RCKS Talk

29-Jun-2018

Anaconda Mining Inc.

Maritime Private Placement Approved

Impact: Mildly Negative for Anaconda

Maritime Resources has received 52% shareholder consent to approve the company’s C$1.5M proposed private placement.
  • We view this as mildly negative for Anaconda’s bid to acquire Maritime, as the management received shareholder support, and the offering increases the size of the company, implying a higher price for Anaconda shareholders – the result is that Anaconda has stated it may withdraw or revise its bid
  • This is also negative for Maritime shareholders, as there is a reduced likelihood that the Anaconda completes the transaction (as stated or at all), suggesting further downside may exist in Maritime’s share price as we believe the company is unlikely to be able build Hammerdown on its own
  • The planned financing represents 23% dilution (including warrants), for existing Maritime shareholders, significantly increasing the price for Anaconda, if the deal were completed at the previously announced exchange ratio, our NAVPS estimate for Anaconda would decrease to C$1.06 (currently C$1.11) – we have not altered our estimates at this time
Anaconda’s management has responded and indicated that it may withdraw or revise its bid, reducing the probability of the transaction being completed. Consequently, we now believe which we now estimate the probability of the deal being completed to be 40-50% (was 60-70%). Regardless of the completion of the takeover, the company remains attractively valued. Assuming the transaction is completed, Anaconda is trading at 0.32x NAV or if it is not completed Anaconda is trading at 0.36x NAV (peers 0.64x). We believe that a resolution of the hostile bid (either positively or negatively) is likely to lift current overhang on the share price.

28-Jun-2018

Novo Resources Corp.

Work-to-Date Suggests Upper Conglomerate is Continuous over ~2.5km of Strike

Impact: Positive

Novo Resources continued drilling and fieldwork has identified the Upper Conglomerate over 2.5km, which supports our view that a large gold deposit is possible at Purdy’s Reward and Comet Well. Key highlights from this release include:

  • Geologic markers have been identified (Mafic tuff bed and chlorite alteration) which should help guide future exploration
  • Results support our view of that a large gold deposit could be found
  • Aggressive bulk sampling continues with a goal to generate sufficient data for trial mining
We expect ongoing exploration of the upper conglomerate horizon and further bulk sampling results to be important catalysts for the stock. We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

28-Jun-2018

Adventus Zinc Corp.

Adventus Adds Another Strategic Investor

Impact: Positive

Adventus Zinc has announced a financing which brings a fourth strategic investor into the company. The company is raising $9.2 million at a price of $0.90/sh. Additionally, an affiliate of Wheaton will pay Adventus $800,000 in cash for the right of first refusal on any new precious metals royalties or streams from the Curipamba and Alliance projects and right of first offer on any future properties in Ecuador acquired by Adventus

  • Wheaton Precious Metals Corp. was the lead order on the deal and is expected to hold approximately 9.9% of the common shares of Adventus upon closing
  • We view the companies continued support from multiple strategic investors as both an endorsement of the Curipamba project and management
  • The net proceeds of the offering will be used to fund exploration and development activities at Curipamba and within the Ecuador Exploration Alliance, which includes the Pijilí and Santiago Projects
Adventus is trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets but probably does not fully account for the planned monetization of its earlier stage projects in Ireland and Newfoundland. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets. 

28-Jun-2018

International Prospect Ventures Ltd.

IZZ Acquires 0.5% NSR on Comet Well

Impact: Very Positive

International Prospect Ventures has entered into a non-binding letter of intent to acquire a 0.5% net smelter royalty (NSR) on Novo Resources Corp. (TSXV:NVO) Comet Well Property, located in the Pilbara region of Western Australia.

  • As consideration, the company has agreed to pay the third-party vendor an aggregate of C$1.75M, as well as an issuance of common shares equivalent to 9% of its issued share capital
  • Additionally, the company has agreed to pay a discovery bonus (cash or shares) based on announced resources or mined resources of gold, within 10 years of the deal, of $0.50/oz up to 500,000oz and $1.00/oz for over 500,000oz
  • We have previously noted that Comet Well could be a significant new gold discovery, which suggests this royalty could end up being of significant value. Our thoughts on Comet Well’s potential scale can be found here
This acquisition reflects the significant potential of Novo Resources discovery at Comet Well and represents a positive step forward for IZZ whose share price is likely to be sensitive to Novo’s ongoing exploration results.

28-Jun-2018

NxGold Ltd.

Strike Extended and Fine Gold Identified at Mt. Roe

Impact: Positive

NxGold has completed its first trenches at the Mt. Roe project in the Pilbara of Western Australia with the objective of evaluating the target conglomerate horizon. The company has also completed first pass exploration at its Prinsep project, ~12km north of Mt. Roe.

  • Trenching along 7km of prospective strike length looks encouraging
  • Gold nuggets discovered at Prinsep project
  • With a completed C$4.3M financing, the company is well-funded to execute on its business plans
We expect assay results from grab sampling, mapping results and the start of trenching to be important catalysts for the stock.

27-Jun-2018

SolGold Plc.

Drilling at Alpala Progresses Beyond 120,000m

Impact: Neutral

SolGold has provided an update on the drilling programs at the Alpala and Aguinaga deposits at the Cascabel Cu-Au project in Ecuador.

  • Infill drilling continues to upgrade the resource with early stage copper and gold rich intrusions appearing to be more continuous than previously modeled
  • More extension drilling at Alpala Central is intersecting shallow high-grade mineralization above existing resource limits in a large lobe of early diorite intrusion extending to within 450m of the surface – 250m closer than previously modelled
  • An increase in estimated resource grades and resource growth are expected by management in a revised mineral resource estimate to include the 70,000m drilling since the last update
In our view, the SolGold's current valuation (C$0.031/lb vs. peers at C$0.027/lb CuEq) does not properly reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

27-Jun-2018

Mawson Resources Ltd.

Mawson Reports Au-Co Drill Results

Impact: Mildly Positive

Mawson Resources has announced the results of 10 holes drilled during the winter drill program at its100% owned Rajapalot Au-Co project in Northern Finland.
  • Cobalt assays were added to previously gold-exclusive assays results for hole PAL0093, returning 33.6m of 9.7g/t AuEq (8.0g/t Au and 823ppm Co) - a 22% increase from gold-only results, which continues to reflect the spatial relationship with gold (Figure 2)
  • Drilling extended the Polokas zone 1.8km and 100m down plunge and as drilling continues, increased knowledge of the mineralized system is facilitating regional targeting with 1-2km step-out holes
  • Ground magnetic surveys will commence in late June while downhole electromagnetic surveys will begin in September, with the purpose of further refining winter 2019 drill targets
Assays from 36 drillholes have now been released with 39 holes currently being logged and assayed. We expect results from re-assaying and drilling to be upcoming catalysts for the company, as it looks to build a maiden resource.

26-Jun-2018

Tinka Resources Ltd.

Tinka Drills 10m Grading 44% Zn at West Ayawilca

Impact: Positive

Tinka Resources has announced assay results for seven new drill holes at their Ayawilca project, as a part of their ongoing resource step out program.
  • Drill hole A18-129 intersected 44% Zn over 10.4 meters, the highest-grade zinc intersection ever encountered at Ayawilca and over a significant interval
  • The intersection has opened up a new high-grade exploration target at depth and down-plunge, which is located underneath the phyllite metamorphic rocks previously thought to be the floor of the zinc mineralization at the time of the West Ayawilca resource update (Figure 1)
  • The 3 operating rigs are expected to continue to at least mid-August and drilling at Zone 3, one of the main target areas will resume later in the year; a PEA is planned for Q4 2018
Drill results continue to highlight further expansion potential on the Ayawilca property after the last resource update increased zinc resources by 130%. We believe that the ongoing drilling updates and the significant exploration potential of the Ayawilca property should be important catalysts for the company to close the valuation gap to peers.

25-Jun-2018

eCobalt Solutions Inc.

Update on OFS for Idaho Cobalt Project

Impact: Mildly Negative

eCobalt Solutions has provided an update on the Optimized Feasibility Study (OFS) and project financing for its 100% owned Idaho Cobalt Project, located in the heart of the Idaho Cobalt Belt.

  • Metallurgical optimization testing has brought to light the necessity for changes to be added to the flowsheet; due to this, additional time is needed to complete the OFS - which is now expected for Q3 of this year
  • The company is currently evaluating prospective long-term partnerships as well as term sheets they have received from a variety of potential investors in order to make a final financing decision for the project
  • The current project schedule is expected to be maintained through advancement of civil construction and the target date for commercial production remains H1 2020
We view eCobalt as one of the few companies positioned to meet the near-term increase in cobalt demand, taking advantage of the current upswing in metal prices. The project’s location, in the U.S., places it in a mining friendly jurisdiction with low political risks versus other Cobalt developers.

25-Jun-2018

Ascot Resources Ltd.

Ascot Intersects High-Grade Zones at Big Missouri

Impact: Positive

Ascot Resources has released results from the first 25 drillholes in the Big Missouri ridge area, the second target area at the Premier-Dilworth property near Stewart, British Columbia.
  • The company intercepted high-grade zones at the Big Missouri area, which includes 15.34g/t AuEq over 7.3m and 10.34g/t AuEq over 7.0m
  • Results support the company’s goal in defining a second high-grade underground resource to follow that of the Premier/Northern Lights resource update in the southern area of the property, which are both expected to enable the company to restart production and have sufficient feed for the Premier mill
  • Ascot is working towards recommencing underground production at the Premier site, with the current step being the 2018 drill program – designed to increase the existing resource base to have sufficient feed for the Premier mill
Based on the company’s recent resource update (open pit & underground), Ascot trades at a discount (C$32/oz versus peers at C$89/oz). We expect the ongoing news from exploration and infill drilling on higher-grade underground resources to close the gap to peers.

21-Jun-2018

Moneta Porcupine Mines Inc.

More High-Grade Intercepts from Golden Highway

Impact: Mildly Positive

Moneta Porcupine announced the results from 7 diamond drill holes completed at on the South West Deposit at the Golden Highway Project near Timmins.
  • Step-out drilling has continued to extend the strike and depth of the vein structures including the discovery of the new, Walnut vein, increasing the total number of veins to 17
  • Moneta highlighted drillhole MGH17-081 intersecting 1.93m grading 34.36 g/t Au including 1.03m grading 65.10 g/t Au, which confirmed the northern and up-dip extensions of the Cedar vein
  • Moneta is continuing with the 41,100m drill program 70-hole expansion to their drilling program; assays for additional holes are pending for South West and “55” areas and will be released as they become available
After our site visit, we believe that the likely high-grade resource at Golden Highway is going to be an important catalyst for the company and make it attractive to potential bidders. The market is currently undervaluing the potential for the definition of a significant maiden underground resource.

21-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Provides Shareholder Update

Impact: Neutral

Bunker Hill’s President and CEO, Bruce Reid, has updated investors via a newsletter on recent developments at its Bunker Hill mine in northern Idaho. Highlights include
  • With the land package sitting entirely on patented ground and an agreement signed with the EPA, the Bunker Hill mine is now fully permitted to proceed with mining operations
  • Bunker has initiated a technical report on the Bunker Hill property, with the intentions of using this report to apply for a listing on the TSX; it is expected to be released Q3 201
  • An internal mine plan has been outlined using historical reserves and resources; the total pre-production capital costs of the main components of the plan are estimated at ~US$75 million
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.006/lb ZnEq compared to peers at $0.031/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.

21-Jun-2018

Aston Bay Holdings Ltd.

Copper Targets Highlighted; Drilling About Start

Impact: Neutral

Aston Bay has generated multiple new priority drill targets to be tested during the summer drill program at the Storm Copper prospect, which are based on modelling of the 15,000 line-km airborne gravity gradiometry survey and other existing datasets.
  • Results identified multiple anomalies along and across strike of Seal, including a target 600m along strike northwest of the deposit where surface samples returned 12% Zn (S12-S16 – Figure 1)
  • Gravity surveying has been successful both in detecting known high-grade copper mineralization as proof-of-concept and in identifying new targets within the prospective Storm graben trend, which are now the priority targets for summer drilling
  • The 6,000m drill program is about to begin, and results are expected to be released as they come available
Following a number of material changes in 2017 we believe 2018 will be an important year for Aston Bay with an important catalyst being results from planned drilling at Storm Copper and Seal Zinc.

20-Jun-2018

Pacton Gold Inc.

Pacton Acquires Prospective Land in the Pilbara

Impact: Very Positive

Pacton Gold has entered into a binding letter of intent to acquire 100% of the Bellary Dome exploration license from Marindi Metals Ltd. (ASX:MZN), which is located in the Pilbara region of Western Australia.

  • The property hosts ~25km of strike extent between the Mt. Roe Basalt and the conformably underlying Bellary Formation with fine visible gold panned across the project
  • Stratigraphic position of conglomerates and nature of the “watermelon seed” shaped nuggets at Bellary Dome are similar to Novo Resources’ Comet Well/Purdy’s Reward projects 250km to the north
  • Pacton is to pay C$2M and issue 10,098,000 common shares to Marindi upon the closing of the transaction, in addition the Company must also pay C$1M or issue shares equal to that amount both on 12 months and 18 months after completion of the transaction
In our opinion, this acquisition quickly moves to the front of the cue, as the best asset in Pacton’s Pilbara portfolio. Following the strategic investment from Eric Sprott and recent land consolidation, Pacton is quickly advancing its interest in the Pilbara and has become the third largest landholder in the region.

20-Jun-2018

Anaconda Mining Inc.

New Exploration Program Begins at Point Rousse

Impact: Neutral

Anaconda Mining has announced plans for a summer-fall exploration and resource expansion program at the Point Rousse Project in Newfoundland. The program is expected to commence in late June and continue into the fall with drill results to be released as they come available.

  • The program is expected to consist of 5,000m of diamond drilling at priority targets at Point Rousse directed at expanding the Argyle Deposit and commencing exploration drilling at the Anoroc and Deer Cove Prospects
  • The goal of this program, is to extend the production profile at Point Rousse, which would benefit our estimates as the company only 2 years of mineral reserves and we model a 4 year mine-life
Anaconda executives hosted a live video webcast today to discuss the benefits of the Maritime takeover bid. A recording of the webcast can be found on the company’s website tomorrow. The company continues to trade at discount to peers (0.35x NAV, peers 0.64x); ongoing exploration success and the completion of the Maritime acquisition should close the gap to peers.

20-Jun-2018

Monarques Gold Corp.

Swanson Follows McKenzie Break; Regional Plan Strengthens

Impact: Positive

Monarques Gold announced a maiden mineral resource estimate for its Swanson gold project in Quebec. The estimate is for a combined pit-constrained and underground resource scenario.
  • Maiden resource at Swanson comes with a combined pit-constrained and underground resource.
  • Swanson falls in line with McKenzie Break to support larger strategy, of satellite deposits feeding central milling facilities
Monarques continues to trade at a discount to peers (C$14/oz vs. peers at C$36/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac should help close the valuation gap to peers.

20-Jun-2018

Brixton Metals Inc.

Brixton Plans to Spin Out Cobalt Assets

Impact: Positive

Brixton Metals has announced that they intend to spin-out its cobalt assets in the Cobalt Camp of Ontario in order to create a cobalt focused standalone company for its shareholders.
  • With the increased demand for cobalt and overall positive market fundamentals, Brixton believes shareholders will benefit from a spin-out of its cobalt-silver assets, allowing Brixton management to tighten their focus on precious metals projects
  • If the spin-out transaction occurs, the resulting company will focus not only on cobalt, but all battery metals, including vanadium, which has seen similar growth to cobalt
  • Both the Hudson Bay and Langis projects in the Cobalt Camp are under consideration to spin-out, Brixton intends to maintain exposure to the cobalt assets through retained equity interest; spin-out ratio to shareholders, retained equity level and timing of the record date are to be announced
Based on peers in the Cobalt Camp, we believe Brixton remains undervalued, for example, First Cobalt (TSXV:FCC) trades at C$0.017 EV/ha, while Brixton trades at C$0.004 EV/ha. In our view, continued exploration success in the Cobalt camp should benefit shareholders through Brixton or the SpinCo and the start of exploration at the company’s Hog Heaven project should drive a re-rating of Brixton shares.

19-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Announces Small Private Placement

Impact: Neutral

Bunker Hill has announced a private placement convertible debt financing with an arms length investor in addition to the granting of options to senior management and executives.
  • Convertible loan and warrant agreement is with an arms length investor for a US$1.5M convertible loan at 10% per year, maturing in one year. Along with the convertible debt, Bunker Hill will issue 2,294,835 share purchase warrants at a price of C$0.85/sh., for two years
  • We expect this to be a short-term bridge financing and our understanding is that this brings a new investor to the company
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.006/lb ZnEq compared to peers at $0.031/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.

19-Jun-2018

IDM Mining Ltd.

IDM Announces Resource Update at Red Mountain

Impact: Neutral

IDM Mining released the results of an updated mineral resource estimate for its Red Mountain Gold Project in the Golden Triangle of northwestern BC. The update includes additional 2017 drilling results, primarily from the underground workings of the deposit.

  • Using a 3.0g/t cut-off, the resource update outlines a 20.7% increase in M&I gold ounces or 120,900oz Au to 704,600oz Au plus 2,026,800oz Ag at an average grade of 7.91 g/t Au and 22.75 g/t Ag
  • Overall ounces increased ~18% and confidence has increased materially, but grade has declined modestly (~8% overall) which in our view has an offsetting impact
  • Importantly, the new geologic model, should result in improved targeting for future exploration
  • Resource estimate will be incorporated into an updated feasibility study expected to be completed this fall, and we expect the increase in M&I should extend the mine-life
We expect permitting updates and development activities to be important catalysts for the stock as the company remains focused on advancing the project towards construction (2018). IDM continues to trade at a discount to peers on a per ounce basis (C$24/oz vs. peers at C$42/oz).

19-Jun-2018

Northern Empire Resources Corp.

Northern Empire Acquires Historic Goldspar Mine

Impact: Mildly Positive

Northern Empire has entered into a Lease Purchase Agreement for the acquisition of 100% interest in the historic Goldspar Mine, located in close proximity to its Sterling Mine in Nevada. Northern Empire is acquiring the mine for US$50k upon signing followed by lease payments for 10 years, work commitments in first two years and a 5% NSR on the property with 3% purchasable for US$50k per 1%.

  • Mary-Goldspar is an inlier property which gives the company an increased ability to explore the prospective range-front fault structures near the permitted Sterling Mine
  • Highlights of historic drilling from Goldspar includes: 38.1m grading 3.03g/t Au and 24.4m grading 2.77g/t Au
  • Acquisition has the potential to add value to the Sterling Mine, which is fully permitted to restart operations, and any additional resources could potentially be processed at the permitted facilities
Considering Northern Empire’s continued exploration success, we expect upcoming drill results to close the discount to peers (on an EV/oz basis C$60/oz vs. peers C$83/oz).

19-Jun-2018

Northern Vertex Mining Corp.

Moss Mine Exceeds Feasibility Expectations

Impact: Positive

Northern Vertex has announced that they continue to meet or exceed design expectations laid out by the 2015 Feasibility Study for its Moss Mine in Arizona.
  • During commissioning, the mine produced 1,276oz Au and 3,556oz Ag in May of this year, a month over month increase continuing to exceed ramp-up expectations outlined in the Feasibility Study (FS)
  • Processed ounces are being recovered at a faster rate than the previously laid out 100-day leaching cycle time period in the FS
  • Mining is expected to ramp up as 70-ton haul trucks are being brought in to replace the 40-ton trucks currently on site; transition to commercial production over the coming months
Northern Vertex trades at an EV/oz premium to peers (C$207/oz vs. peers at C$48/oz), which may be warranted, considering the company is nearly completely transitioned to commercial production, along with the potential for meaningful mine-life extension and improved economics from the ongoing optimization and exploration programs.

19-Jun-2018

Bonterra Resources Inc.

BTR to Acquire MTO; Only One Interloper Possible

Impact: Positive

Bonterra Resources has announced that the company has entered into a binding letter of intent to acquire Metanor Resources for ~C$0.73/share in an all share transaction (1.6039 Bonterra shares for each Metanor share), representing a 30% premium to Friday’s close and an aggregate transaction value of C$78 million on a fully diluted in-the-money basis. Prior to completion of the acquisition, Bonterra is to spin out its Larder Lake assets in Ontario with C$7M in cash to create a new gold explorer for its shareholders. The proposed acquisition should create a new advanced Canadian gold explorer and developer focused on the Urban-Barry Gold Camp.
  • For Bonterra, we view the transaction positively, as high-grade ore from Gladiator could be shipped to the Bachelor mill (expansion possible), shortening the deposits path to production and reducing capex
  • For Metanor, this provides additional ore to feed the Bachelor mill and provides additional cash to advance exploration at Bachelor and Barry
  • Metanor is now “in-play” and in our view the only likely interloper is Osisko Mining (TSX:OSK); however, considering the friendly nature and previous opportunities that Osisko has had, we believe there is only a 20-30% chance of a superior offer being made
  • At market close on June 15th, Bonterra traded at C$0.455, which puts the proforma company’s market value at ~C$178M with a cash balance of C$32M (EV of ~C$146M) to advance the Gladiator project to production, an updated resource estimate is still on track for H2 2018
Upon completion of the proposed transaction, the combined entity would be the second largest company in the Urban-Barry Camp by market cap, and the only producer in the region. Considering the 2Moz Au potential that we see at Gladiator, combined with access to Metanor’s permitted mill infrastructure, and the exploration upside we see at both Bachelor and Barry, we believe the company is attractively valued relative to peers. As well, the increased potential scale of the combined company’s projects is likely to make it more attractive to potential acquirers.

18-Jun-2018

South32 Ltd.

South32’s Cash Bid Highlights Demand for Quality Assets

Impact: Positive

South32 Ltd. (ASX:S32) and Arizona Mining Inc. (TSX:AZ) announced today that they have entered into an agreement for South32 to acquire the remaining issued and outstanding shares of Arizona Mining via a plan of arrangement

  • South32 Ltd. is offering $1.8-billion in cash to buy the remaining ~83% of Arizona Mining (current ownership is ~17%) at an offer price of C$6.20 per share, a 50% premium to the closing price on June 15th and implies equity value of C$2.1B
  • This provides positive read-through to the potential path for South32’s other investments and joint ventures, which include:
    • Trilogy Metals Inc. (TSX:TMQ): 12.5% equity stake and option to form 50/50 joint venture (JV) on Trilogy’s Alaskan assets
    • Silver Bull Resources Inc. (TSX:SVB): Option to form 70/30 JV on Silver Bull’s Sierra Mojada Zn-Ag project in Mexico for an aggregate investment of US$100M
    • Inca Minerals Ltd. (ASX:ICG): Option to acquire 60% of Inca’s Riqueza Zn-Ag-Pb project in Peru
    • AusQuest Ltd. (ASX:AQD): Exploration Alliance with South32, which includes JV’s on eight base metals assets in Australia and Peru
    • EMX Royalty Corp. (TSXV:EMX): Option to earn 100% of EMX Royalty’s Riddarhyttan project in Sweden
  • Transaction highlights the positive market fundamentals and scarcity of undeveloped zinc assets in North America, other companies with zinc assets in North America include Aquila Resources Inc. (TSX:AQA), Bunker Hill Mining Corp. (CSE:BNKR) and Callinex Mines Inc. (TSXV:CNX)
The transaction reflects the continued interest that North American mining assets have received from the majors, which follows precious metals merger announcements of Hecla & Klondex, Alio & Rye Patch and First Majestic & Primero.

18-Jun-2018

Anaconda Mining Inc.

Anaconda Drills More Holes with Better Widths

Impact: Mildly Positive

Anaconda has released results from 658m of diamond drilling across 6 new holes at the Goldboro project in Nova Scotia.

  • Highlights include: 21.05g/t Au over 11.5m and 17.41g/t Au over 7.5m, representing thicker than typical intercepts which we view as encouraging
  • Infill drilling provides validation of the existence of zones with thicker intercepts, which are located within or near open-pit limit outlined in recent PEA, which is being considered for as a potential site for a future underground bulk sample
  • Results continue to demonstrate the continuity of the deposit and suggest resource growth is likely with the next update – 10% increase in both grade and tonnes at Goldboro would increase our overall NAVPS estimate by 9%
Anaconda executives are hosting a live video webcast on Wednesday to discuss the benefits of the Maritime takeover bid. The company continues to trade at discount to peers (0.33x NAV, peers 0.64x); ongoing exploration success and the completion of the Maritime acquisition should close the gap to peers.

18-Jun-2018

Lion One Metals Ltd.

Lion One Metals: Ready to Roar

Initial Estimates

We recently took the time to dig deeper into Lion One Metals Ltd. (TSXV:LIO, $0.54) and are publishing our initial estimates. We came to the conclusion that Lion One is an undervalued gold developer on the path to production and we believe it currently trades at a discount based on the current project plus there is substantial exploration upside that could be game-changing for the company and its share price. Key reasons we like Lion One: 

  • Despite project financing and permits in-hand, Lion One trades at a discount to peers
  • Significant exploration upside not reflected in current valuation
  • Start small approach reduces risk for Tuvatu
Given that Lion One’s Tuvatu project is fully-permitted with project financing in place, we believe that the discount to peers is likely to close as the company ramps up construction and releases a steady stream of exploration results.

15-Jun-2018

Anaconda Mining Inc.

Anaconda Improves its Odds of Completing Hostile Takeover of Maritime

Impact: Mildly Positive

 

Anaconda has received shareholder approval for the issuance of shares in connection to its proposed take-over bid for Maritime Resources.
  • This step removes a significant condition of the acquisition
  • We believe this potentially increases the odds of the acquisition being completed
Anaconda continues to trade at discount to peers (0.33x NAV, peers 0.58x); ongoing exploration success and the completion of the Maritime acquisition should close the gap to peers.

15-Jun-2018

De Grey Mining Ltd.

New Shallow Gold Zones Identified at Mallina

Impact: Positive

Drilling at the Mallina deposit continues to yield positive results as De Grey continues to expand its Pilbara gold assets. The stacked en-echelon lode type deposit has a strike length of 3km and is open at depth and along strike, with high potential for discovery of additional lodes and linking structures.
  • New shallow gold zones identified with 30 holes intersecting greater than 10g*m, which strengthening the continuity of mineralization and are likely to be included in the new expanded PFS open pit shells
  • Deposit continues to grow with each round of drilling and remains open along the strike of 3km and at depth
  • An updated 2018 global resource estimate is planned to be completed once the results have been received for all drilling across the Pilbara Gold Project up to the end of June
Our preliminary valuation of De Grey’s hard rock assets of A$0.15-0.23/share did not account for the likely resource growth demonstrated by these results. We continue to believe that De Grey’s current valuation provides investors a low-cost option on the conglomerates which is underpinned by traditional hard rock assets with resource growth potential. Next catalyst includes a PFS for the company’s Pilbara Gold Project (Q4 2018), preceded by ongoing exploration results.

15-Jun-2018

Monarques Gold Corp.

Initial Resource at McKenzie Break Adds to Regional Plan

Impact: Mildly Positive

Monarques Gold announced a maiden resource estimate for its McKenzie Break project in Quebec. The company released two resource scenarios: a combination open-pit and underground and an underground only scenario.

  • Maiden resource at McKenzie Break provides development options
  • McKenzie Break fits into the company’s larger plans to have multiple satellite deposits feed its two permitted milling operations
Monarques continues to trade at a discount to peers (C$16/oz vs. peers at C$36/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac should help close the valuation gap to peers.

14-Jun-2018

Metanor Resources Inc.

Metanor Intersects 5.0g/t over 12.1m at Barry

Impact: Mildly Positive

Metanor Resources has released results from the Barry project intended as infill drilling of the South-Eastern portion at depth and to test the felsic intrusive on the western extent of the deposit, which intersected 5.0g/t Au over 12.1m.
  • Drill highlights include: 15.7g/t Au over 2.4m, 14.6g/t over 1.8m, 12.2g.t over 2.7m and 14.2g/t over 1.2m
  • Infill results continue to demonstrate the continuity and predictability of the shear-hosted gold deposit over a strike length of 1.1km
  • Metanor continues on schedule with the development of the Barry ramp, which is planned to provide access to underground drill bays and extraction of the bulk sample in Q4 2018
With the only permitted mill in the Urban-Barry camp and an expectation for meaningful resource growth, Metanor’s $57M market cap (EV$ 52M) suggests it is undervalued relative to other Urban-Barry camp peers, which are development stage.

13-Jun-2018

Bonterra Resources Inc.

Bonterra Intersects 44.9 g/t over 3m

Impact: Mildy Positive

Bonterra Resources announced further infill drill results at Gladiator, which includes the intersection of 44.9g/t Au over 3.0m extending a high-grade ore shoot at the Footwall Zone of their Gladiator Gold project.

  • North Zone extended ~150m down-plunge east and down-plunge in the western part of the deposit at the Rivage area, total drilled strike length of Gladiator now at 1,200m
  • Drilling to date shows high-grade continuity down-dip and along strike in all five primary zones
  • Bonterra continues to aggressively drill Gladiator to extend and develop the deposit in preparation for an updated mineral resource estimate in H2 2018
Given our expectation for meaningful resource growth at its flagship Gladiator deposit, assuming a 2M oz Au resource at Gladiator, Bonterra trades at a discount to peers (C$21/oz vs. peers at C$39/oz).

12-Jun-2018

Marindi Metals Ltd.

More Gold Nuggets Recovered from Bellary Dome

Impact: Positive

Marindi Metals has provided an update on exploration activities at its Bellary Dome Conglomerate Gold Project in the Pilbara region of Western Australia. An independent prospecting group reported the recovery gold nuggets downslope from the mapped Bellary Formation conglomerates (Figure 1). 

  • One alluvial trap-site recovered a total of 6.7oz of gold (Figure 2) reflecting the scale potential of Marindi’s ~25km of Mt Roe basalts in the southern Pilbara
  • Stratigraphic position of conglomerates and nature of the “watermelon seed” shaped nuggets at Bellary Dome are similar to Novo Resources’ Comet Well/Purdy’s Reward projects 250km to the north
  • Results highlight that the potential exists for a very large-scale gold system to be discovered by multiple companies in the Pilbara
Marindi, is one of the few companies, in the Pilbara, actively working on its conglomerate gold projects, and like many of its Australian listed peers, is not seeing the potential of this assets reflected in its share price.

12-Jun-2018

Orford Mining Corp.

Orford Announces Acquisition of Cash Shell

Impact: Positive

Orford Mining has announced that it has entered into a definitive agreement to acquire Condor Precious Metals (Private) in an all-share transaction.

  • Condor is a private company holding two royalties on exploration properties in Colombia and C$1.25M in cash (C$663,122) and marketable securities
  • Orford is paying ~C$1.1M (~5.04M shares at C$0.22/sh. plus for each share a ¼ warrant at C$0.29 for two years)
  • We view this transaction positively, as it is effectively a hard dollar financing, providing the company funds for G&A and ongoing exploration work at its Carolina properties
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the company’s projects, both in Quebec and the Carolinas.

07-Jun-2018

SolGold Plc.

Epithermal Gold Targets Identified at Cisne Loja

Impact: Mildly Positive

SolGold has provided an exploration update from its Cisne Loja Project in Southern Ecuador, where field teams have been conducting reconnaissance stream and rock chip sampling since December 2017.

  • Follow-up work on previously identified gold anomalies led to discovery of outcropping epithermal style alteration and mineralisation in quartz veins with rock chip samples of 15.25g/t Au and 23.6g/t Ag
  • Epithermal style alteration at Cisne Loja bears similar signs to the epithermal gold system at Lundin Gold’s Fruta del Norte (14M oz Au)
  • SolGold is planning a gridded soil geochemistry program as well as possible trenching and rock channel sampling to help determine the extent of the epithermal system in the hopes of discovering a significant gold deposit 
In our view, the SolGold's current valuation (C$0.039/lb vs. peers at C$0.029/lb CuEq) does not properly reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

07-Jun-2018

Lupaka Gold Corp.

High-Grade Gold Confirmed on the Next Sublevel at Invicta

Impact: Positive

Lupaka Gold announced assay results from a sampling program on the newly constructed 3430 production sublevel, 30m up-dip from the existing 3400 Level at the company’s Invicta Gold Project in Peru.

  • Average assay values from the Atenea vein returned 9.22g/t AuEq over 130m with an average sample width of 4.2m, which demonstrates continuity of the Atenea mineralization both up-dip from the 3400 Level and along strike
  • Sampling results provide further evidence that the current block model may understate grade, suggesting there may be some upside to our estimates and the company's PEA
  • With these results the company remains on track for production, which is to commence in Q3 of this year
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a 500tpd operation at Invicta. We believe that first production, expected in Q3 2018 is going to be the next key re-rating catalyst for Lupaka.

07-Jun-2018

Lion One Metals Ltd.

Ongoing Exploration Work Yield’s Success; New VP Ex Added

Impact: Positive

Lion One has hired a new VP Exploration and provided an exploration update from the company’s fully-permitted Tuvatu Gold Project in Fiji. Importantly, the targets highlighted are on the existing mining lease and would be additive to the current mine plan.
  • After discovering a new mineralised lode, follow-up work has identified >20 mineralized veins covering 1,000x900m at the Jomaki-Ura Creek prospect
  • Anomalies at the Tuvatu South target have pointed to the possible extension of the main mineralized zone at Tuvatu by 1km, which will be further assessed through underground exploration drilling
  • A new VP Exploration, Darren Holden, has been hired by the company to lead exploration activities at the company’s near-mine and regional exploration targets. We view this addition favourably based on Darren’s previous work and success
Overall, these results confirm our view that the Tuvatu project has substantial exploration upside and we expect the resource to grow materially over time. Lion One currently trades at C$78/oz, a modest premium to peers (C$53/oz); however, after our site visit we believe a further premium is warranted because the project is permitted, essentially funded to construction and has significant exploration upside.

06-Jun-2018

Adventus Zinc Corp.

High-Grade Infill Results from El Domo

Impact: Neutral

Adventus Zinc and Salazar Resources announced additional drill holes from the 2018 infill drilling program on the El Domo VMS deposit; which is part of the approximately 22,000ha Curipamba project in Ecuador.
  • Notable intersections include:
    • 5.68% Cu, 6.98g/t Au, 1.97% Zn and 0.21% Pb over 13.66m (CURI-262)
    • 10.30m of 8.72% Cu, 2.74g/t Au, 0.15% Zn, 27.3g/t Ag, and 0.01% Pb (CURI-265)
    • 3.91m of 5.50% Cu, 4.54g/t Au, 5.71% Zn, 32.1g/t Ag, and 0.15% Pb (CURI-268)
  • Results from this high-grade copper area, highlight the potential for high-grade starter pit, which would benefit project economics
  • In addition to the inclusion in an updated resource later this year, management is confident that results from infill drilling is likely to help propel them forward towards an updated PEA in H1 2019
Adventus is currently trading at a slight premium to peers, which we see as warranted given the exploration potential and quality of the company’s exploration assets but probably does not fully account for the planned monetization of its earlier stage projects in Ireland and Newfoundland. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

06-Jun-2018

Standard Lithium Ltd.

Saltworks Commissioned for Design & Build of Pilot Plant

Impact: Mildly Positive

Standard Lithium has announced the commissioning of Saltworks Technologies Inc. to design and build a portion of its pilot plant.
  • Saltworks will be designing a selective crystallisation plant to make battery-grade lithium carbonate in a continuous process to be fed by high-purity lithium solution produced by a full-scale Selective Extraction Pilot Plant
  • Crystallisation plant to be automated and use machine-learning to optimise crystallisation conditions
  • Data from a successful pilot plant is expected to be used in the design of a full-scale commercial plant for future production from lithium brines
Standard Lithium is unique with respect to other junior lithium companies, in that, rather than developing a new resource, their plan is to tap into existing brine production, significantly reducing development costs and permitting requirements as they progress towards developing a pilot plant.

06-Jun-2018

SolGold Plc.

Resource Growth Expected at Alpala

Impact: Positive

SolGold has provided drilling results from the active programs at its Cascabel Project in Northern Ecuador, part of the 120,000m drill program planned for 2018 in efforts to infill and extend the Alpala resource while also testing the Aguinaga prospect and Trivinio target.

  • Drilling has extended the current Alpala resource to the northeast including an intersection of 0.82% CuEq over 756m (Hole 41-D1), as well as to the southwest with 0.83% CuEq over 278m, including 52m of 1.63% CuEq (Hole 42-D2)
  • Infill and extension drilling is continuing to upgrade the high-grade core of the deposit by intersecting strong visible copper mineralization with infill drilling returning 974m of 0.71 % CuEq (including 478m of 1.02% CuEq and 160m of 1.56% CuEq)
  • Incorporating the initial 53,616m of drilling data at Alpala into the geological model has led management to expect significant resource growth in a revised estimate with 60,300m of drilling remaining in the program
In our view, the SolGold's current valuation (C$0.039/lb vs. peers at C$0.029/lb CuEq) does not properly reflect the exceptional nature of the existing project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

06-Jun-2018

InZinc Mining Ltd.

First Drill Results Look Good

Impact: Positive

InZinc Mining has released its first step-out drill results from West Desert in Utah, which intersected high-grade zinc mineralization in a previously untested area. Hole WD18-01, intersected 30.5m (100ft) of mineralization in previously untested area, which includes 15.4m (50.6 ft) of 6.28% Zn, 0.4% Cu and 66.8 g/t Indium, in addition to significant copper and zinc oxide intersections closer to surface (Figure 1). 

  • Results point to resource growth and confirm geophysical and surface sampling results which suggests the deposit extends to the West
  • Company plans to follow-up this drill hole, likely stepping further west, once the deep hole east of the deposit is complete
  • Currently drilling a follow-up hole to CC-43 (6.8% Zn & 159 g/t Ag over 4.9m) on the East side of the deposit, which is expected to be the next news item and could be an important catalyst for the company
InZinc currently trades at C$0.001/lb ZnEq versus peers at C$0.028/lb ZnEq. In our view, this relates to both the company’s low-profile over the last few years and the plan currently laid out by the PEA. In our view, with the company refocused on exploration and drilling underway, a re-rating is likely in the near-term, with upcoming drill results being the likely catalyst. 

06-Jun-2018

Bunker Hill Mining Corp.

Bunker Hill Under Pressure; Appears Market Related as Fundamentals Still Solid

Recently, Bunker Hill Mining’s share price has been under pressure, declining from C$1.52 on May 23rd, to C$0.76 on yesterday’s close, on a mere 128,804 shares (or ~$137k of volume). Our view, is that this is market related, and that a single small seller into this illiquid stock could have this large an impact. We continue to like Bunker Hill because:

  • A great restart opportunity for one of the largest Zn-Pb-Ag development projects in the America’s
  • Recent EPA indemnification, likely to make Bunker Hill a high-priority target for larger base metal companies
  • Current valuation does not reflect Bunker Hill’s ready-to-mine status or signficant exploration upside
Based on the company’s SEC compliant resource (non 43-101 compliant), the company is significantly undervalued at $0.007/lb ZnEq compared to peers at $0.028/lb ZnEq. Upcoming catalysts include mine development, finding a milling solution (toll milling or mill acquisition) and producing a 43-101 compliant resource.


05-Jun-2018

Northern Empire Resources Corp.

Drilling Reveals Broad Mineralization at SNA

Impact: Positive

Northern Empire announced the results from 19 new drill holes at the SNA deposit from its 100% owned Sterling Gold Project in Nevada. These new holes add to a total of 30 drill holes from this deposit, all of which have returned significant gold intercepts.

  • Gold intercepts in all 30 holes, most of which hit gold outside existing SNA resource shell of 126koz grading 1.03g/t Au at a 0.3 g/t Au cut-off (2017), reflecting resource expansion potential
  • Intercepts from the claim boundary between SNA and the historic Mother Lode deposit include 39.62m grading 0.86g/t Au (SNA18-022), indicating the potential for a large-scale contiguous gold system between the two deposits
  • Results continue to support our view that regional consolidation is likely and that Coeur Mining Inc. (NYSE:CDE), with significant interest in both Northern Empire and Corvus Gold Inc. (TSX:KOR), the natural consolidator
Considering Northern Empire’s continued exploration success, we expect upcoming drill results to close the discount to peers (on an EV/oz basis C$67/oz vs. peers C$84/oz). 

05-Jun-2018

Moneta Porcupine Mines Inc.

Moneta Extends Mineralization at Golden Highway

Impact: Mildly Positive

Moneta Porcupine announced the completion and released the final results from 6 diamond drill holes, totalling 3,085m, from the Windjammer North area of their Golden Highway Project, near Timmins.

  • Step-out drilling has extended Zone 1 and 2 up-plunge 125m each, which includes intersections of 3.6g/t Au over 3m and 2.11g/t over 2.21m, respectively
  • Two additional zones, Zone 3 and Zone 4, tested extensions at depth, which includes 7.52g/t Au over 9.5m extending Zone 3 by over 125m down-plunge to the west
  • Exploration success continues to add to the list of prospective targets on the Golden Highway Project
After our site visit, we believe that the likely high-grade resource at Golden Highway is going to be an important catalyst for the company and make it attractive to potential bidders. The market is currently undervaluing the potential for the definition of a significant maiden underground resource.

05-Jun-2018

Novo Resources Corp.

NVO Continues to Progress; Still Early Days in Karratha

The recent conference call with Novo Resources management has supported our views that it is still early days and that company continues to progress towards identifying a very large gold system at Karratha. We have summarized our takeaways from the call below and provided a link to the audio below. Our key takeaways were:

  • Lots of samples pending; news flow expected to become more regular
  • Increased sampling size suggested to be more representative; samples spread over 3km
  • Working towards trial mining, management highlights steps needed to go mining
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price. 

04-Jun-2018

Lion One Metals Ltd.

Debt Financing In-Place; Tuvatu Construction Expected to Ramp-Up

Impact: Very Positive

Lion One has entered into an indicative term sheet with Sinosteel Equipment & Engineering Co. Ltd. of China and Baiyin International Investment Ltd to secure debt Financing for construction of its high-grade Tuvatu Gold Project in Fiji.

  • Favourable terms includes an EPC (Sinosteel) and gold doré off-take (Baiyin) financing facility totalling US$40M with an option to increase by $10M, which includes a term of 5 years at 7.5% and a 2.25% NSR on the first 350koz Au produced
  • PEA (2015) outlines initial capital investment (excluding working capital) for Tuvatu at US$48.6M
  • With exploitation permits in-hand and C$21.6M (US$16.6M) in cash, the company is well-positioned to continue on the path to construction and production 
Lion One currently trades at C$78/oz, a modest premium to peers (C$53/oz), however, after our site visit we view that this premium does not properly account for this project’s permitted status, essentially financed nature or the significant exploration upside that we see.

 

04-Jun-2018

Aquila Resources Inc.

Final Major Permit Received for Back Forty

Impact: Very Positive

Aquila has received its wetlands, lakes and streams permit from the Michigan Department of Environmental Quality and has now received all the major permits required for construction and commencement of operations at the Back Forty Project in Michigan.

  • With all required major permits in hand, pre-construction activities will begin immediately
  • Back Forty open pit Feasibility Study, which has been nearing completion, is expected to be published in the coming months
  • In addition to pre-construction activities, we expect to see finalized plans for an exploration program to test additional targets at Back Forty
Now that Aquila has received its final permit for Back Forty, we believe the company is well positioned to complete the feasibility study and start construction with funding in place to support pre-construction activities. We expect Aquila to continue trading at a premium to zinc explorers and approach a valuation comparable to that of zinc developers and producers in North America.

04-Jun-2018

Orford Mining Corp.

Exploration Update from Carolina & Quebec

Impact: Neutral

Orford Mining has released preliminary drill results from the Jones-Keystone Property in North Carolina and announced the completion of an airborne magnetic survey at its Qiqavik Project in Quebec.
  • Drilling and induced polarization geophysics at Jones-Keystone has confirmed and expanded historic mineralization into an unexplored zone, which opens up the system’s size potential to be confirmed by pending assays from multiple holes
  • After a final hole is completed at Jones-Keystone, a three-hole program is likely to commence at the Landrum-Faulkner Property in South Carolina
  • Helicopter-borne magnetic surveys at Qiqavik generated data that should help which is planned to be integrated into the drill targeting process for the summer 2018 field season
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the company’s projects, both in Quebec and the Carolinas.

04-Jun-2018

Bonterra Resources Inc.

Gladiator Expands as Winter Drilling Comes to a Close

Impact: Mildly Positive

Bonterra Resources announced positive results from 10 recent drill holes as the company completes the winter campaign of its 70,000m 2018 drill program at the Gladiator Gold Deposit.

  • Intersection of gold mineralization extended 4 zones in multiple directions, including the North Zone which was extended 50m westward, highlighted by 34.3g/t Au over 2.8m
  • Infill drilling confirmed continuity of mineralization on at least four horizons over a strike length of 1,200m and to a depth of over 1,000m
  • Exploration drilling continues to be successful in expanding the mineralized footprint while infill drilling continues to confirm the continuity for the upcoming resource update (expected H2 2018) and is likely to continue on through spring-summer drilling
Given our expectation for meaningful resource growth at its flagship Gladiator deposit, assuming a 2M oz Au resource at Gladiator, Bonterra trades at a discount to peers (C$21/oz vs. peers at C$42/oz).

01-Jun-2018

Metanor Resources Inc.

Metanor Releases FQ3 Financials

Impact: Neutral

Metanor Resources has reported financial and operating results for the quarter ended March 31, 2018 (FQ3 2018).
  • Metanor achieved gold production of 6,654oz Au (Figure 1) leading to gold sales of 6,764 ounces from Bachelor Mine, a 4.6% increase compared to last quarter
  • The company ended the quarter with C$6.4M in cash and cash equivalents
  • Construction of a new camp has been completed at the Barry project in May in order to accommodate the additional workers required for the upcoming 50,000 tonne underground bulk sample
With the only permitted mill and an expectation for meaningful resource growth, Metanor’s C$57.1M market cap (EVC$50.7) suggests it is undervalued relative to other Urban-Barry camp peers, which are development stage.


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