1. the weekly dig the weekly dig january 24,...
TRANSCRIPT
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 39-47
1
The Weekly Dig
1.
19%
7%
4%
4%
3%
2%
0%
0%
0%
(2)%
(2)%
Panoro Minerals Ltd.
Northern Dynasty Minerals Ltd.
Foran Mining Corporation
Wolfden Resources Corporation
First Cobalt Corp.
Osisko Metals Incorporated
Xanadu Mines Limited
Titan Mining Corporation
Nevada Copper Corp.
Amerigo Resources Ltd.
Sherritt International Corporation
Weekly Performance - Base Metals Producers & Developers
12%
7%
4%
4%
4%
3%
3%
2%
2%
2%
Alamos Gold Inc.
Yamana Gold Inc.
Kinross Gold Corporation
B2Gold Corp.
Asanko Gold Inc.
Barrick Gold Corporation
Endeavour Mining…
Centamin plc
Agnico Eagle Mines Limited
Osisko Gold Royalties Ltd
Weekly Performance - Senior and Intermediate Gold Producers
23%
20%
18%
18%
16%
12%
12%
11%
11%
11%
GT Gold Corp.
Kenadyr Mining…
RTG Mining Inc.
Orvana Minerals Corp.
Rupert Resources Ltd.
Falco Resources Ltd.
Goldquest Mining…
Lundin Gold Inc.
Lincoln Gold Mining…
Liberty Gold Corp.
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
$25.00
23-Jan-19 23-Jun-19 23-Nov-19
Go
ld U
S$/o
z
Silv
er U
S$/o
z
Silver -0.8% WoW $17.79/oz Gold 0.8% WoW $1,569/oz
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
23-Jan-19 23-May-19 23-Sep-19 23-Jan-20
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
Co
pp
er &
Zin
c U
S$/l
b
Nic
kel U
S$/l
b
Zinc -3.5% WoW $1.07/lb
Copper -4.7% WoW $2.70/lb
Nickel -3.1% WoW $6.02/lb
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
23-Jan-19 23-May-19 23-Sep-19 23-Jan-20
0
50
100
150
200
250
300
S&P
/TSX
Glo
ba
l Go
ld
S&P
/TSX
Div
ersi
fied
Met
als
& M
inin
g
S&P/TSX Global Gold Index 1.2% WoW
S&P/TSX Diversified Metals & Mining Index -3.1% WoW
No End in Sight as Palladium Price Continues to Surge
Precious Metals While a lot of focus has been centered on the price of gold following its rally in late December/early January on the back of increasing tensions between the U.S. and Iran, it is another precious metal – palladium – that has caught the attention of investors. A critical ingredient in catalytic converters for both petrol and hybrid cars, palladium prices have historically trailed platinum prices until September 2017; from then on, palladium prices have risen 150% in under two and a half years. However, it is the 30% surge since December 23rd that has caught the attention of investors. The major factor likely responsible for the bull market in palladium is a chronic supply shortage, led by increased demand from China especially as environmental regulations on car emissions continues to tighten. The majority of global palladium supply is sourced as a by-product from nickel mines in Russia, South Africa and Canada especially. With supply shortfalls expected to continue, palladium prices could continue to rise, putting further pressure on the automobile industry. Meanwhile, the price of gold traded flat for much of the week, rising slightly to finish at US$1,563 per ounce. Gold equities were mixed, with both the S&P Global Gold Index and VanEck Vectors Junior Gold Miners ETF unchanged from a week ago; some of the better performing gold producing companies this week included Alamos Gold (AGI-T, BUY rating, $10.25 target), up 12% for the week, while B2Gold Corp. (BTO-T, BUY rating, $7.50 target) and Endeavour Mining (EDV-T, BUY rating, $32.00 target) were up 4% and 2.5% respectively. It was a mixed bag for the junior mining and exploration sector during Vancouver’s Cambridge House and Round-up conferences, with some standout performers including Lundin Gold (LUG-T, BUY rating, $10.00 target), Liberty Gold (LGD-T, BUY rating, $1.60 target) and Superior Gold (SGI-V, BUY rating, $1.15 target) up 11%, 10% and 8.5% respectively. Rounding off the week, platinum was unchanged from last week at US$1,005 per ounce, while silver finished slightly lower at US$17.80 per ounce.
Base Metals Fears that the deadly virus spreading from China will hurt economic growth shattered base metal prices this week. Copper fell for a seventh day, closing at $2.70/lb, down 4.7% week over week, while nickel and zinc fell 3.5% and 3.1% respectively to $1.07/lb and $6.02/lb. China has shut down travel in and out of the city of Wuhan to contain the virus, as millions prepare to travel for the Lunar New Year holiday. A global effort has been launched to avoid a repeat of the SARS pandemic seventeen years ago that killed almost 800 people and hurt economies across the region. The spread of the virus has overshadowed what would have otherwise been a constructive week for base metals. Global PMI remained above 50, despite a drop: the JP Morgan Global Manufacturing PMI Index fell to 50.1 from 50.3 in November, after rising for four straight months, suggesting a pick-up in industrial activity. China’s economic data for December were also supportive of base metals prospects: China’s credit data was strong and project approvals picked up with a likelihood that infrastructure investments will accelerate in 2020. Given this backdrop, base metal equities in our coverage universe were all negatively impacted with Trevali Mining Corp (TV: TSX, HOLD, $0.35 target) taking the biggest hit, down 15.7%. The S&P Composite Diversified Metals & Mining Index and LMEX Index are also both down by 3.13% and 3.50% respectively week over week.
Weekly Performance
January 24, 2020
THE WEEKLY DIG
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
2
January 24, 2020
Contents
Haywood Research: The Week in Review ................................................................................................................ 3
Weekly Commodities ............................................................................................................................................... 7
Commodities Prices and Inventories ....................................................................................................................... 8
Commodities and ETFs .......................................................................................................................................... 11
Upcoming Macroeconomic News .......................................................................................................................... 13
Weekly Indices ........................................................................................................................................................ 14
Weekly Equities ....................................................................................................................................................... 15
Precious Metals Companies .................................................................................................................................. 16
Base Metals Companies ......................................................................................................................................... 18
Major International Miners ................................................................................................................................... 19
Tables
Comparables Tables: Consensus and Haywood Forecasts/Multiples, Plus Market Valuations for In Situ Resources
................................................................................................................................................................................. 20
Precious Metals Companies ................................................................................................................................... 20
Base Metals Companies .......................................................................................................................................... 30
Other Companies (Uranium, Diamond, Cobalt, Coal, Iron) ................................................................................... 34
Junior Exploration Companies Review: Performance of Companies Included in Junior X .................................... 37
Haywood Metals and Currencies Forecasts .......................................................................................................... 38
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
3 January 24, 2020
Haywood Research: The Week in Review – Covered Companies Publications from the Haywood Research team for the week included the following for industry reports:
Precious Metals Sector Commodity Update: Q4/19 preview and 2020 outlook
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:
Asanko Gold Inc. (AKG-T, $1.13): Q4/19 operations results
Minera Alamos Inc. (MAI-V, $0.27): Santana project update
B2Gold Corp. (BTO-T, $5.48): Resource update
Marathon Gold Corp. (MOZ-T, $1.51): Updated resource mineral estimate
Trevali Mining Corp. (TV-T, $0.26): 4Q19 and 2019 production results
Nighthawk Gold Corp. (NHK-T, $2.13): Drilling results
Lumina Gold Corp. (LUM-V, $0.66): Processing flowsheet update
B2Gold Corp. (BTO-T, $5.46): PEA update
Aurion Resources Ltd. (AU-V, $1.90): Coverage initiation
Endeavour Mining Corp. (EDV-T, $25.46): Q4/19 production and 2020 guidance outlook
Publications from the Haywood Research team for the week included the following for uncovered companies:
GT Gold Corp. (GTT-V, $1.17): Drilling results
Luminex Resources Corp. (LR-V, $0.72): Drilling results
IsoEnergy Ltd. (ISO-V, $0.39): Drilling results
INDUSTRY REPORTS
Precious Metals Sector Commodity Update
Our Take: Having briefly breached US$1,600 per ounce earlier this year, and generally maintaining a pricing level above US$1,550 per ounce, gold pricing looks strong in an environment of global financial and geopolitical uncertainty. In spite of witnessing an appreciable uplift in price during 2019, gold price has regained and added to the boon of last year, and we venture into 2020 on the back of a wave of consolidation in the sector. Increasing commodity price buoyancy together with a growing period of top down operations success from the senior producers has collectively reinvigorated the gold sector’s underlying financial performance that in 2019 translated to even higher operating cash flow, free cash flow, and dividend distribution. Last year also featured record M&A transaction values that most interestingly included consolidation within the mid-tier producers through a wave acquisitions of single producing assets (via single asset sale, or corporate acquisition) where a trend of Australian-led acquisition appears to be building.
Precious Metals Sector: Q4/19 preview and 2020 Outlook – January 22, 2020
TECHNICAL ANALYSIS
Weekly Technical Analysis
Equities: Global equity markets continue to advance despite signs of overheating on a short-term basis. While we continue to prefer adding exposure on a pullback or consolidation phase from a tactical risk management perspective, our intermediate-term bullish call on equities remains intact. Last week, we saw strong price action in small and micro-caps in the US along with new all-time highs in the major indices. In Canada, while the TSX Composite continued to hit new all-time highs, we started to see the TSX Venture Composite gain relative strength as it forms a cup and handle basing pattern. We view this as evidence of rising risk appetite in the Canadian equity market. Earnings season continues over the next few weeks with several major S&P 500 constituents reporting. Given the stretched conditions in the CBOE put/call ratio (heavily skewed in favor of calls) and the compression in implied volatility, we expect any negative surprises in earnings could result in volatile daily swings.
Technical Analysis – January 20, 2020
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
4 January 24, 2020
COVERED NAMES
Asanko Gold Inc. (AKG-T, $1.13) | Rating » Hold | Target » $1.15
Our Take: AKG delivered a notable quarter as record gold production of 66.1 koz exceeded our expectations of 63.6 koz on record mill throughput. Preliminary total cash costs of US$863/oz Au and AISC of US$969/oz Au were below our estimates for US$941/oz Au and US$1,031/oz Au, respectively. Full-year production of 251 koz, exceeded the upper-end of corporate guidance of 225-245 koz Au, and our forecast of 249 koz. Of particular note, AKG is anticipated to release both 2020 production and cost guidance, and the long-awaited results of the AGM LOM plan update in mid-February.
Gold Production Exceeds Expectations; 2020 Corporate Guidance and LOM Plan Expected to be Delivered Next Month– January 17, 2020
Minera Alamos Inc. (MAI-V, $0.27) | Rating » Buy | Target » $0.50
Our Take: The Santana project recently received MIA permit approval, secured financing, and has now commenced construction. With a 6-8-month construction window, Santana will be producing gold by year-end. On January 16, Minera Alamos announced the start of construction at its Santana Gold Mine in Sonora, Mexico. Construction is expected to take around 6 to 8 months. Over the next two months, Minera Alamos will start site clearing and preparation for the leach pads, the holding pads, and will start road construction. – The Santana Gold Project does not have a completed feasibility study or technical report, however, results from the 50,000 tonne bulk heap-test completed between 2018 and 2019 were positive and management built the Castillo mine in Mexico in the same fashion. For 2020 we model 15,000 ounces of production in a partial year, followed by 35,000 ounces in 2021 with AISC of ~US$800 per ounce.
Minera Commences Construction of the Santana Gold Mine – January 17, 2020
B2Gold Corp. (BTO-T, $5.48) | Rating » Buy | Target » $6.50
Our Take: BTO released an updated mineral resource estimate for its flagship project in Mali following > 25,000 metres of RC and DD drilling completed in 2019 aimed at supporting resource base category conversion. The update outlines a good conversion rate to indicated resources, which translated to a significant mass increase, but lesser impact on contained gold ounces due to a reduction in average grade between updates. The revised estimate outlines of 110.6 Mt at an average grade of 1.7 g/t for a total of 6.05 Moz Au within a US$1,500/oz gold pit shell (0.5 g/t Au cut-off), which marks a 0.629 Moz Au from the December, 2018 estimate (excluding realized gold production of 455.8 Moz Au in 2019), which had outlined 87.1 Mt grading 1.87 g/t Au containing 5.24 Moz Au. Overall, we view the update as a modest positive, and await the details of the mine plan update due later this quarter. The deposit remains open to the north, and down plunge.
Fekola Conversion Program Lifts Resources – January 17, 2020
Marathon Gold Corp. (MOZ-T, $1.51) | Rating » Buy | Target » $2.50
Our Take: We continue to like Marathon given it is one of the few un-developed, potentially open pitable gold deposits in Canada and a prime takeover target for a mid-tier or large cap gold producer looking to add to their longer-term production pipeline. Marathon has delivered an updated resource that employs more rigor in terms of restrictive parameters used during the resource estimation process and has yielded a 15% increase of its “high-grade” Measured and Indicated resource from the last resource update in October 2018. While the mineral resource is primarily resource conversion (rather than expansion) this has important implications for both the upcoming PFS study expected in Q2/20 and our modelled resource estimates.
Updated Mineral Resource Estimate; M+I Resource Bodes Well for PFS – January 21, 2020
Trevali Mining Corp. (TV-T, $0.26) | Rating » Hold | Target » $0.26
Our Take: Overall, a good quarter for production, setting up the Company for a stronger year ahead as operational efficiencies take hold. In 4Q19, TV produced 104.8Mlbs of zinc, 13.8Mlbs of lead and 378koz of silver, in line with 3Q19 production of 106.8Mlbs of zinc, 13.6Mlbs of lead, and 400koz of silver, and ahead of our 4Q19 estimates of 89.4Mlbs of zinc, 12.4Mlbs of lead and 369koz of silver. Trevali exceeded 2019 guidance with production of 417.4Mlbs of zinc, 50.3Mlbs of lead and 1,489koz of silver, compared to guidance of 361-401Mlbs of zinc, 44-49Mlbs of lead and 1,322-1,469koz of silver. In 2020, Trevali has guided to production of 380-410Mlbs of zinc, 51-57Mlbs of lead and 1,440-1,580koz of silver at a C1 cost range of $0.85-$0.93/lb and AISC of $0.98-1.08/lb. Following the quarter, we are revising our 2019 EPS estimate to ($0.00) from ($0.02) and CFPS to $0.11 from $0.09. For 2020, we are revising our EPS to $0.03 from $0.05, and CFPS to $0.14 from $0.15, to reflect higher costs than we had projected.
Ending the Year on a High Note – January 21, 2020
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
5 January 24, 2020
Nighthawk Gold Corp. (NHK-T, $2.13) | Rating » Buy | Target » $4.50
Our Take: Nighthawk released results from eight drill holes (4,011 metres) targeting its Zone 1.5 and Zone 2.0 at its Colomac Gold Project. The recent results follow on from the results released from the Company’s main Colomac deposit a couple of weeks ago that showed the zones of gold mineralization at both Zones 1.5 and 2.0 are widening at depth. This release supports these preliminary results and suggests this widening continues to the south. Zone 1.5 appears to widen with depth from 30 metres wide near surface to ~110 metres wide at a downhole depth of 270 metres. Furthermore, the recent drilling supports further southward strike extension of the 500-metre-long wedge-shaped panel of mineralization formed by the amalgamation of Zone 1.5 with northern Zone 2.0. This panel appears to go from ~30 metres wide near surface to 155 metres wide at a vertical depth of 800 metres where it remains open. According to the Company, a total of 29,495 metres of the 35,018-metre program at Colomac have been released to date. Results are pending for the remaining 17 drill holes from the Colomac Main Sill and the Goldcrest Sill (parallel sill that lies 400 metres to the west of the Colomac Main Sill), as well as the last 9 holes (2,796 metres) from the Company’s regional drill program at its Treasure Island Gold Project that are anticipated within the next few weeks.
Higher-grades Zones at Colomac Continue to Widen at Depth – January 21, 2020
Lumina Gold Corp. (LUM-V, $0.66) | Rating » Buy | Target » $1.50
Our Take: Lumina announced the conclusion of two trade off studies undertaken to evaluate multiple flowsheet scenarios prior to the delivery of the upcoming PEA update (due in Q2/20). The first study evaluated comminution options via the implementation of high-pressure grinding rolls (HPGR) to replace the 2018 PEA SAG mill design. The second study evaluated the addition of a CIL circuit to optimize gold recoveries and facilitate the production of doré on site. The outcomes of both studies reportedly outline the potential for favourable enhancements to processing costs and revenue generation (via improved gold recoveries), and we await the delivery of the upcoming PEA (Q2/20), together with an optimized mine plan, to confirm the magnitude of their integration on the project’s NPV. Lumina continues to differentiate from peers through organic growth and given today’s announcement we continue to believe the Company is well positioned to garner further focus from larger and intermediate-scale producers alike. We view the current P/NAV multiple of 0.33x quite favourably, in the context of Lumina’s peers trading at a significantly higher multiple of ~0.60x.
Engineers at the Wheel: Accretive Flowsheet Enhancements at Cangrejos – PEA Due in Q2/20 – January 21, 2020
B2Gold Corp. (BTO-T, $5.46) | Rating » Buy | Target » $6.50
Our Take: The next leg in the production stool stems assured on the publication of the Gramolate PEA (BTO: 50%). Project economics, design, and scale are compelling and furnish a post-tax NPV5% of US$671 million at US$1,350 per ounce gold, and US$928 million at US$1,500 per ounce gold with an IRR of 21.9%. Gold production over a 13.6 year mine life totals 3.85 Moz gold with the first 5-years of production averaging 416.6 koz gold for a life-of-mine average of 284 koz gold that includes the last four years of operation that processes stockpiles lower grade oxide material. The PEA employed the new resource estimate on Gramolate Ridge as the basis for the study (Indicated resources: 70.11 Mt grading 0.92 g/t gold containing 2.01 Moz gold, and Inferred resources: 79.03 Mt grading 0.79 g/t gold containing 2.01 Moz gold). Drilling is ongoing, and the PEA excludes exploration of resources from Trinidad or Monjas West. The financial outcome of the PEA, at US$1,350 per ounce gold is higher than our US$250 million attributed value for the asset base, and we will integrate the detail into our model on the publication of the PEA. With the feasibility study due out around year’s end, it is perceivable that a decision to develop it surfaces shortly after.
Gramolate PEA Makes the Grade – January 21, 2020
Aurion Resources Ltd. (AU-V, $1.90) | Rating » Buy | Target » $3.50
Our Take: We like Aurion as it is one of only a small group of Companies with a significant land position in the under-explored Central Lapland Greenstone Belt [“CLGB”] in Finland, which in our view remains one of the most attractive exploration and mining investment destinations in the world. Key to our positive view on Aurion is its sizeable, largely unexplored land package (100,000 Ha). Aurion has made great advances at Aamurusko, defining a geological model that has aided drill targeting, while preliminary work at Launi suggests it could be a future flagship project. We view Aurion as an ideal segue for a gold producer to gain a foothold in northern Finland.
Initiating Coverage: Several Stars Primed to Shine in this Aurion’s Belt – January 23, 2020
Endeavour Mining Corp. (EDV-T, $25.46) | Rating » Buy | Target » $32.00
Our Take: Q4/19 consolidated gold production of ~178 koz was in-line with our expectations of ~176 koz (consensus of 177 koz), on similar production from all assets (excluding a modest beat at Agbaou), with preliminary AISC of US$820/oz Au, slightly bettering our estimate of US$875/oz Au (consensus of US$902/oz). FY19 gold production totaled 651 koz at an AISC of US$813/oz, achieving the bottom end of corporate production guidance of 650 – 695 koz Au, and AISC of US$794 – 895/oz Au. 2020 guidance outlines a year of production growth, with guidance outlining consolidated gold production of 680 – 740 koz Au (Hay Prelim. Est.: 770 koz Au), at an AISC of US$845 - $895/oz Au (Hay. Prelim. Est.: US$807/oz Au). We highlight that 2020 AISC numbers are partially affected by rollover for 2019 sustaining capital into the subsequent year. We note, the 2020 guidance represents 4.5-13.7% production growth on 2019.
An In-Line Q4; Strong FCF in 2020 Expected to Deliver Growth and Balance Sheet Improvements – January 23, 2020
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
6 January 24, 2020
UNCOVERED NAMES
GT Gold Corp. (GTT-V, $1.17) | Not Rated
Our Take: GT Gold announced drilling results from its Saddle South gold exploration target at its Tatogga Property in northwest BC. Saddle South is situated adjacent to and to the southwest of their Saddle North porphyry target. The recent results consist of 4 drill holes and mark the completion of the Company’s Phase 2, 15,0000 metre exploration program at both Saddle North and Saddle South. While the key focus for GT Gold is the porphyry deposit at Saddle North, Saddle South remains of interest given it could represent a near-surface, high-grade satellite that could improve the economics of any future mine operation. The rationale for the 4 drill holes was to collect structural orientation data from oriented drill core – which was not done during previous drilling campaigns at Saddle North – and material for metallurgical testwork.
Forgotten Saddle South Still Holds Potential – January 17, 2020
Luminex Resources Corp. (LR-V, $0.72) | Not Rated
Our Take: Luminex drilling program on the Camp Zone (90% owned Condor Au-Cu project, South Western Ecuador) released more results from holes completed in 2019 intended to support the delivery of a maiden resource later this quarter. Luminex reported results from six step-out holes, with 12,918 metres of drilling completed at the Camp Zone across 25 holes in 2019. This round of drilling on the Camp Zone highlights the presence of down-plunge high-grade epithermal gold mineralization on CC-21, which site below earlier results in CC-18 showing not only continuity but that mineralization appears to remain open at depth; (See Figure 4). The Project occurs ~30 km south of Lundin Gold’s (LUG-T, Buy Rating, $9.25 Target) 9.5 Moz Fruta Del Norte gold mine (Ecuador’s latest producing mine) comprises of several deposits, including epithermal systems at Los Cuyes, Soledad and Enma in the north and at the Santa Barbara Au-Cu porphyry deposit in the south. The results include assays from holes CC19-19 through CC19-25 together with CC19-04 ext, with the primary notable intersection from hole CC19-21 (a hole drilled below CC19-18) seemingly showing continuity of gold mineralization within the host rhyolite at the contact with a fabric-bearing granodiorite. Many of the other drill holes also localized high-grade gold intervals (e.g., 04-ext, -19, and -25) over comparatively narrow widths.
Drilling Outlines More Step Out Results Ahead of Maiden Resource – January 21, 2020
IsoEnergy Ltd. (ISO-V, $0.39) | Not Rated
Our Take: IsoEnergy, which was featured in the latest Haywood Junior Exploration report, has commenced an 8,500 metre winter drill program targeting the Hurricane Zone at its 100%-owned Larocque East uranium property in the Eastern Athabasca Basin. The winter program will focus on delineating and extending the 500 m long Hurricane zone originally discovered in July 2018. The deposit remains open to the east and west along strike and through most cross sections, notably near high-potential sections such as 4635E where ISO intersected 7.0 metres grading 5.4% U3O8 in hole LE19-16A. ISO is among a very short list of uranium exploration plays delivering interesting results with the potential to evolve the Hurricane Zone into a significant new deposit. The 2-rig, 20-hole winter drill program is fully funded, and we expect it to generate a steady flow of news over the next few months as ISO carries out the campaign. ISO’s strong technical team is driving an exploration strategy built on interpretation of geophysical data that is bearing fruit and rapidly uncovering the project’s potential. The winter drill program will likely cost in the $2.2-$2.4 million range, and with $7.0 million in the treasury ISO should be funded to the end of 2020, depending on how aggressive the Company gets this summer.
Winter Drilling Commences at Hurricane Zone – January 23, 2020
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
7 January 24, 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 $ 1,563 $ 10.45 0.7% 5.2% 4.7% 10.2% 21.8% $ 1,611 $ 1,563
US$/oz $ 1,266 $ 1,553
Silver Spot $ 17.80 $ (0.15) (0.8%) 2.0% 1.4% 8.5% 15.8% $ 19.65 $ 18.08
US$/oz $ 14.29 $ 17.79
Platinum Spot $ 1,005 $ 0.23 0.0% 7.3% 9.7% 17.4% 26.5% $ 1,042 $ 1,023
US$/oz $ 780 $ 1,001
Palladium Spot $ 2,461 $ 147.38 6.0% 31.1% 41.0% 61.4% 82.2% $ 2,577 $ 2,545
US$/oz $ 1,268 $ 2,314
Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/L
Copper Future $ 2.70 $ (0.13) (5.0%) (3.3)% 1.6% 0.2% 0.6% $ 2.98 $ 2.84
US$/lb $ 2.51 $ 2.70
Nickel Spot $ 6.02 $ (0.19) (3.2%) (7.0)% (19.8)% (6.1)% 14.2% $ 8.45 $ 6.32
US$/lb $ 5.23 $ 6.02
Lead Spot $ 0.89 $ (0.01) (1.4%) 3.7% (12.0)% (2.9)% (2.4)% $ 1.03 $ 0.91
US$/lb $ 0.80 $ 0.89
Zinc Spot $ 1.07 $ (0.04) (3.6%) 2.7% (5.9)% (3.1)% (10.3)% $ 1.37 $ 1.12
US$/lb $ 1.00 $ 1.07
Aluminum Spot $ 0.81 $ (0.01) (0.7%) 0.4% 3.6% (0.3)% (5.9)% $ 0.87 $ 0.82
US$/lb $ 0.77 $ 0.81
Iron Ore Spot $ 93.90 $ (0.77) (0.8%) 2.6% 4.8% (21.6)% 25.8% $ 140.00 $ 78.80
US$/t $ 77.70 $ 77.70
Name Close 1Wk Δ 1 week % 1 Month % 3 Month % 6 Month % 12 Month % 5 Day Trend 52W H/L 1W H/L
Newcastle Coal $ 68.75 $ (3.40) (4.9%) 1.0% (0.9)% (10.1)% (31.6)% $ 99.75 $ 72.15
US$/t $ 64.50 $ 68.75
Uranium Spot $ 24.50 $ (0.05) (0.2%) (3.0)% (1.8)% (4.7)% (19.0)% $ 26.40 $ 24.60
US$/lb $ 26.40 $ 24.50
WTI $ 55.66 $ (2.87) (5.2%) (7.8)% 0.3% (1.1)% 1.8% $ 65.40 $ 58.58
US$/bbl $ 50.08 $ 55.66
Brent $ 62.09 $ (2.53) (4.1%) (5.1)% 3.7% (0.5)% 1.5% $ 71.75 $ 65.20
US$/bbl $ 54.88 $ 62.09
Henry Hub $ 1.94 $ (0.14) (7.0%) (12.4)% (22.3)% (27.1)% (37.4)% $ 3.17 $ 2.08
US$/MMBtu $ 1.83 $ 1.90.
PRECIOUS METALS
BASE METALS
ENERGY
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
8 January 24, 2020
Commodities Prices and Inventories
Precious Metals
Source: Haywood Securities and Bloomberg
Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ
Gold US$ 1,563 /oz 0.7% -4.7% -4.7%
Silver US$ 17.80 /oz -0.8% -0.3% 15.8%
Platinum US$ 1,005 /oz 0.0% 4.0% 26.5%
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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
9 January 24, 2020
Base Metals
Source: Haywood Securities and Bloomberg
Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ
Copper US$ 2.70 /lb -4.7% -3.1% 0.6%
Zinc US$ 1.07 /lb -3.5% 3.4% -10.3%
Nickel US$ 6.02 /lb -3.1% -4.8% 14.2%
Commodities LME Inventory Weekly Δ Total (t) YTD Δ 1 Year ΔDays of
Consumption
Copper 190,350 50.1% 378,423 24% 12% 5.8
Zinc 50,550 -2.0% 99,823 26% -32% 2.8
Nickel 192,912 5.4% 229,844 22% 6% 37.4
. .
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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
10 January 24, 2020
Source: Haywood Securities and Bloomberg
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
nes
of I
nve
nto
ries
Co
pp
er (U
S $
/lb
)
Copper Price & Inventories
CU Del Stocks LME COPPER TOTAL Comex Copper Stocks LME Copper Price
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
$ -
$ 0.20
$ 0.40
$ 0.60
$ 0.80
$ 1.00
$ 1.20
$ 1.40
$ 1.60
$ 1.80
Ton
nes
of I
nve
nto
ries
Zin
c (U
S $
/lb
)
Zinc Price & Inventories
LME ZINC TOTAL SHFE Zinc Weekly Inventory Zi LME Zinc Price
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
-
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
nes
of I
nve
nto
ries
Nic
kel
(US
$/l
b)
Nickel Price & Inventories
LME NICKEL TOTAL Del Stk Total LME Nickel Price
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
-
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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
11 January 24, 2020
Commodities and ETFs: A Week in Action
Gold – 1-Year US$/oz (left) and Total ETF Holdings (right)
Spot: Gain (+0.7%) for the week
ETF Holdings: 81,828,373 ounces, up 641,161 ounces for the week
Silver – 1-Year US$/oz (left) and Total ETF Holdings (right)
Spot: Loss (-0.8%) for the week
ETF Holdings: 598,164,921 ounces, down 1,707,087 ounces for the week
Platinum – 1-Year US$/oz (left) and Total ETF Holdings (right)
Spot: Gain (+0.0%) for the week
ETF Holdings: 3,335,889 ounces, up 26,274 ounces for the week
Palladium – 1-Year US$/oz (left) and Total ETF Holdings (right)
Spot: Gain (+6.4%) for the week
ETF Holdings: 612,759 ounces, down 13,011 ounces for the week
Copper – 1-Year US$/lb (left) and LME Inventory (right)
Futures: Loss (-4.7%) for the week
LME Copper: 190,350 tonnes, up 63,575 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
$3,460
Jan-19 Jan-20Palladium ($/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)
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
12 January 24, 2020
Nickel – 1-Year US$/lb (left) and LME Inventory (right)
Spot: Loss (-3.1%) for the week
LME Nickel: 192,912 tonnes, up 9,900 tonnes for the week
Lead – 1-Year US$/lb (left) and LME Inventory (right)
Spot: Loss (-1.4%) for the week
LME Lead: 66,200 tonnes, down 175 tonnes for the week
Zinc – 1-Year US$/lb (left) and LME Inventory (right)
Spot: Loss (-3.5%) for the week
LME Zinc: 50,550 tonnes, down 1,025 tonnes for the week
Iron – 1-Year US$/t 62% Fe (left) and 1-Year US$/t Newcastle (right)
Newcastle Thermal Futures: Loss (-1.9%) for the week
62% Fe Iron Ore: Loss (-0.8%) for the week
Uranium – 1-Year US$/lb Short Term (left) and Long-term (right)
Uranium Long: Loss (-0.4%) 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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
13 January 24, 2020
Upcoming Macroeconomic News and Events
Source: Bloomberg
Date Event Period Survey Prior Relevance
United States01/24/20 Markit US Manufacturing PMI Jan P 52.4 52.4 9001/24/20 Markit US Services PMI Jan P 53 52.8 7001/24/20 Markit US Composite PMI Jan P -- 52.7 7001/27/20 New Home Sales Dec 730k 719k 9101/27/20 Dallas Fed Manf. Activity Jan -1.6 -3.2 6401/28/20 Durable Goods Orders Dec P 1.20% -2.10% 9301/28/20 Durables Ex Transportation Dec P 0.40% -0.10% 7401/28/20 Conf. Board Consumer Confidence Jan 128 126.5 9401/28/20 Richmond Fed Manufact. Index Jan -3 -5 7101/29/20 MBA Mortgage Applications 24-Jan -- -1.20% 9201/29/20 Wholesale Inventories MoM Dec P -- -0.10% 8101/29/20 Pending Home Sales MoM Dec 0.70% 1.20% 7701/29/20 FOMC Rate Decision (Upper Bound) 29-Jan 1.75% 1.75% 9801/30/20 GDP Annualized QoQ 4Q A 2.20% 2.10% 9701/30/20 Personal Consumption 4Q A 2.30% 3.20% 6801/30/20 GDP Price Index 4Q A 1.80% 1.80% 7701/30/20 Core PCE QoQ 4Q A 1.60% 2.10% 6801/30/20 Initial Jobless Claims 25-Jan -- 211k 9801/30/20 Continuing Claims 18-Jan -- 1731k 6901/30/20 Bloomberg Consumer Comfort 26-Jan -- 66 6701/31/20 Employment Cost Index 4Q 0.70% 0.70% 7501/31/20 Personal Income Dec 0.30% 0.50% 8501/31/20 Personal Spending Dec 0.30% 0.40% 8501/31/20 MNI Chicago PMI Jan 48.9 48.9 8201/31/20 U. of Mich. Sentiment Jan F 99 99.1 94
Date Event Period Survey Prior Relevance
Canada01/24/20 Retail Sales MoM Nov 0.60% -1.20% 7901/24/20 Retail Sales Ex Auto MoM Nov 0.50% -0.50% 7401/31/20 GDP MoM Nov -- -0.10% 8401/31/20 Industrial Product Price MoM Dec -- 0.10% 65
Date Event Period Survey Prior Relevance
China01/30/20 Manufacturing PMI Jan 50.1 50.2 9001/30/20 Non-manufacturing PMI Jan 53.0 53.5 68
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
14 January 24, 2020
Weekly Indices
Source: Bloomberg and Haywood Securities
.
.
250
252
254
256
258
260
262
264
17,480
17,500
17,520
17,540
17,560
17,580
17,600
17,620
17,640
17,660
17,680
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 1.2% WoW
98
100
102
104
106
108
110
17,480
17,500
17,520
17,540
17,560
17,580
17,600
17,620
17,640
17,660
17,680
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 -3.1% WoW
578
579
580
581
582
583
584
585
586
587
1,660
1,665
1,670
1,675
1,680
1,685
1,690
1,695
S&P
/TSX
Ven
ture
Co
mp
In
dex
Ru
ssel
l 20
00
Ind
ex
Russell 2000 Index 0.2% WoW
S&P/TSX Venture Comp Index -0.1% WoW
3,285
3,290
3,295
3,300
3,305
3,310
3,315
3,320
3,325
3,330
3,335
3,340S&
P 5
00
Ind
ex
S&P 500 Index 1.1% WoW
226
227
228
229
230
231
232
233
234
235
236
NYS
E A
RC
A E
xch
an
ge G
old
BU
GS
Ind
ex
NYSE ARCA Exchange Gold BUGS Index -0.6% WoW
785
790
795
800
805
810
815
NYS
E A
rca
Go
ld M
iner
s In
dex
NYSE Arca Gold Miners Index 0.0% WoW
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
15 January 24, 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
12%
12%
12%
11%
11%
9%
7%
7%
6%
6%
Alamos Gold Inc.
Falco Resources Ltd.
Goldquest Mining Corp.
Lundin Gold Inc.
Liberty Gold Corp.
Lumina Gold Corp.
Seabridge Gold Inc.
Yamana Gold Inc.
K92 Mining Inc.
Bluestone Resources Inc.
Top Companies
-14%-13%
-11%
-11%
-9%
-8%
-8%
-8%
-7%
Coeur Mining, Inc.
Nighthawk Gold Corp.
New Gold Inc.
Argonaut Gold Inc.
Harte Gold Corp.
Metalla Royalty & Streaming…
TMAC Resources Inc.
Royal Nickel Corporation
First Majestic Silver Corp.
Bottom Companies
1Wk 52Wk 1Wk 52Wk
$∆ High $∆ High
TSX:AEM Agnico Eagle Mines Limited 80.07 1.36 2% 86.39 52.10 TSXV:LUM Lumina Gold Corp. 0.71 0.06 9% 0.78 0.50
TSX:ASR Alacer Gold Corp. 6.32 (0.32) (5)% 7.66 2.89 TSX:LUG Lundin Gold Inc. 9.79 0.99 11% 9.43 4.76
TSX:AGI Alamos Gold Inc. 8.16 0.87 12% 10.12 5.14 TSX:MAG MAG Silver Corp. 14.34 0.16 1% 18.60 10.39
NYSE:AU AngloGold Ashanti Limited 26.50 (0.42) (2)% 31.37 14.85 TSX:MOZ Marathon Gold Corporation 1.53 (0.03) (2)% 1.76 0.78
TSX:AR Argonaut Gold Inc. 1.71 (0.21) (11)% 2.87 1.46 NYSE:MUX McEwen Mining Inc. 1.53 (0.07) (4)% 2.81 1.34
TSX:AKG Asanko Gold Inc. 1.17 0.04 4% 1.45 0.68 TSXV:MTA Metalla Royalty & Streaming Ltd. 7.54 (0.68) (8)% 8.61 3.28
TSXV:AU Aurion Resources Ltd. 1.92 (0.10) (5)% 2.35 0.85 TSX:MAX Midas Gold Corp. 0.60 (0.02) (3)% 1.00 0.51
TSX:BTO B2Gold Corp. 5.56 0.22 4% 5.63 3.24 TSXV:MAI Minera Alamos Inc. 0.27 - - 0.32 0.10
TSX:ABX Barrick Gold Corporation 24.24 0.64 3% 26.69 15.62 TSX:NGD New Gold Inc. 1.20 (0.15) (11)% 2.03 0.82
TSXV:BSR Bluestone Resources Inc. 1.47 0.08 6% 1.60 0.85 NYSE:NEM Newmont Corporation 57.48 0.32 1% 57.98 39.15
TSX:CG Centerra Gold Inc. 9.65 0.11 1% 13.00 6.36 TSX:NHK Nighthawk Gold Corp. 2.08 (0.32) (13)% 3.65 1.55
TSX:CGG China Gold International Resources Corp. Ltd.1.10 (0.07) (6)% 1.93 0.88 TSX:NG NovaGold Resources Inc. 12.12 0.54 5% 12.00 4.57
NYSE:CDE Coeur Mining, Inc. 7.85 (1.32) (14)% 10.90 3.66 TSX:OGC OceanaGold Corporation 2.42 (0.02) (1)% 4.73 2.12
NYSE:BVN Compañía de Minas Buenaventura S.A.A.17.35 (0.51) (3)% 23.48 17.40 TSX:OR Osisko Gold Royalties Ltd 12.57 0.22 2% 17.47 11.00
TSX:CNL Continental Gold Inc. 5.45 0.02 0% 5.46 1.76 TSX:OSK Osisko Mining Inc. 3.77 (0.08) (2)% 4.19 2.51
TSX:DGC Detour Gold Corporation 24.20 (0.86) (3)% 26.14 11.22 TSX:PAAS Pan American Silver Corp. 29.09 0.87 3% 31.23 13.83
TSX:ELD Eldorado Gold Corporation 9.61 (0.05) (1)% 13.34 3.49 TSX:PG Premier Gold Mines Limited 1.66 - - 2.55 1.41
TSX:EDV Endeavour Mining Corporation 25.39 0.62 3% 28.98 17.24 TSX:PVG Pretium Resources Inc. 13.52 (0.35) (3)% 18.30 9.00
TSX:EDR Endeavour Silver Corp. 2.77 (0.12) (4)% 4.26 2.21 TSXV:PGM Pure Gold Mining Inc. 0.75 (0.04) (5)% 0.88 0.49
TSX:EQX Equinox Gold Corp. 11.01 0.04 0% 11.51 4.90 TSX:ROXG Roxgold Inc. 0.88 (0.07) (7)% 1.42 0.75
TSXV:FPC Falco Resources Ltd. 0.33 0.04 12% 0.37 0.19 TSX:RNx Royal Nickel Corporation 0.43 (0.04) (8)% 0.76 0.33
TSXV:FIL Filo Mining Corp. 1.91 (0.04) (2)% 3.25 1.80 NasdaqGS:RGLD Royal Gold, Inc. 148.15 (1.81) (1)% 182.53 106.08
TSX:FR First Majestic Silver Corp. 13.41 (0.99) (7)% 16.50 6.86 TSX:SBB Sabina Gold & Silver Corp. 1.87 0.02 1% 2.28 0.99
TSX:FVI Fortuna Silver Mines Inc. 5.13 0.03 1% 6.12 3.22 TSX:SSL Sandstorm Gold Ltd. 8.98 (0.12) (1)% 9.89 6.04
TSX:FNV Franco-Nevada Corporation 142.71 5.40 4% 142.72 93.24 NYSE:SA Seabridge Gold Inc. 18.64 1.29 7% 21.77 14.40
NYSE:GFI Gold Fields Limited 8.21 0.28 3% 8.98 4.58 TSX:SMF SEMAFO Inc. 2.61 (0.04) (2)% 5.75 2.36
TSX:GSC Golden Star Resources Ltd. 3.85 (0.28) (7)% 6.48 3.36 NYSE:SBGL Sibanye Gold Limited 13.52 0.22 2% 14.82 3.74
TSXV:GQC Goldquest Mining Corp. 0.15 0.02 12% 0.23 0.08 TSX:SVM Silvercorp Metals Inc. 7.25 (0.02) (0)% 7.69 2.70
TSX:GUY Guyana Goldfields Inc. 0.66 0.01 2% 1.84 0.46 TSX:SSRM SSR Mining Inc. 23.50 0.25 1% 25.33 14.23
NYSE:HMY Harmony Gold Mining Company Limited 4.60 (0.01) (0)% 5.17 2.06 TSX:STGO Steppe Gold Ltd. 0.82 (0.05) (6)% 1.14 0.59
TSX:HRT Harte Gold Corp. 0.16 (0.02) (9)% 0.41 0.09 TSXV:SGI Superior Gold Inc. 0.74 0.04 6% 1.14 0.38
NYSE:HL Hecla Mining Company 4.13 (0.08) (2)% 4.62 1.59 TSX:TMR TMAC Resources Inc. 2.75 (0.23) (8)% 6.95 2.67
TSX:IMG IAMGOLD Corporation 3.87 (0.24) (6)% 5.55 3.08 TSX:TXG Torex Gold Resources Inc. 17.40 (0.51) (3)% 21.91 11.41
TSX:IVN Ivanhoe Mines Ltd. 3.78 (0.13) (3)% 4.54 2.25 TSX:TML Treasury Metals Inc. 0.27 0.01 2% 0.42 0.21
TSXV:KNT K92 Mining Inc. 3.48 0.21 6% 3.41 1.04 TSX:TLG Troilus Gold Corp. 0.59 (0.01) (2)% 1.16 0.52
TSX:K Kinross Gold Corporation 6.24 0.25 4% 7.24 4.04 TSX:WDO Wesdome Gold Mines Ltd. 8.87 (0.25) (3)% 10.47 3.96
TSX:KL Kirkland Lake Gold Ltd. 56.02 (1.57) (3)% 67.87 36.61 TSX:WPM Wheaton Precious Metals Corp. 38.35 1.83 5% 40.95 24.99
TSX:LGD Liberty Gold Corp. 1.32 0.13 11% 1.34 0.33 TSX:YRI Yamana Gold Inc. 5.18 0.32 7% 5.24 2.41
Low%∆CompanyTicker Close%∆ LowCompany CloseTicker
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
16 January 24, 2020
Weekly Performance – Precious Metals Companies (Covered Large Cap)
Source: Bloomberg and Haywood Securities
.
.
11.9%
4.1%
2.9%
2.5%
1.9%
(0.5%)
(0.8%)
(1.5%)
(3.4%)
ALAMOS GOLD INC-CLASS A
B2GOLD CORP
BARRICK GOLD CORP
ENDEAVOUR MINING CORP
OSISKO GOLD ROYALTIES LTD
ELDORADO GOLD CORP
OCEANAGOLD CORP
SEMAFO INC
DETOUR GOLD CORP
Weekly Price Change
13.5%
10.1%
7.6%
5.9%
4.1%
1.5%
(0.7%)
(1.1%)
(2.0%)
B2GOLD CORP
ALAMOS GOLD INC-CLASS A
OCEANAGOLD CORP
ENDEAVOUR MINING CORP
BARRICK GOLD CORP
OSISKO GOLD ROYALTIES LTD
DETOUR GOLD CORP
SEMAFO INC
ELDORADO GOLD CORP
1-Month Price Change
30.8%
24.7%
22.5%
12.3%
10.4%
2.1%
(6.7%)
(20.4%)
(34.6%)
B2GOLD CORP
DETOUR GOLD CORP
ALAMOS GOLD INC-CLASS A
BARRICK GOLD CORP
ENDEAVOUR MINING CORP
OSISKO GOLD ROYALTIES LTD
ELDORADO GOLD CORP
OCEANAGOLD CORP
SEMAFO INC
3-Month Price Change
30.5%
21.4%
7.0%
2.9%
(2.4%)
(6.6%)
(18.3%)
(38.4%)
(50.8%)
B2GOLD CORP
DETOUR GOLD CORP
BARRICK GOLD CORP
ENDEAVOUR MINING CORP
ELDORADO GOLD CORP
ALAMOS GOLD INC-CLASS A
OSISKO GOLD ROYALTIES LTD
OCEANAGOLD CORP
SEMAFO INC
6-Month Price Change
172.2%
95.8%
57.2%
54.3%
48.3%
25.9%
7.1%
(7.4%)
(48.4%)
ELDORADO GOLD CORP
DETOUR GOLD CORP
ALAMOS GOLD INC-CLASS A
BARRICK GOLD CORP
B2GOLD CORP
ENDEAVOUR MINING CORP
OSISKO GOLD ROYALTIES LTD
SEMAFO INC
OCEANAGOLD CORP
1-Year Price Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
17 January 24, 2020
Weekly Performance – Precious Metals Companies (Covered Small Cap)
Source: Bloomberg and Haywood Securities
.
.
11.3%
10.1%
10.0%
10.0%
8.9%
8.5%
7.0%
3.5%
1.9%
1.9%
1.1%
0.4%
0.0%
(1.0%)
(1.7%)
(1.9%)
(2.1%)
(3.0%)
(3.2%)
(5.1%)
(5.7%)
(7.4%)
(7.5%)
(8.3%)
(8.8%)
(13.0%)
LUNDIN GOLD INC
LIBERTY GOLD CORP
FALCO RESOURCES LTD
LUMINA GOLD CORP
BLUESTONE RESOURCES INC
SUPERIOR GOLD INC
K92 MINING
ASANKO GOLD INC
TREASURY METALS INC
MINERA ALAMOS INC
SABINA GOLD & SILVER CORP
EQUINOX GOLD CORP
GOLDQUEST MINING CORP
FILO MINING CORP
TROILUS GOLD CORP
MARATHON GOLD CORP
OSISKO MINING INC
AURION RESOURCES LTD
MIDAS GOLD CORP
PURE GOLD MINING INC
STEPPE GOLD LTD
ROXGOLD INC
ROYAL NICKEL CORP
METALLA ROYALTY & STREAMING
HARTE GOLD CORP
NIGHTHAWK GOLD CORP
Weekly Price Change
44.0%
40.0%
29.6%
25.7%
23.3%
18.6%
17.9%
14.9%
13.1%
7.3%
5.6%
5.0%
4.5%
1.6%
0.0%
0.0%
0.0%
(1.1%)
(3.0%)
(4.3%)
(5.3%)
(7.3%)
(7.6%)
(8.3%)
(8.9%)
(10.4%)
LIBERTY GOLD CORP
SUPERIOR GOLD INC
K92 MINING
LUNDIN GOLD INC
LUMINA GOLD CORP
EQUINOX GOLD CORP
FALCO RESOURCES LTD
METALLA ROYALTY & STREAMING
BLUESTONE RESOURCES INC
TROILUS GOLD CORP
PURE GOLD MINING INC
OSISKO MINING INC
ASANKO GOLD INC
AURION RESOURCES LTD
MIDAS GOLD CORP
HARTE GOLD CORP
GOLDQUEST MINING CORP
SABINA GOLD & SILVER CORP
FILO MINING CORP
ROXGOLD INC
TREASURY METALS INC
MARATHON GOLD CORP
NIGHTHAWK GOLD CORP
MINERA ALAMOS INC
STEPPE GOLD LTD
ROYAL NICKEL CORP
1-Month Price Change
55.6%
47.2%
40.4%
38.5%
36.6%
35.6%
35.1%
34.9%
33.2%
31.0%
28.9%
28.9%
28.6%
27.1%
16.9%
13.2%
9.1%
8.1%
3.8%
(2.5%)
(5.0%)
(7.4%)
(11.9%)
(20.4%)
(25.5%)
(35.4%)
K92 MINING
LIBERTY GOLD CORP
FALCO RESOURCES LTD
EQUINOX GOLD CORP
METALLA ROYALTY & STREAMING
LUNDIN GOLD INC
SUPERIOR GOLD INC
LUMINA GOLD CORP
OSISKO MINING INC
MINERA ALAMOS INC
AURION RESOURCES LTD
BLUESTONE RESOURCES INC
GOLDQUEST MINING CORP
PURE GOLD MINING INC
SABINA GOLD & SILVER CORP
ROYAL NICKEL CORP
MIDAS GOLD CORP
NIGHTHAWK GOLD CORP
TREASURY METALS INC
ASANKO GOLD INC
MARATHON GOLD CORP
ROXGOLD INC
TROILUS GOLD CORP
FILO MINING CORP
STEPPE GOLD LTD
HARTE GOLD CORP
3-Month Price Change
101.5%
96.4%
71.4%
66.8%
40.6%
37.4%
26.9%
24.4%
23.8%
19.1%
17.2%
14.6%
8.3%
6.4%
3.9%
(6.8%)
(9.4%)
(10.0%)
(15.7%)
(18.9%)
(20.0%)
(20.0%)
(27.2%)
(28.9%)
(31.8%)
(34.0%)
LIBERTY GOLD CORP
MINERA ALAMOS INC
METALLA ROYALTY & STREAMING
EQUINOX GOLD CORP
K92 MINING
BLUESTONE RESOURCES INC
FALCO RESOURCES LTD
MARATHON GOLD CORP
LUNDIN GOLD INC
SABINA GOLD & SILVER CORP
PURE GOLD MINING INC
AURION RESOURCES LTD
LUMINA GOLD CORP
ASANKO GOLD INC
OSISKO MINING INC
STEPPE GOLD LTD
SUPERIOR GOLD INC
TREASURY METALS INC
ROYAL NICKEL CORP
MIDAS GOLD CORP
ROXGOLD INC
NIGHTHAWK GOLD CORP
TROILUS GOLD CORP
GOLDQUEST MINING CORP
FILO MINING CORP
HARTE GOLD CORP
6-Month Price Change
279.7%
221.1%
205.6%
124.4%
120.2%
105.8%
103.1%
82.1%
47.8%
46.1%
34.9%
33.0%
22.7%
17.6%
17.3%
12.4%
4.2%
4.1%
0.0%
(2.4%)
(9.2%)
(12.9%)
(13.2%)
(25.9%)
(36.8%)
LIBERTY GOLD CORP
K92 MINING
MINERA ALAMOS INC
METALLA ROYALTY & STREAMING
AURION RESOURCES LTD
EQUINOX GOLD CORP
LUNDIN GOLD INC
MARATHON GOLD CORP
OSISKO MINING INC
SABINA GOLD & SILVER CORP
LUMINA GOLD CORP
ASANKO GOLD INC
GOLDQUEST MINING CORP
BLUESTONE RESOURCES INC
ROXGOLD INC
NIGHTHAWK GOLD CORP
PURE GOLD MINING INC
SUPERIOR GOLD INC
FALCO RESOURCES LTD
STEPPE GOLD LTD
TROILUS GOLD CORP
TREASURY METALS INC
FILO MINING CORP
ROYAL NICKEL CORP
MIDAS GOLD CORP
1-Year Price Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
18 January 24, 2020
Equity Weekly Performance – Base Metals Companies
Source: Bloomberg and Haywood Securities
.
.
2.9%
0.8%
0.0%
0.0%
0.0%
(3.1%)
(3.1%)
(3.1%)
(3.2%)
(3.4%)
(3.5%)
(3.5%)
(3.8%)
(4.7%)
(5.2%)
(6.1%)
(6.3%)
(14.5%)
(15.6%)
(15.7%)
ATALAYA MINING PLC
S&P/TSX COMPOSITE INDEX
NEVADA COPPER CORP
SHERRITT INTERNATIONAL CORP
XANADU MINES LTD
TECK RESOURCES LTD-CLS B
LME NICKEL SPOT ($)
S&P/TSX DIV MTLS&MIN IDX
ADVENTUS MINING CORP
HUDBAY MINERALS INC
LME ZINC SPOT ($)
CAPSTONE MINING CORP
Osisko Metals Inc.
LME COPPER SPOT ($)
LUNDIN MINING CORP
FIRST QUANTUM MINERALS LTD
IMPERIAL METALS CORP
COPPER MOUNTAIN MINING CORP
TASEKO MINES LTD
TREVALI MINING CORP
Weekly Price Change
25.0%
16.1%
11.8%
11.1%
7.9%
5.0%
4.4%
2.9%
2.7%
0.0%
0.0%
(1.1%)
(3.3%)
(5.8%)
(5.9%)
(6.5%)
(7.0%)
(11.4%)
(12.0%)
(15.5%)
Osisko Metals Inc.
TASEKO MINES LTD
ATALAYA MINING PLC
SHERRITT INTERNATIONAL CORP
CAPSTONE MINING CORP
IMPERIAL METALS CORP
COPPER MOUNTAIN MINING CORP
S&P/TSX COMPOSITE INDEX
LME ZINC SPOT ($)
XANADU MINES LTD
NEVADA COPPER CORP
ADVENTUS MINING CORP
LME COPPER SPOT ($)
FIRST QUANTUM MINERALS LTD
LUNDIN MINING CORP
TREVALI MINING CORP
LME NICKEL SPOT ($)
S&P/TSX DIV MTLS&MIN IDX
TECK RESOURCES LTD-CLS B
HUDBAY MINERALS INC
1-Month Price Change
72.5%
51.9%
16.1%
14.5%
12.3%
9.2%
7.9%
7.8%
4.9%
4.3%
1.6%
(2.0%)
(4.7%)
(5.9%)
(6.2%)
(6.7%)
(9.4%)
(19.8%)
(22.2%)
(23.1%)
NEVADA COPPER CORP
CAPSTONE MINING CORP
TASEKO MINES LTD
COPPER MOUNTAIN MINING CORP
IMPERIAL METALS CORP
FIRST QUANTUM MINERALS LTD
S&P/TSX COMPOSITE INDEX
LUNDIN MINING CORP
TREVALI MINING CORP
ATALAYA MINING PLC
LME COPPER SPOT ($)
Osisko Metals Inc.
S&P/TSX DIV MTLS&MIN IDX
LME ZINC SPOT ($)
ADVENTUS MINING CORP
HUDBAY MINERALS INC
TECK RESOURCES LTD-CLS B
LME NICKEL SPOT ($)
XANADU MINES LTD
SHERRITT INTERNATIONAL CORP
3-Month Price Change
49.1%
6.3%
4.9%
4.3%
1.6%
0.2%
(1.4%)
(3.1%)
(6.1%)
(7.3%)
(7.4%)
(14.0%)
(20.9%)
(22.2%)
(22.5%)
(22.8%)
(23.1%)
(28.8%)
(33.0%)
(35.2%)
CAPSTONE MINING CORP
S&P/TSX COMPOSITE INDEX
LUNDIN MINING CORP
ATALAYA MINING PLC
TASEKO MINES LTD
LME COPPER SPOT ($)
NEVADA COPPER CORP
LME ZINC SPOT ($)
LME NICKEL SPOT ($)
FIRST QUANTUM MINERALS LTD
Osisko Metals Inc.
TREVALI MINING CORP
ADVENTUS MINING CORP
XANADU MINES LTD
IMPERIAL METALS CORP
COPPER MOUNTAIN MINING CORP
SHERRITT INTERNATIONAL CORP
S&P/TSX DIV MTLS&MIN IDX
TECK RESOURCES LTD-CLS B
HUDBAY MINERALS INC
6-Month Price Change
41.4%
30.6%
20.7%
16.7%
15.9%
14.2%
0.6%
0.0%
(4.1%)
(10.0%)
(10.3%)
(12.2%)
(14.5%)
(22.5%)
(29.6%)
(32.1%)
(33.8%)
(39.0%)
(51.2%)
CAPSTONE MINING CORP
LUNDIN MINING CORP
IMPERIAL METALS CORP
ADVENTUS MINING CORP
S&P/TSX COMPOSITE INDEX
LME NICKEL SPOT ($)
LME COPPER SPOT ($)
Osisko Metals Inc.
FIRST QUANTUM MINERALS LTD
ATALAYA MINING PLC
LME ZINC SPOT ($)
TASEKO MINES LTD
COPPER MOUNTAIN MINING CORP
NEVADA COPPER CORP
S&P/TSX DIV MTLS&MIN IDX
TECK RESOURCES LTD-CLS B
TREVALI MINING CORP
HUDBAY MINERALS INC
SHERRITT INTERNATIONAL CORP
1-Year Price Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
19 January 24, 2020
Equity Weekly Performance – Major International Miners
Source: Bloomberg and Haywood Securities
.
.
1.1%
0.1%
(0.4%)
(3.1%)
(4.5%)
(5.7%)
(6.8%)
(7.4%)
(8.4%)
VALE SA-SP ADR
BHP GROUP LTD-SPON ADR
RIO TINTO PLC-SPON ADR
TECK RESOURCES LTD-CLS B
GLENCORE PLC -UNSP ADR
SOUTHERN COPPER CORP
FREEPORT-MCMORAN INC
ALUMINUM CORP OF CHINA-ADR
ALCOA CORP
Weekly Price Change
2.1%
0.0%
(0.1%)
(0.8%)
(3.9%)
(4.1%)
(6.8%)
(12.0%)
(24.2%)
BHP GROUP LTD-SPON ADR
VALE SA-SP ADR
RIO TINTO PLC-SPON ADR
GLENCORE PLC -UNSP ADR
SOUTHERN COPPER CORP
ALUMINUM CORP OF CHINA-ADR
FREEPORT-MCMORAN INC
TECK RESOURCES LTD-CLS B
ALCOA CORP
1-Month Price Change
18.2%
14.2%
13.6%
13.5%
13.0%
0.2%
(0.4%)
(9.4%)
(23.4%)
FREEPORT-MCMORAN INC
VALE SA-SP ADR
SOUTHERN COPPER CORP
BHP GROUP LTD-SPON ADR
RIO TINTO PLC-SPON ADR
GLENCORE PLC -UNSP ADR
ALUMINUM CORP OF CHINA-ADR
TECK RESOURCES LTD-CLS B
ALCOA CORP
3-Month Price Change
9.6%
2.7%
(1.5%)
(2.8%)
(4.7%)
(6.3%)
(9.1%)
(29.0%)
(33.0%)
SOUTHERN COPPER CORP
FREEPORT-MCMORAN INC
RIO TINTO PLC-SPON ADR
VALE SA-SP ADR
BHP GROUP LTD-SPON ADR
ALUMINUM CORP OF CHINA-ADR
GLENCORE PLC -UNSP ADR
ALCOA CORP
TECK RESOURCES LTD-CLS B
6-Month Price Change
33.2%
24.7%
19.6%
(2.8%)
(9.8%)
(12.0%)
(14.3%)
(32.1%)
(42.4%)
SOUTHERN COPPER CORP
RIO TINTO PLC-SPON ADR
BHP GROUP LTD-SPON ADR
FREEPORT-MCMORAN INC
VALE SA-SP ADR
ALUMINUM CORP OF CHINA-ADR
GLENCORE PLC -UNSP ADR
TECK RESOURCES LTD-CLS B
ALCOA CORP
1-Year Price Change
The Weekly Dig
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
20
January 24, 2020
Comparables Tables – Precious Metals
Large Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)
Source: Bloomberg and Haywood Securities
Small Cap Precious Metals Companies – Market and Valuation Statistics (Haywood Estimates)
Source: Bloomberg and Haywood Securities
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
Alamos Gold Inc. TSX:AGI AGI-T KS $8.16 391 $3,191 $10.25 26% BUY $11.32 $0.75 $0.80 Gold 490 450 $720 $785 $950 $1,040 0.5x 0.7x 7.6x 7.1x 10.4x 9.7x
B2Gold Corp. TSX:BTO BTO-T GM $5.56 1,030 $5,729 $7.50 35% BUY $3.54 $0.54 $0.66 Gold 969 1,002 $595 $530 $832 $802 1.2x 1.6x 8.3x 6.8x 10.6x 8.6x
Barrick Gold Corp TSX:ABX ABX-T KS $24.24 1,778 $43,093 $28.00 16% BUY $10.79 $1.85 $2.50 Gold 5,465 5,225 $675 $705 $870 $855 1.7x 2.0x 13.5x 10.0x 11.5x 8.5x
Detour Gold Corp. TSX:DGC DGC-T KS $24.20 178 $4,301 n/a n/a TENDER $0.80 $1.95 $2.40 Gold 605 585 $775 $790 $1,145 $1,060 n/a n/a 9.3x 7.6x n/a n/a
Eldorado Gold Corp. TSX:ELD ELD-T KS $9.61 165 $1,582 $18.00 87% BUY $12.56 $1.05 $2.40 Gold 985 805 $565 $575 $600 $595 0.6x 1.1x 9.5x 4.1x 13.0x 5.7x
Endeavour Mining Corp. TSX:EDV EDV-T GM $25.39 110 $2,791 $32.00 26% BUY $19.34 $2.79 $3.82 Gold 651 748 $646 $633 $818 $844 1.0x 1.3x 9.2x 6.8x 8.7x 6.4x
OceanaGold Corporation TSX:OGC OGC-T GM $2.42 622 $1,506 $3.00 24% HOLD $2.15 $0.37 $0.63 Gold 511 502 $808 $800 $1,090 $1,073 0.9x 1.1x 5.6x 3.3x 6.2x 3.6x
Osisko Gold Royalties Ltd. TSX:OR OR-T KS $12.57 157 $1,979 $19.50 55% BUY $12.52 $0.47 $0.65 Gold 78 88 0.8x 1.2x 22.4x 16.2x 31.4x 22.7x
SEMAFO Inc. TSX:SMF SMF-T KS $2.61 334 $873 $2.75 5% HOLD $2.85 $0.72 $0.62 Gold 330 312 $545 $730 $780 $1,070 0.7x 0.7x 3.1x 3.6x 2.9x 3.4x
Group Average 0.9x 1.2x 9.8x 7.3x 11.8x 8.6x
C$/US$ = 1.3x 1.315
EV / CFPS Price /
NAV
Target /
NAV
TCC, US$/oz AISC, US$/ozCFPS (US$) Production, ounces 000's Company Ticker Analyst Rating
Last Shares MC Target Return NAVPS Primary Target / CFPS
Price (C$) 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 $1.17 225 $263 $1.15 (2%) HOLD $1.58 $0.05 $0.36 Gold 251 292 $850 $769 $1,110 $885 0.6x 0.6x 16.1x 2.3x 16.9x 2.4x
Aurion Resources Ltd. TSXV:AU AU-V MC $1.92 83 $160 $3.50 82% BUY $2.65 ($0.00) ($0.02) Gold 0.6x 1.0x - - - -
Bluestone Resources Inc. TSXV:BSR BSR-V KS $1.47 77 $113 $3.00 104% BUY $2.63 ($0.08) ($0.08) Gold 0.4x 0.9x - - - -
Equinox Gold Corp. TSX:EQX EQX-T KS $11.01 113 $1,249 $14.50 32% BUY $10.99 $0.83 $1.53 Gold 201 270 $760 $785 $975 $1,005 0.8x 1.0x 12.4x 6.7x 13.3x 7.2x
Falco Resources Ltd. TSXV:FPC FPC-V PV $0.33 208 $69 $0.40 21% HOLD $1.26 ($0.01) ($0.05) Gold - - - - - - 0.2x 0.2x - - - -
Filo Mining Corp. TSXV:FIL FIL-V GM $1.91 88 $168 $4.60 141% BUY $3.93 ($0.20) ($0.27) Gold - - - - - - 0.4x 0.9x - - - -
Gold Road Resources Limited ASX:GOR GOR-AU GM $1.23 879 $1,082 $0.85 (31%) HOLD $0.72 ($0.02) $0.09 Gold 2 216 $3,285 $731 $5,222 $754 1.3x 0.9x - 12.0x - 7.5x
Goldquest Mining Corp. TSXV:GQC GQC-V PV $0.15 257 $37 $0.08 (45%) Sell $0.06 ($0.01) ($0.01) Gold - - - - - - 1.8x 1.0x - - - -
Harte Gold Corp. TSX:HRT HRT-T PV $0.16 677 $105 $0.25 61% HOLD $0.25 ($0.01) $0.03 Gold 27 45 $1,316 $995 $1,834 $1,320 0.5x 0.8x - 7.6x - 6.5x
K92 Mining Inc. TSXV:KNT KNT-V MC $3.48 213 $741 $4.75 36% BUY $3.66 $0.14 $0.34 Gold 81 113 $652 $844 $844 $795 0.7x 1.0x 19.1x 7.8x 26.1x 10.6x
Liberty Gold Corp. TSX:LGD LGD-T MC $1.32 239 $316 $1.60 21% BUY $1.29 ($0.04) ($0.06) Gold 0.8x 0.9x - - - -
Lumina Gold Corp. TSXV:LUM LUM-V GM $0.71 331 $235 $1.50 111% BUY $1.62 ($0.07) ($0.07) Gold - - - - - - 0.3x 0.7x - - - -
Lundin Gold Inc. TSX:LUG LUG-T KS $9.79 224 $2,189 $10.00 2% BUY $7.66 ($0.15) C$0.86 Gold - 290 - $450 - $565 1.0x 1.0x - 12.0x - 8.8x
Marathon Gold Corporation TSX:MOZ MOZ-T MC $1.53 179 $274 $2.50 63% BUY $1.92 $0.00 ($0.01) Gold 0.6x 1.0x 3,021.9x - 5,635.4x -
Metalla Royalty & Streaming Ltd. TSXV:MTA MTA-V KS $7.54 34 $255 $8.50 13% HOLD $4.27 C$0.00 C$0.05 Silver 274 164 1.3x 1.5x - 116.4x - 132.8x
Midas Gold Corp. TSX:MAX MAX-T GM $0.60 271 $163 $1.80 200% BUY $1.50 ($0.08) ($0.03) Gold - - - - - -
Minera Alamos Inc. TSXV:MAI MAI-V KS $0.27 406 $110 $0.50 85% BUY $0.49 $0.00 $0.03 Gold - 17 - 825 - 940 0.4x 0.8x - 6.2x - 11.6x
Nighthawk Gold Corp. TSX:NHK NHK-T MC $2.08 45 $94 $4.50 116% BUY $3.44 ($0.02) ($0.35) Gold 0.5x 1.0x - - - -
Osisko Mining Inc. TSX:OSK OSK-T MC $3.77 290 $1,093 $4.50 19% BUY $3.44 ($0.09) ($0.01) Gold 0.8x 1.0x - - - -
Pure Gold Mining Inc. TSXV:PGM PGM-V MC $0.75 358 $269 $1.30 73% BUY $0.97 ($0.04) ($0.04) Gold 0.6x 1.0x - - - -
Royal Nickel Corporation TSX:RNX RNX-T PV $0.43 608 $261 $0.70 63% BUY $0.43 $0.02 $0.07 Gold 64 100 $983 $963 $1,076 $1,023 0.8x 1.2x 21.0x 4.6x 32.9x 7.1x
Roxgold Inc. TSX:ROXG ROXG-T GM $0.88 372 $327 $1.70 93% BUY $1.11 $0.21 $0.24 Gold 142 127 $575 $593 $826 $950 0.6x 1.2x 3.5x 3.0x 6.3x 5.3x
Sabina Gold & Silver Corp. TSX:SBB SBB-T GM $1.87 297 $555 $2.00 7% HOLD $1.67 ($0.01) ($0.01) Gold - - - - - - 0.9x 0.9x - - - -
Steppe Gold Ltd. TSX:STGO STGO-T PV $0.82 45 $37 $1.75 113% BUY $1.28 ($0.12) $0.71 Gold - 60 - $579 - $696 0.5x 1.0x - 1.9x - 1.9x
Superior Gold Inc. TSXV:SGI SGI-V PV $0.74 97 $72 $1.15 55% BUY $1.23 $0.02 $0.42 Gold 83 100 $1 $990 $1 $1,095 0.5x 0.7x 19.6x 1.2x 35.2x 2.1x
Treasury Metals Inc. TSX:TML TML-T GM $0.27 169 $46 $1.00 270% BUY $1.17 ($0.02) ($0.01) Gold - - - - - -
Troilus Gold Corp. TSX:TLG TLG-T PV $0.59 69 $41 $2.00 239% BUY $2.27 ($0.28) ($0.16) Gold - - - - - - 0.2x 0.7x - - - -
Group Average 0.7x 0.9x 444.8x 15.1x 823.7x 17.0x
* Production & cost figures presented on a gold-equivalent basis C$/US$ = 1.32x 1.315
EV / CFPS Target /
NAV
Price /
NAV
TCC, US$/ozCFPS (US$) Production, ounces 000's AISC, US$/ozTicker Analyst Company Rating
The Weekly Dig
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
21
January 24, 2020
Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)
Source: Capital IQ and Haywood Securities
Shares Market Working Enterprise P/NAV
Company O/S Capitalization Capital Value
(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2019E 2020E 2019E 2020E 2019E 2020E 2019E %
Senior Precious Metals Producers*
Agnico Eagle Mines Limited NYSE:AEM C$ 80.19 239.3 US$ 14,591 US$ 340 US$ 337 US$ 1,363 US$ 16,055 US$ 3.70 US$ 5.09 13 16.5x 12.0x 18.1x 13.2x 15.0x 10.4x 1.9x 1.15
AngloGold Ashanti Limited JSE:ANG C$ 26.87 415.0 US$ 8,479 US$ 349 (US$ 144) US$ 1,324 US$ 10,370 US$ 2.88 US$ 3.91 3 7.1x 5.2x 8.7x 6.4x 6.4x 4.8x 1.3x 0.34
B2Gold Corp. TSX:BTO C$ 5.56 1030.4 US$ 4,356 US$ 146 US$ 327 US$ 333 US$ 4,635 US$ 0.49 US$ 0.67 11 8.6x 6.3x 9.1x 6.7x 7.2x 5.1x 1.5x 0.72
Barrick Gold Corporation TSX:ABX C$ 24.24 1777.8 US$ 32,764 US$ 2,405 US$ 3,666 US$ 5,494 US$ 44,245 US$ 1.71 US$ 2.28 12 10.8x 8.1x 14.6x 10.9x 10.0x 8.7x 1.5x 0.87
Compañía de Minas Buenaventura S.A.A.NYSE:BVN C$ 17.35 254.0 US$ 3,350 US$ 280 US$ 274 US$ 453 US$ 3,893 US$ 0.61 US$ 1.10 2 21.7x 12.0x 25.2x 14.0x 17.0x 11.6x 0.9x 0.89
Evolution Mining Limited ASX:EVN C$ 3.39 1704.3 US$ 4,390 US$ 235 US$ 272 US$ 130 US$ 4,361 US$ 0.27 US$ 0.32 6 9.6x 8.2x 9.6x 8.1x 8.7x 6.6x 1.2x 2.47
Fresnillo Plc LSE:FRES C$ 10.90 736.9 US$ 6,109 US$ 362 US$ 996 US$ 801 US$ 6,671 US$ 0.90 US$ 0.95 4 9.2x 8.7x 10.0x 9.5x 9.0x 7.1x 1.1x 3.27
Gold Fields Limited JSE:GFI C$ 8.35 828.6 US$ 5,262 US$ 535 US$ 391 US$ 2,033 US$ 7,143 US$ 1.14 US$ 1.40 3 5.6x 4.5x 7.5x 6.2x 5.7x 4.5x 1.1x 0.44
IAMGOLD Corporation TSX:IMG C$ 3.87 469.1 US$ 1,380 US$ 651 US$ 749 US$ 400 US$ 1,236 US$ 0.54 US$ 0.85 12 5.5x 3.5x 4.9x 3.1x 4.9x 2.7x 0.6x -
Kinross Gold Corporation TSX:K C$ 6.24 1253.8 US$ 5,948 US$ 426 US$ 1,026 US$ 1,837 US$ 7,435 US$ 0.89 US$ 1.06 14 5.4x 4.5x 6.7x 5.6x 5.6x 4.6x 0.9x -
Newcrest Mining Limited ASX:NCM C$ 28.40 767.0 US$ 16,558 US$ 1,600 US$ 1,570 US$ 1,995 US$ 17,006 US$ 1.67 US$ 1.92 5 12.9x 11.3x 13.3x 11.6x 10.1x 8.4x 1.3x 1.00
Newmont Corporation NYSE:NEM C$ 43.70 808.2 US$ 26,852 US$ 2,869 US$ 3,087 US$ 6,139 US$ 41,067 US$ 3.89 US$ 4.65 12 11.2x 9.4x 13.1x 10.9x 11.2x 8.1x 1.3x 2.28
Northern Star Resources Limited ASX:NST C$ 11.39 733.9 US$ 6,358 US$ 187 US$ 165 - US$ 6,209 US$ 0.47 US$ 0.65 5 18.2x 13.4x 17.8x 13.1x 18.3x 10.0x 1.5x 1.18
Yamana Gold Inc. TSX:YRI C$ 5.18 950.4 US$ 3,743 US$ 108 (US$ 22) US$ 991 US$ 4,809 US$ 0.53 US$ 0.68 14 7.4x 5.8x 9.5x 7.4x 6.4x 6.0x 1.3x 1.03
Group Average - Senior Producers 10.7x 8.1x 12.0x 9.0x 9.7x 7.1x 1.2x 1.30
Group Average - Senior Producers (excluding high/low) 10.2x 8.0x 11.5x 9.1x 9.4x 7.0x 1.3x 1.20
Intermediate Precious Metals Producers **
Alamos Gold Inc. TSX:AGI C$ 8.16 391.1 US$ 2,426 US$ 203 US$ 254 - US$ 2,224 US$ 0.72 US$ 0.68 11 8.6x 9.1x 7.9x 8.4x 7.7x 7.5x 0.8x 0.67
Centerra Gold Inc. TSX:CG C$ 9.65 293.7 US$ 2,155 US$ 80 US$ 671 US$ 69 US$ 2,200 US$ 1.45 US$ 1.99 10 5.1x 3.7x 5.2x 3.8x 4.0x 3.4x 0.8x -
Detour Gold Corporation TSX:DGC C$ 24.20 177.7 US$ 3,270 US$ 144 US$ 139 US$ 100 US$ 3,237 US$ 1.92 US$ 2.14 14 9.6x 8.6x 9.5x 8.5x 9.6x 8.2x 0.9x -
Dundee Precious Metals Inc. TSX:DPM C$ 6.09 180.5 US$ 836 US$ 15 (US$ 4) US$ 27 US$ 871 US$ 0.75 US$ 1.08 7 6.2x 4.3x 6.5x 4.5x 5.7x 3.5x 0.8x -
Eldorado Gold Corporation TSX:ELD C$ 9.61 164.6 US$ 1,203 US$ 138 US$ 212 US$ 450 US$ 1,636 US$ 0.98 US$ 2.16 12 7.4x 3.4x 10.1x 4.6x 7.0x 3.9x 0.6x -
Endeavour Mining Corporation TSX:EDV C$ 25.39 109.9 US$ 2,122 US$ 122 US$ 133 US$ 637 US$ 2,836 US$ 2.84 US$ 3.95 8 6.8x 4.9x 9.1x 6.5x 7.6x 5.8x 1.0x -
Golden Star Resources Ltd. TSX:GSC C$ 3.85 109.3 US$ 320 US$ 57 (US$ 28) US$ 67 US$ 283 US$ 0.35 US$ 0.59 3 8.4x 4.9x 7.4x 4.4x 4.4x 2.9x 0.7x -
Hecla Mining Company NYSE:HL C$ 4.13 506.2 US$ 1,589 US$ 33 US$ 33 US$ 585 US$ 2,173 US$ 0.23 US$ 0.36 7 13.5x 8.8x 18.4x 12.0x 12.8x 9.4x 1.5x 0.32
Highland Gold Mining Limited AIM:HGM C$ 3.31 363.9 US$ 916 US$ 8 (US$ 26) US$ 114 US$ 1,142 US$ 0.44 US$ 0.49 2 5.8x 5.1x 7.2x 6.4x 5.6x 5.3x 0.9x 6.62
Kirkland Lake Gold Ltd. TSX:KL C$ 56.02 209.6 US$ 8,928 US$ 616 US$ 359 - US$ 8,327 US$ 4.32 US$ 4.54 7 9.9x 9.4x 9.2x 8.7x 8.7x 5.8x 1.5x 0.55
Leagold Mining Corporation TSX:LMC C$ 3.58 285.0 US$ 776 US$ 56 US$ 128 US$ 290 US$ 1,024 US$ 0.47 US$ 0.62 6 5.9x 4.4x 7.7x 5.8x 6.6x 4.5x 0.8x -
New Gold Inc. TSX:NGD C$ 1.20 676.0 US$ 617 US$ 179 US$ 148 US$ 728 US$ 1,203 US$ 0.36 US$ 0.40 11 2.5x 2.3x 5.0x 4.4x 5.2x 3.9x 0.8x -
OceanaGold Corporation TSX:OGC C$ 2.42 622.3 US$ 1,145 US$ 56 US$ 13 US$ 150 US$ 1,286 US$ 0.34 US$ 0.41 12 5.4x 4.5x 6.1x 5.1x 5.9x 4.0x 0.7x 1.64Perseus Mining Limited ASX:PRU C$ 1.02 1168.0 US$ 906 US$ 88 US$ 128 US$ 26 US$ 856 US$ 0.09 US$ 0.10 1 8.5x 7.8x 8.0x 7.4x 8.9x 6.1x 1.1x -
Pretium Resources Inc. TSX:PVG C$ 13.52 185.3 US$ 1,905 US$ 17 (US$ 97) US$ 413 US$ 2,405 US$ 1.15 US$ 1.89 7 8.9x 5.4x 11.3x 6.9x 11.5x 5.7x 0.7x -Regis Resources Limited ASX:RRL C$ 3.94 508.2 US$ 1,521 US$ 132 US$ 120 - US$ 1,393 US$ 0.35 US$ 0.39 4 8.6x 7.7x 7.8x 7.1x 6.5x 5.5x 1.0x 3.45
Resolute Mining Limited ASX:RSG C$ 1.08 903.2 US$ 740 US$ 24 US$ 34 US$ 123 US$ 884 US$ 0.10 US$ 0.19 6 7.9x 4.2x 9.4x 5.0x 9.0x 3.6x 0.8x 1.70
Saracen Mineral Holdings Limited ASX:SAR C$ 3.44 1102.9 US$ 2,886 US$ 83 US$ 75 - US$ 2,805 US$ 0.20 US$ 0.25 6 13.4x 10.7x 13.0x 10.4x 17.5x 8.2x 1.3x -
SEMAFO Inc. TSX:SMF C$ 2.61 334.5 US$ 664 US$ 78 US$ 109 US$ 14 US$ 746 US$ 0.71 US$ 0.66 5 2.8x 3.0x 3.1x 3.4x 2.9x 3.3x 0.7x -
St Barbara Limited ASX:SBM C$ 2.53 699.2 US$ 1,347 US$ 624 US$ 614 - US$ 739 US$ 0.26 US$ 0.25 2 7.4x 7.6x 4.1x 4.2x 3.7x 3.1x 1.0x 2.78
Teranga Gold Corporation TSX:TGZ C$ 7.02 107.6 US$ 574 US$ 28 (US$ 54) US$ 140 US$ 750 US$ 0.81 US$ 1.29 3 6.6x 4.1x 8.6x 5.4x 5.6x 3.2x 0.6x -
Torex Gold Resources Inc. TSX:TXG C$ 17.40 85.3 US$ 1,128 US$ 168 US$ 117 US$ 162 US$ 1,216 US$ 3.29 US$ 2.95 7 4.0x 4.5x 4.3x 4.8x 3.6x 3.5x 0.8x -
Group Average - Intermediate Producers 7.4x 5.8x 8.1x 6.3x 7.3x 5.0x 0.9x 2.22
Group Average - Intermediate Producers (excluding high/low) 7.4x 5.8x 7.9x 6.1x 7.0x 4.9x 0.9x 1.80
Junior Precious Metals Producers ***
Alacer Gold Corp. TSX:ASR C$ 6.32 294.7 US$ 1,416 US$ 145 US$ 168 US$ 223 US$ 1,879 US$ 0.74 US$ 0.92 8 6.5x 5.2x 8.6x 6.9x 7.8x 6.2x 1.1x -Alio Gold Inc. TSX:ALO C$ 0.98 86.1 US$ 64 US$ 13 US$ 45 US$ 4 US$ 59 (US$ 0.02) US$ 0.18 3 - 4.1x - 3.8x - 2.6x 0.5x -
Argonaut Gold Inc. TSX:AR C$ 1.71 179.5 US$ 233 US$ 36 US$ 90 US$ 14 US$ 212 US$ 0.40 US$ 0.58 7 3.2x 2.2x 2.9x 2.0x 2.5x 1.6x 0.4x -Asanko Gold Inc. TSX:AKG C$ 1.17 225.1 US$ 200 US$ 14 US$ 15 - US$ 187 US$ 0.09 US$ 0.28 2 9.9x 3.2x 9.2x 3.0x 4.8x 2.2x 0.5x -
Calibre Mining Corp. TSX:CXB C$ 0.95 328.0 US$ 237 US$ 1 US$ 0 - US$ 236 US$ 0.12 US$ 0.20 1 5.9x 3.7x 5.8x 3.6x 11.5x 3.2x 0.4x -Equinox Gold Corp. TSX:EQX C$ 11.01 113.5 US$ 950 US$ 47 US$ 65 US$ 242 US$ 1,168 US$ 0.77 US$ 1.24 6 10.9x 6.8x 13.4x 8.3x 12.9x 8.5x 0.9x -
Guyana Goldfields Inc. TSX:GUY C$ 0.66 174.6 US$ 88 US$ 25 US$ 37 - US$ 66 US$ 0.08 US$ 0.45 2 6.7x 1.1x 5.1x 0.8x 3.3x 1.5x 0.2x -Jaguar Mining Inc. TSX:JAG C$ 0.23 723.9 US$ 127 US$ 12 US$ 6 - US$ 125 US$ 0.05 US$ 0.07 3 3.3x 2.4x 3.3x 2.4x 4.5x 3.6x 0.8x -
K92 Mining Inc. TSXV:KNT C$ 3.48 213.0 US$ 564 US$ 18 US$ 18 US$ 7 US$ 562 US$ 0.22 US$ 0.35 6 11.9x 7.5x 11.8x 7.5x 15.5x 6.1x 0.8x -Premier Gold Mines Limited TSX:PG C$ 1.66 212.0 US$ 268 US$ 33 US$ 27 US$ 19 US$ 262 US$ 0.00 US$ 0.20 3 377.9x 6.3x 370.1x 6.2x 79.4x 7.6x 0.4x -
Roxgold Inc. TSX:ROXG C$ 0.88 371.6 US$ 249 US$ 29 (US$ 3) US$ 14 US$ 269 US$ 0.21 US$ 0.19 4 3.1x 3.5x 3.4x 3.8x 3.0x 3.0x 0.6x -Royal Nickel Corporation TSX:RNX C$ 0.43 607.8 US$ 199 US$ 19 US$ 9 US$ 18 US$ 207 US$ 0.00 US$ 0.09 3 127.2x 3.8x 132.3x 3.9x 11.1x 3.3x 0.4x -
Superior Gold Inc. TSXV:SGI C$ 0.74 97.0 US$ 55 US$ 14 (US$ 2) - US$ 47 US$ 0.02 US$ 0.26 6 23.6x 2.2x 20.4x 1.9x 12.8x 1.5x 0.5x -TMAC Resources Inc. TSX:TMR C$ 2.75 115.0 US$ 241 US$ 36 US$ 77 US$ 107 US$ 320 US$ 0.64 US$ 0.93 8 3.2x 2.2x 4.3x 3.0x 3.9x 2.6x 0.4x -
Wesdome Gold Mines Ltd. TSX:WDO C$ 8.87 137.3 US$ 926 US$ 29 US$ 21 - US$ 906 US$ 0.44 US$ 0.48 10 15.4x 14.1x 15.1x 13.8x 13.9x 12.7x 1.1x -Westgold Resources Limited ASX:WGX C$ 2.12 399.7 US$ 644 US$ 47 US$ 9 - US$ 624 US$ 0.14 US$ 0.24 1 11.5x 6.8x 11.1x 6.6x 8.7x 5.2x 0.9x -
Group Average - Junior Producers 41.3x 4.7x 41.1x 4.9x 13.0x 4.5x 0.6x -
Group Average - Junior Producers (excluding high/low) 17.3x 4.3x 17.6x 4.5x 8.3x 4.1x 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.
Symbol PriceNumber of
Estimates
2020E2019EDebtCash P/CF Ratio EV/CF Ratio EV/EBITDA Ratio Yield
The Weekly Dig
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
22
January 24, 2020
Other Precious Metals Companies – Market and Valuation Statistics (Consensus Estimates)
Source: Capital IQ and Haywood Securities
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$ 109.35 262.4 US$ 21,816 US$ 943 US$ 1,089 US$ 365 US$ 21,318 US$ 6.13 US$ 7.77 3 13.6x 10.7x 13.2x 10.5x 9.6x 7.1x 1.6x 1.76Impala Platinum Holdings Limited JSE:IMP C$ 12.75 782.8 US$ 7,588 US$ 600 US$ 989 US$ 390 US$ 7,729 US$ 0.63 US$ 1.38 2 15.4x 7.0x 15.7x 7.2x 11.1x 4.8x 2.2x -Northam Platinum Limited JSE:NHM C$ 11.39 349.9 US$ 3,030 US$ 68 US$ 193 US$ 1,034 US$ 3,995 US$ 0.48 US$ 1.36 2 18.1x 6.3x 23.9x 8.4x 18.8x 8.4x 1.2x -
Group Average - PGM Producers 15.7x 8.0x 17.6x 8.7x 13.1x 6.7x 1.7x 1.76
Silver Producers
Americas Gold and Silver CorporationTSX:USA C$ 3.59 82.8 US$ 226 US$ 6 US$ 4 US$ 11 US$ 243 US$ 0.02 US$ 0.45 2 177.0x 6.1x 190.3x 6.6x - 6.3x 0.6x -Coeur Mining, Inc. NYSE:CDE C$ 7.85 240.5 US$ 1,436 US$ 65 US$ 33 US$ 227 US$ 1,726 US$ 0.49 US$ 1.00 5 12.2x 6.0x 14.7x 7.2x 12.8x 6.4x 1.1x -Endeavour Silver Corp. TSX:EDR C$ 2.77 139.9 US$ 295 US$ 22 US$ 49 US$ 5 US$ 281 (US$ 0.01) US$ 0.25 6 - 8.4x - 8.1x - 8.8x 1.1x -Excellon Resources Inc. TSX:EXN C$ 0.91 112.5 US$ 78 US$ 9 US$ 9 - US$ 70 (US$ 0.02) US$ 0.08 2 - 8.4x - 7.6x - - 0.7x -First Majestic Silver Corp. TSX:FR C$ 13.41 208.1 US$ 2,122 US$ 125 US$ 149 US$ 154 US$ 2,160 US$ 0.54 US$ 0.57 5 18.9x 17.9x 19.3x 18.2x 20.9x 14.1x 2.4x -Fortuna Silver Mines Inc. TSX:FVI C$ 5.13 160.3 US$ 625 US$ 72 US$ 46 US$ 109 US$ 689 US$ 0.36 US$ 0.96 4 10.8x 4.1x 11.9x 4.5x 7.7x 3.8x 1.0x -Fresnillo Plc LSE:FRES C$ 10.90 736.9 US$ 6,109 US$ 362 US$ 996 US$ 801 US$ 6,671 US$ 0.90 US$ 0.95 4 9.2x 8.7x 10.0x 9.5x 9.0x 7.1x 1.1x 3.27Hecla Mining Company NYSE:HL C$ 4.13 506.2 US$ 1,589 US$ 33 US$ 33 US$ 585 US$ 2,173 US$ 0.23 US$ 0.36 7 13.5x 8.8x 18.4x 12.0x 12.8x 9.4x 1.5x 0.32Mandalay Resources Corporation TSX:MND C$ 1.07 91.0 US$ 74 US$ 23 (US$ 32) US$ 0 US$ 119 US$ 0.22 US$ 0.66 1 3.7x 1.2x 6.0x 2.0x 11.9x 1.7x 0.4x -Pan American Silver Corp. TSX:PAAS C$ 29.09 209.6 US$ 4,636 US$ 177 US$ 459 US$ 336 US$ 4,847 US$ 1.44 US$ 2.35 9 15.4x 9.4x 16.1x 9.9x 11.5x 8.6x 1.4x 0.63SSR Mining Inc. TSX:SSRM C$ 23.50 123.0 US$ 2,197 US$ 526 US$ 636 US$ 168 US$ 1,954 US$ 1.62 US$ 1.94 7 11.0x 9.2x 9.8x 8.2x 8.5x 6.5x 1.2x -Silvercorp Metals Inc. TSX:SVM C$ 7.25 172.4 US$ 950 US$ 135 US$ 125 - US$ 884 US$ 0.43 US$ 0.45 3 12.8x 12.3x 11.9x 11.5x 11.3x 10.1x 1.4x 0.45
Group Average - Silver Producers 28.5x 8.4x 30.8x 8.8x 11.8x 7.5x 1.2x 1.17
Group Average - Silver Producers (excluding high/low) 7.5x 8.1x 8.9x 8.5x - 6.9x 1.1x 0.54
Diamond Producers
Lucara Diamond Corp. TSX:LUC C$ 0.85 396.9 US$ 256 US$ 5 US$ 52 - US$ 252 US$ 0.13 US$ 0.16 4 4.9x 3.9x 4.8x 3.9x 3.5x 3.3x 0.5x -Mountain Province Diamonds Inc. TSX:MPVD C$ 1.19 210.1 US$ 190 US$ 21 US$ 70 US$ 292 US$ 464 US$ 0.32 US$ 0.43 3 2.8x 2.1x 6.9x 5.2x 6.3x 4.1x 0.7x 3.42Petra Diamonds Limited LSE:PDL C$ 0.19 865.4 US$ 124 US$ 72 US$ 105 US$ 724 US$ 861 US$ 0.11 US$ 0.09 4 1.3x 1.6x 9.3x 10.8x 5.2x 6.1x 0.5x -
Group Average - Diamond Producers 3.0x 2.5x 7.0x 6.6x 5.0x 4.5x 0.6x 3.42
Royalty Companies
Anglo Pacific Group plc LSE:APF C$ 2.97 180.5 US$ 408 US$ 18 US$ 17 - US$ 389 US$ 0.30 US$ 0.29 4 7.5x 7.8x 7.1x 7.5x 5.7x 5.9x 0.7x 4.41Altius Minerals Corporation TSX:ALS C$ 11.19 42.1 US$ 358 US$ 24 US$ 15 US$ 71 US$ 475 US$ 0.70 US$ 0.72 5 12.2x 11.8x 16.2x 15.6x 10.0x 10.6x 0.9x 1.76Franco-Nevada Corporation TSX:FNV C$ 142.71 189.4 US$ 20,548 US$ 92 US$ 220 US$ 242 US$ 20,703 US$ 3.25 US$ 3.87 14 33.4x 28.1x 33.7x 28.3x 31.6x 25.9x 2.3x 0.92Osisko Gold Royalties Ltd TSX:OR C$ 12.57 157.5 US$ 1,505 US$ 113 US$ 114 US$ 263 US$ 1,663 US$ 0.51 US$ 0.59 14 18.9x 16.1x 20.9x 17.8x 20.7x 17.2x 1.0x 1.60Royal Gold, Inc. US:RGLD C$ 148.15 65.6 US$ 7,388 US$ 122 US$ 132 US$ 165 US$ 7,463 US$ 4.30 US$ 5.12 11 26.2x 22.0x 26.4x 22.2x 24.0x 19.6x 2.2x 0.99Sandstorm Gold Ltd. TSX:SSL C$ 8.98 177.2 US$ 1,210 US$ 19 US$ 26 US$ 48 US$ 1,242 US$ 0.32 US$ 0.38 8 21.2x 18.0x 21.7x 18.5x 20.4x 17.0x 1.3x -Wheaton Precious Metals Corp. TSX:WPM C$ 38.35 447.2 US$ 13,040 US$ 152 US$ 124 US$ 1,014 US$ 13,911 US$ 1.19 US$ 1.49 15 24.6x 19.6x 26.2x 20.9x 24.8x 19.3x 1.7x 1.23
Group Average - Royalty Companies 20.6x 17.6x 21.7x 18.7x 19.6x 16.5x 1.5x 1.82
Group Average - Royalty Companies (excluding high/low) 20.6x 17.5x 22.3x 19.0x 20.0x 16.7x 1.4x 1.40
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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
23
January 24, 2020
Senior Gold Producers* – Reserves and Resources
Source: Bloomberg and Haywood Securities
Reserves
Agnico Eagle Mines Limited NYSE:AEM US $14,591 US $337 US $15,698 60.1 2.07 65.0 2.24 92% 22.1 2.70 23.1 2.83 95% US $712 37.9 1.82 41.8 2.01 91% 53% US $261 US $242
AngloGold Ashanti Limited JSE:ANG US $8,479 US ($144) US $10,141 187.8 1.62 205.5 1.77 91% 45.4 1.22 50.8 1.37 89% US $223 137.9 1.85 150.2 2.01 92% 35% US $54 US $49
B2Gold Corp. TSX:BTO US $4,356 US $327 US $4,373 26.3 0.88 30.4 1.02 86% 7.6 1.17 7.9 1.21 97% US $573 18.6 0.80 22.5 0.97 83% 53% US $166 US $144
Barrick Gold Corporation TSX:ABX US $32,764 US $3,666 US $34,592 231.3 0.81 326.7 1.14 71% 89.3 1.25 109.3 1.53 82% US $387 142.0 0.66 217.4 1.01 65% 30% US $150 US $106
Evolution Mining Limited ASX:EVN US $4,390 US $265 US $4,255 13.9 0.88 14.1 0.88 99% 6.9 0.85 7.1 0.86 98% US $613 7.0 0.90 7.0 0.90 100% 40% US $305 US $302
Fresnillo Plc LSE:FRES US $6,109 US $996 US $5,925 91.4 1.98 126.9 2.75 72% 11.0 0.77 19.4 1.37 57% US $538 80.4 2.52 107.5 3.36 75% 64% US $65 US $47
Gold Fields Limited JSE:GFI US $5,262 US $391 US $7,200 104.3 2.11 116.5 2.35 89% 50.2 2.62 51.9 2.71 97% US $143 54.0 1.78 64.6 2.13 84% 45% US $69 US $62
Harmony Gold Mining Company Limited JSE:HAR US $1,913 US $79 US $2,250 95.0 1.11 119.5 1.40 80% 17.6 0.63 17.9 0.64 98% US $128 77.5 1.38 101.6 1.81 76% 36% US $24 US $19
IAMGOLD Corporation TSX:IMG US $1,380 US $749 US $1,075 37.9 1.14 38.4 1.15 99% 17.9 1.14 17.9 1.14 100% US $60 20.0 1.14 20.6 1.17 97% 48% US $28 US $28
Kinross Gold Corporation TSX:K US $5,948 US $1,026 US $6,806 61.7 0.69 62.8 0.70 98% 25.5 0.67 26.2 0.68 98% US $266 35.3 0.69 35.8 0.70 99% 20% US $110 US $108
Newcrest Mining Limited ASX:NCM US $16,558 US $1,570 US $16,983 113.5 0.56 188.1 0.93 60% 48.6 0.78 66.9 1.08 73% US $349 64.9 0.46 121.1 0.86 54% 14% US $150 US $90
Newmont Corporation NYSE:NEM US $35,317 US $3,087 US $39,169 234.3 0.68 346.9 1.01 68% 117.3 0.79 158.8 1.07 74% US $334 117.1 0.60 188.1 0.96 62% 30% US $167 US $113
Yamana Gold Inc. TSX:YRI US $3,743 US ($22) US $4,840 38.9 0.57 69.9 1.03 56% 14.2 0.44 32.3 1.01 44% US $341 24.7 0.69 37.6 1.05 66% 49% US $124 US $69
Group Average - Total # Companies: 13 US $359 US $129 US $106
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
*Prior fiscal year production of greater than 800k ounces of gold.
Source: SNL Financial retrieved on January 23, 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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
24
January 24, 2020
Intermediate Gold Producers* – Reserves and Resources
Source: Bloomberg and Haywood Securities
Reserves
Alamos Gold Inc. TSX:AGI US $2,426 US $254 US $2,174 23.7 1.34 24.4 1.38 97% 10.5 1.55 10.9 1.61 97% US $207 13.2 1.20 13.5 1.23 98% 43% US $92 US $89
Centerra Gold Inc. TSX:CG US $2,155 US $671 US $1,582 32.0 0.42 48.3 0.63 66% 14.4 0.62 18.9 0.81 76% US $110 17.5 0.33 29.4 0.55 60% 35% US $49 US $33
China Gold International Resources Corp. Ltd. TSX:CGG US $332 US ($390) US $1,367 10.2 0.15 44.0 0.66 23% 4.0 0.25 16.6 1.05 24% US $343 6.2 0.12 27.1 0.53 23% 41% US $134 US $31
Detour Gold Corporation TSX:DGC US $3,270 US $139 US $3,243 21.1 1.00 21.1 1.00 100% 15.4 0.96 15.4 0.96 100% US $210 5.7 1.11 5.7 1.11 100% 22% US $153 US $153
Dundee Precious Metals Inc. TSX:DPM US $836 US ($4) US $866 9.9 0.39 16.1 0.64 62% 2.6 3.32 3.2 4.17 79% US $336 7.3 0.30 12.8 0.53 57% 54% US $87 US $54
Eldorado Gold Corporation TSX:ELD US $1,203 US $212 US $1,467 44.9 0.81 59.3 1.07 76% 16.1 1.35 21.5 1.80 75% US $91 28.8 0.66 37.8 0.87 76% 61% US $33 US $25
Endeavour Mining Corporation TSX:EDV US $2,122 US $133 US $2,725 14.5 1.73 14.5 1.73 100% 7.4 1.75 7.4 1.75 100% US $366 7.0 1.70 7.0 1.70 100% 34% US $189 US $189
Golden Star Resources Ltd. TSX:GSC US $320 US ($28) US $417 11.9 3.28 11.9 3.28 100% 1.6 2.86 1.6 2.86 100% US $259 10.3 3.35 10.3 3.35 100% 63% US $35 US $35
Highland Gold Mining Limited AIM:HGM US $915 US ($26) US $1,060 19.9 2.93 20.4 2.99 98% 5.9 3.15 6.0 3.19 99% US $179 14.0 3.08 14.4 3.17 97% 23% US $53 US $52
Kirkland Lake Gold Ltd. TSX:KL US $8,928 US $359 US $8,588 19.7 4.59 19.7 4.59 100% 5.9 15.34 5.9 15.34 100% US $1,452 13.8 3.53 13.8 3.53 100% 46% US $436 US $436
Leagold Mining Corporation TSX:LMC US $776 US $128 US $951 20.9 1.14 22.0 1.20 95% 7.0 1.29 7.0 1.29 100% US $135 13.8 1.07 15.0 1.16 92% 44% US $46 US $43
New Gold Inc. TSX:NGD US $617 US $148 US $1,230 19.7 0.76 24.7 0.96 80% 13.4 0.80 15.9 0.95 85% US $92 6.2 0.70 8.8 0.99 71% 21% US $63 US $50
OceanaGold Corporation TSX:OGC US $1,145 US $13 US $1,328 13.0 1.58 13.8 1.67 95% 5.5 1.37 6.0 1.50 91% US $243 7.6 1.78 7.8 1.83 97% 56% US $102 US $97
Perseus Mining Limited ASX:PRU US $906 US $125 US $807 10.0 1.22 10.0 1.22 100% 4.3 1.45 4.3 1.45 100% US $187 5.7 1.09 5.7 1.09 100% 42% US $81 US $81
Pretium Resources Inc. TSX:PVG US $1,905 US ($97) US $2,431 46.4 0.65 55.6 0.78 83% 6.4 12.44 6.7 13.12 95% US $380 40.0 0.56 48.9 0.69 82% 30% US $52 US $44
Regis Resources Limited ASX:RRL US $1,521 US $117 US $1,405 10.4 0.97 10.4 0.97 100% 4.8 1.14 4.8 1.14 100% US $296 5.6 0.86 5.6 0.86 100% 38% US $136 US $136
SEMAFO Inc. TSX:SMF US $664 US $109 US $606 7.4 2.74 7.4 2.74 100% 2.7 3.43 2.7 3.43 100% US $224 4.7 2.45 4.7 2.45 100% 40% US $82 US $82
Torex Gold Resources Inc. TSX:TXG US $1,128 US $117 US $1,188 8.2 2.68 10.7 3.51 76% 2.6 3.07 2.6 3.13 98% US $463 5.6 2.53 8.1 3.65 69% 82% US $145 US $111
Group Average - Total # Companies: 18 US $310 US $109 US $97
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
*Prior fiscal year production of between 200k and 800k ounces of gold.
Source: SNL Financial retrieved on January 23, 2020
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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
25
January 24, 2020
Junior Gold Producers* – Reserves and Resources
Source: Bloomberg and Haywood Securities
Reserves
Alacer Gold Corp. TSX:ASR US $1,416 US $168 US $1,575 6.7 1.66 8.1 2.01 82% 3.3 2.15 4.1 2.70 80% US $478 3.4 1.46 3.9 1.71 85% 36% US $237 US $195
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 $233 US $90 US $158 12.4 0.60 14.4 0.70 86% 4.1 0.67 4.7 0.76 88% US $38 8.3 0.57 9.7 0.68 85% 15% US $13 US $11
Asanko Gold Inc. TSX:AKG US $200 US $15 US $186 3.1 1.46 3.1 1.46 100% 2.3 1.57 2.3 1.57 100% US $80 0.8 1.22 0.8 1.22 100% 15% US $60 US $60
Continental Gold Inc. TSX:CNL US $888 US $32 US $1,232 11.7 9.40 12.3 9.83 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 $950 US $65 US $1,127 12.3 0.50 15.0 0.61 82% 5.5 0.63 5.5 0.63 100% US $203 6.8 0.43 9.5 0.59 72% 51% US $91 US $75
Fiore Gold Ltd. TSXV:F US $39 US $22 US $20 3.2 0.98 3.2 0.98 100% 0.3 0.51 0.3 0.51 100% US $72 2.9 1.07 2.9 1.07 100% 20% US $6 US $6
Goldgroup Mining Inc. TSX:GGA US $4 US ($3) US $7 0.6 1.44 0.9 2.26 64% - - - - - - 0.6 1.44 0.9 2.26 64% 47% US $13 US $8
Guyana Goldfields Inc. TSX:GUY US $88 US $37 US $54 6.6 2.48 6.6 2.48 100% 2.3 2.63 2.3 2.63 100% US $24 4.3 2.41 4.3 2.41 100% 53% US $8 US $8
Hummingbird Resources PLC AIM:HUM US $110 US ($58) US $233 5.2 1.57 5.2 1.57 100% 0.6 3.14 0.6 3.14 100% US $409 4.6 1.49 4.6 1.49 100% 47% US $45 US $45
K92 Mining Inc. TSXV:KNT US $564 US $18 US $554 2.5 9.28 3.0 11.29 82% - - - - - - 2.5 9.28 3.0 11.29 82% 76% US $226 US $186
McEwen Mining Inc. NYSE:MUX US $464 US $16 US $501 13.5 0.11 67.5 0.56 20% 0.7 1.32 0.8 1.51 88% US $677 12.7 0.11 66.7 0.55 19% 47% US $37 US $7
Medusa Mining Limited ASX:MML US $124 US $15 US $108 1.4 3.89 1.4 3.89 100% 0.4 6.87 0.4 6.87 100% US $309 1.1 3.41 1.1 3.41 100% 42% US $76 US $76
Metals Exploration plc AIM:MTL US $41 US ($94) US $158 1.7 1.62 1.7 1.62 100% 0.9 1.86 0.9 1.86 100% US $176 0.8 1.43 0.8 1.43 100% 82% US $91 US $91
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 $6 US ($17) US $23 0.6 0.67 1.4 1.62 42% 0.1 1.42 0.1 1.42 100% US $244 0.5 0.61 1.3 1.63 37% 17% US $39 US $16
Orvana Minerals Corp. TSX:ORV US $24 US ($7) US $43 2.0 3.78 2.6 4.72 80% 0.4 2.65 0.7 4.50 59% US $105 1.6 4.28 1.9 4.93 87% 51% US $21 US $17
Premier Gold Mines Limited TSX:PG US $268 US $27 US $259 10.6 1.51 11.6 1.64 92% 3.0 1.21 3.0 1.22 99% US $87 7.6 1.67 8.5 1.88 89% 53% US $24 US $22
Roxgold Inc. TSX:ROXG US $249 US ($3) US $275 1.4 5.16 1.4 5.16 100% 0.6 - 0.6 - 100% US $464 0.9 3.75 0.9 3.75 100% 24% US $190 US $190
Shanta Gold Limited AIM:SHG US $111 US $9 US $110 2.8 2.44 2.8 2.45 100% 0.3 3.44 0.3 3.44 100% US $417 2.5 2.37 2.5 2.37 100% 54% US $39 US $39
TMAC Resources Inc. TSX:TMR US $241 US $77 US $270 6.4 7.88 6.4 7.88 100% 3.6 6.77 3.6 6.77 100% US $75 2.8 9.95 2.8 9.95 100% 57% US $42 US $42
Vast Resources plc AIM:VAST US $43 US ($3) US $49 1.5 1.39 2.2 2.08 67% 0.3 1.77 0.7 3.61 49% US $151 1.1 1.31 1.6 1.77 74% 45% US $33 US $22
Group Average - Total # Companies: 22 US $224 US $66 US $58
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
*Prior fiscal year production of less than 200k ounces of gold.
Source: SNL Financial retrieved on January 23, 2020
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
% 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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
26
January 24, 2020
Gold Development-Stage Companies (Engineering Study Complete) – Enterprise Value per Ounce
Source: Bloomberg and Haywood Securities
Reserves
% AuEq
African Gold Group, Inc. TSXV:AGG US $11 US $0 US $11 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $24 1.5 0.96 1.5 0.96 100% 59% 59% US $5 US $5
Almaden Minerals Ltd. TSX:AMM US $61 US $2 US $61 2.4 0.44 4.4 0.80 55% 1.4 0.59 2.4 1.00 59% US $44 1.0 0.33 2.0 0.65 51% 40% 55% US $25 US $14
Amarillo Gold Corporation TSXV:AGC US $31 US $6 US $24 1.8 1.10 1.8 1.10 100% - - - - - - 1.8 1.10 1.8 1.10 100% 19% 19% US $14 US $14
ATAC Resources Ltd. TSXV:ATC US $28 US $8 US $20 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 $173 US ($2) US $179 4.4 5.31 4.5 5.35 99% 0.0 4.82 0.0 4.82 100% US $5,963 4.4 5.32 4.4 5.36 99% 44% 43% US $40 US $40
Belo Sun Mining Corp TSX:BSX US $161 US $28 US $134 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $35 3.0 1.07 3.0 1.07 100% 52% 52% US $20 US $20
Bluestone Resources Inc. TSXV:BSR US $92 US $6 US $86 5.1 1.89 5.4 1.99 95% 0.9 8.49 1.0 8.86 96% US $91 4.2 1.61 4.4 1.70 95% 22% 22% US $17 US $16
Cardinal Resources Limited ASX:CDV US $125 US $11 US $139 7.0 1.12 7.0 1.12 100% 5.1 1.14 5.1 1.14 100% US $27 1.9 1.06 1.9 1.06 100% 24% 24% US $20 US $20
Chaarat Gold Holdings Limited AIM:CGH US $220 US ($32) US $284 10.1 2.37 11.0 2.58 92% 0.9 1.09 1.1 1.33 82% US $317 9.2 2.68 9.9 2.88 93% 19% 25% US $28 US $26
Chalice Gold Mines Limited ASX:CHN US $54 US $14 US $40 0.5 1.23 0.9 2.57 48% - - - - - - 0.5 1.23 0.9 2.57 48% 37% 18% US $88 US $42
Chesapeake Gold Corp. TSXV:CKG US $116 US $12 US $104 19.5 0.51 28.3 0.74 69% 18.3 0.52 26.7 0.75 68% US $6 1.2 0.45 1.5 0.58 78% 53% 58% US $5 US $4
Columbus Gold Corp. TSX:CGT US $22 US $1 US $21 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $17 0.9 1.25 0.9 1.25 100% 47% 47% US $10 US $10
Corvus Gold Inc. TSX:KOR US $190 US $17 US $173 3.6 0.38 3.7 0.39 97% - - - - - - 3.6 0.38 3.7 0.39 97% 19% 18% US $48 US $47
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 $24 US ($2) US $27 7.0 0.55 9.4 0.74 75% - - - - - - 7.0 0.55 9.4 0.74 75% 1% 0% US $4 US $3
Falco Resources Ltd. TSXV:FPC US $52 US ($9) US $69 5.9 1.60 8.9 2.41 66% 3.7 1.44 5.6 2.16 66% US $18 2.1 1.97 3.2 2.98 66% 47% 50% US $12 US $8
First Mining Gold Corp. TSX:FF US $106 US $6 US $100 11.4 1.51 11.7 1.55 97% - - - - - - 11.4 1.51 11.7 1.55 97% 32% 32% US $9 US $9
Gabriel Resources Ltd. TSXV:GBU US $205 US $25 US $238 16.4 1.05 17.3 1.11 95% 8.1 1.46 8.6 1.54 95% US $29 8.3 0.83 8.7 0.87 96% 27% 26% US $15 US $14
Gold Road Resources Limited ASX:GOR US $823 US $25 US $928 3.3 1.10 3.4 1.13 97% 2.0 1.26 2.0 1.26 100% US $472 1.3 0.92 1.4 0.99 93% 64% 67% US $281 US $273
Goldquest Mining Corp. TSXV:GQC US $28 US $13 US $15 2.2 2.60 3.1 3.63 71% 0.8 3.72 1.1 4.81 77% US $18 1.4 2.19 1.9 3.04 72% 16% 19% US $7 US $5
International Tower Hill Mines Ltd. TSX:ITH US $98 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 $37 US ($1) US $38 3.0 3.37 3.7 4.08 83% 2.2 4.92 2.5 5.60 88% US $17 0.8 1.84 1.2 2.59 71% 39% 49% US $12 US $10
KEFI Minerals Plc AIM:KEFI US $25 US ($6) US $33 1.6 1.86 1.6 1.86 100% 0.8 2.12 0.8 2.12 100% US $41 0.8 1.65 0.8 1.65 100% 21% 21% US $21 US $21
Liberty Gold Corp. TSX:LGD US $240 US $12 US $229 3.3 0.40 5.0 0.62 65% - - - - - - 3.3 0.40 5.0 0.61 65% 32% 36% US $70 US $46
Lumina Gold Corp. TSXV:LUM US $179 US $3 US $176 8.5 0.65 10.4 0.79 82% - - - - - - 8.5 0.65 10.4 0.79 82% 100% 100% US $21 US $17
Lundin Gold Inc. TSX:LUG US $1,665 US $125 US $2,313 9.5 8.33 9.6 8.47 98% 5.0 8.77 5.1 8.91 98% US $461 4.5 7.88 4.5 8.02 98% 48% 48% US $244 US $240
Lupaka Gold Corp. TSXV:LPK US $1 US ($0) US $2 0.5 4.20 0.6 5.37 78% - - - - - - 0.5 4.20 0.6 5.37 78% 19% 16% US $3 US $3
Lydian International Limited TSX:LYD US $43 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 $208 US $23 US $185 4.3 1.85 4.3 1.85 100% - - - - - - 4.3 1.85 4.3 1.85 100% 36% 36% US $43 US $43
Midas Gold Corp. TSX:MAX US $124 US $22 US $128 6.6 1.60 6.7 1.62 98% - - - - - - 6.6 1.60 6.7 1.62 98% 15% 15% US $19 US $19
Minera Alamos Inc. TSXV:MAI US $83 US $1 US $84 0.3 2.10 0.4 2.64 79% - - - - - - 0.3 2.10 0.4 2.64 79% 3% 3% US $265 US $210
Moneta Porcupine Mines Inc. TSX:ME US $28 US $3 US $25 1.3 4.27 1.3 4.30 99% - - - - - - 1.3 4.27 1.3 4.30 99% 69% 69% US $20 US $20
NovaGold Resources Inc. TSX:NG US $3,024 US $147 US $2,981 22.5 2.21 22.5 2.21 100% 16.9 2.09 16.9 2.09 100% US $176 5.6 2.69 5.6 2.69 100% 54% 54% US $132 US $132
Orca Gold Inc. TSXV:ORG US $51 US $11 US $40 4.0 1.22 4.1 1.23 99% 2.0 1.11 2.0 1.11 100% US $20 2.0 1.35 2.1 1.38 98% 83% 82% US $10 US $10
Orezone Gold Corporation TSXV:ORE US $92 US $16 US $76 5.5 0.68 5.5 0.68 100% 1.7 0.81 1.7 0.81 100% US $46 3.9 0.63 3.9 0.63 100% 26% 26% US $14 US $14
Orla Mining Ltd. TSX:OLA US $333 US $3 US $339 11.9 0.82 14.9 1.03 80% 1.5 0.74 1.8 0.87 86% US $223 10.4 0.84 13.1 1.06 79% 16% 16% US $28 US $23
Osisko Mining Inc. TSX:OSK US $831 US $80 US $755 8.8 2.24 8.9 2.28 98% - - - - - - 8.8 2.24 8.9 2.28 98% 49% 48% US $86 US $85
Pure Gold Mining Inc. TSXV:PGM US $204 US $64 US $148 2.5 8.67 2.5 8.67 100% 1.0 8.97 1.0 8.97 100% US $146 1.5 8.48 1.5 8.48 100% 31% 31% US $58 US $58
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 $37 US $10 US $28 0.4 1.64 0.7 3.25 51% 0.2 2.04 0.4 4.45 46% US $137 0.2 1.34 0.3 2.31 58% 84% 81% US $75 US $38
Rubicon Minerals Corporation TSX:RMX US $73 US $3 US $80 1.1 6.39 1.1 6.39 100% - - - - - - 1.1 6.39 1.1 6.39 100% 48% 48% US $70 US $70
Sabina Gold & Silver Corp. TSX:SBB US $422 US $16 US $406 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $162 4.7 6.16 4.7 6.16 100% 40% 40% US $57 US $57
Gold X Mining Corp. TSXV:GLDX US $56 US $5 US $50 10.5 0.86 11.5 0.94 91% - - - - - - 10.5 0.86 11.5 0.94 91% 30% 29% US $5 US $4
Seabridge Gold Inc. TSX:SEA US $895 US $14 US $881 120.1 0.47 207.5 0.82 58% 45.3 0.61 64.9 0.88 70% US $19 74.9 0.42 142.6 0.79 52% 81% 84% US $7 US $4
Sihayo Gold Limited ASX:SIH US $23 US ($3) US $29 1.2 2.11 1.2 2.11 100% 0.6 2.08 0.6 2.08 100% US $51 0.6 2.13 0.6 2.13 100% 60% 60% US $24 US $24
Spanish Mountain Gold Ltd. TSXV:SPA US $17 US $1 US $17 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 $35 US ($2) US $40 1.5 2.37 1.8 2.73 87% - - - - - - 1.5 2.37 1.8 2.73 87% 17% 19% US $26 US $23
West Kirkland Mining Inc. TSXV:WKM US $21 US $0 US $21 0.8 0.46 0.9 0.54 85% 0.6 0.58 0.7 0.67 86% US $36 0.2 0.30 0.3 0.37 82% 45% 44% US $26 US $22
Victoria Gold Corp. TSXV:VIT US $356 US ($13) US $560 4.9 0.66 5.0 0.67 99% 2.7 0.67 2.7 0.67 100% US $210 2.2 0.65 2.3 0.66 98% 21% 21% US $114 US $113
Group Average - Total # Companies: 49 US $307 US $49 US $44
Group Average - 0 - 20 million ounces # Companies: 47 US $48 US $44
Group Average - 20 - 50 million ounces # Companies: 1 US $132 US $68
Group Average - +50 million ounces # Companies: 1 US $7 US $4
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
Source: SNL Financial retrieved on January 23, 2020
*Includes only Liberty's Goldstrike and Kinsley Mountain Projects
Global
EV/oz
Au
EV/oz
AuEq
Resources (M&I and Inferred)
Au
(Moz)
Au
(g/t)
AuEq
(Moz)
AuEq
(g/t)% Au% Au
Au
(g/t)
AuEq
(Moz)
Global Reserves & Resources
AuEq
(g/t)
Au
(Moz)
% Au
Inferred
Company EV/oz
Au
Reserves
Au
(Moz)
Au
(g/t)
AuEq
(Moz)% Au
AuEq
(g/t)
Symbol
Market
Capitalization
(millions)
Working
Capital
(millions)
Enterprise
Value
(millions)
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
27
January 24, 2020
Gold Exploration-Stage Companies (Resource Only) – Enterprise Value per Ounce of Gold
Source: Bloomberg and Haywood Securities
Aurion Resources Ltd. TSXV:AU US $122 US $15 US $106 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 $130 US $130
Auryn Resources Inc. TSX:AUG US $121 US ($0) US $121 2.3 5.56 2.6 6.25 89% - - - - - 2.3 5.56 2.6 6.25 89% 72% US $52 US $47
Balmoral Resources Ltd TSX:BAR US $47 US $2 US $46 1.2 1.20 1.7 1.71 70% - - - - - 1.2 1.20 1.7 1.71 70% 36% US $39 US $27
Calibre Mining Corp. TSX:CXB US $237 US $0 US $236 2.2 1.22 2.8 1.54 79% - - - - - 2.2 1.22 2.8 1.54 79% 100% US $107 US $85
Condor Gold Plc AIM:CNR US $27 US $5 US $22 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 $9 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 $211 US $9 US $200 3.6 0.80 3.7 0.83 96% - - - - - 3.6 0.80 3.7 0.83 96% 73% US $56 US $54
Granada Gold Mine Inc. TSXV:GGM US $10 US ($5) US $11 2.8 2.05 2.8 2.09 98% - - - - - 2.8 2.05 2.8 2.09 98% 71% US $4 US $4
Integra Resources Corp. TSXV:ITR US $105 US $5 US $99 2.7 0.42 4.2 0.65 65% - - - - - 2.7 0.42 4.2 0.65 65% 13% US $36 US $24
Kasbah Resources Limited ASX:KAS US $1 US ($3) US $4 0.2 0.55 1.3 3.05 18% - - 0.5 2.80 - 0.2 0.93 0.8 3.23 29% - 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 $26 US $26
Lion One Metals Limited TSXV:LIO US $141 US $6 US $136 0.7 0.09 15.2 1.95 5% - - - - - 0.7 0.09 15.2 1.95 5% 60% US $184 US $9
New Pacific Metals Corp. TSXV:NUAG US $751 US $28 US $721 0.5 6.12 0.6 7.16 85% - - - - - 0.5 6.12 0.6 7.16 85% 45% US $1,423 US $1,216
Nighthawk Gold Corp. TSX:NHK US $71 US $9 US $62 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $21 US $21
Novo Resources Corp. OTCPK:NSRP.F US $481 US $26 US $453 1.3 2.54 1.4 2.80 91% - - - - - 1.3 2.54 1.4 2.80 91% 56% US $347 US $314
Orex Minerals Inc. TSXV:REX US $8 US $0 US $8 0.1 0.21 0.6 2.00 10% - - - - - 0.1 0.21 0.6 2.00 10% 47% US $121 US $12
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 $5 US $5
Puma Exploration Inc. TSXV:PUMA US $3 US ($1) US $3 0.1 0.32 1.5 3.62 9% - - - - - 0.1 0.32 1.5 3.62 9% 5% US $23 US $2
Red Pine Exploration Inc. TSXV:RPX US $13 US ($0) US $13 0.4 5.38 0.4 5.38 100% - - - - - 0.4 5.38 0.4 5.38 100% 63% US $28 US $28
Redstar Gold Corp. TSXV:RGC US $5 US $2 US $3 0.5 2.89 0.7 3.59 80% - - - - - 0.1 2.94 0.2 6.02 49% 409% US $5 US $4
Reunion Gold Corporation TSXV:RGD US $40 US $3 US $35 1.2 1.07 1.2 1.07 100% - - - - - 1.2 1.07 1.2 1.07 100% 57% US $30 US $30
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 $84 US $0 US $83 1.0 2.19 1.0 2.19 100% - - - - - 1.0 2.19 1.0 2.19 100% 85% US $85 US $85
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 $504 US $17 US $486 20.0 0.25 55.4 0.68 36% - - - - - 20.0 0.25 55.4 0.68 36% 17% US $24 US $9
Teras Resources Inc. TSXV:TRA US $10 US ($0) US $10 1.1 0.48 1.3 0.55 89% - - - - - 1.1 0.48 1.3 0.55 89% 10% US $9 US $8
Gold Springs Resource Corp. TSX:GRC US $24 US $5 US $7 1.9 0.07 11.9 0.46 16% - - - - - 1.9 0.07 11.9 0.46 16% 40% US $4 US $1
Group Average - Total # Companies: 27 US $104 US $80
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
Source: SNL Financial retrieved on January 23, 2020
EV/oz
Au
EV/oz
AuEq
Au
(Moz)
Au
(g/t)
AuEq
(Moz)
AuEq
(g/t)% Au
Global
% Au% AuAu
(Moz)
Au
(g/t)
AuEq
(Moz)
Global Reserves & Resources Reserves Resources (M&I and Inferred)
Au
(Moz)
Au
(g/t)
AuEq
(Moz)
AuEq
(g/t)
AuEq
(g/t)
% Au
Inferred
Company Symbol
Market
Capitalization
(millions)
Working
Capital
(millions)
Enterprise
Value
(millions)
The Weekly Dig
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
28
January 24, 2020
Silver – Enterprise Value per Ounce of Silver
Source: Bloomberg and Haywood Securities
Reserves
Alexco Resource Corp. TSX:AXU US $216 US $10 US $207 108 418 165 640 65% 30 805 42 1,107 73% US $6.80 77 351 123 559 63% 31% US $1.92 US $1.25
Americas Gold and Silver Corporation TSX:USA US $226 US $4 US $234 113 56 278 139 41% 42 38 130 117 32% US $5.59 71 79 149 165 48% 36% US $2.07 US $0.84
Athena Silver Corporation OTCPK:AHNR US $1 US ($3) US $4 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.10 US $0.10
Bear Creek Mining Corporation TSXV:BCM US $182 US $25 US $159 360 41 727 82 49% 225 50 472 105 48% US $0.70 135 31 256 58 53% 36% US $0.44 US $0.22
Coeur Mining, Inc. NYSE:CDE US $1,436 US $33 US $1,758 686 23 1,637 55 42% 171 20 445 53 38% US $10.26 514 24 1,191 56 43% 34% US $2.56 US $1.07
Defiance Silver Corp. TSXV:DEF US $24 US $0 US $25 28 4 345 47 8% - - - - - - 28 4 345 47 8% 67% US $0.87 US $0.07
Dolly Varden Silver Corporation TSXV:DV US $15 US $3 US $12 44 294 44 294 100% - - - - - - 44 294 44 294 100% 26% US $0.27 US $0.27
Endeavour Silver Corp. TSX:EDR US $295 US $49 US $252 166 203 289 354 57% 47 209 89 396 53% US $5.37 120 201 201 338 60% 76% US $1.51 US $0.87
Excellon Resources Inc. TSX:EXN US $78 US $9 US $70 24 226 47 444 51% 9 137 20 319 43% US $8.13 15 354 27 624 57% 45% US $2.90 US $1.48
First Majestic Silver Corp. TSX:FR US $2,122 US $149 US $2,133 356 155 630 275 57% 108 185 198 336 55% US $19.67 239 144 415 251 58% 70% US $5.98 US $3.38
Fortuna Silver Mines Inc. TSX:FVI US $625 US $46 US $714 85 14 500 83 17% 46 15 270 91 17% US $15.68 39 13 230 75 17% 84% US $8.44 US $1.43
Golden Minerals Company AMEX:AUMN US $29 US $0 US $29 69 367 99 527 70% - - - - - - 69 367 99 527 70% 9% US $0.42 US $0.30
Hecla Mining Company NYSE:HL US $1,589 US $33 US $2,173 866 56 3,096 198 28% 191 168 631 555 30% US $11.37 675 47 2,465 170 27% 69% US $2.51 US $0.70
Investigator Resources Limited ASX:IVR US $13 US $1 US $13 42 140 48 161 87% - - - - - - 42 140 48 161 87% 45% US $0.30 US $0.26
Kootenay Silver Inc TSXV:KTN US $59 US $7 US $51 116 43 245 91 47% - - - - - - 116 43 245 91 47% 21% US $0.45 US $0.21
MAG Silver Corp. TSX:MAG US $943 US $95 US $849 119 51 400 173 30% - - - - - - 119 51 400 173 30% 65% US $7.14 US $2.12
Mandalay Resources Corporation TSX:MND US $74 US ($32) US $112 14 7 289 152 5% - - 67 174 - - 14 11 222 169 6% 8% US $7.98 US $0.39
Minco Silver Corporation TSX:MSV US $31 US $34 US ($2) 162 158 260 254 62% 50 189 61 232 81% - 112 148 199 262 56% 52% - -
Mineworx Technologies Ltd. TSXV:MWX US $26 US $2 US $25 22 9 450 179 5% - - - - - - 22 9 450 179 5% - US $1.11 US $0.06
Pan American Silver Corp. TSX:PAAS US $4,636 US $459 US $4,558 1,800 30 5,705 96 32% 568 60 1,290 136 44% US $8.03 1,233 25 4,416 88 28% 27% US $2.53 US $0.80
Silver Bear Resources Plc TSX:SBR US $66 US $18 US $175 60 704 61 710 99% 22 809 22 809 100% US $7.85 38 655 39 663 99% 63% US $2.90 US $2.88
Silver Bull Resources, Inc. OTCPK:SVBL US $15 US $1 US $13 26 39 132 195 20% - - - - - - 26 39 132 195 20% 0% US $0.51 US $0.10
SilverCrest Metals Inc. TSX:SIL US $706 US $28 US $679 67 361 121 655 55% - - - - - - 67 361 121 655 55% 60% US $10.17 US $5.60
Silvercorp Metals Inc. TSX:SVM US $950 US $125 US $828 213 130 505 308 42% 84 202 161 387 52% US $9.84 129 105 344 282 37% 66% US $3.89 US $1.64
Group Average - Total # Companies: 24 US $9.11 US $2.91 US $1.13
Equivalency assumptions (US$ / 01-23-20): $1,563/oz Au, $17.80/oz Ag, $1,005/oz Pt, $2,462/oz Pd, $2.70/lb Cu, $1.07/lb Zn, $0.89/lb Pb, $6.02/lb Ni, $14.54/lb Co, $0/t Sb, $24.30/lb U3O8, $7.70/lb Sn, $93.00/t HCC, $94.40/t 62% Fe
Source: SNL Financial retrieved on January 23, 2020
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)
Global Reserves & Resources Reserves Resources (M&I and Inferred)
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)
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
29
January 24, 2020
Precious Metals Sensitivity
-30% -20% -10% -5% 0% 5% 10% 20% 30%
PRODUCERS
Alamos Gold Inc. $10.25 NAVPS Gold $14.89 $10.58 $12.35 $13.52 $14.14 $14.89 $15.31 $15.64 $16.02 $16.47
Asanko Gold Inc. $1.15 NAVPS Gold $1.89 $0.70 $1.14 $1.52 $1.71 $1.89 $2.06 $2.24 $2.63 $3.05
B2Gold Corp. $7.50 NAVPS Gold $4.66 $2.94 $3.54 $4.11 $4.38 $4.66 $4.94 $5.24 $5.82 $6.41
Barrick Gold Corporation $28.00 NAVPS Gold $14.20 $9.98 $11.39 $12.79 $13.49 $14.20 $14.91 $15.62 $17.01 $18.49
Detour Gold Corporation n/a NAVPS Gold $27.15 $6.00 $8.00 $18.45 $22.80 $27.15 $30.90 $34.35 $40.95 $47.35
Eldorado Gold Corporation $18.00 NAVPS Gold $16.51 ($1.06) $3.75 $8.65 $11.12 $13.58 $16.05 $18.51 $23.43 $28.35
Endeavour Mining Corporation $32.00 NAVPS Gold $25.43 $13.71 $17.59 $21.35 $23.23 $25.43 $27.78 $30.12 $34.86 $39.64
K92 Mining Inc. $4.75 NAVPS Gold $4.82 $1.83 $2.71 $3.70 $4.24 $4.82 $5.37 $5.92 $7.02 $8.12
Metalla Royalty & Streaming $8.50 NAVPS Gold $5.60 $4.25 $4.70 $5.16 $5.39 $5.61 $5.84 $6.07 $6.52 $6.98
OceanaGold Corporation $3.00 NAVPS Gold $2.83 $0.20 $1.15 $1.99 $2.41 $2.83 $3.25 $3.66 $4.48 $5.32
Osisko Gold Royalties Ltd $19.50 NAVPS Gold $16.60 $13.85 $14.73 $15.60 $16.04 $16.47 $16.91 $17.35 $18.22 $19.09
RNC Minerals $0.70 NAVPS Gold $0.57 ($0.15) $0.11 $0.35 $0.46 $0.57 $0.69 $0.79 $0.99 $1.17
Roxgold Inc. $1.70 NAVPS Gold $1.46 $0.41 $0.78 $1.12 $1.29 $1.46 $1.63 $1.80 $2.14 $2.48
SEMAFO Inc. $2.75 NAVPS Gold $3.75 $0.72 $2.13 $3.03 $3.40 $3.75 $4.04 $4.28 $4.78 $5.20
Superior Gold Inc. $1.15 NAVPS Gold $1.62 $0.40 $0.81 $1.21 $1.42 $1.62 $1.82 $2.03 $2.43 $2.84
DEVELOPERS / EXPLORERS
Aurion Resources Ltd. $3.50 NAVPS Gold $3.48 $1.53 $2.18 $2.83 $3.16 $3.48 $3.80 $4.13 $4.78 $5.42
Bluestone Resources Inc. $3.00 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. $14.50 NAVPS Gold $14.46 $2.58 $6.56 $10.49 $12.48 $14.46 $16.44 $18.42 $22.38 $26.34
Falco Resources Ltd. $0.40 NAVPS Gold $1.68 $0.01 $0.58 $1.14 $1.41 $1.68 $1.95 $2.22 $2.76 $3.30
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 ($0.15) ($0.07) $0.27 $0.31 $0.35 $0.40 $0.44 $0.52 $0.60
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 $2.13 $0.69 $1.18 $1.65 $1.89 $2.13 $2.36 $2.60 $3.08 $3.55
Lundin Gold Inc. $10.00 NAVPS Gold $10.10 $3.20 $5.25 $7.20 $8.10 $9.05 $9.95 $10.85 $12.70 $14.55
Marathon Gold Corporation $2.50 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 $2.24 $1.11 $1.49 $1.87 $2.05 $2.24 $2.43 $2.62 $3.00 $3.38
Minera Alamos Inc. $0.50 NAVPS Gold $0.65 $0.20 $0.30 $0.45 $0.50 $0.60 $0.65 $0.70 $0.85 $0.95
Nighthawk Gold Corp. $4.50 NAVPS Gold $4.53 ($0.84) $0.56 $2.41 $3.43 $4.53 $5.73 $7.04 $9.72 $12.27
Osisko Mining Inc. $4.50 NAVPS Gold $4.53 $2.88 $3.40 $3.95 $4.23 $4.53 $4.83 $5.14 $5.75 $6.37
Pure Gold Mining Inc. $1.30 NAVPS Gold $1.28 $0.62 $0.83 $1.06 $1.17 $1.28 $1.39 $1.51 $1.73 $1.96
Sabina Gold & Silver Corp. $2.00 NAVPS Gold $2.24 $1.11 $1.49 $1.87 $2.05 $2.24 $2.43 $2.62 $3.00 $3.38
Steppe Gold Ltd. $1.75 NAVPS Gold $1.71 $0.75 $1.07 $1.39 $1.55 $1.71 $1.87 $2.02 $2.34 $2.66
Treasury Metals Corp. $1.00 NAVPS Gold $1.54 $0.63 $0.93 $1.24 $1.39 $1.54 $1.69 $1.85 $2.15 $2.46
-30% -20% -10% -5% 0% 5% 10% 20% 30%
PRODUCERS
Alamos Gold Inc. $10.25 2019 CFPS Gold $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75
Asanko Gold Inc. $1.15 2019 CFPS Gold $0.05 $0.06 $0.06 $0.05 $0.05 $0.05 $0.05 $0.05 $0.02 ($0.00)
B2Gold Corp. $7.50 2019 CFPS Gold $0.54 $0.57 $0.56 $0.55 $0.55 $0.54 $0.52 $0.52 $0.51 $0.50
Barrick Gold Corporation $28.00 2019 CFPS Gold $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85
Detour Gold Corporation n/a 2019 CFPS Gold $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $0.86
Eldorado Gold Corporation $18.00 2019 CFPS Gold $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05
Endeavour Mining Corporation $32.00 2019 CFPS Gold $2.79 $2.35 $2.50 $2.64 $2.72 $2.79 $2.86 $2.93 $3.06 $3.20
K92 Mining Inc. $4.75 2019 CFPS Gold $0.18 $0.14 $0.15 $0.17 $0.17 $0.18 $0.19 $0.20 $0.21 $0.23
OceanaGold Corporation $3.00 2019 CFPS Gold $0.37 $0.28 $0.31 $0.34 $0.35 $0.37 $0.38 $0.40 $0.43 $0.46
Osisko Gold Royalties Ltd $19.50 2019 CFPS Gold $0.39 $0.45 $0.52 $0.57 $0.61 $0.66 $0.71 $0.82 $0.94 $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. $1.70 2019 CFPS Gold $0.21 $0.23 $0.22 $0.21 $0.21 $0.21 $0.20 $0.20 $0.19 $0.19
SEMAFO Inc. $2.75 2019 CFPS Gold $0.72 $0.50 $0.57 $0.65 $0.68 $0.72 $0.77 $0.79 $0.82 $0.86
Superior Gold Inc. $1.15 2019 CFPS Gold $0.03 ($0.08) ($0.04) ($0.00) $0.01 $0.03 $0.05 $0.07 $0.11 $0.15
Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report
-30% -20% -10% -5% 0% 5% 10% 20% 30%
PRODUCERS
Alamos Gold Inc. $10.25 2020 CFPS Gold $1.07 $0.62 $0.77 $0.92 $0.99 $1.07 $1.14 $1.21 $1.36 $1.51
Asanko Gold Inc. $1.15 2020 CFPS Gold $0.36 $0.14 $0.21 $0.29 $0.33 $0.36 $0.36 $0.35 $0.40 $0.44
B2Gold Corp. $7.50 2020 CFPS Gold $0.66 $0.38 $0.48 $0.59 $0.63 $0.66 $0.71 $0.76 $0.85 $0.94
Barrick Gold Corporation $28.00 2020 CFPS Gold $2.50 $1.25 $1.65 $2.05 $2.30 $2.50 $2.70 $2.90 $3.35 $3.75
Detour Gold Corporation n/a 2020 CFPS Gold $2.40 $1.25 $1.60 $2.00 $2.20 $2.40 $2.55 $2.75 $3.15 $3.50
Eldorado Gold Corporation $18.00 2020 CFPS Gold $2.40 $1.25 $1.60 $2.00 $2.20 $2.40 $2.55 $2.75 $3.15 $3.50
Endeavour Mining Corporation $32.00 2020 CFPS Gold $3.82 $1.92 $2.57 $3.21 $3.52 $3.82 $4.10 $4.39 $5.01 $5.63
K92 Mining Inc. $4.75 2020 CFPS Gold $0.44 $0.24 $0.30 $0.37 $0.41 $0.44 $0.47 $0.51 $0.58 $0.65
OceanaGold Corporation $3.00 2020 CFPS Gold $0.63 $0.26 $0.38 $0.50 $0.57 $0.63 $0.70 $0.76 $0.89 $1.03
Osisko Gold Royalties Ltd $19.50 2020 CFPS Gold $0.86 $0.61 $0.69 $0.77 $0.82 $0.86 $0.90 $0.94 $1.03 $1.11
RNC Minerals $0.70 2020 CFPS Gold $0.10 $0.03 $0.05 $0.07 $0.09 $0.10 $0.11 $0.12 $0.14 $0.16
Roxgold Inc. $1.70 2020 CFPS Gold $0.24 $0.16 $0.19 $0.22 $0.23 $0.24 $0.26 $0.27 $0.30 $0.33
SEMAFO Inc. $2.75 2020 CFPS Gold $0.62 $0.30 $0.41 $0.52 $0.57 $0.62 $0.67 $0.73 $0.83 $0.94
Superior Gold Inc. $1.15 2020 CFPS Gold $0.55 ($0.03) $0.16 $0.35 $0.45 $0.55 $0.64 $0.74 $0.93 $1.12
Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report
Company Target MetricPrimary
Commodity
Base
Case
Company Target MetricPercentage Change Relative to Haywood Forecasted Commodity PricesBase
Case
Primary
Commodity
Percentage Change Relative to Haywood Forecasted Commodity Prices
Percentage Change Relative to Haywood Forecasted Commodity PricesBase
CaseCompany Target Metric
Primary
Commodity
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
30 January 24, 2020
Comparables Tables – Base Metals
Base Metal Companies – Haywood Estimates
Source: Haywood Securities
Base Metal Companies – Market and Valuation Statistics (Consensus Estimates)
Source: Bloomberg and Haywood Securities
Last Shares MC Target Return NAVPS Primary
Price (C$) 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 $0.91 101 $92 $1.90 109% BUY $1.47 ($0.02) ($0.02) Copper
Capstone Mining TSX:CS CS-T PV $0.82 400 $328 $0.80 (2%) BUY $1.04 $0.26 $0.25 Copper 155 155 $1.87 $1.99 0.6x 0.6x 5.2x 5.38 2.4x 2.48
Copper Mountain Mining TSX:CMMC CMMC-T PV $0.71 191 $136 $1.40 97% BUY $4.87 $0.16 $0.63 Copper 72 91 $2.12 $1.42 0.1x 0.2x 13.0x 3.2x 6.9x 1.7x
Fireweed Zinc Ltd TSXV:FWZ FWZ-V PV $0.60 38 $23 $1.00 67% BUY $1.15 ($0.04) ($0.05) Zinc - - - - 0.4x 0.7x - - - -
HudBay Minerals TSX:HBM HBM-T PV $4.48 261 $1,170 $7.00 56% BUY $7.59 $1.19 $1.13 Copper 303 257 $0.77 $0.38 0.4x 0.7x 5.0x 5.3x 4.5x 4.7x
Lundin Mining TSX:LUN LUN-T PV $7.30 734 $5,360 $9.50 30% BUY $9.29 $0.70 $1.21 Copper 381 551 - - 0.6x 0.8x 9.3x 5.38 10.3x 5.97
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 - 9.4x
Osisko Metals Inc. TSXV:OM OM-V PV $0.51 167 $85 $0.90 76% BUY $1.73 ($0.04) ($0.05) Zinc - - - - 0.2x 0.4x - - - -
Trevali Mining TSX:TV TV-T PV $0.22 803 $173 $0.35 63% HOLD $0.35 $0.11 $0.14 Zinc 418 395 $0.85 $0.89 0.5x 0.8x 1.8x 1.5x 2.4x 2.0x
Xanadu Mines Limited ASX:XAM XAM-AU MC $0.03 791 $26 $0.10 201% BUY $0.08 ($0.00) ($0.01) Copper 0.3x 0.9x - - - -
Group Average 0.4x 0.6x 6.9x 4.9x 5.3x 4.4x
C$/US$ = 1.315
C$/AUD$= 0.899
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 23, 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 2114 (3.5) (2.8) (2.7) 1257 $34,830 $6,567 $6,476 $8,971 $44,696 $5.40 $5.81 $6.25 4.8x 4.4x 6.1x 5.7x 4.5x 4.6x
ANTOFAGASTA PLC LSE:ANTO GBp 863.2 (4.8) (11.3) (5.8) 986 $11,156 $1,034 $2,132 $2,494 $13,632 $1.37 $1.82 $1.68 6.2x 6.7x 7.6x 8.2x 5.7x 5.7x
BHP GROUP LTD ASX:BHP AUD 41.08 (0.3) 2.4 5.5 2946 $131,971 $15,613 $11,034 $24,828 $145,881 $3.45 $3.48 $3.33 8.1x 8.4x 14.2x 14.9x 6.1x 6.1x
FIRST QUANTUM MINERALS LTD TSX:FM CAD 12.01 (4.4) (6.1) (8.8) 689 $6,303 $1,255 $1,620 $7,752 $15,105 $2.88 $1.56 $2.47 5.8x 3.7x 14.0x 8.9x 9.5x 6.1x
FREEPORT-MCMORAN INC NYSE:FCX USD 11.97 (2.8) (7.8) (8.8) 1451 $17,367 $2,020 $4,591 $9,826 $33,323 $1.02 $1.12 $1.96 10.7x 6.1x 20.5x 11.7x 13.7x 8.7x
GLENCORE PLC LSE:GLEN GBp 228.15 (3.0) (5.7) (3.1) 13324 $39,854 $2,046 $3,896 $34,994 $73,271 $0.90 $0.60 $0.66 5.0x 4.5x 9.1x 8.3x 6.6x 6.0x
KGHM POLSKA MIEDZ SA WSE:KGH PLN 96.36 (0.7) (3.2) 0.8 200 $5,015 $256 $533 $2,122 $7,021 $5.14 $5.16 $5.71 4.9x 4.4x 6.8x 6.1x 5.1x 5.0x
MMG LTD SEHK:1208 HKD 1.81 (8.1) (13.4) (22.6) 8055 $1,876 $602 ($153) $8,131 $11,308 $0.12 $0.10 $0.16 2.3x 1.5x 13.6x 8.9x 8.4x 7.2x
RIO TINTO PLC LSE:RIO GBp 4426 (3.9) (2.2) (1.7) 1248 $99,395 $10,773 $10,331 $12,752 $109,937 $6.88 $8.72 $8.39 6.7x 6.9x 10.1x 10.5x 5.3x 5.9x
TECK RESOURCES LTD-CLS B TSX:TCK.B CAD 19.96 (1.4) (3.1) (11.4) 546 $8,421 $1,273 $2,056 $4,051 $11,541 $5.42 $4.89 $4.74 3.1x 3.2x 4.3x 4.5x 3.4x 3.7x
VALE SA-SP ADR NYSE:VALE USD 13.3 (0.9) 0.3 0.8 5284 $70,284 $5,773 $6,115 $15,437 $78,998 - $2.10 $2.20 6.3x 6.0x 7.1x 6.8x 4.8x 4.8x
BOLIDEN AB SSE:BOL SEK 242.5 (4.6) (5.4) (2.4) 274 $6,956 $256 $812 $379 $7,494 $4.96 $3.85 $4.56 6.6x 5.6x 7.1x 6.0x 5.6x 5.1x
SOUTHERN COPPER CORP NYXE:SCCO USD 41 (2.0) (6.4) (3.5) 773 $31,695 $845 $1,964 $5,960 $37,809 $2.89 $2.61 $2.73 15.7x 15.0x 18.8x 17.9x 10.5x 9.9x
Group Average - Large-Cap Producers 5.9x 5.1x 10.1x 8.4x 6.6x 5.7x
Group Average - Large-Cap Producers (excluding high/low) 5.7x 5.2x 9.6x 8.1x 6.2x 5.6x
Mid Tier Base Metals Producers
ERO COPPER CORP TSX:ERO CAD 18.98 2.6 (5.9) (19.6) 86 $1,236 $19 ($9) $152 $1,377 $0.85 $1.48 $1.79 9.7x 8.1x 10.8x 9.0x 10.2x 8.2x
HUDBAY MINERALS INC TSX:HBM CAD 4.48 (0.2) (3.4) (16.7) 261 $891 $515 $445 $1,055 $1,556 $1.58 $1.15 $1.33 3.0x 2.6x 5.2x 4.5x 4.3x 3.8x
KAZ MINERALS PLC LSE:KAZ GBp 472.2 (8.6) (14.2) (11.1) 472 $2,925 $1,219 $1,224 $3,453 $5,489 $1.58 $1.38 $1.54 4.5x 4.0x 8.4x 7.5x 4.7x 4.7x
LUNDIN MINING CORP TSX: LUN CAD 7.3 (2.5) (5.2) (5.9) 735 $4,084 $815 $949 $11 $4,816 $0.62 $0.73 $1.18 7.6x 4.7x 8.9x 5.6x 7.1x 4.7x
OZ MINERALS LTD ASX:OZL AUD 10.52 (1.7) (3.6) (0.3) 324 $2,333 $356 $511 $0 $2,294 $1.08 $0.91 $0.88 8.0x 8.2x 7.8x 8.0x 7.3x 6.4x
TURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 0.88 (1.1) (4.3) (7.4) 2012 $1,348 $1,603 $2,992 $4,187 $2,786 $0.09 $0.03 $0.00 24.8x 167.5x 51.3x 346.1x 8.4x 11.2x
Group Average - Mid Tier Producers 9.6x 32.5x 15.4x 63.5x 7.0x 6.5x
Group Average - Mid Tier Producers (excluding high/low) 7.4x 6.3x 9.0x 7.5x 6.9x 6.0x
Small Cap Base Metals Producers
AMERIGO RESOURCES LTD TSX:ARG CAD 0.54 1.9 (1.8) (8.5) 180 $74 $21 ($17) $66 $135 $0.15 $0.04 $0.19 10.3x 2.2x 18.8x 4.0x - -
ATALAYA MINING PLC TSX:AYM CAD 3.6 2.9 2.9 5.0 137 $376 $38 $10 $0 $367 - $0.15 $0.62 18.9x 4.4x 18.4x 4.3x 5.9x 3.4x
CAPSTONE MINING CORP TSX:CS CAD 0.82 (1.2) (3.5) 7.9 400 $249 $30 $104 $217 $527 $0.30 $0.22 $0.26 2.8x 2.4x 5.9x 5.0x 4.9x 4.5x
COPPER MOUNTAIN MINING CORP TSX:CMMC CAD 0.71 (9.0) (14.5) (1.4) 188 $102 $34 ($29) $207 $307 $0.18 $0.19 $0.43 2.8x 1.3x 8.5x 3.8x 11.6x 3.6x
IMPERIAL METALS CORP TSX:III CAD 2.1 (1.4) (6.3) 1.9 128 $205 $14 ($579) $668 $134 $0.49 ($0.13) $0.05 - 30.0x - 19.4x - 15.4x
WESTERN AREAS LTD AU:WSA AUD 2.81 (1.7) (1.7) (7.3) 274 $526 $101 $96 $1 $426 $0.26 $0.22 $0.36 8.6x 5.4x 7.1x 4.3x 7.6x 3.7x
SHERRITT INTERNATIONAL CORP TSX:S CAD 0.2 2.6 0.0 5.3 397 $60 $152 $195 $518 $469 ($0.00) ($0.09) $0.02 - 7.7x - 59.0x 12.3x 7.7x
TASEKO MINES LTD TSX:TKO CAD 0.65 (7.1) (15.6) 3.2 246 $122 $34 $34 $261 $379 $0.22 $0.13 $0.20 4.0x 2.5x 12.2x 7.7x 9.8x 5.9x
TREVALI MINING CORP TSX:TV CAD 0.215 (4.4) (15.7) (6.5) 814 $133 $65 $17 $132 $171 $0.13 $0.10 $0.10 1.6x 1.6x 2.1x 2.1x 1.7x 2.1x
Group Average - Small Cap Producers 7.0x 6.4x 5.8x 12.2x 7.7x 5.8x
Group Average - Small Cap Producers (excluding high/low) 5.7x 3.7x 6.5x 6.9x 7.9x 4.8x
. C$/US$ FX Rate: $1.31
P/CF Ratio EV/CF Ratio EV/EBITDA Ratio
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
31 January 24, 2020
Copper Non-Producers – Enterprise Value per Pound of Copper Equivalent
Source: Bloomberg and Haywood Securities
Shares Market Working LTD Enterprise Copper
Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve R&R (Total)
(million) (million) (million) (million) (million) (% Contained) (CuEq** Mlb) (CuEq** Mlb) Reserve Total
Abacus Mining & Exploration Corporation TSXV:AME C$ 0.13 62.7 US$ 6 US$ (0.1) US$ 12.9 US$ 19 Cu / Au 66% 806 1,008 $0.024 $0.019
Adventus Mining Corporation TSXV:ADZN C$ 0.91 100.6 US$ 70 US$ 14.1 US$ 0.0 US$ 56 Cu / Au 34% - 863 - $0.064
Candente Copper Corp. TSX:DNT C$ 0.04 216.0 US$ 7 US$ (1.1) US$ 0.0 US$ 8 Cu / Au 87% - 10,286 - $0.001
Copper Fox Metals Inc. TSXV:CUU C$ 0.09 461.3 US$ 30 US$ 0.6 US$ 0.0 US$ 29 Cu / Au 69% - 5,067 - $0.006
Coro Mining Corp. TSX:COP C$ 0.07 1608.9 US$ 80 US$ (7.4) US$ 0.0 US$ 87 Cu / - 100% 325 817 $0.267 $0.106
Excelsior Mining Corp. TSX:MIN C$ 1.13 239.6 US$ 206 US$ 24.7 US$ 0.0 US$ 181 Cu / - 100% 5,129 8,016 $0.035 $0.023
Filo Mining Corp. TSXV:FIL C$ 1.91 88.2 US$ 128 US$ 14.4 US$ 0.0 US$ 114 Cu / Au 49% 4,380 8,409 $0.026 $0.014
Foran Mining Corporation TSXV:FOM C$ 0.26 132.5 US$ 26 US$ 0.6 US$ 0.0 US$ 26 Cu / Zn 43% - 1,878 - $0.014
Getty Copper Inc. TSXV:GTC C$ 0.04 108.4 US$ 3 US$ (1.1) US$ 0.8 US$ 5 Cu / Mo 97% 781 1,225 $0.006 $0.004
Highland Copper Company Inc. TSXV:HI C$ 0.04 472.9 US$ 13 US$ (19.3) US$ 0.0 US$ 32 Cu / Ag 99% 2,501 4,823 $0.013 $0.007
Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.3) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.040
Los Andes Copper Ltd. TSXV:LA C$ 0.43 271.7 US$ 89 US$ 1.4 US$ 0.0 US$ 87 Cu / Mo 90% - 12,145 - $0.007
Nevada Copper Corp. TSX:NCU C$ 0.35 761.9 US$ 200 US$ (24.3) US$ 103.1 US$ 327 Cu / Au 89% 4,975 8,222 $0.066 $0.040
Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.58 434.2 US$ 191 US$ (3.6) US$ 0.0 US$ 195 Cu / Au 52% - 156,013 - $0.001
NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.06 120.1 US$ 5 US$ 0.1 US$ 0.0 US$ 5 Cu / Au 50% - 5,252 - $0.001
Panoro Minerals Ltd. TSXV:PML C$ 0.10 263.8 US$ 19 US$ (6.7) US$ 2.0 US$ 28 Cu / Au 74% - 10,759 - $0.003
Philippine Metals Inc. TSXV:PHI C$ 0.08 17.4 US$ 1 US$ 0.1 US$ 0.0 US$ 1 Cu / - 100% - 331 - $0.003
PolyMet Mining Corp. TSX:POM C$ 0.37 1005.2 US$ 283 US$ 8.5 US$ 15.2 US$ 289 Cu / Ni 40% 3,668 14,199 $0.079 $0.020
Quaterra Resources Inc. TSXV:QTA C$ 0.07 217.6 US$ 11 US$ 2.3 US$ 0.0 US$ 8 Cu / - 100% - 3,894 - $0.002
Regulus Resources Inc. TSXV:REG C$ 1.20 101.8 US$ 93 US$ 4.8 US$ 0.0 US$ 88 Cu / Au 59% - 8,438 - $0.010
Serengeti Resources Inc. TSXV:SIR C$ 0.23 109.2 US$ 19 US$ 0.8 US$ 0.0 US$ 18 Cu / Au 59% - 2,045 - $0.009
St. Augustine Gold and Copper Limited TSX:SAU C$ 0.02 726.8 US$ 11 US$ (6.2) US$ 0.0 US$ 17 Cu / Au 51% 4,817 7,423 $0.004 $0.002
Western Copper and Gold Corporation TSX:WRN C$ 0.91 107.6 US$ 74 US$ 1.8 US$ 0.0 US$ 73 Cu / Au 41% 10,860 10,860 $0.007 $0.007
Group Average - Total $0.053 $0.017
*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.
**CuEq = copper equivalent. Calculated based on Haywood's formal long-term metal price forecasts.
***Copper Ratio = value of in situ copper / total value of in situ metals.
Primary /
Secondary
Metal
EV/lb CuEq** (US$)Reserves & Resources* - Attributable
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
32 January 24, 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
Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve R&R (Total)
(million) (million) (million) (million) (million) (% Contained) (NiEq** Mlb) (NiEq** Mlb) Reserve Total
CaNickel Mining Limited TSXV:CML C$ 0.06 37.5 US$ 2 US$ (71.7) US$ 0.0 US$ 73 Ni / - 100% 83 397 $0.888 $0.184
FPX Nickel Corp. TSXV:FPX C$ 0.16 154.7 US$ 19 US$ 1.4 US$ 5.9 US$ 23 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 - $0.001
Gossan Resources Limited TSXV:GSS C$ 0.04 33.8 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Ni / Cu 52% - 76 - $0.015
Hannan Metals Ltd. TSXV:HAN C$ 0.25 58.9 US$ 11 US$ (0.1) US$ 0.3 US$ 11 Ni / Cu 80% - 2,456 - $0.005
New Era Minerals Inc. TSXV:NEM C$ 0.03 106.9 US$ 2 US$ (1.1) US$ 0.2 US$ 3 Ni / - 100% - 454 - $0.007
Royal Nickel Corporation TSX:RNX C$ 0.43 607.8 US$ 199 US$ 9.2 US$ 18.2 US$ 208 Ni / Co 69% 2,550 5,161 $0.081 $0.040
Sama Resources Inc. TSXV:SME C$ 0.23 216.3 US$ 37 US$ 3.2 US$ 0.0 US$ 34 Ni / Co 48% - 1,051 - $0.032
Strongbow Exploration Inc. TSXV:SBW C$ 0.06 86.8 US$ 4 US$ 1.0 US$ 3.8 US$ 6 Ni / Sn 50% - 723 - $0.009
Talon Metals Corp. TSX:TLO C$ 0.14 494.3 US$ 53 US$ 6.0 US$ 0.0 US$ 47 Ni / Cu 63% - 287 - $0.162
Group Average - Total $0.485 $0.033
*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.
**NiEq = nickel equivalent. Calculated based on Haywood's formal long-term metal price forecasts.
***Nickel Ratio = value of in situ nickel / total value of in situ metals.
Primary /
Secondary
Metal
Reserves & Resources* - AttributableEV/lb NiEq** (US$)
Shares Market Working LTD Enterprise Zinc
Company Symbol Price O/S Capitalization Capital Value Value Ratio*** Reserve R&R (Total)
(million) (million) (million) (million) (million) (% Contained) (ZnEq** Mlb) (ZnEq** Mlb) Reserve Total
Ascendant Resources Inc. TSX:ASND C$ 0.30 77.7 US$ 18 US$ (17.4) US$ 0.0 US$ 35 Zn / Pb 72% 848 1,883 $0.041 $0.019
Commander Resources Ltd. TSXV:CMD C$ 0.07 35.7 US$ 2 US$ 1.6 US$ 0.0 US$ 0 Zn / Cu 56% - 25 - $0.012
El Nino Ventures Inc. TSXV:ELN C$ 0.05 61.6 US$ 2 US$ 0.9 US$ 0.0 US$ 1 Zn / Cu 59% - 532 - $0.003
Firestone Ventures Inc. TSXV:FV C$ 0.05 53.7 US$ 2 US$ (0.3) US$ 0.0 US$ 2 Zn / Pb 77% - 429 - $0.005
Fireweed Zinc Ltd. TSXV:FWZ C$ 0.60 37.8 US$ 17 US$ 1.0 US$ 0.0 US$ 16 Zn / Pb 67% - 9,981 - $0.002
InZinc Mining Ltd. TSXV:IZN C$ 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$ 71 Zn / Pb 53% 1,109 2,507 $0.064 $0.029
Osisko Metals Incorporated TSXV:OM C$ 0.51 167.1 US$ 65 US$ 5.3 US$ 0.0 US$ 59 Zn / Pb 74% - 6,538 - $0.009
Rathdowney Resources Ltd. TSXV:RTH C$ 0.10 161.7 US$ 12 US$ (5.3) US$ 1.5 US$ 19 Zn / Pb 83% - 3,590 - $0.005
ScoZinc Mining Ltd. TSXV:SZM C$ 0.64 10.1 US$ 5 US$ 0.6 US$ 0.0 US$ 4 Zn / Pb 68% - 1,485 - $0.003
Titan Mining Corporation TSX:TI C$ 0.28 123.0 US$ 26 US$ 0.8 US$ 30.5 US$ 56 Zn / - 100% - 1,930 - $0.029
Trevali Mining Corporation TSX:TV C$ 0.22 802.6 US$ 131 US$ 62.9 US$ 66.4 US$ 135 Zn / Pb 71% 3,169 17,446 $0.043 $0.008
Wolfden Resources Corporation TSXV:WLF C$ 0.14 129.5 US$ 14 US$ 1.2 US$ 0.0 US$ 13 Zn / Au 41% - 5,175 - $0.002
Group Average - Total $0.049 $0.010
*All reserve and resource data sourced from SNL, additional data sourced from Capital IQ.
**ZnEq = Zinc equivalent. Calculated based on Haywood's formal long-term metal price forecasts.
***Zinc Ratio = value of in situ zinc / total value of in situ metals.
Primary /
Secondary
Metal
Reserves & Resources* - AttributableEV/lb ZnEq** (US$)
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
33
January 24, 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. $1.40 NAVPS Copper $6.28 $0.58 $2.58 $4.51 $5.40 $6.28 $7.16 $8.04 $9.79 $11.55
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 $0.47 ($0.44) ($0.11) $0.19 $0.34 $0.47 $0.61 $0.76 $1.00 $1.25
DEVELOPERS / EXPLORERS
Adventus Mining Corporation $1.90 NAVPS Copper $1.93 $1.26 $1.49 $1.71 $1.81 $1.93 $2.03 $2.15 $2.37 $2.58
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 $0.11 ($0.02) $0.02 $0.06 $0.08 $0.11 $0.13 $0.15 $0.20 $0.24
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. $1.40 2019 CFPS Copper $0.21 $0.08 $0.12 $0.17 $0.19 $0.21 $0.23 $0.25 $0.29 $0.33
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 $0.14 $0.06 $0.09 $0.11 $0.13 $0.14 $0.16 $0.17 $0.21 $0.25
Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report
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. $1.40 2020 CFPS Copper $0.82 $0.24 $0.45 $0.66 $0.75 $0.82 $0.89 $0.96 $1.10 $1.24
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 $0.17 ($0.03) $0.03 $0.09 $0.13 $0.17 $0.21 $0.26 $0.36 $0.47
Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report
Percentage Change Relative to Haywood Forecasted Commodity Prices
Base
Case
Percentage Change Relative to Haywood Forecasted Commodity Prices
Primary
Commodity
Base
Case
Percentage Change Relative to Haywood Forecasted Commodity Prices
Primary
Commodity
Base
Case
Target MetricPrimary
Commodity
MetricTarget
Target Metric
The Weekly Dig
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
34
January 24, 2020
Comparables Tables – Other (Uranium, Lithium, Diamond, Cobalt, Coal, Iron)
Uranium/Lithium Companies – Haywood Estimates
Source: Bloomberg and Haywood Securities
Diamond Companies – Haywood Estimates
Source: Bloomberg and Haywood Securities
Last Shares MC Target Return NAVPS Primary
Price O/S (C$M) (C$) (%) (US$) 2019E 2020E Commodity 2019E 2020E 2019E 2020E 2019E 2020E 2019E 2020E
Denison Mines DML-T CH $0.50 597 $299 $2.10 320% BUY C$2.10 ($0.02) $0.02 Uranium - - -
Energy Fuels UUUU-US CH $1.65 100 US$165 US$4.80 191% BUY $4.84 ($0.03) $0.25 Uranium 1.1 2.3 0.3x 1.0x - 6.6x - 19.3x
NexGen Energy NXE-T CH $1.56 360 $562 $6.00 285% BUY C$5.98 ($0.05) ($0.05) Uranium - - - 0.3x 1.0x - - - -
Uranium Energy UEC-US CH $0.83 184 US$153 US$2.90 249% BUY $2.87 $0.08 $0.17 Uranium 0.8 1.6 0.3x 1.0x 10.6x 5.1x 35.1x 16.9x
Uranium Participation U-T CH $4.02 138 $555 $5.90 47% BUY C$5.13 Uranium - - - 0.8x 1.2x - - - -
Plateau Energy PLU-V CH $0.26 86 $22 N/A Under Review Uranium - - -
Azarga Uranium AZZ-T CH $0.20 186 $37 $0.50 150% BUY C$0.50 Uranium 0.4x 1.0x
Group Average 0.4x 1.0x 10.6x 5.8x 35.1x 18.1x
C$/US$ = 1.32
A$/US$ = 1.46
₤/US$ = 0.76
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 $1.19 210 $250 $3.50 194% BUY $3.26 $0.31 $0.36 Diamonds 6,746 7,145 $87 $82 $99 $91 0.3x 0.8x 7.0x 6.2x 8.5x 7.5x
Lucara Diamond Corp. TSX:LUC LUC-T GM $0.85 397 $337 $2.10 147% BUY $1.86 $0.15 $0.25 Diamonds 446 390 $209 $291 $432 $589 0.3x 0.9x 4.3x 2.5x 7.6x 6.3x
Group Average 0.3x 0.8x 5.7x 4.3x 8.1x 6.9x
C$/US$ = 1.3x 1.315
Company Ticker Analyst RatingPrice /
NAV
AISC, US$/ctTCC, US$/ctProduction, 000's caratsCFPS (US$) EV / CFPS Target /
NAV
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
35
January 24, 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) $11.21 $15.26 36% 396 $4,437 $3,483 $13.81 0.81x $1.19 $0.85 $0.61 9.5x 13.2x 18.4x $0.27 $0.01 $0.04 42.1x 1762.6x 269.0x
Energy Fuels (UUUU-US) $2.17 $4.78 120% 100 $217.3 $164.1 $3.34 0.65x ($0.22) ($0.03) $0.03 70.7x ($0.29) ($0.48) ($0.28)
Uranium Energy (UEC-US) $1.09 $3.55 225% 184 $201.0 $160.5 $2.73 0.40x ($0.13) ($0.08) ($0.57) ($0.13) ($0.12) ($0.11)
Ur-Energy Inc. (URE-T) $0.71 $1.33 87% 160 $113.6 $95.3 $1.19 0.60x ($0.01) $0.05 $0.02 13.7x 40.5x $0.01 ($0.06) $0.00 104.1x 215.8x
Peninsula Energy (PEN-AU) $0.14 $0.81 481% 301 $42.0 $41.1 $0.90 0.15x ($0.01) ($0.03) ($0.05) ($0.10) ($0.07)
Energy Resources (ERA-AU) $0.14 518 $72.1 ($183.6) $0.21 0.66x $0.07 $0.15 ($0.03) 2.1x 0.9x $0.01 ($0.03) ($0.08) 14.5x
Group Average - Producers 0.55x 5.8x 9.3x 43.2x 53.6x 1762.6x 242.4x
NexGen Energy (NXE-T) $1.56 $4.76 205% 360 $562.0 $476.6 $5.28 0.30x ($0.02) ($0.03) ($0.04) ($0.09) ($0.08) ($0.08)
Denison Mines (DML-T) $0.50 $1.25 151% 597 $298.6 $219.8 $1.30 0.38x ($0.04) ($0.03) ($0.02) ($0.04) ($0.04) ($0.03)
Fission Uranium (FCU-T) $0.27 $1.60 493% 486 $131.3 $94.8 $1.54 0.18x ($0.01) ($0.01) ($0.01) ($0.01) ($0.01) ($0.01)
GoviEx Uranium (GXU-V) $0.14 423 $57.1 $55.0
Global Atomic (GLO-T) $0.48 145 $69.1 $48.6 113.2 $0.43
Boss Resources (BOE-AU) $0.05 1,587 $72.8 $50.9 ($0.00) ($0.00)
UEX Corporation (UEX-T) $0.11 $0.45 309% 394 $43.4 $30.1 ($0.02) ($0.02)
Deep Yellow (DYL-AU) $0.24 $0.36 51% 247 $58.7 $34.4
Azarga Uranium (AZZ-T) $0.20 $0.47 136% 186 $37.1 $27.5 $0.50 0.40x ($0.04) ($0.03) ($0.03) ($0.03)
Laramide Resources (LAM-T) $0.20 165 $32.3 $31.6
Bannerman Resources (BMN-AU) $0.03 1,059 $34.3 $21.5
Toro Energy (TOE-AU) $0.01 2,490 $17.9 $21.0
Western Uranium (WUC-L) $0.91 30 $27.4 $18.4
Vimy Resources (VMY-AU) $0.04 $0.31 655% 619 $25.0 $18.4 $0.32 0.13x ($0.02) ($0.01) ($0.01) ($0.02) ($0.01) ($0.01)
Forsys Metals (FSY-T) $0.12 157 $18.8 $13.6
Plateau Energy (PLU-V) $0.26 86 $22.2 $16.2 ($0.06) ($0.02)
A-Cap Energy (ACB-AU) $0.01 872 $7.1 $9.2
U3O8 Corp. (UWE-T) $0.10 23 $2.3 $2.2
Energy Metals (EME-AU) $0.10 210 $20.7 $3.9
Berkeley Energia (BKY-AU) $0.18 $0.98 447% 259 $46.5 ($6.1) ($0.09) ($0.04) ($0.04) ($0.09) ($0.04) ($0.04)
Group Average - Developers $0.43 0.28x
Aurania Resources (ARU-V) $3.51 $4.50 28% 38 $134.7 $103.4
IsoEnergy Ltd. (ISO-V) $0.39 91 $35.4 $26.4
Azimut Exploration (AZM-V) $1.44 59 $84.5 $62.0
ValOre Metals (VO-V) $0.39 85 $33.2 $24.6
Mega Uranium (MGA-T) $0.09 326 $27.7 $16.9
enCore Energy (:EU-V) $0.15 145 $21.7 $14.3
Globex Mining (GMX-T) $0.39 54 $20.9 $13.7
Purepoint Uranium (PTU-V) $0.06 223 $12.3 $9.0
Skyharbour Resources (SYH-V) $0.17 $1.01 512% 75 $12.4 $9.1
Blue Sky (BSK-V) $0.12 120 $14.4 $11.0
CanAlaska Uranium (CVV-V) $0.21 58 $12.1 $7.9
Anfield Energy (AEC-V) $0.10 $0.30 200% 75 $7.5 $5.4 $0.40 0.25x
Forum Energy (FMC-V) $0.11 109 $11.4 $8.6
Marenica Energy (MEY-AU) $0.07 117 $7.9 $5.7
X-Terra Resources (XTT-V) $0.12 59 $7.1 $4.7
Fission 3.0 (FUU-V) $0.06 142 $7.8 $4.4
Avrupa Minerals (AVU-V) $0.03 114 $3.4 $2.6
Cauldron Energy (CXU-AU) $0.02 343 $6.2 $3.5
Eros Resources (ERC-V) $0.10 48 $4.6 $3.2
Zadar Ventures (ZAD-V) $0.15 20 $3.0 $2.1
Uravan Minerals (UVN-V) $0.04 42 $1.5 $1.1
Tarku Resources (TKU-V) $0.01 76 $0.8 $0.8
Vanadian Energy (VEC-V) $0.03 42 $1.1 $0.8
Roughrider Exploration (REL-V) $0.06 14 $0.8 $0.5
Group Average - Explorers
INVENTORY FUNDS
Uranium Participation (U-T) $4.02 $5.49 37% 138 $555.0 $418.4 17.8 $23.48 $5.18 0.78x
Yellow Cake (YCA-LN) £3.36 £4.66 38% 88 £296.6 $216.1 9.6 $22.47
All data sourced from S&P Capital IQ, SNL Financial, Bloomberg, Haywood Securities, Company Reports
Earnings CompsConsensus Targets In-Situ Comps - EV/lb U3O8 NAV Comps Cash Flow Comps
EPS (LoC) P/EPS
DE
VE
LO
PE
RS
EX
PL
OR
ER
S
CFPS (LoC) P/CFPS
PR
OD
UC
ER
S
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
36 January 24, 2020
Diamond Sensitivity
Uranium Sensitivity
-30% -20% -10% -5% 0% 5% 10% 20% 30%
DEVELOPER / PRODUCER
Mountain Province Diamonds Inc. $3.50 NAVPS Diamonds $4.28 $2.29 $2.93 $3.59 $3.94 $4.28 $4.64 $4.99 $5.74 $6.51
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%
DEVELOPER / PRODUCER
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%
DEVELOPER / PRODUCER
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 $0.20
Note: Diamond sensitivities reflect changes in USD/CAD exchange rate
Note: For price forecast estimates, please refer to the "Haywood Metals and Currencies Forecast" Table later in this report
Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric
Primary
Commodity
Base
Case
Company Target MetricPrimary
Commodity
Base
Case
Percentage Change Relative to Haywood Forecasted Exchange Rate
Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric
Primary
Commodity
Base
Case
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
37
January 24, 2020
Performance of Companies from the last Junior Exploration Report
Source: Haywood Securities
(C$) (C$M) (C$M)
BeMetals Corp. TSXV:BMET 0.24 25.18 3.79 9.1% 6.7% 5.3%
Generation Mining Limited CNSX:GENM 0.71 64.97 2.00 24.6% 153.6% 152.2%
GT Gold Corp. TSXV:GTT 1.37 168.88 17.83 16.1% 29.2% 27.9%IsoEnergy Ltd. TSXV:ISO 0.39 35.45 2.00 (4.9)% (2.5)% (3.9)%
Japan Gold Corp. TSXV:JG 0.24 33.62 8.89 (4.0)% (12.7)% (14.1)%
Luminex Resources Corp. TSXV:LR 0.74 53.44 7.93 1.4% (7.5)% (8.9)%
Oroco Resource Corp. TSXV:OCO 0.50 52.31 1.30 1.0% 11.1% 9.8%
Osino Resources Corp. TSXV:OSI 0.85 54.36 3.50 (1.2)% 30.8% 29.4%
Red Pine Exploration Inc. TSXV:RPX 0.04 16.70 1.80 (12.5)% (30.0)% (31.4)%
Reunion Gold Corporation TSXV:RGD 0.13 52.33 9.00 (7.4)% (10.7)% (12.1)%
Rupert Resources Ltd. TSXV:RUP 0.79 110.54 8.30 16.2% 16.2% 14.8%
Sun Metals Corp. TSXV:SUNM 0.12 17.02 7.00 (41.0)% (48.9)% (50.2)%
Velocity M inerals Ltd. TSXV:VLC 0.44 43.03 7.10 (4.3)% (3.3)% (4.7)%
TickerJunior Exploration Names QTD
Performance
Weekly
Performance
Cash as of October
Junior X Report
Market
Capitalization
Close
Price QTD Performance
vs. TSXV Index
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
38
January 24, 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 $1,391 $1,483 $1,425 $1,550 $1,425 $1,500 $1,425 $1,475 $1,425 $1,475
Silver, US$/oz $16.12 $17.33 $17.00 $19.00 $17.00 $18.50 $17.00 $18.00 $17.00 $18.00
OLD NEW OLD NEW OLD NEW OLD NEW OLD NEW
Copper, US$/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 1.33 1.32 1.29 1.30 1.28 1.28 1.27 1.28 1.27 1.27
AUS$/US$ FX Rate 1.45 1.46 1.41 1.43 1.35 1.39 1.37 1.37 1.37 1.37
Euro/US$ FX Rate 0.90 0.90 0.86 0.87 0.85 0.85 0.84 0.83 0.84 0.83
2019E 2020E 2021E
Commodities
Currencies
Commodities
Q4/19A 2020E 2021E 2022E
Q4/19A 2020E 2021E 2022E+
2023E+
2023E+
2022E 2023E+
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
39
January 24, 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
TSXV:AU Aurion Resources Ltd. X X X 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
TSXV:GTT GT Gold Corp. X X
TSX:HRT Harte Gold Corp. X X
TSX:HBM Hudbay Minerals, Inc. X
TSXV:ISO IsoEnergy ltd. 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 X
TSXV:LR Luminex Resources 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
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
40
January 24, 2020
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
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: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
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
8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months
Distribution of Ratings (as of January 24, 2020)
IB Clients
% # (TTM)
Buy 75.5% 80 96.7%
Hold 13.2% 14 0.0%
Sell 0.9% 1 0.0%
Tender 1.9% 2 0.0%
UR (Buy) 0.9% 1 0.0%
UR (Hold) 0.0% 0 0.0%
UR (Sell) 0.0% 0 0.0%
Dropped (TTM) 7.5% 8 3.3%
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
41
January 24, 2020
Price Chart, Rating and Target Price History (as of January 24, 2020)
Adventus Mining Corporation (ADZN-V) Date Target(C$) Rating5/3/19 $1.90 Buy2/7/19 $1.80 Buy
Initiated Coverage: 2/7/2019
0
0.5
1
1.5
2
2.5
Feb17
May17
Aug17
Nov17
Feb18
May18
Aug18
Nov18
Feb19
May19
Aug19
Nov19
Price History (C$) 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 $11.50 Buy
Initiated Coverage 10/03/03
0
2
4
6
8
10
12
14
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $5.50 Hold
Initiated Coverage 12/11/13
0
1
2
3
4
5
6
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Aurion Resources Ltd. (AU-V) Date Target(C$) Rating1/23/20 $3.50 Buy
Initiated Coverage: 1/23/2020
0
0.5
1
1.5
2
2.5
3
3.5
4
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Azarga Uranium Corp. (AZZ-T) Date Target(C$) Rating6/24/19 $0.50 Buy
Initiated Coverage: 6/24/2019
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
B2Gold Corp. (BTO-T) Date Target(C$) Rating1/22/20 $7.50 Buy7/25/19 $6.50 Buy7/20/17 $5.00 Buy1/25/17 $5.50 Buy
Transferred Coverage 09/12/12; Re-Initiated Coverage 02/05/14
0
1
2
3
4
5
6
7
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $33.00 Buy
0
5
10
15
20
25
30
35
40
45
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Bluestone Resources Inc. (BSR-V) Date Target(C$) Rating1/22/20 $3.00 Buy6/26/18 $2.75 Buy
Initiated Coverage: 6/26/2018
0
0.5
1
1.5
2
2.5
3
Jun17
Sep17
Dec17
Mar18
Jun18
Sep18
Dec18
Mar19
Jun19
Sep19
Dec19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
42
January 24, 2020
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 $1.20 Buy
Initiated Coverage 07/10/07; Name change Capstone Mining
Corp. 11/25/08; Transferred Coverage 6/20/2017
0
0.5
1
1.5
2
2.5
3
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating1-14-20 $1.40 Buy7-23-19 $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 $0.90 Hold
Initiated Coverage: 8/26/10; Transferred Coverage 6/20/2017
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Denison Mines Corp. (DML-T) Date Target(C$) Rating10/30/18 $2.10 Buy9/26/18 $2.00 Buy
Transferred & Re-initiated Coverage 08/20/12
0
0.5
1
1.5
2
2.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $32.00 Buy
Initiated Coverage 9/24/09
0
5
10
15
20
25
30
35
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (US$) Target/Rating/Coverage Change
Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating1/22/20 $18.00 Buy7/25/19 $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 $8.25 Buy
December 31, 2018: 5:1 Share Consolidation
0
5
10
15
20
25
30
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Endeavour Mining Corporation (EDV-T) Date Target(C$) Rating10/17/17 $32.00 Buy7/20/17 $35.00 Buy1/25/17 $31.00 Buy
Initiated Coverage 08/21/14; 10:1 Prices/Targets adjusted to reflect
Stock Consolidation 12/02/15; Transfer of Coverage 10/20/16
0
5
10
15
20
25
30
35
40
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Equinox Gold Corp. (EQX-T) Date Target(C$) Rating1/22/20 $14.50 Buy8/20/19 $13.75 Buy7/25/19 $2.75 Buy
10/19/18 $3.00 Buy10/17/17 $2.80 Buy
4/4/17 $3.00 Buy
Initiated Coverage: 4/4/2017; August 2019 - 5:1 Share
Consolidation
0
2
4
6
8
10
12
14
16
Aug18
Nov18
Feb19
May19
Aug19
Nov19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
43
January 24, 2020
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 $2.00 Buy
Initiated Coverage: 5/11/2017
0
0.5
1
1.5
2
2.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Filo Mining Corp. (FIL-V) Date Target(C$) Rating4/18/18 $4.60 Buy
Initiated Coverage: 4/18/2018
0
1
2
3
4
5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Fireweed Zinc Ltd. (FWZ-V) Date Target(C$) Rating7/15/19 $1.00 Buy
Initiated Coverage: 7/15/2019
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Jun17
Sep17
Dec17
Mar18
Jun18
Sep18
Dec18
Mar19
Jun19
Sep19
Dec19
Price History (C$) Target/Rating/Coverage Change
Gold Road Resources Limited (GOR-A) Date Target(C$) Rating1/22/20 $0.85 Hold7/25/19 $0.85 Sell6/21/19 $0.75 Sell8/7/18 $0.75 Hold
10/17/17 $0.90 Buy
Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16
0
0.5
1
1.5
2
2.5
3
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating1/25/19 $0.08 Sell3/29/18 $0.20 Hold
10/11/17 $0.60 Buy
Initiated Coverage: 10/11/2017
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $1.00 Buy
Initiated Coverage: 4/12/2017
0
0.2
0.4
0.6
0.8
1
1.2
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $9.00 Buy
Initiated Coverage: 12/19/13; Transferred Coverage 6/20/2017
0
2
4
6
8
10
12
14
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
K92 Mining Inc. (KNT-V) Date Target(C$) Rating11/28/19 $4.75 Buy
Initiated Coverage: 11/28/2019
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
44
January 24, 2020
Liberty Gold Corp. (LGD-T) Date Target(C$) Rating10/17/19 $1.60 Buy
Initiated Coverage 10/09/12; Transfer of Coverage 10/20/2016
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $3.50 Buy
Initiated Coverage 04/28/15
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7/3/18 $1.50 Buy
3/15/18 $1.20 Buy
Initiated Coverage: 03/15/2018
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Lundin Gold Inc. (LUG-T) Date Target(C$) Rating1/22/20 $10.00 Buy7/25/19 $9.25 Buy3/4/19 $7.50 Buy
10/17/17 $7.75 Buy1/25/17 $8.25 Buy
Initiated Coverage: 12/08/15
0
2
4
6
8
10
12
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1/21/20 $2.50 Buy5/15/19 $2.00 Buy2/22/19 $1.90 Buy1/11/18 $1.80 Buy2/27/17 $1.50 Buy
Initiated Coverage: 1/17/2017
0
0.5
1
1.5
2
2.5
3
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Minera Alamos Inc. (MAI-V) Date Target(C$) Rating7/25/19 $0.50 Buy4/30/19 $0.40 Buy
Initiated Coverage: 4/30/2019
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Metalla Royalty & Streaming Ltd. (MTA-V) Date Target(C$) Rating1/22/20 $8.50 Hold
12/17/19 $8.00 Buy11/27/19 $2.00 Buy
Initiated Coverage: 11/27/2019; 1:4 Consolidation - Dec 17, 2019
0
1
2
3
4
5
6
7
8
9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $1.75 Buy
Transferred and Re-initiated Coverage 11/05/13
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
45
January 24, 2020
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 $7.00 Buy
Initiated Coverage 02/05/15
0
1
2
3
4
5
6
7
8
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2/27/17 $6.00 Buy1/25/17 $4.50 Buy
Initiated Coverage 11/05/15
0
1
2
3
4
5
6
7
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Nevada Copper Corp. (NCU-T) Date Target(C$) Rating12/17/19 $0.60 Buy10/10/19 $0.50 Buy8/29/18 $0.90 Buy6/19/18 $1.00 Buy
Initiated Coverage: 6/19/2018
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating1/21/20 $4.50 Buy9/10/18 $0.90 Buy
10/20/17 $1.30 Buy
Initiated Coverage: 10/20/2017; January 2020 - 1:5 Share
Consolidation
0
1
2
3
4
5
6
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Osisko Metals Incorporated (OM-V) Date Target(C$) Rating4/25/19 $0.90 Buy
Initiated Coverage: 4/25/2019
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $5.00 Buy
Initiated Coverage 12/10/2016; Transfer of Coverage
10/20/2016
0
1
2
3
4
5
6
7
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $18.25 Buy
Initiated Coverage 12/16/2015; Transfer of Coverage
10/20/2016
0
5
10
15
20
25
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
OceanaGold Corporation (OGC-T) Date Target(C$) Rating1/22/20 $3.00 Hold
10/16/19 $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 $5.75 Buy
Initiated Coverage 09/22/14
0
1
2
3
4
5
6
7
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
46
January 24, 2020
Plateau Energy Metals Inc. (PLU-V) Date Target(C$) Rating8/1/19 UR UR9/4/18 $3.00 Buy
Initiated Coverage: 9/4/2018
0
0.5
1
1.5
2
2.5
3
3.5
4
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating2/6/19 $1.30 Buy
6/28/17 $1.00 Buy
Initiated Coverage: 6/28/2017
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Roxgold Inc. (ROXG-T) Date Target(C$) Rating1/14/20 $1.70 Buy1/3/18 $1.90 Buy
11/1/17 $1.70 Buy7/20/17 $1.80 Buy1/25/17 $2.00 Buy
Initiated Coverage
0
0.5
1
1.5
2
2.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
0
0.5
1
1.5
2
2.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
RNC Minerals (RNX-T) Date Target(C$) Rating12/20/19 $0.70 Buy10/16/19 $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 $0.25 Hold
Initiated Coverage: 07/05/11; Name Change to RNC Minerals
9/13/2016; Transferred Coverage 9/26/2017
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $1.70 Buy
Initiated Coverage 12-15-15
0
0.5
1
1.5
2
2.5
3
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
SEMAFO Inc. (SMF-T) Date Target(C$) Rating1/22/20 $2.75 Hold
11/13/19 $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 $7.00 Buy
Initiated Coverage 11/20/09
0
1
2
3
4
5
6
7
8
9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
0
1
2
3
4
5
6
7
8
9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Steppe Gold Ltd. (STGO-T) Date Target(C$) Rating9/5/18 $1.75 Buy
Initiated Coverage: 9/5/2018
0
0.5
1
1.5
2
2.5
3
May18
Jul18
Sep18
Nov18
Jan19
Mar19
May19
Jul19
Sep19
Nov19
Price History (C$) Target/Rating/Coverage Change
Superior Gold Inc. (SGI-V) Date Target(C$) Rating1/16/20 $1.15 Buy
11/20/19 $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 $1.50 Buy
Initiated Coverage: 12/12/2017
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
Feb17
May17
Aug17
Nov17
Feb18
May18
Aug18
Nov18
Feb19
May19
Aug19
Nov19
Price History (C$) Target/Rating/Coverage Change
Mick Carew, PhD, 604-697-6006, [email protected]
Emma Boggio, MSA, CPA, CA, 604-697-6166, [email protected]
The Weekly Dig
47
January 24, 2020
B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review
Source: Capital IQ and Haywood Securities
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 $1.10 Buy
Initiated Coverage: 6/23/2017
0
0.2
0.4
0.6
0.8
1
1.2
1.4
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
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 $1.75 Buy
Initiated Coverage: 02/11/13; Transferred Coverage 6/20/2017
0
0.5
1
1.5
2
2.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Troilus Gold Corp. (TLG-T) Date Target(C$) Rating11/1/18 $2.00 Buy9/13/18 $2.50 Buy2/20/18 $3.25 Buy
Initiated Coverage: 2/20/2018
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
Jan18
Mar18
May18
Jul18
Sep18
Nov18
Jan19
Mar19
May19
Jul19
Sep19
Nov19
Jan20
Price History (C$) Target/Rating/Coverage Change
Uranium Participation Corporation (U-T) Date Target(C$) Rating10/12/18 $5.90 Buy1/25/17 $5.10 Buy
Transferred & Re-initiated Coverage 08/20/12
0
1
2
3
4
5
6
7
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (C$) Target/Rating/Coverage Change
Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5/11/17 $2.90 Buy2/3/17 $2.40 Buy
1/25/17 $2.00 Buy
Transferred & Re-initiated Coverage 08/20/12
0
0.5
1
1.5
2
2.5
3
3.5
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Price History (US$) Target/Rating/Coverage Change
Xanadu Mines Limited (XAM-V) Date Target(C$) Rating7/5/19 $0.10 Buy
2/13/19 $0.30 Buy
Initiated Coverage: 2/13/2019
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Jan17
Apr17
Jul17
Oct17
Jan18
Apr18
Jul18
Oct18
Jan19
Apr19
Jul19
Oct19
Jan20
Price History (C$) Target/Rating/Coverage Change