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Patriot Gold Corp Due Diligence Report (Gold Royalty & Exploration Company)
All information below can be found at www.Sedar.com
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
Company Website: www.patriotgoldcorp.com
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 - [link]
You can get free Level 2(Market Depth) for each exchange at the following websites:
Canada: [link]
USA: [link]
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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ZincOx Resources has lost its AIM quote but has found a new project to keep it going We last wrote about ZincOx Resources in December 2016 and it read like a ‘For Whom the Bell Tolls’ yarn’. The headline read: “ZincOx Resources needs to find a new flagship project if it is to survive as an AIM stock”. Well, it has not survived as an AIM stock, for the time being. It’s admission to AIM was cancelled on April 28 2017. But it has survived as a viable company, a bit battered and worn perhaps but now in a recovery mode. ZincOx is a 17 year old UK –based company which was focused on zinc mining. It shed the last of its mining interests and in recent years has concentrated on deploying innovative technology to extract zinc from recycled electric arc furnace dust (EAFD) from steel plants. The company’s flagship project, near Pohang, South Korea’s leading steel city, came on stream in 2012 using EAFD, which is a hazardous waste and a cheap feedstock. The plant, called the Korean Recycling Plant one (KRP1), cost US$112million, with funding from ZincOx and its partner Korea Zinc Company (KZC), who planned to buy the recycled zinc on a long term agreement at a price based on the London Metal Exchange (LME) prices. Scrapped steel for recycling at ZincOx’s plants Photo: www.zincox.com Everything seemed hunky dory and a second plant KRP2 was mooted. But KRP1 was bedevilled by technical problems and these became acute during 2015. Specifically, profitability of KRP was compromised the frequent stoppages required to repair heat exchangers. To make matters worse, the commodities price crash in the second half of 2015 to a five year low of US$1,639 a tonne led to continuous losses which, in the absence of additional funding, led to a major restructuring of ZincOx’s ownership of the KRP asset, the result being that ZincOx’s interest was effectively reduced to 10 per cent as at December 2015. Then to make matters even more difficult KZC experienced further financial problems and a complicated debt restructuring involving US$7.95m in loan notes, during the tail end of 2016 and the early part of 2017 resulted in ZincOx’s interest in KCP becoming zero. The reduction of the company’s interest in its principal asset KRP meant under AIM Rule 15 ZincOx became a cash shell. Its shares were suspended from trading on October 31 and six months after this date unless there was a reverse takeover through the feeding-in of a new large asset, the shares no longer would be admitted to trading on AIM. Hence the cancellation on April 28. But although ZincOx was loss making to the tune of US$6m at the end of 2016, in February 2016 the company raised £205,000 and in June 2016 a further £300,000 by way of the issue of new shares at a price of 1p a share, representing a premium to the then market price of 82 per cent and 60 per cent respectively. So the group had some cash to play with. Moreover throughout 2016 the over-supply/ demand balance for zinc came back into kilter as some of the world’s largest zinc mines became exhausted. With demand picking up the price started to improve, comfortably reaching over US$2000 a tonne by 2016. With these two positives with them, the company proceeded with a new project. A Memorandum of Understanding (MoU) was entered into with the Korea Zinc Company 2016 for a Joint Venture (JV) over the Vietnamese Recycling and Upgrading Plant (VRUP), an arrangement approved by the Vietnamese government. Following the year-end on January 19 2017, a JVA was entered into between KZC and ZincOx, for the joint development of the recycling plant, the principal terms being that KZC would hold 51 per cent of the project and ZincOx the remaining 49 per cent. The VRUP is designed to have a capacity of 100,000tpa EAFD and cost about US$107m to develop. As for the shareholders following the AIM admission cancellation, ZincOx has appointed Asset Match, a Financial Conduct Authority (FCA) regulated group that will operate an electronic off market dealing facility for the ordinary shares. This facility will allow shareholders to trade their ordinary shares by matching buyers and sellers through quarterly auctions. ZincOx has said that shareholders should note that following the cancellation, even with such a trading service in place, there will be no public market or trading facility on any recognised investment exchange for shares and accordingly, the opportunity for shareholders to realise their investment will be limited. When they suspended last October the shares stood at 0.45p.
AVOCET MINING - Important Information Removal of Shares. Important Information & Other Key Dates: Further to the Appointment of Administrators on 21st August 2019, we have received notification that the Avocet Mining shares are no longer eligible to be held within the UK Settlement System. We have therefore removed the Avocet shares from your account. Should we receive any distributions from the Company, we will notify you at that time. Please note, however, that there can be no certainty that such a distribution will be made. A certificated holding may be retained by the registrar. If this is the case, we will reflect this on your account although it may not be visible. Should you hold your shares in a ShareBuilder Account please be aware that upon receiving a certificated holding we will take the necessary steps to transfer the shares to your ShareDealing Account, in accordance with our Terms & Conditions. No fractions of shares will be transferred.
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