Bayhorse Silver Inc. (TSXV: BHS / OTC: KXPLF / FRA: 7KXN ... · records indicate that over 5,059...

Siddharth Rajeev, B.Tech, MBA, CFA

Anthony de Ruijter, BA

April 10, 2018

2018 Fundamental Research Corp. “10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com

PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT

Bayhorse Silver Inc. (TSXV: BHS / OTC: KXPLF / FRA: 7KXN) – Brand New Silver Producer in

Oregon

Sector/Industry: Junior Resource www.bayhorsesilver.com

Market Data (as of April 10, 2018)

Current Price C$0.21

Fair Value C$0.62

Rating* BUY

Risk* 4

52 Week Range C$0.14 - C$0.27

Shares O/S 71,027,947

Market Cap C$14.92 M

Current Yield N/A

P/E (forward) N/A

P/B N/A

YoY Return 5.0%

YoY TSX -6.4% *see back of report for rating and risk definitions. * All figures in C$ unless otherwise specified.

Investment Highlights

Bayhorse Silver Inc. (“company”, “BHS”) recently put its 100% owned Bayhorse Silver mine back into production. The project is estimated to hold the largest known silver deposit in Oregon, U.S.

The project has a high-grade historic reserve estimate of 160,000 tons at an average grade of 17-20 ounces per ton (“opt”). Based upon a 3.5opt cut-off, the estimate was 577,000 tons at an estimated average grade of 14 opt, for contained 8.08 Moz of silver. We believe that BHS’s recent work has significantly increased the historic estimate as mineralization has been extended over strike and depth. Recent programs also indicated bonanza silver grades, with potential for gold, copper, zinc and lead.

Management estimates production of 0.64 to 1.28 million ounces (“Moz”) of silver over the next 12 months.

The company is using ore-sorting and Dense Medium Separation technology to upgrade material to over 160 opt for direct shipping.

BHS has an agreement with a third-party to direct ship material from the Bayhorse Silver mine, for processing and refining at a site 40 km from site.

BHS’s CEO and President owns over 10% of the outstanding shares. We are initiating coverage with a fair value estimate of $0.62 per share. Risks

The value of the company is highly dependent on silver prices. The project does not have a NI43-101 compliant resource estimate, or

economic assessment. Exploration and development risks. The company may not be able to delineate the resource we used in our

valuation models. Exchange rate risks. Access to capital and potential share dilution.



Overview

Bayhorse Silver

Mine, Oregon

The company was formed in 2004 as Kent Exploration Inc. by CEO and President, Graeme O’Neill. Its name was changed to Bayhorse Silver Inc. in 2013, as the company decided to focus on a newly acquired option to acquire the Bayhorse Silver mine. The project is a historic producer, and is estimated to hold the largest known silver deposit in Oregon. After spending just $4.8 million over four years on rehabilitation work, testing, acquisition and commissioning of equipment, and signing a third-party ore processing arrangement, management successfully put the mine back into production in January 2018. In 2015, the company had entered into an option agreement to acquire a 75% interest in the past producing Bridging the Gap (BTG) property in the Coeur d’Alene district in Idaho. However, management is reviewing this option after spending approximately $1 million. BHS is currently fully focused on ramping up production at the Bayhorse Silver mine. Ownership

In November 2013, BHS entered into an agreement with American Cordilleran Mining Corporation ("AMCOR") to acquire an 80% interest in the Bayhorse Silver mine for US$100,000 per year of exploration expenditures in the first two years, US$300,000 in the third year, and US$500,000 per year in years four and five. Upon completing the required spending, the company successfully earned a 80% interest in the project in 2017. AMCOR’s subsequent decision to not contribute its proportionate 20% share, resulted in BHS increasing its interest to 100% by January 2018. Location

According to the U.S. Geological Survey (USGS), in 2017, Oregon produced US$474 million worth of non-fuel minerals (0.63% of the U.S. total), primarily crushed stone, sand/ gravel, diatomite, perlite and cement.

Source: USGS

The only recorded silver production in the state comes from the Bayhorse Silver mine in Baker County, and the Oregon King Mine in Jefferson County. The Bayhorse Silver mine produced a total of 286,000 silver ounces through 1959, whilst the Oregon Department of



Geology reported that the Oregon King mine has historically produced 300,000 silver ounces (up until 1969). Similarly, the state is not a large producer of gold. At current, there are no producing gold mines in Oregon, though Paramount Gold Nevada Corp. (NYSE: PZG) is currently developing the Grassy Mountain Gold project (PEA completed) in the state. The following table outlines major silver or gold projects at various stages in Oregon or neighboring states.

Major Gold/ Silver Projects in Oregon or Neighboring States

Source: FRC, Public Disclosures

The Bayhorse Silver project is located in Baker County in eastern Oregon, on the steep western slopes of the Snake River. It is approximately 12 km north of Huntington (a small city with a population of 440 as per a 2010 census), and 55 km northwest of Ontario, Oregon (population of 11,366 as per the 2010 census). The property is easily road accessible.



Property Location

Source: Company

There are a number of small abandoned underground and surface historic mine workings in the area. The project’s topography is steep, typically ranging between 650 m to over 1,000 m in elevation. The mine site is connected to the local power supply grid, and access to water is through the town of Huntington. The company currently trucks water to the mine site, and intends to drill a water well at the mine site. The property package includes three patented and 18 unpatented claims, totaling approximately 1.32 sq km.



Property Package

Source: Company

A key benefit of being a historic producer is that the project has two accessible

rehabilitated adits (70 meters apart), where ore can be extracted. Both adits (named the upper and lower adits), and most of the underground workings are on patented ground. The upper adit extends approximately 800 feet, and the lower extends approximately 500 feet into the hill. An intermediate level can be reached via raises from the lower level and winzes from the upper.

Primary Adits

Source: Company



Geology and History

Mineralization on the project is primarily epithermal and occurs within fracture-controlled veins and replacements of sulfide and sulfosalt mineralization, along a 40 to 80 feet-wide zone. The first reported production was in 1891, when the project was subject to small scale silver production. Subsequently, high grade ores were mined (underground) during 1920 –

1925, and the 1980s. During the production period in the 1920s, mineralized rock was shipped to the Bunker Hill smelter in Idaho, and the Tacoma smelter in Washington. Historic

records indicate that over 5,059 tons were shipped at an average grade of 28.75 opt, for

contained 145,469 oz of silver. Production was primarily focused on the 140 feet long Sunshine zone. Approximately 63,470 was recovered from 2,558 tons from this zone. In 1976, Cordex Exploration Co. conducted geological mapping, geochemical sampling and drilled four holes. 34 of 521 grab rock samples collected contained significant amounts of silver. Certain samples also showed high values of copper, zinc and lead. Silver values

ranged between 1 to 15 opt, and a few returned bonanza grades of up to 149.6 opt. An increase in silver prices prompted extensive underground drilling (90 holes totaling 15,000 feet), channel sampling and production of 5,718 tons at an average grade of 16.7 opt in 1984. Of the 5,718 tons produced, approximately 23% graded between 21 – 100 opt

Ag, 71% graded between 6 opt – 20 opt Ag, and 6% graded less than 6 opt Ag. Minor copper production was also reported, averaging 1% Cu. The drill program returned values of up to 691 opt Ag and 15.72% Cu. Production ceased as prices dropped below US$7 per oz by the end of 1984. Production was focused on the Big Dog and Junction zones.

Source: Company

The project was relatively inactive from 1985, until BHS took over control in 2014. From 21



rock hand samples collected in 2014, 15 showed visible mineralization, 11 returned values of over 3 opt, of which, two contained over 35 opt Ag. Bonanza grades of 3,085 and 4,835 opt

were also returned. This program also indicated potential for Cu, Zn and Pb.

Examples of Run of Mine Mineralization

Location of the 21 assay samples

Source: Company

Resource / Reserve

The project does not have a NI43-101 compliant resource estimate. However, in 1981, a probable reserve estimate of 166,208 tons grading 17 to 20 opt was calculated, at a cut-off



grade of 7.5 opt, containing 2.83 Moz to 3.32 Moz silver. This estimate was based on mineralization over approximately 840 feet in strike, 85 feet in width, and 22 feet thick.

1981 Reserve Estimate

Source: Company

The estimate increased to 577,000 tons at an estimated average grade of 14 opt, based on a 3.5 opt cut-off grade, for contained 8.08 Moz of silver. We believe that BHS’s work has significantly increased tonnage (relative to the historic

estimate), both along depth and along strike. In 2017, BHS discovered a new zone (named the Legend zone), approximately 50 feet below the Sunshine and Junction Zones, and extended the thickness of the mineralized zones from 20 feet to approximately 70 feet. The following image shows the known zones:

Legend Zone (bottom) / Big Dog Zone (top)

Source: Company

In August 2017, the company announced highly encouraging results from samples from the



Sunshine and Big Dog zones. Big Dog returned grades of up to 111.85 opt, and Sunshine returned up to 83.5 opt Ag. In January 2018, the company reported additional high-grade results. Legend returned up to 739.25 opt, and Sunshine returned 167.28 opt. Subsequently, in February 2018, the company announced channel sampling results of up to 400.60 opt from the Legend zone. Key results are shown below:

February 2018 Results

Source: Company

In March 2018, the company reported 1.67 gpt gold along with high grade silver sample results from the Legend, Sunshine and Big Dog mineralized zones. We consider the

presence of gold to be highly encouraging as historic reports indicate the potential for

gold of up to 10 gpt.

March 2018 Results

Source: Company

Overall, we believe the company has significantly expanded on the historic reserve

estimate along strike (from 840 feet to over 2,000 feet) and along depth (from 20 feet to

70 feet). BHS management believes there is potential for mineralization to extend over 3,000 feet. The following table shows our preliminary estimates based on a potential 2,000 foot



strike and a 3,000 foot strike.

Preliminary Estimates

Source: FRC

Production Schedule From 2014 to 2017, BHS was focused on re-opening the adits, testing Dense Medium Separation (DMS) and ore-sorting, and installing equipment to bring the mine back into production. Crusher / upgrader equipment was commissioned in March 2017, and an ore-sorter was acquired and installed in late 2017. The mine was officially re-opened in July 2017. Management is convinced that they did not need to complete a NI43-101 compliant resource estimate or an economic assessment prior to advancing the project to production. Although

this is a risky strategy, we believe it is a pragmatic decision considering the significant

historic records available on the project. Additional drilling and economic studies for a NI-43101 compliant report will require significant spending (and share dilution) and time. The current strategy will allow BHS to generate near-term cashflows, and potentially use these cashflows to fund resource expansion and economics studies for a large-scale operation in the future. In 2017, the company signed a Letter of Intent (LOI) with Minerals Solutions LLC (Minerals) of Coeur D Alene Idaho for direct shipping material from the Bayhorse Silver mine for processing and refining. As per the agreement, Bayhorse has to provide direct shipping material at a minimum 100 opt Ag to Minerals. Lower grade materials will be processed on site. The company has already installed a ball mill. The following image shows the proposed mining locations:



Source: Company

To upgrade mineralization to direct shipping material, the company is planning to use ore-sorting and DMS. Management believes these two technologies, by significantly removing

waste rock, can potentially upgrade material from 20 opt to over 160 opt. The technologies not only lower processing costs, but also require no water, and are environment friendly. Ore-sorting basically involves the separation of the material that contains valuable content from the waste. In August 2017, the company announced that ore-sorting on 3,275 kg (average grade of 2.78 opt) of samples showed a 86% reduction of ore size, and increase in grade to 7.64 opt (275% increase). The feed material tested had a crushed size of -50 mm with the best recovery in the size range from 10 mm to 25 mm. Tests were conducted using a Steinert X-Ray Transmission Ore-Sorter (XSS) that the company purchased in 2017 for $0.8 million.

Steinert X-Ray Transmission Ore-Sorter

Source: Company



Management

DMS removes waste through a gravity concentration technology. Testing conducted in 2016, on a 136 kg sample from the Bayhorse Silver mine, showed an upgrade of 8 times from a head grade sample assaying 3.9 opt. Approximately 90.9% of the material was rejected using DMS. The resulting 9.1% showed grades of 31.1 opt silver, 5.63% copper, and 4.67% zinc. The optimum separation size was estimated to be between 1 mm and 25 mm. A typical 20 opt rock is likely to undergo the following upgrading process: An ore-sorter first rejects 63% of the waste, resulting in an increase in grade from 20 opt

to 54 opt. The 54 opt ore is then sent to a DMS – which removes another 66% of waste rock;

implying a further improvement in grade to over 160 opt We believe that a key positive of these results from ore-sorting, and DMS, is that the

company can potentially mine and process ore with a significantly lower cut-off grade of

2.5 opt instead of the historic reserve estimate’s 7.5 opt cut-off estimate.

In February 2018, BHS commenced mining the newly discovered Legend zone, and shipped their first upgraded mineralization to Minerals Solutions for further processing and refining. Results are expected by the end of this month. Management expects to produce between 0.64 to 1.28 Moz of Silver over the next 12 months. The mine is operating under permitting exemptions, which allows for a production rate of up to 300 tpd. The company is currently mining at 100 tpd, and expects to increase production to 200 tpd by September 2018. Currently, over 2,000 tons of mineralized material (average grade of 10 oz/t) has been extracted from the mine to date. Management intends to process this ore by June 2018. The CEO, Graeme O’Neil, owns 7.25 million shares, or 10.3% of the total. We believe this is a strong sign and aligns management and investors’ interest.

Management / Board Share Ownership

Source: Management Information Circular

Brief biographies of the management team and board of directors, as provided by the company, follow:



Graeme O’Neill - President & CEO

Mr. O’Neill established the Company and has been President & CEO since its inception. He has been involved in managing junior exploration companies in the minerals sector for a number of years and is experienced in logistics, planning, and operations development. He has a strong background in the regulatory and compliance requirements of public companies. Rick Low, CA, B.Comm - Chief Financial Officer

Mr. Low has over 20 years of progressive management experience in various industries in Canada and overseas. Mr. Low has over ten years senior management experience including as CFO and board director in the mining industry. He oversaw the finance and accounting function for a gold mining project during its progression from exploration, feasibility, construction and development through to commercial production. Mr. Low has also participated in raising various debt and equity financings and applications for listing on stock exchanges. Mr. Low is a qualified Chartered Professional Accountant (CA) with the Chartered Professional Accountants of B.C. and graduated with a B. Comm. degree from the University of British Columbia.

Dr. Clay Conway Ph.D., P.Geol. - Senior Geologist, Director and Qualified Person

Dr. Conway graduated from Brigham Young University in 1966 with a B.Sc. Geology and obtained his Ph.D. in Geology from the California Institute of Technology in 1975. He is a Fellow of the Geological Society of America, a Fellow of the Society of Economic Geologists, and is a Registered Geologist in both Utah and Arizona. As a Research Scientist at the U.S. Geological Survey from 1975 to 1996, he performed mineral resource assessments of public lands, and conducted mineral deposit research with a specialty in massive sulphide and other mineral deposits types in the southwestern U.S. He has been an independent geologic consultant since 1996; primarily in mineral exploration on both disseminated and vein style gold deposits in the U.S. and Saudi Arabia, and has expertise in structural geology, and interpreting geospatial data and remote sensing imagery. Dr. Clay Conway, Ph.D., P.Geol, is a qualified person as defined by National Instrument 43-101. John Cerenzia - Director

Mr. Cerenzia Has many year’s experience with small capitalization companies and junior resource companies. He was president of Alive International Inc., now Simberi Gold Corporation, a TSX-V listed company with mineral exploration properties located in Papua New Guinea and Western Australia. He has served as a consultant to other public companies and is a former Systems Business Analyst with the Ontario Ministry of Transportation, where he worked for 32 years. Mr. Cerenzia is a graduate of the Canadian Institute of Management (CIM). Corey Klassen - Director

Mr. Klassen has a strong financial background and has been a director of Bayhorse for a number years. He has considerable experience with junior resource companies and is currently a director of two public companies.

Our net rating on the company’s management team is 3.7 out of 5.0 (see below).



Financials

Source: FRC

The company’s board has four members, of which, three are independent. We believe that the Board of Directors of a company should include independent or unrelated directors who are free of any relationships or business that could materially interfere with the director’s ability to act in the best interest of the company. An unrelated/independent director can be a shareholder. The following table shows our analysis on the strength of the company’s board.

Strength of Board

Source: FRC

At the end of Q3-2017 (ended September 30, 2017), the company had cash and working capital of $1.20 million and -$14,941, respectively. We estimate the company had a burn rate (cash spent on operating and investing activities) of $230k per month in the nine months ended September 30, 2017. The following table summarizes the company’s liquidity position:



Valuation &

Rating

Source: Company Data

The working capital deficit was primarily because of an outstanding $0.31 million loan, and $0.29 million as the current portion of outstanding convertible debentures. The company had the following debentures (3 year term at 12% p.a.) outstanding at the end of Q3:

US$1 million issued in 2017

US$0.90 milllion issued in 2016

US$0.35 million issued in 2015

Subsequent to the quarter-end, the company raised $1.50 million by issuing 7.50 million units at $0.20 per unit. Each unit consisted of a common share and full warrant (exercise price of $0.30 for 2 years). The CEO, Mr. O’Neill, subscribed for 3.30 million units. In March 2018, Mr. O'Neill also converted $0.31 million of his debentures to common shares at $0.20 per share, which we believe, further indicates his conviction and positive outlook for the company.

The company currently has 5.03 million options outstanding (weighted average exercise price of $0.18 per share), and 24.94 million warrants (weighted average exercise price of $0.27 per share). 4.03 million options and 2.43 million warrants are currently in-the-money. The

company can raise up to $1.12 million if all these in-the-money options and warrants are

exercised.

Our long-term silver price forecast is US$20/oz, which is based on our long-term gold price forecast of US$1,300/oz and an average gold : silver ratio of 65x (shown below).



Gold / Silver Ratio

Source: Denver Gold Group

The following table shows a summary of our Discounted Cash Flow on BHS, which was primarily based on our preliminary resource estimate presented on page 10. We assumed a 15 year mine life to produce a total of approximately 10.4 Moz of silver.

Source: FRC

Our base-case valuation on BHS is $0.62 per share. We consider our valuation to be reasonably conservative as we assumed a maximum production rate of 200 tpd, and considered mineralization to extend to only 2,000 feet instead of BHS management’s estimate



Risks

of over 3,000 feet. The following table shows our valuation’s sensitivity to key inputs. At the current silver price of US$16.6/oz, our models indicate a valuation of $0.42 per share.

Source: FRC

We are initiating coverage on BHS with a BUY rating and a fair value estimate of $0.62

per share. We expect multiple near-term catalysts for the share price as the company

ramps up production and starts to generate cash-flows.

We believe the company is exposed to the following key risks (not exhaustive):

The value of the company is highly dependent on silver prices. The project does not have a NI43-101 compliant resource estimate, or economic

assessment. Exploration and development risks. The company may not be able to delineate the resource we used in our valuation

models. Exchange rate risks. Access to capital and potential share dilution.

We rate BHS shares a risk of 4 (Speculative).



Fundamental Research Corp. Equity Rating Scale:

Buy – Annual expected rate of return exceeds 12% or the expected return is commensurate with risk Hold – Annual expected rate of return is between 5% and 12% Sell – Annual expected rate of return is below 5% or the expected return is not commensurate with risk Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events. Fundamental Research Corp. Risk Rating Scale:

1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt. 2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt. 3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient. 4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative. 5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues, and may rely on external funding. These stocks are considered highly speculative.

Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. FRC and the Analyst do not own shares of the subject company. Fees were paid by BHS to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, BHS has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (73%), HOLD (7%), SELL / SUSPEND (20%). To subscribe for real-time access to research, visit http://www.researchfrc.com/subscribe.php for subscription options. This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

Bayhorse Silver Inc. (TSXV: BHS / OTC: KXPLF / FRA: 7KXN ... · records indicate that over 5,059...

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