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Brazil Resources Inc.

TICKER: BRI:TSX.V; BRIZF:OTCQX

Brazil Resources Inc. is a public mineral exploration company with a focus on the acquisition and development of projects in emerging producing gold districts in Brazil, Paraguay and other parts of South America. Currently, Brazil Resources is advancing its Cachoeira and São Jorge gold projects located in the state of Pará in northeastern Brazil.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Tickerscores (6/15/14) "Brazil Resources Inc.'s noteworthy news is the sending of documents to Brazil's department of mining production, in support of maintaining its mining license at the Cachoeira project. We expect management is working hard behind the scenes to create shareholder value."

Ash Guglani, Salman Partners (6/3/14) "Brazil Resources Inc. has executed well on its strategy of acquiring projects that are potentially viable in today's market and are not dependent on higher gold prices. Key acquisitions have enabled the company to expand its resource from just under 0.7 Moz gold in 2012 to just under 4 Moz gold in 2014. . .the PEA for the São Jorge property showed robust economics with an after-tax NPV of US$406.6M and an after-tax IRR of 46.4% at a 5% discount rate."

The Mining Report Interview with Jeff Wright (5/27/14) "One company on the small-cap side we like at present is Brazil Resources Inc., which has the São Jorge project, an open-pit potential project at the preliminary economic assessment level. It comes with a sizeable gold resource that has good open-pit grade and is fairly near surface. It has more than 1.7 Moz gold at 0.3 g/t cutoff with about a 10-year mine life at least. It could be much longer, given the amount of gold that's there. The next steps would be to take that through feasibility and build the project out. We're looking for an update in the next few months on the next steps. The management team was able to acquire this project from a small company called Brazilian Gold that had run out of cash at the end of 2013. There are high-quality projects out there in cash-starved companies. A company like Brazil Resources was able to take advantage of that situation and add a substantial project to its books and make that its flagship project. Brazil Resources' second project, Cachoeira, is also a very good project, but São Jorge is more advanced and has more gold. It probably accelerates the company's timeline to production by more than a year. The capital to get to production isn't too much of a daunting task. We see it as a reasonable $40–50M build-out over time. Brazil Resources has two quality projects in Brazil and it could become much more substantive in the future." More >

Lawrence Roulston, Resource Opportunities (4/28/14) "Brazil Resources Inc. has an exceptional management and geological team, with a great deal of experience and contacts in the mining industry and in Brazil. The recent dip in the share price provides a buying opportunity."

The Gold Report Interview with Jay Taylor (4/9/14) "Brazil Resources Inc. is a junior pick. I've known its founder and chairman, Amir Adnani, for a long time. And, of course, many people know his American energy company, Uranium Energy Corp. Adnani went out and took advantage of the weak gold market to pick up Brazilian gold properties: 2.59 Moz gold in three properties that are relatively close together. Added to the property he had before, that makes something like 3.9 Moz all told. Amir said to me that he hopes we don't see a resumption in the gold price right away. He'd like to see more weakness so he can get his hands on more low-priced properties. The companies that have the cash and the resources to finance themselves are today in a great position to enrich their shareholders.

This company has a really good ownership structure. Management and insiders own 25%, and 30% is held by institutional investors. This includes a very wealthy Brazilian financier who has the deep pockets. Adnani is a very smart manager. He's done very well in the past, and I think he's on to something here. I like this one a lot." More >

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The Gold Report Interview with Oliver Gross (4/2/14) "I like Brazil Resources Inc. Its genius chairman is Amir Adnani, the mastermind behind Uranium Energy Corp. Brazil Resources is his new darling, and he has huge ambitions. The company has a strong team of resource experts and well-connected finance people, as well as an excellent share structure and shareholder structure. It is backed by the Brasilinvest crew, which has attracted funds of more than $16B since its establishment. Other prominent investors and backers of Brazil Resources are the Casey Group and Sprott. So it's a pretty good sign that most of the outstanding shares are in strong and highly qualitative hands.

Brazil Resources owns a huge and promising land package of gold mining concessions in Brazil, including a multimillion-ounce gold resource with plenty of exploration potential. In addition, the company holds a highly interesting land package next to Fission Uranium Corp.'s Patterson Lake South discovery in Saskatchewan. This project is in a lucrative joint venture with a uranium major, AREVA SA, so it could be a very profitable offtake. One my friends from Vancouver is a strong supporter of this story: Mr. Gianni Kovacevic is a great investor with a huge network and the chief editor of The MEDAP Letter, which has Brazil Resources in its resource portfolio. With Brazil Resources we have a great team, very attractive projects, sufficient funds, first-class investors and a strong schedule. These are the fundamentals I want to see in a junior gold story." More >

The Gold Report Interview with Brien Lundin (3/24/14) "One company that I've been very high on recently is Brazil Resources Inc. (BRI:TSX.V; BRIZF:OTCQX). It's run by Amir Adnani, who is well known as the entrepreneur who brought Uranium Energy Corp. (UEC:NYSE.MKT) from an idea into one of the first new uranium producers in North America. Brazil Resources is buying resources for pennies on the dollar in Brazil. It's taking companies that have failed during the market malaise and buying their resources. It has accumulated about 4 Moz in a flash. Brazil Resources has plenty of cash and smart financial backers: the Casey Group and Sprott Asset Management. Brazil recently did a financing of $6.4M in late December. It's building a war chest for new acquisitions. It's a company to watch for news flow and acquisitions." More >

Mark Holder, Stone Fox Capital (3/21/14) "One intriguing stock is Brazil Resources Inc., which is quickly compiling a solid group of gold projects to develop. . .the company has focused primarily on Brazil and has a surprisingly experienced management team. . .the stock has rebounded strongly after a couple of positive moves by the [management] combined with a jump in gold prices. . .the impressive management team and connections in Brazil makes this junior miner worth watching, especially with the actions of Russia likely to push gold prices higher."

Vivien Diniz, Gold Investing News (3/3/14) "Brazil Resources Inc. has made strides on the Sao Jorge project, having advanced it from an Indicated resource of 343 Koz 2010 to the current 666 Koz (at a 0.5 g/t cutoff), or by 94%. Meanwhile, Cachoeira has seen its resource expand from an Indicated resource of 446 Koz in 2012 to 786,737 oz in 2013 (at a 0.35 g/t cutoff), or by 76%. . .but the most interesting feature about Brazil Resources is the gratuitous exposure that shareholders get to the uranium market."

Rob Chang, Cantor Fitzgerald (2/28/14) "Brazil Resources Inc. is an undervalued gold company with a quality flagship asset in Sao Jorge, a growing resource portfolio, backing by a respected investment group and free exposure to the hottest jurisdiction in a compelling uranium market. We are initiating coverage on Brazil Resources Inc. with a Buy recommendation."

Jay Taylor, Gold, Energy & Tech Stocks (2/21/14) "Not only has Brazil Resources Inc. been able to acquire millions of ounces of gold in the ground, but the prospects it acquired (as well as the Cachoeira, which it previously acquired) are located in the same state (Pará) and all properties are blessed with good infrastructure. Each of the company's four projects is road accessible and has sufficient power and water."

Jay Taylor, Gold, Energy & Tech Stocks (2/7/14) "On Jan. 21, Brazil Resources Inc. announced NI 43-101 resource estimates for each of its Sao Jorge, Boa Vista and Surubim gold projects. . .summing up all the resource numbers based on a 0.5 g/t cutoff, we are looking at a total of 1.4 Moz from this acquisition."

Brien Lundin, Gold Newsletter (Jefferson Financial) (1/31/14) "Following the issue of last month's recommendation, Brazil Resources Inc. was able to close an oversubscribed, CA$6.4M financing. . .the Brazilian Gold Corp. and other acquisitions have provided the company with nearly 4 Moz total gold resources (in both Indicated and Inferred categories). . .we're likely to see more developments on the mergers and acquisitions front over the coming months. Brazil Resources remains a Strong Buy at current levels."

Jeff Wright, H.C. Wainwright & Co. (1/27/14) "We are initiating coverage of Brazil Resources Inc. with a Buy rating and 12-month price target of CA$2.25. The company has been aggressive in acquiring high-quality, development-stage gold projects in Brazil. We believe the timing is right for Brazil Resources to consolidate multiple development projects and then advance to become a producer in an compressed time frame."

Andrew Topf, Gold Investing News (1/22/14) "It's a rare thing in today’s difficult junior resource market for a company to not only be surviving, but thriving; one such company is Brazil Resources Inc., which gained 1.47% yesterday on the Toronto Venture Exchange after confirming the resource estimates from three gold projects it inherited late last year through its acquisition of Brazilian Gold Corp. Those projects are São Jorge, Boa Vista and Surubim. Together with Brazil Resources' Cachoeira project . . .these four properties account for 3.93 Moz in the Indicated and Inferred categories."

The Gold Report Interview with Ian Gordon (1/20/14) "Brazil Resources Inc. has a resource in Brazil. The company has a very competent management team led by Amir Adnani, who ran Uranium Energy Corp. and did extremely well for shareholders. One of the company's projects in Brazil has about 1.4 Moz gold. It just raised $6.4M, a sign that investors are attracted to the company. According to Amir, the company will use some of that money to buy up cheap assets and add to its portfolio. I like that kind of thinking." More >

M Partners (1/2/14) "Brazil Resources Inc. completed its previously announced private placement of 11.7M units at a price of $0.55/unit for an aggregate amount of $6.4M, up from the initially announced amount of $5M. Each unit consists of one common share and one share purchase warrant exercisable for one common share at $0.75 within 60 months from the closing date. Net proceeds will be used to advance the São Jorge and Cachoeira projects, acquisition and exploration of additional mining properties, and for working capital and general corporate purposes."

Lawrence Roulston, Resource Opportunities (12/30/13) "The recent dip in the Brazil Resources Inc. share price represents a buying opportunity for the company, which has a high-quality, advanced-stage gold project, an extensive pipeline of projects and a management team that can add enormous shareholder value."

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/19/13) "With Brazil Resources Inc.'s acquisition of Brazilian Gold Corp., the company has gone from one with 0 oz in the ground when it went public in March 2011 to having almost 4 Moz total today in Indicated and Inferred categories. . .given the value in the ground that Brazil Resources already possesses, there's a good chance we may never see it at a cheaper price. It's a Strong Buy near current prices."

The Gold Report Interview with Marshall Berol (10/30/13) "Relative to a good management team able to move the company ahead and raise funds, I would mention Brazil Resources Inc. It isn't yet in production, but it recently announced acquisition of another Brazilian gold company. Marketwise, it has done better as a nonproducing junior company stock than many of its peers." More >

Jay Taylor, Hotline (10/25/13) "If you think management is the most important ingredient to a company’s success, then you will want to consider Brazil Resources Inc., which is headed by Amir Adnani. . .Adnani has an ability to work as a leader whose ego does not consume his actions and to work on behalf of shareholders. . .it is the main reason I consider Brazil Resources to be one of my top picks. . .the correction in the gold market provides some great opportunities for those with some cash to take advantage of opportunities like the one Brazil Resources provides."

The Gold Report Interview with Stephan Bogner (7/15/13) "I follow Brazil Resources Inc. closely because I like the management team around Chairman Amir Adnani and his well-established contacts around the world." More >

The Gold Report Interview with Tobias Tretter (5/29/13) "One very good company is Brazil Resources Inc. It was founded by Amir Adnani, the CEO of Uranium Energy Corp. and some very good shareholders are involved in this company, like Brasilinvest, which is the largest private merchant bank in Brazil. Brazil Resources has very prospective projects in the Gurupi Gold Belt, which is a very good place to be right now. The company is still actively looking for new acquisitions. Because of the shareholder structure, Brazil Resources has found it quite easy to raise money at a very good share price level.

The company went public in an IPO about a year and a half ago at $0.90/share and the share price is around $0.93 now. Even though the market is really horrible for most juniors, Brazil Resources is positioned to do well because it has cash and is still getting money because of its supportive shareholders. This is a situation that appears maybe once in a lifetime where you can buy nice resources, 2–5 Moz, for more or less nothing. Companies like Brazil Resources that have the cash to buy assets at today's prices will be the first to go up when the market finally realizes what it has accomplished. . .Artulandia, which nobody is talking about, is a 100,000-ha. project in the state of Goias in the middle of Brazil. It's highly prospective. . .to my geologist, Artulandia looks really prospective and I'm excited for the first drill holes that we will see from this project." More >

The Gold Report Interview with Alka Singh (3/1/13) "I like Brazil right now. I really like Brazil Resources Inc., especially its transaction with Luna Gold Corp. to acquire the Cachoeira project. Drilling has just started there. Hopefully, it has some good results soon and the resource expands from 650 Koz to about 1 Moz. I like what Brazil Resources has done. The market is right for a ripe story. Brazil Resources might just fit into that category. . .the company has an experienced management team and is supported by Brasilinvest, a leading merchant bank with more than 80 associates in 16 countries. . .[Brazil Resources' Chairman], Amir Adnani, is also the chief executive officer of Uranium Energy Corp. I've known him for about five years. He does what he promises and he does deliver. Everyone said that Uranium Energy's Goliad project would never get permitted, yet Amir was always confident that it would. Just a few months ago, Goliad did get all its permits for production. Amir is very capable and hardworking. He's a good promoter and tells the story well." More >

The Gold Report Interview with Jocelyn August (2/27/13) "Brazil Resources Inc. is an interesting one. We recently started covering it because of its acquisition of the Cachoeira gold project from Luna Gold. We're waiting for the results of a 5,000-meter drill program there in early 2013. This drill program is going to be used to determine its updated mineral resources. Brazil Resources is an interesting company because of its strategy of acquiring more advanced-stage exploration properties to reduce its exploration risk. Its management team has a proven track record of success. We're looking forward to following this company." More >

The Gold Report Interview with Jay Taylor (2/20/13) "I like Brazil Resources Inc. a lot. One should always start by looking at management, and Chairman Amir Adnani is highly regarded. He did a remarkable job for Uranium Energy Corp. Brazil Resources has at least one very good, advanced-stage property now, and has arranged financing with Brazilinvest Group, a financial concern that owns a lot of the company's shares. . .politically, Brazil is one of the better jurisdictions these days and it has the geology." More >

Taki Tsaklanos, GoldSilverWorlds (11/29/12) "It's worth noting that Brazil Resources Inc.'s management team holds 30% of the outstanding shares, which is an obvious sign of their commitment and dedication to their company. . .the strategy of Brazil Resources is to grow by acquiring advanced-stage gold projects with proven resources at the right price. The experienced management team, their ability to access capital and the in-house technical expertise have allowed the company to, thus far, successfully execute this strategy."

The Gold Report Interview with Alka Singh (11/12/12) "I like Brazil Resources Inc. It just closed a deal about a month and a half ago with Luna Gold Corp., where it bought Luna Gold's Cachoeira project. The project has about 667 Koz gold and is expected to announce that it is getting into a PEA at Cachoeira. I think the company will be looking at other acquisitions as well. It's a good company with a management team that has a lot of experience in Latin America. . .I think that it's a good company to hold." More >

Jay Taylor, Gold, Energy & Tech Stocks (10/12/12) "Brazil Resources Inc. is headed by Amir Adnani, a rising star in the mining sector. He has had considerable success with Uranium Energy Corp. and now is on the go with this newly created company. It has already made a very savvy acquisition in Brazil that should catapult Brazil Resources into a multimillion-ounce gold resource company in the not-too-distant future."

Alka Singh, Mine2Capital (10/4/12) "Brazil Resources Inc.'s highly prospective Gurupi Gold Belt provides upside. . .the project has had limited historical exploration, extensive artisanal workings and a substantial land package totaling approximately 4,742 ha. . .and has access to infrastructure facilities . . .the company has a technically capable and highly experienced management/board team with members who have served with world-class mining companies."

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