the weekly digcdn.ceo.ca.s3-us-west-2.amazonaws.com/1e3hakr-mmjan... · 2019. 1. 11. · mick...

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

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

For Important Disclosures and Analyst Certification See Pages 38-46

1

The Weekly Dig

25%

20%

19%

17%

17%

15%

14%

14%

13%

13%

13%

Katanga Mining Limited

Ascendant Resources Inc.

Copper Mountain Mining…

Taseko Mines Limited

Noront Resources Ltd.

Nevada Copper Corp.

First Quantum Minerals Ltd.

Cobalt 27 Capital Corp.

Hudbay Minerals Inc.

Trevali Mining Corporation

Teck Resources Limited

Weekly Performance - Base Metals Producers & Developers

23%

1%

1%

0%

(0)%

(1)%

(2)%

(2)%

(2)%

(2)%

New G old Inc.

Newmont Mining Corporation

Torex Gold Resources Inc

Tahoe Resources Inc.

Centamin plc

Premier Gold Mines Limited

Royal Gold, Inc.

Kirkland Lake Gold Ltd.

Detour Gold Corporation

OceanaGold Corporation

Weekly Performance - Senior and Intermediate Gold Producers

70%

25%

23%

23%

20%

20%

18%

17%

17%

14%

Calibre Mining Corp.

African Gold Group,…

Spanish Mountain…

Almaden Minerals Ltd.

Osprey Gold…

Jaxon Mining Inc.

IDM Mining Ltd.

K92 Mining Inc.

Terraco Gold Corp.

Avesoro Resources Inc.

Weekly Performance - Junior, Developer, and Exploration Gold

1

Source: Bloomberg and Haywood Securities

$1,050

$1,100

$1,150

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$-

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

$18.00

$20.00

10-Jan-18 10-Jun-18 10-Nov-18

Go

ld U

S$/o

z

Silv

er U

S$/o

z

Silver -1.2% WoW $15.60/oz Gold -0.6% WoW $1,287/oz

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

10-Jan-18 10-May-18 10-Sep-18 10-Jan-19

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

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S$/l

b

Zinc 0.9% WoW $1.12/lb Copper 3.4% WoW $2.68/lb

Nickel 3.7% WoW $5.08/lb

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

10-Jan-18 10-May-18 10-Sep-18 10-Jan-19

0

50

100

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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 -4.4% WoW

S&P/TSX Diversified Metals & Mining Index 10.7% WoW

Gold Price Steady After Xmas Period Boost

Precious Metals Since our last published report before Christmas, the price of gold has surged over 2% but remained steady this week to finish at US$1,286 per ounce as of Thursday’s close. The yellow metal pierced the $1,290 per ounce level twice over the past seven days amid investor concerns over the U.S. government shutdown, the continued trade dispute between the U.S. and China, and growing expectations that the Federal Reserve will pause its rate tightening program in 2019. However, investor doubts on the longer-term sustainability of this rise may explain the mixed performance in gold equities over the period. While the Van Eck Vectors Junior mining Index ETF enjoyed a 3 point (10%) gain over the same period, the S&P/TSX Global Gold Index failed to follow suit, falling to 178 after reaching a high of 187 on January 3rd. In a change of fortunes for junior explorers, the S&P/TSX Venture Composite Index made a welcome return to the list of positive performers after a disastrous year that saw the index fall almost 40% since the beginning of 2018. The junior exploration sector endured a tough 2018, particularly those requiring additional funds at depressed share prices. The Venture index has gained 10% since December 20th. There were a number of junior explorers that performed well over the past week; Falco Resources (FPC-V, BUY Rating, $0.75 Target) finished 11.6% higher, while Marathon Gold (MOZ-T, BUY Rating, $1.80 Target) gained 2.5%. Finally, while gold and silver were both down slightly since last Thursday, palladium (up 4.3%) and platinum (up 2.8%) both gained ground, finishing at US$1,326 and US$820 per ounce respectively

Base Metals

The base metals were all up week over week (WoW) as of Thursday’s close. LME nickel was the most positively impacted metal, up +3.7% to $5.08/lb followed by copper, which was up 3.4% WoW at $2.68/lb. LME zinc was up +0.9% to $1.12/lb WoW. The LMEX Index was up 2.9% WoW at 2,810.1 at Thursdays close. The S&P Composite Diversified Metals & Mining Industry Index closed Thursday at 5,227.9, which was up 10.74% WoW. Metals are all down YoY with copper, zinc and nickel down -16.9%, -26.3% and -13.1% respectively. LME inventories were mostly down WoW with zinc and nickel inventories down -1.5% and -1.4% WoW respectively. Copper was up 90bps. Excluding bonded warehouse inventories, we calculate the current days of consumption at 5.2 for copper and 4.3 for zinc. The U.S. Dollar Index was down 80bps this week, closing on Thursday at 95.539 and having little impact on base metals prices. The base metals equities in our coverage were mostly up WoW. The most positively impacted weekly performer in our coverage universe was Copper Mountain Mining Corp (CMMC-T, BUY Rating, $1.75 Target), up 17.3% WoW. The most negatively impacted weekly performer in our coverage universe was Capstone Mining (CS-T, BUY Rating, $0.85 Target), which was down -3.1% WoW on Thursday.

.

.

Weekly Performance

January 11, 2019

THE WEEKLY DIG



The Weekly Dig

2

Contents

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

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

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

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

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

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

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

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

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

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

Tables

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

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

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

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

Other Companies (Uranium, Diamond, Cobalt, Coal, Iron) ................................................................................... 32

Junior Exploration Companies Review: Performance of Companies Included in Junior X and Upcoming Catalysts

................................................................................................................................................................................. 35

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



The Weekly Dig

3

Haywood Research: The Week in Review – Covered Companies

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

Base Metals Industry Report: Base Metals Review & 2019 Outlook

Cobalt 27 Capital Corp. (KBLT-V, $4.34): Acquires royalty on mount marion lithium mine

Lucara Diamond Corp. (LUC-T, $1.46): 2019 operations guidance

Eldorado Gold Corp. (ELD-T, $4.38): Closes 5:1 share consolidation

Harte Gold Corp. (HRT-T, $0.41): Operations update

Nevsun Resources Ltd. (NSU-T, $5.99): Discontinuing coverage

Equinox Gold Corp. (EQX-V, $1.07): Q4/18 production results and 2019 guidance

Alamos Gold Inc. (AGI-T, $5.14) - Island Gold Mine Drill Results

Copper Mountain Mining Corp. (CMMC-T, $0.91): Q4/18 production results

SEMAFO Inc. (SMF-T, $2.91): Q4/18 production results

Nighthawk Gold Corp. (NHK-T, $0.45): Drilling results from Damoti

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

Juggernaut Exploration Ltd. (JUGR-V, $0.14): Drilling results from Midas property

Ascot Resources Ltd. (AOT-V, $1.25): Proposed Acquisition Announcement of IDM Mining

GT Gold Corp. (GTT-V, $0.841): Final Drill Hole From 2018 Program at Saddle North

INDUSTRY REPORTS Base Metals Review & 2019 Outlook

Canadian base metals producers underperformed in 2018; companies that we track were down by 28% last year, following two years of strong outperformance. Within the S&P/TSX composite index, the diversified metals sub-index was among the worst performing sectors. Overall, since 2011, Canadian base metals producers have had an absolute negative return of -51%, in line with the S&P/TSX diversified mining and metals index of -60%, in contrast with the S&P/TSX composite performance of +7.3%.

Looking to Bounce Back After a Tough Year

COVERED NAMES Cobalt 27 Capital Corp. (KBLT-V, $4.34 [Buy Rating, $10.20 Target Price])

KBLT is acquiring a 1.5% gross revenue and A$2/t of ore mined royalty under a sublease agreement held by Westgold Resources (WGX-AU, Not Rated) at the producing Mount Marion lithium mine for consideration of $240,400 and 200 metric tonnes of physical cobalt from its inventory (7% of its holdings). Our preliminary calculations suggest potential annual royalty revenue of between US$1.8M and US$4.5M once mining commences on the area of the sub-lease using published Q4/18 spodumene concentrate (6% Li2O) prices published for Mount Marion.

Evolving into a Diversified Battery Metals Vehicle with Lithium Royalty

Lucara Diamond Corp. (LUC-T, $1.46, [Buy Rating, $2.60 Target Price])

2019 production outlook indicates tempered top-line revenue resulting from softer than anticipated production on lower grades combined with softer than expected diamond pricing. Outline ore processing of 2.5-2.8 Mt, recovery of 300-330 kct (sales of 300-320 kct), and total operating cash costs of US$32-$37 per tonne processed (lower than 2018 budget). Operations are expected to benefit from less intensive waste mining activities (6.0-9.0 Mt) associated with the South Lobe pushback, as this work was predominantly undertaken in 2018, aiding in a projected reduction in the average stripping ratio of 2.84 w:o (Hay. Est.: 2.89 w:o). The Company has outlined that it expects full-year diamond sales of 300-320 kct to generate revenues of US$170-$200 million, which was weaker than we had anticipated, primarily on lower diamond recoveries likely stemming from a combination of lower grades, and overall lower attributable carat pricing.

Outlook Points to Lower Production and Softer Carat Pricing

https://clients.haywood.com/uploadfiles/secured_reports/BMJan72019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/KBLTJan72019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/LUCJan82019.pdf



The Weekly Dig

4

Eldorado Gold Corp. (ELD-T, $4.38, [Buy Rating, $6.50 Target Price])

With few exceptions share consolidations have generally had a negative impact on share price performance. However, the more important near-term task remains the Company’s ability to refinance its US$600 million of debt outstanding which is due in December 2020. We have taken this opportunity to revisit our assumptions for ELD’s development stage projects and revise our metrics used to derive our target price for ELD.

Share Consolidation Completed

Harte Gold Corp. (HRT-T, $0.41, [Buy Rating, $0.80 Target Price])

Harte Gold has declared commercial production at the Sugar Zone mine, defined by achieving 60% of 575tpd mill capacity for two months. For the startup period, the average grade was 5g/t Au, reflecting the stockpile grade. Recoveries averaged 90.8% for December and are expected to improve to 93-95% for the transition to commercial operation. With the declaration of commercial production, Harte Gold is in position to deliver a full year of gold production from the Sugar Zone mine. We look for upcoming production, development, drilling and permitting milestones to drive stock performance.

Sugar Zone in Commercial Production

Nevsun Resources Ltd. (NSU-T, $5.99, [Discontinuing Coverage])

Following the acquisition of Nevsun Resources by Zijin Mining, we are dropping coverage of Nevsun Resources. Zijin Mining is in the process of completing the compulsory acquisition of Nevsun Resources, as part of its cash offer to Nevsun shareholders of C$6.00 per share. Zijin has received required regulatory approval from PRC’s National Development and Reform Commission and has also received Canadian Competition Act clearance.

Discontinuing Coverage

Equinox Gold Corp. (EQX-V, $1.07, [Buy Rating, $3.00 Target Price])

Equinox released Q4/18 production results from its recently acquired Mesquite Mine and provided 2019 guidance. For the last two months of 2018, the Mesquite Mine produced 26,000 ounces of gold which is in-line with the mine’s run rate prior to the acquisition (2018 guidance under New Gold’s [NGT-T, Not Rated] ownership was between 140,000 to 150,000 ounces with final 2018 production of ~140,000 ounces). For 2019 Equinox expects to produce between 230,000 and 265,000 ounces at an AISC of between US$900 and US$950/oz from the Mesquite and Aurizona mines, with Aurizona expected to declare commercial production around the end of Q1/19. 2019 guidance is modestly better than we had expected on both production and costs.

Guidance Slightly Ahead of Our Expectations

Alamos Gold Inc. (AGI-T, $5.14, [Buy Rating, $10.00 Target Price])

Drill results continue to highlight the upside potential for reserve/resource expansion at the Island Gold Mine and we continue to believe that the reserve potential at Island is at least three million ounces, versus the current reserve of 959,000 ounces grading 10.69 g/t plus an additional resource (all categories) of 1.4 million ounces. Grades and widths continue to improve with depth as well. A new reserve and resource update for Island will be released with Q4 financials in March.

Island Gold Mine Drill Results

Copper Mountain Mining Corp. (CMMC-T, $0.91, [Buy Rating, $1.75 Target Price])

Copper Mountain announced year-end production results from its Copper Mountain mine. Copper production for 4Q18 was slightly ahead of previous quarters, and strong gold production was driven by better recoveries as a result of the installation of a new flash flotation circuit. Production in 4Q18 was 20.6Mlbs of copper, 8.12koz of gold and 62.7koz of silver for a total of 24.5Mlbs of copper equivalent.

Copper Mountain Mine Meets Guidance for 2018; Reducing Target Price

SEMAFO Inc. (SMF-T, $2.91, [Buy Rating, $6.00 Target Price])

While Q4/18 was slightly below our expectations, SEMAFO hit its 2018 guidance range, and Boungou is ramping-up well and should deliver a strong 2019. SEMAFO continues to be one of our Top Picks for 2019 with production increasing, costs decreasing, and CFPS increasing by ~ 75% in 2019.

2018 Production In-Line with Guidance

Nighthawk Gold Corp. (NHK-T, $0.45, [Buy Rating, $0.90 Target Price])

The recent results suggest high-grade gold mineralization at Damoti could be expanded beyond the historic underground workings and 44,000 ounce historic resource. Damoti is considered an important strategic target as it has the potential to complement the lower-grade resource at the Colomac deposit located 28 kilometers to the north. Nighthawk has not drilled the target since 2010.

Positive Drill Results Bode Well for Mineral Resource at Damoti

https://clients.haywood.com/uploadfiles/secured_reports/ELDJan92019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/HRTJan92019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/NSUJan92019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/EQXJan92019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AGIJan102019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/CMMCJan102019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/SMFJan102019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/NHKJan102019.pdf



The Weekly Dig

5

UNCOVERED NAMES Juggernaut Exploration Ltd. (JUGR-V, $0.14 [Not Rated])

Juggernaut’s 2018 drill program successfully identified gold-base metal mineralization below surface, setting the Company up for a more informed drilling program in 2019. Drilling in 2018 intersected zones between several elevated IP anomalies; we note that the data from the IP survey was not available until after the 2018 drill program at Midas was completed. Given this, we suspect that the moderate-grade gold mineralization intersected to-date represents the peripheries of a higher-grade system. This interpretation will be the focus for Juggernaut’s 2019 drill program.

Initial Results from Midas Bode Well for 2019

Ascot Resources Ltd. (AOT-V, $1.25 [Not Rated])

Earlier this week, Ascot announced that it has entered into a definitive arrangement to acquire all of the issued and outstanding common shares of IDM Mining Ltd. The proposed acquisition of IDM Mining by Ascot Resources would create a prominent BC gold exploration/development company. The pro forma company would own two advance-stage high-grade gold projects in the Gold Triangle in British Columbia, a district which has garnered significant attention due to the commencement of production at Pretium’s Brucejack deposit and the discovery of high-grade porphyry-style copper-gold mineralization at GT Gold’s Saddle North project last year.

Combination Would Form Prominent BC Explorer

GT Gold Corp. (GTT-V, $0.841 [Not Rated])

Hole TTD109 represents the deepest hole drilled to date at Saddle North, extending the depth extent of porphyry-style copper-gold mineralization to over 1,000 metres (from surface). Furthermore, the hole provides further clarity on both the overall geometry and grade distribution of the Saddle North porphyry system. Higher-grade copper-gold mineralization abuts a steeply plunging fault to the east. Moving west away from the footwall fault, grade becomes progressively lower.

Extended Beyond 1,000 Metres at Depth

https://clients.haywood.com/uploadfiles/secured_reports/JUGRJan82019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AOTJan92019.pdf

https://clients.haywood.com/uploadfiles/secured_reports/GTTJan92019.pdf



The Weekly Dig

6

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 $ 1,286 $ (7.97) (0.6%) 3.4% 7.7% 2.5% (2.3)% $ 1,366 $ 1,294

US$/oz $ 1,160 $ 1,285

Silver Spot $ 15.57 $ (0.18) (1.1%) 7.1% 8.9% (3.1)% (8.3)% $ 17.70 $ 15.75

US$/oz $ 13.90 $ 15.57

Platinum Spot $ 820 $ 22.35 2.8% 4.5% (0.4)% (3.2)% (15.6)% $ 1,029 $ 826

US$/oz $ 756 $ 798

Palladium Spot $ 1,326 $ 55.16 4.3% 7.9% 24.1% 40.5% 22.0% $ 1,344 $ 1,329

US$/oz $ 834 $ 1,271


Copper Future $ 2.68 $ 0.09 3.4% (3.0)% (5.5)% (6.5)% (16.9)% $ 3.32 $ 2.69

US$/lb $ 2.64 $ 2.59

Nickel Spot $ 5.08 $ 0.18 3.7% 4.3% (11.2)% (20.4)% (13.1)% $ 7.14 $ 5.08

US$/lb $ 4.73 $ 4.90

Zinc Spot $ 1.12 $ 0.01 0.9% (6.4)% (6.1)% (6.8)% (26.3)% $ 1.64 $ 1.17

US$/lb $ 1.04 $ 1.11

Aluminum Spot $ 0.84 $ (0.00) (0.2%) (4.5)% (9.8)% (13.0)% (15.1)% $ 1.18 $ 0.85

US$/lb $ 0.83 $ 0.83

Iron Ore Spot $ 74.05 $ 1.78 2.5% 11.4% 4.9% 17.3% (4.6)% $ 140.00 $ 78.80

US$/t $ 77.70 $ 77.70


Newcastle Coal $ 97.20 $ (1.05) (1.1%) (4.7)% (10.7)% (13.4)% (5.4)% $ 115.30 $ 98.25

US$/t $ 89.50 $ 96.85

Uranium Spot $ 28.50 $ (0.35) (1.2%) (1.7)% 2.5% 20.8% 12.6% $ 30.40 $ 28.90

US$/lb $ 27.30 $ 28.50

WTI $ 52.49 $ 5.40 11.5% 2.5% (27.9)% (23.1)% (11.8)% $ 76.40 $ 52.49

US$/bbl $ 42.36 $ 47.09

Brent $ 61.47 $ 5.52 9.9% 2.3% (25.2)% (20.3)% (4.8)% $ 85.58 $ 61.47

US$/bbl $ 50.22 $ 55.95

Henry Hub $ 2.98 $ 0.04 1.3% (31.6)% (9.9)% (0.1)% (1.9)% $ 4.85 $ 3.04

US$/MMBtu $ 2.88 $ 2.94.

PRECIOUS METALS

BASE METALS

ENERGY



The Weekly Dig

7

Commodities Prices and Inventories

Precious Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Gold US$ 1,286 /oz -0.6% 3.4% 3.4%

Silver US$ 15.57 /oz -1.1% 0.5% -8.3%

Platinum US$ 820 /oz 2.8% 3.0% -15.6%

Spot Price

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Precious Metals Weekly Change (12 weeks)

Gold Spot Silver Spot Platinum Spot



The Weekly Dig

8

Base Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Copper US$ 2.68 /lb 3.4% -0.7% -16.9%

Zinc US$ 1.12 /lb 0.9% -1.7% -26.3%

Nickel US$ 5.08 /lb 3.7% 5.6% -13.1%

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

Consumption

Copper 133,600 0.9% 337,302 -4% -40% 5.2

Zinc 127,050 -1.5% 154,948 4% -40% 4.3

Nickel 203,274 -1.4% 218,155 -2% #VALUE! 36.3

LME Inventory Total Inventory Excluding Bonded Warehouse Inventory

Spot Price

(5.0%)

(4.0%)

(3.0%)

(2.0%)

(1.0%)

-

1.0%

2.0%

3.0%

4.0%

5.0%

Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot



The Weekly Dig

9


1

29-Jan-1629-Feb-1631-Mar-1630-Apr-1631-May-1630-Jun-1631-Jul-1631-Aug-1630-Sep-1631-Oct-1630-Nov-1631-Dec-1631-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-18

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Copper Price & Inventories

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


-

100,000

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$ 1.00

$ 1.20

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$ 1.80

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S $

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Zinc Price & Inventories

LME ZINC TOTAL SHFE Zinc Inventory Zi LME Zinc Price


-

100,000

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8

1-M

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$ 1.00

$ 2.00

$ 3.00

$ 4.00

$ 5.00

$ 6.00

$ 7.00

$ 8.00

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(US

$/l

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Nickel Price & Inventories

LME NICKEL TOTAL Del Stk Total LME Nickel Price


-

50,000

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7

1-Ju

l-1

7

1-Se

p-1

7

1-N

ov-

17

1-Ja

n-18

1-M

ar-1

8

1-M

ay-1

8

1-Ju

l-1

8

1-Se

p-1

8

1-N

ov-

18

1-Ja

n-19

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

Ton

nes

of I

nve

nto

ries

Lead

(U

S $

/lb

)

Lead Price & Inventories

LME LEAD TOTAL Lead Del Stocks/Total LME Lead Price



The Weekly Dig

10

Commodities and ETFs: A Week in Action

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

Spot: Loss (-0.6%) for the week

ETF Holdings: 71,787,502 ounces, up 387,105 ounces for the week

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

Spot: Loss (-1.1%) for the week

ETF Holdings: 513,179,216 ounces, down 2,405,562 ounces for the week

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

Spot: Gain (+2.9%) for the week

ETF Holdings: 2,323,266 ounces, up 1,343 ounces for the week

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


ETF Holdings: 710,517 ounces, down 4,686 ounces for the week

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

Futures: Gain (+3.4%) for the week

LME Copper: 133,600 tonnes, up 1,200 tonnes for the week

$1,050

$1,150

$1,250

$1,350

$1,450

Jan-18 Jan-19Gold ($/oz)

Price

100D MA61

66

71

76

Dec-17 Dec-18Gold ETF Holdings (Moz)

$13.00

$16.00

$19.00

Dec-17 Dec-18Silver ($/oz)

Price

100D MA

500

520

540

560

Dec-17 Dec-18Silver ETF Holdings (Moz)

$750

$950

$1,150

Dec-17 Dec-18Platinum ($/oz)

Price

100D MA

2.2

2.4

2.6

2.8

Dec-17 Dec-18Platinum ETF Holdings (Moz)

$460

$960

$1,460

Dec-17 Dec-18Palladium ($/oz)

Price

100D MA

0.6

0.8

1.0

1.2

1.4

Dec-17 Dec-18Palladium ETF Holdings (Moz)

$2.00

$3.00

$4.00

Dec-17 Dec-18Copper ($/lb)

Price

100D MA

100,000

200,000

300,000

Dec-17 Dec-18LME Copper Inventories (t)



The Weekly Dig

11

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


LME Nickel: 203,274 tonnes, down 2,826 tonnes for the week

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


LME Lead: 106,600 tonnes, down 775 tonnes for the week

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


LME Zinc: 127,050 tonnes, down 1,950 tonnes for the week

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

Newcastle Thermal Futures: Loss (-1.8%) for the week

62% Fe Iron Ore: Gain (+2.5%) for the week

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

Uranium Long: Loss (-1.2%) for the week

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$5.70

$7.70

Dec-17 Dec-18Nickel ($/lb)

Price

100D MA

200,000225,000250,000275,000300,000325,000350,000375,000400,000

Dec-17 Dec-18LME Nickel Inventories (t)

$0.75

$0.95

$1.15

Dec-17 Dec-18Lead ($/lb)

Price

100D MA

100,000

120,000

140,000

160,000

180,000

200,000

Dec-17 Dec-18LME Lead Inventories (t)

$0.90

$1.40

Dec-17 Dec-18Zinc ($/lb)

Price

100D MA

90,000

190,000

290,000

390,000

Dec-17 Dec-18LME Zinc Inventories (t)

$50

$70

$90

Dec-17 Dec-1862% Iron Ore ($/t)

Price

100D MA

$70

$90

$110

$130

Dec-17 Dec-18Newcastle Therma Coal (USD/t)

Price

100D MA

$18

$23

$28

Dec-17 Uranium Spot ($/lb)

Price

100D MA

$20

$25

$30

Dec-17 Uranium Long-Term ($/lb)

Price

100D MA



The Weekly Dig

12

Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States01/11/2019 CPI MoM Dec -0.10% 0.00% 96

01/11/2019 CPI Ex Food and Energy MoM Dec 0.20% 0.20% 7701/11/2019 CPI YoY Dec 1.90% 2.20% 7001/14/2019 Wholesale Inventories MoM Nov P 0.50% 0.80% 8101/14/2019 New Home Sales Nov 566k 544k 9101/14/2019 Construction Spending MoM Nov 0.20% -0.10% 8001/14/2019 Factory Orders Nov 0.30% -2.10% 8601/14/2019 Durable Goods Orders Nov F -- 0.80% 9301/14/2019 Durables Ex Transportation Nov F -- -0.30% 7401/14/2019 Cap Goods Orders Nondef Ex Air Nov F -- -0.60% 6001/14/2019 Trade Balance Nov -$54.0b -$55.5b 8401/14/2019 Monthly Budget Statement Dec -$7.0b -$204.9b 7701/15/2019 Empire Manufacturing Jan 11.5 10.9 8301/15/2019 PPI Final Demand MoM Dec -0.10% 0.10% 8701/15/2019 PPI Ex Food and Energy MoM Dec 0.20% 0.30% 6701/15/2019 PPI Final Demand YoY Dec 2.50% 2.50% 6901/15/2019 PPI Ex Food and Energy YoY Dec 3.00% 2.70% 6601/15/2019 Wholesale Inventories MoM Nov F 0.50% -- 8101/16/2019 MBA Mortgage Applications 11-Jan -- 23.50% 9201/16/2019 Retail Sales Advance MoM Dec 0.30% 0.20% 9201/16/2019 Retail Sales Ex Auto MoM Dec 0.20% 0.20% 6501/16/2019 Retail Sales Ex Auto and Gas Dec 0.50% 0.50% 6201/16/2019 Import Price Index MoM Dec -1.30% -1.60% 7901/16/2019 Total Net TIC Flows Nov -- $42.0b 66

01/16/2019 Net Long-term TIC Flows Nov -- $31.3b 74

01/17/2019 Building Permits Dec 1280k 1328k 6301/17/2019 Housing Starts Dec 1253k 1256k 9001/17/2019 Philadelphia Fed Business Outlook Jan 10 9.4 8001/17/2019 Initial Jobless Claims 12-Jan -- 216k 9801/17/2019 Continuing Claims 05-Jan -- 1722k 68.906201/17/2019 Bloomberg Consumer Comfort 13-Jan -- 58.5 67.9688

Date Event Period Survey Prior Relevance

China01/09/2019 Money Supply M2 YoY Dec 8.10% 8.00% 85

01/09/2019 New Yuan Loans CNY Dec 850.0b 1250.0b 7001/13/2019 Trade Balance Dec $50.00b $44.74b 8001/13/2019 Exports YoY Dec 2.00% 5.40% 7501/13/2019 Imports YoY Dec 4.50% 3.00% 73



The Weekly Dig

13

Weekly Indices


.

.

174

175

176

177

178

179

180

181

182

183

184

14,100

14,200

14,300

14,400

14,500

14,600

14,700

14,800

14,900

15,000

Go

ld I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 4.9% WoW

S&P/TSX Global Gold Index -4.4% WoW

100

101

102

103

104

105

106

14,100

14,200

14,300

14,400

14,500

14,600

14,700

14,800

14,900

15,000

Ba

se M

eta

ls I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 4.9% WoW

S&P/TSX Global Base Metals Index 7.7% WoW

580

582

584

586

588

590

592

594

596

598

600

602

1,350

1,360

1,370

1,380

1,390

1,400

1,410

1,420

1,430

1,440

1,450

S&P

/TSX

Ven

ture

Co

mp

In

dex

Ru

ssel

l 20

00

Ind

ex

Russell 2000 Index 8.6% WoW

S&P/TSX Venture Comp Index 3.2% WoW

2,500

2,520

2,540

2,560

2,580

2,600

2,620S&

P 5

00

Ind

ex

S&P 500 Index 6.1% WoW

156

157

158

159

160

161

162

163

NYS

E A

RC

A E

xch

an

ge G

old

BU

GS

Ind

ex

NYSE ARCA Exchange Gold BUGS Index -2.4% WoW

570

575

580

585

590

595

600

NYS

E A

rca

Go

ld M

iner

s In

dex

NYSE Arca Gold Miners Index -1.1% WoW



The Weekly Dig

14

Weekly Equities

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

Source: Capital IQ and Haywood Securities

23%

12%

11%

7%

3%

2%

2%

1%

1%

1%

New Gold Inc.

Falco Resources Ltd.

Hecla Mining Company

Ivanhoe Mines Ltd.

MAG Silver Corp.

Coeur Mining, Inc.

Treasury Metals Inc.

Newmont Mining…

Marathon Gold Corporation

Harte Gold Corp.

Top Companies

-20%-14%

-14%

-13%

-12%

-11%

-10%

-9%

-8%

Pretium Resources Inc.

TMAC Resources Inc.

Eldorado Gold Corporation

SEMAFO Inc.

Continental Gold Inc.

Liberty Gold Corp.

Osisko Mining Inc.

RNC Minerals

Wesdome Gold Mines Ltd.

Bottom Companies

1Wk 52Wk 1Wk 52Wk

$∆ High $∆ High

TSX:AEM Agnico Eagle Mines Limited 52.51 (3.09) (6)% 62.80 42.35 TSX:LGD Liberty Gold Corp. 0.31 (0.04) (11)% 0.49 0.29

TSX:ASR Alacer Gold Corp. 2.57 (0.15) (6)% 2.97 1.97 TSX:LUG Lundin Gold Inc. 4.80 (0.21) (4)% 5.52 4.33

TSX:AGI Alamos Gold Inc. 5.04 (0.17) (3)% 8.00 3.88 TSX:MAG MAG Silver Corp. 10.90 0.35 3% 15.77 8.10

NYSE:AU AngloGold Ashanti Limited 12.51 (0.70) (5)% 13.27 7.08 TSX:MOZ Marathon Gold Corporation 0.81 0.01 1% 1.25 0.65

TSX:AR Argonaut Gold Inc. 1.58 (0.09) (5)% 2.87 1.18 NYSE:MUX McEwen Mining Inc. 1.84 (0.08) (4)% 2.55 1.68

TSX:AKG Asanko Gold Inc. 0.95 (0.03) (3)% 1.79 0.80 TSX:MAX Midas Gold Corp. 1.01 (0.08) (7)% 1.21 0.59

TSXV:AGB Atlantic Gold Corporation 1.71 (0.03) (2)% 1.99 1.40 TSX:NGD New Gold Inc. 1.50 0.28 23% 4.30 0.90

TSX:BTO B2Gold Corp. 3.80 (0.18) (5)% 4.06 2.77 NYSE:NEM Newmont Mining Corporation 34.82 0.44 1% 42.04 29.06

TSXV:BGM Barkerville Gold Mines Ltd. 0.40 (0.01) (2)% 0.78 0.30 TSX:NHK Nighthawk Gold Corp. 0.45 (0.01) (1)% 0.76 0.30

TSX:ABX Barrick Gold Corporation 16.37 (1.20) (7)% 19.49 12.54 TSX:NG NovaGold Resources Inc. 5.23 (0.36) (6)% 6.47 4.44

TSX:CG Centerra Gold Inc. 5.66 (0.36) (6)% 8.21 4.76 TSX:OGC OceanaGold Corporation 4.75 (0.12) (2)% 5.01 2.97

TSX:CGG China Gold International Resources Corp. Ltd.1.54 (0.01) (1)% 3.19 1.53 TSX:OR Osisko Gold Royalties Ltd 11.99 (0.31) (3)% 15.17 9.27

NYSE:CDE Coeur Mining, Inc. 4.94 0.09 2% 8.94 3.80 TSX:OSK Osisko Mining Inc. 2.82 (0.32) (10)% 3.77 1.60

NYSE:BVN Compañía de Minas Buenaventura S.A.A.15.89 (0.86) (5)% 16.83 11.67 TSX:PAAS Pan American Silver Corp. 19.94 (0.04) (0)% 24.22 16.05

TSX:CNL Continental Gold Inc. 2.23 (0.31) (12)% 4.13 1.95 TSX:PG Premier Gold Mines Limited 1.79 (0.02) (1)% 3.67 1.39

TSX:DGC Detour Gold Corporation 11.89 (0.30) (2)% 15.40 9.11 TSX:PVG Pretium Resources Inc. 9.63 (2.34) (20)% 14.50 7.93

TSX:ELD Eldorado Gold Corporation 4.02 (0.64) (14)% 9.05 3.56 TSXV:PGM Pure Gold Mining Inc. 0.63 (0.05) (7)% 0.71 0.50

TSX:EDV Endeavour Mining Corporation 21.74 (1.01) (4)% 26.86 16.34 TSX:RNx RNC Minerals 0.47 (0.05) (9)% 1.18 0.07

TSX:EDR Endeavour Silver Corp. 2.97 (0.10) (3)% 4.40 2.27 TSX:ROXG Roxgold Inc. 0.81 (0.05) (6)% 1.40 0.74

TSXV:EQX Equinox Gold Corp. 1.05 (0.07) (6)% 1.23 0.85 NasdaqGS:RGLD Royal Gold, Inc. 83.36 (1.55) (2)% 98.53 70.16

TSXV:FPC Falco Resources Ltd. 0.39 0.04 12% 1.13 0.28 TSX:SBB Sabina Gold & Silver Corp. 1.24 - - 2.30 1.11

TSX:FR First Majestic Silver Corp. 8.02 (0.48) (6)% 11.09 6.12 TSX:SSL Sandstorm Gold Ltd. 6.28 (0.17) (3)% 6.95 4.60

TSX:FVI Fortuna Silver Mines Inc. 4.94 (0.18) (4)% 7.78 4.22 NYSE:SA Seabridge Gold Inc. 12.88 (0.67) (5)% 15.30 10.20

TSX:FNV Franco-Nevada Corporation 92.54 (3.46) (4)% 99.93 76.53 TSX:SMF SEMAFO Inc. 2.75 (0.41) (13)% 4.14 2.24

NYSE:GFI Gold Fields Limited 3.61 (0.09) (2)% 4.54 2.20 NYSE:SBGL Sibanye Gold Limited 3.01 0.01 0% 5.29 2.02

TSX:G Goldcorp Inc. 12.78 (0.56) (4)% 19.32 11.00 TSX:SVM Silvercorp Metals Inc. 2.99 (0.11) (4)% 4.02 2.43

TSX:GSC Golden Star Resources Ltd. 4.49 (0.17) (4)% 5.65 3.24 TSX:SSRM SSR Mining Inc. 16.44 (0.30) (2)% 16.78 9.70

TSXV:GQC Goldquest Mining Corp. 0.13 (0.01) (4)% 0.46 0.09 TSX:THO Tahoe Resources Inc. 4.98 - - 7.27 2.88

TSX:GUY Guyana Goldfields Inc. 1.65 (0.14) (8)% 5.42 1.24 TSX:TMR TMAC Resources Inc. 5.90 (1.00) (14)% 11.50 3.95

NYSE:HMY Harmony Gold Mining Company Limited 1.85 (0.08) (4)% 2.53 1.43 TSX:TXG Torex Gold Resources Inc 13.50 0.16 1% 14.58 7.29

TSX:HRT Harte Gold Corp. 0.42 0.01 1% 0.55 0.29 TSX:TML Treasury Metals Inc. 0.31 0.01 2% 0.62 0.21

NYSE:HL Hecla Mining Company 2.79 0.27 11% 4.63 2.17 TSX:TLG Troilus Gold Corp. 0.75 (0.05) (6)% 2.25 0.40

TSX:IMG IAMGOLD Corporation 4.91 (0.35) (7)% 8.20 3.64 TSX:WDO Wesdome Gold Mines Ltd. 4.38 (0.37) (8)% 4.75 1.71

TSX:IVN Ivanhoe Mines Ltd. 2.55 0.17 7% 4.32 2.00 TSX:WPM Wheaton Precious Metals Corp. 25.51 (1.04) (4)% 29.93 19.87

TSX:K Kinross Gold Corporation 4.19 (0.19) (4)% 5.90 3.15 TSX:YRI Yamana Gold Inc. 3.21 (0.16) (5)% 4.69 2.66

TSX:KL Kirkland Lake Gold Ltd. 35.26 (0.84) (2)% 36.12 16.54

Low%∆CompanyTicker Close%∆ LowCompany CloseTicker



The Weekly Dig

15

Weekly Performance – Precious Metals Companies (Covered Large Cap)


.

.

0.0%

(2.5%)

(2.5%)

(2.5%)

(3.3%)

(4.4%)

(4.5%)

(6.8%)

(13.0%)

(13.7%)

TAHOE RESOURCES INC

DETOUR GOLD CORP

OCEANAGOLD CORP

OSISKO GOLD ROYALTIES LTD

ALAMOS GOLD INC-CLASS A

ENDEAVOUR MINING CORP

B2GOLD CORP

BARRICK GOLD CORP

SEMAFO INC

ELDORADO GOLD CORP

Weekly Price Change

28.3%

22.5%

12.9%

11.6%

9.1%

6.4%

5.7%

3.3%

(4.3%)

(11.8%)


OCEANAGOLD CORP

DETOUR GOLD CORP


SEMAFO INC

B2GOLD CORP

TAHOE RESOURCES INC


ELDORADO GOLD CORP

BARRICK GOLD CORP

1-Month Price Change

31.4%

28.0%

19.5%

19.2%

14.7%

9.1%

8.8%

(9.2%)

(16.3%)

(31.9%)

TAHOE RESOURCES INC

OCEANAGOLD CORP

B2GOLD CORP


DETOUR GOLD CORP

BARRICK GOLD CORP


SEMAFO INC


ELDORADO GOLD CORP


25.0%

17.3%

(4.1%)

(4.3%)

(6.9%)

(7.7%)

(24.0%)

(29.3%)

(32.8%)

(41.7%)

OCEANAGOLD CORP

B2GOLD CORP


DETOUR GOLD CORP

BARRICK GOLD CORP


TAHOE RESOURCES INC

SEMAFO INC


ELDORADO GOLD CORP


53.7%

2.2%

(10.4%)

(10.9%)

(12.8%)

(14.3%)

(15.3%)

(24.7%)

(36.5%)

(49.4%)

OCEANAGOLD CORP

B2GOLD CORP

BARRICK GOLD CORP


DETOUR GOLD CORP

TAHOE RESOURCES INC


SEMAFO INC


ELDORADO GOLD CORP

1-Year Price Change



The Weekly Dig

16

Weekly Performance – Precious Metals Companies (Covered Small Cap)


.

.

11.6%

2.5%

0.0%

0.0%

0.0%

0.0%

(1.1%)

(1.7%)

(3.1%)

(3.4%)

(3.6%)

(3.8%)

(4.2%)

(5.8%)

(6.3%)

(7.1%)

(7.4%)

(8.3%)

(8.8%)

(10.2%)

(11.4%)

(23.2%)

FALCO RESOURCES LTD

MARATHON GOLD CORP

FILO MINING CORP

HARTE GOLD CORP

SABINA GOLD & SILVER CORP

TREASURY METALS INC

NIGHTHAWK GOLD CORP

ATLANTIC GOLD CORP

ASANKO GOLD INC

LUMINA GOLD CORP

BARKERVILLE GOLD MINES LTD

GOLDQUEST MINING CORP

LUNDIN GOLD INC

ROXGOLD INC

EQUINOX GOLD CORP

SUPERIOR GOLD INC

PURE GOLD MINING INC

MIDAS GOLD CORP

ROYAL NICKEL CORP

OSISKO MINING INC

LIBERTY GOLD CORP

TROILUS GOLD CORP

Weekly Price Change

31.6%

25.0%

23.5%

22.7%

19.2%

13.2%

12.9%

12.7%

10.6%

8.0%

7.5%

5.0%

2.1%

1.1%

0.6%

0.0%

(1.2%)

(2.8%)

(4.9%)

(8.3%)

(10.1%)

(10.8%)

MIDAS GOLD CORP


HARTE GOLD CORP


TREASURY METALS INC

FALCO RESOURCES LTD

EQUINOX GOLD CORP

NIGHTHAWK GOLD CORP

TROILUS GOLD CORP

OSISKO MINING INC

LUMINA GOLD CORP


ROXGOLD INC

ASANKO GOLD INC

ATLANTIC GOLD CORP

FILO MINING CORP

MARATHON GOLD CORP

LUNDIN GOLD INC

SUPERIOR GOLD INC

ROYAL NICKEL CORP

LIBERTY GOLD CORP



26.6%

18.9%

17.1%

14.8%

12.5%

10.5%

9.7%

2.4%

1.3%

1.2%

(1.2%)

(1.6%)

(2.0%)

(2.2%)

(3.7%)

(10.1%)

(13.6%)

(18.6%)

(21.2%)

(23.2%)

(26.5%)

(37.2%)

MIDAS GOLD CORP


NIGHTHAWK GOLD CORP

TREASURY METALS INC


EQUINOX GOLD CORP

OSISKO MINING INC

HARTE GOLD CORP

MARATHON GOLD CORP

ATLANTIC GOLD CORP

ROXGOLD INC


LUNDIN GOLD INC

FILO MINING CORP

FALCO RESOURCES LTD

LIBERTY GOLD CORP

ASANKO GOLD INC

LUMINA GOLD CORP

SUPERIOR GOLD INC

TROILUS GOLD CORP


ROYAL NICKEL CORP


304.3%

43.1%

16.7%

6.4%

3.5%

1.0%

(2.6%)

(4.3%)

(6.3%)

(10.0%)

(14.7%)

(19.0%)

(23.5%)

(24.1%)

(28.3%)

(28.7%)

(30.3%)

(34.7%)

(35.4%)

(37.5%)

(41.6%)

(41.8%)

ROYAL NICKEL CORP

OSISKO MINING INC

HARTE GOLD CORP

MIDAS GOLD CORP

NIGHTHAWK GOLD CORP

EQUINOX GOLD CORP

LUNDIN GOLD INC

FILO MINING CORP

ATLANTIC GOLD CORP


MARATHON GOLD CORP



LUMINA GOLD CORP

ROXGOLD INC

FALCO RESOURCES LTD

LIBERTY GOLD CORP

TREASURY METALS INC

ASANKO GOLD INC


TROILUS GOLD CORP

SUPERIOR GOLD INC


173.5%

72.4%

18.9%

16.3%

8.0%

(6.8%)

(14.3%)

(15.4%)

(16.7%)

(16.8%)

(27.1%)

(27.8%)

(28.3%)

(33.3%)

(34.6%)

(38.6%)

(43.6%)

(43.7%)

(49.2%)

(61.9%)

(63.5%)

(66.2%)

ROYAL NICKEL CORP

MIDAS GOLD CORP


ATLANTIC GOLD CORP

ASANKO GOLD INC

LUNDIN GOLD INC

HARTE GOLD CORP

FILO MINING CORP

EQUINOX GOLD CORP

OSISKO MINING INC

SUPERIOR GOLD INC

LUMINA GOLD CORP

MARATHON GOLD CORP

LIBERTY GOLD CORP

NIGHTHAWK GOLD CORP

ROXGOLD INC



TREASURY METALS INC

FALCO RESOURCES LTD

TROILUS GOLD CORP


1-Year Price Change



The Weekly Dig

17

Equity Weekly Performance – Base Metals Companies


.

17.4%

17.3%

15.4%

14.4%

13.1%

13.0%

12.7%

10.7%

7.1%

4.9%

4.7%

3.7%

3.4%

0.9%

-

(3.1%)

(6.0%)

TASEKO MINES LTD

COPPER MOUNTAIN MINING CORP

NEVADA COPPER CORP

FIRST QUANTUM MINERALS LTD

HUDBAY MINERALS INC

TREVALI MINING CORP

TECK RESOURCES LTD-CLS B

S&P/TSX DIV MTLS&MIN IDX

LUNDIN MINING CORP

S&P/TSX COMPOSITE INDEX

IMPERIAL METALS CORP

LME NICKEL SPOT ($)

LME COPPER SPOT ($)

LME ZINC SPOT ($)

ATALAYA MINING PLC

CAPSTONE MINING CORP

SHERRITT INTERNATIONAL CORP

Weekly Price Change

63.9%

63.9%

18.2%

10.6%

8.9%

8.0%

7.3%

4.6%

4.3%

3.0%

2.5%

2.5%

2.4%

1.2%

(3.0%)

(6.2%)

(6.4%)

LUNDIN MINING CORP





HUDBAY MINERALS INC



LME NICKEL SPOT ($)

NEVADA COPPER CORP

TASEKO MINES LTD

ATALAYA MINING PLC

TREVALI MINING CORP


LME COPPER SPOT ($)


LME ZINC SPOT ($)


13.1%

3.0%

0.7%

0.0%

0.0%

(3.1%)

(4.0%)

(5.5%)

(6.1%)

(11.2%)

(11.3%)

(13.2%)

(17.3%)

(19.3%)

(23.5%)

(37.3%)

(39.6%)

HUDBAY MINERALS INC



LUNDIN MINING CORP


NEVADA COPPER CORP


LME COPPER SPOT ($)

LME ZINC SPOT ($)

LME NICKEL SPOT ($)


ATALAYA MINING PLC

TASEKO MINES LTD




TREVALI MINING CORP


(1.7%)

(1.7%)

(2.4%)

(6.5%)

(6.8%)

(8.9%)

(9.9%)

(12.1%)

(14.2%)

(20.4%)

(23.9%)

(26.0%)

(36.4%)

(43.0%)

(44.5%)

(50.0%)

(59.1%)

LUNDIN MINING CORP


HUDBAY MINERALS INC

LME COPPER SPOT ($)

LME ZINC SPOT ($)



ATALAYA MINING PLC


LME NICKEL SPOT ($)

NEVADA COPPER CORP



TASEKO MINES LTD


TREVALI MINING CORP



34.2%

(8.3%)

(13.1%)

(16.9%)

(17.1%)

(26.3%)

(26.8%)

(32.3%)

(40.9%)

(41.0%)

(41.0%)

(41.7%)

(42.1%)

(58.6%)

(67.6%)

(70.4%)

(71.4%)

ATALAYA MINING PLC


LME NICKEL SPOT ($)

LME COPPER SPOT ($)


LME ZINC SPOT ($)


NEVADA COPPER CORP

HUDBAY MINERALS INC

LUNDIN MINING CORP





TASEKO MINES LTD


TREVALI MINING CORP

1-Year Price Change



The Weekly Dig

18

Equity Weekly Performance – Major International Miners


.

14.3%

12.7%

12.2%

11.3%

10.4%

10.0%

9.2%

8.4%

2.5%

FREEPORT-MCMORAN INC


VALE SA-SP ADR

GLENCORE PLC -UNSP ADR

ALCOA CORP

ALUMINUM CORP OF CHINA-ADR

SOUTHERN COPPER CORP

RIO TINTO PLC-SPON ADR

BHP GROUP LTD-SPON ADR

Weekly Price Change

12.0%

11.7%

8.8%

7.7%

7.3%

5.9%

2.3%

(1.1%)

(2.3%)

VALE SA-SP ADR






ALCOA CORP




3.8%

3.0%

(0.2%)

(3.0%)

(7.6%)

(9.9%)

(16.8%)

(19.6%)

(22.8%)




VALE SA-SP ADR




ALCOA CORP



10.0%

(7.1%)

(8.9%)

(10.0%)

(10.7%)

(18.6%)

(31.1%)

(36.4%)

(39.5%)

VALE SA-SP ADR








ALCOA CORP


9.5%

(2.7%)

(9.8%)

(17.1%)

(28.2%)

(35.5%)

(41.0%)

(48.4%)

(52.1%)

VALE SA-SP ADR







ALCOA CORP


1-Year Price Change

The Weekly Dig



19

Comparables Tables – Precious Metals

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


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


Last Shares MC Target Return NAVPS Primary

Price (C$) O/S (M) (C$M) (C$) (%) (US$) 2018E 2019E Commodity 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E

Alamos Gold Inc. TSX:AGI AGI-T KS $5.04 391 $1,972 $10.00 98% BUY $11.18 $0.56 $0.75 Gold 510 500 $800 $710 $1,010 $875 0.3x 0.7x 5.8x 4.3x 13.4x 10.1x

B2Gold Corp. TSX:BTO BTO-T GM $3.80 990 $3,763 $5.00 32% BUY $2.98 $0.48 $0.55 Gold 955 999 $573 $557 $771 $736 1.0x 1.3x 6.9x 6.0x 7.9x 6.8x

Barrick Gold Corp TSX:ABX ABX-T KS $16.37 1,751 $28,668 $18.00 10% BUY $10.67 $1.85 $2.15 Gold 4,540 4,553 $565 $571 $760 $740 1.2x 1.3x 8.4x 7.3x 7.3x 6.3x

Detour Gold Corp. TSX:DGC DGC-T KS $11.89 175 $2,085 $15.50 30% BUY $16.08 $1.55 $1.55 Gold 685 650 $765 $800 $0 $0 0.6x 0.7x 6.1x 6.1x 7.5x 7.5x

Eldorado Gold Corp. TSX:ELD ELD-T KS $4.02 158 $636 $6.50 62% BUY $0.30 $0.44 $0.78 Gold 615 645 $1,045 $1,080 $0 $0 10.0x 16.2x 11.0x 6.2x 11.2x 6.3x

Endeavour Mining Corp. TSX:EDV EDV-T GM $21.74 108 $2,343 $32.00 47% BUY $18.70 $2.17 $2.98 Gold 648 703 $650 $547 $819 $627 0.9x 1.3x 9.7x 7.1x 11.1x 8.1x

OceanaGold Corporation TSX:OGC OGC-T GM $4.75 619 $2,938 $4.20 (12%) HOLD $2.09 $0.57 $0.64 Gold 593 593 $589 $659 $780 $736 1.7x 1.5x 6.6x 5.9x 5.6x 5.0x

Osisko Gold Royalties Ltd. TSX:OR OR-T KS $11.99 156 $1,865 $16.50 38% BUY $11.04 $0.59 $0.73 Gold 79 86 0.8x 1.1x 17.7x 14.2x 21.2x 22.5x

Tahoe Resources Inc.* TSX:THO THO-T GM $4.98 313 $1,560 $4.00 (20%) TENDER $3.66 $0.32 $0.53 Gold 398 521 $760 $784 $1,519 $1,177 1.0x 0.8x 12.4x 7.4x 9.5x 5.7x

Group Average 1.9x 2.8x 9.4x 7.2x 10.5x 8.7x

C$/US$ = 1.325

EV / CFPS Target / CFPSPrice /

NAV

Target /

NAV

CFPS (US$)Rating

AISC, US$/ozTCC, US$/oz Company Ticker Analyst

Production, ounces 000's



Asanko Gold Inc. TSX:AKG AKG-T GM $0.95 226 $215 $1.65 74% HOLD $1.37 $0.32 $0.18 Gold 223 267 $751 $848 $1,054 $975 0.5x 0.9x 2.1x 3.6x 3.9x 6.9x

Atlantic Gold Corporation TSXV:AGB AGB-V GM $1.71 237 $405 $1.80 5% HOLD $1.34 $0.22 $0.23 Gold 90 96 $423 $408 $549 $470 1.0x 1.0x 7.0x 6.8x 6.3x 0.2x

Barkerville Gold Mines Ltd. TSXV:BGM BGM-V MC $0.40 506 $203 $1.25 213% BUY $0.97 ($0.10) ($0.04) Gold

Bluestone Resources Inc. TSXV:BSR BSR-V KS $1.26 64 $80 $2.75 118% BUY $2.27 ($0.29) ($0.03) Gold 0.4x 0.9x - - - -

Equinox Gold Corp. TSXV:EQX EQX-V KS $1.05 551 $579 $3.00 186% BUY $2.21 ($0.00) $0.13 Gold 0.4x 1.0x - 6.4x - 10.6x

Falco Resources Ltd. TSXV:FPC FPC-V PV $0.39 189 $73 $0.75 95% BUY $1.25 ($0.02) ($0.09) Gold - - - - - - 0.2x 0.5x - - - -

Filo Mining Corp. TSXV:FIL FIL-V GM $2.20 73 $160 $4.60 109% BUY $3.90 ($0.35) ($0.30) Gold - - - - - - 0.4x 0.9x - - - -

Gold Road Resources Limited ASX:GOR GOR-AU GM $0.62 877 $547 $0.75 20% HOLD $0.59 ($0.00) ($0.01) Gold - 23 $0 $1,355 $0 $1,574 0.8x 1.0x - - - -

Goldquest Mining Corp. TSXV:GQC GQC-V PV $0.13 254 $32 $0.20 60% HOLD $0.51 ($0.02) ($0.05) Gold - - - - - - 0.2x 0.3x - - - -

Harte Gold Corp. TSX:HRT HRT-T PV $0.42 596 $250 $0.80 90% BUY $0.45 $0.01 $0.03 Gold 9 35 $517 $513 $517 $975 0.7x 1.3x 62.1x 13.3x 99.4x 21.3x

Liberty Gold Corp. TSX:LGD LGD-T MC $0.31 206 $64 $1.00 223% BUY $0.75 ($0.05) ($0.05) Gold 0.3x 1.0x - - - -

Lumina Gold Corp. TSXV:LUM LUM-V GM $0.57 310 $176 $1.50 163% BUY $1.19 ($0.05) ($0.05) Gold - - - - - - 0.4x 1.0x - - - -

Lundin Gold Inc. TSX:LUG LUG-T KS $4.80 213 $1,023 $7.75 61% BUY $5.82 ($0.20) ($0.10) Gold - - - 0.6x 1.0x - - - -

Marathon Gold Corporation TSX:MOZ MOZ-T MC $0.81 160 $129 $1.80 122% BUY $1.36 ($0.03) ($0.07) Gold 0.5x 1.0x - - - -

Midas Gold Corp. TSX:MAX MAX-T GM $1.01 235 $237 $1.90 88% BUY $1.38 ($0.09) ($0.04) Gold - - - - - - 0.6x 1.0x - - - -

Nighthawk Gold Corp. TSX:NHK NHK-T MC $0.45 194 $86 $0.90 102% BUY $0.72 ($0.03) ($0.09) Gold 0.5x 0.9x - - - -

Osisko Mining Inc. TSX:OSK OSK-T MC $2.82 257 $725 $4.50 60% BUY $3.46 ($0.03) ($0.02) Gold 0.6x 1.0x - - - -

Pure Gold Mining Inc. TSXV:PGM PGM-V MC $0.63 256 $161 $1.00 59% BUY $0.79 ($0.07) ($0.04) Gold 0.6x 1.0x - - - -

RNC Minerals TSX:RNX RNX-T PV $0.47 446 $207 $0.75 61% Restricted $0.60 $0.02 $0.07 Gold 71 76 $811 $601 $906 $759 0.6x 0.9x 15.6x 5.2x 25.1x 6.9x

Roxgold Inc. TSX:ROXG ROXG-T GM $0.81 374 $303 $1.90 135% BUY $1.25 $0.21 $0.25 Gold 135 156 $488 $484 $744 $663 0.5x 1.1x 2.8x 2.3x 6.9x 5.7x

Sabina Gold & Silver Corp. TSX:SBB SBB-T GM $1.24 288 $357 $2.35 90% HOLD $1.81 ($0.01) ($0.01) Gold - - - - - - 0.5x 1.0x - - - -

SEMAFO Inc. TSX:SMF SMF-T KS $2.75 326 $895 $6.00 118% BUY $3.77 $0.36 $0.70 Gold 245 415 $700 $670 $1,010 $745 0.6x 1.2x 6.5x 3.3x 12.6x 6.5x

Steppe Gold Ltd. TSX:STGO STGO-T PV $0.83 42 $34 $1.75 111% BUY $1.67 ($0.10) $0.49 Gold - 26 - $326 - $414 0.4x 0.8x - 1.8x - 2.7x

Superior Gold Inc. TSXV:SGI SGI-V PV $0.78 96 $75 $1.50 92% BUY $1.38 $0.09 $0.28 Gold 95 102 $1,054 $891 $1,185 $1,038 0.4x 0.8x 4.7x 1.5x 12.3x 4.0x

Treasury Metals Inc. TSX:TML TML-T GM $0.31 145 $45 $1.10 255% BUY $0.89 ($0.04) ($0.02) Gold - - - - - - 0.3x 1.2x - - - -

Troilus Gold Corp. TSX:TLG TLG-T PV $0.75 49 $37 $2.00 167% BUY $2.47 ($0.08) ($0.05) Gold - - - - - - 0.2x 0.6x - - - -


* Production & cost figures presented on a gold-equivalent basis C$/US$ = 1.325

EV / CFPS Target / CFPSTarget /

NAV

Price /

NAV

AISC, US$/ozCFPS (US$)Rating

TCC, US$/ozProduction, ounces 000'sTicker Analyst Company

The Weekly Dig



20

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


Shares Market Working Enterprise

Company O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2018E 2019E 2018E 2019E 2018E 2019E 2018E

Senior Precious Metals Producers

Agnico Eagle Mines Limited NYSE:AEM C$ 52.51 232.1 US$ 9,200 US$ 610 US$ 896 US$ 1,722 US$ 10,026 US$ 2.67 US$ 3.27 12 14.9x 12.1x 16.2x 13.2x 13.2x 10.6x 1.6x

Alamos Gold Inc. TSX:AGI C$ 5.04 391.2 US$ 1,489 US$ 230 US$ 301 US$ 2 US$ 1,190 US$ 0.53 US$ 0.64 12 7.2x 6.0x 5.8x 4.8x 5.8x 4.5x 0.5x

AngloGold Ashanti Limited JSE:ANG C$ 16.96 412.8 US$ 5,285 US$ 221 US$ 519 US$ 2,004 US$ 6,770 US$ 2.35 US$ 2.89 4 5.4x 4.4x 7.0x 5.7x 5.2x 4.5x 1.3x

B2Gold Corp. TSX:BTO C$ 3.80 990.4 US$ 2,841 US$ 355 US$ 132 US$ 458 US$ 3,167 US$ 0.46 US$ 0.43 12 6.2x 6.7x 6.9x 7.5x 5.2x 5.6x 1.3x

Barrick Gold Corporation TSX:ABX C$ 16.37 1751.3 US$ 21,643 US$ 1,697 US$ 2,554 US$ 5,687 US$ 24,776 US$ 1.72 US$ 1.60 11 7.2x 7.7x 8.2x 8.8x 8.3x 6.5x 1.3x

Centamin plc LSE:CEY C$ 2.06 1153.9 US$ 1,793 US$ 254 US$ 337 - US$ 1,455 US$ 0.18 US$ 0.23 5 8.5x 6.8x 6.9x 5.5x 5.6x 4.4x 1.0x

Compañía de Minas Buenaventura S.A.A. NYSE:BVN C$ 21.05 254.0 US$ 4,036 US$ 355 US$ 358 US$ 271 US$ 3,949 US$ 1.27 US$ 1.44 2 12.6x 11.1x 12.3x 10.8x 9.4x 8.3x 0.9x

Endeavour Mining Corporation TSX:EDV C$ 21.74 107.8 US$ 1,769 US$ 43 US$ 146 US$ 474 US$ 2,097 US$ 2.02 US$ 2.89 12 8.1x 5.7x 9.7x 6.7x 7.2x 5.5x 1.0x

Evolution Mining Limited ASX:EVN C$ 3.66 1697.1 US$ 4,684 US$ 239 US$ 247 US$ 216 US$ 4,653 US$ 0.31 US$ 0.28 5 8.9x 9.7x 8.9x 9.7x 8.2x 8.6x 1.5x

Fresnillo PLC LSE:FRES C$ 16.06 736.9 US$ 8,933 US$ 689 US$ 1,240 US$ 799 US$ 8,493 US$ 1.08 US$ 1.17 5 11.3x 10.4x 10.7x 9.9x 8.3x 7.6x 1.1x

Gold Fields Limited JSE:GFI C$ 4.83 821.5 US$ 2,997 US$ 498 US$ 86 US$ 1,463 US$ 4,373 US$ 1.03 US$ 1.08 4 3.5x 3.4x 5.2x 4.9x 4.1x 4.0x 1.3x

Goldcorp Inc. TSX:G C$ 12.78 869.5 US$ 8,389 US$ 166 (US$ 190) US$ 2,336 US$ 10,915 US$ 1.18 US$ 1.75 14 8.2x 5.5x 10.6x 7.2x 9.5x 6.1x 0.9x

IAMGOLD Corporation TSX:IMG C$ 4.91 467.6 US$ 1,733 US$ 716 US$ 873 US$ 396 US$ 1,256 US$ 0.62 US$ 0.76 14 6.0x 4.9x 4.3x 3.5x 3.9x 3.4x 0.6x

Kinross Gold Corporation TSX:K C$ 4.19 1250.2 US$ 3,955 US$ 566 US$ 1,197 US$ 1,734 US$ 4,492 US$ 0.68 US$ 0.76 17 4.6x 4.2x 5.3x 4.7x 4.4x 4.2x 0.9x

Kirkland Lake Gold Ltd. TSX:KL C$ 35.26 209.7 US$ 5,581 US$ 257 US$ 162 - US$ 5,419 US$ 2.23 US$ 2.44 10 11.9x 10.9x 11.6x 10.6x 10.5x 9.2x 1.6x

Newcrest Mining Limited ASX:NCM C$ 22.75 767.1 US$ 13,177 US$ 953 US$ 1,021 US$ 1,993 US$ 14,149 US$ 1.67 US$ 1.73 7 10.3x 9.9x 11.0x 10.7x 9.7x 8.9x 1.2x

Newmont Mining Corporation NYSE:NEM C$ 46.12 532.7 US$ 18,547 US$ 3,126 US$ 3,884 US$ 4,163 US$ 18,826 US$ 3.64 US$ 3.94 10 9.6x 8.8x 9.7x 9.0x 8.3x 7.6x 1.4x

Northern Star Resources Limited ASX:NST C$ 9.13 639.5 US$ 4,407 US$ 328 US$ 265 - US$ 4,143 US$ 0.40 US$ 0.59 6 17.1x 11.7x 16.1x 11.0x 12.9x 8.9x 1.4x

OceanaGold Corporation TSX:OGC C$ 4.75 618.5 US$ 2,218 US$ 70 US$ 93 US$ 150 US$ 2,275 US$ 0.56 US$ 0.49 14 6.4x 7.3x 6.6x 7.5x 6.1x 6.5x 1.4x

Yamana Gold Inc. TSX:YRI C$ 3.21 949.3 US$ 2,301 US$ 125 US$ 7 US$ 1,776 US$ 4,070 US$ 0.53 US$ 0.57 16 4.5x 4.3x 8.0x 7.5x 7.0x 5.5x 0.9x

Group Average - Senior Producers 8.6x 7.6x 9.0x 8.0x 7.6x 6.5x 1.2x

Group Average - Senior Producers (excluding high/low) 8.4x 7.6x 8.9x 7.9x 7.5x 6.5x 1.2x

Intermediate Precious Metals Producers

Acacia Mining plc LSE:ACA C$ 3.35 410.1 US$ 1,037 US$ 121 US$ 131 - US$ 905 US$ 0.36 US$ 0.59 7 7.0x 4.3x 6.1x 3.7x 4.4x 3.8x 1.2x

Centerra Gold Inc. TSX:CG C$ 5.66 292.0 US$ 1,248 US$ 195 US$ 635 US$ 292 US$ 904 US$ 1.09 US$ 1.20 9 3.9x 3.6x 2.9x 2.6x 2.3x 2.1x 0.5x

Detour Gold Corporation TSX:DGC C$ 11.89 175.4 US$ 1,574 US$ 156 US$ 198 US$ 249 US$ 1,625 US$ 1.52 US$ 1.40 15 5.9x 6.4x 6.1x 6.6x 6.1x 6.5x 0.7x

Eldorado Gold Corporation TSX:ELD C$ 4.02 158.3 US$ 480 US$ 388 US$ 500 US$ 595 US$ 576 US$ 0.51 US$ 0.75 11 5.9x 4.0x 7.1x 4.8x 5.0x 3.8x 0.3xHecla Mining Company NYSE:HL C$ 3.70 480.2 US$ 1,340 US$ 61 US$ 66 US$ 534 US$ 1,808 US$ 0.26 US$ 0.38 7 10.7x 7.3x 14.5x 9.8x 10.9x 8.7x 1.1x

Highland Gold Mining Limited AIM:HGM C$ 2.56 363.8 US$ 704 US$ 11 US$ 44 US$ 170 US$ 830 US$ 0.41 US$ 0.36 1 4.7x 5.3x 5.6x 6.3x 4.9x 5.4x 0.9x

Pretium Resources Inc. TSX:PVG C$ 9.63 183.5 US$ 1,334 US$ 190 (US$ 468) US$ 140 US$ 1,943 US$ 1.09 US$ 1.53 7 6.6x 4.7x 9.7x 6.9x 10.3x 7.3x 0.5x

Regis Resources Limited ASX:RRL C$ 4.70 507.6 US$ 1,802 US$ 134 US$ 138 - US$ 1,664 US$ 0.35 US$ 0.32 6 10.1x 11.2x 9.3x 10.3x 7.8x 8.0x 1.2x

Resolute Mining Limited ASX:RSG C$ 1.12 757.5 US$ 640 US$ 48 US$ 156 - US$ 484 US$ 0.08 US$ 0.13 3 10.3x 6.3x 7.8x 4.8x 10.1x 4.3x 0.7x

SEMAFO Inc. TSX:SMF C$ 2.75 325.6 US$ 676 US$ 86 US$ 83 US$ 72 US$ 665 US$ 0.39 US$ 0.75 9 5.3x 2.8x 5.2x 2.7x 5.7x 2.6x 0.7x

Tahoe Resources Inc. TSX:THO C$ 4.98 313.3 US$ 1,178 US$ 48 US$ 103 US$ 100 US$ 1,175 US$ 0.30 US$ 0.61 11 12.7x 6.2x 12.7x 6.2x 9.2x 4.3x 0.8x

Torex Gold Resources Inc TSX:TXG C$ 13.50 84.9 US$ 865 US$ 122 US$ 57 US$ 269 US$ 1,078 US$ 2.16 US$ 2.65 6 4.7x 3.8x 5.9x 4.8x 5.8x 4.3x 0.8x

Group Average - Intermediate Producers 7.3x 5.5x 7.7x 5.8x 6.9x 5.1x 0.8x

Group Average - Intermediate Producers (excluding high/low) 7.1x 5.2x 7.5x 5.7x 6.9x 5.0x 0.8x

Junior Precious Metals Producers

Alacer Gold Corp. TSX:ASR C$ 2.57 293.8 US$ 570 US$ 116 US$ 103 US$ 288 US$ 755 US$ 0.24 US$ 0.65 6 8.1x 3.0x 10.8x 4.0x 113.6x 3.8x 0.6xAlio Gold Inc. TSX:ALO C$ 1.27 84.7 US$ 81 US$ 24 US$ 92 US$ 15 US$ 4 US$ 0.16 US$ 0.33 6 6.0x 2.9x 0.3x 0.2x 0.5x 0.1x 0.4x

Argonaut Gold Inc. TSX:AR C$ 1.58 177.8 US$ 212 US$ 21 US$ 96 US$ 8 US$ 124 US$ 0.35 US$ 0.48 8 3.4x 2.5x 2.0x 1.5x 1.8x 1.2x 0.4xAsanko Gold Inc. TSX:AKG C$ 0.95 225.8 US$ 162 US$ 14 US$ 11 - US$ 151 US$ 0.30 US$ 0.18 5 2.4x 3.9x 2.2x 3.6x 2.1x 3.6x 0.5xAtlantic Gold Corporation TSXV:AGB C$ 1.71 236.8 US$ 306 US$ 31 US$ 27 US$ 81 US$ 360 US$ 0.24 US$ 0.25 8 5.4x 5.2x 6.4x 6.1x 6.2x 5.0x 0.7xBrio Gold Inc. TSX:BRIO C$ 2.78 117.6 US$ 247 US$ 18 (US$ 27) US$ 48 US$ 321 - - 0 - - - - - - -Dundee Precious Metals Inc. TSX:DPM C$ 3.76 178.5 US$ 507 US$ 23 US$ 35 US$ 39 US$ 510 US$ 0.56 US$ 0.64 2 5.1x 4.4x 5.1x 4.4x 5.3x 3.1x 0.6xGolden Star Resources Ltd. TSX:GSC C$ 4.49 108.8 US$ 369 US$ 18 (US$ 91) US$ 77 US$ 536 US$ 0.32 US$ 0.69 7 10.7x 4.9x 15.6x 7.2x 10.3x 4.6x 0.6x

Guyana Goldfields Inc. TSX:GUY C$ 1.65 173.5 US$ 216 US$ 93 US$ 116 US$ 25 US$ 125 US$ 0.33 US$ 0.64 6 3.8x 1.9x 2.2x 1.1x 2.2x 1.0x 0.3x

Jaguar Mining Inc. TSX:JAG C$ 0.20 328.6 US$ 50 US$ 7 US$ 2 US$ 0 US$ 48 US$ 0.08 US$ 0.12 2 1.9x 1.3x 1.8x 1.3x 1.6x 1.2x 0.2x

Leagold Mining Corporation TSX:LMC C$ 1.89 284.7 US$ 406 US$ 47 US$ 48 US$ 209 US$ 568 US$ 0.32 US$ 0.55 7 4.4x 2.6x 6.2x 3.6x 6.1x 2.3x 0.4xNew Gold Inc. TSX:NGD C$ 1.50 578.7 US$ 655 US$ 129 US$ 362 US$ 940 US$ 1,233 US$ 0.46 US$ 0.38 14 2.4x 3.0x 4.6x 5.7x 4.4x 4.8x 0.8x

Perseus Mining Limited ASX:PRU C$ 0.40 1035.0 US$ 309 US$ 23 US$ 48 US$ 39 US$ 299 US$ 0.05 US$ 0.11 5 5.5x 2.7x 5.4x 2.6x 4.6x 3.2x 0.6x

Premier Gold Mines Limited TSX:PG C$ 1.79 203.1 US$ 274 US$ 57 US$ 63 - US$ 212 US$ 0.03 US$ 0.17 4 39.4x 7.9x 30.5x 6.1x 17.9x 8.9x 0.4x

Primero Mining Corp. TSX:P C$ 0.31 193.0 US$ 44 US$ 16 US$ 25 US$ 74 US$ 93 - - 0 - - - - - - -RNC Minerals TSX:RNX C$ 0.47 446.3 US$ 157 US$ 1 (US$ 21) US$ 0 US$ 178 US$ 0.02 US$ 0.06 1 18.4x 5.9x 20.9x 6.7x 7.4x 5.2x 0.5x

Roxgold Inc. TSX:ROXG C$ 0.81 374.2 US$ 229 US$ 71 US$ 69 US$ 27 US$ 187 US$ 0.19 US$ 0.26 8 3.3x 2.4x 2.7x 1.9x 2.1x 1.7x 0.6x

Superior Gold Inc. TSXV:SGI C$ 0.78 95.8 US$ 56 US$ 22 US$ 19 - US$ 37 US$ 0.11 US$ 0.27 9 5.5x 2.2x 3.6x 1.4x 5.8x 1.2x 0.4x

Teranga Gold Corporation TSX:TGZ C$ 3.88 107.6 US$ 315 US$ 80 US$ 92 US$ 76 US$ 299 US$ 0.75 US$ 0.62 4 3.9x 4.7x 3.7x 4.5x 2.7x 3.0x 0.5xTMAC Resources Inc. TSX:TMR C$ 5.90 112.5 US$ 501 US$ 11 (US$ 17) US$ 98 US$ 616 US$ 0.21 US$ 0.97 7 21.7x 4.6x 26.7x 5.7x 20.2x 5.0x 0.7x

Wesdome Gold Mines Ltd. TSX:WDO C$ 4.38 135.0 US$ 446 US$ 24 US$ 12 - US$ 435 US$ 0.25 US$ 0.28 10 13.4x 11.7x 13.1x 11.4x 12.6x 10.8x 1.0x

Group Average - Junior Producers 8.7x 4.1x 8.6x 4.2x 12.0x 3.7x 0.5x

Group Average - Junior Producers (excluding high/low) 7.3x 3.8x 7.8x 4.0x 6.7x 3.5x 0.5x

All data sourced from Capital IQ

Symbol PriceNumber of

Estimates

2019E2018EDebtCash P/CF Ratio EV/CF Ratio EV/EBITDA Ratio P/NAV

The Weekly Dig



21

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


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Capital Value

(millions) (millions) (millions) (millions) (millions) (millions) CFPS CFPS 2018E 2019E 2018E 2019E 2018E 2019E 2018E

PGM Producers

Anglo American Platinum Limited JSE:AMS C$ 52.15 262.2 US$ 10,323 US$ 675 US$ 847 US$ 609 US$ 10,085 US$ 2.82 US$ 3.57 3 14.0x 11.0x 13.7x 10.8x 9.9x 8.7x 1.4xImpala Platinum Holdings Limited JSE:IMP C$ 3.58 702.3 US$ 1,899 US$ 270 US$ 655 US$ 487 US$ 1,732 US$ 0.20 US$ 0.41 3 13.6x 6.6x 12.4x 6.1x 6.2x 4.2x 1.4xLonmin Plc LSE:LMI C$ 0.81 282.7 US$ 173 US$ 264 US$ 247 - (US$ 74) US$ 0.19 US$ 0.38 1 3.2x 1.6x - - - - 0.4x

Group Average - PGM Producers 10.3x 6.4x 13.0x 8.4x 8.1x 6.4x 1.1x

Silver Producers

Americas Silver Corporation TSX:USA C$ 2.34 43.4 US$ 77 US$ 3 US$ 3 US$ 7 US$ 80 US$ 0.33 US$ 0.30 2 5.3x 5.9x 5.6x 6.2x 13.1x 5.2x 0.4xCoeur Mining, Inc. NYSE:CDE C$ 6.54 203.3 US$ 1,004 US$ 105 US$ 140 US$ 366 US$ 1,229 US$ 0.48 US$ 0.91 5 10.3x 5.4x 12.7x 6.6x 8.7x 5.6x 1.2xEndeavour Silver Corp. TSX:EDR C$ 2.97 130.6 US$ 293 US$ 29 US$ 57 - US$ 235 US$ 0.20 US$ 0.23 4 11.0x 9.7x 8.8x 7.8x 8.1x 7.0x 1.0xFirst Majestic Silver Corp. TSX:FR C$ 8.02 193.9 US$ 1,174 US$ 80 US$ 128 US$ 150 US$ 1,195 US$ 0.35 US$ 0.64 3 17.5x 9.5x 17.8x 9.7x 24.1x 8.9x 1.2xFortuna Silver Mines Inc. TSX:FVI C$ 4.94 159.9 US$ 596 US$ 177 US$ 183 US$ 40 US$ 453 US$ 0.49 US$ 0.68 6 7.6x 5.5x 5.7x 4.2x 4.0x 3.1x 0.9xFresnillo PLC LSE:FRES C$ 16.06 736.9 US$ 8,933 US$ 689 US$ 1,240 US$ 799 US$ 8,493 US$ 1.08 US$ 1.17 5 11.3x 10.4x 10.7x 9.9x 8.3x 7.6x 1.1xHecla Mining Company NYSE:HL C$ 3.70 480.2 US$ 1,340 US$ 61 US$ 66 US$ 534 US$ 1,808 US$ 0.26 US$ 0.38 7 10.7x 7.3x 14.5x 9.8x 10.9x 8.7x 1.1xMandalay Resources Corporation TSX:MND C$ 0.13 451.6 US$ 43 US$ 27 US$ 5 US$ 32 US$ 70 US$ 0.05 US$ 0.10 1 1.9x 0.9x 3.1x 1.5x - 1.4x 0.2xPan American Silver Corp. TSX:PAAS C$ 19.94 153.3 US$ 2,308 US$ 253 US$ 444 US$ 21 US$ 1,885 US$ 1.21 US$ 1.70 8 12.4x 8.8x 10.1x 7.2x 8.0x 5.7x 1.1xSSR Mining Inc. TSX:SSRM C$ 16.44 120.2 US$ 1,492 US$ 481 US$ 649 US$ 244 US$ 1,087 US$ 0.85 US$ 1.35 5 14.7x 9.2x 10.7x 6.7x 8.1x 6.7x 1.1xSilvercorp Metals Inc. TSX:SVM C$ 2.99 168.7 US$ 381 US$ 124 US$ 99 - US$ 282 US$ 0.46 US$ 0.44 1 4.9x 5.1x 3.6x 3.8x 3.4x 3.5x 0.7x

Group Average - Silver Producers 9.8x 7.1x 9.4x 6.7x 9.7x 5.8x 0.9x

Group Average - Silver Producers (excluding high/low) 9.8x 7.4x 9.2x 6.9x 8.1x 5.9x 1.0x

Diamond Producers

Lucara Diamond Corp. TSX:LUC C$ 1.56 396.5 US$ 467 US$ 31 US$ 70 - US$ 397 US$ 0.15 US$ 0.18 6 8.1x 6.5x 6.9x 5.5x 5.3x 4.0x 0.7xMountain Province Diamonds Inc. TSX:MPVD C$ 1.81 210.0 US$ 287 US$ 22 US$ 71 US$ 303 US$ 519 US$ 0.53 US$ 0.45 3 2.6x 3.0x 4.7x 5.5x 4.2x 3.8x 0.6xPetra Diamonds Limited LSE:PDL C$ 0.75 865.3 US$ 492 US$ 222 US$ 148 US$ 712 US$ 1,056 US$ 0.18 US$ 0.19 3 3.1x 3.0x 6.7x 6.5x 5.1x 4.7x 0.8xStornoway Diamond Corporation TSX:SWY C$ 0.22 922.8 US$ 150 US$ 5 (US$ 75) US$ 181 US$ 405 (US$ 0.01) US$ 0.05 3 - 3.2x - 8.6x - 6.9x 0.4x

Group Average - Diamond Producers 4.6x 3.9x 6.1x 6.5x 4.9x 4.8x 0.6x

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 2.47 180.1 US$ 336 US$ 15 US$ 22 US$ 8 US$ 321 US$ 0.26 US$ 0.27 3 7.1x 6.8x 6.8x 6.5x 5.8x 5.4x 0.9xAltius Minerals Corporation TSX:ALS C$ 11.26 42.9 US$ 364 US$ 36 US$ 22 US$ 78 US$ 420 US$ 0.63 US$ 0.70 3 13.4x 12.1x 15.5x 14.0x 10.3x 9.5x 1.0xFranco-Nevada Corporation TSX:FNV C$ 92.54 186.4 US$ 13,020 US$ 77 US$ 150 - US$ 12,870 US$ 2.59 US$ 2.93 16 26.9x 23.8x 26.6x 23.6x 24.8x 22.1x 1.9xMaverix Metals Inc. TSXV:MMX C$ 2.45 215.4 US$ 398 US$ 15 US$ 21 US$ 6 US$ 383 US$ 0.09 US$ 0.10 4 20.2x 18.3x 19.4x 17.6x 19.1x 14.7x 1.4xOsisko Gold Royalties Ltd TSX:OR C$ 11.99 155.6 US$ 1,408 US$ 114 US$ 218 US$ 325 US$ 1,515 US$ 0.39 US$ 0.47 15 23.2x 19.4x 25.0x 20.8x 21.0x 19.0x 1.1xRoyal Gold, Inc. US:RGLD C$ 110.42 65.5 US$ 5,461 US$ 117 US$ 122 US$ 355 US$ 5,694 US$ 4.37 US$ 4.46 12 19.1x 18.7x 19.9x 19.5x 16.6x 17.2x 1.8xSandstorm Gold Ltd. TSX:SSL C$ 6.28 182.7 US$ 866 US$ 20 US$ 21 - US$ 845 US$ 0.24 US$ 0.29 7 19.5x 16.3x 19.0x 15.9x 18.3x 14.3x 1.1xWheaton Precious Metals Corp. TSX:WPM C$ 25.51 444.0 US$ 8,551 US$ 119 US$ 108 US$ 1,381 US$ 9,823 US$ 1.07 US$ 1.17 15 18.0x 16.4x 20.7x 18.8x 19.6x 17.9x 1.3x

Group Average - Royalty Companies 18.4x 16.5x 19.1x 17.1x 16.9x 15.0x 1.3x

Group Average - Royalty Companies (excluding high/low) 18.9x 16.9x 19.9x 17.8x 17.5x 15.4x 1.3x

All data sourced from Capital IQ

EV/CF RatioCash Debt P/CF Ratio EV/EBITDA Ratio P/NAV2018E 2019E Number of

Estmates

The Weekly Dig



22

Senior Gold Producers – Reserves and Resources

Reserves

Company

Agnico Eagle Mines Limited NYSE:AEM US $9,200 US $896 US $10,028 62.2 2.02 67.8 2.20 92% 21.3 2.54 22.4 2.68 95% US $472 40.9 1.83 45.4 2.02 90% 52% US $161 US $148

Alamos Gold Inc. TSX:AGI US $1,489 US $301 US $1,190 22.3 1.28 23.0 1.32 97% 9.8 1.50 10.2 1.56 96% US $121 12.4 1.15 12.8 1.18 97% 40% US $53 US $52

AngloGold Ashanti Limited JSE:ANG US $5,285 US $519 US $6,770 192.5 1.56 216.7 1.76 89% 45.1 1.20 47.1 1.25 96% US $150 147.4 1.81 169.6 2.08 87% 33% US $35 US $31

B2Gold Corp. TSX:BTO US $2,841 US $132 US $3,167 24.4 0.86 29.8 1.05 82% 8.2 1.21 8.2 1.21 100% US $386 16.2 0.75 21.6 0.99 75% 53% US $130 US $106

Barrick Gold Corporation TSX:ABX US $21,643 US $2,554 US $24,801 191.0 0.76 308.2 1.22 62% 77.4 1.11 102.6 1.47 75% US $321 113.6 0.62 205.5 1.13 55% 30% US $130 US $80

Centamin plc LSE:CEY US $1,793 US $337 US $1,455 11.4 1.12 11.4 1.12 100% 4.0 1.02 4.0 1.02 100% US $364 7.4 1.18 7.4 1.18 100% 33% US $128 US $128

Compañía de Minas Buenaventura S.A.A. NYSE:BVN US $4,036 US $358 US $4,326 23.7 0.31 77.6 1.01 31% 6.0 0.20 25.7 0.85 23% US $719 17.6 0.38 51.8 1.11 34% 23% US $182 US $56

Endeavour Mining Corporation TSX:EDV US $1,769 US $146 US $2,166 15.1 1.84 15.1 1.84 100% 7.6 1.77 7.6 1.77 100% US $284 7.5 1.91 7.5 1.91 100% 35% US $143 US $143

Evolution Mining Limited ASX:EVN US $4,684 US $240 US $4,660 13.8 0.91 16.6 1.10 83% 6.6 0.88 8.4 1.12 78% US $710 7.1 1.24 8.1 1.42 88% 36% US $338 US $280

Fresnillo PLC LSE:FRES US $8,933 US $1,240 US $8,493 38.0 0.79 79.1 1.65 48% 9.6 0.76 20.1 1.60 48% US $889 28.1 0.79 58.6 1.65 48% 33% US $223 US $107

Gold Fields Limited JSE:GFI US $2,997 US $86 US $4,802 108.2 2.27 123.1 2.58 88% 48.6 2.66 50.2 2.75 97% US $99 59.6 2.02 72.9 2.48 82% 42% US $44 US $39

Goldcorp Inc. TSX:G US $8,389 US ($190) US $11,548 113.3 0.65 191.0 1.10 59% 53.2 0.65 98.0 1.19 54% US $217 60.1 0.66 92.9 1.01 65% 37% US $102 US $60

IAMGOLD Corporation TSX:IMG US $1,733 US $873 US $1,256 37.3 1.19 38.0 1.21 98% 16.6 1.17 16.6 1.17 100% US $76 20.7 1.21 21.4 1.25 97% 50% US $34 US $33

Kinross Gold Corporation TSX:K US $3,955 US $1,197 US $4,492 64.0 0.67 65.1 0.68 98% 28.1 0.67 28.7 0.69 98% US $160 35.9 0.67 36.4 0.67 99% 20% US $70 US $69

Kirkland Lake Gold Ltd. TSX:KL US $5,581 US $162 US $5,446 20.6 4.82 20.6 4.82 100% 4.8 10.93 4.8 10.93 100% US $1,134 15.8 4.12 15.8 4.12 100% 44% US $264 US $264

Newcrest Mining Limited ASX:NCM US $13,177 US $1,021 US $14,149 123.4 0.58 213.8 1.00 58% 62.3 0.60 112.4 1.09 55% US $227 61.1 0.55 101.4 0.91 60% 17% US $115 US $66

Newmont Mining Corporation NYSE:NEM US $18,547 US $3,884 US $18,834 111.5 0.80 147.0 1.06 76% 68.8 0.93 75.5 1.02 91% US $274 42.6 0.65 71.5 1.10 60% 32% US $169 US $128

Northern Star Resources Limited ASX:NST US $4,407 US $257 US $4,163 16.1 2.94 28.4 5.20 57% 4.1 3.62 4.1 3.62 100% US $1,026 12.0 2.83 24.3 5.74 49% 53% US $259 US $147

OceanaGold Corporation TSX:OGC US $2,218 US $93 US $2,305 13.0 1.60 14.1 1.73 93% 5.9 1.42 6.6 1.59 90% US $391 7.1 1.78 7.5 1.87 95% 43% US $177 US $164

Yamana Gold Inc. TSX:YRI US $2,301 US $7 US $4,111 55.5 0.49 113.6 1.01 49% 19.3 0.35 53.4 0.98 36% US $213 36.2 0.63 60.1 1.04 60% 45% US $74 US $36

Group Average - Total # Companies: 20 US $412 US $142 US $107

Equivalency assumptions (US$ / 01-10-19): $1,287/oz Au, $15.57/oz Ag, $820/oz Pt, $1,325/oz Pd, $2.68/lb Cu, $1.12/lb Zn, $0.89/lb Pb, $5.08/lb Ni, $11.29/lb Mo, $20.41/lb Co, $0/t Sb, $28.75/lb U3O8, $9.17/lb Sn, $93.00/t HCC, $73.98/t 62% Fe

Source: SNL Financial retrieved on January 10, 2019

EV/oz

Au

Global

EV/oz

AuEq

AuEq

(Moz)

Resources (M&I and Inferred)

AuEq

(g/t)% Au

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Reserves

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Global Reserves & Resources

The Weekly Dig



23

Intermediate Gold Producers – Reserves and Resources

Reserves

Acacia Mining plc LSE:ACA US $1,037 US $0 US $1,094 25.7 3.66 27.7 3.96 93% 7.5 3.83 7.9 4.04 95% US $147 18.2 3.60 19.9 3.93 92% 63% US $43 US $39

Centerra Gold Inc. TSX:CG US $1,248 US $635 US $941 33.5 0.43 61.3 0.79 55% 16.5 0.67 22.1 0.89 75% US $57 17.0 0.32 39.3 0.74 43% 40% US $28 US $15

China Gold International Resources Corp. Ltd. TSX:CGG US $461 US $87 US $1,501 10.5 0.16 63.2 0.94 17% 4.6 0.27 22.7 1.34 20% US $327 6.0 0.12 40.5 0.80 15% 44% US $142 US $24

Detour Gold Corporation TSX:DGC US $1,574 US $198 US $1,625 20.8 0.96 20.8 0.96 100% 16.0 0.97 16.0 0.97 100% US $101 4.8 0.96 4.8 0.96 100% 23% US $78 US $78

Eldorado Gold Corporation TSX:ELD US $480 US $500 US $582 39.6 0.87 53.7 1.18 74% 16.5 1.37 23.1 1.91 71% US $35 23.1 0.69 30.6 0.91 75% 51% US $15 US $11

Harmony Gold Mining Company Limited JSE:HAR US $1,037 US $42 US $1,354 95.8 1.21 127.0 1.61 75% 24.5 0.68 36.4 1.02 67% US $55 71.3 1.65 90.7 2.10 79% 36% US $14 US $11

Highland Gold Mining Limited AIM:HGM US $704 US $44 US $833 17.2 2.99 17.2 2.99 100% 5.1 3.26 5.1 3.26 100% US $163 12.1 3.04 12.1 3.04 100% 19% US $48 US $48

McEwen Mining Inc. NYSE:MUX US $633 US $38 US $648 13.2 0.11 80.1 0.66 16% 0.8 1.46 0.9 1.69 86% US $863 12.5 0.10 79.2 0.66 16% 46% US $49 US $8

Pretium Resources Inc. TSX:PVG US $1,334 US ($468) US $1,943 48.8 0.68 63.0 0.88 77% 8.7 14.63 9.1 15.28 96% US $223 40.1 0.56 54.0 0.76 74% 32% US $40 US $31

Regis Resources Limited ASX:RRL US $1,802 US $134 US $1,669 8.4 0.90 8.4 0.90 100% 3.8 1.07 3.8 1.07 100% US $442 4.6 0.79 4.6 0.79 100% 44% US $198 US $198

Resolute Mining Limited ASX:RSG US $640 US $151 US $524 12.6 1.55 12.6 1.55 100% 4.8 1.41 4.8 1.41 100% US $110 7.8 1.64 7.8 1.64 100% 41% US $41 US $41

SEMAFO Inc. TSX:SMF US $676 US $83 US $692 7.0 2.70 7.0 2.70 100% 2.9 3.37 2.9 3.37 100% US $241 4.2 2.37 4.2 2.37 100% 33% US $98 US $98

Tahoe Resources Inc. TSX:THO US $1,178 US $103 US $1,178 22.6 0.50 42.3 0.93 54% 3.7 0.56 8.1 1.23 46% US $316 18.9 0.49 34.2 0.88 55% 46% US $52 US $28

Torex Gold Resources Inc TSX:TXG US $865 US $57 US $1,078 8.4 2.67 11.4 3.63 74% 3.3 2.74 3.3 2.80 98% US $330 5.1 2.63 8.1 4.13 64% 85% US $128 US $94




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The Weekly Dig



24

Junior Gold Producers – Reserves and Resources

Reserves

Alacer Gold Corp. TSX:ASR US $570 US $103 US $755 7.3 0.66 13.3 1.21 54% 3.7 2.17 5.0 2.94 74% US $207 3.6 0.39 8.4 0.90 43% 54% US $104 US $57

Alio Gold Inc. TSX:ALO US $81 US $92 US $4 7.4 0.53 7.9 0.57 93% 1.9 0.89 2.0 0.90 99% US $2 5.4 0.46 5.9 0.51 91% 25% US $1 US $1

Argonaut Gold Inc. TSX:AR US $212 US $96 US $124 12.6 0.57 15.3 0.70 82% 4.5 0.62 5.2 0.72 87% US $28 8.1 0.55 10.1 0.69 80% 16% US $10 US $8

Asanko Gold Inc. TSX:AKG US $162 US $11 US $151 6.2 1.46 6.2 1.46 100% 4.7 1.57 4.7 1.57 100% US $32 1.6 1.22 1.6 1.22 100% 15% US $24 US $24

Azumah Resources Limited ASX:AZM US $16 US $2 US $15 0.9 1.55 0.9 1.55 100% 0.3 2.14 0.3 2.14 100% US $55 0.6 1.38 0.6 1.38 100% 47% US $17 US $17

Beadell Resources Limited ASX:BDR US $67 US ($10) US $124 3.7 0.43 15.8 1.80 24% 1.5 1.83 1.5 1.83 100% US $84 2.3 0.28 14.3 1.79 16% 66% US $33 US $8

Dundee Precious Metals Inc. TSX:DPM US $507 US $35 US $510 9.7 0.39 18.6 0.75 52% 2.7 3.35 3.5 4.40 76% US $190 7.0 0.29 15.1 0.63 46% 55% US $53 US $27

Fiore Gold Ltd. TSXV:F US $27 US $17 US $10 3.8 0.93 3.8 0.93 100% 0.3 0.52 0.3 0.52 100% US $31 3.5 1.00 3.5 1.00 100% 26% US $3 US $3

Golden Star Resources Ltd. TSX:GSC US $369 US ($91) US $539 10.9 3.21 10.9 3.21 100% 1.5 2.55 1.5 2.55 100% US $353 7.6 3.58 7.6 3.58 100% 72% US $49 US $49

Goldgroup Mining Inc. TSX:GGA US $7 US ($3) US $11 0.3 0.96 0.7 1.99 48% - - - - - - 0.3 0.96 0.7 1.99 48% 35% US $31 US $15

Guyana Goldfields Inc. TSX:GUY US $216 US $116 US $125 8.4 2.95 8.4 2.95 100% 4.0 2.87 4.0 2.87 100% US $32 4.4 3.03 4.4 3.03 100% 47% US $15 US $15

Jaguar Mining Inc. TSX:JAG US $50 US $2 US $57 3.3 4.22 3.3 4.22 100% 0.3 3.94 0.3 3.94 100% US $179 3.0 4.25 3.0 4.25 100% 52% US $17 US $17

Leagold Mining Corporation TSX:LMC US $406 US $48 US $568 25.5 1.04 27.8 1.14 92% 5.6 1.34 5.9 1.40 96% US $101 19.9 8.75 21.9 9.67 91% 45% US $22 US $20

Medusa Mining Limited ASX:MML US $59 US $12 US $47 1.3 3.83 1.3 3.83 100% 0.3 6.69 0.3 6.69 100% US $144 1.0 4.07 1.0 4.07 100% 41% US $35 US $35

Metanor Resources Inc. TSXV:MTO US $45 US ($6) US $52 1.7 1.54 1.7 1.54 100% 0.2 7.38 0.2 7.38 100% US $260 1.5 1.40 1.5 1.40 100% 79% US $31 US $31

Minera IRL Limited BVL:MIRL US $9 US ($79) US $90 2.5 2.17 2.5 2.17 100% 1.1 1.87 1.1 1.87 100% US $83 1.4 2.43 1.4 2.43 100% 76% US $36 US $36

New Gold Inc. TSX:NGD US $655 US $362 US $1,233 22.2 0.72 28.4 0.92 78% 14.8 0.79 17.7 0.94 84% US $83 7.4 0.62 10.7 0.90 69% 20% US $56 US $43

Orosur Mining Inc. TSX:OMI US $10 US ($15) US $25 0.6 0.65 1.4 1.55 42% 0.1 1.42 0.1 1.42 100% US $204 0.5 0.57 1.3 1.57 36% 17% US $43 US $18

Orvana Minerals Corp. TSX:ORV US $17 US ($10) US $34 2.2 3.90 2.8 5.07 77% 0.3 3.50 0.4 4.22 83% US $98 1.8 3.99 2.4 5.25 76% 47% US $16 US $12

Perseus Mining Limited ASX:PRU US $309 US $47 US $301 12.5 1.14 12.5 1.14 100% 4.7 1.45 4.7 1.45 100% US $64 7.8 1.02 7.8 1.02 100% 38% US $24 US $24

Premier Gold Mines Limited TSX:PG US $274 US $63 US $212 10.7 1.59 11.0 1.62 98% 3.0 1.22 3.1 1.24 99% US $70 7.7 1.80 7.9 1.84 98% 52% US $20 US $19

Roxgold Inc. TSX:ROXG US $229 US $69 US $197 1.2 16.71 1.2 16.71 100% 0.7 11.48 0.7 11.48 100% US $263 0.5 - 0.5 - 100% 80% US $162 US $162

Shanta Gold Limited AIM:SHG US $53 US $20 US $65 2.8 2.46 2.8 2.46 100% 0.5 4.40 0.5 4.40 100% US $126 2.3 2.24 2.3 2.24 100% 60% US $23 US $23

TMAC Resources Inc. TSX:TMR US $501 US ($17) US $616 6.6 8.12 6.6 8.12 100% 3.6 7.72 3.6 7.72 100% US $171 3.0 8.66 3.0 8.66 100% 57% US $93 US $93




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The Weekly Dig

25

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

Reserves

African Gold Group, Inc. TSXV:AGG US $7 US ($1) US $8 2.0 1.01 2.0 1.01 100% 0.5 1.25 0.5 1.25 100% US $17 1.5 0.96 1.5 0.96 100% 59% US $4 US $4

Almaden Minerals Ltd. TSX:AMM US $96 US $6 US $90 2.4 0.42 4.7 0.81 52% 1.3 0.62 2.2 1.07 58% US $70 1.1 0.31 2.4 0.67 47% 40% US $37 US $19

Amarillo Gold Corporation TSXV:AGC US $25 US $3 US $22 2.1 1.22 2.1 1.22 100% 1.0 1.63 1.0 1.63 100% US $22 1.1 0.99 1.1 0.99 100% 57% US $10 US $10

ATAC Resources Ltd. TSXV:ATC US $30 US $9 US $21 2.4 3.45 2.4 3.46 100% - - - - - - 2.4 3.45 2.4 3.46 100% 79% US $9 US $9

Atlantic Gold Corporation TSXV:AGB US $306 US $26 US $367 1.4 1.32 1.4 1.32 100% 1.0 1.28 1.0 1.28 100% US $365 0.4 1.43 0.4 1.43 100% 73% US $260 US $260

Avesoro Resources Inc. TSX:ASO US $166 US ($11) US $283 3.9 2.00 3.9 2.00 100% 1.2 2.24 1.2 2.24 100% US $239 2.7 1.91 2.7 1.91 100% 67% US $73 US $73

Barkerville Gold Mines Ltd. TSXV:BGM US $153 US $12 US $142 3.8 5.60 3.8 3.75 100% - - - - - - 3.8 5.60 3.8 5.60 100% 57% US $38 US $38

Belo Sun Mining Corp TSX:BSX US $121 US $25 US $96 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $25 3.0 1.07 3.0 1.07 100% 52% US $14 US $14

Bluestone Resources Inc. TSXV:BSR US $71 US $29 US $42 1.3 10.09 1.3 10.51 96% - - - - - - 1.3 10.09 1.3 10.51 96% 4% US $33 US $32

California Gold Mining Inc. TSXV:CGM US $10 US $1 US $10 1.3 1.31 1.3 1.31 100% - - - - - - 1.3 1.31 1.3 1.31 100% 32% US $8 US $8

Chaarat Gold Holdings Limited AIM:CGH US $140 US ($16) US $178 7.9 2.66 8.1 2.71 98% 0.5 0.91 0.5 0.93 99% US $378 7.5 3.02 7.6 3.08 98% 14% US $22 US $22

Chalice Gold Mines Limited ASX:CHN US $26 US $29 US ($3) 0.5 1.21 1.1 2.79 43% - - - - - - 0.5 1.21 1.1 2.79 43% 38% - -

Chesapeake Gold Corp. TSXV:CKG US $67 US $12 US $56 19.5 0.51 29.4 0.77 66% 18.3 0.52 27.8 0.79 66% US $3 1.2 0.45 1.6 0.60 75% 53% US $3 US $2

Columbus Gold Corp. TSX:CGT US $28 US $4 US $24 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $19 0.9 1.25 0.9 1.25 100% 47% US $11 US $11

Continental Gold Inc. TSX:CNL US $317 US $73 US $459 9.1 9.91 9.6 10.50 94% 3.7 8.41 3.8 8.71 97% US $124 5.4 - 5.8 - 93% 86% US $51 US $48

Dacian Gold Limited ASX:DCN US $406 US ($35) US $509 3.3 2.31 3.3 2.31 100% 1.2 2.01 1.2 2.01 100% US $424 2.1 2.52 2.1 2.52 100% 53% US $153 US $153

Equinox Gold Corp. TSXV:EQX US $411 US ($4) US $471 9.5 0.24 26.0 0.67 36% 4.5 0.65 4.5 0.65 100% US $104 4.9 0.16 21.4 0.68 23% 64% US $50 US $18

Euro Sun Mining Inc. TSX:ESM US $20 US ($1) US $21 7.5 0.54 10.7 0.77 70% - - - - - - 7.5 0.54 10.7 0.77 70% 5% US $3 US $2

Falco Resources Ltd. TSXV:FPC US $59 US ($24) US $98 5.9 1.60 9.5 2.57 62% 3.7 1.44 6.0 2.32 62% US $26 2.2 1.98 3.5 3.19 62% 47% US $17 US $10

First Mining Gold Corp. TSX:FF US $147 US $7 US $140 11.8 1.48 12.1 1.52 97% - - - - - - 11.8 1.48 12.1 1.52 97% 38% US $12 US $12

Gabriel Resources Ltd. TSXV:GBU US $126 US $7 US $173 16.4 1.05 17.3 1.11 95% 8.1 1.46 8.6 1.55 95% US $21 8.3 0.83 8.7 0.87 95% 27% US $11 US $10

Gold Road Resources Limited ASX:GOR US $413 US $171 US $242 3.3 1.07 3.4 1.12 96% 1.9 1.20 1.9 1.20 100% US $129 1.4 0.94 1.5 1.03 91% 67% US $74 US $71

Golden Queen Mining Co. Ltd. TSX:GQM US $14 US ($11) US $32 0.9 0.53 1.1 0.64 83% 0.5 0.66 0.6 0.79 83% US $64 0.4 0.43 0.5 0.52 83% 30% US $35 US $29

Goldquest Mining Corp. TSXV:GQC US $24 US $14 US $10 2.2 2.60 3.3 3.85 67% 0.8 3.72 1.1 5.02 74% US $12 1.4 2.19 2.0 3.21 68% 16% US $5 US $3

Harte Gold Corp. TSX:HRT US $190 US ($27) US $256 1.5 7.40 1.5 7.40 100% - - - - - - 1.5 7.40 1.5 7.40 100% 52% US $174 US $174

Hummingbird Resources PLC AIM:HUM US $103 US ($0) US $163 5.6 1.56 5.6 1.56 100% 0.6 3.14 0.6 3.14 100% US $286 5.1 1.48 5.1 1.48 100% 48% US $29 US $29

IDM Mining Ltd. TSXV:IDM US $26 US $1 US $24 0.8 7.72 0.8 7.97 97% - - - - - - 0.8 7.72 0.8 7.97 97% 8% US $32 US $31

International Tower Hill Mines Ltd. TSX:ITH US $102 US $11 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% US $7 US $7

INV Metals Inc. TSX:INV US $50 US $5 US $45 3.1 3.34 3.8 4.13 81% 1.9 4.98 2.1 5.72 87% US $24 1.2 2.23 1.7 3.05 73% 44% US $15 US $12

K92 Mining Inc. TSXV:KNT US $151 US ($3) US $155 2.2 9.59 2.9 12.28 78% - - - - - - 2.2 9.59 2.9 12.28 78% 77% US $69 US $54

KEFI Minerals Plc AIM:KEFI US $11 US ($5) US $17 0.4 3.56 0.4 3.56 100% - - - - - - 0.4 3.56 0.4 3.56 100% 92% US $43 US $43

Lumina Gold Corp. TSXV:LUM US $133 US $3 US $130 12.5 0.64 15.8 0.80 79% - - - - - - 12.5 0.64 15.8 0.80 79% 90% US $10 US $8

Lundin Gold Inc. TSX:LUG US $772 US $290 US $834 9.5 8.33 9.6 8.48 98% 4.9 9.16 4.9 9.16 100% US $169 4.5 7.58 4.5 7.58 100% 47% US $88 US $86

Lupaka Gold Corp. TSXV:LPK US $8 US ($1) US $10 0.5 4.20 0.6 5.59 75% - - - - - - 0.5 4.20 0.6 5.59 75% 19% US $20 US $15

Lydian International Limited TSX:LYD US $97 US ($296) US $393 4.8 0.69 5.1 0.73 94% 2.6 0.79 2.8 0.84 94% US $151 2.1 0.60 2.3 0.64 93% 60% US $83 US $78

Metals Exploration plc AIM:MTL US $21 US ($58) US $121 1.7 1.62 2.1 1.99 81% 0.9 1.86 1.1 2.19 85% US $135 0.8 1.43 1.1 1.83 78% 82% US $70 US $57

Midas Gold Corp. TSX:MAX US $179 US $34 US $169 6.6 1.60 6.7 1.62 98% - - - - - - 6.6 1.60 6.7 1.62 98% 15% US $26 US $25

Minera Alamos Inc. TSXV:MAI US $24 US $1 US $23 0.8 1.64 1.0 1.99 83% - - - - - - 0.8 1.64 1.0 1.99 83% 18% US $28 US $23

Moneta Porcupine Mines Inc. TSX:ME US $27 US $2 US $26 4.3 1.17 4.3 1.17 100% - - - - - - 4.3 1.17 4.3 1.17 100% 75% US $6 US $6

NovaGold Resources Inc. TSX:NG US $1,274 US $169 US $1,200 28.7 0.96 43.5 1.45 66% 19.7 1.18 27.4 1.65 72% US $61 9.1 0.67 16.1 1.20 56% 58% US $42 US $28

Orca Gold Inc. TSXV:ORG US $74 US $11 US $63 2.7 1.28 2.7 1.30 98% - - - - - - 2.7 1.28 2.7 1.30 98% 20% US $24 US $23

Orezone Gold Corporation TSXV:ORE US $83 US $37 US $46 5.2 0.67 5.2 0.67 100% 1.0 0.64 1.0 0.64 100% US $44 4.2 0.68 4.2 0.68 100% 22% US $9 US $9

Orla Mining Ltd. TSX:OLA US $154 US $15 US $143 12.2 0.83 16.8 1.15 73% 0.5 0.77 0.5 0.82 94% US $294 11.7 0.84 16.3 1.16 72% 16% US $12 US $9

Red Eagle Mining Corporation TSX:R US $5 US ($100) US $105 0.6 3.35 0.6 3.35 100% 0.4 5.19 0.4 5.19 100% US $259 0.2 1.98 0.2 1.98 100% 64% US $171 US $171

RTG Mining Inc. TSX:RTG US $43 US $27 US $16 0.4 1.64 0.8 3.56 46% 0.2 2.04 0.5 4.93 41% US $80 0.2 1.34 0.3 2.50 53% 84% US $43 US $20

Rubicon Minerals Corporation TSX:RMX US $68 US $8 US $70 1.0 6.09 1.0 6.09 100% - - - - - - 1.0 6.09 1.0 6.09 100% 73% US $68 US $68

Sabina Gold & Silver Corp. TSX:SBB US $270 US $24 US $246 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $98 4.7 6.16 4.7 6.16 100% 40% US $34 US $34

Sandspring Resources Ltd. TSXV:SSP US $40 US $3 US $36 10.4 0.85 11.7 0.95 89% 4.1 1.00 4.5 1.11 90% US $9 6.3 0.77 7.0 0.86 90% 53% US $3 US $3

Seabridge Gold Inc. TSX:SEA US $768 US $5 US $762 112.2 0.48 212.3 0.91 53% 45.3 0.61 70.4 0.96 64% US $17 66.9 0.42 141.9 0.89 47% 79% US $7 US $4

Sihayo Gold Limited ASX:SIH US $21 US ($2) US $25 1.1 2.62 1.1 2.62 100% 0.4 2.41 0.4 2.41 100% US $60 0.7 2.78 0.7 2.78 100% 42% US $23 US $23

Solitario Zinc Corp. AMEX:XPL US $17 US $13 US $4 - - 3.4 6.87 - - - - - - - - - 3.4 6.87 - - US $1 US $1

Terraco Gold Corp. TSXV:TEN US $8 US ($0) US $16 1.0 0.70 1.0 0.70 100% - - - - - - 1.0 0.70 1.0 0.70 100% 8% US $16 US $16

Treasury Metals Inc. TSX:TML US $34 US ($3) US $37 1.6 1.88 1.8 2.21 85% - - - - - - 1.6 1.88 1.8 2.21 85% 24% US $20 US $20

Vast Resources plc AIM:VAST US $25 US ($3) US $63 2.5 1.53 3.4 2.07 74% 0.6 1.83 1.0 3.09 59% US $109 1.9 1.54 2.4 1.91 81% 49% US $25 US $19

Victoria Gold Corp. TSXV:VIT US $230 US $8 US $230 4.5 0.65 4.6 0.66 99% 2.7 0.67 2.7 0.67 100% US $86 1.9 0.61 1.9 0.63 97% 30% US $51 US $50


Group Average - 0 - 20 million ounces # Companies: 52 US $41 US $38

Group Average - 20 - 50 million ounces # Companies: 1 US $42 US $16

Group Average - +50 million ounces # Companies: 1 US $7 US $4



Au

(Moz)% Au

AuEq

(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)

Global Reserves & Resources

AuEq

(g/t)

Au

(g/t)

AuEq

(g/t)% Au

Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)



The Weekly Dig

26

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

Alexandria Minerals Corporation TSXV:AZX US $11 US ($1) US $11 1.3 2.34 1.8 3.21 73% - - - - - 1.3 2.34 1.8 3.21 73% 44% US $8 US $6

Aurion Resources Ltd. TSXV:AU US $53 US $10 US $43 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 $52 US $52

Auryn Resources Inc. TSX:AUG US $85 US $3 US $81 2.3 5.56 2.6 6.31 88% - - - - - 2.3 5.56 2.6 6.31 88% 72% US $35 US $31

Balmoral Resources Ltd TSX:BAR US $15 US $4 US $11 1.2 1.20 1.7 1.75 69% - - - - - 1.2 1.20 1.7 1.75 69% 36% US $9 US $6

Calibre Mining Corp. TSXV:CXB US $22 US $0 US $22 2.3 1.18 3.0 1.57 75% - - - - - 2.3 1.18 3.0 1.57 75% 99% US $10 US $7

Cardinal Resources Limited ASX:CDV US $109 US $25 US $107 7.0 1.13 7.0 1.13 100% - - - - - 7.0 1.13 7.0 1.13 100% 7% US $15 US $15

Condor Gold Plc AIM:CNR US $24 US $1 US $23 3.1 3.68 3.1 3.74 98% 0.7 3.04 0.7 3.11 98% 2.4 3.91 2.4 3.97 98% 55% US $7 US $7

Corvus Gold Inc. TSX:KOR US $210 US $4 US $205 2.2 0.30 2.3 0.32 95% - - - - - 2.2 0.30 2.3 0.32 95% 19% US $94 US $89

Eastmain Resources Inc. TSX:ER US $28 US $4 US $23 1.7 6.59 1.7 6.65 99% - - - - - 1.7 6.59 1.7 6.65 99% 37% US $13 US $13

Eco Oro Minerals Corp CNSX:EOM US $15 US ($18) US $30 3.5 4.38 3.7 4.60 95% - - - - - 3.5 4.38 3.7 4.60 95% 37% US $9 US $8

GobiMin Inc. TSXV:GMN US $9 US $19 US ($9) 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 $337 US $22 US $314 3.6 0.80 3.7 0.84 96% - - - - - 3.6 0.80 3.7 0.84 96% 73% US $87 US $84

Mako Mining Corp. TSXV:MKO US $34 US ($3) US $35 0.9 7.81 1.0 7.97 98% - - - - - 0.9 7.81 1.0 7.97 98% 84% US $38 US $37

Granada Gold Mine Inc. TSXV:GGM US $9 US ($4) US $10 5.0 1.23 5.1 1.24 99% - - - - - 5.0 1.23 5.1 1.24 99% 69% US $2 US $2

Integra Resources Corp. TSXV:ITR US $51 US ($3) US $51 2.3 0.46 3.6 0.72 63% - - - - - 2.3 0.46 3.6 0.72 63% 100% US $23 US $14

Kasbah Resources Limited ASX:KAS US $6 US ($1) US $7 0.2 0.55 1.7 4.17 13% - - 0.7 4.05 - 0.2 0.93 1.0 4.25 22% - US $29 US $4

Liberty Gold Corp. TSX:LGD US $48 US $1 US $55 1.6 * 0.66 1.6 0.66 100% - - - - - 1.6 * 0.66 1.6 0.66 100% 24% US $35 US $35

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

Lion One Metals Limited TSXV:LIO US $30 US $13 US $18 0.7 0.09 14.5 1.87 5% - - - - - 0.7 0.09 14.5 1.87 5% 60% US $24 US $1

Marathon Gold Corporation TSX:MOZ US $98 US $4 US $93 3.2 1.99 3.2 1.99 100% - - - - - 3.2 1.99 3.2 1.99 100% 34% US $29 US $29

Monarques Gold Corporation TSX:MQR US $41 US $4 US $39 3.8 2.93 3.8 2.93 100% 0.2 6.70 0.2 6.70 100% 3.6 2.89 3.6 2.89 100% 16% US $10 US $10

New Pacific Metals Corp. TSXV:NUAG US $150 US $20 US $130 0.5 6.12 0.6 7.22 85% - - - - - 0.5 6.12 0.6 7.22 85% 45% US $256 US $217

Nighthawk Gold Corp. TSX:NHK US $65 US $12 US $53 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $18 US $18

Northern Empire Resources Corp. TSXV:NM US $66 US $8 US $58 1.0 1.26 1.0 1.26 100% - - - - - 1.0 1.26 1.0 1.26 100% 3% US $61 US $61

Novo Resources Corp. TSXV:NVO US $336 US $35 US $297 0.9 2.83 1.0 3.14 90% - - - - - 0.9 2.83 1.0 3.14 90% 52% US $330 US $298

Orex Minerals Inc. TSXV:REX US $6 US $2 US $5 0.1 0.33 0.5 2.76 12% - - - - - 0.1 0.33 0.5 2.76 12% 47% US $74 US $9

Osisko Mining Inc. TSX:OSK US $548 US $81 US $471 7.6 2.40 7.6 2.40 100% - - - - - 7.6 2.40 7.6 2.40 100% 53% US $62 US $62

Osprey Gold Development Ltd. TSXV:OS US $2 US $0 US $2 0.4 3.56 0.4 3.56 100% - - - - - 0.4 3.56 0.4 3.56 100% 92% US $4 US $4

Puma Exploration Inc. TSXV:PUMA US $8 US ($0) US $8 0.0 0.27 0.7 4.47 6% - - - - - 0.0 0.27 0.7 4.47 6% 12% US $191 US $11

Pure Gold Mining Inc. TSXV:PGM US $122 US $7 US $113 2.0 8.57 2.0 8.57 100% - - - - - 2.0 8.57 2.0 8.57 100% 15% US $56 US $56

Red Pine Exploration Inc. TSXV:RPX US $17 US $1 US $15 0.7 1.75 0.7 1.75 100% - - - - - 0.7 1.75 0.7 1.75 100% 96% US $23 US $23

Redstar Gold Corp. TSXV:RGC US $6 US $2 US $4 0.5 2.94 0.7 3.73 79% - - - - - 0.5 2.94 0.7 3.73 79% 7% US $7 US $5

Regulus Resources Inc. TSXV:REG US $97 US ($2) US $97 5.7 0.37 17.8 1.15 32% - - - - - 5.7 0.37 17.8 1.15 32% 89% US $17 US $5

Reunion Gold Corporation TSXV:RGD US $41 US $4 US $36 0.7 2.10 0.7 2.10 100% - - - - - 0.7 2.10 0.7 2.10 100% - US $51 US $51

Revival Gold Inc. TSXV:RVG US $25 US $2 US $23 2.0 0.62 2.0 0.62 100% - - - - - 2.0 0.62 2.0 0.62 100% 39% US $12 US $12

Rupert Resources Ltd. TSXV:RUP US $86 US $1 US $85 1.1 2.16 1.1 2.16 100% - - - - - 1.1 2.16 1.1 2.16 100% 83% US $80 US $80

Sarama Resources Ltd TSXV:SWA US $8 US $1 US $6 1.1 1.75 1.1 1.75 100% - - - - - 1.1 1.75 1.1 1.75 100% 78% US $6 US $6

SolGold plc TSX:SOLG US $891 US $36 US $853 10.7 0.36 31.1 1.04 34% - - - - - 10.7 0.36 31.1 1.04 34% 52% US $80 US $27

Spanish Mountain Gold Ltd. TSXV:SPA US $14 US $1 US $12 8.0 0.33 8.2 0.34 98% - - - - - 8.0 0.33 8.2 0.34 98% 51% US $2 US $2

Teras Resources Inc. TSXV:TRA US $7 US $0 US $7 1.1 0.48 1.3 0.55 88% - - - - - 1.1 0.48 1.3 0.55 88% 10% US $6 US $5

TriMetals Mining Inc. TSX:TMI US $7 US ($0) US $8 1.9 0.07 14.9 0.57 13% - - - - - 1.9 0.07 14.9 0.57 13% 40% US $4 US $1

Vendetta Mining Corp. TSXV:VTT US $17 US ($0) US $17 - - 1.6 4.20 - - - - - - - - 1.0 2.50 - - US $11 US $11

West Kirkland Mining Inc. TSXV:WKM US $14 US ($0) US $14 0.8 0.46 0.9 0.54 84% 0.6 0.58 0.7 0.67 86% 0.2 0.30 0.3 0.37 81% 45% US $18 US $15

Group Average - Total # Companies: 43 US $46 US $34



*Includes only Liberty's Goldstrike and Kinsley Mountain Projects

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Au

(g/t)

AuEq

(Moz)


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

AuEq

(g/t)

% Au

Inferred

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

% Au% AuAu

(Moz)

The Weekly Dig



27

Silver – Enterprise Value per Ounce of Silver

Reserves

Alexco Resource Corp. TSX:AXR US $113 US $10 US $103 86 357 150 623 57% - - - - - - 86 357 150 623 57% 21% US $1.20 US $0.68

Americas Silver Corporation TSX:USA US $77 US $3 US $80 136 151 333 369 41% 28 164 73 422 39% US $2.84 108 148 260 356 41% 37% US $0.59 US $0.24

Athena Silver Corporation OTCPK:AHNR US $1 US ($3) US $4 43 67 43 67 100% - - - - - - 43 67 43 67 100% - US $0.08 US $0.08

Bear Creek Mining Corporation TSXV:BCM US $96 US $41 US $54 496 42 1,076 92 46% 288 51 626 111 46% US $0.19 208 34 450 74 46% 33% US $0.11 US $0.05

Coeur Mining, Inc. NYSE:CDE US $1,004 US $140 US $1,293 673 26 1,431 56 47% 165 18 409 44 40% US $7.85 509 31 1,024 63 50% 21% US $1.92 US $0.90

Defiance Silver Corp. TSXV:DEF US $24 US ($1) US $26 17 182 18 193 94% - - - - - - 17 182 18 193 94% 100% US $1.51 US $1.43

Dolly Varden Silver Corporation TSXV:DV US $19 US $3 US $17 43 333 43 333 100% - - - - - - 43 333 43 333 100% 25% US $0.39 US $0.39

Endeavour Silver Corp. TSX:EDR US $293 US $57 US $235 156 193 267 330 58% 33 198 60 352 56% US $7.03 123 192 208 324 59% 70% US $1.51 US $0.88

First Majestic Silver Corp. TSX:FR US $1,174 US $128 US $1,196 401 161 734 295 55% 133 180 224 304 59% US $9.02 263 153 498 289 53% 77% US $2.98 US $1.63

Fortuna Silver Mines Inc. TSX:FVI US $596 US $183 US $455 90 15 492 84 18% 45 15 262 86 17% US $10.16 46 16 229 82 20% 87% US $5.03 US $0.93

Golden Minerals Company AMEX:AUMN US $31 US $4 US $27 68 372 97 534 70% - - - - - - 68 372 97 534 70% 8% US $0.40 US $0.28

Hecla Mining Company NYSE:HL US $1,340 US $66 US $1,823 751 68 2,493 225 30% 177 221 570 711 31% US $10.30 574 56 1,924 187 30% 78% US $2.43 US $0.73

Investigator Resources Limited ASX:IVR US $9 US $2 US $7 42 140 49 164 86% - - - - - - 42 140 49 164 86% 45% US $0.16 US $0.14

Kootenay Silver Inc TSXV:KTN US $23 US $2 US $21 76 62 121 99 63% - - - - - - 76 62 121 99 63% 19% US $0.27 US $0.17

MacPhersons Resources Limited ASX:MRP US $20 US $2 US $19 20 22 85 93 24% 8 178 16 336 53% US $2.25 12 14 69 80 17% 29% US $0.92 US $0.22

MAG Silver Corp. TSX:MAG US $704 US $142 US $562 170 70 652 267 26% - - - - - - 170 70 652 267 26% 55% US $3.30 US $0.86

Mandalay Resources Corporation TSX:MND US $43 US $5 US $71 63 31 302 147 21% 8 19 72 173 11% US $9.12 56 39 230 161 24% 19% US $1.12 US $0.24

Minco Silver Corporation TSX:MSV US $22 US $24 US ($2) 162 158 263 257 62% 50 189 62 236 80% - 112 148 200 264 56% 52% - -

Mineworx Technologies Ltd. TSXV:MWX US $32 US $2 US $29 22 9 411 163 5% - - - - - - 22 9 411 163 5% - US $1.31 US $0.07

Pan American Silver Corp. TSX:PAAS US $2,308 US $444 US $1,894 1,446 91 2,214 139 65% 291 93 498 160 58% US $6.50 1,157 90 1,721 134 67% 24% US $1.31 US $0.86

Silver Bear Resources Plc TSX:SBR US $84 US $16 US $185 60 704 61 710 99% 22 809 22 809 100% US $8.30 38 655 39 663 99% 63% US $3.06 US $3.04

Silver Bull Resources, Inc. OTCPK:SVBL US $30 US $3 US $27 27 48 139 244 20% - - - - - - 27 48 139 244 20% 0% US $0.99 US $0.19

SilverCrest Metals Inc. TSXV:SIL US $269 US $10 US $259 38 257 72 488 53% - - - - - - 38 257 72 488 53% 90% US $6.88 US $3.62

Silvercorp Metals Inc. TSX:SVM US $381 US $99 US $287 213 121 556 318 38% 84 202 173 416 49% US $3.41 129 96 384 287 34% 66% US $1.35 US $0.52

Group Average - Total # Companies: 24 US $6.41 US $1.69 US $0.79



Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Ag

(g/t)

AgEq

(Moz)


Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)

AgEq

(g/t)

% Ag

Inferred

EV/oz

Ag

EV/oz

Ag

EV/oz

AgEq

Ag

(Moz)

Ag

(g/t)

AgEq

(Moz)

AgEq

(g/t)% Ag

Global

% Ag% AgAg

(Moz)



The Weekly Dig

28

Precious Metals Sensitivity

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

PRODUCERS

Alamos Gold Inc. $10.00 NAVPS Gold $14.91 $11.05 $12.72 $14.01 $14.48 $14.91 $15.17 $15.59 $16.03 $16.50

Asanko Gold Inc. $1.65 NAVPS Gold $1.65 $0.24 $0.75 $1.21 $1.43 $1.65 $1.86 $2.07 $2.50 $2.94

Atlantic Gold Corp. $1.80 NAVPS Gold $1.70 $0.71 $1.04 $1.37 $1.54 $1.70 $1.87 $2.04 $2.37 $2.70

B2Gold Corp. $5.00 NAVPS Gold $3.95 $1.73 $2.53 $3.25 $3.60 $3.95 $4.30 $4.65 $5.38 $6.13

Barrick Gold Corporation $18.00 NAVPS Gold $14.20 $11.97 $12.71 $13.45 $13.82 $14.20 $14.57 $14.94 $15.68 $16.42

Detour Gold Corporation $15.50 NAVPS Gold $21.50 $6.00 $8.00 $13.65 $17.55 $21.50 $25.45 $28.90 $34.90 $40.60

Endeavour Mining Corporation $32.00 NAVPS Gold $24.77 $16.17 $19.08 $21.91 $23.31 $24.77 $26.17 $27.58 $30.37 $33.16

OceanaGold Corporation $4.20 NAVPS Gold $2.77 $0.62 $1.39 $2.09 $2.43 $2.77 $3.11 $3.45 $4.13 $4.81

Osisko Gold Royalties Ltd $16.50 NAVPS Gold $14.55 $11.26 $12.32 $13.39 $13.92 $14.45 $14.99 $15.52 $16.58 $17.65

RNC Minerals $0.75 NAVPS Gold $0.53 ($0.15) $0.09 $0.31 $0.42 $0.53 $0.63 $0.73 $0.93 $1.12

Roxgold Inc. $1.90 NAVPS Gold $1.66 $0.97 $1.18 $1.43 $1.53 $1.66 $1.78 $1.90 $2.15 $2.40

SEMAFO Inc. $6.00 NAVPS Gold $5.08 $2.52 $3.59 $4.45 $4.82 $5.08 $5.39 $5.62 $5.95 $6.34

Superior Gold Inc. $1.50 NAVPS Gold $1.38 $0.32 $0.68 $1.03 $1.20 $1.38 $1.56 $1.73 $2.08 $2.43

Tahoe Resources Inc. $4.00 NAVPS Gold $4.84 $2.63 $3.32 $4.09 $4.47 $4.84 $5.22 $5.60 $6.40 $7.19

DEVELOPERS / EXPLORERS

Barkerville Gold Mines Ltd. $1.25 NAVPS Gold $1.28 $0.59 $0.80 $1.03 $1.15 $1.28 $1.41 $1.54 $1.84 $2.16

Bluestone Resources Inc. $2.75 NAVPS Gold $3.00 $1.40 $1.90 $2.45 $2.70 $3.00 $3.25 $3.55 $4.05 $4.60

Equinox Gold Corp. $3.00 NAVPS Gold $2.97 $0.35 $1.24 $2.11 $2.54 $2.97 $3.41 $3.84 $4.71 $5.57

Falco Resources Ltd. $0.75 NAVPS Gold $1.55 ($2.81) ($1.19) $0.30 $0.93 $1.55 $2.16 $2.77 $3.98 $5.19

Filo Mining Corp. $4.60 NAVPS Gold $5.15 $4.01 $4.39 $4.77 $4.96 $5.15 $5.33 $5.52 $5.90 $6.27

Gold Road Resources Limited $0.75 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. $0.20 NAVPS Gold $0.50 $0.21 $0.31 $0.41 $0.46 $0.50 $0.55 $0.60 $0.69 $0.78

Harte Gold Corp. $0.80 NAVPS Gold $0.59 $0.23 $0.35 $0.47 $0.53 $0.59 $0.65 $0.71 $0.82 $0.94

Liberty Gold Corp. $1.00 NAVPS Gold $0.97 $0.35 $0.54 $0.75 $0.86 $0.97 $1.07 $1.18 $1.40 $1.62

Lumina Gold Corp. $1.50 NAVPS Gold $1.58 $1.27 $1.37 $1.47 $1.53 $1.58 $1.63 $1.68 $1.79 $1.89

Lundin Gold Inc. $7.75 NAVPS Gold $7.82 $2.08 $4.10 $6.00 $6.94 $7.82 $8.75 $9.62 $11.37 $13.16

Marathon Gold Corporation $1.80 NAVPS Gold $1.78 $0.44 $0.87 $1.33 $1.55 $1.78 $2.01 $2.23 $2.68 $3.14

Midas Gold Corp. $1.90 NAVPS Gold $1.89 $0.86 $1.21 $1.56 $1.73 $1.89 $2.06 $2.22 $2.55 $2.87

Nighthawk Gold Corp. $0.90 NAVPS Gold $0.92 ($0.09) $0.22 $0.56 $0.73 $0.92 $1.11 $1.31 $1.74 $2.20

Osisko Mining Inc. $4.50 NAVPS Gold $4.42 $1.73 $2.55 $3.42 $3.90 $4.42 $4.94 $5.47 $6.55 $7.64

Pure Gold Mining Inc. $1.00 NAVPS Gold $0.99 $0.55 $0.68 $0.83 $0.91 $0.99 $1.07 $1.15 $1.31 $1.47

Sabina Gold & Silver Corp. $2.35 NAVPS Gold $2.72 $1.28 $1.76 $2.24 $2.48 $2.72 $2.96 $3.19 $3.67 $4.15

Steppe Gold Ltd. $1.75 NAVPS Gold $1.72 $1.13 $1.33 $1.54 $1.62 $1.72 $1.83 $1.93 $2.13 $2.34

Treasury Metals Corp. $1.10 NAVPS Gold $1.18 $0.36 $0.65 $0.91 $1.05 $1.18 $1.31 $1.44 $1.71 $1.97

Troilus Gold Corp. $2.00 NAVPS Gold $2.11 $0.74 $1.28 $1.69 $1.91 $2.11 $2.32 $2.50 $2.91 $3.27

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

PRODUCERS

Alamos Gold Inc. $10.00 2018 CFPS Gold $0.59 $0.69 $0.65 $0.62 $0.61 $0.59 $0.57 $0.56 $0.53 $0.49

Asanko Gold Inc. $1.65 2018 CFPS Gold $0.32 $0.28 $0.29 $0.31 $0.31 $0.32 $0.33 $0.33 $0.34 $0.35

Atlantic Gold Corp. $1.80 2018 CFPS Gold $0.27 $0.27 $0.27 $0.27 $0.27 $0.27 $0.27 $0.27 $0.27 $0.27

B2Gold Corp. $5.00 2018 CFPS Gold $0.48 $0.42 $0.44 $0.46 $0.47 $0.48 $0.49 $0.50 $0.51 $0.52

Barrick Gold Corporation $18.00 2018 CFPS Gold $1.85 $0.85 $1.20 $1.50 $1.65 $1.85 $2.00 $2.25 $2.70 $3.15

Detour Gold Corporation $15.50 2018 CFPS Gold $1.60 $1.65 $1.65 $1.65 $1.60 $1.60 $1.60 $1.60 $1.60 $1.60

Endeavour Mining Corporation $32.00 2018 CFPS Gold $2.80 $2.37 $2.53 $2.67 $2.74 $2.80 $2.87 $2.94 $3.07 $3.20

OceanaGold Corporation $4.20 2018 CFPS Gold $0.57 $0.49 $0.51 $0.54 $0.55 $0.57 $0.58 $0.59 $0.62 $0.65

Osisko Gold Royalties Ltd $16.50 2018 CFPS Gold $0.58 $0.33 $0.41 $0.50 $0.54 $0.58 $0.63 $0.67 $0.76 $0.84

RNC Minerals $0.75 2018 CFPS Gold $0.08 $0.05 $0.06 $0.07 $0.08 $0.08 $0.09 $0.10 $0.10 $0.11

Roxgold Inc. $1.90 2018 CFPS Gold $0.21 $0.19 $0.20 $0.20 $0.20 $0.21 $0.21 $0.21 $0.22 $0.22

SEMAFO Inc. $6.00 2018 CFPS Gold $0.40 $0.13 $0.22 $0.31 $0.35 $0.40 $0.44 $0.48 $0.56 $0.65

Superior Gold Inc. $1.50 2018 CFPS Gold $0.09 $0.02 $0.04 $0.06 $0.08 $0.09 $0.10 $0.11 $0.13 $0.15

Tahoe Resources Inc. $4.00 2018 CFPS Gold $0.32 $0.22 $0.25 $0.28 $0.30 $0.32 $0.33 $0.35 $0.37 $0.40

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. $10.00 2019 CFPS Gold $0.75 $0.40 $0.50 $0.65 $0.70 $0.75 $0.80 $0.85 $0.95 $1.10

Asanko Gold Inc. $1.65 2019 CFPS Gold $0.18 ($0.00) $0.06 $0.12 $0.15 $0.18 $0.21 $0.24 $0.30 $0.32

Atlantic Gold Corp. $1.80 2019 CFPS Gold $0.27 $0.25 $0.26 $0.26 $0.27 $0.27 $0.27 $0.28 $0.27 $0.26

B2Gold Corp. $5.00 2019 CFPS Gold $0.55 $0.28 $0.38 $0.48 $0.52 $0.55 $0.58 $0.60 $0.69 $0.77

Barrick Gold Corporation $18.00 2019 CFPS Gold $2.15 $1.00 $1.35 $1.70 $1.90 $2.15 $2.40 $2.70 $3.25 $3.80

Detour Gold Corporation $15.50 2019 CFPS Gold $1.55 $0.25 $0.70 $1.15 $1.35 $1.55 $1.80 $2.00 $2.45 $2.85

Endeavour Mining Corporation $32.00 2019 CFPS Gold $3.73 $1.93 $2.52 $3.12 $3.43 $3.73 $4.02 $4.32 $4.92 $5.50

OceanaGold Corporation $4.20 2019 CFPS Gold $0.64 $0.26 $0.39 $0.51 $0.57 $0.64 $0.70 $0.76 $0.89 $1.02

Osisko Gold Royalties Ltd $16.50 2019 CFPS Gold $0.71 $0.43 $0.51 $0.61 $0.66 $0.71 $0.76 $0.81 $0.90 $1.00

RNC Minerals $0.75 2019 CFPS Gold $0.02 ($0.03) ($0.01) $0.00 $0.01 $0.02 $0.03 $0.04 $0.05 $0.07

Roxgold Inc. $1.90 2019 CFPS Gold $0.25 $0.18 $0.19 $0.22 $0.23 $0.25 $0.26 $0.28 $0.31 $0.34

SEMAFO Inc. $6.00 2019 CFPS Gold $0.70 $0.30 $0.45 $0.55 $0.65 $0.70 $0.75 $0.80 $0.95 $1.05

Steppe Gold Ltd. $1.75 2019 CFPS Gold $0.40 $0.25 $0.30 $0.35 $0.38 $0.40 $0.42 $0.45 $0.50 $0.55

Superior Gold Inc. $1.50 2019 CFPS Gold $0.23 ($0.00) $0.07 $0.15 $0.19 $0.23 $0.27 $0.31 $0.38 $0.46

Tahoe Resources Inc. $4.00 2019 CFPS Gold $0.53 $0.07 $0.23 $0.38 $0.46 $0.53 $0.58 $0.62 $0.75 $0.87


Base

Case

Percentage Change Relative to Haywood Forecasted Commodity PricesPrimary

Commodity

Percentage Change Relative to Haywood Forecasted Commodity Prices

Company Target Metric

Company Target MetricPercentage Change Relative to Haywood Forecasted Commodity PricesBase

Case

Primary

Commodity

Company Target MetricPrimary

Commodity

Base

Case



The Weekly Dig

29

Comparables Tables – Base Metals

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


As of Januray 10, 2019 Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Capital Value% % (%) (millions) (US$ millions) (US$ millions) (US$ millions) (US$millions) (US$millions) CFPS CFPS CFPS 2018E 2019E 2018E 2019E 2018E 2019E

Large-Cap Base Metals Producers

ANGLO AMERICAN PLC LSE:AAL GBp 1808.2 0.1 8.0 3.5 1293 $29,803 $7,800 $7,382 $11,971 $38,797 $6.02 $5.06 $5.50 4.6x 4.2x 5.9x 5.5x 4.4x 4.5x -

ANTOFAGASTA PLC LSE:ANTO GBp 843.6 (0.4) 14.3 7.7 986 $10,605 $1,084 $2,068 $2,709 $13,328 $2.23 $1.48 $1.73 7.3x 6.2x 9.1x 7.8x 6.1x 5.2x -

BHP GROUP LTD ASX:BHP AUD 33.14 0.8 (1.6) 1.0 2946 $113,660 $15,871 $21,141 $26,805 $129,677 $3.47 $3.36 $3.29 7.1x 7.2x 13.1x 13.4x 5.3x 5.8x -

FIRST QUANTUM MINERALS LTD TSX:FM CAD 10.99 (2.6) 14.4 (0.5) 689 $5,724 $1,296 $1,121 $6,871 $13,039 $1.34 $2.51 $2.51 3.3x 3.3x 7.5x 7.5x 7.8x 5.9x -

FREEPORT-MCMORAN INC NYSE:FCX USD 11.51 0.0 14.3 11.6 1449 $16,678 $4,447 $5,741 $13,117 $26,726 $3.24 $3.13 $1.98 3.7x 5.8x 5.9x 9.3x 3.9x 6.3x 1.6x

GLENCORE PLC LSE:GLEN GBp 295.15 0.7 9.7 1.3 13984 $52,627 $2,124 $5,312 $33,934 $83,825 $0.41 $0.86 $0.89 4.4x 4.2x 7.0x 6.8x 4.9x 4.9x -

KGHM POLSKA MIEDZ SA WSE:KGH PLN 92 0.0 6.8 3.5 200 $4,932 $169 $618 $2,060 $6,895 $3.85 $4.65 $6.38 5.3x 3.8x 7.4x 5.4x 5.2x 4.6x 0.9x

RIO TINTO PLC LSE:RIO GBp 3882.5 (0.6) 6.6 4.1 1276 $84,550 $10,550 $7,823 $15,176 $96,400 $7.77 $7.21 $7.83 6.9x 6.3x 10.5x 9.7x 5.4x 5.8x -

TECK RESOURCES LTD-CLS B TSX:TCK.B CAD 30.18 (0.1) 12.7 2.7 567 $13,107 $760 $1,706 $5,084 $16,104 $6.15 $5.85 $6.05 3.9x 3.8x 4.9x 4.7x 3.6x 4.0x -

TURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 2.11 1.0 (1.4) (6.2) 2012 $3,208 $1,445 $2,662 $4,159 $4,957 $0.06 $0.09 $0.10 17.3x 15.9x 26.8x 24.6x 14.8x 12.3x -

VALE SA-SP ADR NYSE:VALE USD 14.4 (0.8) 12.2 9.2 5284 $76,096 $4,323 $5,840 $22,460 $87,614 - $2.45 $2.38 5.9x 6.0x 6.8x 7.0x 5.1x 5.1x 1.7x

BOLIDEN AB SSE:BOL SEK 206 0.2 12.6 7.3 274 $6,334 $307 $728 $653 $6,647 $5.46 $4.61 $4.47 5.0x 5.2x 5.3x 5.4x 4.3x 4.7x 1.5x

SOUTHERN COPPER CORP NYXE:SCCO USD 31.91 (0.0) 9.2 3.7 773 $24,668 $1,005 $2,002 $5,957 $29,468 $2.56 $2.96 $3.16 10.8x 10.1x 12.9x 12.1x 8.1x 7.6x 3.6x

Group Average - Large-Cap Producers 6.3x 6.1x 9.5x 9.2x 6.0x 5.9x 1.4x

Group Average - Large-Cap Producers (excluding high/low) 5.4x 5.3x 8.1x 8.0x 5.3x 5.4x 1.6x

Mid Tier Base Metals Producers

HUDBAY MINERALS INC TSX:HBM CAD 7.01 1.9 13.1 8.5 261 $1,384 $356 $251 $1,064 $1,979 $2.00 $1.65 $1.49 3.2x 3.5x 4.6x 5.1x 3.4x 3.8x -

IVANHOE MINES LTD-CL A TSX:IVN CAD 2.55 0.4 7.1 7.6 1011 $1,947 $181 $179 $32 $1,249 ($0.05) ($0.03) $0.01 - 137.6x - 88.3x - - -

KAZ MINERALS PLC LSE:KAZ GBp 541.6 (0.1) 9.8 1.8 448 $3,095 $1,821 $1,400 $3,877 $5,149 $1.72 $1.41 $1.57 4.9x 4.4x 8.2x 7.3x 4.3x 4.4x -

LUNDIN MINING CORP TSX: LUN CAD 5.88 (1.8) 7.1 4.3 733 $3,258 $1,567 $1,708 $450 $2,670 $1.15 $0.69 $0.81 6.5x 5.5x 5.3x 4.5x 4.1x 3.7x -

MMG LTD SEHK:1208 HKD 3.2 (0.6) 4.2 (5.0) 8052 $3,287 $936 $194 $9,193 $12,586 $0.25 $0.20 $0.23 2.1x 1.8x 8.0x 6.8x 7.0x 6.0x -

OZ MINERALS LTD ASX:OZL AUD 9.13 0.8 5.5 3.7 323 $2,118 $570 $720 $0 $1,784 $0.88 $0.73 $0.81 9.0x 8.1x 7.6x 6.8x 5.0x 5.4x -

Group Average - Mid Tier Producers 5.1x 26.8x - 19.8x 4.8x 4.7x -

Group Average - Mid Tier Producers (excluding high/low) 4.9x 5.4x 6.4x 6.5x 4.5x 4.5x -

Small Cap Base Metals Producers

AMERIGO RESOURCES LTD TSX:ARG CAD 0.95 (1.0) 10.5 6.7 177 $127 $28 ($5) $63 $175 $0.19 $0.13 $0.26 5.5x 2.8x 7.6x 3.8x - - -

ATALAYA MINING PLC TSX:AYM CAD 3.69 (0.5) 1.1 1.1 137 $383 $52 $27 $0 $334 - $0.14 $0.19 19.5x 14.7x 17.3x 13.0x 5.4x 4.6x -

CAPSTONE MINING CORP TSX:CS CAD 0.63 (3.1) (3.1) 3.3 400 $190 $116 $189 $271 $479 $0.26 $0.28 $0.29 1.7x 1.6x 4.2x 4.1x 3.6x 3.6x -

COPPER MOUNTAIN MINING CORP TSX:CMMC CAD 0.88 (4.3) 17.3 22.2 188 $125 $36 $6 $245 $368 $0.26 $0.27 $0.31 2.5x 2.1x 7.2x 6.2x 7.2x 4.8x -

IMPERIAL METALS CORP TSX:III CAD 1.77 (3.3) 4.7 12.7 121 $162 $41 ($190) $713 $858 $0.21 ($0.11) $0.31 - 4.3x - 23.1x 19.5x 8.2x -

WESTERN AREAS LTD AU:WSA AUD 2.08 0.0 9.5 4.0 273 $409 $112 $119 $1 $297 $0.22 $0.21 $0.26 7.3x 5.8x 5.2x 4.2x 5.0x 4.0x -

SHERRITT INTERNATIONAL CORP TSX:S CAD 0.47 (4.1) (6.0) 4.4 397 $141 $148 $268 $658 $519 ($0.04) ($0.03) $0.05 - 7.6x - 28.4x 4.0x 3.4x -

NEVSUN RESOURCES LTD TSX:NSU CAD 5.99 0.0 (0.0) 0.0 303 $1,369 $125 $162 $0 $1,420 ($0.07) $0.21 $0.24 21.2x 19.3x 22.0x 20.0x 19.0x 16.9x -

TASEKO MINES LTD TSX:TKO CAD 0.81 (3.6) 17.4 24.6 228 $140 $64 $67 $263 $368 $0.57 $0.27 $0.37 2.2x 1.6x 6.0x 4.4x 5.2x 3.9x -

TREVALI MINING CORP TSX:TV CAD 0.435 0.0 13.0 4.8 830 $273 $94 $144 $161 $340 $0.21 $0.16 $0.20 2.1x 1.6x 2.6x 2.0x 2.0x 1.5x -

Group Average - Small Cap Producers 7.8x 6.1x - 10.9x 7.9x 5.7x -

Group Average - Small Cap Producers (excluding high/low) 6.5x 5.1x - 9.8x 7.1x 4.6x -

. C$/US$ FX Rate: $1.32

Cash Debt 2017 2018E1-Day 7-Day YTD 2019E P/CF Ratio EV/CF Ratio EV/EBITDA RatioP / NAV



The Weekly Dig

30

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

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$ 0.10 48.2 US$ 3 US$ (0.1) US$ 11.9 US$ 16 Cu / Au 70% 763 953 $0.020 $0.016

Candente Copper Corp. TSX:DNT C$ 0.06 180.6 US$ 7 US$ (1.0) US$ 0.0 US$ 9 Cu / Au 89% - 12,547 - $0.001

Copper Fox Metals Inc. TSXV:CUU C$ 0.12 449.0 US$ 39 US$ 1.2 US$ 0.0 US$ 38 Cu / Au 70% 2,307 5,478 $0.016 $0.007

Coro Mining Corp. TSX:COP C$ 0.05 1455.4 US$ 49 US$ 4.9 US$ 0.8 US$ 45 Cu / - 100% - 590 - $0.077

Excelsior Mining Corp. TSX:MIN C$ 0.83 234.6 US$ 147 US$ 18.2 US$ 0.0 US$ 129 Cu / - 100% 5,128 8,016 $0.025 $0.016

Filo Mining Corp. TSXV:FIL C$ 2.20 72.6 US$ 121 US$ 3.8 US$ 0.0 US$ 117 Cu / Au 53% - 7,913 - $0.015

Foran Mining Corporation TSXV:FOM C$ 0.32 128.0 US$ 31 US$ 3.8 US$ 0.0 US$ 27 Cu / Zn 44% - 1,842 - $0.015

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (0.6) US$ 0.8 US$ 3 Cu / Mo 98% 776 1,216 $0.004 $0.003

Highland Copper Company Inc. TSXV:HI C$ 0.08 472.9 US$ 29 US$ (3.0) US$ 6.7 US$ 38 Cu / Ag 99% 1,680 4,490 $0.023 $0.009

Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.2) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.043

Los Andes Copper Ltd. TSXV:LA C$ 0.20 271.7 US$ 41 US$ 5.5 US$ 0.0 US$ 35 Cu / Mo 93% - 11,818 - $0.003

Nevada Copper Corp. TSX:NCU C$ 0.45 661.9 US$ 225 US$ 133.8 US$ 86.6 US$ 178 Cu / Au 91% 5,529 7,742 $0.032 $0.023

NGEx Resources Inc. TSX:NGQ C$ 1.00 227.7 US$ 172 US$ 2.2 US$ 0.0 US$ 170 Cu / Au 76% - 26,471 - $0.006

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.85 312.7 US$ 201 US$ 10.4 US$ 0.0 US$ 190 Cu / Au 57% - 142,498 - $0.001

NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.13 117.2 US$ 11 US$ 0.2 US$ 0.0 US$ 11 Cu / Au 53% - 4,633 - $0.002

Osisko Metals Incorporated TSXV:OM C$ 0.50 139.5 US$ 53 US$ 12.8 US$ 0.0 US$ 40 Zn / Pb 3% - 146 - $0.274

Panoro Minerals Ltd. TSXV:PML C$ 0.22 263.8 US$ 44 US$ (3.2) US$ 2.0 US$ 49 Cu / Au 77% - 10,306 - $0.005

Philippine Metals Inc. TSXV:PHI C$ 0.05 16.4 US$ 1 US$ 0.0 US$ 0.0 US$ 1 Cu / - 100% - 331 - $0.002

PolyMet Mining Corp. TSX:POM C$ 1.07 320.7 US$ 259 US$ (185.3) US$ 0.0 US$ 444 Cu / Ni 46% 3,415 10,789 $0.130 $0.041

Quaterra Resources Inc. TSXV:QTA C$ 0.07 201.0 US$ 10 US$ (0.2) US$ 0.7 US$ 11 Cu / - 100% - 3,894 - $0.003

Regulus Resources Inc. TSXV:REG C$ 1.41 91.0 US$ 97 US$ (2.4) US$ 0.0 US$ 99 Cu / Au 51% - 8,308 - $0.012

Serengeti Resources Inc. TSXV:SIR C$ 0.24 92.5 US$ 16 US$ 0.5 US$ 0.0 US$ 16 Cu / Au 63% - 1,311 - $0.012

St. Augustine Gold and Copper Limited TSX:SAU C$ 0.02 726.8 US$ 11 US$ (4.4) US$ 0.0 US$ 15 Cu / Au 56% 4,437 6,842 $0.003 $0.002

Trilogy Metals Inc. AMEX:TMQ C$ 2.65 131.6 US$ 263 US$ 6.4 US$ 0.0 US$ 257 Cu / Zn 77% - 5,776 - $0.044

Western Copper and Gold Corporation TSX:WRN C$ 0.74 100.8 US$ 56 US$ 3.9 US$ 0.0 US$ 52 Cu / Au 57% 8,232 17,606 $0.006 $0.003

Group Average - Total $0.029 $0.025

*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

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



The Weekly Dig

31

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

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

Shares Market Working LTD Enterprise Nickel


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

Asian Mineral Resources Limited TSXV:ASN C$ 0.35 8.7 US$ 2 US$ (1.9) US$ 0.0 US$ 4 Ni / Cu 76% 92 92 $0.046 $0.046

CaNickel Mining Limited TSXV:CML C$ 0.06 37.5 US$ 2 US$ (80.2) US$ 0.0 US$ 82 Ni / - 100% 83 397 $0.991 $0.206

FPX Nickel Corp. TSXV:FPX C$ 0.12 146.0 US$ 13 US$ 1.2 US$ 5.6 US$ 17 Ni / - 100% - 5,569 - $0.003

Giga Metals Corporation TSXV:GIGA C$ 0.24 43.1 US$ 8 US$ 5.9 US$ 0.0 US$ 2 Ni / Co 85% - 6,890 - $0.000

Gossan Resources Limited TSXV:GSS C$ 0.09 33.6 US$ 2 US$ 0.1 US$ 0.0 US$ 2 Ni / Cu 54% - 73 - $0.028

Hannan Metals Ltd. TSXV:HAN C$ 0.07 47.7 US$ 3 US$ 0.7 US$ 0.3 US$ 2 Ni / Cu 78% - 2,539 - $0.001

Nautilus Minerals Inc. TSX:NUS C$ 0.07 683.0 US$ 34 US$ (56.7) US$ 0.0 US$ 90 Ni / Cu 52% - 41,741 - $0.002

New Era Minerals Inc. TSXV:NEM C$ 0.04 103.4 US$ 3 US$ (0.9) US$ 0.9 US$ 5 Ni / - 100% - 454 - $0.010

Pure Nickel Inc. TSXV:NIC C$ 0.02 68.1 US$ 1 US$ (0.3) US$ 0.0 US$ 1 Ni / Cu 59% - 173 - $0.006

RNC Minerals TSX:RNX C$ 0.47 446.3 US$ 157 US$ (21.2) US$ 0.3 US$ 178 Ni / Co 87% 3,855 7,143 $0.046 $0.025

Sama Resources Inc. TSXV:SME C$ 0.34 189.4 US$ 49 US$ 5.3 US$ 0.0 US$ 43 Ni / Cu 49% - 286 - $0.151

Strongbow Exploration Inc. TSXV:SBW C$ 0.14 86.8 US$ 9 US$ 3.6 US$ 4.4 US$ 10 Ni / Sn 53% - 678 - $0.014



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

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

Primary /

Secondary

Metal

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

Shares Market Working LTD Enterprise Zinc


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

Ascendant Resources Inc. TSX:ASND C$ 0.48 77.1 US$ 28 US$ 0.8 US$ 0.0 US$ 27 Zn / Pb 72% 320 1,405 $0.085 $0.019

Commander Resources Ltd. TSXV:CMD C$ 0.10 35.3 US$ 3 US$ 2.7 US$ 0.0 US$ (0) Zn / Cu 56% - 25 - -

El Nino Ventures Inc. TSXV:ELN C$ 0.05 61.6 US$ 2 US$ 1.2 US$ 0.0 US$ 1 Zn / Cu 60% - 530 - $0.002

Firestone Ventures Inc. TSXV:FV C$ 0.07 53.7 US$ 3 US$ (0.2) US$ 0.0 US$ 3 Zn / Pb 77% - 428 - $0.007

Fireweed Zinc Ltd. TSXV:FWZ C$ 0.85 31.7 US$ 20 US$ 2.1 US$ 0.0 US$ 18 Zn / Pb 65% - 6,988 - $0.003

InZinc Mining Ltd. TSXV:IZN C$ 0.05 108.9 US$ 4 US$ 0.6 US$ 0.0 US$ 4 Zn / Cu 71% - 4,098 - $0.001

Karmin Exploration Inc. TSXV:KAR C$ 0.73 77.0 US$ 42 US$ (1.8) US$ 0.0 US$ 44 Zn / Pb 54% - 2,430 - $0.018

Osisko Metals Incorporated TSXV:OM C$ 0.50 139.5 US$ 53 US$ 12.8 US$ 0.0 US$ 40 Zn / Pb 71% - 301 - $0.133

Rathdowney Resources Ltd. TSXV:RTH C$ 0.11 161.7 US$ 13 US$ (4.1) US$ 0.0 US$ 18 Zn / Pb 83% - 3,590 - $0.005

ScoZinc Mining Ltd. TSXV:SZM C$ 0.51 5.3 US$ 2 US$ 0.1 US$ 0.0 US$ 2 Zn / Pb 68% - 1,485 - $0.001

Titan Mining Corporation TSX:TI C$ 1.01 102.0 US$ 78 US$ (7.8) US$ 0.0 US$ 86 Zn / - 100% - 1,182 - $0.072

Trevali Mining Corporation TSX:TV C$ 0.44 829.7 US$ 272 US$ 175.4 US$ 144.7 US$ 242 Zn / Pb 69% 1,667 14,479 $0.145 $0.017

Wolfden Resources Corporation TSXV:WLF C$ 0.28 115.2 US$ 24 US$ 1.6 US$ 0.0 US$ 22 Zn / Au 37% - 3,242 - $0.007



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

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

Primary /

Secondary

Metal

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

The Weekly Dig



32

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

Uranium/Lithium Companies – Haywood Estimates


Diamond Companies – Haywood Estimates


Cobalt Companies – Haywood Estimates



Price O/S (C$M) (C$) (%) (US$) 2018E 2019E Commodity 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E

Denison Mines DML-T CH $0.67 589 $395 $2.10 213% BUY C$2.10 ($0.02) Uranium - - - 0.3x 1.0x - - - -

Energy Fuels UUUU-US CH $3.19 91 US$290 US$4.80 50% BUY $4.84 ($0.05) Uranium 1.1 1.1 $35 0.7x 1.0x - - - -

NexGen Energy NXE-T CH $2.57 350 $900 $6.00 133% BUY C$5.98 ($0.01) Uranium - - - 0.4x 1.0x - - - -

Uranium Energy UEC-US CH $1.34 179 US$239 US$2.90 116% BUY $2.87 $0.00 Uranium 0.8 0.8 $29 0.5x 1.0x 525.1x - - -

Uranium Participation U-T CH $4.59 138 $634 $5.10 11% BUY C$5.13 - Uranium - - - 0.9x 1.0x - - - -

Plateau Energy PLU-V CH $0.73 77 $56 $3.00 311% BUY $2.96 ($0.01) Uranium - - - 0.2x 1.0x - - - -

Group Average 0.5x 1.0x 525.1x - - -

C$/US$ = 1.32

A$/US$ = 1.39

₤/US$ = 0.78

Target / CFPSProduction, million pounds Total Cash Costs, US$/lb Price /

NAV

Target /

NAV Company

EV / CFPS Rating

CFPS (US$)Ticker Analyst



Mountain Province Diamonds Inc. TSX:MPVD MPVD-T GM $1.81 210 $380 $5.20 187% BUY $3.93 $0.52 $0.55 Diamonds 6,972 7,425 $77 $85 $97 $91 0.3x 1.0x 5.1x 4.9x 7.5x 7.1x

Lucara Diamond Corp. TSX:LUC LUC-T GM $1.56 397 $619 $2.60 67% BUY $1.62 $0.17 $0.18 Diamonds 358 320 $256 $362 $545 $506 0.7x 1.2x 6.5x 6.1x 11.6x 10.8x


C$/US$ = 1.325

Company Ticker Analyst RatingCFPS (US$) Production, 000's carats AISC, US$/ct Price /

NAV

Target /

NAV

EV / CFPS TCC, US$/ct Target / CFPS


Price (C$) O/S (M) (C$M) (C$) (%) (C$) FY2019E FY2020E Commodity High Grade Low Grade FY2018E FY2019E High Grade Low Grade 2018E 2019E 2018E 2019E

Cobalt 27 Capital Corp. TSXV:KBLT KBLT-V CH $4.43 85 $376 $10.20 130% BUY $10.17 $0.35 $0.38 Cobalt 2,270 713 $2.0 $2.0 $30.00 $30.00 0.3x 0.8x - - - -

Group Average 0.3x 0.8x - - - -

EV / CFPS Target / CFPSInventory (T) G&A (C$M) Price Deck (US$) Price /

NAV

Target /

NAV Company Ticker Analyst Rating

CFPS (C$)



The Weekly Dig

33

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 2017 2018 2019 2017 2018 2019 2017 2018 2019 2017 2018 2019

Cameco Corporation (CCO-T) $16.26 $17.77 9% 396 $6,436 $5,161 1,046 $4.93 $14.74 1.10x $1.25 $1.73 $0.75 13.0x 9.4x 21.5x $0.04 $0.26 $0.14 443.4x 62.2x 114.5x

Energy Fuels (UUUU-US) $3.12 $4.25 36% 91 $284.0 $262.1 131.0 $2.00 $4.18 0.75x ($0.10) ($0.12) ($0.15) ($0.23) ($0.30) ($0.13)

Uranium Energy (UEC-US) $1.34 $3.03 126% 179 $239.4 $234.7 112.0 $2.10 $2.91 0.46x ($0.08) ($0.10) ($0.10) ($0.10) ($0.10)

Ur-Energy Inc. (URE-T) $0.92 $1.16 26% 159 $146.5 $114.7 41.9 $2.74 $1.23 0.75x $0.06 $0.02 $0.06 15.3x 39.4x 16.2x $0.02 $0.00 40.9x 368.0x

Peninsula Energy (PEN-AU) $0.19 $0.77 305% 246 $46.7 $36.8 53.9 $0.68 $0.58 0.33x ($0.02) ($0.01) $0.01 27.1x ($0.03) ($0.05)

Energy Resources (ERA-AU) $0.24 518 $121.7 ($189.3) 436.6 $0.39 0.60x ($0.02) $0.07 $0.07 3.4x 3.4x ($0.05) $0.01 $0.01 23.5x 23.5x

Group Average - Producers $2.49 0.66x 14.2x 17.4x 17.1x 242.2x 42.8x 168.7x

NexGen Energy (NXE-T) $2.61 $5.55 113% 350 $914 $723.0 348.8 $2.07 $5.00 0.52x ($0.02) ($0.02) ($0.05) ($0.05) ($0.08) ($0.11)

Denison Mines (DML-T) $0.66 $1.09 66% 589 $388.9 $277.4 173.1 $1.60 $1.13 0.58x $0.02 ($0.03) ($0.02) 29.3x ($0.03) ($0.04) ($0.02)

Fission Uranium (FCU-T) $0.59 $2.10 256% 486 $286.6 $198.6 140.6 $1.41 $1.32 0.45x ($0.02) ($0.01) ($0.01) ($0.02) ($0.01) ($0.02)

Berkeley Energia (BKY-AU) $0.25 $1.18 383% 258 $63.3 $22.9 89.4 $0.26 ($0.06) ($0.09) ($0.03) ($0.05) ($0.09) ($0.05)

GoviEx Uranium (GXU-V) $0.15 402 $60.3 $44.3 229.4 $0.19

Plateau Energy (PLU-V) $0.63 $2.85 352% 77 $48.4 $36.1 123.4 $0.29 $3.78 0.17x ($0.06) ($0.07) ($0.02) ($0.02)

UEX Corporation (UEX-T) $0.19 $0.50 170% 381 $70.6 $48.8 86.4 $0.56 $0.60 0.31x ($0.02) ($0.02) ($0.02)

Toro Energy (TOE-AU) $0.03 2,161 $56.2 $48.7 63.7 $0.76

Deep Yellow (DYL-AU) $0.43 201 $86.5 $54.5 126.5 $0.43

Bannerman Resources (BMN-AU) $0.04 1,042 $37.5 $20.8 257.2 $0.08

Laramide Resources (LAM-T) $0.39 $0.60 54% 133 $51.8 $45.4 129.3 $0.35 $0.76 0.51x ($0.02) ($0.01)

Azarga Uranium (AZZ-T) $0.25 $0.30 24% 170 $41.6 $30.1 47.8 $0.63 $0.34 0.71x ($0.03) ($0.02) ($0.03)Forsys Metals (FSY-T) $0.23 157 $35.3 $26.1 127.0 $0.21

Western Uranium (WUC-L) $1.51 26 $39.2 $28.5 99.2 $0.29

A-Cap Energy (ACB-AU) $0.05 872 $45.3 $31.8 190.6 $0.17

Vimy Resources (VMY-AU) $0.05 $0.39 696% 485 $23.8 $12.3 109.5 $0.11 $0.43 0.11x ($0.02) ($0.02) ($0.01) ($0.02) ($0.02) ($0.01)

Energy Metals (EME-AU) $0.10 210 $21.0 $1.6 61.1 $0.03

U3O8 Corp. (UWE-T) $0.24 23 $5.4 $4.4 47.7 $0.09

Group Average - Developers $0.53 0.42x 29.3x

Aurania Resources (ARU-V) $3.30 32 $105.6 $80.2

Mega Uranium (MGA-T) $0.13 325 $40.7 $28.7 17.0 $1.69

Global Atomic (GLO-V) $0.31 138 $42.7 $32.0 111.0 $0.29

Skyharbour Resources (SYH-V) $0.42 $1.01 140% 64 $26.9 $18.3 7.0 $2.62

Anfield Energy (AEC-V) $0.22 44 $9.8 $7.4 22.0 $0.34

IsoEnergy Ltd. (ISO-V) $0.48 68 $32.8 $23.4 8.2 $2.85

Globex Mining (GMX-T) $0.32 52 $16.7 $10.2

Blue Sky (BSK-V) $0.16 110 $17.6 $11.7 19.1 $0.61

Purepoint Uranium (PTU-V) $0.08 215 $17.2 $12.4

ValOre Metals (VO-V) $0.18 25 $4.5 $2.5 43.5 $0.06

Azimut Exploration (AZM-V) $0.24 53 $12.7 $7.7

enCore Energy (:EU-V) $0.13 115 $15.0 $10.5 56.4 $0.19

Marenica Energy (MEY-AU) $0.08 73 $5.9 $4.8 46.0 $0.10

CanAlaska Uranium (CVV-V) $0.34 33 $11.2 $7.6

Avrupa Minerals (AVU-V) $0.06 $0.20 233% 113 $6.8 $5.1

Fission 3.0 (FUU-V) $0.20 142 $28.4 $17.1

Zadar Ventures (ZAD-V) $0.03 102 $2.5 $1.8

Eros Resources (ERC-V) $0.08 48 $3.6 $2.0

X-Terra Resources (XTT-V) $0.10 32 $3.2 $2.0Forum Energy (FMC-V) $0.04 96 $3.9 $2.5 0.6 $4.06

Cauldron Energy (CXU-AU) $0.02 329 $6.6 $1.3 30.9 $0.04

Uravan Minerals (UVN-V) $0.03 42 $1.3 $0.9

Tarku Resources (TKU-V) $0.03 75 $2.2 $1.6

Roughrider Exploration (REL-V) $0.08 14 $1.0 $0.6

Group Average - Explorers $1.17

INVENTORY FUNDS

Yellow Cake (YCA-LN) $2.22 $2.87 29% 76 $169.3 8.4

Uranium Participation (U-T) $4.66 $5.74 23% 138 $643.4 $478.9 17.0 $28.20 $5.51 0.85x

All data sourced from S&P Capital IQ, SNL Financial, Bloomberg

EPS (LoC) P/EPS

DE

VE

LO

PE

RS

EX

PL

OR

ER

S

CFPS (LoC) P/CFPS

PR

OD

UC

ER

S

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




Pierre Vaillancourt, 416-507-2309, [email protected]

The Weekly Dig

34

Diamond Sensitivity

Cobalt Sensitivity

Lithium Sensitivity

Uranium Sensitivity

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

DEVELOPER / PRODUCER

Mountain Province Diamonds Inc. $5.20 NAVPS Copper $5.20 $2.84 $3.60 $4.39 $4.79 $5.20 $5.62 $6.04 $6.90 $7.80

Lucara Diamond Corp. $2.60 NAVPS Copper $2.15 $2.02 $2.06 $2.10 $2.13 $2.15 $2.17 $2.19 $2.23 $2.28

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


Mountain Province Diamonds Inc. $5.20 2018 CFPS Diamonds $0.52 $0.67 $0.61 $0.56 $0.54 $0.52 $0.51 $0.49 $0.46 $0.44

Lucara Diamond Corp. $2.60 2018 CFPS Diamonds $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17 $0.17

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


Mountain Province Diamonds Inc. $5.20 2019 CFPS Diamonds $0.69 $0.38 $0.48 $0.58 $0.64 $0.69 $0.74 $0.79 $0.90 $1.00

Lucara Diamond Corp. $2.60 2019 CFPS Diamonds $0.18 $0.18 $0.18 $0.18 $0.18 $0.18 $0.18 $0.18 $0.18 $0.18

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


Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric

Primary

Commodity

Base

Case

Company Target MetricPrimary

Commodity

Base

Case


Primary

Commodity

Base

Case

Percentage Change Relative to Haywood Forecasted Exchange Rate

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

INVENTORY FUND

Cobalt 27 Capital Corp. $10.20 NAVPS Cobalt $10.17 $8.81 $9.22 $9.67 $9.92 $10.17 $10.42 $10.67 $11.23 $11.82



Primary

Commodity

Base

Case

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

DEVELOPERS / EXPLORERS

Plateau Energy Metals Inc. $3.00 NAVPS Lithium $2.94 $2.05 $2.34 $2.64 $2.79 $2.94 $3.08 $3.23 $3.53 $3.82



Primary

Commodity

Base

Case

Primary BaseCommodity Case -30% -20% -10% -5% 0% 5% 10% 20% 30%

PRODUCERSEnergy Fuels Inc. $4.90 NAVPS Uranium $4.95 ($0.75) $1.23 $3.06 $4.01 $4.95 $5.63 $6.60 $8.68 $10.80Uranium Energy Corp. $2.90 NAVPS Uranium $2.86 $1.65 $2.01 $2.43 $2.65 $2.86 $3.08 $3.30 $3.74 $4.19DEVELOPERS/EXPLORERSDenison Mines Corp. $2.10 NAVPS Uranium $2.12 $1.23 $1.52 $1.82 $1.97 $2.12 $2.27 $2.42 $2.72 $3.02NexGen Energy Ltd. $6.00 NAVPS Uranium $6.17 $3.20 $4.15 $5.11 $5.59 $6.17 $6.55 $7.03 $7.99 $8.95INVENTORY FUNDS

Primary Base

Commodity Case -30% -20% -10% -5% 0% 5% 10% 20% 30%PRODUCERSEnergy Fuels Inc. $4.90 2018 CFPS Uranium ($0.09) ($0.17) ($0.14) ($0.11) ($0.10) ($0.09) ($0.07) ($0.06) ($0.04) ($0.01)Uranium Energy Corp. $2.90 2018 CFPS Uranium ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10) ($0.10)DEVELOPERS/EXPLORERSDenison Mines Corp. $2.10 2018 CFPS Uranium ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02)NexGen Energy Ltd. $6.00 2018 CFPS Uranium ($0.04) ($0.13) ($0.13) ($0.13) ($0.13) ($0.04) ($0.13) ($0.13) ($0.13) ($0.13)

Primary Base

Commodity Case -30% -20% -10% -5% 0% 5% 10% 20% 30%PRODUCERSEnergy Fuels Inc. $4.90 2019 CFPS Uranium $0.14 ($0.07) $0.00 $0.07 $0.10 $0.14 $0.17 $0.21 $0.28 $0.35Uranium Energy Corp. $2.90 2019 CFPS Uranium $0.01 ($0.02) ($0.01) ($0.00) $0.00 $0.01 $0.01 $0.02 $0.03 $0.04DEVELOPERS/EXPLORERSDenison Mines Corp. $2.10 2019 CFPS Uranium ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02)NexGen Energy Ltd. $6.00 2019 CFPS Uranium ($0.04) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04) ($0.04)






MetricTargetCompany



The Weekly Dig

35

Performance of Companies from the last Junior Exploration Report

Source: Haywood Securities

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

Ascot Resources Ltd. TSXV:AOT 1.15 200.53 14.17 (9.4)% (12.9)% (20.0)%

Aurion Resources Ltd. TSXV:AU 1.02 70.77 19.00 (5.6)% (6.4)% (13.6)%

Chakana Copper Corp. TSXV:PERU 0.40 32.25 11.00 (2.4)% (4.8)% (11.9)%Evrim Resources Corp. TSXV:EVM 0.32 26.61 15.60 8.6% (6.0)% (13.1)%

Fireweed Zinc Ltd. TSXV:FWZ 0.85 26.94 3.00 (5.6)% (2.3)% (9.4)%

Juggernaut Exploration Ltd. TSXV:JUGR 0.14 13.10 2.80 (6.9)% (6.9)% (14.0)%

Kutcho Copper Corp. TSXV:KC 0.31 17.72 13.24 3.3% 3.3% (3.8)%

Oklo Resources Limited ASX:OKU 0.26 90.23 17.10 2.0% 2.0% (5.1)%

Osisko Metals Incorporated TSXV:OM 0.50 69.77 30.00 0.0% (3.8)% (11.0)%

Pan Global Resources Inc. TSXV:PGZ 0.12 11.32 3.40 4.3% 4.3% (2.8)%

Reunion Gold Corporation TSXV:RGD 0.17 54.49 8.00 (5.6)% (5.6)% (12.7)%

Sable Resources Ltd. TSXV:SAE 0.19 26.54 2.80 (2.6)% (5.0)% (12.1)%

Skeena Resources Limited TSXV:SKE 0.30 28.87 2.52 (1.7)% (1.7)% (8.8)%

Other Companies in the News

No other news for the week

TickerJunior Exploration Names QTD

Performance

Weekly

Performance

Cash as of Sept.

Junior X Report

Market

Capitalization

Close

Price QTD Performance

vs. TSXV Index



The Weekly Dig

36

Key Catalysts for Companies Featured in the Last Junior Exploration Report

Source: Haywood Securities

Company Ticker Catalysts

Junior Exploration Names

Ascot Resources Ltd. TSXV:AOT

• Following Q1/18's NI 43-101 resource, drilling is underway for a follow up resource estimate with additional

targets between Premier and Big Missouri planned

• Engineering studies underway

Aurion Resources Ltd. TSXV:AU • 15,000 metre drill program to commence H2/18

Chakana Copper Corp. TSXV:PERU

• Results from Phase 2 - 20,000 metre drill program – ongoing

• Awaiting approval of Semi-detailed Environmental Impact Study that will allow an additional 160 platforms

throughout the original Condor option area – H2/18

• Initial mineral resource estimate – Q1/19

Evrim Resources Corp. TSXV:EVM

• Phase 3 Mapping, trenching, soil and rock chip sampling, and ground geophysics work at Cuale – Q3/18

• Receipt of drilling permits – Q4/18 (mid-October)

• 3,000 metre (~20 hole) drilling program – Q4/18

Fireweed Zinc Ltd. TSXV:FWZ• In 2019, the company plans to advance the district potential and de-risk the project with more drilling. Key

targets include Jason South zone and the End Zone area. Gravity surveys will also be undertaken.

Juggernaut Exploration Ltd. TSXV:JUGR

• Results from inaugural drill program started on Midas at the 2.1 by 1.6 km King Solomon Gold Zone- ongoing

• Results from inaugural drill program started on Empire Property- ongoing

• Results from an ongoing, extensive, systematic sampling program, which includes grab, chip, and channel

samples - ongoing

Kutcho Copper Corp. TSXV:KC

• Results from 12,000 metre expansion drill program at Kutcho-anticipated completion mid-October 2018

• Delivery of feasibility study anticipated Q2-Q3 2019

• Construction decision estimated Q1-Q3 2021

Oklo Resources Limited ASX:OKU

• Phase 2 results and follow-up AC, DD and RC drilling program at Seko – Q3/18

• Dandoko Gold Corridor metallurgical test work, AC, RC and DD drilling – H2/18

• South and West Mali regional targets geochemistry, auger and AC drilling program – H2/18

Osisko Metals Incorporated TSXV:OM• Updated open-pit resource for Pine Point - H2 2018

• Economic study on Pine Point - mid-2019

Pan Global Resources Inc. TSXV:PGZ• Results from Phase 1 ~14 drill holes (3,000 m) testing Cu and Pb-Zn-Ag targets- Started late Q2

• Phase 2 follow-up drilling Q3-Q4 2018

Reunion Gold Corporation TSXV:RGD

• Boulanger drill program to follow up on historically drilled mineralization – H2/18

• Start of drilling and geophysics at Dorlin – Q3/18

• Start of drilling at Waiamu – Q3/18

• Dorlin resource update– end of Q3/18

Sable Resources Ltd. TSXV:SAE• Results from further drilling of 12 hole program at Margarita Project- ongoing

• Results from drilling at its Don Julio project in Argentina - Q4/18

Skeena Resources Limited TSXV:SKE

• Maiden resource estimate for Eskay Creek -Sept. 2018

• Maiden resource estimate for Snip -Q1/19

• Results from 5,000 metres of surface drilling at Eskay Creek- ongoing



The Weekly Dig

37

Haywood Metals and Currencies Performance and Forecasts

Source: Bloomberg, Haywood Securities



The Weekly Dig

38

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

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X

TSXV:AOT Ascot Resources Ltd. X X X X

TSXV:AGB Atlantic Gold Corp. X

TSX:BTO B2Gold Corp. X X

TSXV:BGM Barkerville Gold Mines Ltd. X X

TSX:ABX Barrick Gold Corporation X

TSXV:BSR Bluestone Resources Inc. X X X X

TSX:CS Capstone Mining Corp. X

TSXV:KBLT Cobalt 27 Capital Corp. X X X

TSX:CMMC Copper Mountain Mining Corp. X X X

TSX:DML Denison Mines Corp. X 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:GQC GoldQuest Mining Corp. X

ASX:GOR Gold Road Resources Limited X

TSXV:GTT GT Gold Corp. X X X X

TSX:HRT Harte Gold Corp. X X

TSX:HBM Hudbay Minerals, Inc. X

TSXV:JUGR Juggernaut Exploration X 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

TSX:LUG Lundin Gold Inc. X

TSX:LUN Lundin Mining Corporation X

TSX:MOZ Marathon Gold Corp. X X X

TSX:MAX Midas Gold Corp. X X

TSX:MPVD Mountain Province Diamonds Inc. X X

TSX:NXE NexGen Energy Ltd. X X X

TSX:NCU Nevada Copper Corp. X X

TSX:NSU Nevsun Resources Ltd. X



The Weekly Dig

39

TSX:NHK Nighthawk Gold Corp. X X

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X

TSX:OSK Osisko Mining Corp. X X

TSXV:PLU Plateau Energy Metals Inc. X 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 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 X

TSX:THO Tahoe Resources Inc. X

TSX:TML Treasury Metals Inc. X

TSX:TV Trevali Mining Corp. X X

TSXV:TLG Trolius Gold Corp. X X

AMEX:UEC Uranium Energy Corp. X X

TSX:U Uranium Participation Corporation X 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 11, 2019)

IB Clients

% # (TTM)

Buy 75.5% 71 92.0%

Hold 11.7% 11 8.0%

Sell 0.0% 0 0.0%

Tender 2.1% 2 0.0%

UR (Buy) 0.0% 0 0.0%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

Dropped (TTM) 10.6% 10 0.0%



The Weekly Dig

40

Price Chart, Rating and Target Price History (as of January 11, 2019)

Alamos Gold Inc. (AGI-T) Date Target(C$) Rating7-20-17 $10.00 Buy7-19-17 $11.50 Buy

11-11-16 $13.00 Buy7-7-16 $14.75 Buy

5-30-16 $10.25 Buy5-13-16 $9.50 Buy3-28-16 $7.75 Buy

Initiated Coverage 10/03/03

0

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6

8

10

12

14

16

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

Atlantic Gold Corporation (AGB-V) Date Target(C$) Rating2-9-18 $1.80 Hold

7-20-17 $1.80 Buy5-16-17 $1.75 Buy1-25-17 $1.30 Buy12-9-15 $1.35 Buy7-11-16 $1.25 Buy5-19-16 $1.10 Buy3-7-16 $1.00 Buy3-1-16 $0.85 Buy


0

0.5

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1.5

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2.5

Jan16

Apr16

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Oct16

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Oct18


B2Gold Corp. (BTO-T) Date Target(C$) Rating7-20-17 $5.00 Buy1-25-17 $5.50 Buy8-5-16 $6.00 Buy8-3-16 $5.00 Buy

7-11-16 $4.50 Buy5-31-16 $2.80 Buy5-13-16 $2.75 Hold3-18-16 $2.10 Hold

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

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1

2

3

4

5

6

7

Jan16

Apr16

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Oct18


Barkerville Gold Mines Ltd. (BGM-V) Date Target(C$) Rating9-10-18 $1.25 Buy4-20-17 $1.60 Buy3-30-17 $1.00 Buy

Initiated Coverage: 3/30/2017

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan16

Apr16

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Oct18


Barrick Gold Corporation (ABX-T) Date Target(C$) Rating10-26-18 $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 Buy7-11-16 $37.50 Buy5-31-16 $25.25 Buy4-27-16 $25.00 Buy4-18-16 $20.50 Buy2-19-16 $19.50 Buy

0

5

10

15

20

25

30

35

40

45

Jan16

Apr16

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Jan17

Apr17

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


0

0.5

1

1.5

2

2.5

3

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

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Oct18


Capstone Mining Corp. (CS-T) Date Target(C$) Rating11-27-18 $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

11-11-16 $1.00 Hold4-28-16 $1.00 Buy4-6-16 $0.80 Buy

2-18-16 $0.60 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

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


Cobalt 27 Capital Corp. (KBLT-V) Date Target(C$) Rating12-13-18 $10.20 Buy5-23-18 $17.00 Buy2-23-18 $15.00 Buy

12-19-17 $14.00 Buy8-9-17 $11.50 Buy


0

2

4

6

8

10

12

14

16

18

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

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Oct18




The Weekly Dig

41

Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating1-10-19 $1.75 Buy

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

7-20-17 $1.00 Hold6-20-17 $0.90 Hold11-8-16 $0.75 Buy10-7-16 $0.60 Buy5-3-16 $0.60 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

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


Denison Mines Corp. (DML-T) Date Target(C$) Rating10-30-18 $2.10 Buy9-26-18 $2.00 Buy5-31-16 $1.80 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

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Oct18


Detour Gold Corporation (DGC-T) Date Target(C$) Rating7-27-18 $15.50 Buy4-30-18 $15.50 Hold



0

10

20

30

40

50

60

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating1-9-19 $6.50 Buy


December 31, 2018: 5:1 Share Consolidation

0

5

10

15

20

25

30

35

Jan16

Apr16

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Apr17

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Jan18

Apr18

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Oct18


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

10-20-16 $33.00 Buy7-11-16 $33.00 Buy5-31-16 $22.00 Buy4-21-16 $19.75 Buy3-21-16 $14.50 Buy1-18-16 $12.00 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

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25

30

35

40

Jan16

Apr16

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Apr18

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Oct18


Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating1-25-17 $4.80 Buy11-4-16 $5.00 Buy5-31-16 $6.00 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

7

Jan16

Apr16

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Apr18

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Oct18

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

Equinox Gold Corp. (EQX-V) Date Target(C$) Rating10-19-18 $3.00 Buy10-17-17 $2.80 Buy

4-4-17 $3.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Aug18

Sep18

Oct18

Nov18

Dec18

Jan19


Falco Resources Ltd. (FPC-V) Date Target(C$) Rating10-2-18 $0.75 Buy6-22-18 $1.25 Buy5-11-17 $2.00 Buy


0

0.5

1

1.5

2

2.5

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

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Oct17

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The Weekly Dig

42

Filo Mining Corp. (FIL-V) Date Target(C$) Rating4-18-18 $4.60 Buy


0

1

2

3

4

5

Sep16

Dec16

Mar17

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18


Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating3-29-18 $0.20 Hold

10-11-17 $0.60 Buy


0

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0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan16

Apr16

Jul16

Oct16

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Apr17

Jul17

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Jan18

Apr18

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Oct18


Gold Road Resources Limited (GOR-A) Date Target(C$) Rating8-7-18 $0.75 Hold

10-17-17 $0.90 Buy10-20-16 $1.00 Buy9-13-16 $1.00 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

0

0.5

1

1.5

2

2.5

3

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


Harte Gold Corp. (HRT-T) Date Target(C$) Rating6-22-18 $0.80 Buy

12-13-17 $0.90 Buy4-12-17 $1.00 Buy


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0.4

0.6

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1

1.2

Jan16

Apr16

Jul16

Oct16

Jan17

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Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating12-20-18 $8.00 Buy

8-1-18 $9.00 Buy7-10-18 $11.50 Buy5-3-18 $12.50 Buy

1-12-18 $13.50 Buy10-19-17 $12.50 Buy

8-4-17 $12.00 Buy7-20-17 $11.00 Buy6-20-17 $9.00 Buy

11-29-16 $10.00 Buy11-14-16 $8.25 Buy11-9-16 $7.25 Hold3-1-16 $7.25 Buy

1-18-16 $6.75 Buy


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14

Jan16

Apr16

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Oct16

Jan17

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Liberty Gold Corp. (LGD-T) Date Target(C$) Rating10-20-16 $1.00 Buy7-11-16 $1.20 Buy5-31-16 $1.00 Buy


0

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0.4

0.6

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Jan16

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Oct18


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating1-8-19 $2.60 Buy

11-3-17 $3.20 Buy1-25-17 $3.50 Buy12-1-16 $3.00 Hold

11-10-16 $3.25 Hold8-8-16 $3.70 Hold8-2-16 $3.90 Hold

6-30-16 $3.90 Buy5-31-16 $4.40 Hold5-4-16 $4.10 Buy

3-15-16 $3.40 Buy


0

0.5

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1.5

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3

3.5

4

4.5

5

Jan16

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Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7-3-18 $1.50 Buy

3-15-18 $1.20 Buy


0

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1

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2

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The Weekly Dig

43

Lundin Gold Inc. (LUG-T) Date Target(C$) Rating10-17-17 $7.75 Buy1-25-17 $8.25 Buy7-11-16 $8.75 Buy5-31-16 $7.25 Buy


0

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Lundin Mining Corporation (LUN-T) Date Target(C$) Rating10-25-18 $8.00 Buy9-14-18 $9.00 Buy1-12-18 $9.50 Hold12-1-17 $9.00 Buy

10-19-17 $11.50 Buy7-27-17 $11.00 Buy6-20-17 $10.00 Buy12-1-16 $8.50 Buy

11-16-16 $7.50 Buy7-28-16 $6.00 Buy4-29-16 $5.50 Buy3-15-16 $5.00 Buy

Transferred Coverage: 11/02/15; Transferred Coverage

6/20/2017

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10

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Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1-11-18 $1.80 Buy2-27-17 $1.50 Buy1-17-17 $1.10 Buy


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Midas Gold Corp. (MAX-T) Date Target(C$) Rating5-9-18 $1.90 Buy

7-20-17 $1.50 Buy1-25-17 $1.75 Buy7-11-16 $1.90 Buy5-31-16 $0.95 Buy4-21-16 $0.85 Buy3-11-16 $0.65 Buy

Transferred and Re-initiated Coverage 11/05/13

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Oct17

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Oct18


Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating11-27-18 $5.20 Buy11-13-18 $5.60 Buy4-26-17 $6.30 Buy3-30-17 $7.00 Buy

10-17-16 $10.00 Buy3-31-16 $7.60 Buy


0

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12

Jan16

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Nevada Copper Corp. (NCU-T) Date Target(C$) Rating8-29-18 $0.90 Buy6-19-18 $1.00 Buy


0

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1

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2

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Nevsun Resources Ltd. (NSU-T) Date Target(C$) Rating9-14-18 $6.00 Tender11-1-17 $4.00 Buy7-20-17 $3.70 Hold6-20-17 $3.50 Hold6-30-16 $6.00 Buy4-26-16 $5.00 Buy


0

1

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7

8

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Jun17

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Sep18


NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2-27-17 $6.00 Buy1-25-17 $4.50 Buy4-14-16 $4.00 Buy3-30-16 $3.20 Buy


0

1

2

3

4

5

6

7

Jan16

Apr16

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The Weekly Dig

44

Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating9-10-18 $0.90 Buy

10-20-17 $1.30 Buy


0

0.2

0.4

0.6

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1

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1.4

1.6

1.8

Jan16

Apr16

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Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


OceanaGold Corporation (OGC-T) Date Target(C$) Rating10-17-17 $4.20 Hold7-20-17 $4.40 Hold6-28-17 $5.10 Buy1-25-17 $5.75 Buy7-11-16 $6.50 Buy5-31-16 $4.40 Hold4-29-16 $4.35 Hold3-1-16 $3.80 Hold

2-19-16 $4.00 Hold


0

1

2

3

4

5

6

7

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

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Oct18


Osisko Gold Royalties Ltd (OR-T) Date Target(C$) Rating10-2-18 $16.50 Buy2-21-18 $18.00 Buy

10-17-17 $19.00 Buy7-20-17 $19.50 Buy1-25-17 $18.25 Buy

10-20-16 $19.00 Buy7-11-16 $20.25 Buy3-2-16 $19.00 Buy

Initiated Coverage 12/16/2015; Transfer of Coverage

10/20/2016

0

5

10

15

20

25

Jan16

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Oct17

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Oct18


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 Buy10-20-16 $4.00 Buy7-11-16 $4.00 Buy5-31-16 $3.00 Buy2-4-16 $2.00 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

3

4

5

6

7

Jan16

Apr16

Jul16

Oct16

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18


Plateau Energy Metals Inc. (PLU-V) Date Target(C$) Rating9-4-18 $3.00 Buy


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3.5

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Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating6-28-17 $1.00 Buy


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Roxgold Inc. (ROXG-T) Date Target(C$) Rating1-3-18 $1.90 Buy

11-1-17 $1.70 Buy7-20-17 $1.80 Buy1-25-17 $2.00 Buy

10-20-16 $2.10 Buy7-11-16 $2.15 Buy5-31-16 $1.60 Buy4-28-16 $1.50 Buy


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2.5

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Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating4-19-18 $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 Buy6-16-16 $1.65 UR (Buy)5-31-16 $1.65 Buy

Initiated Coverage 12-15-15

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The Weekly Dig

45

RNC Minerals (RNX-T) Date Target(C$) Rating9/25/18 $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

11/15/16 $0.65 Buy4/27/16 $0.75 Buy1/12/16 $0.35 Buy

Initiated Coverage: 07/05/11; Name Change to RNC Minerals

9/13/2016; Transferred Coverage 9/26/2017

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Price History (C$) Target/Rating/Coverage ChangeThis Company is Currently Restricted

SEMAFO Inc. (SMF-T) Date Target(C$) Rating10-2-18 $6.00 Buy2-20-18 $5.50 Buy4-25-17 $4.50 Buy3-9-17 $5.50 Buy

1-25-17 $7.00 Buy11-10-16 $7.50 Buy7-11-16 $8.25 Buy5-12-16 $6.50 Buy2-26-16 $6.00 Buy


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1

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4

5

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7

8

9

Jan16

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Jan18

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Oct18


0

1

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5

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9

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Superior Gold Inc. (SGI-V) Date Target(C$) Rating11-13-18 $1.50 Buy

4-3-18 $2.00 Buy12-12-17 $1.50 Buy


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1

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2

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Steppe Gold Ltd. (STGO-T) Date Target(C$) Rating9-5-18 $1.75 Buy


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May18

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Tahoe Resources Inc. (THO-T) Date Target(C$) Rating11-14-18 $4.00 Tender11-7-18 $4.00 Sell9-4-18 $4.50 Sell3-9-18 $5.50 Sell

2-23-18 $5.50 Hold1-15-18 $7.00 Hold

10-17-17 $7.25 Hold9-11-17 $7.75 Hold8-9-17 $6.75 Hold

7-19-17 $7.25 Hold7-6-17 $9.00 Sell5-3-17 $13.00 Hold

3-13-17 $12.00 Hold1-25-17 $14.00 Hold11-4-16 $25.00 Buy8-11-16 $28.00 Buy7-11-16 $25.00 Buy5-9-16 $20.00 Buy


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Treasury Metals Inc. (TML-T) Date Target(C$) Rating7-20-17 $1.20 Buy2-23-17 $1.10 Buy


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Trevali Mining Corporation (TV-T) Date Target(C$) Rating11-9-18 $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

11-17-16 $1.50 Buy8-15-16 $1.25 Buy7-20-16 $1.00 Buy


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Jan16

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Troilus Gold Corp. (TLG-T) Date Target(C$) Rating11-1-18 $2.00 Buy9-13-18 $2.50 Buy2-20-18 $3.25 Buy


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Jan18

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The Weekly Dig

46

B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Link to Research Policy: http://haywood.com/what-we-offer/research/research-policy Member of the Canadian Investor Protection Fund

Uranium Participation Corporation (U-T) Date Target(C$) Rating10-12-18 $5.90 Buy1-25-17 $5.10 Buy

12-19-16 $5.80 Buy


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Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating5-11-17 $2.90 Buy2-3-17 $2.40 Buy

1-25-17 $2.00 Buy5-31-16 $1.80 Buy


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Jan16

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

http://haywood.com/what-we-offer/research/research-policy

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