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Tuesday, July 11, 2017 Derek Macpherson

IDM Drill Results Show Potential to the North

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IDM Mining Ltd. (TSXV:IDM) released results for 14 holes completed from ongoing drilling at its Red Mountain project in B.C. Results focused on expansion, testing the extensions of current reserves in the JW and SF Zones (Figure 1). In the JW Zone, drilling intersected 10.65 g/t Au and 17.37 g/t Ag over 14.0m from step-out hole U17-1262. An important result which is the furthest up-dip in the section, noting the zone continues to remain open in this direction. To the north of the JW Zone, the SF Zone intersected comparable mineralization as seen in the Marc, AV and JW zones. We expect ongoing drilling news 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$39/oz vs. peers at C$50/oz). read more


Monday, July 10, 2017 Derek Macpherson

IDM Files Project Application & EIS for Red Mountain

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IDM Mining Ltd. (TSXV:IDM) has submitted the Project Application and Environmental Impact Statement (EIS) for its Red Mountain project, based on results from its recently completed feasibility study. The 30-day screening process begins which includes review from certain regulatory bodies. The company notes, it remains on track with respect to permitting and regulatory review for the project, aiming for production in 2019. In addition to recent development activities, we expect ongoing drilling news to be an important catalyst 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$39/oz vs. peers at C$50/oz). read more


Wednesday, July 05, 2017 Derek Macpherson

IDM Expands Drilling at Red Mountain; Growth Continues

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IDM Mining Ltd. (TSXV:IDM) released results for 17 of the 50 holes completed to date from ongoing drilling at its Red Mountain project in B.C. Results from the AV Zone intersected 6.0 g/t Au and 16.78 g/t Ag over 7.0m from step-out hole U17-1232. In the JW Zone, step-out hole U17-1245 intersected 12.33g/t Au and 70.90 g/t Ag over 8.6m outside current reserves. In addition, results from the SF Zone intersected mineralization 150m along strike from current reserves (Hole U17-1252), resources currently do not exist in this area. As well, the company has increased the size of its 2017 drill program, adding an additional 10,000m of underground and surface drilling. Current results continue to suggest resources are likely to grow at Red Mountain. We expect ongoing drilling news to be a catalyst 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 consensus P/NAV basis (0.49x vs. peers at 0.60x) and on a per ounce basis (C$44/oz vs. peers at C$58/oz). read more


Tuesday, June 27, 2017 Derek Macpherson

IDM Completes Feasibility Study for Red Mountain

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IDM Mining Ltd. (TSXV:IDM) reported results from the feasibility study completed for its Red Mountain project in B.C. The feasibility study saw improvements over the 2016 PEA highlighting a slightly longer mine life along with improved grades and recoveries for both gold and silver. Costs increased; however, NPV improved to C$104 million after-tax with an IRR of 32% (Figure 1). Considering the increased engineering needed to complete a feasibility study (vs. a PEA), we view the study as neutral for IDM, since despite higher costs it is an important milestone (both permitting and engineering) as IDM advances Red Mountain towards production. Exploration continues to expand resources, as the company remains focused on extending the project’s mine life while advancing it towards production. IDM trades at a discount to peers on a consensus P/NAV basis (0.47x vs. peers at 0.61x) and on a per ounce basis (C$44/oz vs. peers at C$62/oz). read more


Thursday, June 08, 2017 Derek Macpherson

IDM Drill Results Suggest Mine-Life Extension Likely

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IDM Mining Ltd. (TSXV:IDM) reported initial results from exploration drilling to the north of the main zones at its Red Mountain project in B.C. From the SF zone Hole U17-1247 intersected 7.31 g/t Au and 5.22 g/t Ag over 5.38m including 19.30 g/t Au and 10.20 g/t Ag over 1.0m. Hole U17-1248 intersected 1.74 g/t Au and 16.80 g/t Ag over 37m including 4.93 g/t Au and 23.54 g/t Ag over 7.5m. Importantly, these results highlight the possibility for mine-life extension beyond what is proposed in the 2016 PEA or the pending feasibility study. Drilling is ongoing, including step-out holes from these results and historic holes from the SF Zone area. We expect additional results from the 2017 drill program and completion of a feasibility study (Q2 2017), coupled with the project’s ongoing de-risking (engineering and permitting), to be positive for the stock. IDM continues to trade at a discount to peers on a consensus P/NAV basis (0.50x vs. peers at 0.64x) and on a per ounce basis (C$48/oz vs. peers at C$61/oz). read more


Sunday, May 28, 2017 Derek Macpherson

IDM Completes Earn-in; Significant Catalysts Coming

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IDM Mining Ltd. (TSXV:IDM) has completed the acquisition to obtain 100% interest in the Red Mountain gold project from Seabridge Gold Inc. We note that IDM still has a C$1.5 million cash payment on commercial production and Seabridge has the right to purchase 10% of annual production at US$1,000/oz for the first 500k oz of production (stream can be bought for a one-time payment of C$4 million). The earn-in completion was expected; however, there remains a number of important catalysts on the horizon for IDM. We expect additional results from the 2017 drill program and completion of a feasibility study (Q2 2017), coupled with the project’s ongoing de-risking (engineering and permitting), to be positive for the stock. IDM continues to trade at a discount to peers on a consensus P/NAV basis (0.48x vs. peers at 0.65x) and on a per ounce basis (C$45/oz vs. peers at C$64/oz). read more


Tuesday, May 23, 2017 Derek Macpherson

IDM's Initial 2017 Drilling Highlights Growth Potential

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IDM Mining Ltd. (TSXV:IDM) announced favorable results from the first 6 of 23 holes completed to date at its Red Mountain gold project near Stewart, BC (Figure 1). The ongoing 2017 program is targeting exploration and resource expansion up to 300m north of the current resources. Results were highlighted by step-out hole U17-1229 from the AV zone, which included 12.95 g/t Au and 48.83 g/t Ag over 6.23m (capped - true width) and infill Hole U17-1233 from the JW zone which intersected 6.15 g/t Au and 37.69 g/t Ag over 25m (capped - true width). We view initial results positively, as all holes successfully intersected mineralization and demonstrate the potential for resource growth at Red Mountain. IDM continues to trade at a discount to peers on a P/NAV basis (0.48x vs. peers at 0.67x) and on a per ounce basis (C$45/oz vs. peers at C$67/oz). We expect additional results from the 2017 drill program and the advancing feasibility study, coupled with the project’s ongoing de-risking (engineering and permitting), to help close the valuation gap to peers. read more


Thursday, April 13, 2017 Derek Macpherson

IDM's Red Mountain FS on Track; Improves Recoveries

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IDM Mining Ltd. (TSXV:IDM) provided an update on the status of the Feasibility Study expected to be released in the next two months, for its Red Mountain project northeast of Stewart, BC. The FS is well underway to be completed on schedule, as the company finalizes designs and plans for the underground mine, tailings management facility and underground geotechnical and hydrogeology work. Thus far, metallurgical work has resulted in mildly improved recoveries on average of 89.4% and 86.1% Ag (previously 88.9% Au and 80.3% Ag), which should benefit project economics. IDM continues to trade at a discount to peers on a P/NAV basis (0.55x vs. peers at 0.63x) and on a per ounce basis (C$49/oz vs. peers at C$60/oz). We expect pending results from the 2017 drill program and the advancing feasibility study, coupled with the project’s ongoing de-risking (engineering and permitting), to help close the valuation gap to peers.  read more


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