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PGOL - Patriot Gold Corp. (Royalty Company)

CrumpetsandTea
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PGOL - Patriot Gold Corp. (Royalty Company)

#372879

Postby CrumpetsandTea » January 3rd, 2021, 11:43 pm

Patriot Gold Corp Due Diligence Report (Gold Royalty & Exploration Company)

All information below can be found at Sedar

Stock Ticker: PGOL - Same ticker for Canadian & US Exchanges
Price: $0.20 CDN & $0.14 USD
Common Shares: 74,319,957
Insider Holdings: 36,752,750 or 49.5% - See Annual Information

Basic description: PGOL owns 3 royalties (1 producing) and 3 exploration properties. The producing Moss Mine has a 10 year life (started in 2018), which is currently being increased by Northern Vortex(NEE.V). The company clearly states in their most recent presentation that they want to ramp up production by 10 fold, which would mean multi million dollar royalties for Patriot Gold every quarter. NEE.V is also increasing it’s resource as we speak, so royalty payments will for sure exceed the 10 years - See Northern Vertex November 2020 Company Presentation.

You can get free Level 2(Market Depth) for each exchange at TheCSE (Canada) and OTC Markets (USA)

PGOL only started trading on the CSE at the end of summer 2020, so volume has been low, compared to the US side which trades daily and in large volume. But the Canadian side will catch up as time goes on and more profitable quarters are announced. To get an accurate market depth, you want to compare what’s shown on the US side and it translates to the Canadian side at roughly 1.30 exchange rate. The CSE might not show all those bids/asks because of the alternate trading systems.

Financials (Ending September 30th 2020) - All numbers are in US Dollars

ASSETS
Cash: $583,866
Marketable Securities: $224,554
Royalty Receivables: $1,159,856
Prepaid Expenses: $109,339
Long Term Assets: $300,000
Total Assets: $2,377,615

LIABILITIES
Accounts Payable: $171,852
Total Liabilities: $171,852

9 Month Revenue Performance
Royalty payments: $1,734,325
Net Income: $1,107,495
Earnings Per Share: $0.015 USD or $0.0193 CAD

Note: Patriot Gold has set a budget of $1,000,000 for it's G&A + exploration expenses in 2020

Royalty Interests

Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the nine months ended September 30, 2020 and 2019, the Company earned royalties of $1,734,325 and $973,271, respectively. As of September 30, 2020 and December 31, 2019, the Company had Royalties Receivables of $1,159,856 and $487,060, respectively.

Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources, the Company has a 2% net smelter return royalty on the Bruner Gold/Silver mine in Nevada. As of September 30, 2020, no royalties have yet been earned. (This asset has a high grade proven gold/silver resource)

In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company will receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering several oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company will be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. As of September 30, 2019, $240,000 has been paid, and the remaining $60,000 was paid in installments through December 31, 2019. As of September 30, 2020, no royalties have yet been earned.

Mineral Properties

Windy Peak Property

The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. As of September 30, 2020, the company has incurred approximately $801,025 of exploration expenses on the Windy Peak Property, and$113,816 and $124,056 were spent for the nine months ended September 30, 2020 and 2019, respectively.

Rainbow Mountain Property

In the fall of 2018, after conducting initial reconnaissance of the Rainbow Mountain, the Company acquired the Rainbow Mountain Property (“Rainbow Mountain”). This early-stage exploration project was secured through staking and filing the associated paperwork and fees with the BLM and County.

The Rainbow Mountain gold project consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. Access to the project area is by paved highway, followed by a short stretch of gravel road.
Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of September 30, 2020, the company has incurred approximately $101,208 of fees and exploration expenses on the Rainbow Mountain Property, and $13,194 and $2,160 were spent for the nine months ended September 30, 2020 and 2019, respectively.

Bruner and Vernal Properties

On May 28, 2010 the Company entered into an exclusive right and option agreement with Canamex Resources Corp. (“Canamex”) whereby Canamex could earn a 70% (or up to 75% if a bankable feasibility study is performed) undivided interest in the Bruner, and Bruner Expansion properties, herein after collectively referred to as the “Bruner Properties”. Upon the completion of the terms of the Agreement by Canamex, and upon earning its initial interest, the parties agreed to negotiate a definitive joint venture agreement in good faith to supersede the agreement. During the first half of 2016, it was determined by the Company that Canamex had successfully earned a 70% interest in the Bruner Property according to the terms of the Bruner Option Agreement.

On April 25, 2017, the Company and Canamex Resources Corp. entered into a purchase and sale agreement (“Bruner Purchase and Sale Agreement”) whereby Canamex Resources purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1,000,000 cash. The Company retains a two percent net smelter return (“NSR”) royalty on the Bruner properties including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following closing of the purchase and sale agreement.

As of September 30, 2020, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the nine months ended September 30, 2020 and 2019, the Company incurred no exploration expenses on the Vernal property, respectively.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#402124

Postby CrumpetsandTea » April 6th, 2021, 7:25 pm

After a couple years of doing nothing with Burner, CSQ is finally selling this fantastic gold project off to another company which should be capable of putting it into production. PGOL owns a 2% NSR on this asset. For more information, see Canamex's website. https://www.canamexgold.com/bruner/
Canamex signs exclusivity deal for Bruner project

2021-04-06 11:32 MT - News Release

Mr. David Vincent reports

BRUNER GOLD PROJECT EXCLUSIVITY AGREEMENT, CONVERTIBLE DEBENTURES, FORBEARANCE AGREEMENT

Canamex Gold Corp. has provides an update regarding an exclusivity agreement on the Bruner gold project executed on March 31, 2021, and an update on the status of its secured convertible debentures issued by the company on Oct. 25, 2016, and Dec. 23, 2016, and which matured on Oct. 25, 2019, and Dec. 23, 2019, respectively.

Exclusivity Agreement

On March 31st, 2021 the Company executed an Exclusivity Agreement with a third party, for the potential sale and purchase of the Company's 100% controlling beneficial interest in the Bruner Gold Project (the "Transaction").

Under the Exclusivity Agreement, the terms of the Transaction are non-binding and indicative, until after completion of positive due diligence and completion of other customary closing conditions, including approval by the Board and the shareholders of the Company, and the execution of a definitive binding agreement.

The Company will keep all stakeholders updated, on the progress of the Transaction as milestones are completed.

If a definitive binding agreement is executed with regards to the Transaction, then the Gold Forward sale Agreement with MetalStream (refer below) will be terminated by the Company, being a condition precedent.

Forebearance Agreement

The Company is pleased to announce that a Forbearance Agreement dated April 1st, 2021 has been executed by the Company and Concept Capital Management Ltd. ("Debenture Holders Agent").

The Debenture Holders Agent has agreed to further forbear from exercising their rights and remedies under the Debentures and related security documents (collectively, the "Loan Documents") arising from the delays by the Company in paying interest and repaying the principal of the Debentures, provided that the Outstanding Obligations under the Debentures are repaid on or before August 31st, 2021.

If the Company fails to make full payment, including any agreed penalties, on or before August 31st, 2021, then the Debenture Holders Agent shall be entitled, at their sole discretion, to enforce their rights under the Loan Documents.

Gold Forward Sale - Update

On July 15th, 2020 the Company provided an update regarding the status of its Gold Forward Sale Agreement (the "Agreement") with MetalStream Ltd ("MetalStream"), originally announced January 27, 2020 and an extension announced April 23, 2020.

The Company advised that the initial first tranche payment was increased to US$5,500,000; and was delayed due to Covid-19 related banking and logistic delays, experienced by MetalStream. Despite these Covid-19 related delays, the Company and MetalStream remain fully committed to the Agreement; and the first tranche payment is expected to be completed before August 31st, 2021.

The subsequent second and third tranches payable under the Agreement were also amended as follows:

a) Second tranche payment of US$5,000,000 was increased to US$5,500,000.
b) Third tranche payment of US$25,000,000 was reduced to US$24,000,000.
The Company proposes to use the above proceeds from its Agreement with MetalStream, to settle the interest and any penalties, and repaying the principal of the Debentures, on or before August 31st, 2021.

If a definitive binding agreement is executed with regards to the Bruner Gold Project Transaction announced above, then the Gold Forward sale Agreement with MetalStream will be terminated by the Company, being a condition precedent.

The Company will keep all stakeholders updated, on the progress of the Gold Forward Sale transaction with MetalStream.

About Canamex

Canamex is a public listed company registered in British Columbia, Canada, trading on the Canadian Securities Exchange (CSE: CSQ) and is engaged in pre-development of the Bruner gold and silver project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner project in 2016. Based on additional drilling conducted on the property, the company completed an updated PEA in 2018, which increased the resources and improved the economics of the project.

The PEA is based primarily on indicated resources, but also included about 10% inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

Canamex is planning to move the Bruner project forward into permitting and development using the proceeds from a gold stream forward sale to MetalStream Limited.


We seek Safe Harbor.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#404767

Postby CrumpetsandTea » April 16th, 2021, 4:47 pm

Patriot Gold Corp Audited Year End Results

Link: https://www.otcmarkets.com/filing/html? ... KCL2qz9Mth

Ticker Symbols: PGOL for both exchanges (OTC & CSE)
Price: $0.13USD and $0.20CDN
Common shares: 74,380,354
Insider/Institutional Holdings: 49.5%
Website: www.patriotgoldcorp.com

Financial Breakdown below. All numbers are in $USD

Note: Northern Vertex Mining owns the Moss mine and pays Patriot Gold royalties on a ongoing basis. This mine has several years of production left, based on the last 43-101 resource report. This report will be updated shortly and will extend the life on the Moss mine, giving PGOL additional years of royalty revenue. As well, the company will be releasing drill results on it's own properties, Rainbow & Windy Peake, shortly. Bruner, the other royalty held by Patriot Gold also had an update recently via Canamex Gold.

Financials

ASSETS In $USD
Cash: $1,123,132
Marketable Securities: $221,580
Royalty Receivables: $1,076,130
Prepaid Expenses: $105,000
Deferred Tax Asset Allowance: $1,165,000
Total Assets: $3,691,842

LIABILITIES in $USD
Accounts Payable: $50,763
Accounts Payable(Related parties): $182,618
Total Liabilities: $233,381

2020 Performance In $USD
Revenue: $2,468,078
Total Expenses: $1,369,210
Net Income Before Taxes: $862,293
Income Tax Benefit: $1,165,000 - See Note 10 (Additional $8.7 million in tax benefits)
Net Income: $2,027,293 or $0.03c USD

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#406185

Postby CrumpetsandTea » April 22nd, 2021, 3:03 pm

Northern Vertex announced their first quarter results this week. 9,912 ounces of gold mined, so at say $1750 average, that's $17.346 million USD. At a 3% royalty to PGOL, we get $520k USD for the quarter. Patriot's next quarter should be out at the end of May.

https://www.stockwatch.com/News/Item/Z- ... 4909/C/NEE

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#415036

Postby CrumpetsandTea » May 25th, 2021, 3:30 pm

PGOL Q1 Results + New High Grade Drill Results

PGOL had a good quarter, despite much lower gold prices and higher G&A due to drilling. However, once you remove the one time expense of a decrease in market securities, Patriot Gold did still show a profit for the quarter. Gold prices are now coming back and Nothern Vertex(operator of Moss Mine) has been intersecting some amazing assay results which will be part of Patriot's NSR of 3%. See links below:

PGOL Q1 Results - https://www.otcmarkets.com/filing/html? ... 6q4kYOKEth

NEE Recent Drill Results - https://www.juniorminingnetwork.com/jun ... izona.html

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#428926

Postby CrumpetsandTea » July 19th, 2021, 10:36 pm

Canamex To Sell Bruner To Endeavour Silver - PGOL Owns 2% NSR On The Project. Roughly 500,000 ounces of gold already proven with only a fraction of the property explored.



2021-07-19 14:10 MT - News Release


Mr. David Vincent reports

CANAMEX ENTERS INTO DEFINITIVE AGREEMENT TO SELL BRUNER PROPERTY

Canamex Gold Corp. has entered into an asset purchase agreement with Endeavour Silver Corp. pursuant to which Endeavour will acquire a 100-per-cent interest in the company's Bruner gold property, located in Nye county, Nevada, including mineral claims, mining rights, property assets, water rights, and government authorizations and permits, for a purchase price of $10-million (U.S.) payable in cash. Completion of the proposed transaction contemplated by the agreement is subject to all necessary approvals, including the approval of the shareholders of the company and customary regulatory approvals.

Special meeting of the shareholders of the company

As the proposed transaction constitutes the disposition of substantially all of the company's assets, the company is holding a special meeting of its shareholders on Aug. 25, 2021, to seek approval by a special resolution of the shareholders for the transactions contemplated by the agreement. The record date for the meeting will be July 19, 2021. Additional information about the proposed transaction and the agreement will be contained in a management information circular, which will be sent to the company's shareholders and filed on the company's SEDAR profile prior to the meeting.

About Canamex Gold Corp.

Canamex is a publicly listed company registered in British Columbia, Canada, trading on the Canadian Securities Exchange and is engaged in predevelopment of the Bruner gold and silver project in the prolific gold jurisdiction of Nye county, Nevada.


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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#430747

Postby CrumpetsandTea » July 27th, 2021, 4:09 pm

Patriot Gold drills 170 ft of 0.629 ppm Au at Windy

https://www.stockwatch.com/News/Item/Z- ... 446/C/PGOL

Patriot Gold drills 170 ft of 0.629 ppm Au at Windy

2021-07-26 10:31 ET - News Release

Mr. Trevor Newton reports

PATRIOT GOLD ANNOUNCES RESULTS FROM DRILLING PROGRAM AT WINDY PEAK GOLD PROJECT IN NEVADA

Patriot Gold Corp. has released results from its recent drilling program at the Windy Peak gold project in Churchill county, Nevada. The drilling program was designed to follow up 2019 drilling results in the Windy Flats North area and to target historic drill intercepts in the Windy Peak Base and Windy Flats South target areas.

Drilling commenced in January, 2021, and consisted of 12 drill holes totalling 5,005 feet: five drill holes in the Windy Peak Base target area, three drill holes at Windy Flats North and four drill holes in the Windy Flats South target area. Drill hole locations and orientations were selected with the intent of confirming the presence of and better defining the extent of previously encountered zones of mineralization.

Assay results from drilling at Windy Peak Base indicate one or more mineralized zones dipping approximately 30 degrees to the east or 40 degrees to the northeast. The mineralized drill intercepts are thought to slightly exaggerate the true thickness of mineralization, given the northwest-angled orientation of the drill holes and the east-dipping to northeast-dipping nature of the mineralization. Significant intercepts from the Windy Peak Base are presented in an attached table.


At Windy Flats North, a fence of three drill holes was designed to test the eastern, downdip extent of mineralization identified during 2019 drilling. Due to the limited amount of drilling in the area, the orientation and true thickness of mineralization are not known. Significant intercepts from the drilling at Windy Flats North are presented in an attached table.


At Windy Flats South, the four drill holes were designed to test historic intercepts and all encountered anomalous gold mineralization. Significant intercepts include five feet grading 6.57 parts per million (ppm) gold (Au) and 10 feet grading 20.35 ppm Au (drill holes PGWP21-11 and PGWP21-12, respectively). Due to the limited amount of drilling in the area, the orientation and true thickness of mineralization are not known. Significant intercepts from Windy Flats South are presented in an attached table.


Qualified person: The foregoing technical information contained in this news release has been reviewed and verified by Zachary J. Black, a director and a qualified person (QP) for National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

About Patriot Gold Corp.

Patriot is exploring its 100-per-cent-owned gold projects in Nevada, which include the Windy Peak gold project, Rainbow Mountain gold project and Vernal gold project. Patriot owns a 3-per-cent royalty in the Moss mine in Arizona, now in commercial production. Patriot also owns a 2-per-cent royalty in the Bruner gold project in Nevada.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#434975

Postby CrumpetsandTea » August 15th, 2021, 8:39 pm

Patriot Gold Corp Q2 2021 Results Summary

All information below can be found at www.Sedar.com

Stock Ticker: PGOL - Same ticker for Canadian & US Exchanges

Price: $0.105 CDN & $0.09 USD
Common Shares: 74,319,957
Insider Holdings: 36,752,750 or 49.5% - See Annual Information
Institutional Holdings: 3 million - https://royaltystreams.com/wp-content/u ... on-May.pdf
Company Website: www.patriotgoldcorp.com

Financials (Ending June 30th 2021) - All numbers are in US Dollars

ASSETS
Cash: $1,307,703
Marketable Securities: $198,256
Royalty Receivables: $980,182
Prepaid Expenses: $85,631
Long Term Assets: $1,165,000
Total Assets: $3,736,772

LIABILITIES
Accounts Payable: $57,980
Accounts Payable(Related Parties): $73,240
Total Liabilities: $131,220

2021 6 Month Revenue Performance
Royalty payments: $980,181
Net Income: $147,091

Note 1: Net income down year over year due to money being spent on drilling of Windy Peake & Rainbow properties

Note 2: Canamex recently announced a definitive agreement to sell it’s Bruner gold property in Nevada to Endeavour Silver. Although the property has only been partially explored, there is a historic resource of approximately 400,000 ounces of gold, which could be significantly increased with more drilling. Unlike Canamex which is practically bankrupt, Endeavour Silver has nearly a billion dollar market cap and more than capable of putting this asset into production down the road.

MD&A Highlights

Vernal Property

The Vernal Property is located approximately 140 miles east-southeast of Reno, Nevada on the west side of the Shoshone Mountains. The Company holds the property via 12 unpatented mining claims (approximately 248 acres). The Company has a 100% interest in the Vernal property, subject to an existing royalty. As of June 30, 2021, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the six months ended June 30, 2021 and 2020, the Company incurred no exploration expenses on the Vernal property.

Moss Mine Property

In 2004, the Company obtained a 100% interest in a number of patented and unpatented mining claims known as the Moss Mine property located in the Oatman Mining District of Mohave county Arizona. In 2011, the Company entered into an Exploration and Option to Enter Joint Venture Agreement (the “Moss Agreement”), with Idaho State Gold Company, LLC, (“ISGC”) whereby the Company granted the option and right to earn a vested seventy percent (70%) interest in the property and the right and option to form a joint venture for the management and ownership of the properties called the Moss Mine, Mohave County, Arizona. Subsequently, ISGC transferred its rights to Northern Vertex Mining Corp. (“Northern Vertex”). In 2016, it was determined that Northern Vertex had met the required conditions to earn an undivided 70% interest in the Moss Mine. As such, the Company entered into a material definitive Agreement for Purchase and Sale of Mining Claims and Escrow Instructions (the “Purchase and Sale Agreement”) with Golden Vertex Corp., an Arizona corporation (“Golden Vertex,” a wholly-owned Subsidiary of Northern Vertex) whereby Golden Vertex agreed to purchase the Company’s remaining 30% working interest in the Moss Mine for $1,155,600 (C$1,500,000) plus a 3% net smelter return royalty. See Note 4 for additional information regarding the royalty from the Moss Mine.

Windy Peak

Property The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of June 30, 2021, the company has incurred approximately $1,092,628 of exploration expenses on the Windy Peak Property, and $275,700 and $95,498 were spent for the six months ended June 30, 2021 and 2020, respectively.

Rainbow Mountain

Property The Rainbow Mountain gold project consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. Access to the project area is by paved highway, followed by a short stretch of gravel road. Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of June 30, 2021, the company has incurred approximately $327,499 of fees and exploration expenses on the Rainbow Mountain Property, and $98,142 and $11,937 were spent for the six months ended June 30, 2021 and 2020, respectively.

NOTE 4 – ROYALTY INTERESTS

Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company’s has a 3% net smelter return royalty on the Moss Mine in Arizona. For the six months ended June 30, 2021 and 2020, the Company earned royalties of $980,181 and $929,780, respectively. As of June 30, 2021 and December 31, 2020, the Company had Royalties Receivables of $980,182 and $1,076,130, respectively.

Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. Canamex has the option to buy-down half of the NSR royalty retained by Patriot for $5 million any time during a five-year period following closing of the purchase and sale agreement. As of June 30, 2021, no royalties have yet been earned.

In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company will receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering oil sands leases in the Cadotte area of Peace River, Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company will be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. While management believes the royalty interest continues to have value, there is no defined timeline to begin production of Vanadium and as such, as of June 30, 2021, the Company has fully impaired the royalty asset.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#437969

Postby CrumpetsandTea » August 28th, 2021, 12:21 am

PGOL Performance Chart - All Numbers In US Dollars

Year--- Total Assets--- Total Liabilities--- Total Revenue--- Gain/Loss--- Earnings
2018--- $764,892--- $53,056--- $46,504--- -$1,065,482--- (-$0.014)
2019--- $1,705,671--- $233,076--- $864,779--- -$281,443--- (-$0.0038)
2020--- $3,691,842--- $233,381--- $2,468,078--- $2,027,293--- $0.0273
2021(Q1-Q2)- $3,736,772--- $131,220--- $980,181--- $147,091--- $0.0020

Earnings were reduced in the first half of 2021 because PGOL spent over $300,000 more on mineral exploration compared to last year

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#438781

Postby CrumpetsandTea » September 1st, 2021, 2:14 am

Asset sale of Bruner from CSQ.C to EDR.T is now complete. 400k ounce deposit with major upside potential increasing the resource size means PGOL's 2% royalty just became a lot more valuable.

Canamex completes Bruner asset sale for $10M

2021-08-31 16:04 ET - News Release

Mr. David Vincent reports

COMPLETES SALE OF BRUNER PROJECT IN NYE COUNTY, NEVADA

Canamex Gold Corp., further to its press releases of July 19, 2021, and Aug. 16, 2021, and after the shareholders meeting on Aug. 25, 2021, which voted to approve the sale transaction to Endeavour Silver Corp., has now completed the sale of the Bruner property, located in Nye county, Nevada. Endeavour paid $10-million (U.S.) in cash for 100 per cent of the Bruner gold project, which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits.

Furthermore, the company also wishes to advise that going forward, management of the company intends to utilize the net proceeds to seek out and acquire other mineral properties/assets, and ultimately continue as a mineral exploration company.

About Canamex Gold Corp.

Canamex is a public listed company registered in British Columbia, Canada, trading on the Canadian Securities Exchange (CSE: CSQ).

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#439126

Postby CrumpetsandTea » September 2nd, 2021, 1:37 am

Here's the news release from Endeavour Silver and their take on the Bruner project. I believe they can prove up at least a million ounces over the next 2-3 years.

Endeavour completes acquisition of Bruner property

2021-09-01 07:30 ET - News Release


Mr. Dan Dickson reports

ENDEAVOUR SILVER COMPLETES ACQUISITION OFA BRUNER GOLD PROJECT IN NYE COUNTY, NEVADA

Endeavour Silver Corp. has completed the acquisition of the Bruner property, located in Nye county, Nevada, from Canamex Gold Corp. (see news release dated July 19, 2021). Endeavour paid $10-million (U.S.) in cash for 100 per cent of the Bruner gold project, which includes mineral claims, mining rights, property assets, water rights, and government authorizations and permits.

The Bruner gold project is an exploration- and development-stage project located approximately 180 kilometres southeast of Reno, Nev. Gold was originally discovered in the district in 1906 and saw intermittent historic mining between 1906 and 1998. Recent exploration activities by previous operators included mapping, drilling, geophysical surveys and sampling, culminating in a mineral resource estimate in 2015 and a preliminary economic assessment in 2017 outlining a low capital cost, open pit, heap leach operation.

A historic resource estimate of 342,000 ounces of gold contained in 17.5 million tonnes grading 0.61 gram per tonne in three zones, Paymaster, HRA and Penelas, was prepared for Canamex in a technical report dated Jan. 22, 2018, titled "NI 43-101 Technical Report on the Bruner Gold Project, Updated Preliminary Economic Assessment, Nye County, Nevada, USA" by Welsh Hagen Associates. A qualified person has not done sufficient work for Endeavour to classify the historical estimate as a current mineral resource or mineral reserve. Endeavour is not treating the historical estimate as a current mineral resource or mineral reserve, has not verified the historical resource estimate and is not relying on it. Endeavour plans to twin certain drill holes and conduct a drilling program to upgrade the historical estimate as a current mineral resource. Activities in Q4 2021 will focus on surface work and data compilation, and, in 2022, Endeavour anticipates recommencing exploration work on high-priority targets.

Endeavour chief executive officer Dan Dickson commented: "We are pleased to add an advanced precious metals property to our project pipeline. Bruner should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production and organic growth.

"We will provide a formal market update in our 2022 annual guidance on our exploration plans for the Bruner project. Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in another historic mining district in Nevada.

"In the short term, our attention is on the Terronera project, as we are nearing the completion of the feasibility study and we look forward to releasing the results."

Dale Mah, BSc, PGeo, Endeavour's vice president of corporate development, is the qualified person who reviewed and approved this news release.

About Endeavour Silver Corp.

Endeavour Silver is a mid-tier precious metals mining company that owns and operates three high-grade, underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project toward a development decision, and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. The company's philosophy of corporate social integrity creates value for all stakeholders.


We seek Safe Harbor.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#452002

Postby CrumpetsandTea » October 21st, 2021, 1:59 pm

Updated 43-101 report announced today by Elevation Gold (Previously Northern Vertex). PGOL owns a 3% royalty on this project.

Elevation Gold Announces 36% Increase to Measured and Indicated Resources at the Moss Mine, Arizona in New Technical Report

VANCOUVER, BC, Oct. 21, 2021

Current Reserve Larger than Total Gold Ounces Mined to Date

VANCOUVER, BC, Oct. 21, 2021 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT) (OTC: NHVCD) (the "Company" or "Elevation Gold") a U.S. gold and silver producer with district scale exploration projects in the Walker Lane Trend of Nevada and Arizona is pleased to report updated Mineral Reserve, Mineral Resource estimates and Technical Report for its Moss Mine, located in Mohave County Arizona. The Company also provides production results for the quarter ended September 30, 2021.

Elevation Gold's new leadership believes the Moss Mine and surrounding 168 square kilometer land package possesses unrealized gold exploration potential. Consequently, the Company began an aggressive near mine and regional exploration drilling program in March of this year to deliver new resource ounces while beginning to demonstrate the potential of the property.

The updated Mineral Reserve and Resource Estimates disclosed in this press release will be included in a technical report (the "Technical Report"), to be filed on SEDAR under the Company's profile within 45 days of this press release. The Technical Report represents an interim update, which only incorporates the results of the drilling to a May 24, 2021, cut-off.

Since this cut-off date, Elevation has completed approximately 100 drill holes and continues to encounter significant mineralization, which are not included in the Mineral Resource and Mineral Reserve estimates presented in this new Technical Report.

Dollar amounts are United States Dollars unless otherwise noted.

Technical Report Highlights:

Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver (Table 1)
Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver (Table 3)
Life of Mine plan only based on the Proven and Probable Mineral Reserve estimate extends the Moss Mine Life to 2025, mining ore at 11,000 tons per day, with an average strip ratio of 0.88:1
Pre-tax NPV(5%) $50.8 million, after-tax NPV(5%) $45.3 million at $1,700/oz gold and $18.50/oz silver
Chairman, Douglas J. Hurst commented, "The Moss Mine has been historically constrained by tenure and permitting that limited the mine's footprint and production capacity. It has also hindered the Company's ability to expand the resources and reserves. These constraints have now largely been removed, and the potential of the property is just beginning to be realized."

President, Michael G. Allen commented, "The updated reserve estimate and mine plan for the Moss Mine is a foundational piece in the transformation of the Company. Approximately 100 drillholes have been completed since the data for the resource was cut off and results received to date continue to demonstrate growth potential of the resource. Additional near-mine to regional exploration opportunities on our 168 square kilometer land package are being targeted and will systematically drilled later this year and well into 2022."

Mineral Reserves and Resources
The current reserves are larger than the total ounces produced by the mine to date, demonstrating our ability to replace ounces through exploration. The Proven and Probable Reserve estimate was constrained by the existing infrastructure of the mine. In the future, infrastructure may be relocated to allow the Moss Mine to realize the full economic benefits of the additional near mine mineralization being defined by the ongoing exploration drilling program.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#452039

Postby SteMiS » October 21st, 2021, 4:10 pm

CrumpetsandTea wrote:Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver (Table 1)
Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver (Table 3)

They seem pretty low grade gold deposits, what is the cut off?

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#452940

Postby CrumpetsandTea » October 25th, 2021, 2:43 pm

SteMiS wrote:
CrumpetsandTea wrote:Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver (Table 1)
Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver (Table 3)

They seem pretty low grade gold deposits, what is the cut off?


The cut off was half a gram in their 2017 report, so now that's lower. But I'm not sure if the new assay results from 2020-2021 are actually part of that report. Northern Vertex(ELVT before name change) hit some 1-3g/t grades + silver. So another 43-101 coming down the road?

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#452943

Postby CrumpetsandTea » October 25th, 2021, 2:49 pm

PGOL (Patriot Gold Corp) Value Review for H1 2021

Despite Patriot Gold’s market cap being chopped in half over the last several months, the company has had some positive outcomes over the year. The stock market has yet to understand and rationalize this into value. Let’s break it all down:

Royalty Income – Over the first half of 2021, PGOL has received just under $1 million in royalty income. Net earnings (before drilling Windy Peake) were around half a million dollars, after G&A expenses. But the company did some extensive drilling and around two thirds of the net income was used for that. But that still leaves an additional $150k USD in the bank after the first half. Q3 results will be out next month and it should be another profitable quarter.

Moss Mine – Patriot Gold owns a 3% NSR on this mine and it has several years of production left, which can still be increased by drilling. Last quarter Elevation Gold mined 9,000 ounces of gold, meaning they should be able to extract anywhere from 36,000 to 40,000 ounces of gold per year. A new 43-101 report for the Moss Mine was released last week by ELVT stating that the resource is now 490,000 ounces of Gold and 5.75 million ounces of silver. At $1800 gold and $24.50 silver, the resource is worth $1.022 billion. With a 3% NSR, Patriot gold would get around $31 million USD if pricing remained constant over the next several years. But many forecasts are suggesting that commodity prices will increase.

Bruner Project – This was in essence a dead asset for several years until recently. Why? Canamex Gold was unable to work on this project and generate more value for PGOL. The historic resource is under 400,000 ounces of gold, but only 10% of the property was ever explored. This year Endeavour Silver (EDR.T) purchased Burner for $10 million USD and the deal was completed during the summer. EDR has a billion-dollar market cap and is more than capable of exploring Bruner and putting it into production within the next 4-5 years. This is longer hold asset, but any positive results they release will reflect positively on Patriot Gold. There is a 2% NSR where 1% can be bought back for $5 million USD.

Windy Peak – PGOL has been working on this project for quite some time and there have been many positive assay results from it. Windy will still require more work and it’s not the highest-grade material, but it can be mined once a 43-101 indicated resource has been established.

Vernal – Although it has not been worked on yet, the Vernal property isn’t too far from Bruner. The potential of finding some economic gold here seems promising, but we won’t know until the company starts sampling, then drilling.

One last important note. Insiders/Institutions own a majority of the 74.4 million shares, with 10.4 million options exercisable at $0.10 USD (average on MD&A). That means management needs to grow this company in order to extract any value from the common shares or options. Having consistent positive cash flow and value being created over every quarter is key to increasing shareholder value.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#470012

Postby CrumpetsandTea » January 3rd, 2022, 6:40 pm

Looks like time is running out for Endeavour Silver to buy back 1% of the NSR on Bruner. I'm quite certain the terms/conditions from the original asset sale from Patriot to Canamex still stand. By the end of April, EDR.T has to give PGOL $5 million USD for that 1%, or else it reverts back to a full 2% NSR with no limit. Short term the cash would be huge for Patriot, but I'd rather have a full 2% royalty as that extra 1% will be worth way more in a couple years from now. 342,000 ounces of gold in the historic report, with only 10% of the property explored, upside is massive. From page 13 on the last MD&A:

Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources dated April 25, 2017, the Company has a 2% net smelter return (“NSR”) royalty on the Bruner Gold/Silver mine in Nevada, including any claims acquired within a two-mile area of interest around the existing claims. Canamex has the option to buy-down half of the NSR royalty retained by Patriot for $5 million any time during a five-year period following closing of the purchase and sale agreement. As of September 30, 2021, no royalties have yet been earned.

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Re: PGOL - Patriot Gold Corp. (Royalty Company)

#470316

Postby CrumpetsandTea » January 4th, 2022, 11:39 pm

As well, here's what Endeavour's CEO said once the Bruner acquisition was completed (From EDR.T Sept.1st 2021 News)

Endeavour chief executive officer Dan Dickson commented: "We are pleased to add an advanced precious metals property to our project pipeline. Bruner should be an accretive acquisition for our five-year strategic plan to become a premier senior silver producer, with potential for exploration discoveries, district acquisitions, near-term production and organic growth.

"We will provide a formal market update in our 2022 annual guidance on our exploration plans for the Bruner project. Our exploration team will focus initially on verifying the historic resources, then turn its attention to the many exploration targets on the Bruner property. We look forward to unlocking the full potential of the Bruner property with the goal of building a new mining operation in another historic mining district in Nevada.


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