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Overview
The price of gold hit all-time highs in 2020 when it reached US$2,070 per ounce. This surge in prices benefited gold producers who reported record-high margins as a result. However, this upswing in prices and increased margins for gold producers means that they are also subject to downswings in prices and decreased margins.
Gold royalty companies, on the other hand, effectively outperformed gold based on a 12-month analysis due to their robust business model. In the analysis, gold royalty companies produced attractive revenues and shareholder value while relying on less debt when compared to their gold counterparts. As a result, gold royalty companies present an exciting opportunity for investors seeking to invest in gold and hedge the market volatility of gold prices.
Orogen Royalties (TSXV:OGN) is a junior royalty company that is focused on creating, identifying and acquiring highly prospective precious metal royalties. Orogen Royalties was created from the merger of two very well-established exploration companies called Evrim Resources and Renaissance Gold. The company is led by a highly experienced management team with over a decade of experience working in executive roles with major and junior mining companies.
The company established shareholder value and long-term value creation as an organic royalty generator through project generation and strategic partnerships. Orogen Royalties grows their exploration assets in highly prospective and prolific gold and copper regions, including the Golden Triangle in northwestern British Columbia in Canada, the Laramide Belt in Mexico, and the Walker Lane in Nevada, USA.
Orogen differs from other gold royalty companies in three distinct ways:
- Mineral exploration: The company boasts a “boots on the ground” team with deep expertise in rich mineral exploration, as well as exploration teams in Vancouver, Canada, Nevada, the United States, and Hermosillo, Mexico.
- Organic royalty generation: Funding for the company’s exploration programs comes from joint venture partners, meaning partners can acquire projects for royalties, cash or shares, or obtain a minority equity interest.
- Acquire royalties strategically: Orogen takes a strategic approach to royalty discovery by using its business development and industry expertise to identify projects that are likely to go into production
Orogen has two flagship royalty assets.
The Ermitaño project, owned and operated by First Majestic Silver Corp. (TSX:FR). has impressive inferred resources of 11 million ounces of silver and 522,000 ounces of gold which is a whopping 59 percent increase from the resources that were inferred in 2019. Orogen has a 2 percent NSR on the project and is located near the producing Santa Elena mine. First Majestic is putting together a Pre-Feasibility Study and prepares to start production at the end of 2021.
The second key royalty asset is Silicon Gold project, located in the mineral-rich Southwest Nevada Volcanic Field that hosts reserve and production resources of more than 60 tonnes of gold and 150 tonnes of silver. Orogen Royalties has a 1 percent NSR on the project. The Silicon Gold project also leverages strategic positioning near the Lynnda Strip owned by Corvus Gold Inc. that has significant mineral resource estimates. Significant gold discoveries have been made in the last four years along a newly defined north-south trending belt at least 6 kilometers long. From north to south, these discoveries include the Central Silicon zone, being drilled by AngloGold Ashanti, the Merlin zone, also being drilled by AngloGold Ashanti, the Lynnda Strip zone, drilled by Corvus Gold, the C-Horst zone, being drilled by Coeur Mining, and the Mother Lode zone, also drilled by Corvus Gold.
In 2021, Anglogold Ashanti announced they would acquire Corvus Gold for approximately US$370 million. The transaction implied a total equity value for all Corvus common shares and outstanding options to acquire common shares of approximately US$450 million.
Total reported production and resources for the greater Beatty area are now more than 8 million ounces gold, not including resource estimates by AngloGold at Silicon or Merlin, Coeur Mining at C-Horst or Corvus at Lynnda Strip. Exploration work by AngloGold is ongoing to delineate the ore bodies at both Silicon and Merlin in greater detail. AngloGold intends to report an initial mineral resource in 2022, followed by a conceptual development plan for the district. Production is anticipated to start between 2024 and 2025 on the North Bullfrog deposit followed by Silicon and Merlin, including Lynnda Strip.
Orogen Royalties boasts a strong cash position with over $9 million on hand. The company expects to become cash-flow positive in 2022. The company also has a tight share structure with 177.1 million shares outstanding, including 23 million warrants and 5.4 million options.
Exploration and development have been conducted on its joint venture projects since the company’s inception; joint venture partners have funded over $65M on Orogen’s exploration projects. Drilling programs have also been completed on the Ermitaño and Silicon Gold projects.
Company Highlights
- Orogen Royalties is a junior royalty company that is focused on creating, identifying, and acquiring highly prospective precious metal royalties.
- Orogen Royalties differentiates itself from other gold royalty companies by generating royalties organically through exploration, and strategic royalty acquisition.
- Orogen Royalties has a robust portfolio of assets, including royalties, joint ventures and alliances located in highly prospective and prolific gold and copper regions, including the Golden Triangle in northwestern British Columbia in Canada, the Laramide Belt in Mexico, and the Walker Lane in Nevada USA
- Flagship royalty Ermitaño project is Orogen’s first producing royalty asset.
- Flagship asset Silicon project is located in the mineral-rich Southwest Nevada Volcanic Field that hosts reserve and production resources of more than 60 tonnes of gold and 150 tonnes of silver. The company holds a 1 percent NSR.
- The company boasts a strong cash position and share structure. Orogen Royalties became cash-flow positive in 2022.
- The company is led by a highly experienced management team with over a decade of experience working in executive roles with major and junior mining companies.
- Orogen created three royalties in the Lake Victoria Gold Fields in western Kenya and one royalty in the Sarape Gold project in Mexico.
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Investor Insight
Goldgroup offers investors a rare opportunity to participate in the rapid buildout of a multi-asset gold producer in Mexico, with near-term production growth at the operating Cerro Prieto mine and the addition of two fully owned, high-impact assets – Pinos and San Francisco – positioning the company for substantial scale, re-rating potential and strong leverage to gold.
Overview
Goldgroup Mining (TSXV:GGA,OTC:GGAZF) is a Canadian gold company building a portfolio of high-quality producing and development assets across Mexico, one of the world’s premier mining jurisdictions. With two 100 percent owned gold projects – Cerro Prieto and Pinos – and the acquisition of 100 percent of the San Francisco mine, Goldgroup is positioned for rapid, disciplined production growth.
The company’s strategy is straightforward: optimize and expand production at its flagship Cerro Prieto mine, advance Pinos toward a production decision, and bring the large-scale San Francisco mine back online. Combined, these projects outline a defined path to more than 100,000 ounces of annual production, with further upside from exploration, resource expansion and future acquisitions.
Goldgroup is guided by an experienced leadership team with deep expertise in building and optimizing mines in Mexico. The company benefits from strong financial support from the Calu Group and founders of Luca Mining, with proven track records of value creation through mine development, operational turnarounds and strategic M&A.
Company Highlights
- Two operating or near-term production gold assets in Mexico, 100-percent-owned and fully permitted.
- Cerro Prieto expansion completed, increasing from ~12,500 oz/year to 30,000+ oz/year during 2026 and beyond, including tailings re-processing.
- Its second asset, Pinos, is a fully permitted high-grade underground development project with historical resources and +90 percent metallurgical recoveries.
- San Francisco acquisition in progress, a past producer capable of ~40,000 oz/year with significant exploration upside.
- Aggressive M&A strategy aimed at fast-tracking Goldgroup into the mid-tier producer category with advanced due diligence nearing completion. .
- Backed by the Calu Group and the founders of Luca Mining, bringing extensive operational and financing expertise in Mexico.
Key Projects
Cerro Prieto Open Pit Gold Mine
Cerro Prieto is Goldgroup’s established producing operation in the Cucurpe mining district of Sonora, Mexico. It’s been in production since 2013 and is augmented by a newly expanded processing capacity that has more than doubled throughput. The mine is the cornerstone of Goldgroup’s near-term growth strategy, with ongoing optimization, a planned tailings re-processing and re-leaching initiative, and multiple drill-ready targets across the property. An updated NI 43-101 resource estimate for the Esperanzas deposit further reinforces the reliability of the mineralized system while underscoring the potential for continued resource growth.
Project Highlights
- Producing open-pit gold mine in Sonora with 120,000+ ounces produced since 2013
- Throughput recently doubled to 4,200+ tons per day (tpd) with installation of a second crushing circuit
- Tailings re-leaching strategy expected to add up to 9,000 oz/year over ~5 years
- Expansion plan targeting 30,000+ ounces of annual production
- Updated NI 43-101 outlines 37,209 oz measured and indicated, and 1,504 oz inferred gold resources
- Multiple exploration targets across the property, including Esperanza, Nueva Esperanza and additional zones all under definition drilling.
Pinos Gold Development Project
Pinos is a fully permitted, advanced-stage underground gold project positioned within the prolific Zacatecas mining belt. The district hosts 29 concessions over 3,816 hectares, with 52 shafts and more than 40 km of underground workings. Goldgroup’s internal roadmap outlines 12,700 oz/year of potential annual production from Pinos in a development scenario.
Project Highlights:
- Multiple high-grade veins historically mined at 30 to 50 g/t gold
- Historical measured and indicated estimate: 86,000 oz gold and 1.3 Moz silver (Candelaria Mining, 2018). Note: Historical resource only; not treated as current NI 43-101
- Metallurgical recovery of +90 percent gold via cyanide leaching and Merrill-Crowe
- Fully permitted for mine construction
Goldgroup plans to launch targeted exploration and resource-definition drilling at Pinos, followed by an updated economic study (PEA or PFS) that will guide a production decision for this fully permitted high-grade project.
San Francisco Open Pit Gold Mine
The San Francisco mine is a past-producing, large-scale open-pit gold operation in Sonora with extensive existing infrastructure and significant resource and exploration upside. Goldgroup has acquired the majority of creditor debt connected to the mine, enabling it to control the restructuring process and advance toward full ownership pending final court approval. With historical production of approximately 1.3 million ounces and strong metallurgical recoveries, San Francisco presents a near-term opportunity for Goldgroup to restore a proven gold mine to production and add meaningful scale to its growth profile.
Project Highlights:
- Large-scale past producer with ~1.3 million ounces of gold produced from 2010 to 2019
- Strong existing infrastructure: grid power, wells, ADR plants, assay lab, haul roads
- High processing capacity of 16,875 tpd via two parallel crushing circuits
- Good metallurgical recoveries ranging from 77 percent to 90 percent
- Multiple new high-grade zones identified behind and below pit walls
- Restart plan underway, including drilling to upgrade resources and update the mine plan
Management Team
Ralph Shearing – Chief Executive Officer
A professional geologist with nearly four decades of experience in mining and exploration, Ralph Shearing founded and led Luca Mining Corp, where he oversaw major development milestones such as the exploration, initial development construction and pre-production of the Tahuehueto gold mine, the acquisition and successful restart of production of the Campo Morado zinc poly-metalic mine in Mexico.
Anthony Balic – Chief Financial Officer & Director
Previously the director of finance for Goldgroup, Anthony Balic has extensive experience in mining finance, including senior roles at Deloitte LLP specializing in assurance and advisory for mining companies. He oversees corporate finance, accounting and capital strategy for Goldgroup.
Corry Silbernagel – Director
Corry Silbernagel is a veteran financial and technical specialist with experience across mining and energy. He is the former CFO of Cabo Drilling and project manager for large-scale initiatives at Suncor and TransAlta. Silbernagel brings expertise in strategic finance, project development and operational oversight.
Blair Jordan – Director
Blair Jordan is managing partner at Restructure Advisors, with deep experience in corporate restructuring, turnaround strategies and investment banking. He held CFO and interim CEO roles in multiple public companies, and is the former managing director at Echelon Wealth Partners.
Roberto Guzman – Director
Roberto Guzman is a finance leader with more than 25 years of experience in Mexico’s financial sector. Jordan holds an advanced degree in finance from Universidad Tecnologica de Mexico and has served as finance manager for numerous public and private Mexican companies.
Investor Insight
Sankamap Metals offers exposure to new copper–gold discovery potential in one of the last underexplored regions of the Ring of Fire, with two fully owned, drill-ready assets positioned along a world-class mineral belt.
Company Highlights
- Two 100 percent owned copper and gold properties – Kuma and Fauro – within a highly prospective copper-gold trend in the Solomon Islands.
- Drill-ready targets supported by strong historical sampling, including grab samples up to 11.7 percent copper, 13.5 grams per ton (g/t) gold at Kuma, and 173 g/t gold; plus, drill intercepts of 35 m at 2.08 g/t gold at Fauro.
- Strategically located along the same mineral belt as major deposits, including Newmont’s 71.9 Moz Lihir gold mine.
- Underexplored mining-friendly jurisdiction with strong government support and established local workforce.
- Large-scale system potential, including a km-scale copper-gold anomaly at Kuma and multiple high-grade epithermal and porphyry-style targets at Fauro.
- Inaugural drilling at Kuma, scheduled to begin in January 2026, marking a major catalyst for the project.
- Strong technical leadership, with a management team that has collectively raised over $1 billion and delivered significant shareholder returns.
Overview
Sankamap Metals (CSE:SCU) is a Canadian exploration company advancing the Oceania Project, a high-impact copper–gold opportunity in the mineral-rich South Pacific. The project includes two fully permitted properties - Kuma and Fauro - in the Solomon Islands, one of the last untapped frontiers of the Pacific Ring of Fire.
The company’s land package is strategically positioned near world-class deposits, such as Newmont Mining’s 71.9 Moz Lihir gold mine and Bougainville Copper’s historic Panguna deposit with 19.3 Moz gold and 5.3 Mt copper resources.
CEO John Florek investigating mineralized outcrop at Kuma property during the summer site visit
Kuma and Fauro are 100 percent owned and drill-ready. Both assets benefit from compelling historical sampling, large-scale geophysical anomalies, and district-scale geological characteristics that support the potential for major porphyry and epithermal systems.
The company focuses on systematic exploration, delineating high-priority drill targets to unlock discovery opportunities. With strong national support for mining and a leadership team deeply experienced in major global jurisdictions, Sankamap is well positioned to generate early and meaningful shareholder value as exploration advances.
Key Properties
Kuma Property
The Kuma property spans 43 sq km and lies 37 km southeast of Honiara on Guadalcanal Island. The property is considered a highly compelling drill-ready porphyry target. Historical sampling returned values up to 11.7 percent copper and 13.5 g/t gold, accompanied by a kilometre-scale copper-gold geochemical anomaly. Airborne geophysical surveys, including mobile magnetotelluric (MT), reveal resistive and conductive features consistent with porphyry, epithermal and skarn-style mineral systems.
Kuma benefits from year-round access and proximity to the Gold Ridge mine. Lidar, surface geochemistry, and geophysics surveys have advanced target definition toward a 2026 drill program. Alteration mapping defined a 2 km lithocap, indicating a potential significant porphyry below that’s not yet tested by drilling.
Kuma is positioned for discovery potential on a scale comparable to other major systems in the region.
Current work at Kuma is focused on refining priority drill targets through ongoing analysis of newly released geophysical and geological datasets. A field visit in November was aimed at ground-truthing these targets, confirming interpretations, and finalizing on-the-ground logistics. Pad and camp construction began in late November, ahead of the inaugural drilling campaign set for January 2026, an important milestone in advancing the Kuma property toward discovery.
Fauro Property
The 147 sq km Fauro property encompasses a high-grade epithermal gold target with indications of a porphyry system at depth. Formed by the collapse of the Fauro calc-alkaline volcano, the property hosts seven prospects, three of which are drill-ready. Historical results include a grab sample of 173 g/t gold, trench results of 8 m at 27.95 g/t gold, and drilling intercepts such as 35 m at 2.08 g/t gold. Multiple zones, including Meriguna, Ballyorlo and Kiovakase, exhibit robust soil anomalies and magnetic highs, underscoring the property’s potential to host a large-scale deposit comparable in setting to the Lihir gold system.
Since 2024, new sampling has confirmed continued high-grade potential, with assays returning up to 19.25 g/t gold and up to 4 percent copper, expanding evidence for a hybrid epithermal-porphyry system. With year-round drilling access and efficient transport via helicopter and boat, Fauro represents a major exploration opportunity with multiple existing gold intercepts and untested porphyry indicators.
Management Team
John Florek – Chief Executive Officer
John Florek has more than 35 years of experience with major and junior mining companies, including BHP, Placer Dome, Barrick, Teck, and Detour Gold/Kirkland Lake Gold/Agnico Eagle. He has identified and advanced significant mining assets from early exploration through development and currently sits on the board of McEwen Mining. He is also CEO, president and director of Emperor Metals.
John Williamson – Chairman, Co-founder and Director
A professional geologist with more than 35 years in the global mining sector, John Williamson founded more than 20 successful companies and the Metals Group. He has raised more than $1 billion across public and private markets, delivering strong returns to shareholders.
Sean Mager – CFO and Director
With 30+ years in the global mining sector, Sean Mager brings extensive experience in corporate development, stakeholder relations, regulatory affairs, finance and operations. He is a co-founder of the Metals Group.
Krystle Adair – Vice-president, Exploration
A geologist with more than 13 years of exploration experience across the Americas, Krystle Adair has managed projects across multiple deposit types. She has worked extensively with Metals Group companies and is a registered professional geoscientist in British Columbia.
Hannett – Director
A Bougainville Island national and professional engineer with 17+ years of experience, Arthur Hannett has worked with major operators including Placer Dome, Barrick, Glencore and Agnico Eagle.
Donald Marahare – Director
A seasoned legal professional with 20+ years of experience in the Solomon Islands, Donald Marahare is the principal at DNS & Partners Law Firm, admitted to the High Court in 2000. He also serves as president of the Solomon Islands Football Federation.