Tanzanian Royalty Exploration Corp (TNX.TO: Quote), a gold explorer has no revenue, no earnings and no proven gold and could be substantially overvalued, Barron's said.

Its shares trade at premium to peers, and its chief executive has been selling shares, Barron's said in its April 13 edition.

Chairman and CEO James Sinclair is famous for correctly forecasting gold prices and is very bullish on the metal, but he has been a steady seller of shares of his own gold-related company, Barron's said.

While Sinclair has had success predicting gold prices, the company does not have a good track record of finding gold, Barron's said.

The small-cap Canadian outfit has been looking for gold for a decade but none of its properties, all in Tanzania, have shown economically viable mineral reserves, Barron's said.

If it were valued more like its rivals with similar cash and gold reserves, its shares should be priced substantially lower than the current $4.05 per share, Barron's said. (Reporting by Ilaina Jonas; Editing Bernard Orr)

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