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Overview

Pure Gold Mining Inc. (TSXV:PGM, LSE:PUR) is a gold mining and development company, which by the end of 2020 is due to commence production at its PureGold mine at the Red Lake Mine, northwestern Ontario, Canada.  Fully funded, the project is on track to deliver first gold pour into a rising gold price environment.

The orebody is situated within a seven-kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the Company suggest potential opportunities for near-term growth.

The feasibility study showed Probable Mineral Reserves of 3.5 Mt at 9.0 g/t containing 1.0 million ounces of gold, which will be the target for the company’s initial production. With the gold price at over $1700/ oz (31 May 2020) and all in costs of US$787/ oz, Pure Gold has the potential to be a major gold producer in the Canadian gold mining market.

www.puregoldmining.ca

Directors

  • Graeme Currie (Chairman): 3oyrs mining experience, ex Director of investment banking at Canaccord Genuity
  • Darin Labrenz (CEO): A geologist with over 25 years of experience in mining
  • Mr Mark O’Dea (Dir): Extensive experience of building & financing mines around the world
  • Robert Pease (Dir): 30 yrs exploration & development projects worldwide
  • Troy Fierro (Dir): Mining engineer with >30yrs of industry experience
  • Lenard Boggio (Dir): Former Partner with PWC from 1988- 2012
  • Maryse Belanger (Dir): 30yrs advising gold mining companies

 

Financials

P&L2019
CAN$~000
2018
CAN$~000
Total Expenses(16,177)(22,886)
Total Other Income(5,645)222,292
Net Loss for the Period(21,822)(22,664)
Balance Sheet2019
CAN$~000
2018
CAN$~000
Cash & cash equivalents70,2784,255
Current Assets71,6674,877
Loans & Borrowings780,648-
Total Liabilities80,9913,458
Total Assets130,58220,872

Peer Group

Ariana Resources (AIM:AAU)
Gold production in Turkey

Shanta Gold (AIM: SHG)
East African gold production

Highland Gold Mining (AIM: HGM)
Gold production in Russia

Anglo Asian Mining (AIM: AAZ)
Gold, silver & copper production in Azerbijan

Shareholders

Directors
Mark O’Dea – 1.48%
Graham Currie – 0.64%
Darin Labrenz – 0.42%
Troy Fierro – 0.25%
Lenard Boggio – 0.17%
Robert Pease – 0.13%

Other
Anglogold Ashanti – 13.95%
Eric Sprott – 10.04%
Rob McEwen – 5.02%
Van Eeck Global – 4.58%
Ruffer – 0.94%

Macro Indicators

“Gold – There’s No Going Back Now”,  Velocity Trade Capital (March 2020)

  • “The fiscal and monetary response to the economic effects of the ongoingpandemic should result in a (much) higher re-rate of gold
  • Gold’s key price drivers are best aligned since 2009 – macro factors across the board indicate both short- and longer-term strength”

Media Coverage

Mining.com (May 2020)
Sprott backs Pure Gold with $10.7 million investment

Mining Journal (May 2020): “Pure Gold on track for production this year”
Pure Gold Mining has reported its PureGold mine development in Red Lake, Ontario, Canada, is on schedule for first gold pour before year end, with project economics to get a big boost from current metal prices.”

Thisismoney.co.uk (Aug 2019)
Recession fears, stock market wobbles and investors rushing to find a safe haven – could Pure Gold Mining be worth a look?

Broker Coverage

Tamesis Partners (Mar 2020)

The market should be in no doubt that Pure Gold will deliver gold production first before the end of the year before ramping up to 66koz in 2021 through to 125koz in 2025.

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