FYI - Saw your stream/video. The $95 million capital spend isn't historical. It's the sum of the capital spend guidance in 2026 through 2028 ($51 million in 2026 and $22 million in each of 2027/2028). The previous guidance for 2026 was $15 million. They've significantly increased underground development, mining equipment, and infrastructure spending guidance in 2026, as it includes some development capital for the proposed $125 million expansion at Sekisovskoye (Seki). Management has stated expansion to 2.0 to 2.5 Mtpa is for Seki only and grade likely will be 2.0 to 2.5 g/t going forward.
Good week for PMs OB! My best week all year with Tech, Value and PMs coming altogether. Certainly feels a bubbling up moment. Strange human quirk how the losses overwhelm more than euphoria on gains.
With respect to Junior miners I'm sure you've been asked before but why are you not keen on Serabi gold ? Is it because of the licence issue and life of mines? CEO Hodgson thinks the tapajos region in Brazil has great potential
Good Q Bill. If I had to choose just one I think THX would edge over ALTN for the tax but ALTN has the edge based on years of reserves (which THX might have but haven’t been defined/developed yet).
Thankfully I don’t need to choose and I can hold both each for their merits!
Hi, would it be more reflective of true value to measure that hidden inventory at AISC + after tax profit per ounce?
Yes it would - good point and I’ll update the article to reflect this.
Thanks!
OB
FYI - Saw your stream/video. The $95 million capital spend isn't historical. It's the sum of the capital spend guidance in 2026 through 2028 ($51 million in 2026 and $22 million in each of 2027/2028). The previous guidance for 2026 was $15 million. They've significantly increased underground development, mining equipment, and infrastructure spending guidance in 2026, as it includes some development capital for the proposed $125 million expansion at Sekisovskoye (Seki). Management has stated expansion to 2.0 to 2.5 Mtpa is for Seki only and grade likely will be 2.0 to 2.5 g/t going forward.
Thanks BigHat.
If I implied the $95m was historical then I misspoke. I agree it’s 2026-2028 Capex per their guidance.
OB
Thus, Seki alone could go to 150k ounces per year at 2.5 Mtpa, average grade of 2.25 g/t, and ~85% recovery.
I’ve been pretty conservative on assuming the grade/recovery improves (pending evidence) but yes if they do hit those levels the upside is impressive.
OB
In that scenario, annual FCF would be very near current market cap at spot pricing.
OB more gold articles please :) You're obviously the market mover in this space ;)
My portfolio finally catching a bid after a tumultuous 6 months.
Wondered if looking at energy, uranium in next few weeks. The Sprott uranium physical trading at a 13% for any one wanting exposure.
Hi John,
yes looking at SQZ, ITH, DEC, PTAL suncor, and a little energy tiddler too.
Recently covered UUUU and I’ll look at GCL again soon too.
Stay tuned!
OB
Suncor results were ridiculous 😂 think SQZ tomorrow?
CA.SU link in OB reply is a dodgy typo
Good week for PMs OB! My best week all year with Tech, Value and PMs coming altogether. Certainly feels a bubbling up moment. Strange human quirk how the losses overwhelm more than euphoria on gains.
Altyngold is probably the cheapest and safest gold producer, but they really need to finally distribute a dividend to rerate
Yes it will come - but growing production will make this much more valuable and less risky in the long run than a dividend would.
HI OB,
With respect to Junior miners I'm sure you've been asked before but why are you not keen on Serabi gold ? Is it because of the licence issue and life of mines? CEO Hodgson thinks the tapajos region in Brazil has great potential
I like this stock!
Thanks OB. Push to shove(l) etc. would you choose this over THX though, with its $3,000 profit margin on gold, potential new mines and dividend etc?
Good Q Bill. If I had to choose just one I think THX would edge over ALTN for the tax but ALTN has the edge based on years of reserves (which THX might have but haven’t been defined/developed yet).
Thankfully I don’t need to choose and I can hold both each for their merits!
OB
Thanks for the reply OB. Not sure if you'll see this now, but THX have issued a massive teaser about the Segilola MLE this morning 😎