7 Steps to Finding a Profitable Mining Play
Penny Sleuth Newsletter
7 Steps to Finding a Profitable Mining Play By Byron King October 6, 2010 With the massive rally that precious metals have taken in the last few months, it`s no surprise that investors area interested in mining stocks right now. These days, some of the biggest gain potential comes from tiny penny stocks known as junior miners speculative firms that can see triple-, or even quadruple-digit gains, inside of a year.
Here`s some insight into what I look for when I assess a small-cap mining stock When I have the chance to meet with miners, there`s a routine to it. I walk into a room, look around, say hello, shake hands, sit down and exchange cards. Then I smile a lot, nod and listen as the executives tell me all about the great things they`re doing.
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Of course, as they`re pitching, I`m listening and my mind is racing. The executives begin their spiel and I start to visualize what they`re presenting.
Here`s what I look for first:
1. Geographic location 2. Country 3. Political stability 4. Security of mining concession 5. History of the company 6. Past success or failure 7. Foreseeable problems or opportunities Then I like to get some more details They`ll show me an overview map. I`ll be thinking, how far are they from roads, railways, electric power, water supply and available work force Is this project feasible or will bad logistics just plain kill them Then I`ll dig deeper and they`ll show me their geologic maps, all done up in pretty colors. This is normally where the quality companies get separated from the rest of the pack. I`ll first look at the accuracy of their maps. Do the geophysics make sense Is it sheer fantasy or is there some basis in reality here Then I`ll ask to see the geophysics. I`ll look at the geophysical maps, and compare with actual data from the spreadsheets.
This is an easy way to see if they are just blowing smoke at me.
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Shiny Stuff! I love it when they show me some rock samples and drill cores. To the untrained eye, you might think you`re just looking at a bunch of brown rock, or maybe gray rock. There might even be some shiny stuff in it.
Wow, right Shiny stuff! But I`ll break out the magnifying glass. I`ll walk over to the window, and get some direct sunlight on a wet spot on the rock. If it`s a carbonate, maybe I`ll squirt it with a little bit of dilute hydrochloric acid. (Funny, but that often scares people.) I`ll scratch the samples with a steel file. I have other tricks that I learned long ago, in the mineralogy classes I took at Harvard.
I`m looking for the mineralization. What`s in this rock Is it really ore Or is it just a bunch of garbage that some slick promoter is trying to pass off as “the next great thing” I always want to look at the assays from the “registered competent person.” But you have to be careful here too! That`s why I try to find out as much as I can about this person: where he is registered or what professional licensing authority affiliations he has. Is this guy a real chemist Or did he get his diploma from some school of truck driving and cosmetology Oh, and if there are no chemical assays, I have to wonder what ELSE they aren`t telling me.
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Can They Deliver And so it goes. I look at the maps, the rocks, the business plan, the numbers. As time passes, I also look at the people. Are these good people Is there a sense of ethics Then I drill deeper. What`s the education, the training, the business background of these guys (and they`re almost always guys) Are they uranium guys trying to do gold are they iron ore guys trying to do copper are they big-company guys trying to make a go of a little company Are they in over their heads Bottom line, can they deliver If they can, it`s time to pull the trigger while the company`s still sitting in speculative territory.
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