John Kaiser presented at the PDAC2015 conference in Toronto this morning. He was as grim as ever, pointing out that there are now 717 juniors (of the 1,560 he follows) with working capital positions below $0. He still predicts that these juniors will disappear, as he first foresaw on Dec. 6, 2012, when he published an article entitled, "Bracing for the Extinction of 500 Juniors or an entire institution?" Today, he has only 15 buy recommendations, plus a few dozen companies on his bottom-fish watch list. Looking at his buys, there are five in the gold sector. David Palmer Probe Mines Ltd. (PRB: $4.79) is probably the most successful. It has $37-million in working capital and just attracted a $526-million takeover bid from Goldcorp. Then there are Randy Reifel's Chesapeake Gold Corp. (CKG: $2.25), which has $32-million in working capital for its Metates gold project in Mexico, Stephen Quin's Midas Gold Inc. (MAX: $0.485), which has $8.6-million for its Stibnite project in Idaho, and Donald Robinson's Eastmain Resources Inc. (ER: $0.30), which has $6.5-million for its Clearwater project in Quebec. Mr. Kaiser's most-speculative gold pick is John and Gordon Leask's Highway 50 Gold Corp. (HWY), which has $1.8-million and some gold properties in Nevada.
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