Obscure yet functioning miners? They are almost literally a dime a dozen.
Ten-cent stocks, I call them. They are forlorn, ignored by investors.
Their numbers this spring 2025 into summer are shrinking. That is good news for investors.
Their nominal values are rising without share consolidations, and some of them are raising much-needed cash as they were a few years ago — successfully.
The S&P TSX VENTURE COMPOSITE INDEX‘s 20% gain this year has been fitful. Pick your moment. Constituent list of the index here. Fitful as in fits and starts.
Still, like Aztec Minerals AZT, Banyan Gold BYN and four-score others, their prices even with recent gains are still way below any measure of fair value. Yet they have erased 10-cent or lower nadirs thanks to drilling results, partnerships, field surveys, econ and engineering studies and resource updates.
I keep a watch list of The Calandra Report titles (developers, explorers, royalty-cos, a few Calgary energy producers) whose principals I know. Unlike the Venture Index‘s listings (13 pages of them here), which include the Canada mining world’s en-fuego hottest gainers, such as Top 10 listings Snowline Gold SGD or Artemis Gold, my watchlist is not in dollars but cents.
The TMX Venture List is a great and free resource that will whet your appetite for the most obscure mining stocks. Take a look at the RISING STARS that have gained significantly in the past three months. This includes our fourth largest resources holding here at home: EMX Royalty.
Also on the ‘resurrection’ list this year: Ireland zinc developer Group Eleven Resources ZNG and Québec gold developer AMEX Exploration AMX.
One characteristic that some of the obscure miners in this report share: they are run by geo-CEOs and-or are chaired by geologists or engineers. They trade for less than 30 cents CAD or USD. They are as a rule not (yet) on the RISING STARS list.
Perhaps this is why their stocks are depressed.
You’ll find that miners run by bankers benefit from the capital networks of their principals. Not so, geos.
Geologists see market glory days usually, and only, when their irons in the fire — their geology fieldwork at site — pay off in a big way. Then, volume explodes and investors head for the entrances.
TCRs, I won’t go into specifics on the names in this report. If one tags your attention meter, put it on a watch list.
Then watch it.
These are not recommendations. They are merely beaten-down mining stocks that have not benefited fully from the micro-cap and small-cap resources rallies of this spring and now, summer.
Obscure miners that appear to be pursuing blueprints for exploration, or mine development, success — i.e., my watchlist, include:
First Mining Gold FF; Delta Resources DLTA; Val-d’Or Mining VZZ; Riverside Resources RRI;
BeMetals BMET; F3 Uranium FUU; Baselode Energy FIND; OreCap Investment OCI; C3 Metals CCCM. *
They each are well below any measure of fair value, be it price-to-book value, price-to-net-asset value, cheap ounces in the ground (EV/re$ource), price-to-cash flow, total acquisition cost, comparative and enterprise values.
There are many more than these names out there in obscurity. Browse the TMX Venture List for yourself.
*We here at home own VZZ, FUU, FIND, BYN, EMX, CCCM. This week, I sold a portion of our VZZ and our FIND at small profits.
Please do not toss tomatoes at me if I did not include your own faves.
— 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: groceries, mistaken ambitions.