John Mason returns to the Sally Ann mine to claim his half share. Janet Cater also returns although her father lost his half share to Joe Ryan. Ryan and his gang are also there to get the gold. A mysterious Phantom is also present. Mason's plan to expose Ryan as an outlaw and to force him to turn his share to Janet works. But when distracted by the Phantom, John is made a prisoner by the gang.

John Wayneas John Mason
Sheila Terryas Janet Carter
Harry Woodsas Joe Ryan
Erville Aldersonas Tom Benedict
Otto Hoffmanas Simon - Benedict's Servant
Martha Mattoxas Mrs. Herman
Blue Washingtonas Clarence Washington Brown
Ken Maynardas Tim Kelly (archive footage) (uncredited)
Slim Whitakeras Henchman Slim (uncredited)
Nicholas Musuraca