Seabridge Gold | Alamos Gold | Honey Badger Silver | Ivanhoe Update*
“John Doody’s long-standing success in identifying top performers in the gold space speaks for itself.” Seabridge Gold CEO Rudi Fronk
–– Link One: Rudi Fronk of Seabridge Gold sent me East Coast long-time newsletter writer John Doody‘s latest iteration: John Doody’s Fave Five.
The Doody sample report, here, dates back to March 2025. The Fave5 still holds water; the separate links here present gold mining background, history and a confident analysis of, among several other Doody faves, Seabridge Gold’s KSM copper-gold development in British Columbia.
Take a look. “KSM will have a multi-decade life,” the writer states. I have known of John Doody since year 2000 or so. He tracks several companies whose activities we have covered over the years, including Contango Ore CTGO, Agnico-Eagle AEM, Seabridge Gold AGI , as indicated here, and Alamos Gold AGI (below).
John is into metals producers, or near-producers with quantifiable development schedules.
Alamos Gold: Another of John Doody’s “faves” over the years is multi-mine operator Alamos Gold AGI, whose shares I own. Alamos shares this spring into summer 2025 have shaved 15% or so from all-time highs because of a quarterly hiccup.
Here is Alamos’s latest event, scheduled for Wednesday in NYC. It is an audio: Three Part Advisors’ East Coast Ideas Conference.
Silver: “The silver chart broke out of a 50-year downtrend. Best looking chart in the universe,” says Chad Williams, CEO of a tiny Yukon silver explorer, Honey Badger Silver TUF HBEIF. Here in June 2025, silver’s gains are outpacing those of gold percentage wise.
Chad this week is presenting the company’s potential to a Calgary audience and one in Bermuda, where investors welcome high-risk propositions. The $11 million CAD Honey Badger’s strategy resembles that of Nevada shovel-ready gold miner West Vault Mining WVM WVMDF, which spends little of its cash, hoping investors see the value of its assets in the ground.
The Honey Badger boilerplate: its Plata silver project is 165 km east of Yukon’s Keno Hill, a silver-rich region.
Chad, who owns 27% of TUF’s shares, is hopeful U.S. investors will take advantage of its OTC listing, HBEIF.
I own shares of WVM and I’ll look at Honey Badger. The lightly traded stock has gained approx. 40% since its April 2025 low. My largest silver holding is in the Sprott physical trusts, CEF and PSLV. I also own shares of Comstock Inc. LODE, a Nevada decarbonization company with silver properties at Nevada’s Comstock region.
Here is a link to IVN’s release.The stock is down 4% midday Thursday June 12 2025.
Here is a link to the Ivanhoe Mines conference call this morning.
The guidance takeaway by the company: Ivanhoe revises 2025 production guidance to between 370,000 and 420,000 tonnes of copper. That is a decline of about 25% from previous guidance.
Several bank analysts downgraded the company’s shares IVN IVPAF.
As discussed many times here going back to 2024:
At some point in an effort to diversify our stock market holdings and pay some household expenses, (and now compounded by the seismic event and flooding at part of the mine), I will have to sell part of our Ivanhoe stake.
We own about 66,000 shares (now 59,000 — see further down) here at home. IVPAF IVN shares are our largest stock market holding.
Some of our shares go back to 2003, when Ivanplats in South Africa was private and about 6 years into developing its platinum-metals complex on the Platreef, which is due for production at the close of this year.
As discussed numerous times in The Calandra Report, we continue to fund a living family trust. Thus, the need for diversification.
We here at home will sell approx. 6,000 to 10,000 shares this week (of June 9; or next. The stock at last look was $7.54 USD. [Updated: $7.80 June 16 2025]
[As of 1:55 p.m. ET Thursday June 12 2025, we here at home will have sold approx. 7,000 shares, some of them profitable and some at a loss. This will leave us with approx. 59,000 shares in various family accounts.]
Some of the proceeds went into Alamos Gold AGI, our third largest nat-resources holding. I also look to add to our Elemental-Altus Royalties ELE ELEMF, which saw the crypto-coin company Tether Investments purchase approx. 32% of ELE’s shares. See release.
I continue to have high hopes for Kamoa-Kakula, for the Western Forelands resource adjacent to Kamoa-Kakula, and to the Ivanplats platinum metals development in South Africa.
Still, cash costs for the company going forward almost surely will increase.
As one bank, Canaccord, said in its report, “… in the longer-term, we believe required changes to the mining approach will result in lower extraction rates, a different sequence, and higher operating costs vs. the current plan.”
Cam Hui of Humble Student of the Markets, a former equity portfolio manager and sell-side analyst, has a pages-long piece published by MarketWatch.com. It is here.
Cam’s asset allocation pie (2024) is here:
Global family office allocations to gold and precious metals equal about 2%, Cam reports.
You probably know my perspective. I own gold because I’m afraid it might go to $5,000, to $7,000. (Rick Rule)
Mining-co outpacers late May into early June: Avino Silver & Gold, EMX Royalty, Contango Ore, Kenorland Minerals, West Vault Mining, Alamos Gold, Newcore Gold, Ivanhoe Electric, Seabridge Gold. Others.
Trading: I own all of those with the exception of Seabridge SA SEA, in various amounts, with Alamos Gold the largest stake of those tagged here. Most of them have outpaced the S&P 500 Index in Q2 2025.
I do not suggest “chasing them” at higher prices, and I will be taking partial profits from Avino and Newcore Gold in an effort to avoid my hold-forever strategy that had set us back here at home in several weak-mining spans since 2010.
Such a sale in no way reflects on Avino and Newcore, operating as their execs have strategized in Mexico and in Ghana, respectively.
As for copper, the global building material and growth proxy, the futures contracts are nearing $5 a pound for the first time since early April of this year.
— Thom Calandra
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Thom Calandra is a writer and an investor. Research and material are meant as editorial opinion. He is not a professional investment adviser. Please do not consider his reporting as a recommendation to buy or sell securities. The Calandra Report, in its 13th year, offers a one-price, $139 yearly fee for all newcomers. Earlier subscribers keep their original cost. Sob stories listened to. No refunds after three weeks of service. Exceptions: