Outpacers Of ‘Pathetic’ Metals Shares

The Calandra Report / By
Ivanhoe Electric | Osino Resources | C3 Metals | Contango Ore | DHT Maritime | Seabridge Gold

 

TCRs, a ‘generational’ gain in gold prices is starting to lift depressed values of the gold, silver, copper, platinum miners –– select major and minor ones.

Physical gold (spot, futures prices, coins, bars) is setting record highs in all currencies; mining stocks have miles and miles to go.

Outpacers this week and today-Wednesday: Alaska gold developer Contango Ore CTGO (just bought more);  multi-state and country copper developer Ivanhoe Electric IE (ditto — bought more); CanAlaska Uranium CVV CVVUF (and ditto); Ivanhoe Mines IVN IVPAF (I sold 1,000 shares this morning; we hold 82,000 shares); Victoria Gold VITFF VCGX; Vista Gold VGZ; Calibre Mining CBX.

Rudi Fronk — Seabridge Gold SA SEA: 25 years as CEO this year. Please see reserves-resources grafik we discussed here please.

Ping me please for brief notes about Western Copper & Gold’s WRN 35% stock ascension in the wake of a new CEO slot and awakened interest in its Yukon deposit; Xtra-Gold Resources‘ continued exploration, alluvial and cash-at-the-ready Ghana strength XTG XTGRF. Notes about depressed shares of QC Copper QCUUF. Events just ahead, I believe.

As for Seabridge Gold’s SA SEA 5-year partner search for the KSM copper-gold deposit in British Columbia?

The 25-year (this October) CEO Rudi Fronk says the current gold rally puts SA SEA “just over US $1 billion, but still only valued at $6 per ounce of gold.”

He tells me in Toronto that Seabridge has five large copper producers lined up and ‘kicking the KSM tires’ and is confident a partner-builder-operator will be named later this year for the long-running mining project.

Calculating via KSM’s independent engineering reports, some 39 years of mining in a prelim-econ assessment now tallies 14.3 million ozs of gold, 14.3 billion lbs of copper, 68.2 million ozs of silver and 13.8 million lbs of molybdenum.

See anti-dilution grafik and resource-reserve calculations for SA SEA’s five copper-gold deposits here please.

Dan Symons of C3 Metals CCCM CUAUF explaining his company’s Jamaica projects; at Dan’s right, Okelia Douse, exploration manager; at far left, VP of exploration Stephen Hughes.

 

Brien Lundin, left, and Rick Rule at PDAC investment forum — ‘I own gold because I’m afraid,’ banker-investor RR said. ‘I’m afraid it will go to $7,000. To $8,000.’

“I love when they get sold off. Nothing I like better than bad news,” banker-investor Rick Rule said, referencing Franco-Nevada FNV; First Quantum Minerals’  Panama-driven 40% stock price drop; oil-gas producers, others.

Jamaica (former) hotel operator Bobby Stewart is dipping his sandals into what he says is a “new and exciting industry” for the island.

Cory Belyk of outpacing Athabasca Basin uranium project spawner-developer CanAlaska Uranium CVV CVVUF. The shares continue to fly in the wake of Cameco-CanAlaska joint project at West McArthur.

Bobby in Kingston hails from the large Stewart family, which runs the Sandals Resorts group. Robert Stewart, eldest of seven of the founder’s children, is using his minerals exploration-co to take 5% of C3 Metals CCCM CCAUF, whose shares I own and whose Jamaica projects I visited.

The particulars of what is a land-sharing partnership are here for C3’s Main Ridge Super Block Project.

Bobby’s Geophysx Jamaica controls land adjacent to Main Ridge. Dan Symons, CEO of C3, tells me Bobby was $2.8 million CAD of $8.05 million C3 raised via equity and a reverse consolidation of shares in November 2023.

“We agreed to an initial work program and budget of $475,000 USD  per party, which we can agree to increase or decrease together,” Dan says. See images of Dan, C3 team, Bobby in this report please.

“We wanted to continue to hold a 100% interest in Bellas Gate and the majority of Arthurs Seat (copper-gold). The clear synergies geologically were around the past producing Pennants mine and our Main Ridge concession.”

Bobby Stewart at Geophysx Jamaica – PDAC; the booth of the C3 Metals partner was getting traffic throughout the show. See the Bobby Stewart/Geophysx  Jamaica/C3  partnership — likely to lift the depressed shares via former Sandals Resort exec Bobby’s word of mouth. I bought more C3 Metals today-Wednesday.

TCRs, I think Bellas Gate, as we saw at the site, is attracting suitors in part because of a hydrothermal system “based on the geophysical and geochemical footprint,” and Dan confirms.

C3 is an approximate $33 million CAD market value as I continue to add to the pile. Thursday March 7 update: make that a $29 million market-cap.

Love this grafik: Ghana is not too far from Ontario, yes? Xtra-Gold Resources XTG XTGRF there will see great strides at Boomerang zones in Kibi Gold Belt

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Osino Resources OSI OSIIF:  The 35% discount to the China miner Yintai’s all-cash offer for the Namibia gold mine development at Twin Hills? More from Heye Daun in Namibia this morning — here please.  I have been buying more.

CEO Heye Daun verbatim: “There may be  unfounded skepticism that the deal may not close due to the Canadian regulators under the Investment Canada Act deciding that they have jurisdiction not to approve the deal. This is highly unlikely for 3 reasons 1) gold is not a critical mineral 2) our market cap is below CAD $500 million and 3) all of our assets and infrastructure is outside of Canada. We are comfortable the deal will close but it will take around 4 months or so to get the approvals in Namibia and China.”

Charlotte McLeod of Investing News Network INN and Sandy McVey of West Vault Mining WVM

Heye adds,  “The sellers are all out. Osino is now around half owned by arbitrage hedge funds who need to earn around a 30 percent annual return and our discount assuming a 4 month closing period is thus warranted more or less. Just a different interpretation. We are very comfortable, and we continue to advance the asset and we are working towards closing the deal.”

More to come.

Adrian Day, Maryland longtime fund manager at the show, displayed during his presentation (directly ahead of mine with Frankfurt investor-commentator and Germany conference organizer Kai Hoffman) grafs showing several big-cos, led by Barrick BRK and Agnico-Eagle AEM, selling for the lowest price-to-book multiples in 35 years and 40 years.

Adrian referenced Elemental-Altus Royalties ELE ELEMF as unacceptably cheap against its record-setting cash flows. I own the shares, along with Day favored EMX Royalty.

John Wilton, BeMetals BMET in Zambia and Japan

Adrian Day and Rick Rule both indicated that the ‘pathetic business’ of metals companies and their money-losing operators looks set to gain investors in North America.

DHT Maritime: Shipper DHT (not a metals company) is seeing spot rates of as much as $90,000 amidst the Red Sea Houthi rebels’ attacks in Middle Eastern shipping lanes. I have been adding.

Notably obscure (i.e., absurdly underpriced) and reviewed/visited at the PDAC show in Toronto this week also include: QC Copper & Gold QCU QCUUF — see image and caption here please; Western Alaska Minerals WAMM; Skyharbour Resources SYH; Banyan Gold BYN BYAGF; Ridgeline Minerals RDG RDGMF.

Please see: ‘I got 99 problems but cash ain’t one’ here please.

Stephen Stewart of QC Copper &  Gold QCU QCUUF and Orecap Invest Corp. OCI has assembled with partners multiple gold, copper and uranium projects and sizeable share stakes in developers American Eagle Gold; Mistango at Kirkland Lake, Ontario; Baselode Energy in Saskatchewan to name several.

— Thom Calandra [I sold shares of Quebec’s Azimut Exploration AZM AZMTF today Wednesday at a 45% loss after more than 4 years; I still hold a reduced stake.]

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.

thomcalandra.com