Gold/Silver Miners with 10-Bagger potential at $2500 Gold or $100 Silver.

Most of these stocks require more than just higher PM prices to become 10-baggers. Many stocks on this list are dev plays and require their projects to get built. Consider these speculation bets.

Many stocks on this list are development stocks (or producers with a large development project) that will take several years to advance their projects to production. It is often better to watch these stocks as they progress, and then buy them when they are much closer to production. The reason many are on this list is because they are not close to production. This adds a tremendous amount of risk.

To understand why development stocks have high risk, I recommend my book. You can find it on Amazon searching by my name. The title is How to Invest in Gold & Silver.

The stock comments are my notes and a very cryptic overview. But that is enough for you do your own DD.

1911 Gold

CVE:AUMB

$8M mkt cap, True North Mine in Manitoba, 1 million oz w/mill, strong optionality play at $2200 gold. They will need about $30M capex and two years to restart the mine.

Aftermath Silver

CVE:AAG

$42M mkt cap. 170M oz AGEQ resource. Two dev projects. Location issues. Optionality play. Likely to grow in size. 200M oz x $2 = $400M. Production is about 3-4 years away.

Altaley Mining

CVE:ATLY

$15M mkt cap. Small zinc/gold producer in Mexico. Their Campo Morado mine has a 20-year mine life giving them a base to build off. They are currently building their second mine (Tahuehueto) that is ramping up to 30K annual production. It has significant offsets to give it low cash costs. Both mines are worth much more than $15M.

Anacortes Mining

CVE:XYZ

$17M mkt cap. Advancing a 2.5M oz (1.5 gpt) open pit project in Peru. Should grow to 3M oz. CEO was the COO at Equinox. Starter oxide pit at 650K oz / 65K oz year. $125M capex.

Andean Precious Metals

TSE:APM

$132M mkt cap. Silver producer in Boliva, 6M oz, $90M in cash and no debt, 40M oz tailing project is not priced into their valuation, 40% of their production is from third parties, they have 70M oz and should find more, but their resources are small for a mid-tier producer.

Avino Silver & Gold

NYSE:ASM

$92M mkt cap. 2.5M oz producer in Mexico. Developing their flagship La Preciosa project, which has 290M oz AGEQ. Guidance for production from La Preciosa in 2024 (trucked to their mill), and steady growth after that. 

Bear Creek Mining

CVE:BCM

$82M mkt cap. They have fixed the Mercedes gold mine that they recently acquired, and will begin generating FCF in 2023. It’s only 40K annual production, but it now sets them up to improve their balance sheet. They can use this as collateral to fund Corani. My guess is that Corani will get funded at $30 to $35 silver. Corani has 300M oz. Yrs 1-3 production at 16M oz AG.

Bonterra Resources

CVE:BTR

$22M mkt cap. Advancing their Barry and Gladiator projects in Ontario. Both are permitted with a mill. They are working on PEA/PFS to advance them to production. Combined they have 3M oz. The valuation seems like a gift, but production won’t be until 2025 or 2026. What is a 100K producer in Ontario worth at $2500 gold? And that’s if they have zero luck adding resources.

Bunker Hill Mining

OTC:BHLL

$50M mkt cap. Near-term producer in Idaho. Targeting 150M oz at 10 opt. 160 kilometers of UG tunnels, with 28 levels. Last mined in 1981. 40 known ore bodies. It could be a high flier with exploration success. 

Cabral Gold

CVE:CBR

$16M mkt cap Advancing their Cui Cui project in Brazil. Currently 1 million oz at 1.2 gpt. A construction decision is due in 2023, so production is possible in 2024. They plan to begin with a heap leach oxide open pit with low cash costs. Plus, the property has excellent exploration potential to grow production. It’s a quality property.

Canagold

CVE:CCM

$14M mkt cap. Advancing their New Polaris project in BC, 1 million oz  (10 gpt). PEA to produce 80K yr. Plus, they have the Fondaway Canyon project in NV with 1.1M oz at 6 gpt. 

Cerrado Gold

CVE:CERT

$58M mkt cap. Emerging mid-tier producer in Argentine and Brazil. 90K oz planned for 2024 in Argentina. Advancing their flagship project in Brazil, which is 1.5M oz (1.8 gpt) open pit. Capex of $125M to produce 150K year. 

Chesapeake Gold

CVE:CKG

$102M mkt cap. Advancing their large Metates project in Mexico. It has 18M oz gold, plus 500M oz silver, plus 4B lbs zinc, with AUEQ production eventually reaching 500K annually. A PFS is due in 2023. I don’t expect production until 2026-27. Capex is $300M for phase one. When will it 2x or 3x in value? It’s silly cheap.

Denarius Metals

$12M mkt cap. They have a large gold/silver development project in Spain (Lomero-Poyatos). It has large resources from a 2011 43-101 report (see below). It looks like a pretty good optionality play. The gold resource alone is a potential 10 bagger.

2.2 million oz (3 gpt)
44 million oz silver (60 gpt)
440 million lbs copper
415 million lbs lead
1.5 billion lbs zinc

Discovery Silver

CVE:DSV

$387M mkt cap. Advancing their Cordero project in Mexico, 1.5B oz AGEQ. They plan to mine 25M oz annually. PFS is due in 2023. DFS due in 2024. Permts due in 2024. First pour possible in 2026-27. 

Element79 Gold

$8M mkt cap. They have a 3.5M to 4M oz AUEQ .9 gpt (with silver) gold project in Nevada. Investors hate it, with the share price crashing 95% in 2022. However, as an optionality play, it looks pretty juicy at $2500 gold. The bad news is that it is not advanced and will take some time until we see a PEA. So, this is a long-term play for big returns, but it should start running once gold gets above $2K.

Endeavour Silver

NYSE:EXK

$606M mkt cap. Currently a 5M oz AG producer with 400M oz AGEQ resources, but that production total will jump after they add Terrona (2024) and Pitarilla (2026). Their product target is 15M oz AGEQ in 2024, and 20-25M oz AGEQ after Pitarilla is completed. That gives them potential FCF of 20M oz x $70 = $1.4B. That’s 2x their current market cap.

First Majestic Silver

NYSE:AG

$2.2B mkt cap. It seems odd to see a company of its size on a 10-bagger list. Investors have ignored its potential FCF at higher PM prices. They are giving guidance of 45-50M oz AGEQ by the end of 2024. That’s potentially $2B in FCF. Put a 15 multiple on that, and you get $30B.

Fortune Minerals 

CVE:FT

$23M mkt cap. Developing a project in Canada (NWT). It has a high capex ($437M), 20-Yr mine life, 33% revenue from AU, and 40% from cobalt. It's really a low-cost cobalt mine. Where do you find cobalt? 90% comes from the DRC (Central Africa). How would you like to acquire some from Canada? The NPV of this project is a lot higher than $23M.

Gogold Resources

TSE:GGD

$505 mkt cap. With their large market cap, you would not expect them on a 10-bagger list. But their Los Ricos project is massive. LRS (Los Ricos South) will increase their annual silver production to 10M oz in 2025. Then LRN will add another 10M oz in 2027. We just did the math on 20M oz of silver production. It’s around $1.4B in FCF at $100 silver. That’s about 3x their current market cap.

Gold Mountain Mining

CVE:GMTN

$11M mkt cap. Small producer in BC, Canada. Production target of 65K year. No debt. Good location. Excellent recent drill holes. It has crashed in value, but looks like a pretty good spec bet for a turnaround. I bought it today at 10 cents a share USD.

Goldshore Resources

CVE:GSHR

$28M mkt cap. Advancing their Moss Lake project in Ontario. 4M oz resource. A PFS is due in 2023. Permitting could take until 2025. Production around 2026-2027. A long wait, but $28M? That’s silly cheap.

Goldsource Mines

CVE:GXS

$21M mkt cap. Advancing their Eagle Mountain project in Guyana. PFS and permitting due in 2023. Construction in 2024. 1.7M oz at 1.1 gpt, 70K year production. 90% of deposit is within 50 meters of the surface. Recent discovery hole of 123M at 1.9 gpt. 

Gowest Gold

CVE:GWA

$8M mkt cap. Trying to advance their North Timmins (Ontario) project into production. 1.2M oz at 6 gpt. Trying to fund their starter mine. Management is suspect, but the exploration potential is juicy (15 targets on 27K acres). 

Guanajuato Silver

CVE:GSVR

$113M mkt cap. An emerging mid-tier producer in Mexico. 60M oz of AGEQ resources. Producing around 3M oz AGEQ and ramping up to 6M AGEQ oz in 2023. Plus, significant exploration potential.

Hummingbird Resources

LON:HUM

$32M mkt cap. They are a mid-tier producer, producing 90K a year. Plus, their 50% Dugbe project in Liberia (4M oz) is under development by their JV partner. Plus, their second mine (Kouroussa) in Guinea is almost completed and will be a 100K producer. It’s silly cheap and should be a 25-bagger — if it doesn’t get taken out.

Integra Resources

CVE:ITR

$55M mkt cap. Trying to advance their 4M oz DeLamar project in Idaho. It has a $282 capex, and won't get built until around 2026. It has a 1-million oz oxide starter pit with low cash costs. Permits targeted for 2024. When do large advanced projects begin to go up in value? Is DeLamar only worth $15 per oz? When does it 2x or 3x?

International Tower Hill

NYSE:THM

$86 mkt cap. Advancing their Livengood project in Alaska. 16M oz of gold. $1.8B capex. Permits expected in 2025/26. Production around 2028. It looks like this project is getting built. So, at what point does it begin trending higher? At $2500 gold, it will be interesting to see what it is worth. 16M oz x $50 = $800M.

Investigator Resources

ASX:IVR

$18M mkt cap. Advancing their Paris silver project in Australia with 40M oz at 130 gpt open pit. A PFS was completed to mine 4M oz a year for the first 6 years. It has a $100M capex. Permits are expected in 2023. Note: Potential water issues add risk.

Moneta  Gold

CVE:ME

$103M mkt cap. Advancing their large Garrison project in Ontario. It has 8M oz (OP and UG). A DFS is due in 2023. The capex is high at $520M, with production of 250k year. It has potential as an optionality play. What do valuations of advanced projects like this get at $2500 gold?

Omai Gold

CVE:OMG

$16M mkt cap. Developing the Omai mine (past production 1992 to 2004) in Guyana. It’s a large 3.7M oz resource and growing in size. It crazy cheap. Silvercorp owns 15% and Sandstorm owns 10%, so nobody will steal it.

Osino Resources

CVE:OSI

$86M mkt cap. Advancing their Twin Hills project Namibia. It is a 3M oz open pit that is growing in size (1 million acres of exploration potential). Capex is $200M to produce 125K year. DFS and permits are due in 2023. 

Revival Gold

CVE:RVG

$44M mkt cap. Advancing their 4M oz Arnett-Beartrack project in Idaho. A PFS is due mid-year 2023. Permits are due in 2023 or 2024. Construction is possible for 2024. This one has a strong risk/reward. Why? Because the CEO is excellent and will make sure this gets built. Plus, it is economic, with cash costs around $850 per oz. The capex is low for a project of this size, at around $150 million. This is one of my favorite development projects. I’m surprised investors let it get this cheap at $10 per oz!

Santacruz Silver

CVE:SCZ

$124M mkt cap. Producing silver in Mexico and zinc/silver in Bolivia. Last Qtr they produced 4M oz of AGEQ. About 66% of the revenue is zinc and only 25% silver. So, it is really a base metals company. However, if silver prices rise, they become a low-cost zinc producer. They have 333M oz of AGEQ, so they should be able to maintain production at 16M oz AGEQ annually. That is significant production for their market cap.

Silver X Mining

CVE:AGX

$46M mkt cap. Small producer in Peru. They have large resources of 150M AGEQ and their resources are growing in size. Production is at 2.5M oz a year and will double in 2025. Construction is planned for 2024 to expand the mill. This is a growth story.

Spanish Mountain

CVE:SPA

$50M mkt cap. Advancing their Spanish Mtn project with 5M oz. It’s a low-grade open pit and will take some time to permit. A PFS was completed in 2021. The capex was $460M. I hoping for permits in 2024 and construction in 2025. When does it 2x or 3x in value?

Treasury Metals

CVE:TML

$40M mkt cap. Advancing their Goliath project in Ontario. It’s both OP and UG with 3M oz of resources. They plan to mine 100K a year. The production target is 2025. At some point, these advanced large gold projects in Canada have to be worth a lot more than $13 per oz.

TriStar Gold

CVE:TSG

$26M mkt cap. Advancing their CDS project in Brazil. It’s 2M oz at 1 gpt that is growing in size on 70,000 acres. The capex is $260M. Permits are expected in 2023. 140K production years 1-4.

Troilus Gold

CVE:TLG 

$88M mkt cap. Advancing their large Troilus project in Quebec. It is 7M oz (.7 gpt) and relies on copper offsets. $333M capex. 250K production. A PFS due in 2023. A DFS due in 2024.