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December 26, 2023
August 2, 2024

Doubleview Gold

2023 Year in Review

As part of the ongoing due diligence process, reflecting upon what companies accomplished over the year is crucial.

In doing so, it helps to determine if an investment thesis is still valid. If still valid, it helps to confirm if a company is still on the right path to provide validation of the investment thesis. When an investment thesis is no longer valid, it’s time to reexamine the due diligence in order to decide what to do next.

In 2006, I prematurely sold a company after patiently holding it for a few years. I sold my position at an average of ~US$0.06 and two years later it traded at ~US$2.50 in a mining bear market (it eventually went to ~US$3.11 in 2010 and is currently at ~US$2.50). Although my due diligence on the company was correct, not reexamining my due diligence before selling cost me a potential US$1.2 million in profit (I had 500k shares at an avg cost of ~US$0.10). In hindsight, reexamination of my due diligence would have told me to hold and to patiently wait for the payoff. Luckily, I’ve developed a recipe for success which is based on valuable lessons learned from over 26 years of investing in the junior mining sector.

2023 Highlights

Record number of metres drilled
Record number of holes drilled
Easily accomplished the company’s most successful drill campaign
Likely set a new record for the CEO that spent the most time at an isolated camp (no road access) to oversee a drill campaign
Highest cobalt assay grade ever reported at the Lisle Zone (2240 g/t over 3m in drill hole 50)
Discovered an inner mineralization which contained the highest scandium grades seen so far
Average scandium grades were higher than usual
Many assays had much higher gold, copper, cobalt & silver grades than what has been drilled in the past (grades also increased with depth)
Assays towards the south & southwest of the Lisle Deposit intercepted much higher gold & cobalt grades in comparison to copper
Assay grades of all metals increased with depth in all holes drilled in the newly discovered Buck Zone
Some assays had long sections of substantially higher grades
More long lengths of mineralization which start at surface
Significant increase in tonnage
Drilling proved the West Lisle Zone is connected with the Main Lisle Zone (previously considered as 2 separate zones of mineralization)
Extended the Lisle Zone to ~1,450m X ~1,400m (this was reported in Sept so it might be larger as drilling continued for an additional two months)
Newly discovered South Lisle Zone Extension was named “Feeder Zone”
Advanced the geological modeling of the deposit by updating the 3D-IP – better understanding of how the 3D-IP correlates with the mineralization (better understanding of the deposit)
Scandium recovery increased from 56% to over 90%
Final metallurgical testing continued behind the scenes
Metallurgical research into several innovative cost effective & environmentally friendly low-temperature extraction processes continued behind the scenes
Several recovery processes to produce a range of potential scandium products were identified (potentially provides commercially saleable products with limited additional costs)
Completed improvements to the camp infrastructure
Instantly raised ~C$1.5 million with minimal dilution (no warrants, no finder’s fees & only 2 placees)
Mineralization/deposit remains open in all directions
Completed extensive independent archaeological fieldwork studies (553 shovel tests). Due to the positive finding, no additional archaeological work is required within the proposed development areas & existing boundaries of the Hat Permit.
After a multi-year permitting delay, the Hoey Zone (1.4 km from Lisle Zone) can be drilled for the 1st time. HZ has the best surface sampling results ever seen at the Hat project. It is 400m x 200m & was extensively sampled over many years (highlights of sampling include 9 g/t gold, 4.8% copper & 5000 ppm cobalt).
Due to efficient budgeting/cost controls, completed a record 10,500m drill campaign for ~40% of the industry standard cost for a similar drill campaign (cost of ~C$250 per metre instead of almost $600 per metre)
Mourned the loss of a key figure in the company’s success – Thomas Lisle (former part-owner of the Hat Project & the Lisle Zone was named after him)
“Resignation” of a director which notoriously sold prior to the share price moving up
CEO increased holding in the company by an additional 1,258,000 shares by exercising options & a buy on the open market for C$110,440 @ C$0.44 (currently holds 31,446,124 shares or ~17% of the current outstanding shares)
Company released a total of 22 news releases (only includes ones that discussed the company’s progress – items like options, financings, etc. weren’t counted)

2023 Performance

During the year, most of the junior miners made new 52 week lows and many are currently trading at or near their lows.

Although many shareholders of Doubleview Gold expected the price would be significantly higher than it currently is due to all the pending catalysts, it is important to remember the junior miners are currently experiencing one if not the worst bear market in history when taking into consideration the much higher prices of many metals.

In terms of financing and stock performance, Doubleview Gold was one of the juniors that stood out among its peers.

In Dec 2023, Doubleview Gold raised ~C$1.5 million in FT shares at $.70 (~44% premium on the previous day’s close) with NO warrants and NO finders fees! It was announced and closed one day later with only two placees.

While most companies were doing their most dilutive financings, Doubleview Gold did its least dilutive financing in its history. It is said the company was offered substantial amounts of money for financing throughout the year but the company wasn’t interested.

A recent example of how bad the market is for some juniors looking to finance is a small Canadian junior with a current market cap of ~C$3 million. Although it has a turnkey mining operation (full production mill built), it announced it is doing a financing which will MORE than DOUBLE its outstanding shares if the full warrants are all exercised! The company announced that it intends to raise ~C$1.4 million at a price which was ~58.3% LESS than the previous day’s close after it had consistently traded at more than twice the proposed financing price for 11 straight trading days! The day the financing was announced the price of the shares dropped ~40%! Luckily, I’m NOT a shareholder of this company.

In terms of stock performance for 2023 (at the time of writing on 25 Dec), the price of the shares was up ~90% from its 52 week low & is 22% below its 52 week high. For 2023, the price of the shares is currently up ~29%. Although there are examples of great performing juniors even if the sector has been struggling in a brutal bear market, Doubleview Gold’s performance compared to the sector is extremely noteworthy. Doubleview Gold’s performance to date in 2023 and in 2022 are substantially higher than well known junior ETFs (see picture below for details).

Although the tide raises all ships in a bull market, quality juniors with the right upside catalysts are the ones that provide the most life-changing returns. Stocks that are performing poorly in a bear market, raising money with highly dilutive terms (full warrants) and are at 52 week lows have low odds of becoming a junior that stands out in a bull market unless a catalyst suddenly changes the situation.

With a mining bull market expected to begin, betting on the right junior is crucial if one wants to make life-changing returns before waiting another 10 to 20 years for the next bull market.

2024 Pending

Note – this list will not be updated. To view the updated pending list, see the following:
https://member.tsr-d4.com/doubleview-gold-catalysts/

Assays for 11 to 14 drill holes to be released in early 2024 (company has never said how many holes it drilled)
- Some of the most promising holes from the 2023 drill campaign are pending (hole 67 = “The strong sulphide mineralization appears to comprise sections of very strong chalcopyrite and pyrite, including about 2 metres of nearly massive chalcopyrite. (Chalcopyrite contains about 30% copper)” https://member.tsr-d4.com/doubleview-gold-best-grades-are-coming/
Final metallurgical testing
- If applicable, recoveries of many metals which were discovered during metallurgical tests (grades are unknown as they were never tested for during assaying of core)
- If applicable, optimization of known metal recoveries (gold, copper, cobalt, silver, scandium & PGMs)
Scandium – if applicable, types of commercial scandium powders that can be produced (such as scandium fluoride, scandium oxide, etc.)
More details on the uniqueness & game-changing advantages of the proprietary scandium extraction process
Cost analysis of the proprietary scandium extraction process which will be included in the MRE (said to only require limited additional costs compared to the very high capital expenditures required with typical extraction processes)
If applicable, more innovative cost effective & environmentally friendly low-temperature extraction processes (08 May 2023 NR)
Republishing of previously released assays to include optimized recovery rates (if applicable) in Cu Eq/Au Eq (as part of the MRE QA & QC process previously released assays were reassayed)
Maiden Resource Estimate (expected Q1’24)
Ore sorting assessment (to lower the economic cut-off grade of the resource estimate, results in more tonnage & increases project’s NPV/IRR which makes it more desirable)

2024 Predictions

My bold predictions for 2024 are as follows:

Junior mining sector will FINALLY begin to see new money flow to it as new speculators begin buying their lottery ticket juniors for potential life-changing returns in the upcoming bull market
Price of gold will set a new historical high & will move much higher
Bull market will begin for mining stocks
Price of copper will move higher & might try to retest the historical high of US$5.02/lb (March 2022) if there are more unexpected supply/production issues
M&A activity will increase
Canada’s critical metals strategy will attract more interest from major mining companies that seek to benefit from Canada’s generous tax credits & fast tracking of critical metals deposits (priority is currently for mines that produce lithium, cobalt, nickel, graphite, copper & other critical metals)
Canada will further distinguish itself as the most desirable location to develop new critical metal mines
Patience of long-term shareholders of Doubleview Gold will be significantly rewarded (it will be life-changing for some shareholders)
Doubleview Gold will break its historical high of C$1.18 (August 2021) & will move substantially higher
Doubleview Gold’s pending assays will contain some of the best intercepts/intervals the company has every drilled
Doubleview Gold’s MRE will deliver in terms of tonnage & grades. The average grades in the MRE will be much higher than what has typically been drilled in past drill campaigns especially in terms of copper & gold
Doubleview Gold’s proprietary scandium extraction process will be a game changer for the economics of the project
Doubleview Gold’s critical metals deposit will finally catch the market’s attention as well as the attention of majors, big names in the industry, etc.
Doubleview Gold will receive its first offer from a major mining company & it will likely trigger a bidding war (assumes the MRE is released in Q1’24)

Possible Clues Based on Forward-Looking Quotes & Statements

As a reminder, here are some important forward-looking quotes/statements from Doubleview Gold’s CEO/President which help provide some possible clues (refer to Doubeview Gold’s disclaimer):

Farshad Shirvani said “Potentially one of the largest critical metals deposits in North America” – Oct 2023 Link
Farshad Shirvani said “Doubleview potentially has the largest Scandium deposit in the world with unsurpassable mineral recovery method and environmentally safe that comes with many other North American Critical Metals, Copper, Cobalt and plus Gold” – Oct 2023 Link
Farshad Shirvani (CEO/President) said he is working on proving that Doubleview Gold potentially has the largest critical mineral discovery in Canada. If successful, he anticipates the governments of US and Canada will look at the company (both governments have been focusing on establishing a domestic critical metals supply chain for the Green Energy Transition) Link
Farshad Shirvani (CEO/President) said the deposit could potentially be one of the most valuable deposits in Canada (read that again & think about what kind of valuation it would receive if this occurs) Link

“Recovering scandium from tailings in addition to copper, cobalt and gold recovery in concentrates is significant as it potentially provides another commercially saleable product with limited additional costs” – CEO/President 24 Oct 22 NR (link)

“We have the opportunity to have low cost scandium in North America……very cost effective” & “we will have a report showing what the cost figure is to do this metallurgy, to show to the world that this is the cheapest way of producing scandium” – CEO/President Pre-PDAC Pres 03 March (video link)

“It will be proven by the end of this year, all of a sudden to everyone, that this is the most unique deposit in the world…..I’m not saying in Canada or the United States….the most unique one in the world & you will see that how we’re going to expose it to the world to see it” – CEO/President 27 March 2023 YouTube Video (link)

Conclusion

Following my analysis of what Doubleview Gold accomplished in 2023, what it has pending in 2024 and what will likely occur in 2024, my original investment thesis is still valid. In a nutshell, my investment thesis on Doubleview Gold is that it will be bought out by a major mining company at substantial prices thus providing life-changing returns.

If the pending catalysts deliver enough, I’m extremely confident that my investment thesis will be proven correct in 2024!

The upcoming year (2024) will be an interesting year due to the expectation of interest rate cuts (Canada/US) and a US Presidential election. Historically speaking, both have typically resulted in positive movement of the stock market. The US Federal Reserve pivot and cutting interest rates usually propels the price of gold much higher. US interest cuts typically cause the US dollar to lose value. Since the price of gold is in priced in US dollars, a lower US dollar makes the price of gold increase. The price of gold currently has one of the most bullish set-ups for an explosive next leg up.

With the likely breakout of precious metals coming in 2024 which should trigger an intense bull market for mining stocks, there is no better time to be invested in the right junior mining stocks for the life-changing returns they can provide.

With the Green Energy Transition quickly unfolding and the outlook for much higher critical metal prices, major mining companies still need to position themselves to capitalize on the tremendous upcoming demand for critical metals. In 2024, copper is expected to experience a supply deficit which would send the price higher.

I believe 2024 will be the year my investment thesis on Doubleview Gold is finally validated and my patience rewarded with a life-changing return. I also strongly believe 2024 is going to be an extremely exciting and memorable year for Doubleview Gold…….stay tuned……

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Doubleview Gold

D4 is biased as both he and his spouse, who is not affiliated with T$R, are shareholders of Doubleview Gold. T$R independently initiated coverage of Doubleview Gold on 14 June, 2020.

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Promotional Items Received: July 2020 – D4 as well as his spouse both received a baseball hat from Doubleview Gold. The company publicly announced that any shareholder could receive a company hat for free and it was available to any shareholder upon request.

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