About Us

Piran Mining Research currently offers the following services and products

Piran Mining Research provides research reports on mining companies, with particular emphasis on gold equities. Our services include both independent and commissioned research. Our flagship service is the new World Gold Analyst.


World Gold Analyst (2017 version) is a new, independent gold equity evaluation service. It is specifically designed to aid fund managers in making informed investment decisions.

World Gold Analyst is solely subscriber-funded. The companies covered have no influence on our opinions and evaluation. There are no commissions. We do, however, talk to company management to ensure we have all the facts, that our data is accurate and that we have had a chance to query and understand their plans.

Therefore, you can rely on an independent and unbiased view of the companies’ prospects and investment merits.

At a time when the MiFID II regulations are changing the landscape for delivery of research in the UK and Europe, World Gold Analyst offers a fully transparent way of paying for and receiving research.

World Gold Analyst provides:

  • Independent valuations of selected gold companies
    • Company NAV valuations
    • Comparative metrics
    • Investment thesis
    • Latest news and its significance
    • Production and operating cost forecasts
    • Funding track record and how money is being spent
    •  Projected financial statements
    • Discussion of assumptions
    • Sensitivity analyses
    • Description of geology, infrastructure, planned mining and processing scenarios
    • Executive remuneration
    • Capital structure
    • Directors and management


  • Independent evaluations of gold companies
  • Real-time analysis (valuation models updated whenever there is a material development)
  • Worldwide coverage (LSE, NYSE, TSX, TSXV, ASX)
  • Easy access through computer, tablet or phone   


  • Cost-effective research
  • On-demand
  • Ideal for complementing your existing research coverage
  • Discover new investment ideas and themes
  • Expand the breadth of your monitored portfolio
  • Simple and transparent fee structure (MiFID II-compliant)

In short, all you would expect from a mining analyst but at a fraction of the cost

Principal and Advisory Board

Paul Burton

Paul Burton, principal at Piran Mining Research, has been involved in the gold industry for over 40 years and possesses a deep understanding of the industry and its technicalities. His career spans working as a mining engineer, a financial analyst, a minerals marketing manager and editor of the gold investment publication, World Gold Analyst.

Paul graduated as a mining engineer at the Camborne School of Mines, in Cornwall, UK. He subsequently obtained an MSc in Mineral Economics at the University of the Witwatersrand, in South Africa, and an MBA at the Graduate School of Business, University of the Witwatersrand. He holds a Certificate in Investments (Securities) from the Chartered Institute for Securities & Investment (UK).

The Advisory Panel’s role is to review World Gold Analyst research and advise on company’s covered. The members bring substantial technical and commercial skills and experience to the table. The current members are:

Nick Clarke

Nick has over 40 years of mining experience, including 16 years spent within senior management positions in production and technical services in South Africa, Ghana and Saudi Arabia.
Nick served as the managing director of Oriel Resources until its acquisition by OAO Mechel for US$1.5 billion in 2008. In addition, Nick was Managing Director at Wardell Armstrong International, where he managed numerous multidisciplinary consulting projects in the resource sector.
He is a graduate of Camborne School of Mines and a Chartered Engineer. Nick is also a Non-Executive Director of Wolf Minerals. In 2013, Nick was named CEO of the year at the Mining Journal outstanding achievements awards. He joined CAML in 2009 as Chief Executive Officer prior to the company’s IPO in 2010, and assumed the role of Executive Chairman in June 2016.

Alan Matthews

Alan is a mining engineer (ACSM) who graduated from the Camborne School of Mines in 1974. He is a Member of the Institute of Chartered Engineers, the Institute of Directors and a Member of the Institute of Materials, Minerals and Mining.

He started his early career in the South African gold mines with Anglo American Corporation.  Since then has held progressively more challenging positions in many different parts of the world including Canada and the United States, Central and South America, and Papua New Guinea. He has acted as a consultant to companies operating in Tajikistan (Antimony), Armenia (Copper) and Portugal (Tungsten). His expertise covers the exploration for and startup of projects for gold, tungsten and copper.

In 1995 he founded and listed Kernow Resources and Developments Ltd on the Vancouver Stock Exchange. He has acted as a director of and assisted in the formation and listing of 14 junior resource companies on the TSXV and TSX.

More recently he was Vice President Special Projects for International Minerals Inc. and heavily involved in the sale of the company and its assets in 2015. He is currently a director of Redzone Resources Ltd. (TSXV:REZ) and now operates his own private consultancy, Godolphin Mining Services LLC.

Paul Wheeler

Paul is a Mining Geologist with 25 years’ experience in mining related roles. His early career included work as a mining geologist and resource estimation geologist on hydrothermal gold and base metal operations in Europe, West Africa and Central Asia.

Paul spent eight years as a Lecturer with Camborne School of Mines before leaving in 2004 to establish his own consultancy specialising in mining geology, mining economics and mining analyst/due diligence work. From 2009-2011, Paul was Senior Consultant to GFMS Mine Economics with specific responsibility for analysing and forecasting cost and production data for gold mines and projects globally.

Paul returned to Camborne School of Mines in September 2011 as a Senior Lecturer with responsibility for the design, production and delivery of teaching and learning material across a range of modules for Mining Engineering and Mining Geology programmes (undergraduate and post-graduate). 



We offer commissioned mining research in conjunction with London-based research firm, Marten & Co. None of the companies that we undertake research on are covered by World Gold Analyst, so there is no conflict of interest.


We offer a screening and evaluation service to funds and corporate investors looking to build a portfolio of significant investments in the gold sector. Under this service, we initially identify suitable companies and/or projects that match the client’s specific investment criteria and then evaluate them to provide the client with a shortlist of suitable investment opportunities.