RCKS Talk

03-May-2018

First Cobalt Corp.

High Priority Kerr Area Extends over 200m; Remains Open

Impact: Mildly Positive

Encouraging recent drilling in the Kerr area provides momentum for First Cobalt in advancing exploration efforts across its large land package in the Cobalt Camp.

  • Kerr area mineralized zone expands to 200m, remains open
  • Drilling complements disseminated mineralization thesis
  • Follow-up planned for the high priority Kerr area
We continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium to other cobalt exploration peers. Next key catalyst for the company is the completion of the US Cobalt acquisition, expected on or around May 28, 2018.

02-May-2018

Northern Empire Resources Corp.

Crown Gets Bigger; Outlines Expansion Potential

Impact: Positive

Exploration activities on the Sterling project continue to enhance the prospectivity of the Crown Block of deposits through step-out drilling at the Daisy and Secret Pass deposits, which adds value to the company’s already permitted Sterling mine.

  • Daisy grows in many directions
  • Potential near-surface oxide mineralization to the west of Secret Pass deposit
  • Market does not appear to fully reflect the likely resource growth delivered by recent drilling
Considering Northern Empire’s ongoing exploration success, we expect upcoming drill results to close the discount to peers.

 

01-May-2018

Austral Gold Ltd.

Q1 2018 Production Hindered by Unexpected Issues

Impact: Mildly Negative

Austral reported disappointing Q1 2018 production results, reducing total mine production (Guanaco, Amancaya and Casposo) by ~17% from Q4 2017 to 20,367 oz AuEq, following unexpected issues. 

  • Total production fails to meet expectations, company focused on improvements to meet 2018 guidance of 92,000 oz Au (net to Austral)
  • Better grade control systems have been implemented at Guanaco and production issues at Amancaya have been fixed to support a stronger Q2 2018 production
  • QoQ production at Casposo reduced by lower head grades, more equipment to be added for next quarter to recover
We expect stronger quarters from Austral as the company and works towards meeting its 2018 production guidance. In our view, Austral is poised to re-rate towards similar scale peers, as it improves operations.

01-May-2018

Lion One Metals Ltd.

Site Visit: Small Project with Big Potential

Impact: Positive

Recently, we visited Lion One’s Tuvatu Gold Project in Fiji and were generally impressed with this permitted high-grade project.

  • On the path to production with permits in-hand
  • Start small approach, makes this a financeable & buildable project
  • Current resource does not reflect the significant exploration upside
Lion One currently trades at C$62/oz, a modest premium to peers (C$49/oz), however, in our view this premium does not properly account for this project’s permitted nature or the significant exploration upside that we see. 


30-Apr-2018

Brixton Metals Corp.

Completes Phase 1 Drilling with Impressive Grades

Impact: Positive

Brixton has released the remainder of its phase one drill results from Hudson Bay and is now focusing drilling on its nearby Langis property also in Ontario’s Cobalt Camp.

  • Hudson Bay continues to deliver high-grade cobalt intersections
  • Drilling shifts to Langis, 22km from Hudson Bay
  • 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. 

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