Replies to post #2589 on Gold and Silver miners (Jr and Exploration)

[Edge83]

Looks like the Fortuna project still needs some permitting and they are looking at H1 2019 to start mining. Their Santana project is a bulk open pit model with ~ 1 g/t ore at the surface they are looking at starting in Q4 2018.

Yesterday was the first I had ever heard about them but they look pretty solid. They want to gear up to 150k oz/Au per year production when they bring all the projects on line. Looks like they are targeting 5 mil oz of total resources eventually (500k oz now).

Here is their presentation http://www.mineraalamos.com/files/2018%2008%2015%20Corp%20Presentation.pdf

Looks like they are targeting a $27 million capital raise to get Fortuna started. Should be repaid in 11 months with an AISC of $440.

They only have $2.5 mil cash so they will need to raise money somehow. Looks like they have 300 mil shares out with 95 mil share in warrants and 18 mil options.

One negative is that I can see a lot of dilution coming down the line unless they are able to get creative with the financing. Looks like they have a partnership with Osisko Royalties which may be able to mitigate that.

Market cap is only $29 mil USD

They defiantly are worth keeping an eye on.

I'll add them to the Ibox so we can monitor them.