project, and Auryn’s flagship is a copper asset. IMHO there are more compelling gold/silver projects & the cash will give me the chance to buy them.

    • On August 6, 2020 at 5:57 pm,
      Excelsior says:

      I’m not sure what Jeff is talking about regarding Auryn as their 2 flagship projects (not 1) are not copper projects, but but Homestake and Committee Bay are high grade gold projects, as is their 3rd project Gibson MacQuoid.

      The Copper project Auryn has is Sombrero in Peru and it is one of the 2 spin-out companies Auryn shareholders will get as part of this transaction.

      Here is a link to Auryn’s website on their projects to help Jeff out on their Gold projects that will be merged with Eastmains gold projects.

      https://www.aurynresources.com/projects/overview/

      As for Eastmain’s 2 Gold projects Eau Claire & Eleonore South JV, they are both quality gold projects as well, it was just the prior 2 management teams that needed the boot.

      • On August 7, 2020 at 2:03 am,
        Pyrite says:

        Excelsior,
        I am looking to build a portfolio of junior and midcap copper producers preferably in low risk jurisdictions. Can you recommend a couple of them? The COPX etf is fine but I want more leverage to higher copper prices.
        Thanks.

        • On August 7, 2020 at 2:14 am,
          RICHARD/DOC says:

          Pyrite, EX is a lot more knowledgeable then I am as far as the fundamentals of various companies but one copper producer that I have a large holding in and is also blessed to have gold holdings is WRN. Just a thought. I also love their technicals at this time.

          • On August 7, 2020 at 3:35 am,
            Pyrite says:

            Doc,
            Thanks for the suggestion. I will take a look at WRN. How about Kutcho Copper?

        • On August 7, 2020 at 3:39 am,
          Excelsior says:

          HI Pyrite,

          The good news is there is lots of Copper all over the planet, and I believe for many investors the COPX ETF is a solid way to play it, and unlike many ETFs that have really bizarre companies or sectors mixed in with their holdings, the Copper ETF actually has a solid list of companies included.

          As for leverage in the Copper space, that will likely start coming from the Copper Developers with a solid resource already outlined in prior cycles that starts getting re-rated higher on rising metals prices, or some of the more advanced explorers that may be on to a solid deposit.

          The issue with most Base & Industrial Metals (whether it is Copper, Nickel, Zinc, Lead, Silver, Platinum, Palladium, Tin, Iron, etc….) is that they are almost all polymetallic deposits with many metals. As a result there aren’t lots of “pure” sector plays in any of them and so companies need to decide if they are reporting in Silver equivalent ounces, Copper equivalent ounces, Zinc equivalent ounces, Nickel equivalent ounces, Platinum equivalent ounces, and so on…

          As a result, most of the Copper producers have a hodge-podge of base metals or other commodities like Coal or Uranium. So there are the big producers like Teck, Rio Tinto, BHP, Hudbay, Glencore, Antofagasta, Freeport, etc… but most of their Copper assets aren’t in that safe of jurisdictions. Much of the Copper comes from South America (Peru, Chile, Argentina, Brazil), or Mongolia (Turquoise Hill/Entree), or some in Indonesia & Papua New Guinea, or in risky areas of Africa like the Congo, Tanzania, Zimbabwe, etc….

          There are some “safer” jurisdictions in North America, but with Covid shut downs, rabid environmentalists and lobbyist mobilizing strong opposition to the large open pit mines often required for Copper, many of them won’t get off the ground anyway or risk being shut down. Polymet in Minnesota and Pebble in Alaska can’t seem to get their projects moving forward after a decade a piece with a half dozen false starts.

          Most Copper deposits have to be huge to make the economics work at the low $2-$3.50 prices we’ve seen for so many years, but at $4-$5 Copper then some of smaller to mid-sized deposits start making more sense, have lower capex to get them started, and if they have a nice gold/silver credit they are more doable.

          There are also some less intrusive Insitu Mining operations sprouting up like Taseko and Excelsior Mining that inject fluids into the ground (just like in Uranium mining) and extract the copper that way that are easier to permit and don’t face the environmental backlash.

          ___________________________________________________

          Personally I haven’t put as much focus on Copper quite yet, with the breakout in Gold & Silver stocks garnering most of my focus, but I did start positions recently in Regulus & Sun Metals, and fairly recently in Triumph Gold that has a large copper component along with their Gold. Also McEwen Mining has nice copper kicker with their massive unloved and forgotten Los Azules project that they may end up monetizing. I have a tiny trapped position in Cordoba but don’t recommend it as it is in Colombia and has struggled.

          I have considered others recently like Western Copper & Gold, and Sandfire.

          >> The only Copper producer I currently hold is Sierra Metals (SMTS). They are polymetallic with Silver/Copper/Zinc/Lead/Gold, so that covers the spectrum.

          https://s23.q4cdn.com/335191765/files/doc_presentations/2020/SMT-Corp-Presentation-August-3.pdf

          There are other Silver and Gold producers with significant Copper credits as well, like for example, Americas Gold & Silver actually has some nice Copper credits in the mix, and now that metals prices are higher they’ll likely open back up a Copper circuit and start producing a Copper concentrate again, instead of just the lead concentrate to capture their higher grade Silver once again. Avino Silver & Gold has a nice Copper credit. And so on…. I like to get most of my Copper upside by having it be a co-credit to Precious metals or PGM deposits.

          ____________________________________________________________

          These are not separated from Producers, Developers, and Explorers but its a list of companies with at least some Copper exposure (sometimes in a secondary project)

          #COPPER STOCKS & ETFs Symbol OTC Symbol

          AEON METALS $AML.AX
          AERIS RESOURCES $AIS.AX $ARSRF
          ALDRIDGE MINERALS $AGM $AGMIF
          ALPHAMIN RESOURCES CORPORATION $AFM $AFMJF
          ALTIPLANO MINERALS $APN $ALTPF
          AMERICAN CUMO MINING CORP $MLY $MLYCF
          AMERIGO RESOURCES LTD $ARG $ARREF
          AMUR MINERALS CORP $AMC.L
          ANGLO AMERICAN PLC $AAL.L $NGLOY
          ANGLO PACIFIC RESOURCES PLC $APY $AGPIF
          ANTOFAGASTA HOLDINGS PLC $ANTO.L $ANFGF
          ARC MINERALS LTD $ARCM.L
          ARCWEST EXPLORATION INC $SOJ
          ARENA MINERALS INCORPORATED $AN $AMRZF
          ARGONAUT RESOURCES NL $ARE.AX
          ASIAMET RESOURCES $ARS.L $KMGLF
          ASTON BAY HOLDINGS LTD $BAY $ATBHF
          ATALAYA MINING PLC $AYM $ATYM.L
          ATICO MINING CORP $ATY $ATCMF
          AVANCO RESOURCES $AVB.AX $AVRRF
          AVRUPA MINERALS LTD $AVU $AVPMF
          AZARGA METALS CORPORATION $AZR $EUUNF
          BELL COPPER CORPORATION $BCU $BCUFF
          BHP BILLITON LTD $BLT.L $BHP
          BLACK SEA COPPER AND GOLD CORPORATION $BLS $BLSSF
          CANDENTE COPPER CORPORATION $DNT $CCOXF
          CALIBRE MINING CORPORATION $CXB $CXBMF
          CAMROVA RESOURCES INCORPORATED $CAV $BAJFF
          CANYON COPPER CORP $CNC $CNYCF
          CAPSTONE MINING CORPORATION $CS $CSFFF
          CARIBOO ROSE RESOURCES $CRB $CROOF
          CARUBE COPPER CORPORATION $CUC $CARCF
          CASCADERO COPPER CORPORATION $CCD $CCEDF
          CASSINI RESOURCES LTD $CZI.AX $CSSQF
          CENTENERA MINING CORP $CT $CTMIF
          CHAKANA COPPER CORP $PERU $CHKKF
          CHIBOUGAMAU INDEPENDENT MINES $CBG $CMAUF
          CHILEAN METALS INC $CMX $CMETF
          CHINA GOLD INTERNATIONAL RESOURCES $CGG $JINFF
          CONSTANTINE METAL RESOURCES LTD $CEM $CNSNF
          COPPER FOX METALS INC $CUU $CPFXF
          COPPER MTN MNG CORPORATION $CMMC $CPPMF
          COPPER NORTH MINING CORPORATION $COL $CPNVF
          COPPER ONE INC $CUO $COPRF
          COPPERBANK RES CORP $CBK $CPPKF
          CORDOBA MINERALS CORP $CDB $CDBMF
          CORNERSTONE CAPITAL RESOURCES INC $CGP $CTNXF
          CORNERSTONE METALS INC $CCC $CCCCF
          CORO MINING CORP $COP $CORJF
          CROWN MINING CORP $CWM $CWMZF
          DOUBLEVIEW CAPITAL CORP $DBV $DBLVF
          ELORO RESOURCES LTD $ELO $ELRRF
          EMX ROYALTY CORP $EMX $EMX
          ENTRÉE RESOURCES LTD $ETG $EGI
          ERDENE RESOURCE DEVELOPMENT CORP $ERD $ERDCF
          ERO COPPER CORP $ERO $ERRPF
          EUROMAX RESOURCES LTD $EOX $EOXFF
          EXCELSIOR MINING CORP $MIN $EXMGF
          EXPLOR RESOURCES INC $EXS $EXSFF
          EXXARO RESOURCES LTD $EXX.JO $EXXAY
          FILO MINING CORP $FIL
          FINDERS RESOURCES LTD $FND.AX
          FIRST QUANTUM MINERALS LTD $FM $FQVLF
          FORAN MINING CORPORATION $FOM $FMCXF
          FORTESCUE METAL GROUP LTD $FMG.AX $FSUMF
          FORTUNE MINERALS LTD $FT $FTMDF
          FREEPORT-MCMORAN INC $FCX
          GARIBALDI RESOURCE CORP $GGI $GGIFF
          GEORGIAN MINING $GEO.L
          GETTY COPPER INC $GTC
          GGX GOLD CORP $GGX $GGXXF
          GLENCORE XSTRATA PLC $GLEN.L $GLCNF
          GOLDEN RIDGE RESOURCES LTD $GLDN $GORIF
          GREAT WESTERN MINING CORP $GWMO.L
          GRUPO MEXICA $GMD.MX GMXDF
          HAMMER METALS LTD $HMX.AX $HMRRF
          HAVILAH RESOURCES $HAV.AX
          HERON RESOURCES LTD $HRR.AX $HER $HRLDF
          HIGHLAND COPPER $HI $HDRSF
          HUDBAY MINERALS INCORPORATED $HBM $HBM
          IMETAL RESOURCES INC $IMR
          IMPERIAL METALS CORP $III $IPMLF
          INTREPID MINES LIMITED $IAU.AX $IAUFF
          INTERNATIONAL MONTORO RESOURCES INC $IMT $IMTFF
          IVANHOE MINES LTD $IVN $IVPAF
          JIANGXI COPPER COMPANY LTD $0358.HK $JIXAY
          JINCHUAN GROUP 2362.HK $GDZD.F
          KATANGA MINING LTD $KAT $KATFF
          KAZ MINERALS PLC $KAZ.L $KZMYF
          KINCORA COPPER $KCC $BZDLF
          KING’S BAY RESOURCES CORP $KBG $KBGCF
          KING RIVER COPPER LTD $KRC.AX
          KINTAVAR EXPLORATION INC $KTR
          KGHM POLSKA MIEDZ S.A. $KGHA.F $KGHPF
          KOPORE METALS LTD $KMT.AX
          KUTCHO COPPER CORP $KC $KCCFF LANDORE RESOURCES LTD $LND.L
          LIBERO COPPER CORP $LBC $LBCMF
          LIBERTY STAR URANIUM & METALS CORP $LBSR
          LORRAINE COPPER CORPORATION $LLC $LRCPF
          LOS ANDES COPPER LTD $LA $LSANF
          LUCKY MINERALS INC $LJ $LKMNF
          LUMINA GOLD CORP $LUM $ODMEF
          LUNDIN MINING CORORATION $LUN $LUNMF
          METALS X LTD $MLX.AX $MLXEF
          METAL TIGER PLC $MTR.L
          MIDNIGHT SUN $MMA $MDNGF
          MILLROCK RES INC $MRO $MLRKF
          MINERA ALAMOS INC $MAI $VGMTF
          MINOTAUR EXPLORATION LTD $MEP.AX $MURXF
          MIRAMONT RESOURCES CORP $MONT $MRRMF
          MITSUI & COMPANY LTD $8031.S $MITSF
          MMG LIMITED $1208.HK $MMLTF
          MOD RESOURCES $MOD.AX $MDRSF
          MUNDORO CAPITAL INC $MUN $MUNMF
          NAUTILUS MINERALS INC $NUS $NUSMF
          NEVADA COPPER CORPORATION CDA $NCU $NEVDF
          NEVSUN RESOURCES LTD $NSU $NSU
          NEW ERA MINERALS $NEM
          NGEX RESOURCES INC $NGQ $NGQRF
          NICKELCREEK PLATINUM CORP $NCP $NCPCF
          NICOLA MNG INC $NIM $HUSIF
          NORONT RESOURCES LTD $NOT $NOSOF
          NORTHERN DYNASTY MINERALS LTD $NDM $NAK
          NORTHISLE COPPER & GOLD INC $NCX $NTCPF
          ORESTONE MINING CORP $ORS
          OROCO RESOURCE CORP $OCO ORVANA MINERALS CORP $ORV $ORVMF
          OZ MINERALS LTD $OZL.AX $OZMLF
          PACIFIC BOOKER MINERALS INCORPORATED $BKM $PBMLF
          PANORO MINERALS $PML $POROF
          PEEL MINING LTD $PEX.AX
          POLARX LTD $PXX.AX
          POLYMET MINING CORPORATION $POM $PLM
          PRECIPITATE GOLD CORP $PRG $PREIF
          PUMA EXPLORATION INC $PUMA $PUXPF
          PURSUIT MINERALS LTD $PUR.AX
          QUATERRA RESOURCES INC $QTA $QTRRF
          RAMBLER METALS AND MINING PLC $RAB $RBMTF
          RED METALS LTD $RDM.AX $RMES
          REDBANK COPPER LTD $RCP.AX
          REDHAWK RESOURCES INC $RDK $RHWKF
          REGULUS RESOURSOURCES INC $REG $RGLSF
          REX MINERALS LTD $RXM.AX
          RIDGESTONE MINING INC $RMI
          RIO TINTO PLC $RIO.L $RIO
          ROCKCLIFF COPPER CORPORATION $RCLF $SVVZF
          RUGBY MINING LTD $RUG
          SALAZAR RESOURCES LTD $SRL $SRLZF
          SAMA RESOURCES INC $SME $LNZCF
          SANDFIRE RESOURCES NL $SFR $SFRRF
          SEARCHLIGHT RESOURCES INC $SRCH
          SEGO RESOURCES INC SGZ
          SERENGETI RESOURCES INC $SIR $SGRNF
          SIERRA METALS INC $SMT $SMTS
          SILVER CITY MINERALS LTD $SCI.AX
          SOLGOLD PLC $SOLG.L $SLGGF
          SOUTHERN COPPER CORPORATION $SCCO
          SPEARMINT RESOURCES INC $SRJ $SPMTF
          STRATABOUND MINERALS CORP $SB $AGSM
          ST GEORGE MINING LTD $SGQ.AX
          SUN METALS $SUNM $SMTTF
          SURGE COPPER CORP $SURG $GRJVF
          TALISMAN MINING LTD $TLM.AX $TLSMF
          TASCA RESOURCES $TAC
          TASEKO MINES LTD $TKO $TGB
          TECK RESOURCES LIMITED $TECK-B $TECK
          TETHYAN RESOURCES $TETH
          TOACHI MINING INC $TIM $TIMGF
          TRAKA RESOURCES LTD $TKL.AX
          TRANSATLANTIC MINING $TCO $TRRGF
          TRIGON METALS INCORPORATED $TM $PNTZF
          TRILOGY METALS INCORPORATED $TMQ $TMQ
          TROUBADOUR RESOURCES INC $TR
          TURQUOISE HILL RESOURCES LTD $TRQ $TRQ
          VALE S.A. $VALE $VALE
          VALOR RESOURCES LTD $VAL.AX $VOYRF
          VAST RESOURCES $VAST.L
          VEDANTA LTD $VEDL
          VEDANTA RESOURCES PLC $VED.L $VDNRF
          VR RESOURCES LTD $VRR $VRRCF
          VULCAN MINERALS INC $VUL $VULMF
          VVC EXPLORATION CORPORATION $VVC $VVCVF
          WEATHERLY INTERNATIONAL PLC $WTI.L
          WESTERN COPPER & GOLD CORPORATION $WRN $WRN
          WOLFDEN RESOURCES $WLF.V $WLFFF
          XANADU MINES LTD $XAM.AX $XANAF
          YELLOWHEAD MINING INC $YMI $YHMGF

          • On August 7, 2020 at 3:53 am,
            Wolfster says:

            I wouldn’t want tell you what should and shouldn’t be on your list Ex but I would suggest looking at kodiak…… they are apart of the discovery group who seem to have pretty good track record

          • On August 7, 2020 at 4:01 am,
            Excelsior says:

            Good point Wolfster and I’ll add Kodiak to future lists, and please keeping sharing ideas as that is why we come here in the first place. There are too many miners to keep track of them all and this is date list I had posted over at ceo in the past, and likely needs an update. I also notice at first glance that Braveheart Resources, Josemaria Resources, Landore Resources, Phoenix Copper, QX Metals, Spruce Ridge Resources, and Traka Resources aren’t on there either.

            Thanks man!

          • On August 7, 2020 at 4:33 am,
            Marty says:

            I think right now you have to consider AURANIA a cooper play, an elephant at that, my only copper holding.

          • On August 7, 2020 at 7:29 am,
            Excelsior says:

            Marty, Good point on Aurania. Yes Coppper/Silver down in Ecuador. I thought that was already on this list, but good eyes.

          • On August 7, 2020 at 9:53 am,
            b says:

            I bought copperfox for 5 cents cdn, it ran to $2.50 cdn.
            Will it do it again from here? .14 cents cdn.

          • On August 7, 2020 at 2:06 pm,
            Excelsior says:

            b – Ah yes, Copperfox. I owned them years ago but haven’t checked up on them in a long time. Good idea. I used to own Quaterra back in the last metals cycle, and better check up on them too.

        • On August 7, 2020 at 9:40 am,
          GrowingTrees says:

          Wise advice Ex: CO-Credit to precious metals right now seems to be a good way to getting more copper exposure. Especially if Copper’s floor drops out in next 6 months.

          • On August 7, 2020 at 2:03 pm,
            Excelsior says:

            Agreed. I may add a few more Gold/Copper or Silver/Copper plays or to my existing ones more.

          • On August 7, 2020 at 2:10 pm,
            Excelsior says:

            In addition to the ones mentioned above, I guess Auryn should be included another Gold/Copper/Silver company, as I’ll get the Sombrero spin-out company with Copper in Peru.

            I’ve considered getting back in Abraplata, for the Copper/Silver, but I’m just not a huge fan of Argentina and already have exposure through McEwen.

  8. On August 6, 2020 at 4:21 pm,
    Matthew says:

    I shared a 29-29.50 silver target with someone here in July but I also have a higher one that looks good (and I’m not talking about final tops for this move).

    I posted the following chart last August when silver broke out of a 6 year downtrend. The March panic was clearly just a shakeout…
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=8&mn=0&dy=0&id=p43366167090&a=681517050

    • On August 6, 2020 at 4:39 pm,
      David says:

      Whoa…hints of parabolic….

      • On August 6, 2020 at 5:34 pm,
        Matthew says:

        I don’t know, can vertical steepen further?! If it can, we will be making big bucks yesterday!
        πŸ˜‰πŸ»

    • On August 7, 2020 at 12:55 am,
      The Hedgeless Horseman says:

      I hope to get some Kuya Silver shares once the MONT deal is over so wouldn’t mind this silver move getting even crazier. You have been spot on Matthew

      • On August 7, 2020 at 6:58 am,
        Matthew says:

        Thank you Erik
        I have never heard of Kuya Silver

  9. On August 6, 2020 at 4:35 pm,
    OOTB Jerry says:

    Oh.,look…..gold $2069…….

  10. On August 6, 2020 at 4:36 pm,
    OOTB Jerry says:

    Silver not even close to a top………

    • On August 7, 2020 at 7:13 am,
      bonzo says:

      Last week James Dines predicted $500 silver and liked HL. My favorite copper play is MUX which has over 20 billion lbs and growing in Argentina that few know about, but Rob does.

      • On August 7, 2020 at 9:34 am,
        GrowingTrees says:

        Been building on MUX postition as well, lowkey SIlver as well

  11. On August 6, 2020 at 4:37 pm,
    OOTB Jerry says:

    Platinum…….finally over a $1000……….yeppie…..

  12. On August 6, 2020 at 6:08 pm,
    Excelsior says:

    (JAG) (JAGGF) Jaguar Mining Reports Second Quarter 2020 Financial Results

    by @accesswire on 6 Aug 2020

    > Consolidated Gold Production Increased 28%
    > Gross Profit increased 312%
    > Strong Treasury Position of $30.2M
    > COC Decreased by 25% to $586/oz Au and #AISC Decreased 35% to $882/oz Au

    https://www.jaguarmining.com/en/investors/news-releases/2020/jaguar-mining-reports-second-quarter-2020-financial-results/

    • On August 6, 2020 at 6:38 pm,
      Excelsior says:

      (MUX) McEwen Mining Reports Q2 2020 Results

      by @nasdaq on 6 Aug 2020

      β€œI very much wish I could say that all our difficulties that started last year are now behind, but they are not, yet. The second quarter was challenging from an operational and health and safety standpoint. Our significantly lower production not only reduced our revenue, but also dramatically increased our costs per ounce. In addition, a change in how we account for development expenditures added significantly to our cash cost per ounce at Black Fox. However, our path to future growth and improved operational performance has become clearer.”

      “We are in a transition period setting up for future growth. We have a large resource base, four operating mines and can see an exciting organic growth pipeline of projects ahead that could potentially push our production to 300,000 ounces per year. I recently purchased 2 million shares, increasing my ownership to 82 million shares, and underlining my confidence in our future.”

      — commented Rob McEwen, Chairman and Chief Owner.

      https://ceo.ca/@nasdaq/mcewen-mining-reports-q2-2020-results

  13. On August 6, 2020 at 7:25 pm,
    David says:

    False employment data out tomorrow. Reminds me of the last 20 years. Fed Meeting….take the metals down…BlS false employment data…take the metals down…false inflation data, false economic data…take the metals down. Meanwhile, all time highs in the general markets…year after year….
    This is an election year with debt increasing and unpayable…fraud and corruption rampant…
    What should we expect in the metals…deja vu or reality…
    On the other hand, is it possible that the end of the biggest Ponzi scheme in the history of the World is facing a β€œcall”.

  14. On August 7, 2020 at 12:51 am,
    Matthew says:

    Brixton pulled back precisely from a fork resistance that I had been watching but is likely to push through it very soon…
    https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=5&mn=1&dy=0&id=p17179490804&a=777826699

  15. On August 7, 2020 at 6:04 am,
    BUZZ says:

    Trading halt on Orex Minerals

    • On August 7, 2020 at 6:39 am,
      Rene says:

      Thanks Buzz for mentioning

      • On August 7, 2020 at 7:27 am,
        John Kruschke says:

        I’ll second that.
        I started a position the sixth of last month.
        I thought it hadn’t moved enough compared to other Ag Co’s in 2016 dollars.

  16. On August 7, 2020 at 7:45 am,
    Excelsior says:

    Geez I slept in and just saw the movements in the Gold & Silver markets, and even though the metals are so much higher than they’ve been in years, at levels that are very profitable to miners, resource investors are running around in panic… like Godzilla is after them…

    https://youtu.be/OX2VaVtFYfs

    • On August 7, 2020 at 8:21 am,
      Excelsior says:

      I’ve been out nibbling today during the pullback in prices in Vizsla, Impact, Galiano, and more…

      • On August 7, 2020 at 9:32 am,
        GrowingTrees says:

        Added to my $USAS position

        • On August 7, 2020 at 1:27 pm,
          Excelsior says:

          Yes, I added just a little to USAS today as well, along with AXU, and SVM and trimmed a little more BBB. I also added to the one mentioned above, but had other stink bids that didn’t get filled.

          • On August 7, 2020 at 3:25 pm,
            GrowingTrees says:

            Can’t wait til our mining shares get revalued to Amazon and Tesla πŸ™‚

          • On August 7, 2020 at 7:39 pm,
            Excelsior says:

            This is just a crude chart I drew up with trendline showing that USAS finally broke above that level of resistance and then came down and backtested it, but I see this as the first sing of a bullish breakout and quite encouraging.

            http://cdn.ceo.ca/1fis402-USAS%20Americas%20Gold%20And%20Silver%20Chart%20Breakout%20Backtest.JPG

          • On August 7, 2020 at 7:40 pm,
            Excelsior says:

            sing = sign

        • On August 8, 2020 at 5:19 am,
          GrowingTrees says:

          A wise person once said, “Ever Upward”

          • On August 8, 2020 at 5:34 am,
            Excelsior says:

            πŸ˜‰

    • On August 7, 2020 at 8:22 am,
      David says:

      Are you saying the paper manipulated criminal market is facing collapse and the handlers are caught on the wrong side of the trade? πŸ™‚

      • On August 7, 2020 at 8:54 am,
        Excelsior says:

        Haha! No, just that resource investors are fickle and scatter as the first sign of selling.

        Gold at $2030 and Silver at $28 is not scary and we’ve been waiting for levels like this for years now. The producers are all making money here, the development projects are MUCH more valuable, and when explorers hit paydirt is is worth more.

        What’s not to like. I’ve been out shopping today πŸ™‚

        • On August 7, 2020 at 8:59 am,
          OOTB Jerry says:

          YEARS……………is right…………. πŸ™‚

          • On August 7, 2020 at 9:01 am,
            OOTB Jerry says:

            The Year of Jubilee….. lol πŸ™‚

          • On August 7, 2020 at 1:30 pm,
            Excelsior says:

            OOTB I’ve been adding to my Jubilee Metals Group position that extract Platinum, Palladium, and Chrome from other miners tailing projects… trying to make a little before the Debt Jubilee.

          • On August 7, 2020 at 1:40 pm,
            OOTB Jerry says:

            Bubba……just went Long Platinum…….see kitco…. πŸ™‚

          • On August 7, 2020 at 2:05 pm,
            Excelsior says:

            Yeah, Platinum looks set to jet…. I’ll check out Bubba’s piece as well.

        • On August 7, 2020 at 9:22 am,
          Marty says:

          You gotta listen to SprottMoneyRadio every Friday around 11 am. To Keep the Focus!. I call Eric Sprott β€œ The Wayne Gretzsky of Au/ Ag. β€œ He sees & knows wherebthe puck is going.

          • On August 7, 2020 at 1:28 pm,
            Excelsior says:

            Yes agreed Marty, and I check out Uncle Eric’s interview with Craig every week. Cheers!

          • On August 7, 2020 at 7:52 pm,
            Excelsior says:

            He had some nice things to say about hanging in there with Jaguar Mining (JAG) as well, and I’m glad to have held onto my core position and just traded around it for the last 3 years, mostly adding. In net, I sold some JAG down in 2017, but added more in 2018 and 2019 overall. This year I did 2 swing trades, but they were just 2 scalps for quick gains, and I kept the same number of shares as I had since 2019.

            Jaguar has really surged since March, but rightly so – It’s free of the production hedging, has turned its operations around, lowered it’s costs in a substantial way, has excellent margins, and there is a rising gold price. As a result it’s grown into one of my larger gold holdings, and I’ve done my best to let this winner run…

  17. On August 7, 2020 at 8:17 am,
    Rene says:

    Ira Epstein believes someone is caught in the silver market, hence the runup, no new buyers
    https://www.youtube.com/watch?v=Jqot4ZxVp48

    • On August 7, 2020 at 10:15 am,
      bonzo says:

      Marty and Wolfster, thanks for the Eric Sprott Fri interview. Gold at 3300 and silver at $75 by Christmas and Festivus would do wonders for my holdings, but there may be a civil war caused by the election fraud by the Democrat/Socialist party.

      • On August 7, 2020 at 1:36 pm,
        Excelsior says:

        A festivus for the rest of us. πŸ™‚

  18. On August 7, 2020 at 8:35 am,
    Wolfster says:

    Couldn’t resist getting some vizsla in the low $1.90’s…..still haven’t gotten my discovery stink bid filled and not looking like it will happen.

    • On August 7, 2020 at 8:55 am,
      Excelsior says:

      Same here.

  19. On August 7, 2020 at 8:48 am,
    Rene says:

    Brixton up nicely today, that Bayhorse has been up so many days in a row…

    • On August 7, 2020 at 8:56 am,
      John Kruschke says:

      Brixton up over 20%. BBBXF. Volume looks good as well.
      Today if holds will be a one month high in % gain.
      8/4 Tuesday BBBXF had a gain of 17.86%.

      • On August 7, 2020 at 3:32 pm,
        Excelsior says:

        It got the Sprott pop from the weekend review.

    • On August 7, 2020 at 8:57 am,
      Excelsior says:

      Yes, noticed that in both. I’m trying to see if there are any other stocks starting with “B” I should be watching closer. Come on Bonterra! I also may position in Blue Lagoon here.

      • On August 7, 2020 at 9:05 am,
        OOTB Jerry says:

        Try watching Billfold…….. understanding it is growing quickly… πŸ™‚

        • On August 7, 2020 at 9:11 am,
          John Kruschke says:

          Jerry, You are to clever.
          For a minute there you had me wondering if it was a new crypto wallet.

          • On August 7, 2020 at 9:21 am,
            OOTB Jerry says:

            John……. πŸ™‚ crypto ….good one….

        • On August 7, 2020 at 1:39 pm,
          Excelsior says:

          Yes OOTB, always a good idea to watch the Billfold as it grows…. ha!

          • On August 7, 2020 at 4:10 pm,
            OOTB Jerry says:

            If, you keep it in your back pocket, they will be calling you a Fat A$$….> ” πŸ™‚

          • On August 7, 2020 at 7:55 pm,
            Excelsior says:

            I can’t sit on a billfold like that and keep it in the front pocket, but they may still be calling me Fat A$$ regardless. Haha!

      • On August 7, 2020 at 9:20 am,
        John Kruschke says:

        Try BONZ, short for BONZO. Just kidding.
        Bonanza Gold

  20. On August 7, 2020 at 9:05 am,
    Rene says:

    John
    And seemingly no news, at least i couldnt find any…

    • On August 7, 2020 at 9:15 am,
      John Kruschke says:

      Rumor has it that they are going to be creating a new Position for Mathew as Technical Advisor for Trading.

      • On August 7, 2020 at 11:53 am,
        Matthew says:

        Good one. It sure looks good today at +26% πŸš€

        • On August 7, 2020 at 12:29 pm,
          Charles says:

          I feel like I got to trim today, but I hate to at the same time.

          • On August 7, 2020 at 1:29 pm,
            Matthew says:

            I know what you mean. At .41, it finished up 34.43% on the TSX-V and being above .385 gave us a bigger fork resistance breakout…
            https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=4&mn=9&dy=0&id=p39816052302&a=681845445

          • On August 7, 2020 at 1:40 pm,
            Excelsior says:

            I did trim a little more today into the strength. I’ve only got half the initial position left.

          • On August 7, 2020 at 4:22 pm,
            Charles says:

            Thanks for that chart. I took some off, but not much.

  21. On August 7, 2020 at 10:15 am,
    Rene says:

    Nice to hear from Eric and Craig again, Eric sounds a lot like me…sitting in his rockingchair with a laptop and doing all his investments….lol

    • On August 7, 2020 at 10:57 am,
      Buzz says:

      5.5 million investment by Sprott into Orex Minerals

      • On August 7, 2020 at 1:41 pm,
        Excelsior says:

        Nice. +5.5. I was wondering what the halt was for. Good stuff.

        • On August 7, 2020 at 3:34 pm,
          Excelsior says:

          Wow. (REX) Orex also got a Sprott pop today closing up 35%. I like it!!

        • On August 7, 2020 at 3:58 pm,
          David says:

          Halt must have been for some drama…looks like it worked.

  22. On August 7, 2020 at 12:02 pm,
    David says:

    Added Blackrock, Discovery, Northern Vertex, Orex. Triumph, Vizsla and Mexus. Mexus cost me a tube of toothpaste, a gal. of milk and a loaf of bread.

    • On August 7, 2020 at 3:55 pm,
      David says:

      Added = Added to

    • On August 7, 2020 at 7:57 pm,
      Excelsior says:

      Good adds David. I have all of those except Blackrock, and funny on the Mexus cost equivalents.

  23. On August 7, 2020 at 1:44 pm,
    OOTB Jerry says:

    Good day in the metal……time to catch a breather…..before going in again….
    EB Tucker at kitco…….interview……..is SPOT ON……I said this months ago…
    We are in a period, where most will not experience again, in their lifetime….
    Metals are heading a lot higher….Period.

    • On August 7, 2020 at 1:46 pm,
      OOTB Jerry says:

      KIS….S…… πŸ™‚

      • On August 7, 2020 at 4:12 pm,
        OOTB Jerry says:

        Young ones……..are going to miss this one……

      • On August 7, 2020 at 4:25 pm,
        Charles says:

        Jeep beating that drum Jerry!!!

        • On August 7, 2020 at 4:28 pm,
          OOTB Jerry says:

          I just want everyone on the KER, to get their fair share of WEALTH……from the slim ball banksters……

          • On August 7, 2020 at 5:31 pm,
            Bill says:

            OOTB J
            LOL was smiling at BBB today….PAAA POW. Thx Matt and dudes.

          • On August 7, 2020 at 5:50 pm,
            OOTB Jerry says:

            πŸ™‚

  24. On August 7, 2020 at 7:18 pm,
    Matthew says:

    I said last night that Brixton would make it through resistance soon, and it did, but now it is at an important speed line resistance that will probably unleash it very soon for a quick move to the .80 area.
    Next week will probably bring much more upside action and the rest of the sector will probably join in by Wednesday.
    https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=5&mn=1&dy=0&id=p04515493699&a=777826699

    • On August 7, 2020 at 8:10 pm,
      Excelsior says:

      I trimmed back more of my Brixton position into today’s strength, but do see that it broke out above fork resistance and up to that speed-line resistance. If you really feel it may head up to that next speed line up at .80, then it may make sense to add a bit more back to the position and ride it up there before liquidating it.

    • On August 7, 2020 at 9:39 pm,
      Bill says:

      I saw that Matt!! Ya I thought the chart looked ready to Pop a few days ago… I’m on the fence still thinking longer term. Maybe start trimming if it moves to the next level. Highs would be sweet but if silvers on it way to even $70 not sure i should even mess around with timing.
      I don’t have a ton of shares 150K. (10% of Matts lol) Pretty bloody happy period and thanks Excelsior!

      • On August 8, 2020 at 5:33 am,
        Excelsior says:

        Cheers Bill and good trading to you!

  25. On August 8, 2020 at 6:53 am,
    jim mclella says:

    Novo the mill; what happened to Sumitomo, they didn’t come to the table, whats left of the 30 mil we had in the bank….did heritage needs get finalized? Great move on the mill, likely their tenements have course gold as well. How about cash/gold dividends!
    Jim