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9/3/16

The top three most visited IKN posts this week are...

...in reverse order:

Third Place: "The Denver 2016 names". I promise you that it didn't occur to me at the time and that I wasn't fishing, but in hindsight listing the names of the 160 mining companies attending the Denver Gold Show 2016 was always going to be clickbait, wasn't it? Live n learn...


Second Place: "Silver One (SVE.v) and its chairman, Luke Norman". Oh I'm glad about that, thank you for making this one a highly hit missive, Luke Norman and his nefarious ways need as much light shone upon them as possible. It also shows DF the calibre of people with whom FF is happy to do business.
 
First Place: "Kerrisdale shorts First Majestic (AG) (FR.to)", the one that linked to the Kerrisdale report, but to be fair to myself (for a change) you also need to read the follow-up post on the subject that came the day after, "The US Jerbs report shows why Kerrisdale Capital is plain stupid to short First Majestic (AG) (FR.to)", as it says this Kerrisdale dude is way wrong to short FR.to no matter what I might think of the stock in question or its main man's poor understanding of the silver market. 

There are always stocks in the market that can be called long recos, there are often a smattering of obvious short ideas too but the vast majority of stocks at any given times come under the category "avoid". First Majestic is one of those, it's definitely not a short and I definitely won't be taking any math lessons from the cokehead running Kerrisdale Capital and though cokehead is bad enough DUI is a hundred times worse, it's like waving a loaded weapon around in public. Jail this snot-rag please.

9/2/16

Newmont > Barrick

As of this Friday's close, Newmont (NEM) is the world's biggest public trading precious metals mining company, edging out Barrick (ABX) on market cap for the first time in a long time.

The Friday OT: Green Day; Bang Bang

IKN is an on-record fan of Green Day but even taking that into consideration, this new track from the upcoming Revolution Radio album is freaking me out it's so good. Wow it's good.




Seriously magnificent punk rock and Green Day on top top form. The video's great, the lyrics, the guitar/bass work and everything. But if there's one standout among the high standards everywhere it's Tré Cool, who steals the show with an awesome display of his drumming power. Find the best set of speakers you can and use this song to find out how loud they go before you hit distortion. Youtube here.

Hit it.

Important Medical Research Update

A. Reader sends the following into IKN Nerve Centre today. As it's Friday, it's far too good not to share.



The Latest Breakthrough in Medical Research 
  • Do you have feelings of inadequacy?
  • Do you suffer from shyness?
  • Do you sometimes wish you were more assertive?
If you answered 'yes' to any of these questions, ask your doctor or pharmacist about Cabernet Sauvignon.
Cabernet Sauvignon is the safe, natural way to feel better and more confident about yourself and your actions. It can help ease you out of your shyness and let you tell the world that you're ready and willing to do just about anything.
You will notice the benefits of Cabernet Sauvignon almost immediately and, with a regimen of regular doses, you can overcome any obstacles that prevent you from living the life you want to live.
Shyness and awkwardness will be a thing of the past and you will discover many talents you never knew you had. Stop hiding and start living.
Cabernet Sauvignon may not be right for everyone. Women who are pregnant or nursing should not use it. However, women who wouldn't mind nursing, or becoming pregnant, are encouraged to try it.
Side effects may include: Dizziness, nausea, vomiting, incarceration, loss of motor control, loss of clothing, loss of money, loss of virginity, delusions of grandeur, table dancing, headache, dehydration, dry mouth, and a desire to sing Karaoke and play all-night  rounds of Strip Poker, Truth Or Dare, and Naked Twister.
Warnings: The consumption of Cabernet Sauvignon may make you think you are whispering when you are not. The consumption of Cabernet Sauvignon may cause you to tell your friends over and over again that you love them. The consumption of Cabernet Sauvignon may cause you to think you can sing. The consumption of Cabernet Sauvignon may create the illusion that you are tougher, smarter, faster and better looking than most people.

Now just imagine what you could achieve with a good Shiraz or Malbec...Live the dream!
LIFE IS A CABERNET OLD CHUM



IKN Recommends: The Colombia Gold Letter

Issue number 61 of The Colombia Gold Letter hit my mailbox earlier in the week and I was going to mention it at the time but it slipped my mind. Today I put that right. As usual, Paul Harris's flagship service offers unbeatable insight into the Colombia mining scene (and other countries beside, it now covers mining deals and happening in Colombia's neighbours too) but what stands out in this month's edition is his excellent eye for the wider political scene. The signing of the Peace agreement in Colombia is a very big deal and the impact of what it all means, particularly to (current and potential) foreign investment, is covered with intelligence and sharp analysis by Harris this month. There's a good piece on the key issue of community relations in this edition, too. 

Read the September issue of The Colombia Gold Letter by clicking this link and downloading your copy of the PDF. And then sign up for the letter, it's free. All the details on how to do that are in the letter (or send Paul a mail at this address,

 paul.corresponsal AT gmail DOT com

..., easy stuff).

The US Jerbs report shows why Kerrisdale Capital is plain stupid to short First Majestic (AG) (FR.to)

On a prompt from a mailer, I took a closer look at the Kerrisdale Capital hit piece on First Majestic (AG) (FR.to) last night and what I can say now is that Kerrisdale breaks one of the cardinal rules of the short report. Fact is, when the anal yst (you or I) publishes a long call on a company, nobody ever cares too much if a detail is wrong, information incorrect, a fact doesn't stand up to checking. But when you're writing a short sale hit piece my stars, you'd better get every last punctuation mark in the right place... or else. Kerrisdale fails on that, not because of any part of the Ad Hom attacks on Neumeyer but because it uses bad numerical inputs on its DCF valuation boards. That, ladies and gentlemen, basically blows the whole argument out of the water because 1) the report is clearly unreliable and Kerrisdale is pretending to be an expert on a subject in which it is obviously deficient, plus 2) I get the feeling this Kerrisdale dude is less adept at anal ysis than he thinks.

And by the way, all the ad hom stuff about Neumeyer may be interesting gossip (and the parts that reveal his true connections with First Quantum way back when were long overdue) but they don't make a jot of difference to the AG market valuation in 2016. 

But it's the reaction to the USA BLS Jobs report today which is the real nail in the coffin of Kerrisdale and its short position. The macro trumps everything, no matter if your stock is relatively cheap or expensive to peers, they all rise on the tide from here and the pop in PM stocks on the back of the weak jobs number is all the evidence you need. That a short seller picks a PM company this early in the cycle to attack is either brave or stupid. In the case of K2 Assoc and its position against Asanko, that one is brave because K2 thinks it has found specific evidence of operational problems at its key asset. If that's true then Asanko will fail and K2 wins no matter what the gold price does (and if not it won't, or course). But shorting First Majestic "on the numbers" at a time like this, so early in the precious metals cycle? That's just plain freakin' stupid and we the outsider should have serious misgivings about the financial acumen of the guy running Kerrisdale if he can't make the obvious macro call. I'm no fan of Neumeyer or of his stocks, but I'm not stupid and I don't short market leading silver stocks like First Majestic just because I think it's overvalued compared to Coeur or Hecla or Pan American. Because if silver moves to $25/oz all those four will cost more to buy than they do today, it's as simple as that.

Kerrisdale, in my considered opinion, has failed in its analysis of FR.to first on the inaccuracies of its report and second because the company is obviously stupid about precious metals. That's not so good when you've decided to short a precious metals miner.

PS: For more on PMs try this post, "We're still early in the precious metals cycle" from a week and a bit ago.

9/1/16

The Primero (PPP) (P.to) CFO takes the fall

That'll be for that smart, "Hey! Let's take Mexico to court!" idea.

TORONTO, ON--(Marketwired - September 01, 2016) - Primero Mining Corp. ("Primero" or the "Company") (TSX: P) (NYSE: PPP) today announced the appointment of Kevin Jennings as Chief Financial Officer effective September 19, 2016.
Mr. Jennings is an experienced international mining finance executive with an extensive background in financial management and reporting, international corporate transactions, strategy development, restructuring and turnarounds. He successfully led the African Barrick Gold initial public offering as C.F.O. and has held senior financial executive roles with Barrick Gold, (Vice President, Corporate Development), Xstrata Nickel, (Director, Business Optimization), Falconbridge (Director, Business Development), American Racing Equipment (C.F.O.), Sun Gold (C.F.O.) and most recently Banro Corporation (C.F.O.). Kevin is a Chartered Accountant with a BA in Administrative studies (Honours Accounting) from York University and a BA in Economics from the University of Western Ontario.
Mr. Jennings will replace Ms. Wendy Kaufman who is leaving the Company effective September 6, 2016 to pursue other opportunities. Continues here

And there's no doubt about it, this dog needs turning around. And by the way, Primero is trying to sell Cerro Del Gallo.

A Flash update...

...has just been sent to subscribers, Thursday afternoon post-close. Three trades planned for tomorrow (or next week if the prices aren't right).

And remember the big data show pre-open mañana, yeah?


A Starbucks coffee in 13 cities

The Economist's 'Big Mac Index' has some competition, as Argentina's 'La Nacion' today ran this report on the price of a Starbucks Latte Grande in thirteen major world cities (Buenos Aires included of course). Here's an IKN chart of the La Nacion results:


Maybe this is why tourists have stayed away from Paris this year. Meanwhile, competition from Juan Valdez shops in Colombia suits customers.

Silver One (SVE.v) and its chairman, Luke Norman

Oh wow, look what the cat dragged in! The new bullshit pump being fed to the greenhorn end of the market is Silver One (SVE.v), up to its wazoo in First Mining (FF.v) worthlessness and being pumped by all the usual suspects, the sociopath Daniel Ameduri front and centre. Ah but that's just for starters, main course is the Chairman of SVE.v Luke Norman and here's his biog:
Luke Norman
Chairman of the Board

Luke Norman is a seasoned growth executive with over 15 years of experience in the venture capital markets. He has been responsible for the direct capital raises in excess of $300M. Mr. Norman began his capital markets career at Ord O’Connor Grieve, New Zealand then worked for 4 years with Canaccord Capital Corp before moving on to the private investment industry. In recent years, Mr. Norman has operated a consultancy company to the metals and mining industry as well as co-founding Gold Standard Ventures Corp. a TSX-V and NYSE Market listed gold exploration company and co-founder and former director of Stratton Resources Inc.

Funny how that biog "forgets" to mention Norman's time as VP Corp Dev at ATW Gold, is it not? But don't worry IKN is here to remind you just what type of two-faced scamming rat is running this new pump job. Click here, learn much. And click here for more on Norman (and his partner in crime Graham Harris). Anyone trusting Luke Norman with their money has a lesson in Canadian junior mining capital markets coming their way. Good and hard.

Radius Gold (RDU.v) and classic mining company arrogance

This part of today's NR from Radius Gold (RDU.v) made me laugh. 

"Our Guatemala concession holdings at Banderas remain in good standing and the exploration potential on those properties is high, but with recent developments at Tambor, the new government's commitment to supporting the mining industry has yet to be proven."

The detail that makes it such fun? Tambor was never permitted and was operating illegally for years (in cahoots with the corrupt Otto Pérez Molina government) and against the wishes of the local population. That until earlier this year when the Guatemala courts ruled that it was indeed operating illegally and closed the mine down. But according to the arrogant twats at RDU, that a sovereign state country correctly applies its own laws to a rogue miner in a watertight legal case and ruling is evidence that its government doesn't support mining. Yet again, the Canadian mining industry's automatic assumption that its place is somewhere above the law shines through. Butter wouldn't melt in your mouths guys, yeah? And then you wonder in bafflement why you're so hated later on.

Kerrisdale shorts First Majestic (AG) (FR.to)


First Majestic Silver Corp. is, in the words of its founder and CEO, “the purest silver company in the world,” with six operating mines and a handful of development projects, all located in Mexico. Like any miner, First Majestic has seen its market value fluctuate in sympathy with the price of its key commodity; from the peak of the silver market in 2011 to its recent low point, for instance, First Majestic declined 90%. As precious-metal prices have rebounded, however, First Majestic has gotten a new lease on life, rising 268% year-to-date – an increase eight times larger than that of silver itself.

This speculative frenzy – exacerbated by an ongoing, company-funded stock-promotion campaign – has gone too far: First Majestic’s valuation is now outrageously detached from reality. We estimate that the company trades at 5x net asset value (NAV) – an astonishing premium to peers and a gross violation of common sense. While the market prices other precious-metals miners at just 17% of the spot value of their measured and indicated mineral resources – gold and silver in the ground that still need to be extracted, processed, and sold over many years, justifying a large discount – First Majestic trades at a whopping 77% of this value. Not only is the company ludicrously expensive relative to its peers; it’s also expensive relative to its own history. For example, compared to the last time the price of silver was at its current level, First Majestic’s stock price is now 17% higher – yet its silver reserves per share are now 30% lower.

Indeed, as First Majestic has surged higher, even sell-side analysts with bullish views on the price of silver and the prospects of the silver-mining industry have expressed bafflement over its valuation. Among the eight firms covering the company, not a single one believes it’s trading anywhere close to NAV. But First Majestic has benefited from less sober investors seeking the cleanest “play” on a silver bull market and buying at any price.

Contributing to the hype is First Majestic’s CEO, a former stock promoter who describes himself as a “high-level visionary” and for years has predicted – incorrectly – that silver would soon trade for over $100 per ounce (up from ~$19 currently). He has also opined that “the financial crisis of 2008-2009 was completely orchestrated and…known by the insiders” (as a way for banks to buy cheap real estate in “probably the largest theft in human history”) and contended that “if we actually do see negative interest rates in North America…we’re going to see riots." While he argues that current precious-metal prices are unsustainably low as a result of “paper manipulation” by a conspiracy of big banks, what’s really unsustainable is First Majestic’s anomalously high share price, which we believe has 70-80% downside.

IKN back. That Keith Neumeyer's wholly incorrect views on the price of silver be given a wider airing is a good thing and that his Emperor's New Clothes empire gets deserved scrutiny is also a positive, but there is something I find strange about all this. What I find funny: Kerrisdale (the people who shorted Silvercorp (SVM)...remember that one?) go after Keith's mothership when the really obvious bloated turd is his Mini-Me company, First Mining (FF.v). Mind you, very tough to get a borrow on that one (one of the reasons its share price has gone so stupidly high).

PS: And by the way, that Kerrisdale report is a pretty decent read. Go get yours.


8/31/16

Wesdome Gold Mines (WDO.to) insider selling

This afternoon, astute reader 'CD' asked your humble scribe for his thoughts on the two large insider sales at Wesdome Gold Mines (WDO.to) this week:



My major thought: Dumb stupid insiders for leaving money on the table, frankly. WDO closed 13c higher today than the price at which those two sold yesterday. I can only assume they're geologists*.

Disclosure: I'm long WDO and I fucking bastard asshole know it's going higher. That ugly enough for you, socialists?

*aha! They're truckers! Explains much.

New buy

The best time to buy a stock? When other people are selling it. In IKN382 this Sunday coming we have a new buy reco on a precious metals junior mining company. And as always, I personally won't be buying until next week. But buy I will.

Modern coups d'état

We're all technology and information age down here in LatAm, we don't need no stinkin' guns to overthrow Presidents these days, just a parliament that makes up rules to suit its cause. The pattern is clear, Lugo in Paraguay, Zelaya in Honduras and coming up in a few minutes' time the biggest win so far for the oppressors of an entire continent, Dilma in Brazil. Because freedom.

Mind you, if all else fails they can always fall back on good old fashioned violence in the streets. To that end keep an eye on Caracas tomorrow September 1st, could be a lot of fun.


Inca One (IO.v) lightens the IKN DD load

Your humble scribe would like to thank Edward Kelly of Inca One (IO.v) for making his workload that much easier, thanks to the news this morning:

VANCOUVER , Aug. 31, 2016 /CNW/ - INCA ONE GOLD CORP. (IO.V) ("Inca One" or the "Company") is pleased to announce the appointment of Mr. Bruce Bragagnolo , LLB as the Chairman of its Board of Directors effective immediately.
Mr. Bragagnolo is the co-founder and former Chief Executive Officer of Timmins Gold Corp. an emerging intermediate, Mexican-focused gold producer. continues here

When a company makes a move like this there's no need to look any further, check financials, run numbers or spend inordinate amounts of time trying to decide whether there's a trade:


You just avoid it forever.

8/30/16

Tahoe Resources (TAHO) (THO.to) is burying its assets

On slide 22 of the latest corporate presentation out of Tahoe Resources (TAHO) (THO.to), the company talks up its "Long-Term Project Pipeline" and there are three projects listed, headed up by the La Arena sulfide project as seen in this screenshot:




That's as to be expected what there being around 2Bn lbs copper and 2m oz of gold to dig out the ground there. It's also normal they talk up this project as a scoping study is due to be compiled on it starting in 4q16. It's also normal because according to the TAHO financials, the La Arena sulfides are worth over U$260m in asset and goodwill value. And that's a lot of money.

So why have TAHO decided to bury their treasure instead? Word from Huamachuco reaches your humble scribe that in a bizarre development, the company has built the latest phase of the oxide leach pad right on top of the projected sulfides pit. In other words, if they ever want to move this asset forward not only will they have to spend all the cash on a new mill, but they're going to have to spend a whole bunch of extra money moving all the dirt they dumped on top of it, which would be a self-inflicted and totally needless extra expense. The attitude towards this "project" is weird, because sticking a major civil works pad on top seems to imply that it's not going to happen as a mine. So if not, why is it being given such a high asset value by the company?



PPK met Alan Garcia yesterday...

...and this photo of the courtesy call by Peru's new President to one of the ex-Prezzes is doing the rounds in Peru today:

Steve Letwin's special way...

...of welcoming new funds and institutional money into the precious metals mining sector for the first time:


Make yourself at home, guys, your entrance fee is now covered, first drink free.

Regarding the Yamana (YRI.to) (AUY) Agua Rica project

According to Catamarca province local newspaper El Ancasti yesterday, we're now just days away from the legal ruling in the province that will ratify the Argentine Supreme Court resolution in March and to activate the permanent suspension the Agua Rica project owned by Yamana Gold (AUY) (YRI.to). But don't worry, Marrone will say it doesn't matter and they were going to do a new EIA anyway...

Here ends the message aimed at the "Argentina Is Now Suddenly Wonderful For Mining" morons currently making the most of their 15 minutes at the microphone.

Chart of the day is...

...the US Dollar index, dailies:


Please show this chart to all the permabull goldbug idiots who have been bleating non-stop for months on end about the imminent death of the US Dollar and ask them if they now accept that they were wrong.

UPDATE: And if they decide to defend their position, you can even play bingo with them. Enjoy!


The Denver 2016 names

The full list of companies participating at the Denver Gold Forum, September 18th to 21st, is out today. Here's the link to the NR, here are the names.


Company  Status  Primary Mineral  Primary Country  Exchange  Ticker
Acacia Mining  Producer  Gold  Tanzania  LSE  ACA
Agnico Eagle  Producer  Gold  Canada  TSX  AEM
Alacer Gold Corp.  Producer  Gold  Turkey  TSX  ASR
Alamos Gold  Producer  Gold  Canada  TSX  AGI
Alexco Resource Corp.  Developer  Silver  Canada  NYSE MKT  AXU
Almaden Minerals Ltd.  Developer  Gold  Mexico  TSX  AMM
Americas Silver Corp.  Producer  Silver  United States  TSX  USA
AngloGold Ashanti Ltd.  Producer  Gold  South Africa  NYSE  AU
Argonaut Gold Inc.  Producer  Gold  Mexico  TSX  AR
Asanko Gold  Producer  Gold  Ghana  TSX  AKG
ATAC Resources Ltd.  Explorer  Gold  Canada  TSXv  ATC
Atlantic Gold Corp.  Developer  Gold  Canada  TSXv  AGB
Aurcana Corp.  Developer  Silver  United States  TSXv  AUN
AuRico Metals  Royalty / Streaming  Gold  Canada  TSX  AMI
Auryn Resources  Explorer  Gold  Canada  TSXv  AUG
Avino Silver & Gold Mines Ltd.  Producer  Silver  Mexico  NYSE MKT  ASM
B2Gold Corp.  Producer  Gold  Nicaragua  TSX  BTO
Balmoral Resources  Explorer  Gold  Canada  TSX  BAR
Banro Corp.  Producer  Gold  Congo, Democratic Republic of  TSX  BAA
Barrick Gold Corp.  Producer  Gold  United States  NYSE  ABX
Beadell Resources  Producer  Gold  Brazil  ASX  BDR
Brixton Metals Corp.  Explorer  Silver  Canada  TSXv  BBB
Buenaventura  Producer  Gold  Peru  NYSE  BVN
Caledonia Mining  Producer  Gold  Zimbabwe  TSX  CAL
Calibre Mining  Explorer  Gold  Nicaragua  TSXv  CXB
Canarc Resource Corp.  Developer  Gold  Canada  TSX  CCM
Centamin plc  Producer  Gold  Egypt  LSE  CEY
Centerra Gold Inc.  Producer  Gold  Kyrgyzstan  TSX  CG
China Gold Int'l Resources  Producer  Gold  China  TSX  CGG
Coeur Mining, Inc.  Producer  Gold  United States  NYSE  CDE
Gran Colombia Gold  Producer  Gold  Colombia  TSX  GCM
Condor Gold  Explorer  Gold  Nicaragua  LSE  CNR
Contango Ore  Explorer  Gold  United States  OTC  CTGO
Continental Gold Inc.  Developer  Gold  Colombia  TSX  CNL
Crusader Resources  Developer  Gold     ASX  CAS
Detour Gold Corp.  Producer  Gold  Canada  TSX  DGC
Dominion Diamond Corp.  Producer  Diamond  Canada  TSX  DDC
Doray Minerals Ltd  Producer  Gold  Australia  ASX  DRM
Dundee Precious Metals  Producer  Gold  Bulgaria  TSX  DPM
Eastmain Resources  Explorer  Gold  Canada  TSX  ER
Eldorado Gold  Producer  Gold  Turkey  TSX  ELD
Endeavour Mining Corp.  Producer  Gold  Côte d'Ivoire  TSX  EDV
Endeavour Silver Corp.  Producer  Silver  Mexico  TSX  EDR
Eurasian Minerals  Royalty / Streaming  Gold  United States  NYSE MKT  EMXX
Euro Sun Mining Inc.  Developer  Gold  Romania  TSX  ESM
Euromax Resources  Developer  Gold  Macedonia  TSX  EOX
Evolution Mining  Producer  Gold  Australia  ASX  EVN
Exeter Resource Corp.  Developer  Gold  Chile  NYSE MKT  XRA
First Majestic Silver Corp.  Producer  Silver  Mexico  NYSE  AG
First Mining Finance  Developer  Gold  Canada  TSXv  FF
Fortuna Silver Mines Inc.  Producer  Silver  Mexico  TSX  FVI
Franco-Nevada  Royalty / Streaming  Gold  Canada  TSX  FNV
Fresnillo plc  Producer  Silver  Mexico  LSE  FRES
GFG Resources  Explorer  Gold  United States  Private   
GoGold Resources  Producer  Silver  Mexico  TSX  GGD
Gold Fields Ltd.  Producer  Gold  Ghana  NYSE  GFI
Gold Resource Corp.  Producer  Gold  Mexico  NYSE  GORO
Gold Road Resources  Explorer  Gold  Australia  ASX  GOR
Gold Standard Ventures Corp.  Explorer  Gold  United States  NYSE MKT  GSV
Goldcorp Inc.  Producer  Gold  Canada  NYSE  GG
Golden Predator  Explorer  Gold  Canada  TSXv  GPY
Golden Queen  Producer  Gold  United States  TSX  GQM
Golden Star Resources Ltd.  Producer  Gold  Ghana  NYSE MKT  GSS
Great Panther Silver Ltd.  Producer  Silver  Mexico  TSX  GPR
Guyana Goldfields Inc.  Producer  Gold  Guyana  TSX  GUY
Harmony Gold Mining Co. Ltd.  Producer  Gold  South Africa  JSX  HAR
Hecla Mining Company  Producer  Silver  United States  NYSE  HL
Hochschild Mining plc  Producer  Silver  Peru  LSE  HOC
IAMGOLD Corp.  Producer  Gold  Burkina Faso  TSX  IMG
Independence Group  Producer  Gold  Australia  ASX  IGO
Integra Gold  Explorer  Gold  Canada  TSXv  ICG
International Tower Hill Mines Ltd.  Explorer  Gold  United States  NYSE  THM
Ivanhoe Mines  Developer  Platinum  South Africa  TSX  IVN
J Resources  Producer  Gold  Indonesia  IDX  PSAB
Jaguar Mining Inc.  Producer  Gold  Brazil  TSX  JAG
Kingsgate  Producer  Gold  Thailand  ASX  KCN
Kinross Gold Corp.  Producer  Gold  United States  TSX  K
Kirkland Lake Gold Inc.  Producer  Gold  Canada  TSX  KGI
Klondex Mines  Producer  Gold  United States  TSX  KDX
Luna Gold Corp.  Developer  Gold  Brazil  TSX  LGC
Lundin Gold  Developer  Gold  Ecuador  TSX  LUG
Lydian International  Developer  Gold  Armenia  TSX  LYD
MAG Silver Corp.  Developer  Silver  Mexico  TSX  MAG
Mandalay Resources Corp.  Producer  Gold  Chile  TSX  MND
Mariana Resources Ltd.  Explorer  Gold  Turkey  LSE  MARL
Marlin Gold Mining  Producer  Gold  Mexico  TSXv  MLN
McEwen Mining Inc.  Producer  Gold  Mexico  NYSE  MUX
Metals X  Producer  Gold  Australia  ASX  MLX
Metminco Limited  Developer  Gold  Colombia  ASX  MNC
Midas Gold Corp.  Developer  Gold  United States  TSX  MAX
Mountain Province Diamonds  Developer  Diamond  Canada  TSX  MPV
Mundoro Capital Inc.  Explorer  Gold  Serbia  TSXv  MUN
Nautilus Minerals  Developer  Copper  Papua New Guinea  TSX  NUS
Nevsun Resources Ltd.  Producer  Copper  Eritrea  TSX  NSU
New Gold Inc.  Producer  Gold  Canada  TSX  NGD
NewCastle Gold  Explorer  Gold  United States  TSXv  NCA
Newcrest Mining Ltd.  Producer  Gold  Australia  ASX  NCM
Newmarket Gold  Producer  Gold  Australia  TSX  NMI
Newmont Mining Corp.  Producer  Gold  United States  NYSE  NEM
NGEx Resources  Explorer  Copper  Chile  TSX  NGQ
Nordgold  Producer  Gold  Burkina Faso  LSE  NORD
Northern Dynasty Minerals  Developer  Copper  United States  TSX  NDM
Northern Star Resources Limited  Producer  Gold  Australia  ASX  NST
Northern Vertex Mining Corp.  Developer  Gold  United States  TSXv  NEE
NOVAGOLD  Developer  Gold  United States  NYSE MKT  NG
OceanaGold Corp.  Producer  Gold  Philippines  TSX  OGC
Orca Gold Inc.  Explorer  Gold  Sudan  TSXv  ORG
OreCorp Ltd.  Developer  Gold  Tanzania  ASX  ORR
Osisko Gold Royalties Ltd.  Royalty / Streaming  Gold  Canada  TSX  OR
Pan American Silver Corp.  Producer  Silver  Mexico  NASDAQ  PAAS
Paramount Gold Nevada  Explorer  Gold  United States  NYSE MKT  PZG
Perseus Mining Ltd.  Producer  Gold  Ghana  ASX  PRU
Pershing Gold  Developer  Gold  United States  NASDAQ  PGLC
Pilot Gold Inc.  Explorer  Gold  United States  TSX  PLG
Platinum Group Metals Ltd.  Producer  Platinum  South Africa  TSX  PTM
Polymetal  Producer  Gold  Russian Federation  LSE  POLY
Polyus  Producer  Gold  Russian Federation  MOEX  PLZL
Premier Gold Mines Ltd.  Developer  Gold  Canada  TSX  PG
Pretium Resources Inc.  Developer  Gold  Canada  TSX  PVG
Primero Mining Corp.  Producer  Gold  Mexico  TSX  P
Probe Metals Inc.  Explorer  Gold  Canada  TSXv  PRB
Pure Gold Mining  Explorer  Gold  Canada  TSXv  PGM
Ramelius Resources Ltd.  Producer  Gold  Australia  ASX  RMS
Randgold Resources  Producer  Gold  Mali  LSE  RRS
Red 5 Ltd.  Producer  Gold  Australia  ASX  RED
Red Eagle Mining  Developer  Gold  Colombia  TSXv  RD
Regis Resources Ltd.  Producer  Gold  Australia  ASX  RRL
Resolute Mining Ltd.  Producer  Gold  Mali  ASX  RSG
Richmont Mines Inc.  Producer  Gold  Canada  TSX  RIC
RNC  Producer  Gold  Australia  TSX  RNX
Roxgold Inc.  Producer  Gold  Burkina Faso  TSXv  ROG
Royal Gold Inc.  Royalty / Streaming  Gold  Canada  NASDAQ  RGLD
RTG Mining  Explorer  Gold  Philippines  TSX  RTG
Sabina Gold & Silver Corp.  Developer  Gold  Canada  TSX  SBB
Sandstorm Gold  Producer  Gold  Canada  TSX  SSL
Saracen Mineral Holdings Ltd.  Producer  Gold  Australia  ASX  SAR
Seabridge Gold  Explorer  Gold  Canada  NYSE  SA
SEMAFO  Producer  Gold  Burkina Faso  TSX  SMF
Sibanye Gold Ltd.  Producer  Gold  South Africa  JSX  SGL
Sierra Metals Inc.  Producer  Silver  Peru  TSX  SMT
Silver Standard Resources Inc.  Producer  Gold  United States  NASDAQ  SSRI
Silver Wheaton  Royalty / Streaming  Silver  Cayman Islands  NYSE  SLW
St Barbara Ltd.  Producer  Gold  Australia  ASX  SBM
Stillwater Mining Company  Producer  Palladium  United States  NYSE  SWC
Stornoway Diamond  Developer  Diamond  Canada  TSX  SWY
Tahoe Resources Inc.  Producer  Silver  Guatemala  TSX  THO
Teranga Gold  Producer  Gold  Senegal  TSX  TGZ
Timmins Gold Corp.  Producer  Gold  Mexico  TSX  TMM
TMAC Resources Inc.  Developer  Gold  Canada  TSX  TMR
Torex Gold Resources Inc.  Producer  Gold  Mexico  TSX  TXG
Tristar  Explorer  Gold  Brazil  TSXv  TSG
Victoria Gold Corp.  Developer  Gold  Canada  TSXv  VIT
Vista Gold Corp.  Developer  Gold  Australia  NYSE MKT  VGZ
Volcan Compañía Minera  Producer  Silver  Peru  BVL  VOLCABC1
Wallbridge  Developer  Gold     TSX  WM
Wellgreen Platinum  Developer  Platinum Group  Canada  TSX  WG
Wesdome  Producer  Gold  Canada  TSX  WDO
West African Resources  Developer  Gold  Burkina Faso  ASX  WAF
Western Copper and Gold  Developer  Gold  Canada  TSX  WRN
Yamana Gold  Producer  Gold  Brazil  TSX  YRI


And that's just the official ones, add to that the hangers-on who'll be ligging round the bar.