RCKS Talk

09-May-2018

Brixton Metals Corp.

Brixton Hits Cobalt Mineralization in Basement Rock

Impact: Positive

Brixton has identified a new broad Ni-Co-Ag mineralized zone in the Archean basement rocks at its Langis Project in addition to intersecting high-grade Co-Ag in the conglomerate sequence.

  • Experience working in the Cobalt Camp continues to pay off
  • Broad mineralized zone discovered in Archean basement rock
  • Brixton remains undervalued compared to Cobalt Camp peers
Based on peers in the Cobalt Camp, we believe Brixton remains undervalued, for example First Cobalt (TSXV:FCC) trades at C$0.014 EV/ha, while Brixton trades at C$0.004 EV/ha.

07-May-2018

Anaconda Mining Inc.

Anaconda’s Response As Expected

Impact: Neutral

Anaconda has responded to statements made by Maritime in response to Anaconda’s hostile offer to acquire all the outstanding common shares of Maritime. 

  • Response is as expected and normal course, as a result this does not change our view with respect to the likelihood of the acquisition being completed (60-70%)
  • We continue to believe the current offer for 0.39 an Anaconda share for each Maritime share which represents an 26% premium based on today's (implied value C$0.14 per Maritime share) is accretive for both companies’ shareholders
  • We expect Maritime shareholders are likely to eventually support the acquisition for the significant purchase price premium and to avoid Maritime’s share price retreating to pre-offer levels
Assuming the transaction is completed, Anaconda continues to trade at discount to peers (0.32x NAV, peers 0.64x); ongoing exploration success and the completion of the Maritime acquisition should close the gap to peers.

04-May-2018

Aquila Resources Inc.

Final Permit for Back Forty Moving Towards Resolution

Impact: Neutral

Aquila continues to work towards receiving the company’s final permit, the wetland/stream/floodplain permit, in order to commence construction at Back Forty.

  • Certain EPA objections have been resolved, and have been conveyed to the Michigan Department of Environment Quality (MDEQ)
  • Aquila and the MDEQ have until June 6, 2018 to resolve remaining objections to confirm the proposed permit conditions comply with the EPA
  • Recall, as of the December 2017 the permit was deemed administratively complete, Aquila assures the remaining issues should be resolved, and conditions met
Upcoming permitting news will be an important near-term catalyst for the company, we believe Aquila is well positioned to complete the feasibility study and start construction once the final permit has been granted, with funding in place to support pre-construction activities.

 

03-May-2018

​Anaconda Mining Inc

Anaconda Releases Q1 2018 Financials

Impact: Positive

Anaconda releases financial results for Q1 2018 with higher than expected revenue and lower operating cash costs.

  • Better grades, lead to higher production and lower than expected cash costs at Point Rousse
  • Development spending at Goldboro and Point Rousse, higher than expected
  • Anaconda continues to trade at a discount to peers
Anaconda continues to trade at discount to peers (0.30x NAV, peers 0.64x); ongoing exploration success and the completion of the Maritime acquisition should close the gap to peers.

03-May-2018

RCKS Charts

Stay Tuned as Market Transition Unfolds

In this edition of RCKS Charts, Keith has evaluated Altius Minerals Corp. (TSX:ALS), InZinc Mining Ltd. (TSXV:IZN) and Otis Gold Corp. (TSXV:OOO).

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