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True Gold Mining Inc.

TICKER: TGM:TSX.V

True Gold Mining Inc. is where gold comes to life. The company is committed to growing a profitable gold exploration, development and production company by identifying and advancing projects with low cost profiles, low technical risks and solid economics. True Gold is currently focused on developing its 856-sq-km Karma project, which is located in Burkina Faso, West Africa, and includes five closely spaced gold deposits. The company's strategic plan to develop a stand-alone, heap-leach operation at the Karma project is subject to the results of its feasibility study, which is currently underway.


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:

The Gold Report Interview with Oliver Gross (10/27/14) "In Burkina Faso, there's True Gold Mining Inc., which is led by the same people who masterminded Pilot Gold. Founding Chairman Mark O'Dea plans to grow True Gold into a midtier gold producer. Its flagship project, Karma in Burkina Faso, already contains a multimillion-ounce gold resource and still has outstanding exploration potential. Investors have to love True Gold's fundamentals. It belongs to a small and very exclusive circle of gold developers, those which own a fully permitted and fully financed high-margin gold project. Construction has begun, and gold should be produced by the end of 2015. True Gold will be one of the world's profitable gold producers." More >

Andrew Mikitchook, Edgecrest Capital (10/22/14) "The North Kao PEA released this morning extends the mine life for the greater True Gold Mining Inc. Karma project by 2.5 years. Both the ounces and grade in the PEA are stronger than our conservative valuation assumptions and suggest further exploration upside to expand mine life."

Teresa Matich, Resource Investing News (10/21/14) "North Kao was a blind discovery a little over a year ago, but True Gold Mining Inc. has already advanced the property to a PEA. The exploration and development company released the report on Tuesday, and it indicates an excellent after-tax internal rate of return of 213%."

Jonathan Guy, RBC Capital Markets (10/21/14) "The completion of the PEA for the North Kao deposit at True Gold Mining Inc.'s Karma is, in our view, value accretive and adds 310 Koz to Karma's production profile toward the end of the mine's life with the potential to bring these ounces in earlier as additional drilling is completed. . .our price target, based on 1x NAV, increases to CA$0.70/share."

Ovais Habib, Scotia Capital (10/21/14) "True Gold Mining Inc. announced positive preliminary economic assessment (PEA) results for the North Kao deposit at its 90%-owned Karma gold project in Burkina Faso. . .the positive PEA results for North Kao highlight the potential for further exploration success at Karma, in our view, which we believe the company will receive increasing value for as it continues to derisk Karma through construction and first production (expected in Q4/15E). . .we rate True Gold Sector Outperform and have increased our one-year target price to CA$0.55/share."

more comments

Ovais Habib, Scotia Capital (9/25/14) "True Gold Mining Inc. announced that it has received the initial payment of $37M from the $100M Franco-Nevada Corp./Sandstorm Gold Ltd. project facility and expects to draw the remainder over the next 12 months. . .the company continues to maintain a relentless pace in advancing Karma toward production (first gold December 2015E)."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/11/14) "True Gold Mining Inc. has set up a gold streaming deal with Franco Nevada and one of our list's constituents, Sandstorm Gold Ltd. The deal should give the company the funding it needs to bring Karma, its multimillion-ounce gold project in Burkina Faso, into production. . .all in all, this is the kind of creativity and get-it-done attitude I expected to see when Mark O’Dea came on board to lead True Gold."

Bob Moriarty, 321 Gold (9/11/14) "Junior resource companies are responding to lower gold prices with changes. . .to drop the cost of their mining projects. . .True Gold Mining Inc. came up with one of the more unusual changes to its mining plan. Its gold has a lot of clay, so in order to get the best possible recovery in the heap leach the company adds cement to the pad. . .The tiny change will reduce the overall capital expenditure of the project by $35M, the cost of mining by $1.05/t and the cost of production by $40/oz gold and will increase the IRR to 46%."

Stuart McDougall, Jennings Capital (9/10/14) "We are reiterating our Speculative Buy rating. . .to reflect True Gold Mining Inc's progress at its Karma open-pit, heap-leach gold project in Burkina Faso. . .on Sept. 10, the company announced that it had signed a 3.5-year contract with a domestic cement supplier at a price considerably lower than was assumed in the feasibility study completed earlier this year. . .expected to reduce average processing costs by $1.05/t ore, or $35M of operational savings over the life of the mine. . .in early August, True Gold secured a $120M streaming agreement with Franco-Nevada Corp. and Sandstorm Gold Inc."

The Gold Report Interview with Raj Ray (9/3/14) [Sandstorm Gold Ltd. and Franco-Nevada Corp. recently got together to provide True Gold Mining Inc. with $100M to advance the junior's Karma gold project in Burkina Faso.] Under the terms of the agreement, True Gold will deliver 20 Koz gold annually over the first five years, beginning March 31, 2016, followed by 6.5% of gold production thereafter. The gold purchase price is set at 20% of the spot price. True Gold also has the option to increase funding by another $20M during the next 18 months, with an additional delivery of 30 Koz. There are two important considerations here: One, True Gold retains some upside to the gold price because the ongoing payment is based on a percentage of spot. Second, there's a provision to defer gold deliveries up to 12 months at a cost of 1.2% per month. This is important because heap-leach operations sometimes take a while to reach projected recovery rates. It is also interesting to note that this is the first time two royalty companies came together to bid for a single project.

I like the Karma project. It's a relatively high-grade open-pit, heap-leach project in Burkina Faso, one of the most stable jurisdictions in West Africa. With every heap-leach project there's a portion of operational risk that investors shouldn't discount. True Gold's metallurgical recoveries look good, but we'll see the numbers when the project comes on-line. The average recovery at operating heap-leach projects is around 70–75%. There's an element of risk in project execution, but at this point it looks to be a good project. Karma sits on an 856-sq-km land package. There's huge exploration potential there. True Gold expects to start commissioning in 2015, with commercial production starting in 2016. Based on the feasibility study, the mine life is 8.5 years. But the company recently discovered a new deposit called North Kao. That will allow True Gold to either extend the mine life or boost throughput, which I think would have a much bigger impact on net present value. If that were to happen, I don't expect True Gold to expand throughput before year three of production. . .I have an Outperform rating and a $0.65 target price on True Gold. At this point it's trading around 0.6 times our net asset value. By the time this project gets built we could see it rerate to 0.8–0.9 times. That's where the upside is." More >

The Gold Report Interview with Keith Phillips (8/27/14) "There are some pretty compelling opportunities in West Africa. Companies like True Gold Mining Inc. are doing a nice job in Burkina Faso. We don't cover them as actively, but we have a lot of respect for this group." More >

Bob Moriarty, 321 Gold (8/15/14) "One easier way to make money investing in resources is to buy anything run by Mark O'Dea. . .True Gold Mining Inc. is his African gold company with two major projects in Burkina Faso. . .buying any Mark O’Dea company is like money in the bank."

Tara Hassan, Haywood Securities (8/13/14) "True Gold Mining Inc.'s financing agreement with Franco-Nevada Corp. and Sandstorm Gold Ltd. provides final capital for construction of the Karma project. . .True Gold's agreement has provided the final major piece of the financing puzzle and delivers favorable terms that we believe will surprise investors."

Mike Kozak, Cormark Securities (8/13/14) "True Gold Mining Inc. entered a stream deal with Franco-Nevada Corp. and Sandstorm Gold Ltd. for proceeds up to $120M. . .the base deal proceeds combine with cash on hand of CA$40M to fully fund Karma capex. . .there is room for True Gold to trade higher throughout the construction period, and we maintain our Buy."

Ovais Habib, Scotia Capital (8/12/14) "True Gold Mining Inc.'s Karma joins the exclusive group of fully funded, permitted gold projects. . .the company announced it has entered into a US$120M stream agreement with Franco-Nevada Corp. and Sandstorm Gold Ltd. . .we believe Karma is fully funded to production with the US$100M base amount provided by the stream agreement. . .our NAV5% estimate for True Gold increases by 6% to CA$0.59 after incorporating the stream agreement and revising our fully diluted share count to exclude the warrants we no longer assume are exercised."

Jonathan Guy, RBC Capital Markets (8/12/14) "True Gold Mining Inc. has agreed to a streaming deal with Franco-Nevada Corp. and Sandstorm Gold Ltd. to fund development of the Karma project in Burkina Faso, with Franco-Nevada providing US$75M and Sandstorm providing US$25M. . .an additional US$20M could be drawn and used to fund the development of an expanded case scenario for Karma incorporating the North Kao deposits that should boost production from approximately 100 Koz/year to up to 150 Koz/year. . .the streaming transaction removes the funding risk for the initial development of Karma and True Gold should now move toward first production scheduled for early 2016."

Nana Sangmuah, Clarus Securities (8/12/14) "True Gold Mining Inc. announced a $120M stream agreement with Franco-Nevada Corp. and Sandstorm Gold Ltd. The financing takes available funds to ~$160M, sufficient to fund the remaining $125M Karma capex plus any cost overruns and puts the company on track to attain first gold pour in late 2015."

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/11/14) "True Gold Mining Inc. released some assays from Nami, one of the key targets within its flagship Karma gold project in Burkina Faso. . .when combined with its near-surface, easily mineable nature, the target could definitely add profitable ounces to Karma's global gold resource. . .as the company continues to move along with development work, this exploration success reminds us that the potential at Karma is still uncapped. This well-managed gold exploration and development company is a key component of our list."

Caesars Report (6/30/14) "True Gold Mining Inc. has announced drill results from its Nami target at the Karma project in Burkina Faso. The results are quite exciting, as the company has intersected a shallow but very high-grade oxidized zone; it’s very rare to see an intercept in an oxide zone of 6m at almost 1oz/t gold. . .as True Gold will build a central processing facility at Karma, the development of these satellite deposits could be very cheap, because basically all it will need is a truck and some excavators."

Nana Sangmuah, Clarus Securities (6/10/14) "True Gold Mining Inc. announced stepout drill results from the Nami deposit at its Karma project in Burkina Faso. The results extend the Nami strike length by 50%, which should boost the mineral inventory of the deposit that currently stands at 120 Koz at 0.71 g/t. . .we maintain our Buy rating and a CA$0.85/share target price. . .the current stepout drill results have extended the strike length by 250m in a corridor that is 150m wide. . .the company's Karma project is a high-margin heap leach project that makes money even at $1,000/oz Au."

Tara Hassan, Haywood Securities (6/9/14) "This morning True Gold Mining Inc. announced stepout drill results from the Nami deposit at its Karma project. . .hole RMB14RC intersected 29.5 g/t Au over 6m, and extended the deposit 250m north along a corridor 150m wide. The company believes that this extension has the potential to add an additional 50% to the strike length of the current Nami deposit, which currently contains an Indicated resource of 86 Koz (3.4 Mt at 0.78 g/t Au). . .the company will spend a minimum of $5.6M on exploration at Karma in 2014."

Frik Els, Mining.com (6/9/14) "True Gold Mining Inc.'s share price jumped more 6% on Monday on heavy volumes, after announcing strong results from stepout drilling at its Karma gold project's Nami deposit in Burkina Faso. . .the company intersected 29.5 g/t Au over 6m and extended the Nami deposit 250m north along a corridor 150m wide; this extension has the potential to add an additional 50% to the strike. . .what makes Karma stand out are all-in sustaining costs of $720/oz and direct cash costs of $591/oz thanks to shallow pits and proposed heap-leach extraction."

B. Whitehead, A. Simmons, J. Hayek, Digging Through the Dirt (6/3/14) "On May 29, True Gold Mining Corp. announced that the detailed engineering and level plans have now been completed for the Karma gold mine. . .on May 22, a ground breaking ceremony was held at the Karma project site to mark the beginning of the earthworks of the mine. It is anticipated that construction will take place over the next 18 months with the first gold pour by the end of 2015. . .in addition to the development activities, True Gold announced on May 20 that it has signed a letter of intent to purchase its primary mining fleet for the development of Karma. . .the agreement brings True Gold another step closer to production and further derisks the asset."

Bob Moriarty, 321 Gold (6/2/14) "True Gold Mining Inc. has one of the best technical teams in the world and the strongest management people. Expect them to continue to surprise in a good way and look forward to the first gold pour in about 18 months."

Brent Cook, Exploration Insights (6/1/14) "True Gold Mining Corp. officially broke ground at its Karma gold mine in Burkina Faso, and expects first production in late 2015. The company also announced that detailed project engineering points to at least $9M in cost savings over the previous study."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/30/14) "True Gold Mining Inc. is moving forward on both the exploration and development fronts at Karma, its core asset in Burkina Faso. Exploration at Karma is budgeted at CA$5.6M and includes both 15,000m of drilling and surface work. . .we believe the Karma property has the potential to be a district in the making. . .plans are moving ahead to build a mine at Karma, and we should see more moves on the development front in the months ahead. . .it's the kind of can-do attitude that I expect from this company's exceptional management team; it's still a buy."

Ovais Habib, Scotia Capital (5/21/14) "True Gold Mining Inc. announced it has signed a letter of intent to purchase the primary mining fleet for the development of its Karma gold project. . .delivery of the fleet is scheduled for December 2014 to start pond and leach pad bulk earthworks in January 2015. Preproduction mining will account for 8 Mt of material moved during the construction period to permit the start of heap leach operations in Q4/15. .we rate True Gold Sector Outperform."

Tara Hassan, Haywood Securities (5/20/14) "True Gold Mining Inc. announced this morning that it had selected the primary mining equipment supplier for its flagship Karma project. . .these announcements continue to support the company's targeted start of construction in Q4/14."

Tara Hassan, Haywood Securities (5/5/14) "This morning, True Gold Mining Inc. announced the start of a 15,000m drill program at its Karma gold project in Burkina Faso. The program will focus on discovering new areas of open-pit, leachable material that could ultimately be incorporated into the current feasibility mine plan for potential mine life extensions or throughput expansions."

PI Financial (5/2/14) "Detailed engineering and construction-level design work are now 70% completed at True Gold Mining Corp.'s Karma and are expected to be completed May 2014. Once completed, the company will be able to go forward with early earthworks and ordering of materials for mine construction. . .Karma remains on track to be Burkina Faso's next producing gold mine. As the company advances towards production and further reduces project risk, we expect higher valuations and/or a potential buyout of a low-cost gold producing asset with significant growth potential."

Brent Cook, Exploration Insights (4/27/14) "True Gold Mining Inc. reported additional oxide mineralization located adjacent to the current resource at its Karma gold project in Burkina Faso. Property wide, that offers the potential to either increase production or extend the 10 year mine life. . .Karma is a simple, low-cost deposit with good access and decent infrastructure that is shovel ready and growing."

Ovais Habib, Scotia Capital (4/14/14) "True Gold Mining Inc. provided a project update for its Karma gold project. . .activities remain on schedule to begin mine construction in Q3/14 and to start early earthworks in Q2/14. Construction of the barrage phase 2 is over 80% complete and is expected to be finished in late April, two months ahead of schedule. . .we rate the company Sector Outperform."

Tara Hassan, Haywood Securities (4/14/14) "True Gold Mining Inc.'s Karma project continues to be advanced in preparation for its planned H2/14 construction start date. . .the company is completing a PEA to consider an increased throughput scenario on the back of the resource additions at North Kao."

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/10/14) "True Gold Mining Inc. released an Inferred resource estimate for North Kao, the largest of the five deposits that comprise the company's flagship Karma project in Burkina Faso. The total in-pit resource identified at North Kao consists of 1.66 Moz Au. . .metallurgical tests on the oxide and transitional ore at North Kao suggest possible recoveries of 96% and 92% respectively. . .the company will conduct a PEA on the new discovery. . .scalability could be the company's ticket to rapid and profitable production. . .True Gold is expected to continue to deliver good exploration and development results."

The Gold Report Interview with Oliver Gross (4/2/14) "I follow closely True Gold Mining Inc. It is led by the masterminds of Fronteer Gold, which was acquired by Newmont Mining Corp. in a $2.3 billion deal. The former president and CEO of Fronteer is Mark O'Dea, one of the most skilled managers in global junior mining. He is now the executive chairman of True Gold. The company is backed by first-class strategic investors and mining companies and has great financials. I really like the business philosophy and the strong ambitions of the stunning head management here.

True Gold is developing in Burkina Faso one of the most promising and profitable gold projects worldwide: Karma. It is already approaching mine financing and the start of construction. In gold mining today, it's all about margin, and True Gold owns a margin leader with district-sized potential." More >

Brent Cook, Exploration Insights (3/16/14) "True Gold Mining Inc.'s North Kao is the extension of the Kao deposit (probable ~340,000 oxide/transition ounces) and appears to have broadly similar geological and metallurgical characteristics. It is open to expansion; over time I expect additional incremental resources will be added. . .the North Kao resource will presumably add to the value of Karma."

Nana Sangmuah, Clarus Securities (3/14/14) "True Gold Mining Inc. yesterday announced an initial Inferred resource of 1.66 Moz at 1.08 g/t from Kao North that increases Karma resources to +5 Moz. More importantly, this Kao North resource includes an in-pit heap-leachable Inferred resource of 423 Koz at 0.8 g/t. . .overall, the heap-leach ounces delivered support our thesis of a higher mineable ounce profile of 1.5 Moz at Karma."

Tara Hassan, Haywood Securities (3/13/14) "True Gold Mining Inc. delivered an initial resource for the North Kao target that was largely in line with our expectations. . .in total, the company delineated a 1.66 Moz Inferred resource at North Kao, which includes all zones of mineralization (oxide, transition and sulphide). This represents a 68% increase over the previous estimate of total resources (all zones of Measured and Indicated and Inferred resources)."

Nana Sangmuah, Clarus Securities (3/5/14) "True Gold Mining Inc. recently completed a $52M ($0.40/share) equity financing to advance Karma toward production. . .the exploration side of the story is also unfolding well with the discovery of potentially high-grade, near-surface oxides at the Yabonsgo and Rounga targets, further strengthening our thesis of potential growth in the mineable ounce profile. We maintain our Buy rating."

Peter Koven, Financial Post (3/4/14) "In the past few weeks, juniors such as True Gold Mining Inc. . .have raised significant sums of money. . .the company's Karma project in Burkina Faso is a manageable size with a capital cost of only US$131.5M. But it can produce about 100K high-grade ounces a year and generate a healthy return of more than 40% at a US$1,250 gold price. . .True Gold's latest equity deal, which is its third in nine months, has positioned the company to begin building the Karma mine later this year."

Tara Hassan, Haywood Securities (3/4/14) "Over the last 12 months, True Gold Mining Inc.'s exploration program has demonstrated great success with a 100% success rate at five new targets (North Kao, Watinoma, Yabonsgo, Rounga and Rambo West). Beyond these targets, the company has identified another 35 drill-ready targets within three major gold trends with an aggregate strike length in excess of 100 km at the Karma project."

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/14) "True Gold Mining Inc. has closed on a large, CA$51.9M financing. . . this financing gives the company CA$70M in cash. If fully exercised, there's also the possibility that the warrants issued in the bought-deal financing could raise an additional CA$30.4M. . .once the needed debt deal is secured, the company plans to begin construction on its flagship Karma gold project later in 2014. . . I have every confidence that True Gold will find the resources it needs to advance this multimillion-ounce gold project."

Tara Hassan, Haywood Securities (2/18/14) "We are resuming coverage on True Gold Mining Corp. following the close of the company's $51.9M (gross) financing. . .these funds will be used to advance the development and construction of the Karma project. . .True Gold Inc. is well positioned to start construction of the Karma project in H2/14. . .with the project standing out against peers based on the recent feasibility study and room for upside with oxide resource growth expected at Karma, we continue to view True Gold as offering a compelling investment opportunity."

Jeff Desjardins, Tickerscores (2/12/14) "True Gold Mining Inc. has 3.3 Moz that average 1.04 g/t. . .the project economics are robust; at $1,250/oz gold the project NPV is $178M after-tax, with a 43% IRR and a 1.4-year payback period."

The Gold Report Interview with Bob Moriarty (2/12/14) "I visited and know the management of True Gold Mining Inc., which is going into production in Burkina Faso. Mark O'Dea is the brains behind True Gold. He shares management with Pilot Gold Inc. He is a master at monetizing assets and raising money. He announced a $36M bought deal and the stock dropped 14% in a day. That's how stupid people are. True Gold is going to go into production. It has a return on investment of 57%. It is in a safe environment. The president of the company is absolutely fabulous. The chairman of the board is the smartest guy I know in mining. I don't think that you can lose your money in True Gold." More >

The Gold Report Interview with Brent Cook (2/5/14) "True Gold Mining Inc. has a large deposit in Burkina Faso called Karma. The company has focused on the superficial part of this deposit, the oxidized part. It has almost 1 Moz gold, a feasibility study that shows some very good numbers, an IRR of 40+%, an after-tax NPV of $180M and a market cap of about $96M. What I like about it is that the jurisdiction is good. The capex is relatively low. The processing costs are low and it's a very simple operation. It will make good money and has a lot of room to grow. True Gold may not be a tenbagger, but I think it has 20% to 50% upside and the downside is limited to the gold price. . .a lot of the larger institutional investors want to see hard data from a third party about the deposit's worth. An IRR of 44% after tax is a very good return on investment. [True Gold] is a stock that makes money that they want to own." More >

Thibaut Lepouttre, Caesars Report (2/3/14) "True Gold Mining Inc. has announced more excellent drill results at its Karma Gold project in Burkina Faso, Africa. The most recent drill program has revealed several mineralized zones north of the Kao deposit, with intriguing drill intercepts such as 90m at 1.5 g/t including over 30m at in excess of 3 g/t."

PI Financial (1/31/14) "True Gold Mining Inc. is a viable buyout target as it continues to derisk the Karma project; this is backed by its recent feasibility study that shows robust economics even at relatively low gold prices. For gold miners, this project should make up part of a shortlist of development gold projects with robust economics and high potential for growth globally."

Brien Lundin, Gold Newsletter (Jefferson Financial) (1/31/14) "Just this week, True Gold Mining Inc. received an exploitation permit from the government of Burkina Faso on Karma. . .in the face of a very challenging market environment, the company's leaders are moving Karma steadily toward production and adding value with the drill bit along the way. True Gold remains a Buy."

Eric Coffin, HRA Journal (1/29/14) "It would be a major understatement to describe the past month as merely 'busy' for True Gold Mining Inc. The company has made huge progress on several fronts. . .Karma now has all the paperwork to allow it to go into production."

The Gold Report Interview with Lawrence Roulston (1/29/14) "True Gold Mining Inc. is a tremendous example of what's happening in the market. The company has a great asset with near-term production potential and a very strong management team that raises money. Its stock is trading at a very low value relative to what this kind of quality asset was trading at before the last couple of years. True Gold is precisely the kind of company that will be sought after by people in the know. On the other hand, True Gold is determined to build a mine on its own and it certainly has the capability of doing that. Management has scaled back its development plan to a level that a junior can self-finance. . .True Gold will find financing because it has a quality management team and a good asset with production in sight." More >

Tara Hassan, Haywood Securities (1/28/14) "With receipt of the Karma mining permit, True Gold Mining Inc. has secured all of the required permits to begin development of three of the deposits and the related infrastructure for this project. . .the company remains well positioned to complete the remaining steps to position it for a production start in late 2015/early 2016."

Nana Sangmuah, Clarus Securities (1/28/14) "Mining permits for True Gold Mining Inc.'s Karma have been issued (announced Jan. 27) and include 330 Koz at 1.2 g/t from the GGII and Rambo deposits that will provide high-margin starter ore feed. . .post our recent site visit, we reiterate that we are comfortable with the project, resource growth and derisking milestones. . .we maintain our Buy rating."

Stuart McDougall, Jennings Capital (1/27/14) "True Gold Mining Inc.'s Karma is a straightforward and robust project, generating an after-tax NPV of $178M, discounted at 5%, and an internal rate of return of 43.1%, based on the oxides alone. . .we see the company as a rerate opportunity as True Gold jumps the final hurdles to construction and eventual production. . .we are transferring coverage of it."

Nana Sangmuah, Clarus Securities (1/21/14) "True Gold Mining Inc. reported 10 diamond drill and reverse circulation holes from its December 2013 exploration campaign on its high priority Kao North prospect and is focused on delivering an initial resource by end of Q1/14. We calculate weighted average grades of 1.45 g/t ($51/t net smelter return) from this zone, which is 63% higher than the current modeled reserve grade of 0.89 g/t ($31/t net smelter return). . .we maintain a Buy rating."

Tara Hassan, Haywood Securities (1/21/14) "This morning, True Gold Mining Inc. announced that results from drilling completed in December 2013 have returned several wide mineralized intercepts, which continue to expand the area of gold mineralization north of the Kao deposit at Karma. The Kao North area exhibits comparable scale, continuity and characteristics of grade to the Kao deposit; however, it is not included in the current mineral resource estimate used for the recently published feasibility study."

Brent Cook, Exploration Insights (1/19/14) "True Gold Mining Inc. continues to advance its Karma gold project in Burkina Faso; the company signed an engagement letter giving Barclays Bank Plc and Societe Generale Corporate & Investment Banking (SGCIB) an exclusive mandate to act as lead arrangers for bank debt financing for the Karma gold project in Burkina Faso, West Africa. The engagement letter with the syndicate is for a senior loan of up to $90M."

Nana Sangmuah, Clarus Securities (1/17/14) "True Gold Mining Inc.'s management has delivered another milestone by signing a $90M debt financing mandate with Barclays Plc and Société Générale S.A. to fund the construction of its shovel-ready, high-margin Karma project. . .we maintain a Buy rating and $0.65/share target price."

Tara Hassan, Haywood Securities (1/17/14) "True Gold Mining Inc.'s announcement that it has signed an engagement letter with two major international banks is a positive, as it kicks off the financing process for its Karma project. . .a debt facility could represent the majority of the project funding required for Karma. . .the company remains on track to advance the Karma project to production in late 2015."

Tara Hassan, Haywood Securities (1/9/14) "True Gold Mining Inc.'s announcement that it will start phase 2 barrage construction at the Karma gold project is another step forward in the project's development and comes on the back of a positive feasibility study in mid-December 2013. The company remains on track to advance the project to production in late 2015. . .the phase 2 construction will add 1.5m to the barrage height and significantly expand the amount of water available. Importantly, the barrage will also offer local residents a source of water for agriculture and livestock."

Nana Sangmuah, Clarus Securities (1/8/14) "True Gold Mining Inc. offers investors the opportunity to participate in a low-capex and high-margin project located in Burkina Faso. The project's margin profile warrants attention and we see potential for growth in mineable ounces, which should boost already attractive project economics. . .we initiate coverage with a Buy rating and a $0.75/share target price."

The Gold Report Interview with Paolo Lostritto (1/7/14) "We cover several exploration/development companies that offer tremendous value, [including] True Gold Mining Inc. These are phenomenal assets that deserve more attention than they're getting. They will have their day; slow and steady wins the race. For example, True Gold announced the results of the feasibility study for the Karma project, which supports a low capital intensive, relatively simple and scalable gold project. The recent exploration results have also been encouraging and have the potential to add to current mine life. We believe the next catalyst for the company would be approval of exploitation permits and receipt of project financing for construction, which should further derisk the project and help in rerating of the stock." More >

Tara Hassan, Haywood Securities (1/6/14) "The granting of an environmental permit for the Kao deposit marks another positive catalyst for True Gold Mining Inc. and comes on the back of approval of the Karma exploitation permit by the Burkina Faso Council of Ministers, as well as the completion of a positive feasibility study in mid-December, 2013. The company remains on track to advance the Karma project to production in late 2015. With the project standing out against peers based on the recent feasibility study and room for upside with oxide resource growth expected at Karma, we continue to believe that True Gold offers a compelling investment opportunity."

Thibaut Lepouttre, Caesars Report (12/31/13) "True Gold Mining Inc. has released the results of its long-awaited feasibility study (FS) on the 90%-owned Karma gold project. . .the FS roughly confirms the findings of the PEA last year and envisages an annual production of 97 Koz gold at an all-in sustaining cost of just $720/oz, which is excellent. . .the project is extremely robust as the NPV still is positive at a gold price of just $1000/oz."

Bob Moriarty, 321 Gold (12/23/13) "True Gold Mining Inc. released an update to its feasibility study for the Karma project that showed an impressive 43.1% internal rate of return at $1,250/oz gold. The company can produce 97 Koz/year gold and only requires $131M in capex. Total cash operating costs would be in the range of $720/oz. The study gives the company an NPV of $178M at $1,250/oz and a payback period of an impressive 1.4 years. . .the legendary Mark O'Dea, executive chairman, started this company and he's the best guy in the business for monetizing assets. One day, True Gold will be for sale and it will be selling for a lot more than the tiny $106M market cap of today."

Brent Cook, Exploration Insights (12/21/13) "True Gold Mining Inc. released the results of a feasibility study by Senet Pty Ltd. that confirms our investment thesis that the Karma gold deposit in Burkina Faso is indeed very robust. . .Karma will be a simple, free-digging, heap-leach, open-pit operation with a relatively low capex of $132M. . .there is considerable opportunity to increase annual and total gold output by exploiting more of the 2.6 Moz Indicated resource, and by way of additional discoveries within the property package that are yet to be drilled out."

Tara Hassan, Haywood Securities (12/18/13) "We continue to view one of the most important elements of True Gold Mining Inc.'s Karma project to be its robustness down to substantially lower gold prices. With an increase in mining and stacking capacity and optimized scheduling to deliver substantially higher-than-average grades at the start of the operation, Karma can also deliver an exceptionally quick payback. . .strong economics coupled with the relatively simple nature of the proposed project position it well to be financed."

Thom Calandra, The Calandra Report (12/17/13) "True Gold Mining Inc.'s Karma project in Burkina Faso, shows a 1.4-year payback for the heap-leach gold project. . .the company's money study shows a 21% internal rate of return at $1,000/oz gold for the Karma project. The required capital expenditure is about $150M. Takeaway: Heap leaches, when they work, offer flexibility in the event gold prices continue to head south. True Gold filed a solid report, perhaps one of the better ones of the entire 2013 in terms of proving economic durability."

Eric Coffin, HRA Advisory (12/17/13) "True Gold Mining Inc. has been making good progress at Karma. . .the [feasibility] study indicates Karma should be both profitable and robust. . .the company is still drilling new zones and exploring others. . .it's highly likely that mine life at Karma can be extended and there may be another step-up in production rate before construction starts. . .there have been recent takovers in the region and I have to think True Gold would be high on an acquirer's list now."

Tara Hassan, Haywood Securities (12/17/13) "True Gold Mining Inc.'s feasibility study confirms our view that the Karma project is robust and can generate attractive economics even at gold prices well below current levels. With the project standing out against peers and room for upside with oxide resource growth expected at Karma, we continue to view the company to offer a compelling investment opportunity. . .True Gold is now focusing on completion of permitting in Q1/14, detailed engineering in Q2/14 and full project financing by Q2/14."

Joe Mazumdar, Canaccord Genuity (12/16/13) "We completed a site visit to True Gold Mining Inc.'s Karma project. . .critical path items achieved [include]: 1) exploration, development and finance team assembled; 2) financing (CA$33.5M of gross proceeds); 3) receipt of an environmental permit; 4) construction of a barrage. . .drilling (>20,000m core/reverse circulation program) on east-west cross-sections in the region north of the main Kao resource area has potentially added 100% more strike length. . .the Rambo West drill results are similar to those recently released from targets at Watinoma and north of Kao, with encouraging widths of gold mineralization that remain open in two or more directions."

Ovais Habib, Scotia Capital (12/9/13) "We have initiated coverage on the common shares of True Gold Mining Inc. with a Sector Outperform rating. . .the company's management team is advancing the 90%-owned Karma project (in Burkina Faso), slated to be in commercial production in early 2016."

Tara Hassan, Haywood Securities (12/9/13) "Ahead of what we expect to be a robust feasibility study for the Karma Project in mid-December, True Gold Mining Inc. announced on Friday that it exercised its option to acquire the remaining 10% interest in the Goulagou and Rounga permits, two of the six permits comprising Karma, simplifying the ownership structure. . .True Gold has applied for exploitation (mining) permits on four of the five Karma project deposits, including Goulagou I and II. The exploitation permit is the final requirement to move forward with mining and we expect all deposits to be fully permitted by Q2/14."

Tara Hassan, Haywood Securities (12/5/13) "Our recent site visit to True Gold Mining Inc.'s site visit reiterated our positive view of the potential to develop an economic project at Karma with upside from discovery of additional oxide resources. . .the company remains on track to develop a robust feasibility study for Karma in mid-December. . .we expect a positive impact from inclusion of increased Indicated resources (up 23% from PEA) and increased annual throughput (4 Mmtpa, from 3 Mmtpa)."

Bob Moriarty, 321 Gold (11/30/13) "True Gold Inc. is part of the same management team as Pilot Gold Inc. Mark O'Dea is one of the smartest guys in the business and is chairman of both companies. He has worked his magic and monetized assets so each company is well cashed up and has an excellent management team."

Lawrence Roulston, Resource Opportunities (11/29/13) "True Gold Mining Inc. continues to advance its Karma gold project. . .feasibility study for a proposed open-pit, heap-leach operation is well underway, with completion expected by year-end. . .exploration continues to expand the size of the various deposits that make up the Karma project."

The Gold Report Interview with Eric Coffin (11/27/13) "True Gold Mining Inc. in Burkina Faso is now long past being a discovery story. It also has quite good logistics. The deposit is probably about 3 or 4 Moz, but right now the company is focusing on the oxides. The idea is to get a heap-leach operation into production, because that's a much lower capex, and leverage that to build a sulfide plant later. I expect to see a feasibility study early next year. True Gold has very strong management. Mark O'Dea ran Fronteer Gold before it was taken out by Newmont Mining. He's done something I hope we see more of—he brought in a completely unrelated company, an insurance company, which put a large placement into True Gold. O'Dea has done a good job of funding. . .the company certainly has enough to get through feasibility. We're probably looking at a $100–120M capex for a mine that should be able to do, say, 100+ Koz/year for 10 years. A feasibility study should be out within a couple of months." More >

Bob Moriarty, 321 Gold (11/18/13) "Between the oxide component and the sulfide component, so far True Gold Mining Inc.'s Karma program contains over 3 Moz gold; it will grow a lot higher. . .the Karma project is well advanced, significant events are on the short horizon, it's target rich for increasing the resource and it's less than 24 months from production. All those reasons add up to a company-making gold project. . .True Gold Mining has two world-class projects and a world-class team. It doesn't get any better than that."

Brent Cook, Exploration Insights (11/10/13) "True Gold Mining Inc.'s Karma deposits offer a solid, low-cost and profitable mining operation that shows good exploration potential. I consider the current price of ~$0.34 a relatively safe entry point with a target of close to $0.60."

Thibaut Lepouttre, Caesars Report (11/4/13) "Cash-rich True Gold Mining Inc. has announced its 20,000m drill program was successful in extending the strike length of the Karma project from 1,400m to 3,400m. This obviously bodes well for an updated resource estimate on the project, which consists of five different deposits that will be mined and processed in a central facility."

Tara Hassan, Haywood Securities (11/4/13) "Continued positive drill results and substantial extension of Karma's strike length can result in a move up in True Gold Mining Inc.'s share price today. . .the recently completed 20,000m drill program extends gold mineralization an additional 2,000m from the northern edge of the currently defined Kao deposit at the Karma gold project. The extension more than doubles the size of the gold footprint at Kao, expanding mineralization to a total strike length of 3,400m."

Dan Hrushewsky, Jennings Capital (10/17/13) "True Gold Mining Inc. announced the start of detailed engineering and design for its Karma gold project in Burkina Faso; the company chose SENET, a South Africa-based engineering firm that is already working on TGM's Definitive Feasibility Study. . .by choosing the same engineering firm that is conducting its DFS, True Gold eliminates the ramping up of knowledge and some duplication of effort that an alternative choice would entail. . .True Gold has two high-quality projects; the advanced Karma project is a high-grade, heap-leach gold project with excellent recoveries and leach kinetics. . .Liguidi is. . .one of the largest and strongest geochemical anomalies in Burkina Faso."

The Gold Report Interview with Thibaut Lepouttre (10/16/13) "True Gold Mining Inc.'s Karma project is amazing. It's already environmentally permitted, and a feasibility study is expected this quarter. According to its 2012 preliminary economic analysis, Karma could produce between 70–90 Koz gold annually at a cash cost of $525/oz. The capex is only $125M, and this could be reduced to about $100M if True Gold uses contract mining. The company has about $35M in working capital, so financing should not be a problem, and production could begin in the first half of 2016." More >

Eric Coffin, HRA Journal (9/30/13) "True Gold Mining Inc. continues to move toward a Q4/13 release of a prefeasibility study for the Karma gold project in Burkina Faso. Recent presentations by the company point out several good holes well away from the current resource zones."

Brent Cook, Exploration Insights (9/29/13) "True Gold Mining Inc. is anticipating the results of a feasibility study in late 2013 that we expect will consider higher throughput, pushing the annual production over the magic 100 Koz per annum. . .there are some noteworthy advantages to the Karma deposits that should make this an attractive acquisition target for a midsize mining company. . .True Gold's Karma deposit is one of the most advanced, simple, low-cost gold mining projects on the market. . .if all goes well, Karma could be in production by late 2015."

Lawrence Roulston, Resource Opportunities (9/27/13) "True Gold Mining Inc.'s management has targeted year-end to secure the mining permits and to complete the feasibility study, which will form the basis for a development decision; the process of securing the required capital is well underway. The company, with near-term gold production potential, offers considerable upside potential as the project advances through the last stages before development."

Henry Lazenby, Mining Weekly (9/20/13) "True Gold Mining Inc. received an environmental permit from the Burkina Faso Environment and Sustainable Development Ministry to develop the Goulagou 1, Goulagou 2 and Rambo deposits at its flagship Karma gold project. The West Africa-focused company said the approval advanced its application for an exploitation permit for the deposits, which was the final permit required. . .True Gold completed a preliminary economic assessment of the project, which concluded that the project held an after-tax net present value of $192M when applying a 5% discount. . .the mine would produce between 70–90 Koz/year of gold over its expected 10-year life."

Thom Calandra, The Calandra Report (9/20/13) "True Gold Mining Inc. in Burkina Faso has what looks like one of the highest-grade, development stage, heap-leach gold mines in the world. . .Karma is a few months away from a final feasibility. . .the three targets at Karma just got their environmental permitting from the appropriate Burkina Faso ministry."

Dan Hrushewsky, Jennings Capital (9/20/13) "True Gold Mining Inc. announced the receipt of an environmental permit for development of the Goulagou I, Goulagou II and Rambo deposits at its flagship Karma gold project. Following receipt of this key step in the permitting process, the company now awaits mining permits and final approvals prior to the commencement of development. . .True Gold expects to have its operating permit and completed feasibility study in hand by year-end."

Tara Hassan, Haywood Securities (9/20/13) "True Gold Mining Corp. announced that it had received an environmental permit from the Burkina Faso Ministry of Environment and Sustainable Development for the development of the Goulagou I, Goulagou II and Rambo deposits at its Karma gold project; receipt of the final environmental approval advances the company's application for exploitation (mining) permits. . .the receipt of the environmental permit marks another milestone in the advancement of the Karma gold project and gets the company one step closer to getting the mining permits, which are the next and final approvals before development and production can begin."

Tara Hassan, Haywood Securities (9/17/13) "We view the updated metallurgical results positively as they further confirm True Gold Mining Co.'s proposed plans to use heap leaching for a future operation at Karma. The updated results. . .confirm excellent leach kinetics with rapid (within 10 days) recoveries ranging from 90.2% to 97.4%. . .the company's Karma project as evolved considerably in the past 12–18 months as a result of both exploration success and a fresh look at its development approach. . .the result of this work is a project with compelling economics that is much different from the one most investors are familiar with and which remains undervalued in the market."

Dan Hrushewsky, Jennings Capital (9/12/13) "A catalyst for increasing True Gold Mining Inc.'s valuation. . .will be the delivery of a DFS (due late 2013) indicating strong project economics hinted at by the August 2012 PEA. . .we continue to rate True Gold as one of our top picks: it has high-quality projects with exceptional exploration potential; the advanced Karma gold project is a high-grade, heap-leach gold project with excellent recoveries and leach kinetics; this translates into low capex ($125M), low cash costs ($500/oz) and high returns (after tax IRR > 50%). Exceptional exploration potential exists on the Karma gold project with numerous untested gold-in-soil anomalies."

Thibaut Lepouttre, Caesars Report (9/3/13) "True Gold Mining Inc. has announced new drill results at its Karma project in Burkina Faso. Six of the nine drill holes have encountered significant gold mineralization, and the best intercepts were found in two twin-holes which were drilled less than five meters from the previous holes. Those twin holes returned 1.91 g/t gold over 70.5m and 0.89 g/t gold over 42.5m. . .these drill results indicate the Watinoma target might be exploited by trucking the ore to the planned central Karma processing facility."

PI Financial (8/31/13) "True Gold Mining Inc. is currently developing its Karma gold project while aggressively expanding on its current oxide resource. As of writing, the Karma project contains 1.109 Moz oxide and transitional gold at an average grade of 0.89 g/t (Indicated and Inferred combined). The company is aiming to have a feasibility study completed Q4/13 based on this resource. . .given that a significant portion of Karma's gold is hosted in oxide facies rocks that are amenable to heap-leaching methods, the operating costs and capital expenditures should remain low. . .this is the sort of deposit that has the potential to make money in poor commodity cycles."

Dan Hrushewsky, Jennings Capital (8/29/13) "The continuing advancement of True Gold Mining Inc.'s Karma gold project is not cash constrained. A cash balance of $15.2M was reported as of June 30, 2013. . .we continue to rate the company as one of our top picks; it has high-quality projects with exceptional exploration potential. . .proven technical and financial/capital markets management and the strong backing of committed, mining-savvy shareholders."

Tara Hassan, Haywood Securities (8/22/13) "True Gold Mining Inc. released drill results from reverse circulation drilling at its Liguidi project in Burkina Faso. Drilling returned widespread near-surface gold mineralization. . .the results continue to strengthen our view that the Liguidi project hosts significant potential to become a meaningful project for the company's valuation over the mid-term."

Tara Hassan, Haywood Securities (8/20/13) "The future continues to look bright at True Gold Mining Inc. 's Karma project. . .we view the drill results positively given they 1) confirm the potential to define resources at the Watinoma target. . .and 2) continue to support the company's targeting work, which has highlighted three main initial target areas. . .results from six of the nine core holes revealed significant gold mineralization over a distance of 600m, reinforcing the area's strong prospectivity. . .Additionally, True Gold owns the Liguidi project. . .we expect positive results from the project could be a major catalyst for the company."

Jennings Capital (8/20/13) "True Gold Mining Inc. confirmed wide oxide gold mineralization of the Watinoma target at the Karma gold project in Burkina Faso. Significant mineralization was intersected in 6 of 9 holes drilled at the target, two of which were near twins of previously drilled holes, with better grades. The mineralization is within economic trucking distance to the proposed plant site."

Dan Hrushewsky, Jennings Capital (8/12/13) "True Gold Mining Inc. announced the results of six core holes northwest of its Rambo deposit at the Karma gold project in Burkina Faso. . .Rambo is the highest grade deposit at Karma and will likely be the first deposit put into production. . .all six holes intersected ore grade mineralization and, together with recent stepout drilling at the other Karma deposits, confirm the project's excellent potential."

The Gold Report Interview with Dan Hrushewsky (8/7/13) "High-margin projects are strong performers in high or low gold price environments and, as an example, [one] such higher-margin projects [is that] of True Gold Mining Inc. . . True Gold's Karma project is one of the highest-grade heap leach projects in the world with above-average recoveries and leach kinetics. This also translates into a low capex with therefore lower financing risk. Another low-cost, high margin project. . . True Gold, [is an] optimal investment. . . True Gold has had some interesting results from in-pit metallurgical drilling for its definitive feasibility study. Grades of these holes have been significantly higher than the resource grade. The diameter of these holes was some 40% greater, and may indicate that when True Gold goes to mine the deposit, grades will be higher than the estimated resource grade. Also, I am excited by some of the extensional drilling outside of the current pit outlines, which speaks to the excellent potential to expand the resources of the project." More >

Dan Hrushewsky, Jennings Capital (8/6/13) "True Gold Mining Inc. announced the results of 30 reverse circulation holes on its Kao deposit, part of the Karma gold project in Burkina Faso, which doubled Kao's strike length from 1,400m to 2,800m. . .the Karma project is a high-grade, heap-leach gold project with excellent recoveries and leach kinetics. This translates into low capex, low cash costs and high returns. Exceptional exploration potential exists on the Karma gold project as well, with numerous untested gold-in-soil anomalies."

Tara Hassan, Haywood Securities (8/6/13) "True Gold Mining Inc. released results from stepout drilling north of the Kao deposit, the largest deposit at the Karma project. . .these new results reinforce the potential to expand Kao, with gold mineralization at the deposit now doubling from 1,400m to 2,800m along strike. . .this strengthens our view that there remains significant potential to extend the mine life at the Karma project."

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/1/13) "Liberty Metals & Mining Holdings has agreed to make a significant investment in True Gold Mining Inc. . .Liberty will invest over $23.4M via a non-brokered private placement. . .the important takeaway here is that True Gold has been able to secure a significant cash injection at a difficult time for the precious metals markets. . .that injection, made by an established and respected company, speaks volumes about the potential that Karma, Liguidi and True Gold's other Burkina Faso projects have. . .with CA$38 million in its treasury and no debt, True Gold is a company to again begin accumulating at or near current levels."

Dan Hrushewsky, Jennings Capital (7/30/13) "A 9.3% share ownership of True Gold Mining Inc. was owned by Golden Star Resources Ltd., which announced yesterday that it had completed sale of its position for total net proceeds of $7,356,330. . .the sale of this position should take a lot of pressure off True Gold's share price. . .the company now finds itself very well positioned to finance and develop its Karma gold project and to generate exceptional value for its shareholders."

Eric Coffin, Hard Rock Analyst (7/28/13) "True Gold Mining Inc. announced a $23.5M strategic investment by Liberty Metals & Mining Holdings LLC. . .Liberty is buying a 19.95% stake in the company at a price of $0.33 and purchasing a 2% royalty for $5M. . .this should be more than enough to complete a feasibility study later this year and start the financing process for production. . .I still think Karma will be one of the projects that makes it to production, and True Gold is worth accumulation on weakness on that basis."

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