Thirteen Billion-Dollar Explorers

A producer with a market cap of over a billion isn't that unusual, although some small producers have caps well below that figure. Thanks to some huge finds and takeover thirst, there are thirteen explorers with market caps over that figure. None of them have any significant revenue yet from gold production.

There's no shortage of senior gold producers moving to buy juniors, and the price tags are getting bigger and bigger.

It's an interesting trend, given that bankers say that acquirers are moving to grab promising gold exploration companies at earlier stages in their development. That means more risk, but potentially more upside as the juniors drill out their targets further in the senior's portfolio. There's serious thirst for growth at the senior level, as markets have started to value upside with a higher multiple than size, a turnabout from past years.

But moving earlier isn't making acquisitions any cheaper now that this has become the era of the billion-dollar gold explorer....

The list comes from Canaccord Genuity:

1. Ivanhoe Mines Ltd.
2. Osisko Mining Corporation^*
3. NovaGold Resources Inc.
4. Gabriel Resources, Ltd.
5. Detour Gold Corporation
6. Tahoe Resources Inc.
7. Fronteer Gold Inc.^**
8. Northern Dynasty Minerals Ltd.
9. Ventana Gold Corp.^**
10. Seabridge Gold, Inc.
11. Perseus Mining Ltd.
12. Romarco Minerals Inc.
13. Great Basin Gold Ltd.
14. Nevsun Resources Ltd.
15. Mirabela Nickel Ltd.
16. Rubicon Minerals Corporation

*: On the verge of production.
**: Current takeover target.