RCKS Talk

17-Aug-2018

Monarques Gold Corp.

Operations Steady in FQ4; Projects Continue to Advance

Impact: Neutral

Monarques Gold has reported production results for its fourth quarter ending June 30, 2018 which were effectively in line with recent quarters.
  • Monarques produced 4,695oz Au this quarter, down 5% from the previous quarter. The modest decrease was the result of slightly lower tonnes processed (Figure 1)
  • Despite modestly lower production, revenue grew by 2% to C$10 million, as the company saw a 31% increase in custom milling operations at the Camflo mill that is expected to be maintained
  • The company continues to advance its growth projects and its planned feasibility study for Wasamac (expected in Q4) is expected to use the Rail-Veyor system (used by Agnico-Eagle at Goldex), which is likely to material reduce initial capital versus a traditional shaft based approach
Monarques continues to trade at a discount to peers (C$8/oz vs. peers at C$27/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.

17-Aug-2018

Honey Badger Exploration Inc.

Honey Badger Intersects Ag-Co Beneath Beaver Mine

Impact: Mildly Positive

Honey Badger Exploration has released partial results from drill hole BN-18-004 at the Thunder Bay Silver Cobalt Camp; additional assays are pending for multiple drill holes.
  • Highlights include: 292g/t Au over 4.43m, including 921g/t over 1.4m, and also returned 0.35% Co over 4.5m, including 0.5% Co over 3m
  • The drill hole was targeting the Beaver Mine structure below the known underground workings of the mine and results indicate that high-grade silver mineralization extends below the lower-most level of the mine
  • Honey Badger continues to modify its interpretation of the mineralization for both silver and cobalt; the company is planning for further exploration
With an experienced management team and an extensive land package in an under-explored and prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

17-Aug-2018

Novo Resources Corp.

Conglomerate Continuity Supports our View on Scale Potential

Impact: Mildly Positive

Novo Resources has provided an exploration update based recent surface mapping and trenching at the Comet Well and Purdy’s Reward properties in the Pilbara.

  • Recent exploration at Comet Well indicates that the upper gold-bearing conglomerate appears to be continuous with the basal gold bearing conglomerate at Purdy’s Reward, the Novo - Artemis Resources 50-50 joint venture, for a current explored strike of 3.4km
  • The apparent continuity of the gold-bearing conglomerates which are generally shallow and accessible for bulk sampling is an encouraging sign and 5-10 tonne bulk samples are currently being collected from newly opened areas
  • Novo and Artemis have re-commenced exploration activities at Purdy’s Reward, which includes infill diamond drilling to collect data on the depth and thickness of the gold-bearing conglomerate
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. 

15-Aug-2018

Anaconda Mining Inc.

Expecting a Strong H2 2018 from Anaconda

Impact: Positive

We are reiterating our positive view on Anaconda Mining as we enter H2 2018 and following the termination of the takeover bid for Maritime Resources (TSXV:MAE).

  • Going into H2 2018, Anaconda continues to exceed expectations
  • While actively drilling Goldboro, the clock starts ticking on permitting
  • Higher grades expected from recently developed Stog’er Tight pit
  • Anaconda continues to trade at a significant discount to peers.
Anaconda continues to trade at discount to peers (0.28x NAV, peers 0.61x); ongoing exploration at Goldboro and Argyle and improved cash flow in H2 2018 should close the gap to peers.

15-Aug-2018

Osisko Mining Inc.

Osisko Mining to Acquire Beaufield Resources

Impact: Positive

Osisko Mining has entered into a definitive agreement to acquire all the issued and outstanding shares of Beaufield Resources at a 54% premium.
  • This move advances Osisko’s resource portfolio, adding Beaufield's Urban-Windfall project which is located next to Osisko's Windfall project within Quebec’s Urban Barry Camp
  • The offer consists of an exchange ratio of 0.0482 of a common share of Osisko for each Beaufield share held, representing an implied offer price of $0.082 per Beaufield Share (C$17.5M) based on Osisko's closing price as of August 14, 2018 and a premium of approximately 54% based on the 20-day VWAP
We view this proposed acquisition as a positive development for Osisko, as it allows the company to expand exploration activities for the Windfall Lake project to the neighbouring Beaufield claims. Osisko Mining has already identified several gold zones located on strike and a few hundred meters away from Beaufield’s property, which are being targeted by 2018 drilling.

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