While still in the early stages, this Canadian stock’s Idaho project has strong support from government sources and one major mining firm.
Projecting over 1 billion ounces of gold, the company holds $25 million in cash and has already seen a jump in its shares. But a large part of its cash flow will likely be spent to bring the mine to completion.
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MIDAS GOLD CORP. (symbol MAX on Toronto; www.midasgoldcorp.com) is focused on the exploration and, if warranted, will build an open-pit mine at its Stibnite gold project. That site is 16 kilometres east of Yellow Pine, Idaho.
Formerly known as the Golden Meadows project, Stibnite has over 100 years of exploration and mining history. Midas has now outlined a significant gold resource using historical data plus the results of its own recent exploration. All three of the identified deposits—Yellow Pine, Hanger Flats and West End—can be accessed using low-cost, open-pit mining.
A feasibility study on the economics of building a mine is largely supported by the company’s 2017 drilling program.
Ahead of the permitting process, Stibnite had already won support from a number of government agencies. While the number of residents for Valley and Adams counties, which surround the site, continue to grow, job growth has failed to keep pace. Unemployment rates in these counties are some of the highest in Idaho.
Through a memorandum of understanding, a total of seven agencies—federal, state and local—have pledged to support permitting of the Stibnite gold project. They are the U.S. Forest Service (which is the lead permitting agency), the U.S. Army Corps of Engineers, the U.S. Environmental Protection Agency, the Idaho Department of Lands, the Idaho Department of Environmental Quality, the Idaho Governor’s Office of Energy and Mineral Resources, and Valley County itself.
Penny Stocks: Company has sufficient cash to continue exploration into 2019
Midas Gold estimates that a mine with a 12-year lifespan would cost $1.1 billion U.S., and produce 4.0 million ounces of gold, 2.1 million ounces of silver and 99.9 million pounds of antimony. A metalloid compound, antimony is used as an alloy for tin and lead.
Teck Resources (Toronto symbol TCK.B) holds a 9.9% equity stake in the company.
Midas Gold has cash of $25.3 million U.S., which is sufficient to keep its exploration program going well into 2019.
However, the stock’s price is low, and its market cap is just $176.7 million—even after its recent share price jump from $0.58 on January 10, 2018 to $1.05 on January 29. That’s because the company will likely have to give up a significant portion of the mine’s cash flow to parties that provide project financing.
Still, if completed successfully, a mine should push up the shares even further.
TSI Network recommendation: Midas Gold Corp. is okay to hold, but only for highly aggressive investors.
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