Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 30% equity position in the Company.
Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration.
| Close Price | 0.54 |
| 52 wk Range Low | 0.44 |
| 52 wk Range High | 0.98 |
| MCAP (m) | $64.66 |
| Implied EV (m) | $49.30 |
| Index: Public | TSXV |
| Financial YE | 31-Dec |
| Currency | CAD |
Business Activity
Mining E&P
Key metrics
| Gross debt (m) | $0.35 |
| Cash (m) | $15.70 |
| Net Debt (Cash) (m) | -$15.35 |
| Net Operating Cash (m) | -$1.46 |
| Revenue (m) | $0.00 |
| Net Income (loss) (m) | -$1.80 |
Key ratios
| (Net Cash) /Shareholder Equity % | -23.74% |
Mining Sector Research
TSXV Market Index
Analyst Team
+44 20 7419 7928
mining@acfequityresearch.com
Goldshore Resources Inc. (TSXV:GSHR; OTCQB:GSHRF) is a junior exploration and development miner focused on precious metal deposits in Canada. GSHR acquired Moss Lake Gold Project located in Ontario, from Wesdome Gold Mines for C$52m in May 2021. Wesdome Gold Mines holds a 26% equity position in Goldshore.
Historical Moss Lake gold estimates for Measured and Indicated (M+I) resources are 1.47 Moz Inferred of 2.51 Moz. There is significant expansion potential. The Moss Lake Gold project lies within a highly prolific mining jurisdiction, which hosts several other world-class projects. GSHR is focused on developing its ESG and maintaining a sustainable relationship with the indigenous community surrounding the deposits.
➢ Exploration stage mining company, non-revenue generating
➢ Historic M+I est. 1.47 Moz Au & Inferred 2.51 Moz Au
➢ Ongoing 100,000m drill program
➢ Cash & CE of C$15.4m as of February 2022
GSHR (lighter line) TSXV market vs price relative
Highly prospective Moss Lake Gold Project – The Moss Lake project hosts several gold deposits over a 20 km+ area. The area includes the East Coldstream deposits, the historically producing North Coldstream mine and the Hamlin zone.
Drill program validates gold mineralization – Goldshore is undertaking a 100,000m drill program – completion YE22E. The project includes Moss Lake, East Coldstream, North Coldstream, Iris Lake and Hamlin Lake.
Strong project economics – A historic preliminary economic assessment (PEA) conducted in 2013 on Moss Lake, yielded a base case after tax net present value (NPV) of US$ 196m at a gold price of $1,546/oz, far below the current structural gold price of $1,800-1,900/oz.
Experienced management – The management team has a proven history of value creation.
➢ Additional resource discoveries at Moss Lake Gold project
➢ Completion of PEA study by YE22E
➢Successful completion of the 100,000m drill program
➢Execution of ESG with metrics delivering best-in-class internal discipline
Operational Strategy
Goldshore Resources – the next ‘Tier One Asset.’ Exploration stage gold mining company in an area of scalable deposits, with M+I 1.47Moz of Au historical estimates.
Goldshore’s operations primarily revolve around carrying out drilling in its current locations, conducting resource estimate studies and advancing construction and development activities at its projects.
Exploration program: The company’s 100,000m drilling exploration is designed to discover new areas of mineralization.
Use of advanced technology: Goldshore’s VTEM survey was carried using airborne geophysical technology.
I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.
I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.
I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).
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During my more thann 20 IPOs and secondary raisings I have brought in well in excess of £600m.
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Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.
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Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.
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Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.
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I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.
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He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages
