1. THE WEEKLY DIG The Weekly Dig January 10,...

Mick Carew, PhD, 604-697-6006, [email protected]

Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]

For Important Disclosures and Analyst Certification See Pages 38-47

1

The Weekly Dig

1.

20%

8%

7%

6%

5%

3%

1%

0%

(1)%

(1)%

(3)%

Ascendant Resources Inc.

Wolfden Resources Corporation

First Cobalt Corp.

Foran Mining Corporation

Sherritt International Corporation

Capstone Mining Corp.

Osisko Metals Incorporated

Xanadu Mines Limited

Taseko Mines Limited

Western Copper and Gold Corporation

Nevada Copper Corp.

Weekly Performance - Base Metals Producers & Developers

4%

3%

(1)%

(1)%

(1)%

(1)%

(2)%

(2)%

(3)%

(3)%

Guyana Goldfields Inc.

New Gold Inc.

Torex Gold Resources Inc.

Centamin plc

OceanaGold Corporation

Detour Gold Corporation

Kirkland Lake Gold Ltd.

Agnico Eagle Mines Limited

B2Gold Corp.

Newmont Corporation

Weekly Performance - Senior and Intermediate Gold Producers

77%

50%

24%

20%

20%

13%

11%

10%

10%

9%

Granada Gold Mine…

Lupaka Gold Corp.

Skeena Resources…

RTG Mining Inc.

Jaxon Mining Inc.

Metals Exploration plc

GobiMin Inc.

Amarillo Gold…

Harte Gold Corp.

Superior Gold Inc.

Weekly Performance - Junior, Developer, and Exploration Gold

1

Source: Bloomberg and Haywood Securities

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$-

$5.00

$10.00

$15.00

$20.00

$25.00

9-Jan-19 9-May-19 9-Sep-19 9-Jan-20

Go

ld U

S$/o

z

Silv

er U

S$/o

z

Silver -0.7% WoW $17.92/oz Gold 1.6% WoW $1,552/oz

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

9-Jan-19 9-May-19 9-Sep-19 9-Jan-20

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Co

pp

er &

Zin

c U

S$/l

b

Nic

kel U

S$/l

b

Zinc 2.7% WoW $1.08/lb

Copper -0.2% WoW $2.79/lb

Nickel -1.3% WoW $6.35/lb

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

9-Jan-19 9-May-19 9-Sep-19 9-Jan-20

0

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S&P

/TSX

Glo

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S&P

/TSX

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ersi

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Met

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inin

g

S&P/TSX Global Gold Index -3.9% WoW

S&P/TSX Diversified Metals & Mining Index -10.1% WoW

Investors Wary of Gold’s Resilience Following Price Surge

Precious Metals A lot has happened over the last few weeks since our last edition of the Weekly Dig in mid-December. The price of gold broke through the US$1,500 level just prior to Christmas and surged further in the New Year following the U.S. assassination of an Iranian general, briefly piercing the US$1,600 level before retracting as tensions between the two countries eased. Also providing support for gold is the negative trend of the U.S. dollar, with the U.S. Dollar Index (DXY) down 2% since late September as concerns over growth prospects of the U.S. economy begin to weigh on the Dollar. The surge in gold price is another reminder of its status as a safe-haven asset, which had been questioned recently given its apparent indifference to other geopolitical issues that many otherwise thought would also be positive for gold. The performance of gold equities has been mixed since the gold price surge; key gold equity indices including the S&P Global Gold Index and the VanEck Vectors Junior Gold Miners ETF followed gold’s lead, almost reaching similar levels to August last year where the VanEck briefly passed the 40 point level while the S&P Global Gold Index hit 263 points before paring those gains during the week. Osisko Gold Royalties (OR-T, BUY rating, $19.50 target), OceanaGold Corp. (OGC-T, HOLD rating, $3.50 target) and Barrick Gold (ABX-T, BUY rating, $28.00 target) were the better performing gold producers over the last month, up 7.2%, 7.8% and 3.1% respectively. Junior mining/exploration equities were mixed, with advanced-staged explorers performing better than their early-stage/grassroots cousins. Over the last month, several names from our coverage universe registered significant returns including Superior Gold (SGI-V, BUY rating, $1.00 target; up 44%), Falco Resources (FPC-V, HOLD rating, $0.40 target; up 37.5%) and Harte Gold (HRT-T, HOLD rating, $0.25 target; up 36%). While gold enjoyed a 6.2% rise over the last month, each of the other precious metals followed this upward trend, with silver (up 7.8%), platinum (up 8.0%) and palladium (up 12.1%) all performing strongly.

Base Metals It was a turbulent week for base metals as a result of the U.S-Iran debacle. Zinc was up 2.7% week over week to $1.08/lb while copper and nickel settled at $2.79/lb and $6.35/lb, down 0.2% and 1.3% respectively. However, outlook for base metals marginally improved this week as China announced that Vice Premier Liu He will travel to Washington DC to sign the much anticipated Phase 1 deal, solidifying claims made by Donald Trump earlier. Trump has also claimed that he will travel to Beijing to start negotiations on Phase 2 once Phase 1 is official. The exact terms of the deal have not been disclosed yet but in general terms, Trump has agreed to suspend any new tariffs on Chinese imports and reduce some existing levies. China, on the other hand, has agreed to make more agricultural purchases. The agreement will be publicly available once both parties sign. Other positive developments for base metals include China cutting the reserve requirement for Chinese banks, which could potentially free up cash to stimulate the economy via loans. China is hoping to set up the economy for a stronger 2020 using multiple approaches. This week, the S&P Composite Diversified Metals & Mining Index is down 10% while the LMEX Index is up 0.22%. Base metal equities in our coverage universe are mostly down with Hudbay Minerals Inc. (HBM:TSX, BUY, C$7.00 target) down by as much as 9.1%. The least negatively impacted equity in our coverage universe was Capstone Mining Corp (CS: TSX, BUY, $0.80 target), up 2.6%.

Weekly Performance

January 10, 2020

THE WEEKLY DIG



The Weekly Dig

2

January 10, 2020

Contents

Haywood Research: The Week in Review ................................................................................................................ 3

Weekly Commodities ............................................................................................................................................... 6

Commodities Prices and Inventories ....................................................................................................................... 7

Commodities and ETFs .......................................................................................................................................... 10

Upcoming Macroeconomic News .......................................................................................................................... 12

Weekly Indices ........................................................................................................................................................ 13

Weekly Equities ....................................................................................................................................................... 14

Precious Metals Companies .................................................................................................................................. 15

Base Metals Companies ......................................................................................................................................... 17

Major International Miners ................................................................................................................................... 18

Tables

Comparables Tables: Consensus and Haywood Forecasts/Multiples, Plus Market Valuations for In Situ Resources

................................................................................................................................................................................. 19

Precious Metals Companies ................................................................................................................................... 19

Base Metals Companies .......................................................................................................................................... 29

Other Companies (Uranium, Diamond, Cobalt, Coal, Iron) ................................................................................... 33

Junior Exploration Companies Review: Performance of Companies Included in Junior X .................................... 36

Haywood Metals and Currencies Forecasts .......................................................................................................... 37



The Weekly Dig

3 January 10, 2020

Haywood Research: The Week in Review – Covered Companies Publications from the Haywood Research team for the week included the following market analysis:

Weekly Technical Analysis: Key takeaways and charts of the week

Publications from the Haywood Research team for the week included the following for covered companies:

Filo Mining Corp. (FIL-V, $1.96): Drilling results

K92 Mining Inc. (KNT-V, $3.32): Q4 production results

Nighthawk Gold Corp. (NHK-T, $0.53): Drilling results

Liberty Gold Corp. (LGD-T, $1.04): Drilling results

Roxgold Inc. (ROXG-T, $1.02): Model update, including Séguéla production scenario

RNC Minerals (RNX-T, $0.48): 4Q19 production results

Publications from the Haywood Research team for the week included the following for uncovered companies:

Osino Resources Corp. (OSI-V, $0.80): Drilling results

Velocity Minerals Ltd. (VLC-V, $0.42): Drilling results

TECHNICAL ANALYSIS

Weekly Technical Analysis

Equities: Global equities broke out relative to fixed income in Q4/19 after a two-year corrective phase. Both equities and bonds remain in long-term uptrends relative to commodities, but we are seeing early signs of momentum shifts that are signaling a potential rotation into commodities from other asset classes. Gold has been trending higher relative to bonds and has formed bottoming patterns relative to equities and real estate. Small-caps and value both remain out of favor compared to large-caps and growth stocks, while high-beta stocks are starting to outperform low-volatility.

Technical Analysis – January 6, 2020

COVERED NAMES

Filo Mining Corp. (FIL-V, $1.96) | Rating » Buy | Target » $4.60

Our Take: Drill intervals from FSDH032 and FSDH033 (holes ongoing) show that both holes encountered higher grade copper-gold mineralization to their respective end-of-hole (550 metres and 245 metres) at the time of the operations’ hiatus heading into the Season’s break with drilling teams now being mobilized back to site.

Upper Drilling Segments Encounter High-Grade Cu-Au Mineralization as Drilling Continues at Filo in the Search for a Source Porphyry at Depth – January 7, 2020

K92 Mining Inc. (KNT-V, $3.32) | Rating » Buy | Target » $4.75

Our Take: K92 Mining announced its fourth quarter production results from its Kainantu Gold mine in Papua New Guinea, where it recorded production of 23,646 gold equivalent ounces from its Kora North deposit and exceeded budgeted production by 30%. The Company had an upwardly revised guidance of 72-80k oz AuEq (up from 68-75k oz AuEq) in 2019 where following the release of the fourth quarter production it has reached 82,256 AuEq ounces for the year. Ore was extracted primarily from the higher-grade K1 vein – with average grade to the processing plant in Q4 of 25.22 g/t. These grades were higher than expected owing to lower dilution and more material being mined from the K1 vein than expected. The average grade mined at Kainantu for 2019 was 20.8 g/t and 0.37% copper, and average recoveries were 93.7% and 92.8% for gold and copper respectively. We note that these figures were achieved despite continued production delays associated with their expansion project to 400,000 tpa, including the commissioning of a new underground power reticulation system and new main ventilation fans. The commissioning of the new processing plant is expected to be completed this quarter, with a gravity circuit and gold room currently in the commissioning phase. The subsequent ramp-up to 400,000 tpa is expected towards the end of the year.

K92 Continues to Exceed Guidance Expectations – January 7, 2020

https://clients.haywood.com/uploadfiles/secured_reports/TAJan62020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/FILJan72020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/FILJan72020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/KNTJan72020.pdf



The Weekly Dig

4 January 10, 2020

Nighthawk Gold Corp. (NHK-T, $0.53) | Rating » Buy | Target » $0.90

Our Take: Nighthawk released results from seven drill holes (2,676 metres) targeting its Zone 3.5 and southern portion of its Zone 3.0 at its Colomac Gold Project. The Company’s Zone 3.5 is in the southern portion of the Colomac Main Sill. The recent results suggest that this higher-grade zone appears to be widening at depth (from <20 metres at surface to ~80 metres at 100 metres below surface. Drilling to this depth is preliminary only and more drilling is required to determine whether there are higher grade portions to Zone 3.5 at depth, similar to what we have seen at Zones 1.5 and 2.0 to the north. A key objective for the Company in 2020 will be to define further higher-grade portions within Zone 3.5, as well as drill testing the 3.5 kilometers between Zone 3.5 and Zone 2.0 where the most significant gold grades have been intersected at Colomac to date. The Company recently concluded its 2019 drill program at Indin Lake, completing 110 holes for 40,834 metres, significantly higher than the previous year's record of 32,500 metres, making it Nighthawk’s most productive and efficient drill season to-date.

Deeper Drilling Shows Promise at Zone 3.5 – January 7, 2020

Liberty Gold Corp. (LGD-T, $1.04) | Rating » Buy | Target » $1.60

Our Take: Liberty released assay results from an additional 17 drill holes at its Black Pine property located in southern Idaho. The key takeaway from the recent results is that high-grade gold mineralization continues to expand laterally beyond the area of historical drilling; specifically, drilling has demonstrated that the two key structural corridors – Discovery 1 and Discovery 2 – are open in all directions. Holes 88, 85, 89, 91, and 95 have extended mineralization to the west of previous drilling at Discovery 2 and appears to show it merging with the Discovery 1 Zone. Meanwhile, drill holes 81, 84, and 103 appear to have expanded mineralization to the south of the Discovery 2 structural corridor by ~200m in an area that is sparsely drilled. Drilling is completed for 2019, with a total of 20,900 metres drilled in 87 RC and 6 core holes. To date approximately 60% of the 1 km2 project area has been drill tested. Gold mineralization is interpreted to occur well beyond this 1 km2 focus area, up to a total area of 12 km2 although drilling is required to confirm this estimate. In response to the successful drilling at Black Pine in 2019, Liberty has expanded its 2020 drill program to 45,000 metres (RC and Core) using three drill rigs. Additionally, large diameter core drilling was recently completed at Black Pine, results of which will be used for metallurgical test work, validation of RC drilling results and specific gravity measurements. The Company is cashed up with ~$22.3 million aided by agreements to sell several non-core projects including Halilaga in Turkey, Kinsley Mountain in Nevada and the Regent Gold Project also in Nevada.

Liberty Further Expands Discovery 2 Zone – January 7, 2020

Roxgold Inc. (ROXG-T, $1.02) | Rating » Buy | Target » $1.90

Our Take: Roxgold’s decision to buy Séguéla from Newcrest in early 2019 would appear to have been wise given the organic growth beginning to materialize through the drill bit at the satellite occurrences to the central Antenna gold deposit. With a core Indicated Resource at Antenna of 6.5 Mt grading 2.4 g/t gold containing 0.5 Moz gold we believe that exploration drilling on Antenna, as well as the proximal satellite targets (e.g., Boulder, Ancien and Agouti) has delineated sufficient potential for resource growth to warrant a production decision by the company over the near term.

Séguéla: Critical Mass Tipping Point? – January 8, 2020

RNC Minerals (RNX-T, $0.48) | Rating » Buy | Target » $0.70

Our Take: RNX had a strong 4Q19 with production of 26.9koz. Based on the quarter, we believe the Company is in good position to achieve gold production of 90-100koz in 2020. The Company reported a record consolidated gold production for December of 9,620 ounces from the Beta Hunt and Higginsville mines in Western Australia. We expect an improvement over 3Q19 C1 cash costs of $938/oz and AISC of $1,183/oz, thanks in part to the contribution from high grade gold production and ongoing efficiencies in milling costs. RNX experienced minor disruptions in ore haulage from Beta Hunt due to road closures in the region, however the Company continued to process ROM stockpiles and Baloo material throughout this period, which we estimate lasted less than two weeks.

Strong Finish to 2019 –January 9, 2020

UNCOVERED NAMES

Osino Resources Corp. (OSI-V, $0.80) | Not Rated

Our Take: Osino released drill assay results from 16 RC holes targeting its Twin Hills Central discovery at its Karibib Gold Project in Namibia. The recent assays are part of the Company’s Phase 2 program at the project where to date a total of 16 RC holes and 8 diamond drill holes have been received following the receipt of Phase 1’s 7 diamond drill holes. The Company’s Phase 1 drilling intersected wide intervals of near-surface gold mineralization including 189 metres grading 0.69 g/t gold (including 33 metres grading 1.03 g/t gold) and the 7 holes intersected gold mineralization over an ~800 metre strike length. Results increase the strike length of gold mineralization by 50% to ~1,200 metres as they extend mineralization to both the east and west as well as at depth. This includes the most significant intersection of gold mineralization drilled to date at Twin Hill (on a g/t × metre basis): Hole OKD024 which

https://clients.haywood.com/uploadfiles/secured_reports/NHKJan72020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/LGDJan72020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/ROXGJan82020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/RNXJan92020.pdf



The Weekly Dig

5 January 10, 2020

intersected 92 metres grading 1.40 g/t gold (from a downhole depth of 20 metres). The aim of the Company’s phase two program has been to define higher grade shoots, test strike extensions at Twin Hills Central and complete initial drill traverses at Twin Hills West, Barking Dog and Clouds.

Drilling Extends Strike Length at Twin Hills by 50% – January 9, 2020

Velocity Minerals Ltd. (VLC-V, $0.42) | Not Rated

Our Take: Velocity announced its initial drilling results from its Sedefche Gold Project in Bulgaria. Sedefche is a small mine-ready gold deposit with a valid mining concession located approximately 35 kilometers from Velocity’s Bulgarian partner Gorubso’s CIL plant. The project is of interest as it provides a short-term option to feed Garubso’s under-utilized CIL plant. It hosts a non-NI 43-101 complaint resource of ~100,000 ounces of gold at an average grade of between 1.34 and 1.71 g/t gold (depending on which historic resource estimate is used). The recently released assays have broadly confirmed historical drilling results and identified higher-grade zones associated with areas of silica-gold replacement mineralization. Importantly, the Sedefche project is permitted for development and the recent results support the potential to fast-track development of the deposit along the lines of the existing permitted Mine Design Plan. Velocity aims to deliver a NI 43-101 compliant resource and PEA sometime in 2020. Any production at Sedefche will be operated by Gorubso and managed by Velocity. We note that some excavation work has already been completed at Sedefche by Gorubso.

Historic Gold Assays Confirmed at Sedefche – January 9, 2020

https://clients.haywood.com/uploadfiles/secured_reports/OSIJan92020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/VLCJan92020.pdf



The Weekly Dig

6 January 10, 2020

Weekly Commodities

Source: Haywood Securities and Bloomberg

.

Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/L

Gold Spot $ 1,552 $ 22.66 1.5% 6.2% 3.1% 11.0% 20.0% $ 1,611 $ 1,574

US$/oz $ 1,266 $ 1,529

Silver Spot $ 17.91 $ (0.11) (0.6%) 7.8% 1.0% 18.5% 13.7% $ 19.65 $ 18.41

US$/oz $ 14.29 $ 17.91

Platinum Spot $ 967 $ (13.20) (1.4%) 8.0% 8.4% 19.1% 17.1% $ 998 $ 982

US$/oz $ 780 $ 954

Palladium Spot $ 2,110 $ 148.67 7.0% 12.1% 25.4% 36.2% 58.8% $ 2,149 $ 2,110

US$/oz $ 1,268 $ 1,961


Copper Future $ 2.79 $ (0.00) (0.2%) 1.7% 8.9% 5.9% 3.6% $ 2.98 $ 2.80

US$/lb $ 2.51 $ 2.77

Nickel Spot $ 6.35 $ (0.08) (1.3%) 5.5% (19.9)% 10.8% 25.3% $ 8.45 $ 6.44

US$/lb $ 5.08 $ 6.21

Lead Spot $ 0.87 $ 0.00 0.3% 2.0% (10.0)% (0.3)% (2.4)% $ 1.03 $ 0.87

US$/lb $ 0.80 $ 0.86

Zinc Spot $ 1.08 $ 0.03 2.7% 6.5% 2.5% 1.3% (5.1)% $ 1.37 $ 1.10

US$/lb $ 1.00 $ 1.05

Aluminum Spot $ 0.81 $ - - 0.9% 2.2% (1.8)% (3.1)% $ 0.87 $ 0.82

US$/lb $ 0.77 $ 0.80

Iron Ore Spot $ 93.00 $ 0.45 0.5% 1.0% 0.3% (22.7)% 25.6% $ 140.00 $ 78.80

US$/t $ 77.70 $ 77.70


Newcastle Coal $ 72.85 $ 1.60 2.2% 6.8% 2.3% (5.3)% (24.9)% $ 99.75 $ 72.85

US$/t $ 64.50 $ 71.20

Uranium Spot $ 24.50 $ (0.35) (1.4%) (5.8)% (3.0)% (2.6)% (18.7)% $ 26.40 $ 24.85

US$/lb $ 26.40 $ 24.50

WTI $ 59.63 $ (1.55) (2.6%) 1.2% 14.0% 4.0% 8.0% $ 65.65 $ 63.27

US$/bbl $ 50.24 $ 59.61

Brent $ 65.43 $ (0.82) (1.3%) 3.4% 14.8% 4.0% 5.2% $ 71.75 $ 68.91

US$/bbl $ 54.88 $ 65.43

Henry Hub $ 2.17 $ 0.05 2.1% (3.0)% (14.6)% (22.2)% (29.3)% $ 3.17 $ 2.17

US$/MMBtu $ 2.08 $ 2.12.

PRECIOUS METALS

BASE METALS

ENERGY



The Weekly Dig

7 January 10, 2020

Commodities Prices and Inventories

Precious Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Gold US$ 1,552 /oz 1.5% -0.2% -0.2%

Silver US$ 17.91 /oz -0.6% 0.3% 13.7%

Platinum US$ 967 /oz -1.3% 0.0% 17.1%

Spot Price

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Precious Metals Weekly Change (12 weeks)

Gold Spot Silver Spot Platinum Spot



The Weekly Dig

8 January 10, 2020

Base Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Copper US$ 2.79 /lb -0.2% 0.1% 3.6%

Zinc US$ 1.08 /lb 2.7% 4.7% -5.1%

Nickel US$ 6.35 /lb -1.3% 0.4% 25.3%

Commodities LME Inventory Weekly Δ Total (t) YTD Δ 1 Year ΔDays of

Consumption

Copper 135,800 -6.1% 309,432 2% -10% 4.8

Zinc 51,375 0.3% 82,181 4% -47% 2.3

Nickel 167,910 9.5% 205,214 9% -7% 33.4

LME Inventory Total Inventory Excluding Bonded Warehouse Inventory

Spot Price

(10.0%)

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot



The Weekly Dig

9 January 10, 2020


1

Note: Total Inventories exclude the bonded warehouse inventories

31-Jan-1728-Feb-1731-Mar-1730-Apr-1731-May-1730-Jun-1731-Jul-1731-Aug-1730-Sep-1731-Oct-1730-Nov-1731-Dec-1731-Jan-1828-Feb-1831-Mar-1830-Apr-1831-May-1830-Jun-1831-Jul-1831-Aug-1830-Sep-1831-Oct-1830-Nov-1831-Dec-1831-Jan-1928-Feb-1931-Mar-1930-Apr-1931-May-1930-Jun-1931-Jul-1931-Aug-1930-Sep-1931-Oct-1930-Nov-1931-Dec-19

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$ -

$ 0.50

$ 1.00

$ 1.50

$ 2.00

$ 2.50

$ 3.00

$ 3.50

Ton

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nto

ries

Co

pp

er (U

S $

/lb

)

Copper Price & Inventories

CU Del Stocks LME COPPER TOTAL Comex Copper Stocks LME Copper Price


-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

$ 1.60

$ 1.80

Ton

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ries

Zin

c (U

S $

/lb

)

Zinc Price & Inventories

LME ZINC TOTAL SHFE Zinc Weekly Inventory Zi LME Zinc Price


-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

$ -

$ 1.00

$ 2.00

$ 3.00

$ 4.00

$ 5.00

$ 6.00

$ 7.00

$ 8.00

$ 9.00

Ton

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of I

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Nic

kel

(US

$/l

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Nickel Price & Inventories

LME NICKEL TOTAL Del Stk Total LME Nickel Price


-

50,000

100,000

150,000

200,000

250,000

300,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

Ton

nes

of I

nve

nto

ries

Lead

(U

S $

/lb

)

Lead Price & Inventories

LME LEAD TOTAL Lead Del Stocks/Total LME Lead Price



The Weekly Dig

10 January 10, 2020

Commodities and ETFs: A Week in Action

Gold – 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Gain (+1.5%) for the week

ETF Holdings: 81,554,149 ounces, up 95,987 ounces for the week

Silver – 1-Year US$/oz (left) and Total ETF Holdings (right)

Spot: Loss (-0.7%) for the week

ETF Holdings: 604,355,796 ounces, down 1,873,374 ounces for the week

Platinum – 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 3,300,741 ounces, down 17,801 ounces for the week

Palladium – 1-Year US$/oz (left) and Total ETF Holdings (right)


ETF Holdings: 618,907 ounces, up 1,859 ounces for the week

Copper – 1-Year US$/lb (left) and LME Inventory (right)

Futures: Loss (-0.2%) for the week

LME Copper: 135,800 tonnes, down 8,875 tonnes for the week

$1,050

$1,150

$1,250

$1,350

$1,450

$1,550

Jan-19 Jan-20Gold ($/oz)

Price

100D MA61

66

71

76

81

86

Jan-19 Jan-20Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

Jan-19 Jan-20Silver ($/oz)

Price

100D MA

500520540560580600620640

Jan-19 Jan-20Silver ETF Holdings (Moz)

$700

$900

$1,100

Jan-19 Jan-20Platinum ($/oz)

Price

100D MA

2.2

2.7

3.2

3.7

Jan-19 Jan-20Platinum ETF Holdings (Moz)

$460

$1,460

$2,460

Jan-19 Jan-20Palladium ($/oz)

Price

100D MA

0.5

0.7

0.9

Jan-19 Jan-20Palladium ETF Holdings (Moz)

$2.00

$3.00

$4.00

Jan-19 Jan-20Copper ($/lb)

Price

100D MA

100,000

200,000

300,000

400,000

Jan-19 Jan-20LME Copper Inventories (t)



The Weekly Dig

11 January 10, 2020

Nickel – 1-Year US$/lb (left) and LME Inventory (right)


LME Nickel: 167,910 tonnes, up 14,592 tonnes for the week

Lead – 1-Year US$/lb (left) and LME Inventory (right)


LME Lead: 66,525 tonnes, up 325 tonnes for the week

Zinc – 1-Year US$/lb (left) and LME Inventory (right)


LME Zinc: 51,375 tonnes, up 175 tonnes for the week

Iron – 1-Year US$/t 62% Fe (left) and 1-Year US$/t Newcastle (right)

Newcastle Thermal Futures: Gain (+1.5%) for the week

62% Fe Iron Ore: Loss (-0.4%) for the week

Uranium – 1-Year US$/lb Short Term (left) and Long-term (right)

Uranium Long: Loss (-1.0%) for the week

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$5.20

$6.70

$8.20

Jan-19 Jan-20Nickel ($/lb)

Price

100D MA

50,000

100,000

150,000

200,000

250,000

300,000

Jan-19 Jan-20LME Nickel Inventories (t)

$0.75

$0.95

$1.15

Jan-19 Jan-20Lead ($/lb)

Price

100D MA

50,000

70,000

90,000

110,000

130,000

150,000

170,000

Jan-19 Jan-20LME Lead Inventories (t)

$0.90

$1.40

Jan-19 Jan-20Zinc ($/lb)

Price

100D MA

40,000

90,000

140,000

190,000

240,000

290,000

Jan-19 Jan-20LME Zinc Inventories (t)

$50

$90

$130

Jan-19 Jan-2062% Iron Ore ($/t)

Price

100D MA

$60

$110

Jan-19 Jan-20Newcastle Therma Coal (USD/t)

Price

100D MA

$18

$23

$28

Jan-19 Uranium Spot ($/lb)

Price

100D MA

$20

$25

$30

$35

Jan-19 Uranium Long-Term ($/lb)

Price

100D MA



The Weekly Dig

12 January 10, 2020

Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States01/10/2020 Change in Nonfarm Payrolls Dec 160k 266k 9901/10/2020 Change in Manufact. Payrolls Dec 5k 54k 6901/10/2020 Unemployment Rate Dec 3.50% 3.50% 8901/10/2020 Wholesale Inventories MoM Nov F 0.00% 0.00% 8101/13/2020 Monthly Budget Statement Dec $10.0b -$208.8b 7601/14/2020 NFIB Small Business Optimism Dec 104.8 104.7 6201/14/2020 CPI MoM Dec 0.20% 0.30% 9601/14/2020 CPI Ex Food and Energy MoM Dec 0.20% 0.20% 7701/14/2020 CPI YoY Dec 2.30% 2.10% 7001/15/2020 MBA Mortgage Applications 10-Jan -- 13.50% 9201/15/2020 PPI Final Demand MoM Dec 0.20% 0.00% 8701/15/2020 PPI Ex Food and Energy MoM Dec 0.20% -0.20% 6601/15/2020 PPI Final Demand YoY Dec 1.20% 1.10% 6901/15/2020 PPI Ex Food and Energy YoY Dec 1.30% 1.30% 6501/15/2020 Empire Manufacturing Jan 4 3.5 8301/16/2020 Import Price Index MoM Dec 0.40% 0.20% 7801/16/2020 Retail Sales Advance MoM Dec 0.30% 0.20% 9201/16/2020 Retail Sales Ex Auto and Gas Dec 0.30% 0.00% 6101/16/2020 Retail Sales Ex Auto MoM Dec 0.60% 0.10% 6401/16/2020 Philadelphia Fed Business Outlook Jan 3.4 0.3 8001/16/2020 Initial Jobless Claims 11-Jan -- 214k 9801/16/2020 Continuing Claims 04-Jan -- 1803k 6901/16/2020 Bloomberg Consumer Comfort 12-Jan -- 65.1 6701/16/2020 Net Long-term TIC Flows Nov -- $32.5b 7301/16/2020 Total Net TIC Flows Nov -- -$48.3b 6501/17/2020 Building Permits Dec 1470k 1482k 6301/17/2020 Housing Starts Dec 1376k 1365k 9001/17/2020 Capacity Utilization Dec 77.30% 77.30% 6201/17/2020 Industrial Production MoM Dec 0.20% 1.10% 8901/17/2020 U. of Mich. Sentiment Jan P 99.3 99.3 94


Canada01/10/2020 Net Change in Employment Dec 25.0k -71.2k 8601/10/2020 Unemployment Rate Dec 5.80% 5.90% 91


China01/09/2020 New Yuan Loans CNY Dec 1200.0b 1390.0b 7101/09/2020 Money Supply M2 YoY Dec 8.30% 8.20% 8301/13/2020 Exports YoY Dec 1.90% -1.30% 7601/13/2020 Imports YoY Dec 9.50% 0.30% 7301/13/2020 Trade Balance Dec $45.25b $38.73b 8001/16/2020 Retail Sales YoY Dec 7.80% 8.00% 7801/16/2020 Industrial Production YTD YoY Dec 5.60% 5.60% 6101/16/2020 Industrial Production YoY Dec 5.90% 6.20% 8501/16/2020 GDP YoY 4Q 6.00% 6.00% 95



The Weekly Dig

13 January 10, 2020

Weekly Indices


.

.

244

246

248

250

252

254

256

258

260

262

264

16,900

16,950

17,000

17,050

17,100

17,150

17,200

17,250

17,300

Go

ld I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.8% WoW

S&P/TSX Global Gold Index -3.9% WoW

105

106

106

107

107

108

108

109

109

110

16,900

16,950

17,000

17,050

17,100

17,150

17,200

17,250

17,300

Ba

se M

eta

ls I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.8% WoW

S&P/TSX Global Base Metals Index -3.9% WoW

565

570

575

580

585

590

595

1,630

1,635

1,640

1,645

1,650

1,655

1,660

1,665

1,670

1,675

S&P

/TSX

Ven

ture

Co

mp

In

dex

Ru

ssel

l 20

00

Ind

ex

Russell 2000 Index -0.1% WoW

S&P/TSX Venture Comp Index -1.7% WoW

3,200

3,210

3,220

3,230

3,240

3,250

3,260

3,270

3,280

S&P

50

0 In

dex

S&P 500 Index 0.5% WoW

215

220

225

230

235

240

245

NYS

E A

RC

A E

xch

an

ge G

old

BU

GS

Ind

ex

NYSE ARCA Exchange Gold BUGS Index -5.7% WoW

770

780

790

800

810

820

830

840

NYS

E A

rca

Go

ld M

iner

s In

dex

NYSE Arca Gold Miners Index -3.9% WoW



The Weekly Dig

14 January 10, 2020

Weekly Equities

Equity Weekly Performance – Precious Metals Companies (S&P/TSX Global Mining Index and Haywood Covered Companies)

Source: Capital IQ and Haywood Securities

10%

4%

3%

3%

1%

1%

(0)%

(1)%

(1)%

(1)%

Harte Gold Corp.

Guyana Goldfields Inc.

New Gold Inc.

Liberty Gold Corp.

Continental Gold Inc.

Argonaut Gold Inc.

Harmony Gold Mining Company…

Torex Gold Resources Inc.

Lundin Gold Inc.

OceanaGold Corporation

Top Companies

-19%-17%

-17%

-17%

-11%

-10%

-10%

-10%

-9%

Falco Resources Ltd.

Coeur Mining, Inc.

TMAC Resources Inc.

Premier Gold Mines Limited

First Majestic Silver Corp.

Sabina Gold & Silver Corp.

Endeavour Silver Corp.

Hecla Mining Company

Ivanhoe Mines Ltd.

Bottom Companies

1Wk 52Wk 1Wk 52Wk

$∆ High $∆ High

TSX:AEM Agnico Eagle Mines Limited 77.06 (1.92) (2)% 86.39 51.39 TSX:LUG Lundin Gold Inc. 8.29 (0.06) (1)% 9.04 4.59

TSX:ASR Alacer Gold Corp. 6.49 (0.33) (5)% 7.66 2.53 TSX:MAG MAG Silver Corp. 14.09 (0.89) (6)% 18.60 9.66

TSX:AGI Alamos Gold Inc. 7.21 (0.51) (7)% 10.12 4.94 TSX:MOZ Marathon Gold Corporation 1.58 (0.12) (7)% 1.76 0.78

NYSE:AU AngloGold Ashanti Limited 28.17 (1.29) (4)% 31.22 14.78 NYSE:MUX McEwen Mining Inc. 1.53 (0.13) (8)% 2.80 1.34

TSX:AR Argonaut Gold Inc. 1.98 0.02 1% 2.87 1.36 TSX:MAX Midas Gold Corp. 0.65 (0.01) (2)% 1.03 0.51

TSX:AKG Asanko Gold Inc. 1.14 (0.07) (6)% 1.45 0.68 TSXV:MAI Minera Alamos Inc. 0.29 (0.02) (5)% 0.32 0.10

TSX:BTO B2Gold Corp. 4.97 (0.13) (3)% 5.36 3.24 TSX:NGD New Gold Inc. 1.21 0.04 3% 2.03 0.82

TSX:ABX Barrick Gold Corporation 22.98 (1.02) (4)% 26.69 15.37 NYSE:NEM Newmont Corporation 54.54 (1.59) (3)% 57.71 38.97

TSX:CG Centerra Gold Inc. 10.03 (0.32) (3)% 13.00 5.64 TSX:NHK Nighthawk Gold Corp. 0.50 (0.01) (2)% 0.73 0.31

TSX:CGG China Gold International Resources Corp. Ltd.1.13 (0.05) (4)% 1.93 0.88 TSX:NG NovaGold Resources Inc. 10.74 (0.74) (6)% 12.00 4.57

NYSE:CDE Coeur Mining, Inc. 8.38 (1.76) (17)% 10.85 3.64 TSX:OGC OceanaGold Corporation 2.50 (0.03) (1)% 4.80 2.12

NYSE:BVN Compañía de Minas Buenaventura S.A.A.18.46 (1.10) (6)% 23.37 18.03 TSX:OR Osisko Gold Royalties Ltd 12.23 (0.37) (3)% 17.47 11.00

TSX:CNL Continental Gold Inc. 5.42 0.08 1% 5.46 1.76 TSX:OSK Osisko Mining Inc. 3.81 (0.15) (4)% 4.19 2.49

TSX:DGC Detour Gold Corporation 24.75 (0.30) (1)% 26.14 11.22 TSX:PAAS Pan American Silver Corp. 28.90 (1.58) (5)% 31.23 13.83

TSX:ELD Eldorado Gold Corporation 9.72 (0.80) (8)% 13.34 3.36 TSX:PG Premier Gold Mines Limited 1.61 (0.32) (17)% 2.55 1.41

TSX:EDV Endeavour Mining Corporation 23.28 (1.55) (6)% 28.98 17.24 TSX:PVG Pretium Resources Inc. 13.93 (0.50) (3)% 18.30 8.85

TSX:EDR Endeavour Silver Corp. 2.81 (0.30) (10)% 4.26 2.21 TSXV:PGM Pure Gold Mining Inc. 0.79 (0.06) (7)% 0.88 0.49

TSX:EQX Equinox Gold Corp. 9.82 (0.32) (3)% 10.34 4.90 TSX:RNx Royal Nickel Corporation 0.48 (0.02) (4)% 0.79 0.33

TSXV:FPC Falco Resources Ltd. 0.28 (0.07) (19)% 0.43 0.19 TSX:ROXG Roxgold Inc. 0.95 (0.08) (8)% 1.42 0.72

TSX:FR First Majestic Silver Corp. 14.20 (1.68) (11)% 16.50 6.67 NasdaqGS:RGLD Royal Gold, Inc. 146.87 (10.41) (7)% 181.68 105.58

TSX:FVI Fortuna Silver Mines Inc. 4.88 (0.37) (7)% 6.12 3.22 TSX:SBB Sabina Gold & Silver Corp. 1.71 (0.19) (10)% 2.28 0.99

TSX:FNV Franco-Nevada Corporation 131.69 (2.73) (2)% 137.43 90.50 TSX:SSL Sandstorm Gold Ltd. 8.86 (0.80) (8)% 9.89 5.85

NYSE:GFI Gold Fields Limited 7.99 (0.57) (7)% 8.94 4.56 NYSE:SA Seabridge Gold Inc. 16.39 (1.49) (8)% 21.67 14.33

TSX:GSC Golden Star Resources Ltd. 4.39 (0.38) (8)% 6.48 3.36 TSX:SMF SEMAFO Inc. 2.50 (0.20) (7)% 5.75 2.36

TSXV:GQC Goldquest Mining Corp. 0.14 (0.01) (7)% 0.23 0.08 NYSE:SBGL Sibanye Gold Limited 12.91 (0.21) (2)% 13.73 3.46

TSX:GUY Guyana Goldfields Inc. 0.72 0.03 4% 1.84 0.46 TSX:SVM Silvercorp Metals Inc. 6.94 (0.33) (5)% 7.69 2.61

NYSE:HMY Harmony Gold Mining Company Limited 4.79 (0.00) (0)% 5.14 2.06 TSX:SSRM SSR Mining Inc. 23.17 (1.48) (6)% 25.33 14.23

TSX:HRT Harte Gold Corp. 0.17 0.02 10% 0.44 0.09 TSX:TMR TMAC Resources Inc. 3.10 (0.64) (17)% 6.95 3.08

NYSE:HL Hecla Mining Company 4.02 (0.42) (10)% 4.60 1.58 TSX:TXG Torex Gold Resources Inc. 20.17 (0.13) (1)% 21.91 11.41

TSX:IMG IAMGOLD Corporation 4.41 (0.45) (9)% 5.55 3.08 TSX:TML Treasury Metals Inc. 0.28 (0.03) (8)% 0.42 0.21

TSX:IVN Ivanhoe Mines Ltd. 3.84 (0.36) (9)% 4.54 2.24 TSX:TLG Troilus Gold Corp. 0.60 (0.05) (8)% 1.16 0.52

TSX:K Kinross Gold Corporation 5.82 (0.37) (6)% 7.24 4.04 TSX:WDO Wesdome Gold Mines Ltd. 9.73 (0.50) (5)% 10.47 3.96

TSX:KL Kirkland Lake Gold Ltd. 56.32 (1.15) (2)% 67.87 34.43 TSX:WPM Wheaton Precious Metals Corp. 36.28 (2.31) (6)% 40.95 24.75

TSX:LGD Liberty Gold Corp. 1.12 0.03 3% 1.12 0.29 TSX:YRI Yamana Gold Inc. 4.77 (0.33) (6)% 5.24 2.41

%∆ LowCompany CloseTicker Low%∆CompanyTicker Close



The Weekly Dig

15 January 10, 2020

Weekly Performance – Precious Metals Companies (Covered Large Cap)


.

.

(1.2%)

(1.2%)

(2.5%)

(2.9%)

(4.3%)

(6.2%)

(6.6%)

(7.4%)

(7.6%)

OCEANAGOLD CORP

DETOUR GOLD CORP

B2GOLD CORP

OSISKO GOLD ROYALTIES LTD

BARRICK GOLD CORP

ENDEAVOUR MINING CORP

ALAMOS GOLD INC-CLASS A

SEMAFO INC

ELDORADO GOLD CORP

Weekly Price Change

7.8%

7.2%

3.1%

2.9%

2.1%

1.7%

1.1%

0.8%

(4.2%)

OCEANAGOLD CORP


BARRICK GOLD CORP

B2GOLD CORP


DETOUR GOLD CORP

ELDORADO GOLD CORP

SEMAFO INC


1-Month Price Change

16.9%

8.0%

(1.6%)

(3.5%)

(5.8%)

(6.4%)

(8.4%)

(29.2%)

(40.9%)

DETOUR GOLD CORP

B2GOLD CORP


BARRICK GOLD CORP


ELDORADO GOLD CORP


OCEANAGOLD CORP

SEMAFO INC


44.9%

23.0%

13.0%

9.0%

6.3%

(8.9%)

(9.3%)

(25.4%)

(49.7%)

DETOUR GOLD CORP

B2GOLD CORP

ELDORADO GOLD CORP

BARRICK GOLD CORP




OCEANAGOLD CORP

SEMAFO INC


127.6%

106.1%

40.3%

39.9%

29.1%

6.2%

0.4%

(14.1%)

(48.1%)

ELDORADO GOLD CORP

DETOUR GOLD CORP


BARRICK GOLD CORP

B2GOLD CORP



SEMAFO INC

OCEANAGOLD CORP

1-Year Price Change



The Weekly Dig

16 January 10, 2020

Weekly Performance – Precious Metals Companies (Covered Small Cap)


.

.

9.7%

9.4%

5.4%

2.8%

0.0%

(0.7%)

(0.9%)

(1.5%)

(1.5%)

(2.0%)

(2.1%)

(3.0%)

(3.2%)

(3.3%)

(3.8%)

(4.0%)

(5.8%)

(6.5%)

(6.7%)

(7.1%)

(7.7%)

(7.8%)

(10.5%)

(13.3%)

(17.9%)

HARTE GOLD CORP

SUPERIOR GOLD INC

K92 MINING

LIBERTY GOLD CORP

STEPPE GOLD LTD

LUNDIN GOLD INC

METALLA ROYALTY & STREAMING

FILO MINING CORP

LUMINA GOLD CORP

NIGHTHAWK GOLD CORP

BLUESTONE RESOURCES INC

MIDAS GOLD CORP

EQUINOX GOLD CORP

TREASURY METALS INC

OSISKO MINING INC

ROYAL NICKEL CORP

ASANKO GOLD INC

MARATHON GOLD CORP

MINERA ALAMOS INC

PURE GOLD MINING INC

TROILUS GOLD CORP

ROXGOLD INC

SABINA GOLD & SILVER CORP

GOLDQUEST MINING CORP

FALCO RESOURCES LTD

Weekly Price Change

44.3%

37.5%

36.0%

35.9%

27.3%

26.1%

23.7%

22.3%

22.0%

20.3%

18.0%

16.1%

14.5%

12.3%

11.1%

7.7%

3.6%

2.1%

(0.9%)

(1.0%)

(2.2%)

(2.5%)

(3.7%)

(3.9%)

(9.6%)

SUPERIOR GOLD INC

FALCO RESOURCES LTD

HARTE GOLD CORP


LIBERTY GOLD CORP

EQUINOX GOLD CORP

OSISKO MINING INC


NIGHTHAWK GOLD CORP

K92 MINING

ROYAL NICKEL CORP

MIDAS GOLD CORP


LUMINA GOLD CORP

TROILUS GOLD CORP

MINERA ALAMOS INC

TREASURY METALS INC

LUNDIN GOLD INC

ASANKO GOLD INC

ROXGOLD INC

STEPPE GOLD LTD

MARATHON GOLD CORP


FILO MINING CORP



47.4%

39.7%

39.0%

35.3%

31.7%

30.8%

30.2%

20.8%

19.0%

17.0%

15.8%

5.5%

3.8%

3.5%

3.2%

(1.2%)

(2.1%)

(7.6%)

(9.1%)

(10.3%)

(13.0%)

(13.5%)

(15.5%)

(21.2%)

(32.0%)

MINERA ALAMOS INC

ROYAL NICKEL CORP


K92 MINING


EQUINOX GOLD CORP

LIBERTY GOLD CORP

LUMINA GOLD CORP

NIGHTHAWK GOLD CORP

FALCO RESOURCES LTD

OSISKO MINING INC

TREASURY METALS INC


LUNDIN GOLD INC

MIDAS GOLD CORP

MARATHON GOLD CORP

ROXGOLD INC


SUPERIOR GOLD INC


ASANKO GOLD INC

STEPPE GOLD LTD

TROILUS GOLD CORP

FILO MINING CORP

HARTE GOLD CORP


107.4%

93.1%

87.2%

67.9%

55.4%

41.1%

38.6%

28.1%

26.9%

24.7%

24.1%

12.5%

12.3%

9.8%

5.8%

3.6%

(3.0%)

(5.4%)

(9.5%)

(16.7%)

(17.8%)

(19.5%)

(23.5%)

(26.8%)

(34.6%)

LIBERTY GOLD CORP

MINERA ALAMOS INC


EQUINOX GOLD CORP

K92 MINING


MARATHON GOLD CORP

ASANKO GOLD INC


LUNDIN GOLD INC


STEPPE GOLD LTD

LUMINA GOLD CORP

OSISKO MINING INC

FALCO RESOURCES LTD

TREASURY METALS INC

MIDAS GOLD CORP

SUPERIOR GOLD INC

ROXGOLD INC

NIGHTHAWK GOLD CORP

TROILUS GOLD CORP

ROYAL NICKEL CORP


FILO MINING CORP

HARTE GOLD CORP


261.3%

188.1%

154.5%

141.4%

92.7%

83.6%

72.7%

31.8%

30.9%

21.5%

16.3%

12.4%

12.3%

10.5%

8.4%

7.0%

1.1%

0.0%

(9.4%)

(10.5%)

(16.7%)

(18.9%)

(30.4%)

(35.0%)

(59.5%)

LIBERTY GOLD CORP

K92 MINING

MINERA ALAMOS INC


MARATHON GOLD CORP

EQUINOX GOLD CORP

LUNDIN GOLD INC


OSISKO MINING INC


ASANKO GOLD INC

NIGHTHAWK GOLD CORP

LUMINA GOLD CORP

ROXGOLD INC

STEPPE GOLD LTD


ROYAL NICKEL CORP


TREASURY METALS INC

FILO MINING CORP

SUPERIOR GOLD INC

TROILUS GOLD CORP

FALCO RESOURCES LTD

MIDAS GOLD CORP

HARTE GOLD CORP

1-Year Price Change



The Weekly Dig

17 January 10, 2020

Equity Weekly Performance – Base Metals Companies


.

.

7.9%

2.9%

2.7%

2.6%

1.1%

0.8%

0.0%

(0.2%)

(1.3%)

(1.4%)

(4.0%)

(4.2%)

(7.0%)

(8.1%)

(8.2%)

(8.9%)

(9.1%)

(9.1%)

(10.1%)

(10.6%)

SHERRITT INTERNATIONAL CORP

TASEKO MINES LTD

LME ZINC SPOT ($)

CAPSTONE MINING CORP

Osisko Metals Inc.

S&P/TSX COMPOSITE INDEX

XANADU MINES LTD

LME COPPER SPOT ($)

LME NICKEL SPOT ($)

NEVADA COPPER CORP

LUNDIN MINING CORP

TREVALI MINING CORP

IMPERIAL METALS CORP

ATALAYA MINING PLC

ADVENTUS MINING CORP

COPPER MOUNTAIN MINING CORP

FIRST QUANTUM MINERALS LTD

HUDBAY MINERALS INC

S&P/TSX DIV MTLS&MIN IDX

TECK RESOURCES LTD-CLS B

Weekly Price Change

46.2%

33.3%

29.6%

25.5%

21.1%

12.5%

9.7%

7.9%

7.1%

6.5%

5.5%

4.5%

2.3%

1.7%

1.7%

0.9%

0.9%

(2.1%)

(10.7%)

(14.3%)



TASEKO MINES LTD

NEVADA COPPER CORP

TREVALI MINING CORP


ATALAYA MINING PLC


Osisko Metals Inc.

LME ZINC SPOT ($)

LME NICKEL SPOT ($)

HUDBAY MINERALS INC


LME COPPER SPOT ($)



LUNDIN MINING CORP



XANADU MINES LTD


64.3%

50.9%

28.3%

25.0%

22.1%

13.3%

12.5%

8.9%

8.7%

8.0%

7.0%

5.2%

3.0%

3.0%

2.5%

(11.0%)

(11.8%)

(19.9%)

(24.1%)

(60.0%)

NEVADA COPPER CORP



TASEKO MINES LTD

LUNDIN MINING CORP

HUDBAY MINERALS INC


LME COPPER SPOT ($)



TREVALI MINING CORP


ATALAYA MINING PLC


LME ZINC SPOT ($)


Osisko Metals Inc.

LME NICKEL SPOT ($)


XANADU MINES LTD


48.1%

11.8%

10.9%

10.8%

5.9%

4.5%

4.2%

2.9%

1.3%

(1.7%)

(2.4%)

(8.0%)

(10.0%)

(11.0%)

(13.8%)

(21.1%)

(22.7%)

(25.8%)

(27.4%)

(50.0%)



LUNDIN MINING CORP

LME NICKEL SPOT ($)

LME COPPER SPOT ($)

NEVADA COPPER CORP


TASEKO MINES LTD

LME ZINC SPOT ($)

ATALAYA MINING PLC


TREVALI MINING CORP




Osisko Metals Inc.

HUDBAY MINERALS INC



XANADU MINES LTD


25.5%

25.3%

23.1%

16.4%

15.8%

14.1%

7.0%

3.6%

(5.1%)

(8.4%)

(10.0%)

(16.7%)

(21.7%)

(22.5%)

(29.2%)

(29.4%)

(32.6%)

(47.1%)

(58.2%)

LUNDIN MINING CORP

LME NICKEL SPOT ($)






LME COPPER SPOT ($)

LME ZINC SPOT ($)

ATALAYA MINING PLC

Osisko Metals Inc.

TASEKO MINES LTD


NEVADA COPPER CORP

HUDBAY MINERALS INC



TREVALI MINING CORP


1-Year Price Change



The Weekly Dig

18 January 10, 2020

Equity Weekly Performance – Major International Miners


.

.

(1.1%)

(1.2%)

(1.5%)

(1.8%)

(2.7%)

(3.4%)

(5.4%)

(7.5%)

(10.6%)

SOUTHERN COPPER CORP

BHP GROUP LTD-SPON ADR

GLENCORE PLC -UNSP ADR

FREEPORT-MCMORAN INC

RIO TINTO PLC-SPON ADR

VALE SA-SP ADR

ALUMINUM CORP OF CHINA-ADR

ALCOA CORP


Weekly Price Change

9.0%

8.2%

7.3%

7.1%

4.9%

4.3%

3.8%

(2.1%)

(2.2%)





VALE SA-SP ADR




ALCOA CORP


51.6%

30.3%

17.6%

16.9%

14.1%

13.2%

9.0%

7.6%

3.0%




VALE SA-SP ADR




ALCOA CORP



19.2%

13.4%

2.2%

(2.6%)

(2.8%)

(3.1%)

(4.6%)

(10.8%)

(27.4%)





VALE SA-SP ADR



ALCOA CORP



34.1%

21.2%

14.0%

12.6%

(0.2%)

(10.5%)

(11.7%)

(31.9%)

(32.6%)






VALE SA-SP ADR


ALCOA CORP


1-Year Price Change

The Weekly Dig



19

January 10, 2020

Comparables Tables – Precious Metals

Large Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)


Small Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)


Last Shares MC Target Return NAVPS Primary Target / CFPS

Price (C$) O/S (M) (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020 2019E 2020E

Asanko Gold Inc. TSX:AKG AKG-T GM $1.14 226 $258 $1.15 1% HOLD $1.42 $0.03 $0.30 Gold 248 290 $870 $768 $1,128 $885 0.6x 0.6x 27.3x 2.7x 29.6x 2.9x

Bluestone Resources Inc. TSXV:BSR BSR-V KS $1.37 77 $105 $2.75 101% BUY $2.38 ($0.08) ($0.08) Gold 0.4x 0.9x - - - -

Equinox Gold Corp. TSX:EQX EQX-T KS $9.82 113 $1,114 $13.75 40% BUY $10.56 $0.83 $1.30 Gold 195 270 $760 $785 $975 $1,005 0.7x 1.0x 11.3x 7.3x 12.6x 8.1x

Falco Resources Ltd. TSXV:FPC FPC-V PV $0.28 208 $57 $0.40 45% HOLD $0.76 ($0.01) ($0.06) Gold - - - - - - 0.3x 0.4x - - - -

Filo Mining Corp. TSXV:FIL FIL-V GM $1.97 88 $174 $4.60 134% BUY $3.43 ($0.36) ($0.29) Gold - - - - - - 0.4x 1.0x - - - -

Gold Road Resources Limited ASX:GOR GOR-AU GM $1.22 879 $1,068 $0.85 (30%) SELL $0.66 ($0.02) $0.08 Gold 2 216 $3,285 $730 $5,222 $754 1.4x 1.0x - 13.6x - 8.6x

Goldquest Mining Corp. TSXV:GQC GQC-V PV $0.14 257 $35 $0.08 (41%) Sell $0.06 ($0.01) ($0.01) Gold - - - - - - 1.7x 1.0x - - - -

Harte Gold Corp. TSX:HRT HRT-T PV $0.17 677 $115 $0.25 47% HOLD $0.25 ($0.01) $0.05 Gold 25 55 $1,431 $732 $1,997 $1,000 0.5x 0.8x - 4.7x - 3.8x

K92 Mining Inc. TSXV:KNT KNT-V MC $3.14 213 $669 $4.75 51% BUY $3.65 $0.13 $0.31 Gold 81 113 $535 $652 $844 $795 0.7x 1.0x 18.7x 7.7x 28.4x 11.7x

Liberty Gold Corp. TSX:LGD LGD-T MC $1.12 238 $267 $1.60 43% BUY $1.21 ($0.04) ($0.05) Gold 0.7x 1.0x - - - -

Lumina Gold Corp. TSXV:LUM LUM-V GM $0.64 331 $212 $1.50 134% BUY $1.51 ($0.07) ($0.07) Gold - - - - - - 0.3x 0.8x - - - -

Lundin Gold Inc. TSX:LUG LUG-T KS $8.29 224 $1,854 $9.25 12% BUY $7.07 ($0.15) C$0.73 Gold - 290 - $445 - $570 0.9x 1.0x - 12.7x - 9.7x

Marathon Gold Corporation TSX:MOZ MOZ-T MC $1.58 179 $283 $2.00 27% BUY $1.61 $0.00 ($0.01) Gold 0.7x 0.9x 3,167.5x - 4,555.6x -

Metalla Royalty & Streaming Ltd. TSXV:MTA MTA-V KS $7.34 34 $248 $8.00 9% Buy $4.10 C$0.04 C$0.03 Silver 275 166 1.4x 1.5x 151.5x 189.5x 167.1x 209.0x

Midas Gold Corp. TSX:MAX MAX-T GM $0.65 271 $176 $1.80 177% BUY $1.41 ($0.07) ($0.03) Gold - - - - - -

Minera Alamos Inc. TSXV:MAI MAI-V KS $0.29 406 $116 $0.50 75% BUY $0.46 $0.00 $0.03 Gold - 17 - 820 - 935 0.5x 0.8x - 6.9x - 13.2x

Nighthawk Gold Corp. TSX:NHK NHK-T MC $0.50 222 $111 $0.90 80% BUY $0.76 $0.00 ($0.08) Gold 0.5x 0.9x - - - -

Osisko Mining Inc. TSX:OSK OSK-T MC $3.81 290 $1,103 $4.50 18% BUY $3.38 ($0.09) ($0.01) Gold 0.9x 1.0x - - - -

Pure Gold Mining Inc. TSXV:PGM PGM-V MC $0.79 358 $283 $1.30 65% BUY $0.92 ($0.04) ($0.04) Gold 0.7x 1.1x - - - -

Royal Nickel Corporation TSX:RNX RNX-T PV $0.48 607 $288 $0.70 47% BUY $0.39 $0.02 $0.06 Gold 64 100 $982 $960 $1,076 $1,020 0.9x 1.4x 18.8x 6.3x 26.7x 8.9x

Roxgold Inc. TSX:ROXG ROXG-T GM $0.95 372 $353 $1.90 100% BUY $0.99 ($0.01) ($0.01) Gold 145 148 $538 $516 $785 $662 0.7x 1.5x - - - -

Sabina Gold & Silver Corp. TSX:SBB SBB-T GM $1.71 297 $507 $2.00 17% HOLD $1.53 ($0.01) ($0.01) Gold - - - - - - 0.9x 1.0x - - - -

Steppe Gold Ltd. TSX:STGO STGO-T PV $0.90 45 $41 $1.75 94% BUY $1.14 ($0.12) $0.61 Gold - 60 - $581 - $698 0.6x 1.2x - 2.4x - 2.2x

Superior Gold Inc. TSXV:SGI SGI-V PV $0.70 97 $68 $1.00 43% BUY $1.12 $0.00 $0.31 Gold 83 100 $1,270 $968 $1,373 $1,078 0.5x 0.7x 102.4x 1.5x 170.5x 2.5x

Treasury Metals Inc. TSX:TML TML-T GM $0.28 169 $47 $1.00 264% BUY $0.84 ($0.02) ($0.01) Gold - - - - - -

Troilus Gold Corp. TSX:TLG TLG-T PV $0.60 69 $42 $2.00 233% BUY $2.07 ($0.26) ($0.16) Gold - - - - - - 0.2x 0.7x - - - -

Group Average 0.7x 1.0x 499.7x 23.2x 712.9x 25.5x

* Production & cost figures presented on a gold-equivalent basis C$/US$ = 1.31x 1.309

EV / CFPS Target /

NAV

Price /

NAV

TCC, US$/ozCFPS (US$) Production, ounces 000's AISC, US$/ozTicker Analyst Company Rating

The Weekly Dig



20

January 10, 2020

Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working Enterprise

Company O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E 2019E %

Senior Precious Metals Producers*

Agnico Eagle Mines Limited NYSE:AEM C$ 77.20 239.1 US$ 14,100 US$ 340 US$ 337 US$ 1,363 US$ 15,126 US$ 3.70 US$ 5.15 13 15.9x 11.5x 17.1x 12.3x 14.0x 10.0x 1.8x 1.18

AngloGold Ashanti Limited JSE:ANG C$ 28.24 415.0 US$ 8,951 US$ 349 (US$ 144) US$ 1,324 US$ 10,419 US$ 2.97 US$ 4.29 2 7.3x 5.0x 8.5x 5.9x 6.3x 4.7x 1.3x 0.31

B2Gold Corp. TSX:BTO C$ 4.97 1026.0 US$ 3,895 US$ 146 US$ 327 US$ 333 US$ 3,902 US$ 0.48 US$ 0.63 11 7.9x 6.0x 7.9x 6.0x 6.1x 4.5x 1.3x 0.80

Barrick Gold Corporation TSX:ABX C$ 22.98 1777.8 US$ 31,207 US$ 2,405 US$ 3,666 US$ 5,494 US$ 33,035 US$ 1.84 US$ 2.27 11 9.5x 7.7x 10.1x 8.2x 7.0x 6.7x 1.4x 0.90

Evolution Mining Limited ASX:EVN C$ 3.42 1704.3 US$ 4,450 US$ 235 US$ 272 US$ 130 US$ 4,308 US$ 0.27 US$ 0.31 6 9.8x 8.4x 9.5x 8.1x 8.6x 6.4x 1.2x 2.43

Fresnillo Plc LSE:FRES C$ 10.60 736.9 US$ 5,964 US$ 362 US$ 996 US$ 801 US$ 5,769 US$ 0.91 US$ 0.96 4 8.9x 8.4x 8.6x 8.2x 7.8x 6.2x 1.1x 3.26

Gold Fields Limited JSE:GFI C$ 8.23 828.6 US$ 5,210 US$ 535 US$ 391 US$ 2,033 US$ 6,852 US$ 1.09 US$ 1.34 1 5.8x 4.7x 7.6x 6.2x 5.5x 4.3x 1.2x 0.43

IAMGOLD Corporation TSX:IMG C$ 4.41 469.0 US$ 1,580 US$ 651 US$ 749 US$ 400 US$ 1,231 US$ 0.56 US$ 0.89 12 6.0x 3.8x 4.7x 3.0x 4.5x 2.5x 0.6x -

Kinross Gold Corporation TSX:K C$ 5.82 1253.4 US$ 5,572 US$ 426 US$ 1,026 US$ 1,837 US$ 6,383 US$ 0.88 US$ 1.05 15 5.1x 4.2x 5.8x 4.8x 4.8x 4.1x 0.9x -

Newcrest Mining Limited ASX:NCM C$ 27.98 767.0 US$ 16,394 US$ 1,600 US$ 1,570 US$ 1,995 US$ 16,819 US$ 1.67 US$ 2.02 5 12.8x 10.6x 13.1x 10.9x 10.0x 8.4x 1.3x 1.03

Newmont Corporation NYSE:NEM C$ 41.66 819.8 US$ 26,089 US$ 2,869 US$ 3,087 US$ 6,139 US$ 29,141 US$ 3.88 US$ 4.63 12 10.8x 9.0x 9.2x 7.7x 7.8x 6.0x 1.3x 2.38

Northern Star Resources Limited ASX:NST C$ 10.60 733.9 US$ 5,940 US$ 187 US$ 165 - US$ 5,775 US$ 0.47 US$ 0.66 5 17.0x 12.3x 16.6x 11.9x 16.9x 9.1x 1.5x 1.23

Yamana Gold Inc. TSX:YRI C$ 4.77 950.4 US$ 3,463 US$ 108 (US$ 22) US$ 991 US$ 4,476 US$ 0.53 US$ 0.68 14 6.9x 5.3x 8.9x 6.9x 5.9x 5.5x 1.2x 1.07

Group Average - Senior Producers 9.5x 7.5x 9.8x 7.7x 8.1x 6.0x 1.3x 1.37

Group Average - Senior Producers (excluding high/low) 9.2x 7.4x 9.6x 7.7x 7.6x 6.0x 1.3x 1.27

Intermediate Precious Metals Producers **

Alamos Gold Inc. TSX:AGI C$ 7.21 391.1 US$ 2,154 US$ 203 US$ 254 - US$ 1,900 US$ 0.72 US$ 0.70 11 7.7x 7.8x 6.8x 6.9x 6.6x 6.4x 0.7x 0.71

Avesoro Resources Inc. TSX:ASO C$ 1.67 81.6 US$ 104 US$ 6 (US$ 19) US$ 128 US$ 252 US$ 0.11 US$ 0.53 1 12.0x 2.4x 29.1x 5.8x 19.2x 3.8x 1.5x -

Centerra Gold Inc. TSX:CG C$ 10.03 1156.0 US$ 8,856 US$ 80 US$ 671 US$ 69 US$ 8,254 US$ 1.45 US$ 1.98 10 5.3x 3.9x 4.9x 3.6x 15.0x 12.7x 0.8x -

Detour Gold Corporation TSX:DGC C$ 24.75 177.4 US$ 3,354 US$ 144 US$ 139 US$ 100 US$ 3,315 US$ 1.94 US$ 2.11 14 9.8x 9.0x 9.7x 8.9x 9.8x 8.5x 1.0x -

Dundee Precious Metals Inc. TSX:DPM C$ 5.18 179.5 US$ 710 US$ 15 (US$ 4) US$ 27 US$ 741 US$ 0.73 US$ 1.04 7 5.4x 3.8x 5.6x 4.0x 4.7x 3.1x 0.6x -

Eldorado Gold Corporation TSX:ELD C$ 9.72 160.8 US$ 1,194 US$ 138 US$ 212 US$ 450 US$ 1,432 US$ 1.02 US$ 2.17 13 7.3x 3.4x 8.8x 4.1x 6.1x 3.4x 0.6x -

Endeavour Mining Corporation TSX:EDV C$ 23.28 109.9 US$ 1,955 US$ 122 US$ 133 US$ 637 US$ 2,460 US$ 2.87 US$ 4.06 6 6.2x 4.4x 7.8x 5.5x 6.2x 4.6x 0.9x -

Golden Star Resources Ltd. TSX:GSC C$ 4.39 109.3 US$ 367 US$ 57 (US$ 28) US$ 67 US$ 462 US$ 0.35 US$ 0.77 4 9.6x 4.4x 12.1x 5.5x 7.9x 3.5x 0.8x -

Hecla Mining Company NYSE:HL C$ 4.02 506.2 US$ 1,554 US$ 33 US$ 33 US$ 585 US$ 2,106 US$ 0.23 US$ 0.36 7 13.4x 8.6x 18.1x 11.6x 12.8x 9.7x 1.5x 0.31

Highland Gold Mining Limited AIM:HGM C$ 3.22 363.9 US$ 894 US$ 8 (US$ 26) US$ 114 US$ 1,034 US$ 0.41 US$ 0.44 2 6.0x 5.6x 6.9x 6.5x 5.5x 4.9x 1.0x 6.52

Kirkland Lake Gold Ltd. TSX:KL C$ 56.32 209.6 US$ 9,018 US$ 616 US$ 359 - US$ 8,660 US$ 4.30 US$ 4.43 8 10.0x 9.7x 9.6x 9.3x 9.0x 6.0x 1.7x 0.55

Leagold Mining Corporation TSX:LMC C$ 3.20 284.9 US$ 696 US$ 56 US$ 128 US$ 290 US$ 858 US$ 0.47 US$ 0.61 6 5.3x 4.0x 6.5x 5.0x 5.7x 4.0x 0.7x -

New Gold Inc. TSX:NGD C$ 1.21 672.9 US$ 622 US$ 179 US$ 148 US$ 728 US$ 1,202 US$ 0.37 US$ 0.42 13 2.5x 2.2x 4.9x 4.2x 5.2x 3.7x 0.7x -

OceanaGold Corporation TSX:OGC C$ 2.50 622.3 US$ 1,188 US$ 56 US$ 13 US$ 150 US$ 1,326 US$ 0.34 US$ 0.41 12 5.6x 4.6x 6.2x 5.2x 6.1x 4.1x 0.7x 1.60Perseus Mining Limited ASX:PRU C$ 1.02 1168.0 US$ 908 US$ 88 US$ 128 US$ 26 US$ 806 US$ 0.09 US$ 0.11 1 8.5x 7.1x 7.6x 6.3x 8.4x 5.6x 1.1x -

Pretium Resources Inc. TSX:PVG C$ 13.93 185.3 US$ 1,972 US$ 17 (US$ 97) US$ 413 US$ 2,482 US$ 1.16 US$ 1.90 7 9.2x 5.6x 11.6x 7.1x 11.7x 6.4x 0.7x -Regis Resources Limited ASX:RRL C$ 3.90 508.2 US$ 1,515 US$ 132 US$ 120 - US$ 1,395 US$ 0.35 US$ 0.38 4 8.5x 7.8x 7.9x 7.2x 6.5x 5.5x 1.0x 3.57

Resolute Mining Limited ASX:RSG C$ 1.09 903.2 US$ 752 US$ 24 US$ 34 US$ 123 US$ 841 US$ 0.14 US$ 0.27 5 5.9x 3.1x 6.6x 3.5x 6.7x 2.8x 0.7x 1.59

Saracen Mineral Holdings Limited ASX:SAR C$ 3.25 1102.9 US$ 2,736 US$ 83 US$ 75 - US$ 2,661 US$ 0.20 US$ 0.25 6 12.7x 10.0x 12.4x 9.7x 16.6x 8.2x 1.3x -

SEMAFO Inc. TSX:SMF C$ 2.50 334.5 US$ 639 US$ 78 US$ 109 US$ 14 US$ 544 US$ 0.71 US$ 0.68 5 2.7x 2.8x 2.3x 2.4x 2.1x 2.4x 0.6x -

St Barbara Limited ASX:SBM C$ 2.49 699.2 US$ 1,327 US$ 624 US$ 614 - US$ 714 US$ 0.26 US$ 0.32 2 7.3x 6.0x 3.9x 3.2x 3.5x 2.8x 0.9x 2.79

Teranga Gold Corporation TSX:TGZ C$ 7.03 107.6 US$ 578 US$ 28 (US$ 54) US$ 140 US$ 772 US$ 0.74 US$ 1.15 3 7.3x 4.7x 9.7x 6.2x 5.7x 3.3x 0.6x -

Torex Gold Resources Inc. TSX:TXG C$ 20.17 85.3 US$ 1,314 US$ 168 US$ 117 US$ 162 US$ 1,359 US$ 3.26 US$ 3.19 7 4.7x 4.8x 4.9x 5.0x 3.8x 3.4x 0.8x -

Group Average - Intermediate Producers 7.5x 5.5x 8.9x 5.9x 8.0x 5.2x 0.9x 2.21

Group Average - Intermediate Producers (excluding high/low) 7.5x 5.4x 8.2x 5.8x 7.8x 4.9x 0.9x 1.80

Junior Precious Metals Producers ***

Alacer Gold Corp. TSX:ASR C$ 6.49 221.4 US$ 1,098 US$ 145 US$ 168 US$ 223 US$ 1,153 US$ 0.76 US$ 0.95 8 6.6x 5.2x 6.9x 5.5x 4.7x 3.5x 1.1x -Alio Gold Inc. TSX:ALO C$ 0.98 86.1 US$ 64 US$ 13 US$ 45 US$ 4 US$ 23 (US$ 0.02) US$ 0.17 3 - 4.4x - 1.6x - 1.2x 0.5x -

Argonaut Gold Inc. TSX:AR C$ 1.98 179.5 US$ 271 US$ 36 US$ 90 US$ 14 US$ 196 US$ 0.42 US$ 0.62 7 3.6x 2.4x 2.6x 1.7x 2.2x 1.4x 0.5x -Asanko Gold Inc. TSX:AKG C$ 1.14 226.2 US$ 197 US$ 14 US$ 15 - US$ 182 US$ 0.08 US$ 0.25 2 10.9x 3.6x 10.0x 3.3x 5.1x 2.4x 0.5x -

Calibre Mining Corp. TSX:CXB C$ 0.90 327.9 US$ 225 US$ 1 US$ 0 - US$ 225 US$ 0.12 US$ 0.18 1 5.6x 3.9x 5.6x 3.9x 10.9x 3.7x 0.5x -Equinox Gold Corp. TSX:EQX C$ 9.82 113.4 US$ 851 US$ 47 US$ 65 US$ 242 US$ 1,027 US$ 0.74 US$ 1.16 6 10.2x 6.5x 12.3x 7.8x 11.8x 6.3x 0.8x -

Guyana Goldfields Inc. TSX:GUY C$ 0.72 174.6 US$ 96 US$ 25 US$ 37 - US$ 59 US$ 0.08 US$ 0.45 2 7.3x 1.2x 4.5x 0.7x 2.9x 1.3x 0.2x -Jaguar Mining Inc. TSX:JAG C$ 0.22 723.9 US$ 119 US$ 12 US$ 6 - US$ 113 US$ 0.05 US$ 0.07 3 3.1x 2.3x 3.0x 2.2x 4.0x 3.2x 0.7x -

K92 Mining Inc. TSXV:KNT C$ 3.14 213.0 US$ 511 US$ 18 US$ 18 US$ 7 US$ 500 US$ 0.18 US$ 0.32 5 13.0x 7.5x 12.7x 7.4x 12.1x 5.0x 0.7x -Premier Gold Mines Limited TSX:PG C$ 1.61 210.5 US$ 259 US$ 33 US$ 27 US$ 19 US$ 250 US$ 0.02 US$ 0.23 3 73.6x 5.3x 71.2x 5.1x 72.0x 6.6x 0.4x -

Roxgold Inc. TSX:ROXG C$ 0.95 371.5 US$ 270 US$ 29 (US$ 3) US$ 14 US$ 286 US$ 0.22 US$ 0.24 3 3.3x 3.1x 3.5x 3.2x 3.0x 2.7x 0.6x -Royal Nickel Corporation TSX:RNX C$ 0.48 606.6 US$ 220 US$ 19 US$ 9 US$ 18 US$ 229 US$ 0.00 US$ 0.08 3 141.2x 4.6x 147.0x 4.8x 12.2x 4.1x 0.5x -

Superior Gold Inc. TSXV:SGI C$ 0.70 97.0 US$ 52 US$ 14 (US$ 2) - US$ 54 US$ 0.03 US$ 0.24 6 16.9x 2.2x 17.6x 2.3x 19.6x 2.3x 0.6x -TMAC Resources Inc. TSX:TMR C$ 3.10 115.0 US$ 272 US$ 36 US$ 77 US$ 107 US$ 303 US$ 0.65 US$ 0.98 8 3.7x 2.4x 4.1x 2.7x 3.4x 2.2x 0.4x -

Wesdome Gold Mines Ltd. TSX:WDO C$ 9.73 137.3 US$ 1,021 US$ 29 US$ 21 - US$ 1,000 US$ 0.43 US$ 0.49 8 17.2x 15.1x 16.9x 14.8x 15.0x 14.3x 1.3x -Westgold Resources Limited ASX:WGX C$ 2.11 399.7 US$ 644 US$ 47 US$ 9 - US$ 635 US$ 0.14 US$ 0.27 1 11.5x 6.1x 11.3x 6.0x 8.8x 5.4x 0.9x -

Group Average - Junior Producers 21.8x 4.7x 21.9x 4.6x 12.5x 4.1x 0.6x -

Group Average - Junior Producers (excluding high/low) 13.3x 4.2x 13.0x 4.1x 8.3x 3.6x 0.6x -

All data sourced from Capital IQ*Prior fiscal year production of greater than 800k ounces of gold.

**Prior fiscal year production of between 200k and 800k ounces of gold.

***Prior fiscal year production of less than 200k ounces of gold.

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio P/NAV Yield

Symbol PriceNumber of

Estimates

2020E2019EDebtCash

The Weekly Dig



21

January 10, 2020

Other Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E 2019E %

PGM Producers

Anglo American Platinum Limited JSE:AMS C$ 122.54 262.4 US$ 24,563 US$ 943 US$ 1,089 US$ 365 US$ 23,838 US$ 6.24 US$ 7.67 2 15.0x 12.2x 14.6x 11.8x 10.4x 8.0x 2.3x 1.59Impala Platinum Holdings Limited JSE:IMP C$ 13.84 782.8 US$ 8,274 US$ 600 US$ 989 US$ 390 US$ 7,675 US$ 0.63 US$ 1.24 2 16.8x 8.5x 15.6x 7.9x 10.8x 5.1x 2.0x -Northam Platinum Limited JSE:NHM C$ 12.24 349.9 US$ 3,273 US$ 68 US$ 193 US$ 1,034 US$ 4,114 US$ 0.48 US$ 1.25 2 19.6x 7.5x 24.6x 9.4x 19.1x 8.9x 1.8x -

Group Average - PGM Producers 17.1x 9.4x 18.2x 9.7x 13.5x 7.3x 2.0x 1.59

Silver Producers

Americas Gold and Silver CorporationTSX:USA C$ 3.70 82.8 US$ 234 US$ 6 US$ 4 US$ 11 US$ 241 US$ 0.02 US$ 0.45 2 183.3x 6.3x 188.7x 6.5x - 6.3x 0.6x -Coeur Mining, Inc. NYSE:CDE C$ 8.38 240.5 US$ 1,539 US$ 65 US$ 33 US$ 227 US$ 1,733 US$ 0.55 US$ 1.04 5 11.7x 6.1x 13.2x 6.9x 11.5x 6.1x 1.2x -Endeavour Silver Corp. TSX:EDR C$ 2.81 139.9 US$ 300 US$ 22 US$ 49 US$ 5 US$ 256 US$ 0.00 US$ 0.25 6 2787.6x 8.6x 2375.0x 7.3x - 7.2x 1.1x -Excellon Resources Inc. TSX:EXN C$ 0.95 110.6 US$ 80 US$ 9 US$ 9 - US$ 71 (US$ 0.02) US$ 0.08 2 - 8.8x - 7.8x - - 0.8x -First Majestic Silver Corp. TSX:FR C$ 14.20 204.8 US$ 2,221 US$ 125 US$ 149 US$ 154 US$ 2,226 US$ 0.52 US$ 0.79 5 21.1x 13.8x 21.1x 13.8x 22.2x 13.0x 2.6x -Fortuna Silver Mines Inc. TSX:FVI C$ 4.88 160.3 US$ 598 US$ 72 US$ 46 US$ 109 US$ 661 US$ 0.35 US$ 1.00 3 10.8x 3.7x 11.9x 4.1x 7.5x 3.6x 1.0x -Fresnillo Plc LSE:FRES C$ 10.60 736.9 US$ 5,964 US$ 362 US$ 996 US$ 801 US$ 5,769 US$ 0.91 US$ 0.96 4 8.9x 8.4x 8.6x 8.2x 7.8x 6.2x 1.1x 3.26Hecla Mining Company NYSE:HL C$ 4.02 506.2 US$ 1,554 US$ 33 US$ 33 US$ 585 US$ 2,106 US$ 0.23 US$ 0.36 7 13.4x 8.6x 18.1x 11.6x 12.8x 9.7x 1.5x 0.31Mandalay Resources Corporation TSX:MND C$ 1.18 91.0 US$ 82 US$ 23 (US$ 32) US$ 0 US$ 115 US$ 0.15 US$ 0.76 2 6.0x 1.2x 8.4x 1.7x 6.4x 1.2x 0.5x -Pan American Silver Corp. TSX:PAAS C$ 28.90 209.6 US$ 4,627 US$ 177 US$ 459 US$ 336 US$ 4,504 US$ 1.45 US$ 2.46 10 15.2x 9.0x 14.8x 8.7x 10.5x 7.1x 1.4x 0.62SSR Mining Inc. TSX:SSRM C$ 23.17 123.0 US$ 2,177 US$ 526 US$ 636 US$ 168 US$ 1,708 US$ 1.56 US$ 2.10 7 11.3x 8.4x 8.9x 6.6x 7.6x 5.3x 1.3x -Silvercorp Metals Inc. TSX:SVM C$ 6.94 172.4 US$ 914 US$ 135 US$ 125 - US$ 789 US$ 0.43 US$ 0.44 3 12.3x 12.1x 10.6x 10.5x 10.1x 9.1x 1.4x 0.47

Group Average - Silver Producers 280.1x 7.9x 243.6x 7.8x 10.7x 6.8x 1.2x 1.17

Group Average - Silver Producers (excluding high/low) 29.4x 8.0x 30.4x 7.8x - 6.2x 1.1x 0.55

Diamond Producers

Lucara Diamond Corp. TSX:LUC C$ 0.81 396.9 US$ 246 US$ 5 US$ 52 - US$ 193 US$ 0.14 US$ 0.17 4 4.3x 3.7x 3.4x 2.9x 2.6x 2.5x 0.5x -Mountain Province Diamonds Inc. TSX:MPVD C$ 1.15 210.1 US$ 185 US$ 21 US$ 70 US$ 292 US$ 406 US$ 0.32 US$ 0.43 3 2.8x 2.0x 6.1x 4.5x 5.5x 3.6x 0.7x 3.48Petra Diamonds Limited LSE:PDL C$ 0.15 865.4 US$ 96 US$ 72 US$ 105 US$ 724 US$ 715 US$ 0.11 US$ 0.09 4 1.0x 1.2x 7.7x 9.0x 4.4x 4.7x 0.4x -

Group Average - Diamond Producers 2.7x 2.3x 5.7x 5.5x 4.2x 3.6x 0.5x 3.48

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 3.11 180.5 US$ 429 US$ 18 US$ 17 - US$ 412 US$ 0.31 US$ 0.29 4 7.8x 8.3x 7.5x 8.0x 6.1x 6.3x 0.8x 4.40Altius Minerals Corporation TSX:ALS C$ 11.59 42.7 US$ 378 US$ 24 US$ 15 US$ 71 US$ 434 US$ 0.72 US$ 0.65 5 12.3x 13.6x 14.1x 15.6x 9.0x 9.6x 1.0x 1.70Franco-Nevada Corporation TSX:FNV C$ 131.69 188.6 US$ 18,970 US$ 92 US$ 220 US$ 242 US$ 18,993 US$ 3.23 US$ 3.84 14 31.1x 26.2x 31.2x 26.2x 29.2x 24.0x 2.1x 0.99Osisko Gold Royalties Ltd TSX:OR C$ 12.23 157.5 US$ 1,471 US$ 113 US$ 114 US$ 263 US$ 1,620 US$ 0.51 US$ 0.59 14 18.4x 15.8x 20.3x 17.4x 19.7x 16.0x 1.0x 1.66Royal Gold, Inc. US:RGLD C$ 146.87 65.6 US$ 7,359 US$ 122 US$ 132 US$ 165 US$ 7,392 US$ 4.30 US$ 5.12 11 26.1x 21.9x 26.2x 22.0x 23.8x 19.3x 2.2x 1.00Sandstorm Gold Ltd. TSX:SSL C$ 8.86 175.4 US$ 1,187 US$ 19 US$ 26 US$ 48 US$ 1,210 US$ 0.33 US$ 0.39 8 20.6x 17.6x 21.0x 17.9x 19.4x 16.2x 1.3x -Wheaton Precious Metals Corp. TSX:WPM C$ 36.28 447.2 US$ 12,394 US$ 152 US$ 124 US$ 1,014 US$ 13,283 US$ 1.19 US$ 1.49 15 23.3x 18.6x 25.0x 20.0x 23.6x 18.5x 1.6x 1.28

Group Average - Royalty Companies 19.9x 17.4x 20.7x 18.1x 18.7x 15.7x 1.4x 1.84

Group Average - Royalty Companies (excluding high/low) 20.1x 17.5x 21.3x 18.6x 19.1x 15.9x 1.4x 1.41

All data sourced from Capital IQ

EV/CF RatioCash Debt P/CF Ratio EV/EBITDA Ratio P/NAV2019E 2020E Number of

Estmates

Yield

The Weekly Dig



22

January 10, 2020

Senior Gold Producers* – Reserves and Resources


Reserves

Agnico Eagle Mines Limited NYSE:AEM US $14,100 US $337 US $15,206 60.1 2.07 65.1 2.25 92% 22.1 2.70 23.1 2.83 95% US $689 37.9 1.82 41.9 2.01 91% 53% US $253 US $234

AngloGold Ashanti Limited JSE:ANG US $8,951 US ($144) US $10,613 187.8 1.62 206.1 1.78 91% 45.4 1.22 51.0 1.37 89% US $234 137.9 1.85 150.6 2.02 92% 35% US $57 US $51

B2Gold Corp. TSX:BTO US $3,895 US $327 US $3,912 26.3 0.88 30.6 1.03 86% 7.6 1.17 7.9 1.22 96% US $513 18.6 0.80 22.7 0.98 82% 53% US $149 US $128

Barrick Gold Corporation TSX:ABX US $31,207 US $3,666 US $33,035 231.3 0.81 330.1 1.15 70% 89.3 1.25 110.1 1.54 81% US $370 142.0 0.66 220.1 1.02 65% 30% US $143 US $100

Evolution Mining Limited ASX:EVN US $4,450 US $266 US $4,314 13.9 0.88 14.1 0.88 99% 6.9 0.85 7.1 0.87 98% US $621 7.0 0.90 7.0 0.90 100% 40% US $309 US $306

Fresnillo Plc LSE:FRES US $5,964 US $996 US $5,780 91.4 1.98 127.2 2.76 72% 11.0 0.77 19.5 1.37 56% US $525 80.4 2.52 107.7 3.37 75% 64% US $63 US $45

Gold Fields Limited JSE:GFI US $5,210 US $391 US $7,148 104.3 2.11 117.0 2.36 89% 50.2 2.62 51.9 2.71 97% US $142 54.0 1.78 65.1 2.15 83% 45% US $69 US $61

Harmony Gold Mining Company Limited JSE:HAR US $2,000 US $80 US $2,336 95.0 1.11 120.4 1.41 79% 17.6 0.63 17.9 0.64 98% US $133 77.5 1.38 102.4 1.83 76% 36% US $25 US $19

IAMGOLD Corporation TSX:IMG US $1,580 US $749 US $1,275 37.9 1.14 38.5 1.15 99% 17.9 1.14 17.9 1.14 100% US $71 20.0 1.14 20.6 1.17 97% 48% US $34 US $33

Kinross Gold Corporation TSX:K US $5,572 US $1,026 US $6,430 61.7 0.69 62.8 0.70 98% 25.5 0.67 26.2 0.69 98% US $252 35.3 0.69 35.8 0.70 99% 20% US $104 US $102

Newcrest Mining Limited ASX:NCM US $16,394 US $1,570 US $16,819 113.5 0.56 191.0 0.94 59% 48.6 0.78 67.6 1.09 72% US $346 64.9 0.46 123.3 0.88 53% 14% US $148 US $88

Newmont Corporation NYSE:NEM US $34,154 US $3,087 US $38,006 234.3 0.68 349.7 1.01 67% 117.3 0.79 159.9 1.07 73% US $324 117.1 0.60 189.7 0.97 62% 30% US $162 US $109

Yamana Gold Inc. TSX:YRI US $3,463 US ($22) US $4,559 38.9 0.57 71.1 1.05 55% 14.2 0.44 33.0 1.03 43% US $322 24.7 0.69 38.1 1.07 65% 49% US $117 US $64

Group Average - Total # Companies: 13 US $349 US $126 US $103

Equivalency assumptions (US$ / 01-09-20): $1,552/oz Au, $17.88/oz Ag, $967/oz Pt, $2,113/oz Pd, $2.79/lb Cu, $1.08/lb Zn, $0.87/lb Pb, $6.35/lb Ni, $14.77/lb Co, $0/t Sb, $24.50/lb U3O8, $7.82/lb Sn, $93.00/t HCC, $93.57/t 62% Fe

*Prior fiscal year production of greater than 800k ounces of gold.

Source: SNL Financial retrieved on January 9, 2020

AuEq

(g/t)% Au

EV/oz

Au

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

AuEq

(g/t)% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

Company EV/oz

Au

Global

EV/oz

AuEq

AuEq

(Moz)

Resources (M&I and Inferred)

AuEq

(g/t)% Au

% Au

Inferred

Reserves

Au

(Moz)

Au

(g/t)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

The Weekly Dig



23

January 10, 2020

Intermediate Gold Producers* – Reserves and Resources


Reserves

Alamos Gold Inc. TSX:AGI US $2,154 US $254 US $1,901 23.7 1.34 24.4 1.38 97% 10.5 1.55 10.9 1.61 97% US $181 13.2 1.20 13.5 1.23 98% 43% US $80 US $78

Centerra Gold Inc. TSX:CG US $2,250 US $671 US $1,677 32.0 0.42 48.9 0.64 65% 14.4 0.62 19.1 0.81 76% US $116 17.5 0.33 29.9 0.56 59% 35% US $52 US $34

China Gold International Resources Corp. Ltd. TSX:CGG US $342 US ($390) US $1,378 10.2 0.15 45.1 0.67 23% 4.0 0.25 17.0 1.07 23% US $346 6.2 0.12 27.8 0.55 22% 41% US $135 US $31

Detour Gold Corporation TSX:DGC US $3,354 US $139 US $3,327 21.1 1.00 21.1 1.00 100% 15.4 0.96 15.4 0.96 100% US $215 5.7 1.11 5.7 1.11 100% 22% US $157 US $157

Dundee Precious Metals Inc. TSX:DPM US $710 US ($4) US $741 9.9 0.39 16.3 0.65 61% 2.6 3.32 3.3 4.21 79% US $287 7.3 0.30 13.0 0.54 56% 54% US $75 US $45

Eldorado Gold Corporation TSX:ELD US $1,194 US $212 US $1,459 44.9 0.81 59.7 1.08 75% 16.1 1.35 21.7 1.81 74% US $90 28.8 0.66 38.0 0.88 76% 61% US $32 US $24

Endeavour Mining Corporation TSX:EDV US $1,955 US $133 US $2,557 14.5 1.73 14.5 1.73 100% 7.4 1.75 7.4 1.75 100% US $344 7.0 1.70 7.0 1.70 100% 34% US $177 US $177

Golden Star Resources Ltd. TSX:GSC US $367 US ($28) US $463 11.9 3.28 11.9 3.28 100% 1.6 2.86 1.6 2.86 100% US $288 10.3 3.35 10.3 3.35 100% 63% US $39 US $39

Highland Gold Mining Limited AIM:HGM US $894 US ($26) US $1,038 19.9 2.93 20.4 2.99 98% 5.9 3.15 6.0 3.19 99% US $175 14.0 3.08 14.4 3.17 97% 23% US $52 US $51

Kirkland Lake Gold Ltd. TSX:KL US $9,018 US $359 US $8,678 19.7 4.59 19.7 4.59 100% 5.9 15.34 5.9 15.34 100% US $1,467 13.8 3.53 13.8 3.53 100% 46% US $441 US $441

Leagold Mining Corporation TSX:LMC US $696 US $128 US $872 20.9 1.14 22.0 1.20 95% 7.0 1.29 7.0 1.29 100% US $124 13.8 1.07 15.0 1.16 92% 44% US $42 US $40

New Gold Inc. TSX:NGD US $622 US $148 US $1,235 19.7 0.76 24.8 0.97 79% 13.4 0.80 15.9 0.95 84% US $92 6.2 0.70 8.9 0.99 70% 21% US $63 US $50

OceanaGold Corporation TSX:OGC US $1,188 US $13 US $1,372 13.0 1.58 13.8 1.67 94% 5.5 1.37 6.0 1.51 91% US $251 7.6 1.78 7.8 1.83 97% 56% US $105 US $100

Perseus Mining Limited ASX:PRU US $908 US $125 US $809 10.0 1.22 10.0 1.22 100% 4.3 1.45 4.3 1.45 100% US $188 5.7 1.09 5.7 1.09 100% 42% US $81 US $81

Pretium Resources Inc. TSX:PVG US $1,972 US ($97) US $2,498 46.4 0.65 56.0 0.78 83% 6.4 12.44 6.8 13.12 95% US $390 40.0 0.56 49.2 0.69 81% 30% US $54 US $45

Regis Resources Limited ASX:RRL US $1,515 US $117 US $1,399 10.4 0.97 10.4 0.97 100% 4.8 1.14 4.8 1.14 100% US $295 5.6 0.86 5.6 0.86 100% 38% US $135 US $135

SEMAFO Inc. TSX:SMF US $639 US $109 US $581 7.4 2.74 7.4 2.74 100% 2.7 3.43 2.7 3.43 100% US $215 4.7 2.45 4.7 2.45 100% 40% US $79 US $79

Torex Gold Resources Inc. TSX:TXG US $1,314 US $117 US $1,374 8.2 2.68 10.8 3.54 76% 2.6 3.07 2.6 3.13 98% US $535 5.6 2.53 8.2 3.69 69% 82% US $167 US $127



*Prior fiscal year production of between 200k and 800k ounces of gold.


Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Global Reserves & Resources Reserves Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

The Weekly Dig



24

January 10, 2020

Junior Gold Producers* – Reserves and Resources


Reserves

Alacer Gold Corp. TSX:ASR US $1,098 US $168 US $1,257 6.7 1.66 8.1 2.02 82% 3.3 2.15 4.2 2.72 79% US $382 3.4 1.46 4.0 1.72 85% 36% US $189 US $155

Alio Gold Inc. TSX:ALO US $64 US $45 US $24 5.7 0.63 5.8 0.64 98% 2.9 0.58 2.9 0.59 99% US $8 2.8 0.70 2.9 0.72 97% 20% US $4 US $4

Argonaut Gold Inc. TSX:AR US $271 US $90 US $196 12.4 0.60 14.5 0.70 86% 4.1 0.67 4.7 0.77 88% US $47 8.3 0.57 9.8 0.68 85% 15% US $16 US $14

Asanko Gold Inc. TSX:AKG US $197 US $15 US $182 3.1 1.46 3.1 1.46 100% 2.3 1.57 2.3 1.57 100% US $78 0.8 1.22 0.8 1.22 100% 15% US $59 US $59

Continental Gold Inc. TSX:CNL US $887 US $32 US $1,231 11.7 9.40 12.3 9.84 96% 3.7 8.41 3.8 8.69 97% US $332 8.0 9.94 8.5 10.46 95% 75% US $105 US $100

Equinox Gold Corp. TSX:EQX US $851 US $65 US $1,028 12.3 0.50 15.1 0.61 82% 5.5 0.63 5.5 0.63 100% US $186 6.8 0.43 9.6 0.60 71% 51% US $83 US $68

Fiore Gold Ltd. TSXV:F US $42 US $22 US $23 3.2 0.98 3.2 0.98 100% 0.3 0.51 0.3 0.51 100% US $83 2.9 1.07 2.9 1.07 100% 20% US $7 US $7

Goldgroup Mining Inc. TSX:GGA US $3 US ($3) US $7 0.6 1.44 0.9 2.26 64% - - - - - - 0.6 1.44 0.9 2.26 64% 47% US $11 US $7

Guyana Goldfields Inc. TSX:GUY US $96 US $37 US $63 6.6 2.48 6.6 2.48 100% 2.3 2.63 2.3 2.63 100% US $27 4.3 2.41 4.3 2.41 100% 53% US $10 US $10

Hummingbird Resources PLC AIM:HUM US $102 US ($58) US $224 5.2 1.57 5.2 1.57 100% 0.6 3.14 0.6 3.14 100% US $394 4.6 1.49 4.6 1.49 100% 47% US $43 US $43

K92 Mining Inc. TSXV:KNT US $511 US $18 US $501 2.5 9.28 3.0 11.37 82% - - - - - - 2.5 9.28 3.0 11.37 82% 76% US $204 US $167

McEwen Mining Inc. NYSE:MUX US $468 US $16 US $505 13.5 0.11 69.6 0.57 19% 0.7 1.32 0.8 1.51 88% US $682 12.7 0.11 68.7 0.57 18% 47% US $38 US $7

Medusa Mining Limited ASX:MML US $122 US $15 US $107 1.4 3.89 1.4 3.89 100% 0.4 6.87 0.4 6.87 100% US $304 1.1 3.41 1.1 3.41 100% 42% US $75 US $75

Metals Exploration plc AIM:MTL US $36 US ($94) US $153 1.7 1.62 1.7 1.62 100% 0.9 1.86 0.9 1.86 100% US $170 0.8 1.43 0.8 1.43 100% 82% US $88 US $88

Minera IRL Limited BVL:MIRL US $28 US ($97) US $133 2.5 2.17 2.5 2.17 100% 1.1 1.87 1.1 1.87 100% US $123 1.4 2.43 1.4 2.43 100% 76% US $53 US $53

Orosur Mining Inc. TSX:OMI US $7 US ($18) US $26 0.6 0.67 1.4 1.61 42% 0.1 1.42 0.1 1.42 100% US $265 0.5 0.61 1.3 1.63 37% 17% US $43 US $18

Orvana Minerals Corp. TSX:ORV US $18 US ($7) US $37 2.0 3.78 2.6 4.76 79% 0.4 2.65 0.7 4.56 58% US $90 1.6 4.28 1.9 4.95 86% 51% US $18 US $14

Premier Gold Mines Limited TSX:PG US $259 US $27 US $251 10.6 1.51 11.6 1.65 92% 3.0 1.21 3.0 1.22 99% US $84 7.6 1.67 8.5 1.88 89% 53% US $24 US $22

Roxgold Inc. TSX:ROXG US $270 US ($3) US $296 1.4 5.16 1.4 5.16 100% 0.6 - 0.6 - 100% US $499 0.9 3.75 0.9 3.75 100% 24% US $204 US $204

Shanta Gold Limited AIM:SHG US $107 US $9 US $105 2.8 2.44 2.8 2.45 100% 0.3 3.44 0.3 3.44 100% US $400 2.5 2.37 2.5 2.37 100% 54% US $38 US $38

TMAC Resources Inc. TSX:TMR US $272 US $78 US $302 6.4 7.88 6.4 7.88 100% 3.6 6.77 3.6 6.77 100% US $84 2.8 9.95 2.8 9.95 100% 57% US $47 US $47

Vast Resources plc AIM:VAST US $31 US ($1) US $38 1.5 1.39 2.2 2.10 66% 0.3 1.77 0.7 3.64 49% US $117 1.1 1.31 1.6 1.78 74% 45% US $26 US $17



*Prior fiscal year production of less than 200k ounces of gold.


Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

EV/oz

Au



The Weekly Dig

25

January 10, 2020

Gold Development-Stage Companies (Engineering Study Complete) – Enterprise Value per Ounce


Reserves

% AuEq

African Gold Group, Inc. TSXV:AGG US $13 US $0 US $13 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $29 1.5 0.96 1.5 0.96 100% 59% 59% US $7 US $7

Almaden Minerals Ltd. TSX:AMM US $60 US $2 US $60 2.4 0.44 4.4 0.80 55% 1.4 0.59 2.4 1.01 59% US $43 1.0 0.33 2.0 0.65 51% 40% 55% US $25 US $14

Amarillo Gold Corporation TSXV:AGC US $32 US $6 US $26 1.8 1.10 1.8 1.10 100% - - - - - - 1.8 1.10 1.8 1.10 100% 19% 19% US $15 US $15

ATAC Resources Ltd. TSXV:ATC US $26 US $8 US $18 2.4 3.45 2.4 3.46 100% - - - - - - 2.4 3.45 2.4 3.46 100% 79% 79% US $8 US $8

Barkerville Gold Mines Ltd. TSXV:BGM US $174 US ($2) US $180 4.4 5.31 4.5 5.35 99% 0.0 4.82 0.0 4.82 100% US $5,990 4.4 5.32 4.4 5.36 99% 44% 43% US $41 US $40

Belo Sun Mining Corp TSX:BSX US $171 US $28 US $143 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $38 3.0 1.07 3.0 1.07 100% 52% 52% US $21 US $21

Bluestone Resources Inc. TSXV:BSR US $86 US $6 US $80 5.1 1.89 5.4 1.99 95% 0.9 8.49 1.0 8.86 96% US $85 4.2 1.61 4.4 1.70 95% 22% 22% US $16 US $15

Cardinal Resources Limited ASX:CDV US $117 US $11 US $131 7.0 1.12 7.0 1.12 100% 5.1 1.14 5.1 1.14 100% US $26 1.9 1.06 1.9 1.06 100% 24% 24% US $19 US $19

Chaarat Gold Holdings Limited AIM:CGH US $222 US ($32) US $286 10.1 2.37 11.1 2.59 91% 0.9 1.09 1.1 1.34 81% US $320 9.2 2.68 10.0 2.89 93% 19% 25% US $28 US $26

Chalice Gold Mines Limited ASX:CHN US $46 US $15 US $31 0.5 1.23 1.0 2.62 47% - - - - - - 0.5 1.23 1.0 2.62 47% 37% 17% US $69 US $33

Chesapeake Gold Corp. TSXV:CKG US $122 US $12 US $110 19.5 0.51 28.4 0.75 69% 18.3 0.52 26.8 0.76 68% US $6 1.2 0.45 1.5 0.58 78% 53% 58% US $6 US $4

Columbus Gold Corp. TSX:CGT US $21 US $1 US $20 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $16 0.9 1.25 0.9 1.25 100% 47% 47% US $9 US $9

Corvus Gold Inc. TSX:KOR US $187 US $17 US $169 3.6 0.38 3.7 0.39 97% - - - - - - 3.6 0.38 3.7 0.39 97% 19% 18% US $47 US $46

Eastmain Resources Inc. TSX:ER US $20 US $1 US $19 1.7 6.59 1.7 6.64 99% - - - - - - 1.7 6.59 1.7 6.64 99% 37% 37% US $11 US $11

Euro Sun Mining Inc. TSX:ESM US $25 US ($2) US $28 7.0 0.55 9.5 0.75 74% - - - - - - 7.0 0.55 9.5 0.75 74% 1% 0% US $4 US $3

Falco Resources Ltd. TSXV:FPC US $44 US ($9) US $60 5.9 1.60 8.9 2.42 66% 3.7 1.44 5.7 2.18 66% US $16 2.1 1.97 3.3 3.01 66% 47% 50% US $10 US $7

First Mining Gold Corp. TSX:FF US $115 US $6 US $109 11.4 1.51 11.7 1.55 97% - - - - - - 11.4 1.51 11.7 1.55 97% 32% 32% US $10 US $9

Gabriel Resources Ltd. TSXV:GBU US $193 US $26 US $226 16.4 1.05 17.3 1.11 95% 8.1 1.46 8.6 1.54 95% US $28 8.3 0.83 8.7 0.87 95% 27% 26% US $14 US $13

Gold Road Resources Limited ASX:GOR US $816 US $26 US $921 3.3 1.10 3.4 1.13 97% 2.0 1.26 2.0 1.26 100% US $469 1.3 0.92 1.4 0.99 93% 64% 67% US $279 US $271

Goldquest Mining Corp. TSXV:GQC US $27 US $13 US $13 2.2 2.60 3.1 3.67 71% 0.8 3.72 1.1 4.85 77% US $16 1.4 2.19 1.9 3.06 71% 16% 19% US $6 US $4

International Tower Hill Mines Ltd. TSX:ITH US $99 US $7 US $91 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $10 3.6 0.60 3.6 0.60 100% 31% 31% US $7 US $7

INV Metals Inc. TSX:INV US $40 US ($1) US $41 3.0 3.37 3.7 4.10 82% 2.2 4.92 2.5 5.62 88% US $19 0.8 1.84 1.2 2.61 71% 39% 50% US $14 US $11

KEFI Minerals Plc AIM:KEFI US $22 US ($5) US $29 1.6 1.86 1.6 1.86 100% 0.8 2.12 0.8 2.12 100% US $37 0.8 1.65 0.8 1.65 100% 21% 21% US $18 US $18

Liberty Gold Corp. TSX:LGD US $204 US $12 US $193 3.3 0.40 5.1 0.62 65% - - - - - - 3.3 0.40 5.0 0.62 65% 32% 36% US $59 US $38

Lumina Gold Corp. TSXV:LUM US $162 US $3 US $159 8.5 0.65 10.4 0.80 81% - - - - - - 8.5 0.65 10.4 0.80 81% 100% 100% US $19 US $15

Lundin Gold Inc. TSX:LUG US $1,416 US $125 US $2,064 9.5 8.33 9.6 8.47 98% 5.0 8.77 5.1 8.91 98% US $411 4.5 7.88 4.5 8.02 98% 48% 48% US $218 US $214

Lupaka Gold Corp. TSXV:LPK US $2 US ($0) US $2 0.5 4.20 0.6 5.40 78% - - - - - - 0.5 4.20 0.6 5.40 78% 19% 16% US $4 US $3

Lydian International Limited TSX:LYD US $44 US ($363) US $406 4.8 0.69 5.0 0.73 94% 2.6 0.79 2.8 0.83 95% US $156 2.1 0.60 2.3 0.64 94% 60% 60% US $86 US $81

Marathon Gold Corporation TSX:MOZ US $216 US $23 US $193 4.3 1.85 4.3 1.85 100% - - - - - - 4.3 1.85 4.3 1.85 100% 36% 36% US $45 US $45

Midas Gold Corp. TSX:MAX US $134 US $22 US $139 6.6 1.60 6.7 1.62 98% - - - - - - 6.6 1.60 6.7 1.62 98% 15% 15% US $21 US $21

Minera Alamos Inc. TSXV:MAI US $82 US $1 US $83 0.3 2.10 0.4 2.66 79% - - - - - - 0.3 2.10 0.4 2.66 79% 3% 3% US $259 US $205

Moneta Porcupine Mines Inc. TSX:ME US $31 US $3 US $28 1.3 4.27 1.3 4.30 99% - - - - - - 1.3 4.27 1.3 4.30 99% 69% 69% US $22 US $22

NovaGold Resources Inc. TSX:NG US $2,682 US $152 US $2,632 22.5 2.21 22.5 2.21 100% 16.9 2.09 16.9 2.09 100% US $156 5.6 2.69 5.6 2.69 100% 54% 54% US $117 US $117

Orca Gold Inc. TSXV:ORG US $48 US $11 US $37 4.0 1.22 4.1 1.23 99% 2.0 1.11 2.0 1.11 100% US $18 2.0 1.35 2.1 1.38 98% 83% 82% US $9 US $9

Orezone Gold Corporation TSXV:ORE US $81 US $16 US $65 5.5 0.68 5.5 0.68 100% 1.7 0.81 1.7 0.81 100% US $39 3.9 0.63 3.9 0.63 100% 26% 26% US $12 US $12

Orla Mining Ltd. TSX:OLA US $264 US $3 US $271 11.9 0.82 14.9 1.03 80% 1.5 0.74 1.8 0.87 85% US $178 10.4 0.84 13.2 1.06 79% 16% 16% US $23 US $18

Osisko Mining Inc. TSX:OSK US $843 US $80 US $766 8.8 2.24 8.9 2.28 98% - - - - - - 8.8 2.24 8.9 2.28 98% 49% 48% US $87 US $86

Pure Gold Mining Inc. TSXV:PGM US $216 US $65 US $160 2.5 8.67 2.5 8.67 100% 1.0 8.97 1.0 8.97 100% US $158 1.5 8.48 1.5 8.48 100% 31% 31% US $63 US $63

Red Eagle Mining Corporation OTCPK:RDEM.F US $0 US ($100) US $100 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $246 0.2 1.98 0.2 1.98 100% 64% 64% US $163 US $163

RTG Mining Inc. TSX:RTG US $34 US $10 US $24 0.4 1.64 0.8 3.31 50% 0.2 2.04 0.5 4.54 45% US $120 0.2 1.34 0.3 2.35 57% 84% 81% US $65 US $32

Rubicon Minerals Corporation TSX:RMX US $70 US $3 US $77 1.1 6.39 1.1 6.39 100% - - - - - - 1.1 6.39 1.1 6.39 100% 48% 48% US $68 US $68

Sabina Gold & Silver Corp. TSX:SBB US $387 US $16 US $372 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $149 4.7 6.16 4.7 6.16 100% 40% 40% US $52 US $52

Gold X Mining Corp. TSXV:GLDX US $59 US $5 US $53 10.5 0.86 11.6 0.94 91% - - - - - - 10.5 0.86 11.6 0.94 91% 30% 29% US $5 US $5

Seabridge Gold Inc. TSX:SEA US $792 US $15 US $778 120.1 0.47 210.8 0.83 57% 45.3 0.61 65.6 0.89 69% US $17 74.9 0.42 145.2 0.81 52% 81% 84% US $6 US $4

Sihayo Gold Limited ASX:SIH US $21 US ($3) US $28 1.2 2.11 1.2 2.11 100% 0.6 2.08 0.6 2.08 100% US $49 0.6 2.13 0.6 2.13 100% 60% 60% US $23 US $23

Spanish Mountain Gold Ltd. TSXV:SPA US $18 US $1 US $18 5.3 0.37 5.4 0.37 98% - - - - - - 5.3 0.37 5.4 0.37 98% 34% 34% US $3 US $3

Treasury Metals Inc. TSX:TML US $36 US ($2) US $41 1.5 2.37 1.8 2.74 87% - - - - - - 1.5 2.37 1.8 2.74 87% 17% 19% US $27 US $23

West Kirkland Mining Inc. TSXV:WKM US $17 US $0 US $17 0.8 0.46 0.9 0.54 85% 0.6 0.58 0.7 0.67 86% US $30 0.2 0.30 0.3 0.37 82% 45% 44% US $21 US $18

Victoria Gold Corp. TSXV:VIT US $370 US ($13) US $573 4.9 0.66 5.0 0.67 99% 2.7 0.67 2.7 0.67 100% US $215 2.2 0.65 2.3 0.66 98% 21% 21% US $117 US $116


Group Average - 0 - 20 million ounces # Companies: 47 US $46 US $42

Group Average - 20 - 50 million ounces # Companies: 1 US $117 US $60

Group Average - +50 million ounces # Companies: 1 US $6 US $4



*Includes only Liberty's Goldstrike and Kinsley Mountain Projects

Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

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AuEq

(Moz)

AuEq

(g/t)% Au% Au

Au

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Global Reserves & Resources

AuEq

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% Au

Inferred

Company EV/oz

Au

Reserves

Au

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The Weekly Dig

26

January 10, 2020

Gold Exploration-Stage Companies (Resource Only) – Enterprise Value per Ounce of Gold


Aurion Resources Ltd. TSXV:AU US $123 US $16 US $108 0.8 0.70 0.8 0.70 100% 0.0 5.20 0.0 5.20 100% 0.8 0.70 0.8 0.70 100% - US $131 US $131

Auryn Resources Inc. TSX:AUG US $123 US ($0) US $123 2.3 5.56 2.6 6.26 89% - - - - - 2.3 5.56 2.6 6.26 89% 72% US $53 US $47

Balmoral Resources Ltd TSX:BAR US $50 US $2 US $49 1.2 1.20 1.7 1.75 69% - - - - - 1.2 1.20 1.7 1.75 69% 36% US $41 US $28

Calibre Mining Corp. TSX:CXB US $225 US $0 US $225 2.2 1.22 2.8 1.55 79% - - - - - 2.2 1.22 2.8 1.55 79% 100% US $102 US $80

Condor Gold Plc AIM:CNR US $27 US $5 US $23 2.4 3.87 2.4 3.93 98% 0.7 3.04 0.7 3.10 98% 1.7 4.32 1.8 4.39 98% 73% US $9 US $9

GobiMin Inc. TSXV:GMN US $10 US $24 US ($12) 2.9 1.50 2.9 1.50 100% - - - - - 2.9 1.50 2.9 1.50 100% 63% - -

Gold Standard Ventures Corp TSX:GSV US $206 US $9 US $195 3.6 0.80 3.7 0.83 96% - - - - - 3.6 0.80 3.7 0.83 96% 73% US $54 US $52

Granada Gold Mine Inc. TSXV:GGM US $12 US ($5) US $13 2.8 2.05 2.8 2.09 98% - - - - - 2.8 2.05 2.8 2.09 98% 71% US $5 US $4

Integra Resources Corp. TSXV:ITR US $107 US $5 US $100 2.7 0.42 4.2 0.65 65% - - - - - 2.7 0.42 4.2 0.65 65% 13% US $37 US $24

Kasbah Resources Limited ASX:KAS US $1 US ($3) US $4 0.2 0.55 1.3 3.11 18% - - 0.5 2.86 - 0.2 0.93 0.8 3.28 28% - US $17 US $3

Lincoln Gold Mining Inc. TSXV:LMG US $1 US ($2) US $2 0.1 1.91 0.1 1.91 100% - - - - - 0.1 1.91 0.1 1.91 100% 5% US $22 US $22

Lion One Metals Limited TSXV:LIO US $152 US $6 US $146 0.7 0.09 15.2 1.95 5% - - - - - 0.7 0.09 15.2 1.95 5% 60% US $198 US $10

New Pacific Metals Corp. TSXV:NUAG US $684 US $28 US $654 0.5 6.12 0.6 7.17 85% - - - - - 0.5 6.12 0.6 7.17 85% 45% US $1,291 US $1,102

Nighthawk Gold Corp. TSX:NHK US $85 US $9 US $76 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $26 US $26

Novo Resources Corp. OTCPK:NSRP.F US $465 US $26 US $437 1.3 2.54 1.4 2.81 90% - - - - - 1.3 2.54 1.4 2.81 90% 56% US $335 US $302

Orex Minerals Inc. TSXV:REX US $10 US $0 US $10 0.1 0.21 0.6 2.03 10% - - - - - 0.1 0.21 0.6 2.03 10% 47% US $158 US $16

Osprey Gold Development Ltd. TSXV:OS US $3 US $1 US $2 0.4 3.56 0.4 3.56 100% - - - - - 0.4 3.56 0.4 3.56 100% 92% US $6 US $6

Puma Exploration Inc. TSXV:PUMA US $3 US ($1) US $3 0.1 0.32 1.5 3.69 9% - - - - - 0.1 0.32 1.5 3.69 9% 5% US $26 US $2

Red Pine Exploration Inc. TSXV:RPX US $16 US ($0) US $16 0.4 5.38 0.4 5.38 100% - - - - - 0.4 5.38 0.4 5.38 100% 63% US $37 US $37

Redstar Gold Corp. TSXV:RGC US $6 US $2 US $4 0.5 2.89 0.7 3.60 80% - - - - - 0.1 2.94 0.2 6.07 48% 409% US $7 US $6

Reunion Gold Corporation TSXV:RGD US $42 US $3 US $37 1.2 1.07 1.2 1.07 100% - - - - - 1.2 1.07 1.2 1.07 100% 57% US $31 US $31

Revival Gold Inc. TSXV:RVG US $23 US $1 US $22 2.0 0.62 2.0 0.62 100% - - - - - 2.0 0.62 2.0 0.62 100% 39% US $11 US $11

Rupert Resources Ltd. TSXV:RUP US $75 US $0 US $74 1.0 2.19 1.0 2.19 100% - - - - - 1.0 2.19 1.0 2.19 100% 85% US $75 US $75

Sarama Resources Ltd TSXV:SWA US $12 US $3 US $9 2.7 1.60 2.7 1.60 100% - - - - - 2.7 1.60 2.7 1.60 100% 91% US $3 US $3

SolGold plc TSX:SOLG US $498 US $17 US $480 20.0 0.25 56.8 0.70 35% - - - - - 20.0 0.25 56.8 0.70 35% 17% US $24 US $8

Teras Resources Inc. TSXV:TRA US $7 US ($0) US $8 1.1 0.48 1.3 0.55 88% - - - - - 1.1 0.48 1.3 0.55 88% 10% US $7 US $6

Gold Springs Resource Corp. TSX:GRC US $25 US $5 US $8 1.9 0.07 12.3 0.47 15% - - - - - 1.9 0.07 12.3 0.47 15% 40% US $4 US $1

Group Average - Total # Companies: 27 US $100 US $76



EV/oz

Au

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AuEq

Au

(Moz)

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Global

% Au% AuAu

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(Moz)


Au

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% Au

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(millions)

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(millions)

The Weekly Dig



27

January 10, 2020

Silver – Enterprise Value per Ounce of Silver


Reserves

Alexco Resource Corp. TSX:AXU US $233 US $10 US $224 108 418 165 639 65% 30 805 42 1,104 73% US $7.37 77 351 123 559 63% 31% US $2.08 US $1.36

Americas Gold and Silver Corporation TSX:USA US $234 US $4 US $242 113 56 277 138 41% 42 38 129 116 32% US $5.78 71 79 148 165 48% 36% US $2.14 US $0.87

Athena Silver Corporation OTCPK:AHNR US $1 US ($3) US $4 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.09 US $0.09

Bear Creek Mining Corporation TSXV:BCM US $209 US $25 US $185 360 41 722 81 50% 225 50 468 105 48% US $0.82 135 31 254 58 53% 36% US $0.51 US $0.26

Coeur Mining, Inc. NYSE:CDE US $1,539 US $33 US $1,861 686 23 1,626 55 42% 171 20 442 52 39% US $10.87 514 24 1,184 56 43% 34% US $2.71 US $1.14

Defiance Silver Corp. TSXV:DEF US $25 US $0 US $26 28 4 347 48 8% - - - - - - 28 4 347 48 8% 67% US $0.92 US $0.07

Dolly Varden Silver Corporation TSXV:DV US $17 US $3 US $13 44 294 44 294 100% - - - - - - 44 294 44 294 100% 26% US $0.30 US $0.30

Endeavour Silver Corp. TSX:EDR US $300 US $49 US $257 166 203 288 352 58% 47 209 88 394 53% US $5.49 120 201 200 336 60% 76% US $1.55 US $0.89

Excellon Resources Inc. TSX:EXN US $80 US $9 US $72 24 226 47 442 51% 9 137 20 317 43% US $8.41 15 354 27 621 57% 45% US $3.01 US $1.54

First Majestic Silver Corp. TSX:FR US $2,221 US $149 US $2,233 356 155 627 273 57% 108 185 197 335 55% US $20.59 239 144 413 249 58% 70% US $6.26 US $3.56

Fortuna Silver Mines Inc. TSX:FVI US $598 US $46 US $686 85 14 498 82 17% 46 15 269 91 17% US $15.07 39 13 230 74 17% 84% US $8.11 US $1.38

Golden Minerals Company AMEX:AUMN US $33 US $0 US $33 69 367 98 525 70% - - - - - - 69 367 98 525 70% 9% US $0.48 US $0.33

Hecla Mining Company NYSE:HL US $1,554 US $33 US $2,137 866 56 3,088 198 28% 191 168 626 550 31% US $11.19 675 47 2,463 170 27% 69% US $2.47 US $0.69

Investigator Resources Limited ASX:IVR US $13 US $1 US $12 42 140 48 160 88% - - - - - - 42 140 48 160 88% 45% US $0.29 US $0.25

Kootenay Silver Inc TSXV:KTN US $64 US $7 US $57 116 43 244 91 47% - - - - - - 116 43 244 91 47% 21% US $0.49 US $0.23

MAG Silver Corp. TSX:MAG US $931 US $95 US $837 119 51 398 172 30% - - - - - - 119 51 398 172 30% 65% US $7.04 US $2.10

Mandalay Resources Corporation TSX:MND US $82 US ($32) US $120 14 7 289 152 5% - - 66 172 - - 14 11 223 170 6% 8% US $8.55 US $0.41

Minco Silver Corporation TSX:MSV US $33 US $34 US ($0) 162 158 259 253 63% 50 189 61 231 82% - 112 148 198 261 57% 52% - -

Mineworx Technologies Ltd. TSXV:MWX US $30 US $2 US $28 22 9 444 176 5% - - - - - - 22 9 444 176 5% - US $1.28 US $0.06

Pan American Silver Corp. TSX:PAAS US $4,627 US $459 US $4,549 1,800 30 5,700 96 32% 568 60 1,285 135 44% US $8.02 1,233 25 4,417 88 28% 27% US $2.53 US $0.80

Silver Bear Resources Plc TSX:SBR US $67 US $18 US $175 60 704 61 710 99% 22 809 22 809 100% US $7.86 38 655 39 663 99% 63% US $2.90 US $2.88

Silver Bull Resources, Inc. OTCPK:SVBL US $17 US $2 US $15 26 39 133 196 20% - - - - - - 26 39 133 196 20% 0% US $0.58 US $0.11

SilverCrest Metals Inc. TSX:SIL US $654 US $28 US $626 67 361 121 652 55% - - - - - - 67 361 121 652 55% 60% US $9.38 US $5.19

Silvercorp Metals Inc. TSX:SVM US $914 US $125 US $791 213 130 501 306 42% 84 202 159 383 53% US $9.41 129 105 342 280 38% 66% US $3.72 US $1.58

Group Average - Total # Companies: 24 US $9.24 US $2.93 US $1.14



EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)



The Weekly Dig

28

January 10, 2020

Precious Metals Sensitivity

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 NAVPS Gold $14.10 $10.48 $12.13 $13.24 $13.92 $14.10 $14.83 $14.92 $15.77 $16.35

Asanko Gold Inc. $1.15 NAVPS Gold $1.68 $0.46 $0.91 $1.30 $1.49 $1.68 $1.86 $2.04 $2.43 $2.85

B2Gold Corp. $6.50 NAVPS Gold $4.25 $2.62 $3.20 $3.74 $4.00 $4.25 $4.52 $4.80 $5.36 $5.92

Barrick Gold Corporation $28.00 NAVPS Gold $12.76 $8.83 $10.09 $11.43 $12.10 $12.76 $13.44 $14.12 $15.41 $16.82

Detour Gold Corporation n/a NAVPS Gold $23.85 $6.00 $8.00 $15.45 $19.60 $23.75 $27.95 $31.35 $37.80 $44.00

Eldorado Gold Corporation $15.00 NAVPS Gold $14.06 ($1.30) $3.46 $8.31 $10.75 $13.19 $15.63 $18.06 $22.93 $27.80

Endeavour Mining Corporation $32.00 NAVPS Gold $25.07 $12.25 $16.62 $20.87 $22.97 $25.07 $27.18 $29.28 $33.49 $37.73

K92 Mining Inc. $4.75 NAVPS Gold $4.78 $1.75 $2.65 $3.65 $4.20 $4.78 $5.38 $5.94 $7.07 $8.19

Metalla Royalty & Streaming $8.00 NAVPS Gold $5.35 $4.08 $4.51 $4.94 $5.16 $5.37 $5.59 $5.80 $6.23 $6.66

OceanaGold Corporation $3.50 NAVPS Gold $2.85 $0.63 $1.43 $2.15 $2.50 $2.85 $3.19 $3.54 $4.23 $4.92

Osisko Gold Royalties Ltd $19.50 NAVPS Gold $17.00 $14.02 $14.96 $15.89 $16.36 $16.83 $17.29 $17.76 $18.70 $19.63

RNC Minerals $0.70 NAVPS Gold $0.51 ($0.19) $0.07 $0.30 $0.41 $0.51 $0.63 $0.73 $0.92 $1.10

Roxgold Inc. $1.90 NAVPS Gold $1.30 $0.68 $0.87 $1.09 $1.19 $1.30 $1.41 $1.52 $1.75 $1.98

SEMAFO Inc. $3.50 NAVPS Gold $3.80 $1.12 $2.21 $3.15 $3.49 $3.80 $4.11 $4.35 $4.77 $5.10

Superior Gold Inc. $1.00 NAVPS Gold $1.48 $0.34 $0.72 $1.10 $1.29 $1.48 $1.67 $1.86 $2.24 $2.62

DEVELOPERS / EXPLORERS

Bluestone Resources Inc. $2.75 NAVPS Gold $3.05 $1.30 $1.90 $2.45 $2.75 $3.05 $3.35 $3.60 $4.20 $4.75

Equinox Gold Corp. $13.75 NAVPS Gold $13.82 $13.89 $13.85 $13.82 $13.82 $13.82 $13.82 $13.82 $13.82 $13.82

Falco Resources Ltd. $0.40 NAVPS Gold $0.95 ($0.62) ($0.03) $0.47 $0.71 $0.95 $1.19 $1.43 $1.90 $2.36

Filo Mining Corp. $4.60 NAVPS Gold $4.49 $3.35 $3.73 $4.11 $4.30 $4.49 $4.68 $4.87 $5.25 $5.63

Gold Road Resources Limited $0.85 NAVPS Gold $0.79 $0.28 $0.45 $0.62 $0.70 $0.79 $0.87 $0.95 $1.12 $1.28

Goldquest Mining Corp. $0.08 NAVPS Gold $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08

Harte Gold Corp. $0.25 NAVPS Gold $0.35 ($0.14) ($0.07) ($0.01) $0.31 $0.35 $0.39 $0.43 $0.51 $0.59

Liberty Gold Corp. $1.60 NAVPS Gold $1.59 $0.48 $0.83 $1.20 $1.39 $1.59 $1.78 $1.98 $2.38 $2.77

Lumina Gold Corp. $1.50 NAVPS Gold $1.98 $1.66 $1.77 $1.87 $1.92 $1.98 $2.03 $2.08 $2.19 $2.29

Lundin Gold Inc. $9.25 NAVPS Gold $9.30 $3.15 $5.20 $7.15 $8.05 $9.00 $9.90 $10.80 $12.60 $14.40

Marathon Gold Corporation $2.00 NAVPS Gold $2.08 $0.87 $1.26 $1.66 $1.87 $2.08 $2.29 $2.51 $2.94 $3.38

Midas Gold Corp. $1.80 NAVPS Gold $2.61 $1.20 $1.67 $2.14 $2.37 $2.61 $2.84 $3.07 $3.54 $4.01

Minera Alamos Inc. $0.50 NAVPS Gold $0.60 $0.20 $0.30 $0.45 $0.50 $0.60 $0.65 $0.70 $0.85 $0.95

Nighthawk Gold Corp. $0.90 NAVPS Gold $0.99 ($0.02) $0.27 $0.60 $0.79 $0.99 $1.21 $1.44 $1.92 $2.41

Osisko Mining Inc. $4.50 NAVPS Gold $4.43 $2.76 $3.28 $3.84 $4.13 $4.43 $4.72 $5.01 $5.57 $6.15

Pure Gold Mining Inc. $1.30 NAVPS Gold $1.20 $0.56 $0.75 $0.98 $1.09 $1.20 $1.32 $1.43 $1.65 $1.88

Sabina Gold & Silver Corp. $2.00 NAVPS Gold $2.61 $1.20 $1.67 $2.14 $2.37 $2.61 $2.84 $3.07 $3.54 $4.01

Steppe Gold Ltd. $1.75 NAVPS Gold $1.52 $0.62 $0.92 $1.22 $1.37 $1.52 $1.66 $1.81 $2.11 $2.41

Treasury Metals Corp. $1.00 NAVPS Gold $1.04 $0.26 $0.53 $0.78 $0.91 $1.04 $1.16 $1.29 $1.54 $1.80

Company Target MetricPercentage Change Relative to Haywood Forecasted Commodity PricesBase

Case

Primary

Commodity

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 2019 CFPS Gold $0.75 $0.53 $0.60 $0.68 $0.71 $0.75 $0.77 $0.79 $0.82 $0.86

Asanko Gold Inc. $1.15 2019 CFPS Gold $0.08 $0.04 $0.05 $0.07 $0.07 $0.08 $0.09 $0.09 $0.09 $0.08

B2Gold Corp. $6.50 2019 CFPS Gold $0.54 $0.48 $0.50 $0.53 $0.54 $0.54 $0.55 $0.56 $0.58 $0.59

Barrick Gold Corporation $28.00 2019 CFPS Gold $1.90 $1.33 $1.52 $1.71 $1.81 $1.90 $0.77 $0.79 $0.82 $0.86

Detour Gold Corporation n/a 2019 CFPS Gold $1.95 $1.37 $1.56 $1.76 $1.85 $1.95 $0.77 $0.79 $0.82 $0.86

Eldorado Gold Corporation $15.00 2019 CFPS Gold $1.15 $0.81 $0.92 $1.04 $1.09 $1.15 $0.77 $0.79 $0.82 $0.86

Endeavour Mining Corporation $32.00 2019 CFPS Gold $2.79 $2.35 $2.50 $2.64 $2.72 $2.79 $2.86 $2.91 $3.05 $3.18

K92 Mining Inc. $4.75 2019 CFPS Gold $0.17 $0.13 $0.14 $0.16 $0.16 $0.17 $0.18 $0.18 $0.20 $0.21

OceanaGold Corporation $3.50 2019 CFPS Gold $0.43 $0.34 $0.37 $0.40 $0.42 $0.43 $0.45 $0.46 $0.50 $0.53

Osisko Gold Royalties Ltd $19.50 2019 CFPS Gold $0.38 $0.45 $0.52 $0.56 $0.61 $0.65 $0.70 $0.81 $0.93 $0.86

RNC Minerals $0.70 2019 CFPS Gold $0.02 $0.00 $0.01 $0.01 $0.02 $0.02 $0.02 $0.03 $0.03 $0.04

Roxgold Inc. $1.90 2019 CFPS Gold $0.22 $0.20 $0.20 $0.21 $0.22 $0.22 $0.23 $0.23 $0.24 $0.25

SEMAFO Inc. $3.50 2019 CFPS Gold $0.71 $0.49 $0.57 $0.64 $0.67 $0.71 $0.77 $0.79 $0.82 $0.86

Superior Gold Inc. $1.00 2019 CFPS Gold $0.01 ($0.11) ($0.07) ($0.03) ($0.01) $0.01 $0.03 $0.04 $0.08 $0.12

Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report

Percentage Change Relative to Haywood Forecasted Commodity PricesCompany Target Metric

Primary

Commodity

Base

Case

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Alamos Gold Inc. $10.25 2020 CFPS Gold $1.26 $0.72 $0.90 $1.08 $1.17 $1.26 $1.35 $1.44 $1.62 $1.80

Asanko Gold Inc. $1.15 2020 CFPS Gold $0.30 $0.09 $0.16 $0.23 $0.26 $0.30 $0.32 $0.31 $0.34 $0.39

B2Gold Corp. $6.50 2020 CFPS Gold $0.64 $0.38 $0.48 $0.58 $0.60 $0.64 $0.68 $0.73 $0.82 $0.91

Barrick Gold Corporation $28.00 2020 CFPS Gold $2.15 $1.00 $1.35 $1.75 $1.95 $2.15 $2.35 $2.55 $2.90 $3.30

Detour Gold Corporation n/a 2020 CFPS Gold $2.00 $0.65 $1.10 $1.55 $1.80 $2.00 $2.20 $2.45 $2.90 $3.35

Eldorado Gold Corporation $15.00 2020 CFPS Gold $1.95 $0.90 $1.25 $1.55 $1.70 $1.89 $2.05 $2.20 $2.55 $2.90

Endeavour Mining Corporation $32.00 2020 CFPS Gold $3.38 $1.55 $2.17 $2.80 $3.10 $3.38 $3.66 $3.95 $4.52 $5.11

K92 Mining Inc. $4.75 2020 CFPS Gold $0.40 $0.21 $0.27 $0.34 $0.37 $0.40 $0.43 $0.47 $0.53 $0.59

OceanaGold Corporation $3.50 2020 CFPS Gold $0.67 $0.24 $0.38 $0.52 $0.59 $0.67 $0.75 $0.82 $0.98 $1.13

Osisko Gold Royalties Ltd $19.50 2020 CFPS Gold $0.77 $0.54 $0.62 $0.69 $0.73 $0.77 $0.81 $0.84 $0.92 $1.00

RNC Minerals $0.70 2020 CFPS Gold $0.08 $0.02 $0.04 $0.06 $0.07 $0.08 $0.09 $0.10 $0.12 $0.14

Roxgold Inc. $1.90 2020 CFPS Gold $0.26 $0.18 $0.20 $0.23 $0.24 $0.26 $0.28 $0.29 $0.33 $0.36

SEMAFO Inc. $3.50 2020 CFPS Gold $0.60 $0.30 $0.40 $0.50 $0.55 $0.60 $0.65 $0.70 $0.80 $0.90

Superior Gold Inc. $1.00 2020 CFPS Gold $0.40 ($0.11) $0.06 $0.23 $0.32 $0.40 $0.49 $0.57 $0.75 $0.92


Company Target MetricPrimary

Commodity

Base

Case

Percentage Change Relative to Haywood Forecasted Commodity Prices



The Weekly Dig

29 January 10, 2020

Comparables Tables – Base Metals

Base Metal Companies – Haywood Estimates

Source: Haywood Securities

Base Metal Companies – Market and Valuation Statistics (Consensus Estimates)


Last Shares MC Target Return NAVPS Primary

Price (C$) O/S (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Adventus Mining Corporation TSXV:ADZN ADZN-V MC $0.89 101 $90 $1.90 113% BUY $1.41 ($0.04) ($0.03) Copper

Capstone Mining TSX:CS CS-T PV $0.80 400 $320 $0.80 0% BUY $1.04 $0.26 $0.25 Copper 155 155 $1.87 $1.99 0.6x 0.6x 5.1x 5.35 2.4x 2.49

Copper Mountain Mining TSX:CMMC CMMC-T PV $0.73 191 $140 $1.00 37% HOLD $4.96 $0.16 $0.41 Copper 73 91 $2.10 $1.96 0.1x 0.2x 12.5x 4.9x 4.7x 1.8x

Fireweed Zinc Ltd TSXV:FWZ FWZ-V PV $0.69 38 $26 $1.00 45% BUY $1.15 ($0.04) ($0.05) Zinc - - - - 0.5x 0.7x - - - -

HudBay Minerals TSX:HBM HBM-T PV $4.87 261 $1,272 $7.00 44% BUY $7.59 $1.19 $1.13 Copper 303 257 $0.77 $0.38 0.5x 0.7x 5.3x 5.6x 4.5x 4.8x

Lundin Mining TSX:LUN LUN-T PV $7.52 734 $5,521 $9.50 26% BUY $9.29 $0.70 $1.21 Copper 381 551 - - 0.6x 0.8x 9.6x 5.55 10.4x 6.00

Nevada Copper Corp. TSX:NCU NCU-T PV $0.35 762 $263 $0.60 74% BUY $0.89 ($0.01) $0.05 Copper 1 49 $3.19 $1.88 0.3x 0.5x - 8.6x - 9.5x

Osisko Metals Inc. TSXV:OM OM-V PV $0.45 166 $75 $0.90 100% BUY $1.73 ($0.04) ($0.05) Zinc - - - - 0.2x 0.4x - - - -

Trevali Mining TSX:TV TV-T PV $0.23 803 $185 $0.35 52% HOLD $0.43 $0.09 $0.15 Zinc 402 400 $0.86 $0.81 0.4x 0.6x 2.3x 1.4x 2.8x 1.8x

Xanadu Mines Limited ASX:XAM XAM-AU MC $0.03 713 $23 $0.10 210% BUY $0.10 ($0.00) ($0.01) Copper 0.2x 0.8x - - - -


C$/US$ = 1.309

C$/AUD$= 0.897

Production, million pounds Company Ticker Analyst Rating

CFPS (US$) Price /

NAV

Target /

NAV

Total Cash Costs, US$/lb EV / CFPS Target / CFPS

As of January 9, 2020 Shares Market Working Enterprise

Company Symbol Price 1-Day 7-Day YTD O/S Capitalization Cash Capital Debt Value 2018 2019E 2020E

% % (%) (millions) (US$ millions) (US$ millions) (US$ millions) (US$millions) (US$millions) CFPS CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E

Large-Cap Base Metals Producers

ANGLO AMERICAN PLC LSE:AAL GBp 2144 (0.4) (2.6) (1.3) 1258 $35,222 $6,567 $6,476 $8,971 $45,065 $5.40 $5.87 $6.14 4.8x 4.6x 6.1x 5.8x 4.5x 4.7x

ANTOFAGASTA PLC LSE:ANTO GBp 934.6 0.4 (1.1) 1.9 986 $12,034 $1,034 $2,132 $2,494 $14,503 $1.37 $1.84 $1.64 6.6x 7.4x 8.0x 9.0x 6.1x 6.1x

BHP GROUP LTD ASX:BHP AUD 40.03 1.2 2.8 2.9 2946 $129,647 $15,613 $11,034 $24,828 $143,511 $3.45 $3.48 $3.42 7.9x 8.0x 14.0x 14.2x 6.0x 6.1x

FIRST QUANTUM MINERALS LTD TSX:FM CAD 12.07 (2.9) (9.1) (8.4) 689 $6,357 $1,255 $1,620 $7,752 $15,168 $2.88 $1.45 $2.43 6.4x 3.8x 15.2x 9.1x 9.6x 6.2x

FREEPORT-MCMORAN INC NYSE:FCX USD 12.96 (1.7) (1.8) (1.2) 1451 $18,804 $4,217 $7,391 $11,141 $34,830 $2.67 $1.18 $1.98 11.0x 6.5x 20.4x 12.1x 14.3x 9.0x

GLENCORE PLC LSE:GLEN GBp 238.45 (0.6) (1.1) 1.3 13324 $41,497 $2,046 $3,896 $34,994 $74,887 $0.90 $0.61 $0.66 5.1x 4.7x 9.2x 8.5x 6.8x 6.1x

KGHM POLSKA MIEDZ SA WSE:KGH PLN 96.9 2.0 1.4 1.4 200 $5,072 $256 $533 $2,122 $7,073 $5.14 $5.29 $5.55 4.8x 4.6x 6.7x 6.4x 5.2x 5.2x

MMG LTD SEHK:1208 HKD 2.11 1.9 (13.2) (9.8) 8055 $2,188 $602 ($153) $8,131 $11,620 $0.12 $0.10 $0.16 2.6x 1.7x 14.0x 9.2x 8.5x 7.4x

RIO TINTO PLC LSE:RIO GBp 4451 (1.1) (1.7) (1.2) 1249 $98,619 $10,773 $10,331 $12,752 $109,092 $6.88 $8.76 $8.45 6.6x 6.9x 10.0x 10.3x 5.2x 5.8x

TECK RESOURCES LTD-CLS B TSX:TCK.B CAD 20.37 (3.0) (10.6) (9.5) 546 $8,624 $1,273 $2,056 $4,051 $11,754 $5.42 $4.97 $4.60 3.1x 3.4x 4.3x 4.7x 3.5x 3.8x

VALE SA-SP ADR NYSE:VALE USD 12.99 (1.7) (3.4) (1.6) 5284 $68,645 $5,773 $6,115 $15,437 $77,360 - $2.01 $2.11 6.5x 6.2x 7.3x 7.0x 4.7x 4.6x

BOLIDEN AB SSE:BOL SEK 246.4 (2.1) (0.8) (0.8) 274 $7,101 $256 $812 $379 $7,636 $4.96 $3.88 $4.59 6.7x 5.7x 7.2x 6.1x 5.6x 5.2x

SOUTHERN COPPER CORP NYXE:SCCO USD 42.24 0.8 (1.1) (0.6) 773 $32,654 $845 $1,964 $5,960 $38,768 $2.89 $2.55 $2.64 16.6x 16.0x 19.7x 19.0x 10.7x 10.2x

Group Average - Large-Cap Producers 6.0x 5.3x 10.2x 8.5x 6.7x 5.9x

Group Average - Large-Cap Producers (excluding high/low) 5.9x 5.4x 9.8x 8.3x 6.2x 5.7x

Mid Tier Base Metals Producers

ERO COPPER CORP TSX:ERO CAD 21.26 (2.1) (9.6) (10.0) 86 $1,390 $19 ($9) $152 $1,532 $0.85 $1.50 $1.77 10.8x 9.2x 11.9x 10.1x 11.6x 9.0x

HUDBAY MINERALS INC TSX:HBM CAD 4.87 (0.6) (9.1) (9.5) 261 $972 $515 $445 $1,055 $1,639 $1.58 $1.17 $1.31 3.2x 2.8x 5.4x 4.8x 4.5x 4.0x

KAZ MINERALS PLC LSE:KAZ GBp 547.4 2.5 (0.4) 3.0 472 $3,378 $1,219 $1,224 $3,453 $5,940 $1.58 $1.37 $1.52 5.2x 4.7x 9.2x 8.3x 5.1x 5.1x

LUNDIN MINING CORP TSX: LUN CAD 7.52 (1.7) (4.0) (3.1) 735 $4,223 $815 $949 $11 $4,959 $0.62 $0.72 $1.13 7.9x 5.1x 9.3x 6.0x 7.3x 4.8x

OZ MINERALS LTD ASX:OZL AUD 10.84 0.7 2.5 2.7 324 $2,406 $356 $511 $0 $2,366 $1.08 $0.92 $0.89 8.2x 8.5x 7.9x 8.2x 7.6x 6.6x

TURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 0.86 (3.4) (11.3) (9.5) 2012 $1,322 $1,603 $2,992 $4,187 $2,762 $0.09 $0.03 $0.05 22.7x 14.3x 47.3x 29.8x 8.4x 8.2x

Group Average - Mid Tier Producers 9.7x 7.4x 15.2x 11.2x 7.4x 6.3x

Group Average - Mid Tier Producers (excluding high/low) 8.0x 6.9x 9.6x 8.1x 7.1x 6.2x

Small Cap Base Metals Producers

AMERIGO RESOURCES LTD TSX:ARG CAD 0.54 1.9 (8.5) (8.5) 180 $74 $21 ($17) $66 $136 $0.15 $0.07 $0.27 5.9x 1.5x 10.8x 2.8x - -

ATALAYA MINING PLC TSX:AYM CAD 3.4 0.0 (8.1) (0.9) 137 $357 $38 $10 $0 $348 - $0.14 $0.61 18.6x 4.3x 18.0x 4.1x 5.5x 3.2x

CAPSTONE MINING CORP TSX:CS CAD 0.8 (2.4) 2.6 5.3 400 $244 $30 $104 $217 $522 $0.30 $0.22 $0.25 2.8x 2.4x 5.9x 5.2x 4.7x 4.3x

COPPER MOUNTAIN MINING CORP TSX:CMMC CAD 0.72 (2.7) (8.9) 0.0 188 $104 $34 ($29) $207 $309 $0.18 $0.18 $0.38 3.0x 1.5x 9.0x 4.3x 11.1x 3.5x

IMPERIAL METALS CORP TSX:III CAD 2.12 (1.9) (7.0) 2.9 128 $208 $14 ($579) $668 $137 $0.49 ($0.13) $0.05 - 33.7x - 21.8x - 15.3x

WESTERN AREAS LTD AU:WSA AUD 2.97 2.1 0.0 (2.0) 274 $557 $101 $96 $1 $457 $0.26 $0.22 $0.38 9.1x 5.4x 7.6x 4.5x 8.2x 3.8x

SHERRITT INTERNATIONAL CORP TSX:S CAD 0.205 0.0 7.9 7.9 397 $62 $152 $195 $518 $470 ($0.00) ($0.10) $0.02 - 7.3x - 53.8x 10.8x 4.8x

TASEKO MINES LTD TSX:TKO CAD 0.7 0.0 2.9 11.1 246 $132 $34 $34 $261 $389 $0.22 $0.12 $0.19 4.5x 2.9x 13.2x 8.4x 10.1x 6.2x

TREVALI MINING CORP TSX:TV CAD 0.23 2.2 (4.2) 0.0 814 $143 $65 $17 $132 $181 $0.13 $0.09 $0.10 1.9x 1.8x 2.4x 2.2x 1.9x 2.0x

Group Average - Small Cap Producers 6.5x 6.7x 5.2x 11.9x 7.5x 5.4x

Group Average - Small Cap Producers (excluding high/low) 5.1x 3.7x 5.8x 7.3x 7.9x 4.3x

. C$/US$ FX Rate: $1.31

P/CF Ratio EV/CF Ratio EV/EBITDA Ratio



The Weekly Dig

30 January 10, 2020

Copper Non-Producers – Enterprise Value per Pound of Copper Equivalent


Shares Market Working LTD EnterprisePrimary /

SecondaryCopperReserves & Resources* - Attributable EV/lb CuEq** (US$)

Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve R&R (Total)

(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total

Abacus Mining & Exploration Corporation TSXV:AME C$ 0.13 62.7 US$ 6 US$ (0.1) US$ 12.9 US$ 19 Cu / Au 70% 763 953 $0.025 $0.020

Adventus Mining Corporation TSXV:ADZN C$ 0.89 100.6 US$ 68 US$ 14.1 US$ 0.0 US$ 54 Cu / Au 36% - 814 - $0.067

Candente Copper Corp. TSX:DNT C$ 0.03 195.0 US$ 4 US$ (1.1) US$ 0.0 US$ 6 Cu / Au 89% - 10,110 - $0.001

Copper Fox Metals Inc. TSXV:CUU C$ 0.09 461.3 US$ 30 US$ 0.6 US$ 0.0 US$ 29 Cu / Au 71% - 4,903 - $0.006

Coro Mining Corp. TSX:COP C$ 0.07 1608.3 US$ 80 US$ (7.4) US$ 0.0 US$ 87 Cu / - 100% 325 817 $0.268 $0.107

Excelsior Mining Corp. TSX:MIN C$ 1.07 239.0 US$ 195 US$ 24.7 US$ 0.0 US$ 171 Cu / - 100% 5,129 8,016 $0.033 $0.021

Filo Mining Corp. TSXV:FIL C$ 1.97 88.2 US$ 133 US$ 14.4 US$ 0.0 US$ 118 Cu / Au 53% 4,117 7,845 $0.029 $0.015

Foran Mining Corporation TSXV:FOM C$ 0.29 130.1 US$ 28 US$ 0.6 US$ 0.0 US$ 28 Cu / Zn 44% - 1,842 - $0.015

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (1.1) US$ 0.8 US$ 4 Cu / Mo 97% 781 1,225 $0.006 $0.004

Highland Copper Company Inc. TSXV:HI C$ 0.03 472.9 US$ 11 US$ (19.3) US$ 0.0 US$ 30 Cu / Ag 99% 2,500 4,820 $0.012 $0.006

Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.3) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.040

Los Andes Copper Ltd. TSXV:LA C$ 0.40 271.7 US$ 83 US$ 1.4 US$ 0.0 US$ 82 Cu / Mo 90% - 12,145 - $0.007

Nevada Copper Corp. TSX:NCU C$ 0.35 761.9 US$ 201 US$ (24.3) US$ 103.1 US$ 328 Cu / Au 91% 4,904 8,105 $0.067 $0.040

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.52 422.9 US$ 168 US$ (3.6) US$ 0.0 US$ 172 Cu / Au 55% - 147,269 - $0.001

NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.07 120.1 US$ 6 US$ 0.1 US$ 0.0 US$ 6 Cu / Au 54% - 4,874 - $0.001

Panoro Minerals Ltd. TSXV:PML C$ 0.08 263.8 US$ 16 US$ (6.7) US$ 2.0 US$ 25 Cu / Au 77% - 10,400 - $0.002

Philippine Metals Inc. TSXV:PHI C$ 0.08 17.4 US$ 1 US$ 0.1 US$ 0.0 US$ 1 Cu / - 100% - 331 - $0.003

PolyMet Mining Corp. TSX:POM C$ 0.52 1005.2 US$ 399 US$ 8.5 US$ 15.2 US$ 406 Cu / Ni 40% 3,642 14,094 $0.111 $0.029

Quaterra Resources Inc. TSXV:QTA C$ 0.07 217.2 US$ 11 US$ 2.3 US$ 0.0 US$ 8 Cu / - 100% - 3,894 - $0.002

Regulus Resources Inc. TSXV:REG C$ 1.24 101.8 US$ 96 US$ 4.8 US$ 0.0 US$ 92 Cu / Au 63% - 7,976 - $0.011

Serengeti Resources Inc. TSXV:SIR C$ 0.19 105.2 US$ 15 US$ 0.8 US$ 0.0 US$ 14 Cu / Au 63% - 1,917 - $0.007

St. Augustine Gold and Copper Limited TSX:SAU C$ 0.02 726.8 US$ 11 US$ (6.2) US$ 0.0 US$ 17 Cu / Au 56% 4,437 6,842 $0.004 $0.003

Western Copper and Gold Corporation TSX:WRN C$ 1.06 107.6 US$ 87 US$ 1.8 US$ 0.0 US$ 85 Cu / Au 44% 10,121 10,121 $0.008 $0.008

Group Average - Total $0.056 $0.018

*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.

**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Copper Ratio = value of in situ copper / total value of in situ metals.



The Weekly Dig

31 January 10, 2020

Nickel Non-Producers – Enterprise Value per Pound of Nickel Equivalent

Zinc Non-Producers – Enterprise Value per Pound of Zinc Equivalent

Shares Market Working LTD Enterprise Nickel


(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total

CaNickel Mining Limited TSXV:CML C$ 0.07 37.5 US$ 2 US$ (71.7) US$ 0.0 US$ 74 Ni / - 100% 83 397 $0.891 $0.185

FPX Nickel Corp. TSXV:FPX C$ 0.18 154.7 US$ 21 US$ 1.4 US$ 5.9 US$ 25 Ni / - 100% - 5,995 - $0.004

Giga Metals Corporation TSXV:GIGA C$ 0.33 55.5 US$ 14 US$ 2.5 US$ 0.0 US$ 11 Ni / Co 73% - 8,039 - $0.001

Gossan Resources Limited TSXV:GSS C$ 0.05 33.8 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Ni / Cu 52% - 76 - $0.016

Hannan Metals Ltd. TSXV:HAN C$ 0.18 58.9 US$ 8 US$ (0.1) US$ 0.3 US$ 8 Ni / Cu 80% - 2,455 - $0.003

New Era Minerals Inc. TSXV:NEM C$ 0.03 106.9 US$ 2 US$ (1.1) US$ 0.2 US$ 4 Ni / - 100% - 454 - $0.008

Royal Nickel Corporation TSX:RNX C$ 0.48 606.6 US$ 220 US$ 9.2 US$ 18.2 US$ 229 Ni / Co 71% 2,534 5,053 $0.090 $0.045

Sama Resources Inc. TSXV:SME C$ 0.23 198.5 US$ 34 US$ 3.2 US$ 0.0 US$ 31 Ni / Co 48% - 1,050 - $0.029

Strongbow Exploration Inc. TSXV:SBW C$ 0.06 86.8 US$ 4 US$ 1.0 US$ 3.8 US$ 6 Ni / Sn 50% - 723 - $0.009

Talon Metals Corp. TSX:TLO C$ 0.15 494.3 US$ 57 US$ 6.0 US$ 0.0 US$ 51 Ni / Cu 63% - 286 - $0.177



**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Nickel Ratio = value of in situ nickel / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - AttributableEV/lb NiEq** (US$)

Shares Market Working LTD Enterprise Zinc


(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total

Ascendant Resources Inc. TSX:ASND C$ 0.39 77.7 US$ 23 US$ (17.4) US$ 0.0 US$ 40 Zn / Pb 73% 844 1,873 $0.048 $0.021

Commander Resources Ltd. TSXV:CMD C$ 0.06 35.7 US$ 2 US$ 1.6 US$ 0.0 US$ 0 Zn / Cu 56% - 25 - $0.002

El Nino Ventures Inc. TSXV:ELN C$ 0.03 61.6 US$ 1 US$ 0.9 US$ 0.0 US$ 0 Zn / Cu 60% - 530 - $0.001

Firestone Ventures Inc. TSXV:FV C$ 0.05 53.7 US$ 2 US$ (0.3) US$ 0.0 US$ 2 Zn / Pb 77% - 428 - $0.005

Fireweed Zinc Ltd. TSXV:FWZ C$ 0.69 37.8 US$ 20 US$ 1.0 US$ 0.0 US$ 19 Zn / Pb 67% - 9,944 - $0.002

InZinc Mining Ltd. TSXV:IZN C$ 0.02 114.7 US$ 1 US$ 0.2 US$ 0.0 US$ 1 Zn / Cu 75% - 3,884 - $0.000

Karmin Exploration Inc. TSXV:KAR C$ 1.01 89.9 US$ 69 US$ (1.4) US$ 1.0 US$ 72 Zn / Pb 54% 1,091 2,443 $0.066 $0.029

Osisko Metals Incorporated TSXV:OM C$ 0.45 165.9 US$ 57 US$ 5.3 US$ 0.0 US$ 52 Zn / Pb 74% - 6,530 - $0.008

Rathdowney Resources Ltd. TSXV:RTH C$ 0.10 161.7 US$ 12 US$ (5.3) US$ 1.5 US$ 19 Zn / Pb 83% - 3,590 - $0.005

ScoZinc Mining Ltd. TSXV:SZM C$ 0.71 10.1 US$ 5 US$ 0.6 US$ 0.0 US$ 5 Zn / Pb 68% - 1,485 - $0.003

Titan Mining Corporation TSX:TI C$ 0.29 123.0 US$ 27 US$ 0.8 US$ 30.5 US$ 56 Zn / - 100% - 1,930 - $0.029

Trevali Mining Corporation TSX:TV C$ 0.23 802.6 US$ 141 US$ 62.9 US$ 66.4 US$ 144 Zn / Pb 72% 3,158 17,342 $0.046 $0.008

Wolfden Resources Corporation TSXV:WLF C$ 0.14 129.5 US$ 14 US$ 1.2 US$ 0.0 US$ 13 Zn / Au 43% - 4,975 - $0.003



**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.

***Zinc Ratio = value of in situ zinc / total value of in situ metals.

Primary /

Secondary

Metal

Reserves & Resources* - AttributableEV/lb ZnEq** (US$)



The Weekly Dig

32

January 10, 2020

Base Metals Sensitivity

Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 NAVPS Copper $1.38 ($2.63) ($1.24) $0.01 $0.72 $1.38 $2.05 $2.64 $3.89 $4.58

Copper Mountain Mining Corp. $1.00 NAVPS Copper $6.54 $0.01 $2.27 $4.47 $5.52 $6.54 $7.55 $8.54 $10.51 $12.49

Hudbay Minerals Inc. $7.00 NAVPS Copper $10.03 ($1.50) $2.44 $6.26 $8.15 $10.03 $11.91 $13.79 $17.54 $21.30

Lundin Mining Corporation $9.50 NAVPS Copper $12.34 $9.90 $10.76 $11.55 $11.95 $12.34 $12.71 $13.09 $13.85 $14.57

Trevali Mining Corporation $0.35 NAVPS Zinc $0.57 ($0.32) ($0.01) $0.29 $0.44 $0.57 $0.72 $0.85 $1.08 $1.35

DEVELOPERS / EXPLORERS

Adventus Mining Corporation $1.90 NAVPS Copper $1.85 $1.17 $1.39 $1.62 $1.73 $1.85 $1.97 $2.08 $2.30 $2.52

Fireweed Zinc Ltd $1.00 NAVPS Zinc $1.33 ($0.56) $0.07 $0.70 $1.02 $1.33 $1.65 $1.96 $2.59 $3.22

Nevada Copper Corp. $0.60 NAVPS Copper $1.17 ($0.27) $0.05 $0.52 $0.83 $1.17 $1.58 $2.05 $3.19 $4.58

Osisko Metals Inc. $0.90 NAVPS Zinc $2.32 ($0.51) $0.64 $1.51 $1.90 $2.32 $2.70 $3.08 $3.84 $4.64

Xanadu Mines Limited $0.10 NAVPS Copper $0.13 ($0.02) $0.03 $0.08 $0.10 $0.13 $0.15 $0.18 $0.24 $0.29

Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 2019 CFPS Copper $0.34 $0.23 $0.27 $0.30 $0.32 $0.34 $0.36 $0.38 $0.41 $0.45

Copper Mountain Mining Corp. $1.00 2019 CFPS Copper $0.22 $0.09 $0.13 $0.18 $0.20 $0.22 $0.24 $0.26 $0.30 $0.34

Hudbay Minerals Inc. $7.00 2019 CFPS Copper $1.58 $1.17 $1.31 $1.44 $1.51 $1.58 $1.65 $1.72 $1.85 $1.99

Lundin Mining Corporation $9.50 2019 CFPS Copper $0.93 $0.67 $0.76 $0.85 $0.89 $0.93 $0.97 $1.01 $1.09 $1.17

Trevali Mining Corporation $0.35 2019 CFPS Zinc $0.12 $0.05 $0.07 $0.09 $0.11 $0.12 $0.14 $0.15 $0.18 $0.22


Company

-30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERS

Capstone Mining Corp. $0.80 2020 CFPS Copper $0.32 ($0.11) $0.04 $0.18 $0.25 $0.32 $0.39 $0.46 $0.60 $0.74

Copper Mountain Mining Corp. $1.00 2020 CFPS Copper $0.53 ($0.11) $0.10 $0.32 $0.43 $0.53 $0.63 $0.71 $0.85 $1.00

Hudbay Minerals Inc. $7.00 2020 CFPS Copper $1.45 ($0.20) $0.35 $0.90 $1.18 $1.45 $1.73 $2.00 $2.56 $3.11

Lundin Mining Corporation $9.50 2020 CFPS Copper $1.56 $0.58 $0.93 $1.25 $1.41 $1.56 $1.71 $1.86 $2.15 $2.45

Trevali Mining Corporation $0.35 2020 CFPS Zinc $0.19 ($0.01) $0.04 $0.11 $0.15 $0.19 $0.23 $0.28 $0.39 $0.51



Base

Case


Primary

Commodity

Base

Case


Primary

Commodity

Base

Case

Target MetricPrimary

Commodity

MetricTarget

Target Metric

The Weekly Dig



33

January 10, 2020

Comparables Tables – Other (Uranium, Lithium, Diamond, Cobalt, Coal, Iron)

Uranium/Lithium Companies – Haywood Estimates


Diamond Companies – Haywood Estimates


Last Shares MC Target Return NAVPS Primary

Price O/S (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E

Denison Mines DML-T CH $0.53 597 $317 $2.10 296% BUY C$2.10 ($0.02) $0.02 Uranium - - -

Energy Fuels UUUU-US CH $1.75 99 US$173 US$4.80 174% BUY $4.84 ($0.03) $0.25 Uranium 1.1 2.3 0.4x 1.0x - 7.0x - 19.3x

NexGen Energy NXE-T CH $1.53 357 $546 $6.00 292% BUY C$5.98 ($0.05) ($0.05) Uranium - - - 0.3x 1.0x - - - -

Uranium Energy UEC-US CH $0.90 183 US$166 US$2.90 221% BUY $2.87 $0.08 $0.17 Uranium 0.8 1.6 0.3x 1.0x 11.4x 5.5x 35.1x 16.9x

Uranium Participation U-T CH $4.04 138 $558 $5.90 46% BUY C$5.13 Uranium - - - 0.8x 1.2x - - - -

Plateau Energy PLU-V CH $0.25 86 $21 N/A Under Review Uranium - - -

Azarga Uranium AZZ-T CH $0.23 186 $42 $0.50 122% BUY C$0.50 Uranium 0.5x 1.0x


C$/US$ = 1.31

A$/US$ = 1.46

₤/US$ = 0.77

Target / CFPSPrice /

NAV

Target /

NAV Company

EV / CFPS RatingTicker Analyst

CFPS (US$) Production, million pounds Total Cash Costs, US$/lb

Last Shares MC Target Return NAVPS Primary Target / CFPS

Price (C$) O/S (M) (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020 2019E 2020E

Mountain Province Diamonds Inc. TSX:MPVD MPVD-T GM $1.15 210 $242 $3.50 204% BUY $3.25 $0.29 $0.34 Diamonds 6,375 6,771 $87 $82 $99 $86 0.3x 0.8x 7.4x 6.5x 9.1x 8.0x

Lucara Diamond Corp. TSX:LUC LUC-T GM $0.81 397 $321 $2.10 159% BUY $1.55 $0.13 $0.20 Diamonds 440 310 $226 $262 $420 $350 0.4x 1.0x 4.6x 3.0x 9.3x 8.0x


C$/US$ = 1.3x 1.309

Company Ticker Analyst RatingPrice /

NAV

AISC, US$/ctTCC, US$/ctProduction, 000's caratsCFPS (US$) EV / CFPS Target /

NAV



The Weekly Dig

34

January 10, 2020

Uranium Comparables – Consensus Estimates

IBES Shares Market Enterprise Total Reserves IBES

Company (T icker)

Haywood Covered Names bold

Share

Price

Consensus

Target

Implied

Return

Outst.

(millions)

Capitalization

(millions)

Value (USD)

(millions)

& Resources

(M lb)

USD EV/lb

Resource

Consensus

NAV

Price /

Nav 2018 2019 2020 2018 2019 2020 2018 2019 2020 2018 2019 2020

Cameco Corporation (CCO-T) $11.26 $15.30 36% 396 $4,457 $3,515 1,051 $3.34 $14.13 0.80x $1.19 $0.82 $0.58 9.5x 13.8x 19.3x $0.27 ($0.01) $0.05 42.3x 245.7x

Energy Fuels (UUUU-US) $2.29 $4.76 108% 99 $226.3 $171.8 131.3 $1.31 $3.34 0.69x ($0.22) ($0.03) $0.03 75.0x ($0.29) ($0.48) ($0.27)

Uranium Energy (UEC-US) $1.18 $3.60 204% 183 $216.8 $173.3 111.5 $1.55 $2.73 0.43x ($0.13) ($0.08) ($0.56) ($0.13) ($0.12) ($0.10)

Ur-Energy Inc. (URE-T) $0.74 $1.32 79% 160 $118.4 $99.4 41.6 $2.39 $1.18 0.62x ($0.01) $0.05 $0.02 14.3x 42.4x $0.01 ($0.06) $0.00 108.5x 226.3x

Peninsula Energy (PEN-AU) $0.15 $0.81 429% 295 $45.1 $43.7 53.6 $0.82 $0.90 0.17x ($0.01) ($0.03) ($0.05) ($0.10) ($0.07)

Energy Resources (ERA-AU) $0.13 518 $69.7 ($185.9) 431.1 $0.21 0.64x $0.07 $0.15 ($0.03) 2.0x 0.9x $0.01 ($0.03) ($0.08) 14.0x

Group Average - Producers $1.88 0.56x 5.7x 9.6x 45.6x 54.9x #DIV/0! 236.0x

NexGen Energy (NXE-T) $1.53 $5.01 227% 357 $546.2 $466.8 348.8 $1.34 $5.69 0.27x ($0.02) ($0.04) ($0.05) ($0.09) ($0.08) ($0.08)

Denison Mines (DML-T) $0.53 $1.25 136% 597 $316.5 $234.5 179.6 $1.31 $1.30 0.41x ($0.04) ($0.03) ($0.02) ($0.04) ($0.04) ($0.03)

Fission Uranium (FCU-T) $0.29 $1.60 452% 486 $141.0 $102.7 135.2 $0.76 $1.54 0.19x ($0.01) ($0.01) ($0.01) ($0.01) ($0.01) ($0.01)

GoviEx Uranium (GXU-V) $0.14 423 $59.3 $56.9 215.6 $0.26

Global Atomic (GLO-T) $0.49 145 $70.5 $49.9 292.5 $0.17

Boss Resources (BOE-AU) $0.04 1,587 $71.2 $49.9 71.4 $0.70 ($0.00) ($0.00)

UEX Corporation (UEX-T) $0.13 $0.45 260% 394 $49.3 $34.7 98.6 $0.35 ($0.02) ($0.02)

Deep Yellow (DYL-AU) $0.24 $0.36 48% 247 $59.8 $35.4 155.6 $0.23

Azarga Uranium (AZZ-T) $0.23 $0.47 109% 186 $41.7 $31.2 43.6 $0.72 $0.50 0.45x ($0.04) ($0.03) ($0.03) ($0.03)

Laramide Resources (LAM-T) $0.22 143 $31.4 $31.1 122.7 $0.25

Bannerman Resources (BMN-AU) $0.04 1,059 $38.0 $24.5 257.2 $0.10

Toro Energy (TOE-AU) $0.01 2,490 $17.9 $21.0 75.7 $0.28

Western Uranium (WUC-L) $1.02 30 $30.7 $21.0 99.2 $0.21

Vimy Resources (VMY-AU) $0.04 $0.31 616% 619 $26.4 $19.5 117.0 $0.17 $0.32 0.13x ($0.02) ($0.01) ($0.01) ($0.02) ($0.01) ($0.01)

Forsys Metals (FSY-T) $0.13 157 $19.6 $14.3 127.0 $0.11

Plateau Energy (PLU-V) $0.25 $2.00 716% 86 $21.0 $15.3 123.4 $0.12 $4.94 0.05x ($0.06) ($0.09) ($0.09) ($0.02) ($0.14) ($0.10)

A-Cap Energy (ACB-AU) $0.01 872 $8.6 $10.5 190.6 $0.05

U3O8 Corp. (UWE-T) $0.09 23 $2.0 $2.0 47.7 $0.04

Energy Metals (EME-AU) $0.08 210 $17.5 $1.5 61.1 $0.02

Berkeley Energia (BKY-AU) $0.21 $0.98 376% 259 $53.4 ($0.8) 89.4 ($0.09) ($0.04) ($0.04) ($0.09) ($0.04) ($0.04)

Group Average - Developers $0.38 0.25x

Aurania Resources (ARU-V) $4.20 $4.50 7% 35 $146.9 $113.2

IsoEnergy Ltd. (ISO-V) $0.43 91 $39.1 $29.3 8.2 $3.57

Azimut Exploration (AZM-V) $0.51 59 $29.9 $20.5

ValOre Metals (VO-V) $0.31 85 $26.4 $19.5 43.5 $0.45

Mega Uranium (MGA-T) $0.09 326 $27.7 $17.0 17.0 $1.00

enCore Energy (:EU-V) $0.16 142 $22.7 $15.1 56.4 $0.27

Globex Mining (GMX-T) $0.34 54 $18.2 $11.7

Purepoint Uranium (PTU-V) $0.06 223 $12.3 $9.0

Skyharbour Resources (SYH-V) $0.17 $1.01 512% 75 $12.4 $9.2 7.0 $1.32

Blue Sky (BSK-V) $0.10 120 $12.0 $9.3 22.7 $0.41

CanAlaska Uranium (CVV-V) $0.23 47 $10.7 $6.9

Anfield Energy (AEC-V) $0.11 $0.30 173% 75 $8.2 $6.0 37.1 $0.16 $0.40 0.28x

Forum Energy (FMC-V) $0.08 109 $8.2 $6.2 0.6 $9.79

Marenica Energy (MEY-AU) $0.07 117 $8.0 $5.8 113.6 $0.05

X-Terra Resources (XTT-V) $0.12 59 $7.1 $4.7

Fission 3.0 (FUU-V) $0.06 142 $8.5 $5.0

Avrupa Minerals (AVU-V) $0.04 114 $4.0 $3.1

Cauldron Energy (CXU-AU) $0.02 343 $7.7 $4.6 30.9 $0.15

Eros Resources (ERC-V) $0.08 48 $3.9 $2.7

Zadar Ventures (ZAD-V) $0.11 18 $1.9 $1.3

Uravan Minerals (UVN-V) $0.04 42 $1.5 $1.1

Tarku Resources (TKU-V) $0.02 76 $1.1 $0.8

Vanadian Energy (VEC-V) $0.02 42 $0.6 $0.5 43.2 $0.01

Roughrider Exploration (REL-V) $0.06 14 $0.8 $0.5

Group Average - Explorers $1.56

INVENTORY FUNDS

Uranium Participation (U-T) $4.04 $5.49 36% 138 $557.8 $423.5 17.8 $23.77 $4.90 0.82x

Yellow Cake (YCA-LN) £3.33 £4.73 42% 88 £294.0 $215.2 9.6 $22.38

All data sourced from S&P Capital IQ, SNL Financial, Bloomberg, Haywood Securities, Company Reports

EPS (LoC) P/EPS

DE

VE

LO

PE

RS

EX

PL

OR

ER

S

CFPS (LoC) P/CFPS

PR

OD

UC

ER

S

Earnings CompsConsensus Targets In-Situ Comps - EV/lb U3O8 NAV Comps Cash Flow Comps



The Weekly Dig

35 January 10, 2020

Diamond Sensitivity

Uranium Sensitivity

-30% -20% -10% -5% 0% 5% 10% 20% 30%

DEVELOPER / PRODUCER

Mountain Province Diamonds Inc. $3.50 NAVPS Diamonds $4.67 $2.75 $3.39 $4.02 $4.35 $4.67 $5.00 $5.33 $6.00 $6.68

Lucara Diamond Corp. $2.10 NAVPS Diamonds $2.03 $1.95 $1.98 $2.00 $2.02 $2.03 $2.04 $2.05 $2.08 $2.10

-30% -20% -10% -5% 0% 5% 10% 20% 30%


Mountain Province Diamonds Inc. $3.50 2019 CFPS Diamonds $0.40 $0.44 $0.44 $0.41 $0.40 $0.40 $0.40 $0.39 $0.39 $0.38

Lucara Diamond Corp. $2.10 2019 CFPS Diamonds $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13 $0.13

-30% -20% -10% -5% 0% 5% 10% 20% 30%


Mountain Province Diamonds Inc. $3.50 2020 CFPS Diamonds $0.45 $0.36 $0.38 $0.42 $0.43 $0.45 $0.46 $0.47 $0.49 $0.51

Lucara Diamond Corp. $2.10 2020 CFPS Diamonds $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.20

Note: Diamond sensitivities reflect changes in USD/CAD exchange rate


Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric

Primary

Commodity

Base

Case


Primary

Commodity

Base

Case


Primary

Commodity

Base

Case



The Weekly Dig

36

January 10, 2020

Performance of Companies from the last Junior Exploration Report

Source: Haywood Securities

(C$) (C$M) (C$M)

Aurion Resources Ltd. TSXV:AU 1.93 161.03 22.00 (5.4)% (4.9)% (5.0)%

BeMetals Corp. TSXV:BMET 0.22 23.08 3.79 (8.3)% (2.2)% (2.3)%

Generation Mining Limited CNSX:GENM 0.42 38.43 2.00 27.3% 50.0% 49.9%GT Gold Corp. TSXV:GTT 1.03 126.97 17.83 (1.9)% (2.8)% (2.9)%

IsoEnergy Ltd. TSXV:ISO 0.43 39.08 2.00 11.7% 7.5% 7.4%

Japan Gold Corp. TSXV:JG 0.26 36.43 8.89 0.0% (5.5)% (5.5)%

Luminex Resources Corp. TSXV:LR 0.74 53.44 7.93 (5.1)% (7.5)% (7.6)%

Oroco Resource Corp. TSXV:OCO 0.49 51.26 1.30 0.0% 8.9% 8.8%

Osino Resources Corp. TSXV:OSI 0.79 50.52 3.50 14.5% 21.5% 21.5%

Red Pine Exploration Inc. TSXV:RPX 0.05 21.48 1.80 0.0% (10.0)% (10.1)%

Reunion Gold Corporation TSXV:RGD 0.13 54.37 9.00 (21.2)% (7.1)% (7.2)%

Rupert Resources Ltd. TSXV:RUP 0.70 97.95 8.30 0.0% 2.9% 2.9%

Sun Metals Corp. TSXV:SUNM 0.21 30.34 7.00 (10.9)% (8.9)% (9.0)%

Velocity M inerals Ltd. TSXV:VLC 0.42 41.07 7.10 (7.7)% (7.7)% (7.8)%

QTD Performance

vs. TSXV IndexTickerJunior Exploration Names

QTD

Performance

Weekly

Performance

Cash as of October

Junior X Report

Market

Capitalization

Close

Price



The Weekly Dig

37

January 10, 2020

Haywood Metals and Currencies Performance and Forecasts

Source: Bloomberg, Haywood Securities

OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW

Gold, US$/oz $1,360 $1,391 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425 $1,425

Silver, US$/oz $15.75 $16.12 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00 $17.00

Copper, US$/lb $2.90 $2.70 $3.00 $2.90 $3.05 $3.00 $3.10 $3.10 $3.15 $3.15

Lead, US$/lb $0.95 $0.90 $1.00 $0.95 $1.05 $1.00 $1.05 $1.05 $1.05 $1.05

Nickel, US$/lb $5.90 $6.45 $6.50 $7.00 $7.00 $7.00 $7.00 $7.00 $7.00 $7.00

Zinc, US$/lb $1.20 $1.15 $1.15 $1.15 $1.15 $1.15 $1.10 $1.10 $1.10 $1.10

OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW

C$/US$ FX Rate 1.32 1.33 1.29 1.29 1.28 1.28 1.27 1.27 1.27 1.27

AUS$/US$ FX Rate 1.42 1.45 1.37 1.41 1.35 1.35 1.37 1.37 1.37 1.37

Euro/US$ FX Rate 0.89 0.90 0.85 0.86 0.82 0.85 0.83 0.84 0.83 0.84

Commodities

Currencies

2019E 2020E 2021E 2022E

2019E 2020E 2021E 2022E+

2023E+

2023E+



The Weekly Dig

38

January 10, 2020

Important Information and Legal Disclosures

This report may be distributed in the following states: nil. Otherwise, this report may only be distributed into those states with an institutional buyer state securities registration exemption.

Analyst Certification

We, Mick Carew, Geordie Mark, Kerry Smith, Pierre Vaillancourt, Colin Healey, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.

Important Disclosures

Of the companies included in the report the following Important Disclosures apply:

Ticker Company 1 2 3 4 5 6 7 8

TSXV:ADZN Adventus Zinc Corp. X X X X

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X

TSX:AZZ Azarga Uranium Corp. X X X

TSX:BTO B2Gold Corp. X X

TSX:ABX Barrick Gold Corporation X

TSXV:BSR Bluestone Resources Inc. X X X

TSX:CS Capstone Mining Corp. X

TSX:CMMC Copper Mountain Mining Corp. X X

TSX:DML Denison Mines Corp. X X

TSX:DGC Detour Gold Corporation X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X

TSX:EFR Energy Fuels Inc. X

TSXV:EQX Equinox Gold Corp. X X X

TSXV:FPC Falco Resources Ltd. X

TSXV:FIL Filo Mining Corp. X X X

TSXV:FWZ Fireweed Zinc Ltd. X X X X

TSXV:GQC GoldQuest Mining Corp. X

ASX:GOR Gold Road Resources Limited X

TSX:HRT Harte Gold Corp. X X

TSX:HBM Hudbay Minerals, Inc. X

TSXV:KNT K92 Mining Inc. X X

TSX:LGD Liberty Gold Corp. X X X

TSX:LUC Lucara Diamond Corp. X X

TSXV:LUM Lumina Gold Corp. X X X

TSX:LUG Lundin Gold Inc. X X

TSX:LUN Lundin Mining Corporation X

TSX:MOZ Marathon Gold Corp. X X X

TSXV:MTA Metalla Royalty & Streaming

TSX:MAX Midas Gold Corp. X X X

TSXV:MAI Minera Alamos Inc. X

TSX:MPVD Mountain Province Diamonds Inc. X X

TSX:NXE NexGen Energy Ltd. X

TSX:NCU Nevada Copper Corp. X X

TSX:NHK Nighthawk Gold Corp. X X X



The Weekly Dig

39

January 10, 2020

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X

TSXV:OM Osisko Metals Inc. X X X

TSX:OSK Osisko Mining Corp. X X

TSXV:OSI Osino Resources Corp. X X X

TSXV:PLU Plateau Energy Metals Inc. X X X X

TSXV:PGM Pure Gold Mining Inc. X X X X

TSXV:ROG Roxgold Inc. X X

TSX:RNX RNC Minerals X X X X

TSX:SBB Sabina Gold and Silver Corp. X

TSXV:SGI Superior Gold Inc.

TSX:SMF SEMAFO Inc. X

TSX:STGO Steppe Gold Ltd. X X

TSX:TML Treasury Metals Inc. X X

TSX:TV Trevali Mining Corp. X X

TSXV:TLG Trolius Gold Corp. X X

AMEX:UEC Uranium Energy Corp. X

TSX:U Uranium Participation Corporation X

TSXV:VLC Velocity Minerals Ltd. X X

TSX:XAM Xanadu Mines Ltd. X

1 The Analyst(s) preparing this report (or a member of the Analysts’ households) have a financial interest in this company.

2 As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of this company.

3 Haywood Securities, Inc. has reviewed lead projects of this company and a portion of the expenses for this travel have been reimbursed by the issuer.

4 Haywood Securities Inc. or one of its subsidiaries has managed or co-managed or participated as selling group in a public offering of securities for this company in the past 12 months.

5 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 12 months

6 Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from this company in the past 24 months

7 Haywood Securities, Inc. or one of its subsidiaries is restricted on this company at the time of publication

Distribution of Ratings (as of January 10, 2020)

IB Clients

% # (TTM)

Buy 76.2% 80 96.6%

Hold 10.5% 11 0.0%

Sell 2.9% 3 0.0%

Tender 1.9% 2 0.0%

UR (Buy) 1.0% 1 0.0%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

Dropped (TTM) 7.6% 8 3.4%



The Weekly Dig

40

January 10, 2020

Price Chart, Rating and Target Price History (as of January 10, 2020)

Adventus Mining Corporation (ADZN-V) Date Target(C$) Rating5/3/19 $1.90 Buy2/7/19 $1.80 Buy

Initiated Coverage: 2/7/2019

0

0.5

1

1.5

2

2.5

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Price History (C$) Target/Rating/Coverage Change

Alamos Gold Inc. (AGI-T) Date Target(C$) Rating11/1/19 $10.25 Buy

10/15/19 $10.25 Hold7/25/19 $11.00 Buy1/16/19 $9.00 Buy

10/17/17 $10.00 Buy7/19/17 $11.50 Buy

Initiated Coverage 10/03/03

0

2

4

6

8

10

12

14

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Asanko Gold Inc. (AKG-T) Date Target(C$) Rating4/4/19 $1.15 Hold

11/9/18 $1.65 Hold8/4/17 $2.00 Hold

7/20/17 $4.50 Buy2/28/17 $5.20 Buy2/22/17 $5.50 Buy1/25/17 $5.50 Hold


0

1

2

3

4

5

6

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Azarga Uranium Corp. (AZZ-T) Date Target(C$) Rating6/24/19 $0.50 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


B2Gold Corp. (BTO-T) Date Target(C$) Rating7/25/19 $6.50 Buy7/20/17 $5.00 Buy1/25/17 $5.50 Buy

Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14

0

1

2

3

4

5

6

7

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Barrick Gold Corporation (ABX-T) Date Target(C$) Rating7/25/19 $28.00 Buy6/21/19 $23.00 Buy2/14/19 $19.00 Buy

10/26/18 $18.00 Buy10/2/18 $17.00 Buy7/27/18 $19.50 Hold2/16/18 $26.00 Buy

10/17/17 $28.00 Buy7/20/17 $30.50 Buy4/26/17 $37.00 Buy2/17/17 $38.50 Buy1/25/17 $33.00 Buy

0

5

10

15

20

25

30

35

40

45

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Bluestone Resources Inc. (BSR-V) Date Target(C$) Rating6/26/18 $2.75 Buy


0

0.5

1

1.5

2

2.5

3

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Capstone Mining Corp. (CS-T) Date Target(C$) Rating11/8/19 $0.80 Buy7/23/19 $0.70 Hold

11/27/18 $0.85 Buy10/31/18 $0.70 Buy7/10/18 $1.20 Hold4/10/18 $1.50 Hold

10/19/17 $1.75 Hold8/1/17 $1.50 Buy

7/20/17 $1.40 Buy6/20/17 $1.20 Buy

Initiated Coverage 07/10/07; Name change Capstone Mining

Corp. 11/25/08; Transferred Coverage 6/20/2017

0

0.5

1

1.5

2

2.5

3

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19




The Weekly Dig

41

January 10, 2020

Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating7/23/19 $1.00 Hold2/22/19 $1.50 Buy1/10/19 $1.75 Buy

10/19/17 $2.00 Buy8/8/17 $1.10 Hold

7/20/17 $1.00 Hold6/20/17 $0.90 Hold

Initiated Coverage: 8/26/10; Transferred Coverage 6/20/2017

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Denison Mines Corp. (DML-T) Date Target(C$) Rating10/30/18 $2.10 Buy9/26/18 $2.00 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Dec16

Mar17

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19


Detour Gold Corporation (DGC-T) Date Target(C$) Rating11/26/19 N/A Tender7/25/19 $25.00 Buy7/12/19 $23.00 Buy7/27/18 $15.50 Buy4/30/18 $15.50 Hold

10/17/17 $26.00 Buy7/20/17 $28.00 Buy3/24/17 $27.50 Buy1/25/17 $32.00 Buy


0

5

10

15

20

25

30

35

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating7/25/19 $15.00 Buy7/11/19 $10.00 Buy5/6/19 $6.25 Buy2/1/19 $7.00 Buy1/9/19 $6.50 Buy

10/30/17 $2.50 Buy10/17/17 $5.00 Buy7/20/17 $5.50 Buy6/28/17 $6.50 Buy1/25/17 $8.25 Buy

December 31, 2018: 5:1 Share Consolidation

0

5

10

15

20

25

30

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating10/17/17 $32.00 Buy7/20/17 $35.00 Buy1/25/17 $31.00 Buy

Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect

Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16

0

5

10

15

20

25

30

35

40

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating1/25/17 $4.80 Buy

Targets and prices prior to 11/06/13 adjusted for share

consolidation; Transferred & Re-initiated Coverage 08/20/12;

Targets prior to 05/31/16 converted to US$ at spot

0

1

2

3

4

5

6

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Price History (US$) Target/Rating/Coverage Change



The Weekly Dig

42

January 10, 2020

Equinox Gold Corp. (EQX-T) Date Target(C$) Rating8/20/19 $13.75 Buy7/25/19 $2.75 Buy

10/19/18 $3.00 Buy10/17/17 $2.80 Buy

4/4/17 $3.00 Buy

Initiated Coverage: 4/4/2017; August 2019 - 5:1 Share

Consolidation

0

2

4

6

8

10

12

14

16

Aug

…

Sep

…

Oct

…

Nov

…

Dec

…

Jan…

Feb

…

Mar

…

Ap

r…

May

…

Jun…

Jul…

Aug

…

Sep

…

Oct

…

No

v…


Falco Resources Ltd. (FPC-V) Date Target(C$) Rating1/28/19 $0.40 Hold10/2/18 $0.75 Buy6/22/18 $1.25 Buy5/11/17 $2.00 Buy


0

0.5

1

1.5

2

2.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Filo Mining Corp. (FIL-V) Date Target(C$) Rating4/18/18 $4.60 Buy


0

1

2

3

4

5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Fireweed Zinc Ltd. (FWZ-V) Date Target(C$) Rating7/15/19 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19


Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating1/25/19 $0.08 Sell3/29/18 $0.20 Hold

10/11/17 $0.60 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Gold Road Resources Limited (GOR-A) Date Target(C$) Rating7/25/19 $0.85 Sell6/21/19 $0.75 Sell8/7/18 $0.75 Hold

10/17/17 $0.90 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

0

0.5

1

1.5

2

2.5

3

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Harte Gold Corp. (HRT-T) Date Target(C$) Rating11/19/19 $0.25 Hold11/4/19 $0.50 Buy5/8/19 $0.70 Buy

6/22/18 $0.80 Buy12/13/17 $0.90 Buy4/12/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating11/13/19 $7.00 Buy

8/6/19 $8.00 Buy7/23/19 $9.00 Buy2/25/19 $11.00 Buy

12/20/18 $8.00 Buy8/1/18 $9.00 Buy

7/10/18 $11.50 Buy5/3/18 $12.50 Buy

1/12/18 $13.50 Buy10/19/17 $12.50 Buy

8/4/17 $12.00 Buy7/20/17 $11.00 Buy6/20/17 $9.00 Buy

11/29/16 $10.00 Buy11/14/16 $8.25 Buy


0

2

4

6

8

10

12

14

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19




The Weekly Dig

43

January 10, 2020

K92 Mining Inc. (KNT-V) Date Target(C$) Rating11/28/19 $4.75 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Liberty Gold Corp. (LGD-T) Date Target(C$) Rating10/17/19 $1.60 Buy

Initiated Coverage 10/09/12; Transfer of Coverage 10/20/2016

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating2/22/19 $2.10 Buy1/8/19 $2.60 Buy

11/3/17 $3.20 Buy1/25/17 $3.50 Buy12/1/16 $3.00 Hold


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Lundin Gold Inc. (LUG-T) Date Target(C$) Rating7/25/19 $9.25 Buy3/4/19 $7.50 Buy

10/17/17 $7.75 Buy1/25/17 $8.25 Buy


0

1

2

3

4

5

6

7

8

9

10

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Lundin Mining Corporation (LUN-T) Date Target(C$) Rating11/27/19 $9.50 Buy

9/9/19 $8.50 Buy7/26/19 $9.50 Buy4/29/19 $10.00 Buy2/19/19 $9.00 Buy

10/25/18 $8.00 Buy9/14/18 $9.00 Buy1/12/18 $9.50 Hold12/1/17 $9.00 Buy

10/19/17 $11.50 Buy7/27/17 $11.00 Buy6/20/17 $10.00 Buy12/1/16 $8.50 Buy

Transferred Coverage: 11/02/15; Transferred Coverage

6/20/2017

0

2

4

6

8

10

12

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7/3/18 $1.50 Buy

3/15/18 $1.20 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating5/16/19 $2.00 Buy2/22/19 $1.90 Buy1/11/18 $1.80 Buy2/27/17 $1.50 Buy1/17/17 $1.10 Buy


0

0.5

1

1.5

2

2.5

3

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Metalla Royalty & Streaming Ltd. (MTA-V) Date Target(C$) Rating11/27/19 $2.00 Buy


0

0.5

1

1.5

2

2.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19




The Weekly Dig

44

January 10, 2020

Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/25/19 $1.80 Buy5/9/18 $1.90 Buy

7/20/17 $1.50 Buy1/25/17 $1.75 Buy

Transferred and Re-initiated Coverage 11/05/13

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Minera Alamos Inc. (MAI-V) Date Target(C$) Rating7/25/19 $0.50 Buy4/30/19 $0.40 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating10/21/19 $3.50 Buy

8/8/19 $3.80 Buy7/18/19 $4.30 Buy4/26/19 $4.80 Buy

11/27/18 $5.20 Buy11/13/18 $5.60 Buy4/26/17 $6.30 Buy3/30/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2/27/17 $6.00 Buy1/25/17 $4.50 Buy


0

1

2

3

4

5

6

7

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Nevada Copper Corp. (NCU-T) Date Target(C$) Rating10/10/19 $0.50 Buy8/29/18 $0.90 Buy6/19/18 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating9/10/18 $0.90 Buy

10/20/17 $1.30 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Osisko Gold Royalties Ltd (OR-T) Date Target(C$) Rating9/4/19 $19.50 Buy

7/25/19 $17.00 Buy10/2/18 $16.50 Buy2/21/18 $18.00 Buy

10/17/17 $19.00 Buy7/20/17 $19.50 Buy1/25/17 $18.25 Buy

Initiated Coverage 12/16/2015; Transfer of Coverage

10/20/2016

0

5

10

15

20

25

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Osisko Metals Incorporated (OM-V) Date Target(C$) Rating4/25/19 $0.90 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19




The Weekly Dig

45

January 10, 2020

Osisko Mining Inc. (OSK-T) Date Target(C$) Rating5/24/18 $4.50 Buy3/19/18 $6.00 Buy4/6/17 $6.50 Buy

3/17/17 $5.00 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

3

4

5

6

7

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Plateau Energy Metals Inc. (PLU-V) Date Target(C$) Rating8/1/19 UR UR9/4/18 $3.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating2/6/19 $1.30 Buy

6/28/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


OceanaGold Corporation (OGC-T) Date Target(C$) Rating10/16/19 $3.50 Hold3/15/19 $4.00 Hold2/5/19 $4.00 Sell

10/17/17 $4.20 Hold7/20/17 $4.40 Hold6/28/17 $5.10 Buy1/25/17 $5.75 Buy


0

1

2

3

4

5

6

7

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Roxgold Inc. (ROXG-T) Date Target(C$) Rating1/3/18 $1.90 Buy

11/1/17 $1.70 Buy7/20/17 $1.80 Buy1/25/17 $2.00 Buy

Initiated Coverage

0

0.5

1

1.5

2

2.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


0

0.5

1

1.5

2

2.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


RNC Minerals (RNX-T) Date Target(C$) Rating10/16/19 $0.60 Buy6/28/19 $0.80 Buy1/23/19 $0.75 Buy9/25/18 $0.75 Hold9/20/18 $0.50 Buy9/12/18 $0.40 Buy7/24/18 $0.15 Hold5/15/18 $0.25 Hold3/23/18 $0.30 Hold9/25/17 $0.25 Hold

Initiated Coverage: 07/05/11; Name Change to RNC Minerals

9/13/2016; Transferred Coverage 9/26/2017

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19




The Weekly Dig

46

January 10, 2020

Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating7/25/19 $2.00 Hold4/19/18 $2.35 Hold

12/20/17 $2.60 Hold10/19/17 $2.50 Hold10/17/17 $2.70 Buy

9/5/17 $2.75 Buy7/19/17 $2.50 Buy1/25/17 $1.70 Buy

Initiated Coverage 12-15-15

0

0.5

1

1.5

2

2.5

3

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


SEMAFO Inc. (SMF-T) Date Target(C$) Rating11/13/19 $3.50 SELL7/25/19 $8.50 Buy10/2/18 $6.00 Buy2/20/18 $5.50 Buy4/25/17 $4.50 Buy3/9/17 $5.50 Buy

1/25/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


0

1

2

3

4

5

6

7

8

9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Steppe Gold Ltd. (STGO-T) Date Target(C$) Rating9/5/18 $1.75 Buy


0

0.5

1

1.5

2

2.5

3

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19


Superior Gold Inc. (SGI-V) Date Target(C$) Rating11/20/19 $1.00 Buy10/28/19 $1.15 Buy5/15/19 $1.25 Buy

11/13/18 $1.50 Buy4/3/18 $2.00 Buy

12/12/17 $1.50 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Troilus Gold Corp. (TLG-T) Date Target(C$) Rating11/1/18 $2.00 Buy9/13/18 $2.50 Buy2/20/18 $3.25 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan18

Mar18

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19


Treasury Metals Inc. (TML-T) Date Target(C$) Rating6/17/19 $1.00 Buy10/2/18 $1.10 Buy7/20/17 $1.20 Buy2/23/17 $1.10 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Trevali Mining Corporation (TV-T) Date Target(C$) Rating7/23/19 $0.35 Hold1/21/19 $0.80 Buy11/9/18 $1.00 Buy

10/23/18 $1.50 Buy7/10/18 $1.75 Buy

10/19/17 $2.30 Buy7/20/17 $2.00 Buy6/20/17 $1.75 Buy


0

0.5

1

1.5

2

2.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5/11/17 $2.90 Buy2/3/17 $2.40 Buy

1/25/17 $2.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Price History (US$) Target/Rating/Coverage Change



The Weekly Dig

47

January 10, 2020

B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Uranium Participation Corporation (U-T) Date Target(C$) Rating10/12/18 $5.90 Buy1/25/17 $5.10 Buy

12/19/16 $5.80 Buy


0

1

2

3

4

5

6

7

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19


Xanadu Mines Limited (XAM-V) Date Target(C$) Rating7/5/19 $0.10 Buy

2/13/19 $0.30 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Nov16

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


1. THE WEEKLY DIG The Weekly Dig January 10,...

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