Cash is king, yet unfortunately the junior gold producers on our list today are not able to turn revenue into positive operating cash flows. These cash flows are meant to be the lifeblood of the business, and without it companies must turn to external sources of capital to make up for the losses and fund ongoing operations. In the case of gold juniors, raising funds is even more troublesome since their business is much riskier in comparison to larger companies, and in the midst of slumping commodity prices capital markets haven’t been kind to junior resource companies.
Carpathian Gold Inc. (TSX: CPN) – $0.02
Gold
Carpathian Gold Inc. (Carpathian) is a Canada-based company that, along with its subsidiaries, is focused on gold exploration primarily on its property in Romania, as well as gold exploration and development of the Riacho dos Machados gold project in Brazil. It operates in two segments: the acquisition, exploration and development of mineral properties primarily situated in the Carpathian Arc region of Romania and in Brazil.
- Market Cap: $13,806,588
- Revenues (Last Quarter): $28,405,958
- Net Income (Last Quarter): -$26,509,363
- Cash from Operating Activities (Last Quarter): -$18,383,333
Barkerville Gold Mines Ltd. (TSXV: BGM) – $0.26
Gold
Barkerville Gold Mines Ltd. is a Canada-based company engaged in the exploration and development of gold properties. The Company continues production with ore from its Bonanza Ledge Mine trucked to the QR Mill facility. In conjunction with gold production, a number of drill programs have taken place on the Company’s Cariboo Gold project. Barkerville has developed an additional resource estimate at the neighboring Cow Mountain near its Cariboo Gold Project in central British Columbia. The Company’s Bonanza Ledge Mine is located on the southwest flank of Barkerville Mountain. The Cariboo Gold Quartz Project is situated within the Cariboo Gold Fields; the Company produced 2.5 million ounces of placer gold and over 1 million ounces of load gold from the region. The Island Mountain claim group consists of 34 Crown-granted mineral claims and fractions comprising 446 hectares on Island Mountain.
- Market Cap: $33,522,439
- Revenues (Last Quarter): $11,494,920
- Net Income (Last Quarter): -$4,273,010
- Cash from Operating Activities (Last Quarter): -$9,383,540
Majestic Gold Corp. (TSXV: MJS) – $0.07
Gold
Majestic Gold Corp. (Majestic) is a Canada-based gold producer with mining operations in China. The Company’s main business involves the acquisition, exploration and development of mineral properties. The Company’s Songjiagou Gold Mine is located in Muping County on the Jiaodong Peninsula, Shandong Province. Majestic holds its interest in Muping through its 94% owned subsidiary Majestic Yantai Gold Ltd., The Company is currently focused on reviewing operations at the Songjiagou Mine. Gold production from the Songjiagou Gold Mine is approximately 19,611 ounces.
- Market Cap: $50,107,153
- Revenues (Last Quarter): $7,857,126
- Net Income (Last Quarter): -$1,073,724
- Cash from Operating Activities (Last Quarter): -$3,347,913
Marlin Gold Mining Ltd. (TSXV: MLN) – $0.53
Gold
Marlin Gold Mining Ltd.’s properties are located in Sinaloa and Zacatecas, Mexico. The La Trinidad property in Sinaloa, Mexico hosts the Taunus gold deposit.
- Market Cap: $49,149,529
- Revenues (Last Quarter): $7,603,640
- Net Income (Last Quarter): -$5,084,580
- Cash from Operating Activities (Last Quarter): -$171,740
Dynasty Metals & Mining Inc. (TSX: DMM) – $0.74
Gold
Dynasty Metals & Mining Inc. is a Canada-based exploration and development-stage company engaged in the business of acquiring, exploring and developing mineral concessions in Ecuador. The Company operates a processing plant and is in the process of developing one main and two planned declines to access the resource at its Zaruma Gold Project. In addition to the Zaruma Gold Project, the Company owns two other non-producing assets, the Jerusalem Project and the Dynasty Copper-Gold Belt Project, which includes the Dynasty Goldfield. The Company has obtained small scale mining licenses for five concessions at its Zaruma Gold Project. Such licenses permit the Company to mine up to 300 tons per day from each concession, which has obtained the small scale mining license at a royalty rate of 3%, payable to the Ecuador government, and no windfall tax on the extraction and sale of precious metals.
- Market Cap: $29,980,579
- Revenues (Last Quarter): $3,726,233
- Net Income (Last Quarter): -$2,937,735
- Cash from Operating Activities (Last Quarter): -$3,398,782
