1. The Weekly Diguraniumequities.com/uranium-reports/2020/03/Haywood-Weekly-Dig … · Silver 4.1% WoW $18.34/oz Gold 2.7% WoW $1,622/oz 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00

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

1.

32%

13%

12%

11%

9%

6%

3%

3%

2%

1%

0%

Wolfden Resources Corporation

Ascendant Resources Inc.

Western Copper and Gold…

Panoro Minerals Ltd.

Osisko Metals Incorporated

Trevali Mining Corporation

Noront Resources Ltd.

Ivanhoe Mines Ltd.

Hudbay Minerals Inc.

First Quantum Minerals Ltd.

Xanadu Mines Limited

Weekly Performance - Base Metals Producers & Developers

16%

12%

11%

10%

10%

9%

9%

9%

8%

8%

Torex Gold Resources Inc.

Alamos Gold Inc.

Yamana Gold Inc.

Barrick Gold Corporation

McEwen Mining Inc.

Newmont Corporation

Kinross Gold Corporation

B2Gold Corp.

Eldorado Gold Corporation

Centamin plc

Weekly Performance - Senior and Intermediate Gold Producers

33%

31%

25%

16%

15%

15%

14%

14%

11%

11%

Jaxon Mining Inc.

Spanish Mountain…

Goldgroup Mining Inc.

New Pacific Metals…

Minera Alamos Inc.

Rupert Resources Ltd.

Bluestone Resources…

Rubicon Minerals…

Nighthawk Gold Corp.

Teranga Gold…

Weekly Performance - Junior, Developer, and Exploration Gold

1

Source: Bloomberg and Haywood Securities

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$-

$5.00

$10.00

$15.00

$20.00

$25.00

20-Feb-19 20-Jul-19 20-Dec-19

Go

ld U

S$/o

z

Silv

er U

S$/o

z

Silver 4.1% WoW $18.34/oz Gold 2.7% WoW $1,622/oz

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

20-Feb-19 20-Jun-19 20-Oct-19 20-Feb-20

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Co

pp

er &

Zin

c U

S$/l

b

Nic

kel U

S$/l

b

Zinc -3.0% WoW $.95/lb

Copper -1.1% WoW $2.59/lb

Nickel -4.7% WoW $5.71/lb

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

20-Feb-19 20-Jun-19 20-Oct-19 20-Feb-20

0

50

100

150

200

250

300

S&P

/TSX

Glo

ba

l Go

ld

S&P

/TSX

Div

ersi

fied

Met

als

& M

inin

g

S&P/TSX Global Gold Index 6.4% WoW

S&P/TSX Diversified Metals & Mining Index -6.2% WoW

Gold Passes US$1,600 and Coronavirus Fears Linger

Precious Metals Gold breached above the US$1,600 mark Thursday morning as the increased number of coronavirus cases in South Korea fuel further concerns over the potential wider economic impact of the outbreak. Meanwhile, the U.S. dollar strengthened with the U.S. Dollar Index climbing almost one point to 99.87 since last Thursday, while the yuan, a safe-haven competitor to the dollar and gold, took a steep slide. The price of gold rose 2.7% since last Thursday, finishing at US$1,619 per ounce for the week. Some of the better performing gold producers in our coverage universe this week include Alamos Gold Inc. (AGI-T, BUY rating, $10.25 target) which was up 12.5%, while Barrick Gold (ABX-T, BUY rating, $28.00 target) and B2Gold Corp. (BTO-T, BUY rating, $7.50 target) were up 9.6% and 8.7% respectively. In the junior gold space, Minera Alamos Inc. (MAI-V, BUY rating, $0.50 target) led the way, up 16.7% this week, while Bluestone Resources Inc. (BSR-V, BUY rating, $3.00 target) and Nighthawk Gold Corp. (NHK-T, BUY rating, $4.50 target) were up 14.3% and 11.4% respectively. While gold was up this week, silver also followed suit (up 3.9%) to US$18.37 per ounce, and both platinum (up 1.0%) and palladium (up 10.0%) finished higher.

Base Metals Base metals prices continued to drift as investor worries over the spread of the coronavirus outside China dampened benefits from policy easing in the country. The global death toll is now in excess of 2,200, and there are over 76,000 confirmed cases. China’s banks lowered benchmark borrowing costs after the central government slashed a range of policy rates to help battle the impact of the virus. China is expected to lower lending rates and the reserve requirement further to support the economy. The government is also stepping up fiscal support, which could help shore up demand for credit. In the meantime, the yuan fell to the weakest this year versus the dollar. Among the base metals, copper and zinc trended slightly lower WoW, to $2.60/lb and $0.96/lb, respectively, while nickel suffered the largest drop, falling $0.18 to $5.80/lb, after reports that Tesla is shifting some production of its most popular model away from batteries that contain nickel and cobalt. Most other automakers favour nickel-cobalt-manganese cathode chemistries. Most base metals producers in our universe retrenched over the last week, down by an average of 2.4%, led by Teck (approaching 52-week lows)and Taseko, which were off 6.7%. First Quantum was the top performer, up 3.6% over the last 5 days

Weekly Performance

February 21, 2020

THE WEEKLY DIG



The Weekly Dig

2

February 21, 2020

Contents

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

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

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

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

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

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

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

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

Base Metals Companies ......................................................................................................................................... 16

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

Tables

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

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

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

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

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

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

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



The Weekly Dig

3 February 21, 2020

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

Weekly Technical Analysis: Key takeaways and charts of the week

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

Asanko Gold Inc. (AKG-T, $1.20): Q4/19 financials, 2020 ops. guidance

Metalla Royalty & Streaming Ltd. (MTA-V, $7.92): NuevaUnión Project royalty

Copper Mountain Mining Corp. (CMMC-T, $0.62): 4Q19 and 2019 financial results, 2020 outlook

Nighthawk Gold Corp. (NHK-T, $2.44): Drilling results

Alamos Gold Inc. (AGI-T, $8.44): Resource update

Calibre Mining Corp. (CXB-T, $0.89): Q4/19 and 2019 results

Denison Mines Corp. (DML-T, $0.485): Core leach test results

Capstone Mining Corp. (CS-T, $0.71): PEA update

Filo Mining Corp. (FIL-V, $1.93): Drilling results

OceanaGold Corporation (OGC-T, $2.57): Q4/19 and FY19 results

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

IsoEnergy Ltd. (ISO-V, $0.39): Drilling results

Osino Resources Corp. (OSI-V, $0.82): Drilling results

TECHNICAL ANALYSIS

Weekly Technical Analysis

Equities: The breadth and momentum divergences that we discussed last week, have not yet been resolved despite the strong action in the broad indices. Underlying the bullish price action is increasingly defensive sector rotation: Financials, Industrials, Materials, Energy, Staples, and Health Care are each seeing deteriorating relative strength against the S&P 500 while sector leadership moves in favor of Technology, Communication Services, Utilities, Real Estate, and Discretionary (only on a cap-weighted basis due to AMZN). The CBOE put/call ratio has also been hovering in overly optimistic/complacent territory, making current conditions unattractive for adding high-beta equity exposure, although it certainly does not warrant getting short or bearish yet. We continue to recommend waiting for better conditions to add exposure.

Technical Analysis – February 18, 2020

COVERED NAMES

Asanko Gold Inc. (AKG-T, $1.20) | Rating » Hold | Target » $1.15

Our Take: Gold production of 66.1 koz and gold sales of ~66.1 koz were reported previously as were preliminary cost (TCC: US$863/oz and AISC: US$969/oz) and sales data (revenues of US$96.8 million on a 100% basis). Full-year production of 251 koz, exceeded the upper-end of corporate guidance of 225-245 koz Au, and our earlier forecast of 249 koz. Adjusted Q4/19 financials for AKG were slightly softer than expected, as adjusted EPS of US$0.00/sh and adjusted EBITDA of US$14.3 million compared to our forecasts of US$0.02/sh and US$17.3 million, respectively. However, more importantly, details pertaining to 2020 production guidance, and initial commentary regarding the AGM LOM plan were provided with the release.

2020 Production Guidance Outlines Static Profile; Key Long-Term Focus Remains on LOM Plan Update – February 14, 2020

Metalla Royalty & Streaming Ltd. (MTA-V, $7.92) | Rating » Hold | Target » $7.50

Our Take: This is a small transaction for Metalla that could return multiples to the NSR purchase price over the projected mine life. Production from the NuevaUnión project is several years away but the project has decent scale and a very long mine life. Metalla has acquired a 2.0% NSR on future gold production from a portion of the La Fortuna deposit (formerly called the El Morro project which was owned by Goldcorp), and prospective exploration land that is part of the NuevaUnión project located in the Atacama region of Chile, jointly owned by Newmont (NEM-US; Not Rated) and Teck Resources (TECK.B-T, Not Rated). NuevaUnión is one of the largest undeveloped copper-gold-molybdenum projects in the world. Metalla has partnered with BatteryOne Royalty Corp. (PrivateCo.) to jointly purchase this NSR, owned by a private Chilean company, for a total acquisition price of US$8 million in cash and shares, with Metalla funding 25% of the purchase price (US$2 million).

Acquires Royalty on NuevaUnión Project – February 18, 2020

https://clients.haywood.com/uploadfiles/secured_reports/TAFeb182020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AKGFeb142020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/MTAFeb182020.pdf



The Weekly Dig

4 February 21, 2020

Copper Mountain Mining Corp. (CMMC-T, $0.62) | Rating » Buy | Target » $1.20 (from $1.40)

Our Take: CMMC is positioning for growth at Copper Mountain and in Australia, but in this copper environment, expansion and optimization plans will limit potential for free cash flow in 2020. CMMC reported 4Q19 EPS of ($0.14), adjusted EPS of $0.01, and CFPS of $0.02, compared to Haywood estimates of $0.00 for EPS, and $0.05 for CFPS. Earnings were impacted by a non-cash write-down of $48.8M on the carrying value of the low-grade stockpile, offset by a positive mark-to-market adjustment on concentrate sales and a non-cash unrealized foreign exchange gain of $5.4M. Revenues (+18% QoQ to $73M) benefited from marginally higher copper and gold prices and slightly higher copper sales (+3% QoQ to 17.6Mlbs), resulting in positive cash flow of $4.3M, in line with 2Q19. CMMC ended the year with $32.1M in cash (-11% QoQ), and total debt of $248.4M (+7% QoQ), for net debt of $216.3M v. $196M in 3Q19. The Mitsubishi related short term notes were extended to long term debt, maturing in June 2023, thereby improving working capital by $101M

4Q19 and 2019 Financial Results; Outlook Overshadowed by Weaker Copper Price – Lowering Target – February 19, 2020

Nighthawk Gold Corp. (NHK-T, $2.44) | Rating » Buy | Target » $4.50

Our Take: Nighthawk released assay results from its flagship Colomac project in Northwest Territories. Today’s results consist of 7 holes over 2,190 metres targeting the Company’s Goldcrest sill, which runs parallel and 400 metres west of the Company’s Colomac main sill. Several intersections of high-grade gold mineralization were reported, including 15.50 metres grading 5.47 g/t gold from 70.5 metres downhole (hole G19-05). These results are encouraging, although we note the width of the Goldcrest sill is markedly less compared to the high-grade zones at Colomac. There is potential for the Goldcrest sill to widen with further drilling along strike, as illustrated by the variable widths reported along strike of the Colomac sill. The recent drilling both followed-up on previous drill campaign results (last drilled in 2017), as well as targeted new resource expansion within the Goldcrest’s southern section. All 7 holes intersected mineralization over a strike length of 400 metres within the Goldcrest South zone.

Goldcrest Continues to Show Promise – February 19, 2020

Alamos Gold Inc. (AGI-T, $8.44) | Rating » Buy | Target » $10.25

Our Take: Alamos continues to grow reserves at Island while maintaining the asset’s high grade, and since acquisition in November 2017, Alamos has grown reserves by 67% (+591,000 ounces, before mining depletion over the last two years of 263,000 ounces) with grades also increasing by 13%. Total resources and reserves over the same period at Island have grown by 94% (+1.8 Moz) at a cost of ~US$35 million over two years, or a discovery cost of ~US$20 per ounce. This growth will be incorporated in a Phase III expansion study that is expected to be completed in H1/20.

Island Continues to Grow – February 19, 2020

Calibre Mining Corp. (CXB-T, $0.89) | Rating » Buy | Target » $1.80

Our Take: Calibre reported full Q4/19 operations and financial data, which represented a partial quarter of operations following the acquisition of its Nicaraguan assets (La Libertad and El Limon) on October 15th, 2019. Throughout the Oct 15th – Dec 31st operations period, Calibre previously reported consolidated production of 33.5 koz gold (15.4 koz and 18.1 koz at El Limon and La Libertad respectively), with more recent data highlighting total Q4/19 gold sales of 38.9 koz gold, which represented sales from inventory acquired at the time of acquisition. Along with production of 33.5 koz meeting the Company’s guidance of 32-35 koz for the respective operations period, TCC of US$866/oz came in-line with our estimates, meanwhile, AISC of US$959/oz slightly bettered our estimate of US$1,033/oz, and met Corporate guidance of US$950-$980/oz. Overall, we are encouraged by the Company’s ability to meet production and cost guidance within a short timeframe post transition of asset ownership.

A Solid Transition: Operational and Exploration Momentum Expected to Continue in 2020 – February 19, 2020

Denison Mines Corp. (DML-T, $0.485) | Rating » Buy | Target » $1.60

Our Take: The core leach tests performed on drill core recovered from the Phoenix deposit returned uranium concentrations ranging from 13.5 – 39.8 g/litre. These results compare very favourably to the 10 g/litre assumption in the September 2019 Pre-Feasibility Study on Phoenix, achieving almost 4 times the uranium concentration in leach solution. Higher uranium concentration in recovery fluids has the potential to lead to CAPEX and OPEX savings in future economic studies as Denison continues to refine its process model for Phoenix. Denison’s 2020 metallurgical program at Phoenix is scheduled to continue throughout H1/2020, seeking to further de-risk the project while providing additional news flow.

Phoenix Deposit Pump Test Results; Core Leach Tests Suggest Higher Uranium Concentrations Achievable – February 19, 2020

Capstone Mining Corp. (CS-T, $0.71) | Rating » Buy | Target » $1.00

Our Take: Capstone’s updated PEA, which provides for a cobalt plant in addition to the existing plan to produce copper, gold and iron ore, enhances the economics of Santo Domingo. We wait for the Company to secure a joint venture for at least 50% of the project for validation of the new plan. Capstone released an update on its 2019 PEA for the 70%-owned Santo Domingo project in Chile which

https://clients.haywood.com/uploadfiles/secured_reports/CMMCFeb192020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/NHKFeb192020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/AGIFeb192020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/CXBFeb192020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/DMLFeb192020.pdf



The Weekly Dig

5 February 21, 2020

provides more cost certainty, and the development of a cobalt circuit. The 2020 PEA considers a plan to mine and process copper, iron ore and gold initially, followed by a phase to initiate cobalt recovery after two years of permitting and engineering.

Cobalt Plan Provides Additional Optionality– February 20, 2020

Filo Mining Corp. (FIL-V, $1.93) | Rating » Buy | Target » $4.60

Our Take: The depth, grade and size potential of the outcropping high-sulphidation and the ‘source’ porphyry system to depth at Filo continues to be unbounded with additional results from diamond drill holes (FSDH032 and FSDH033) of the 2019/2020 drill program highlighting notable results. Results show the discovery of higher-grade copper-gold mineralization (presumably porphyry related) at depth that is open to the northeast and being tested in drill hole FSDH036, and likely in other holes thereafter. FSDH032 is likely the most important post-discovery hole thus far, and highlights the potential for the Company to add higher grade tonnes with future drilling that would seem to be augmentative to the presiding PFS.

Deeper Drilling at Filo Unearths Higher Grade Cu-Au Mineralization Open to the North – February 20, 2020

OceanaGold Corporation (OGC-T, $2.57) | Rating » Hold | Target » $2.75

Our Take: Operating data was reported previously, meanwhile, financials performance was weaker than anticipated, primarily on higher expense items (SG&A, DD&A, and Cash Taxes). Of note, Q4/19 financials were impacted by the absence of sales from Didipio, and associated non-production costs of US$10.1 million (US$17.7 million for FY19) related to maintaining operational readiness at the mine-site.

Q4/19 Financials Miss Tethered to Didipio as Overhang Impinges Bottom Line Performance – February 20, 2020

UNCOVERED NAMES

IsoEnergy Ltd. (ISO-V, $0.39) | Not Rated

Our Take: ISO released assays from its first hole drilled this winter (LE20-30) at its 100%-owned Larocque East project. Initial scintillometer results were reported February 4th for this hole. Results of LE20-30 represent the best intercept to-date on the project confirmed by assays, but we expect successive holes, where we have already seen scint results (assays pending), will likely outstrip LE20-30’s assays. This means more positive news flow coming from ISO. Last Thursday in the Q1/2020 Haywood Junior Exploration Report we highlighted the very positive (and freshly reported) initial scintillometer results for two newer drill holes of the winter program (LE20-34 and LE20-32A). Both holes have the potential to put up better assays than the positive results from LE20-30.

First Assays from Winter Drilling Reveal Best Intercept yet at Hurricane – February 19, 2020

Osino Resources Corp. (OSI-V, $0.82) | Not Rated

Our Take: Osino released all outstanding drill assay results from its 45-hole 2019 drill campaign and has completed its initial logging and interpretation of its Phase 2 drilling at the Twin Hills Central discovery at its Karibib Gold Project in Namibia. The recent release comprised results from the two pending drill holes (RC and a diamond drill hole) targeting Twin Hills Central, as well as 8 diamond drill holes targeting Twin Hills West, 2 diamond drill holes targeting Clouds, and 5 RC holes plus 2 diamond holes at its Barking Dog target. Compared to the broad intersections of gold mineralization at Twin Hills Central, the results from these exploration holes are disappointing, although we note that the holes were drilled at significant step-outs from Twin Hills Central. At Twin Hills West, 4 of the 8 newly released holes intersected significant gold mineralization with grades appearing to increase to the south and west. Several narrow intercepts of gold mineralization were reported from 1 of 2 holes at Clouds, while only 1 hole from 7 drilled at Barking Dog intersected significant gold mineralization.

Final Results from 2019 Drilling Campaign – February 19, 2020

https://clients.haywood.com/uploadfiles/secured_reports/CSFeb202020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/FILFeb202020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/OGCFeb202020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/ISOFeb192020.pdf

https://clients.haywood.com/uploadfiles/secured_reports/OSIFeb192020.pdf



The Weekly Dig

6 February 21, 2020

Weekly Commodities

Source: Haywood Securities and Bloomberg

.

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

Gold Spot $ 1,619 $ 43.44 2.7% 3.8% 10.0% 7.4% 21.0% $ 1,624 $ 1,619

US$/oz $ 1,266 $ 1,576

Silver Spot $ 18.37 $ 0.72 3.9% 1.6% 7.1% 7.0% 14.4% $ 19.65 $ 18.43

US$/oz $ 14.29 $ 17.65

Platinum Spot $ 980 $ 10.14 1.0% (3.9)% 6.9% 15.4% 18.5% $ 1,042 $ 1,008

US$/oz $ 789 $ 966

Palladium Spot $ 2,703 $ 269.05 10.0% 6.2% 53.0% 81.4% 81.5% $ 2,850 $ 2,717

US$/oz $ 1,268 $ 2,434


Copper Future $ 2.59 $ (0.03) (1.1%) (8.4)% (2.5)% 0.4% (11.2)% $ 2.98 $ 2.63

US$/lb $ 2.51 $ 2.59

Nickel Spot $ 5.71 $ (0.28) (4.9%) (9.8)% (12.1)% (20.8)% (1.9)% $ 8.45 $ 5.99

US$/lb $ 5.25 $ 5.71

Lead Spot $ 0.88 $ 0.01 1.5% (1.0)% (2.2)% (6.0)% (4.6)% $ 1.03 $ 0.89

US$/lb $ 0.80 $ 0.86

Zinc Spot $ 0.95 $ (0.03) (3.0%) (14.9)% (10.2)% (5.3)% (22.9)% $ 1.37 $ 0.98

US$/lb $ 0.95 $ 0.95

Aluminum Spot $ 0.76 $ (0.02) (2.1%) (6.6)% (3.7)% (3.7)% (8.8)% $ 0.87 $ 0.78

US$/lb $ 0.76 $ 0.76

Iron Ore Spot $ 87.19 $ 1.40 1.6% (8.3)% 3.8% (5.7)% (1.2)% $ 140.00 $ 78.80

US$/t $ 77.70 $ 77.70


Newcastle Coal $ 67.60 $ (2.90) (4.3%) (5.5)% (6.0)% 0.9% (28.2)% $ 90.80 $ 70.55

US$/t $ 64.50 $ 67.60

Uranium Spot $ 24.60 $ 0.10 0.4% - (5.4)% (4.7)% (18.7)% $ 26.50 $ 24.60

US$/lb $ 24.85 $ 24.50

WTI $ 53.88 $ 2.22 4.1% (7.9)% (4.2)% 0.1% (8.2)% $ 64.99 $ 53.88

US$/bbl $ 49.50 $ 51.66

Brent $ 59.24 $ 2.90 4.9% (7.9)% (1.7)% 1.9% (9.8)% $ 70.99 $ 59.24

US$/bbl $ 53.11 $ 56.34

Henry Hub $ 1.92 $ 0.09 4.7% (3.5)% (22.1)% (22.1)% (34.0)% $ 3.04 $ 1.98

US$/MMBtu $ 1.75 $ 1.83.

PRECIOUS METALS

BASE METALS

ENERGY



The Weekly Dig

7 February 21, 2020

Commodities Prices and Inventories

Precious Metals


Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Gold US$ 1,619 /oz 2.8% -1.1% -1.1%

Silver US$ 18.37 /oz 4.1% 2.9% 14.4%

Platinum US$ 980 /oz 1.0% 1.4% 18.5%

Spot Price

(5.0%)

(4.0%)

(3.0%)

(2.0%)

(1.0%)

-

1.0%

2.0%

3.0%

4.0%

5.0%

Precious Metals Weekly Change (12 weeks)

Gold Spot Silver Spot Platinum Spot



The Weekly Dig

8 February 21, 2020

Base Metals


Spot Price

Commodities LME Spot Price Weekly Δ YTD Δ 1 Year Δ

Copper US$ 2.59 /lb -1.1% -7.2% -11.2%

Zinc US$ 0.95 /lb -3.0% -7.9% -22.9%

Nickel US$ 5.71 /lb -4.7% -9.8% -1.9%

LME Inventory Total Inventory

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

Consumption

Copper 164,850 0.2% 453,875 49% 11% 7.0

Zinc 75,475 4.1% 197,279 149% 14% 5.6

Nickel 224,766 7.0% 261,560 39% 23% 42.6

. .

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot

(8.0%)

(6.0%)

(4.0%)

(2.0%)

-

2.0%

4.0%

6.0%

Base Metals Weekly Change (12 weeks)

LME Copper Spot LME Zinc Spot LME Nickel Spot



The Weekly Dig

9 February 21, 2020


1

Note: Total Inventories exclude the bonded warehouse inventories

28-Feb-1731-Mar-1730-Apr-1731-May-1730-Jun-1731-Jul-1731-Aug-1730-Sep-1731-Oct-1730-Nov-1731-Dec-1731-Jan-1828-Feb-1831-Mar-1830-Apr-1831-May-1830-Jun-1831-Jul-1831-Aug-1830-Sep-1831-Oct-1830-Nov-1831-Dec-1831-Jan-1928-Feb-1931-Mar-1930-Apr-1931-May-1930-Jun-1931-Jul-1931-Aug-1930-Sep-1931-Oct-1930-Nov-1931-Dec-1931-Jan-20

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

$ -

$ 0.50

$ 1.00

$ 1.50

$ 2.00

$ 2.50

$ 3.00

$ 3.50

Ton

nes

of I

nve

nto

ries

Co

pp

er (U

S $

/lb

)

Copper Price & Inventories

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


-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

$ 1.60

$ 1.80

Ton

nes

of I

nve

nto

ries

Zin

c (U

S $

/lb

)

Zinc Price & Inventories

LME ZINC TOTAL SHFE Zinc Weekly Inventory Zi LME Zinc Price


-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

500,000

$ -

$ 1.00

$ 2.00

$ 3.00

$ 4.00

$ 5.00

$ 6.00

$ 7.00

$ 8.00

$ 9.00

Ton

nes

of I

nve

nto

ries

Nic

kel

(US

$/l

b)

Nickel Price & Inventories

LME NICKEL TOTAL Del Stk Total LME Nickel Price


-

50,000

100,000

150,000

200,000

250,000

300,000

$ -

$ 0.20

$ 0.40

$ 0.60

$ 0.80

$ 1.00

$ 1.20

$ 1.40

Ton

nes

of I

nve

nto

ries

Lead

(U

S $

/lb

)

Lead Price & Inventories

LME LEAD TOTAL Lead Del Stocks/Total LME Lead Price



The Weekly Dig

10 February 21, 2020

Commodities and ETFs: A Week in Action

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

Spot: Gain (+2.8%) for the week

ETF Holdings: 83,867,409 ounces, up 510,133 ounces for the week

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


ETF Holdings: 610,444,548 ounces, down 768,550 ounces for the week

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


ETF Holdings: 3,330,777 ounces, down 18,940 ounces for the week

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


ETF Holdings: 559,478 ounces, up 1,794 ounces for the week

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

Futures: Loss (-1.1%) for the week

LME Copper: 164,850 tonnes, up 300 tonnes for the week

$1,050

$1,150

$1,250

$1,350

$1,450

$1,550

$1,650

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

Price

100D MA61

66

71

76

81

86

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

$13.00

$16.00

$19.00

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

Price

100D MA

500520540560580600620640

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

$700

$900

$1,100

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

Price

100D MA

2.2

2.7

3.2

3.7

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

$460

$1,460

$2,460

$3,460

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

Price

100D MA

0.5

0.7

0.9

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

$2.00

$3.00

$4.00

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

Price

100D MA

100,000

200,000

300,000

400,000

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



The Weekly Dig


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

Spot: Loss (-4.7%) for the week

LME Nickel: 224,766 tonnes, up 14,700 tonnes for the week

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


LME Lead: 66,725 tonnes, down 25 tonnes for the week

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

Spot: Loss (-3.0%) for the week

LME Zinc: 75,475 tonnes, up 2,975 tonnes for the week

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

Newcastle Thermal Futures: Loss (-0.7%) for the week

62% Fe Iron Ore: Gain (+1.6%) for the week

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

Uranium Long: Gain (+0.2%) for the week

Source: Bloomberg, UxC Consulting, and Haywood Securities

$3.70

$5.20

$6.70

$8.20

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

Price

100D MA

50,000

100,000

150,000

200,000

250,000

300,000

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

$0.75

$0.95

$1.15

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

Price

100D MA

50,000

70,000

90,000

110,000

130,000

150,000

170,000

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

$0.90

$1.40

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

Price

100D MA

40,000

90,000

140,000

190,000

240,000

290,000

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

$50

$90

$130

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

Price

100D MA$60

$110

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

Price

100D MA

$18

$23

$28

Feb-19 Uranium Spot ($/lb)

Price

100D MA

$20

$25

$30

$35

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

Price

100D MA



The Weekly Dig


Upcoming Macroeconomic News and Events

Source: Bloomberg

Date Event Period Survey Prior Relevance

United States02/21/20 Markit US Manufacturing PMI Feb P 51.5 51.9 9002/21/20 Markit US Services PMI Feb P 53.4 53.4 7002/21/20 Markit US Composite PMI Feb P -- 53.3 7002/21/20 Existing Home Sales Jan 5.44m 5.54m 8802/24/20 Chicago Fed Nat Activity Index Jan -- -0.35 6302/24/20 Dallas Fed Manf. Activity Feb 0 -0.2 6402/25/20 FHFA House Price Index MoM Dec 0.40% 0.20% 6902/25/20 Conf. Board Consumer Confidence Feb 132.5 131.6 9402/25/20 Richmond Fed Manufact. Index Feb 10 20 7102/26/20 MBA Mortgage Applications 21-Feb -- -6.40% 9202/26/20 New Home Sales Jan 710k 694k 9102/27/20 GDP Annualized QoQ 4Q S 2.20% 2.10% 9702/27/20 Personal Consumption 4Q S -- 1.80% 6802/27/20 GDP Price Index 4Q S 1.40% 1.40% 7702/27/20 Core PCE QoQ 4Q S -- 1.30% 6802/27/20 Durable Goods Orders Jan P -1.50% 2.40% 9302/27/20 Durables Ex Transportation Jan P 0.30% -0.10% 7402/27/20 Initial Jobless Claims 22-Feb -- 210k 9802/27/20 Continuing Claims 15-Feb -- 1726k 6902/27/20 Bloomberg Consumer Comfort 23-Feb -- 65.6 6702/27/20 Pending Home Sales MoM Jan 2.00% -4.90% 7702/28/20 Wholesale Inventories MoM Jan P -- -0.20% 8102/28/20 Personal Income Jan 0.30% 0.20% 8502/28/20 Personal Spending Jan 0.30% 0.30% 8502/28/20 MNI Chicago PMI Feb 46.3 42.9 8202/28/20 U. of Mich. Sentiment Feb F 100.7 100.9 94


Canada02/21/20 Retail Sales MoM Dec 0.10% 0.90% 7902/21/20 Retail Sales Ex Auto MoM Dec 0.30% 0.20% 7702/24/20 Wholesale Trade Sales MoM Dec 0.50% -1.20% 6002/28/20 Quarterly GDP Annualized 4Q 0.20% 1.30% 9302/28/20 GDP MoM Dec 0.10% 0.10% 8402/28/20 Industrial Product Price MoM Jan -- 0.10% 65


China02/28/20 Manufacturing PMI Feb 46 50 9002/28/20 Non-manufacturing PMI Feb -- 54.1 68



The Weekly Dig


Weekly Indices


.

.

250

255

260

265

270

275

280

17,750

17,800

17,850

17,900

17,950

18,000

Go

ld I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.6% WoW

S&P/TSX Global Gold Index 6.4% WoW

97

98

98

99

99

100

100

101

101

102

17,750

17,800

17,850

17,900

17,950

18,000

Ba

se M

eta

ls I

nd

ex

Co

mp

osi

te I

nd

ex

S&P/TSX Composite Index 0.6% WoW

S&P/TSX Global Base Metals Index -2.5% WoW

566

568

570

572

574

576

578

580

582

584

1,660

1,665

1,670

1,675

1,680

1,685

1,690

1,695

1,700

1,705

S&P

/TSX

Ven

ture

Co

mp

In

dex

Ru

ssel

l 20

00

Ind

ex

Russell 2000 Index 0.4% WoW

S&P/TSX Venture Comp Index 1.6% WoW

3,330

3,340

3,350

3,360

3,370

3,380

3,390

3,400

S&P

50

0 In

dex

S&P 500 Index -0.2% WoW

215

220

225

230

235

240

245

250

NYS

E A

RC

A E

xch

an

ge G

old

BU

GS

Ind

ex

NYSE ARCA Exchange Gold BUGS Index 6.5% WoW

760

770

780

790

800

810

820

830

840

850

NYS

E A

rca

Go

ld M

iner

s In

dex

NYSE Arca Gold Miners Index 5.6% WoW



The Weekly Dig


Weekly Equities

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

Source: Capital IQ and Haywood Securities

20%

17%

16%

15%

14%

12%

12%

12%

11%

11%

Harmony Gold Mining…

Sibanye Gold Limited

Torex Gold Resources Inc.

Minera Alamos Inc.

Bluestone Resources Inc.

Alamos Gold Inc.

Wheaton Precious Metals…

Gold Fields Limited

Nighthawk Gold Corp.

Pan American Silver Corp.

Top Companies

-35%-13%

-13%

-8%

-5%

-4%

-3%

-3%

-2%

Aurion Resources Ltd.

Harte Gold Corp.

Agnico Eagle Mines Limited

Treasury Metals Inc.

Kirkland Lake Gold Ltd.

TMAC Resources Inc.

Pure Gold Mining Inc.

IAMGOLD Corporation

Compañía de Minas…

Bottom Companies

1Wk 52Wk 1Wk 52Wk

$∆ High $∆ High

TSX:AEM Agnico Eagle Mines Limited 68.15 (10.14) (13)% 86.39 53.16 TSX:LUG Lundin Gold Inc. 11.11 1.04 10% 11.75 5.02

TSX:ASR Alacer Gold Corp. 6.53 0.34 5% 7.66 3.19 TSX:MAG MAG Silver Corp. 14.13 0.48 4% 18.60 11.94

TSX:AGI Alamos Gold Inc. 9.01 1.00 12% 10.12 5.63 TSX:MOZ Marathon Gold Corporation 1.54 0.05 3% 1.76 0.78

NYSE:AU AngloGold Ashanti Limited 26.81 0.96 4% 31.63 14.97 NYSE:MUX McEwen Mining Inc. 1.68 0.15 10% 2.84 1.35

TSX:AR Argonaut Gold Inc. 1.56 0.00 0% 2.87 1.46 TSXV:MTA Metalla Royalty & Streaming Ltd. 7.85 0.06 1% 8.69 3.68

TSX:AKG Asanko Gold Inc. 1.21 - - 1.45 0.68 TSX:MAX Midas Gold Corp. 0.56 0.02 4% 0.96 0.51

TSXV:AU Aurion Resources Ltd. 1.10 (0.60) (35)% 2.35 0.90 TSXV:MAI Minera Alamos Inc. 0.31 0.04 15% 0.32 0.10

TSX:BTO B2Gold Corp. 6.02 0.48 9% 6.01 3.24 TSX:NGD New Gold Inc. 1.07 0.06 6% 2.03 0.82

TSX:ABX Barrick Gold Corporation 27.54 2.42 10% 27.84 15.72 NYSE:NEM Newmont Corporation 63.79 5.43 9% 61.56 39.48

TSXV:BSR Bluestone Resources Inc. 1.92 0.24 14% 2.00 0.85 TSX:NHK Nighthawk Gold Corp. 2.44 0.25 11% 3.65 1.55

TSX:CG Centerra Gold Inc. 10.11 0.32 3% 13.00 6.36 TSX:NG NovaGold Resources Inc. 12.32 0.20 2% 12.59 4.87

TSX:CGG China Gold International Resources Corp. Ltd.1.01 (0.01) (1)% 1.93 0.88 TSX:OGC OceanaGold Corporation 2.44 (0.04) (2)% 4.59 2.12

NYSE:CDE Coeur Mining, Inc. 8.35 0.25 3% 10.99 3.69 TSX:OR Osisko Gold Royalties Ltd 13.91 0.49 4% 17.47 11.00

NYSE:BVN Compañía de Minas Buenaventura S.A.A.16.52 (0.22) (1)% 23.67 15.60 TSX:OSK Osisko Mining Inc. 3.89 0.33 9% 4.19 2.58

TSX:CNL Continental Gold Inc. 5.45 (0.01) (0)% 5.48 2.20 TSX:PAAS Pan American Silver Corp. 33.03 3.17 11% 32.90 13.83

TSX:ELD Eldorado Gold Corporation 10.00 0.76 8% 13.34 4.10 TSX:PG Premier Gold Mines Limited 1.54 - - 2.55 1.41

TSX:EDV Endeavour Mining Corporation 26.46 1.61 6% 28.98 17.24 TSX:PVG Pretium Resources Inc. 9.74 (0.09) (1)% 18.30 9.49

TSX:EDR Endeavour Silver Corp. 2.63 (0.02) (1)% 4.26 2.21 TSXV:PGM Pure Gold Mining Inc. 0.76 (0.02) (3)% 0.88 0.49

TSX:EQX Equinox Gold Corp. 12.59 1.13 10% 12.75 4.90 TSX:ROXG Roxgold Inc. 0.98 0.08 8% 1.42 0.79

TSXV:FPC Falco Resources Ltd. 0.30 0.02 5% 0.37 0.19 TSX:RNx Royal Nickel Corporation 0.45 0.01 1% 0.73 0.33

TSXV:FIL Filo Mining Corp. 1.96 0.07 4% 3.25 1.80 NasdaqGS:RGLD Royal Gold, Inc. 142.39 4.20 3% 184.04 106.95

TSX:FR First Majestic Silver Corp. 12.89 0.12 1% 16.50 7.38 TSX:SBB Sabina Gold & Silver Corp. 1.70 - - 2.28 0.99

TSX:FVI Fortuna Silver Mines Inc. 4.95 0.10 2% 6.12 3.22 TSX:SSL Sandstorm Gold Ltd. 9.53 0.39 4% 9.89 6.70

TSX:FNV Franco-Nevada Corporation 154.08 2.12 1% 155.73 93.24 NYSE:SA Seabridge Gold Inc. 17.86 0.40 2% 21.95 14.52

NYSE:GFI Gold Fields Limited 9.24 0.97 12% 9.56 4.73 TSX:SMF SEMAFO Inc. 3.17 0.01 0% 5.75 2.36

TSX:GSC Golden Star Resources Ltd. 3.99 0.06 2% 6.48 3.36 NYSE:SBGL Sibanye Gold Limited 16.75 2.38 17% 17.60 4.19

TSXV:GQC Goldquest Mining Corp. 0.14 0.01 8% 0.23 0.08 TSX:SVM Silvercorp Metals Inc. 5.37 (0.06) (1)% 7.69 2.71

TSX:GUY Guyana Goldfields Inc. 0.74 0.03 4% 1.66 0.46 TSX:SSRM SSR Mining Inc. 24.79 0.76 3% 25.33 14.23

NYSE:HMY Harmony Gold Mining Company Limited 4.87 0.80 20% 5.21 2.08 TSX:STGO Steppe Gold Ltd. 0.90 (0.01) (1)% 1.14 0.59

TSX:HRT Harte Gold Corp. 0.13 (0.02) (13)% 0.40 0.09 TSXV:SGI Superior Gold Inc. 0.76 0.04 6% 1.14 0.38

NYSE:HL Hecla Mining Company 4.31 0.39 10% 4.65 1.60 TSX:TMR TMAC Resources Inc. 2.26 (0.09) (4)% 6.95 2.25

TSX:IMG IAMGOLD Corporation 3.88 (0.10) (3)% 5.55 3.08 TSX:TXG Torex Gold Resources Inc. 21.06 2.87 16% 21.91 11.41

TSX:IVN Ivanhoe Mines Ltd. 3.68 0.09 3% 4.54 3.02 TSX:TML Treasury Metals Inc. 0.24 (0.02) (8)% 0.42 0.21

TSXV:KNT K92 Mining Inc. 4.40 0.35 9% 4.45 1.07 TSX:TLG Troilus Gold Corp. 0.77 0.03 4% 1.16 0.52

TSX:K Kinross Gold Corporation 7.42 0.61 9% 7.37 4.04 TSX:WDO Wesdome Gold Mines Ltd. 10.36 0.90 10% 10.47 3.96

TSX:KL Kirkland Lake Gold Ltd. 46.22 (2.46) (5)% 67.87 38.80 TSX:WPM Wheaton Precious Metals Corp. 43.03 4.54 12% 42.58 26.50

TSX:LGD Liberty Gold Corp. 1.34 0.10 8% 1.44 0.33 TSX:YRI Yamana Gold Inc. 5.89 0.56 11% 5.85 2.41

TSXV:LUM Lumina Gold Corp. 0.75 0.03 4% 0.78 0.50

%∆ LowCompany CloseTicker Low%∆CompanyTicker Close



The Weekly Dig


Weekly Performance – Precious Metals Companies (Covered Large Cap)


.

.

12.5%

9.6%

8.7%

8.2%

6.5%

3.7%

0.3%

(1.6%)

ALAMOS GOLD INC-CLASS A

BARRICK GOLD CORP

B2GOLD CORP

ELDORADO GOLD CORP

ENDEAVOUR MINING CORP

OSISKO GOLD ROYALTIES LTD

SEMAFO INC

OCEANAGOLD CORP

Weekly Price Change

21.0%

18.7%

15.8%

12.0%

10.3%

5.1%

2.2%

(0.4%)

SEMAFO INC


BARRICK GOLD CORP


B2GOLD CORP


ELDORADO GOLD CORP

OCEANAGOLD CORP

1-Month Price Change

23.4%

21.7%

20.8%

17.5%

11.6%

8.9%

(3.6%)

(5.7%)

B2GOLD CORP

BARRICK GOLD CORP



SEMAFO INC


OCEANAGOLD CORP

ELDORADO GOLD CORP


24.6%

10.7%

(0.5%)

(5.8%)

(14.4%)

(16.2%)

(18.7%)

(36.6%)

B2GOLD CORP

BARRICK GOLD CORP



ELDORADO GOLD CORP


OCEANAGOLD CORP

SEMAFO INC


73.9%

51.8%

43.7%

39.5%

21.3%

0.6%

(11.7%)

(46.5%)

ELDORADO GOLD CORP

BARRICK GOLD CORP

B2GOLD CORP




SEMAFO INC

OCEANAGOLD CORP

1-Year Price Change



The Weekly Dig


Weekly Performance – Precious Metals Companies (Covered Small Cap)


.

.

16.7%

14.3%

11.4%

10.3%

9.9%

9.3%

9.2%

8.9%

8.1%

7.7%

5.7%

5.6%

5.4%

4.5%

4.2%

4.1%

3.7%

3.4%

2.3%

0.8%

0.0%

0.0%

(3.8%)

(5.6%)

(7.7%)

(13.3%)

(35.9%)

MINERA ALAMOS INC

BLUESTONE RESOURCES INC

NIGHTHAWK GOLD CORP

LUNDIN GOLD INC

EQUINOX GOLD CORP

OSISKO MINING INC

K92 MINING

ROXGOLD INC

LIBERTY GOLD CORP

GOLDQUEST MINING CORP

MIDAS GOLD CORP

SUPERIOR GOLD INC

FALCO RESOURCES LTD

STEPPE GOLD LTD

LUMINA GOLD CORP

TROILUS GOLD CORP

FILO MINING CORP

MARATHON GOLD CORP

ROYAL NICKEL CORP

METALLA ROYALTY & STREAMING

ASANKO GOLD INC

SABINA GOLD & SILVER CORP

PURE GOLD MINING INC

CALIBRE MINING CORP

TREASURY METALS INC

HARTE GOLD CORP

AURION RESOURCES LTD

Weekly Price Change

33.7%

28.0%

24.2%

20.4%

15.6%

15.4%

10.9%

10.1%

9.5%

8.6%

7.1%

6.5%

4.7%

3.7%

2.0%

1.6%

0.0%

(1.5%)

(1.7%)

(2.0%)

(2.2%)

(2.3%)

(6.7%)

(8.6%)

(9.4%)

(16.1%)

(41.7%)

K92 MINING


TROILUS GOLD CORP

LUNDIN GOLD INC

EQUINOX GOLD CORP

LUMINA GOLD CORP

NIGHTHAWK GOLD CORP

SUPERIOR GOLD INC

STEPPE GOLD LTD

MINERA ALAMOS INC

ASANKO GOLD INC

ROXGOLD INC

LIBERTY GOLD CORP


MARATHON GOLD CORP

OSISKO MINING INC



FALCO RESOURCES LTD

FILO MINING CORP

ROYAL NICKEL CORP


MIDAS GOLD CORP

CALIBRE MINING CORP

TREASURY METALS INC

HARTE GOLD CORP



117.8%

94.9%

67.0%

56.4%

48.9%

47.7%

46.5%

45.2%

43.9%

37.5%

36.8%

29.3%

25.1%

20.6%

18.5%

16.7%

12.6%

8.5%

5.2%

4.9%

4.3%

2.0%

1.8%

0.0%

(8.0%)

(10.9%)

(31.9%)

K92 MINING

SUPERIOR GOLD INC


EQUINOX GOLD CORP

LIBERTY GOLD CORP


MINERA ALAMOS INC

LUNDIN GOLD INC

FALCO RESOURCES LTD

OSISKO MINING INC

HARTE GOLD CORP

LUMINA GOLD CORP

NIGHTHAWK GOLD CORP


TROILUS GOLD CORP


ROXGOLD INC

ROYAL NICKEL CORP

ASANKO GOLD INC

CALIBRE MINING CORP


MARATHON GOLD CORP

MIDAS GOLD CORP

TREASURY METALS INC

STEPPE GOLD LTD

FILO MINING CORP



119.7%

110.0%

93.8%

69.2%

63.8%

57.4%

46.6%

42.8%

22.9%

22.6%

14.1%

13.6%

12.1%

2.5%

1.3%

1.1%

(0.6%)

(2.1%)

(10.6%)

(17.6%)

(20.3%)

(27.2%)

(27.9%)

(29.1%)

(35.1%)

(37.4%)

(51.9%)

LIBERTY GOLD CORP

MINERA ALAMOS INC

K92 MINING



EQUINOX GOLD CORP

CALIBRE MINING CORP

LUNDIN GOLD INC

FALCO RESOURCES LTD


MARATHON GOLD CORP

LUMINA GOLD CORP

OSISKO MINING INC

ASANKO GOLD INC

TROILUS GOLD CORP

ROYAL NICKEL CORP


STEPPE GOLD LTD

SUPERIOR GOLD INC


ROXGOLD INC

NIGHTHAWK GOLD CORP

FILO MINING CORP

MIDAS GOLD CORP

TREASURY METALS INC


HARTE GOLD CORP


276.1%

243.6%

173.9%

122.8%

96.3%

81.9%

54.5%

53.6%

51.0%

31.4%

24.7%

23.5%

18.2%

18.1%

15.4%

10.1%

5.5%

5.4%

2.7%

(6.7%)

(10.6%)

(10.9%)

(14.2%)

(35.1%)

(38.2%)

K92 MINING

LIBERTY GOLD CORP

MINERA ALAMOS INC

EQUINOX GOLD CORP

LUNDIN GOLD INC


CALIBRE MINING CORP


MARATHON GOLD CORP

STEPPE GOLD LTD

ASANKO GOLD INC

NIGHTHAWK GOLD CORP

OSISKO MINING INC


LUMINA GOLD CORP


TROILUS GOLD CORP

ROXGOLD INC

SUPERIOR GOLD INC


FALCO RESOURCES LTD

FILO MINING CORP


TREASURY METALS INC

ROYAL NICKEL CORP

1-Year Price Change



The Weekly Dig


Equity Weekly Performance – Base Metals Companies


.

.

6.4%

5.6%

1.9%

1.4%

0.7%

0.0%

0.0%

0.0%

(1.1%)

(1.6%)

(1.6%)

(2.7%)

(3.0%)

(3.1%)

(3.7%)

(4.4%)

(4.7%)

(5.4%)

(5.8%)

(7.9%)

(8.0%)

Osisko Metals Inc.

TREVALI MINING CORP

HUDBAY MINERALS INC

FIRST QUANTUM MINERALS LTD

S&P/TSX COMPOSITE INDEX

SHERRITT INTERNATIONAL CORP

XANADU MINES LTD

ATALAYA MINING PLC

LME COPPER SPOT ($)

COPPER MOUNTAIN MINING CORP

FIREWEED ZINC LTD

LUNDIN MINING CORP

LME ZINC SPOT ($)

NEVADA COPPER CORP

IMPERIAL METALS CORP

ADVENTUS MINING CORP

LME NICKEL SPOT ($)

S&P/TSX DIV MTLS&MIN IDX

TASEKO MINES LTD

TECK RESOURCES LTD-CLS B

CAPSTONE MINING CORP

Weekly Price Change

2.0%

0.0%

0.0%

(2.0%)

(7.5%)

(8.0%)

(8.2%)

(8.4%)

(9.8%)

(11.1%)

(12.6%)

(12.8%)

(13.9%)

(14.9%)

(15.6%)

(17.6%)

(20.0%)

(23.3%)

(24.4%)

(26.9%)

(28.5%)


XANADU MINES LTD

FIREWEED ZINC LTD

Osisko Metals Inc.



LUNDIN MINING CORP

LME COPPER SPOT ($)

LME NICKEL SPOT ($)

ATALAYA MINING PLC

HUDBAY MINERALS INC


NEVADA COPPER CORP

LME ZINC SPOT ($)






TREVALI MINING CORP

TASEKO MINES LTD


40.0%

16.9%

14.8%

11.8%

10.9%

10.8%

10.7%

7.5%

5.5%

4.6%

4.1%

2.0%

(2.2%)

(2.5%)

(4.4%)

(6.5%)

(10.2%)

(10.5%)

(12.1%)

(13.9%)

(19.1%)

XANADU MINES LTD


NEVADA COPPER CORP

TREVALI MINING CORP

FIREWEED ZINC LTD



Osisko Metals Inc.


TASEKO MINES LTD

ATALAYA MINING PLC


LUNDIN MINING CORP

LME COPPER SPOT ($)


HUDBAY MINERALS INC

LME ZINC SPOT ($)


LME NICKEL SPOT ($)




34.4%

32.7%

19.3%

17.3%

10.7%

2.9%

2.7%

2.7%

0.4%

0.0%

(3.5%)

(5.3%)

(7.4%)

(10.1%)

(15.3%)

(15.7%)

(20.8%)

(22.3%)

(30.8%)

(34.6%)

(36.4%)



LUNDIN MINING CORP

FIREWEED ZINC LTD


HUDBAY MINERALS INC

TASEKO MINES LTD

TREVALI MINING CORP

LME COPPER SPOT ($)

NEVADA COPPER CORP

ATALAYA MINING PLC

LME ZINC SPOT ($)

Osisko Metals Inc.




LME NICKEL SPOT ($)




XANADU MINES LTD


11.9%

6.5%

6.2%

(1.1%)

(1.9%)

(5.6%)

(5.7%)

(11.2%)

(17.8%)

(19.8%)

(22.9%)

(23.9%)

(29.5%)

(32.7%)

(33.0%)

(43.2%)

(43.3%)

(50.4%)

(51.9%)

(66.0%)


LUNDIN MINING CORP



LME NICKEL SPOT ($)


Osisko Metals Inc.

LME COPPER SPOT ($)


ATALAYA MINING PLC

LME ZINC SPOT ($)


NEVADA COPPER CORP

TASEKO MINES LTD

FIREWEED ZINC LTD



HUDBAY MINERALS INC

TREVALI MINING CORP


1-Year Price Change



The Weekly Dig


Equity Weekly Performance – Major International Miners


.

.

2.2%

(0.4%)

(0.7%)

(1.2%)

(2.6%)

(2.9%)

(4.2%)

(4.5%)

(7.9%)

ALCOA CORP

ALUMINUM CORP OF CHINA-ADR

VALE SA-SP ADR

RIO TINTO PLC-SPON ADR

BHP GROUP LTD-SPON ADR

SOUTHERN COPPER CORP

FREEPORT-MCMORAN INC

GLENCORE PLC -UNSP ADR


Weekly Price Change

(6.1%)

(6.7%)

(9.0%)

(10.3%)

(10.7%)

(12.8%)

(13.1%)

(13.9%)

(20.0%)



ALCOA CORP




VALE SA-SP ADR




9.5%

5.2%

3.6%

2.0%

0.8%

(4.8%)

(5.4%)

(19.1%)

(21.0%)


VALE SA-SP ADR







ALCOA CORP


31.4%

27.0%

11.2%

10.0%

9.8%

4.6%

(1.5%)

(12.1%)

(22.3%)





VALE SA-SP ADR



ALCOA CORP



6.9%

(2.0%)

(3.1%)

(6.5%)

(9.5%)

(22.6%)

(24.4%)

(43.2%)

(44.9%)



VALE SA-SP ADR






ALCOA CORP

1-Year Price Change

The Weekly Dig



19

February 21, 2020

Comparables Tables – Precious Metals

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


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


Last Shares MC Target Return NAVPS Primary Target / CFPS

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

Alamos Gold Inc. TSX:AGI AGI-T KS $9.01 391 $3,524 $10.25 14% BUY $11.22 $0.75 $0.80 Gold 490 450 $720 $785 $950 $1,040 0.6x 0.7x 8.4x 7.8x 10.3x 9.7x

B2Gold Corp. TSX:BTO BTO-T GM $6.02 1,030 $6,203 $7.50 25% BUY $3.51 $0.54 $0.66 Gold 969 1,002 $595 $530 $832 $802 1.3x 1.6x 8.9x 7.2x 10.5x 8.5x

Barrick Gold Corp TSX:ABX ABX-T KS $27.54 1,778 $48,960 $28.00 2% BUY $10.71 $1.85 $2.50 Gold 5,465 5,225 $675 $705 $870 $855 1.9x 2.0x 14.4x 10.6x 11.4x 8.4x

Eldorado Gold Corp. TSX:ELD ELD-T KS $10.00 165 $1,646 $18.00 80% BUY $11.91 $1.05 $2.40 Gold 985 805 $565 $575 $600 $595 0.6x 1.1x 9.7x 4.2x 12.9x 5.7x

Endeavour Mining Corp. TSX:EDV EDV-T GM $26.46 110 $2,909 $32.00 21% BUY $19.18 $2.79 $3.82 Gold 651 748 $646 $633 $818 $844 1.0x 1.3x 9.5x 6.9x 8.6x 6.3x

OceanaGold Corporation TSX:OGC OGC-T GM $2.44 622 $1,518 $2.75 13% HOLD $1.63 $0.33 $0.42 Gold 517 366 $789 $775 $1,062 $1,127 1.1x 1.3x 6.4x 5.0x 6.2x 4.9x

Osisko Gold Royalties Ltd. TSX:OR OR-T KS $13.91 157 $2,190 $19.50 40% BUY $12.42 $0.47 $0.63 Gold 78 88 0.8x 1.2x 24.6x 18.2x 31.4x 23.2x

SEMAFO Inc. TSX:SMF SMF-T KS $3.17 334 $1,060 $2.75 (13%) HOLD $2.83 $0.72 $0.62 Gold 330 312 $545 $730 $780 $1,070 0.8x 0.7x 3.7x 4.2x 2.9x 3.3x

Group Average 1.0x 1.2x 10.7x 8.0x 11.8x 8.8x

C$/US$ = 1.3x 1.326

Company Ticker Analyst RatingTCC, US$/oz AISC, US$/ozCFPS (US$) Production, ounces 000's EV / CFPS Price /

NAV

Target /

NAV



Asanko Gold Inc. TSX:AKG AKG-T GM $1.21 224 $272 $1.15 (5%) HOLD $1.40 ($0.02) $0.24 Gold 251 244 $850 $904 $1,110 $1,044 0.7x 0.6x - 3.2x - 3.5x

Aurion Resources Ltd. TSXV:AU AU-V MC $1.10 83 $92 $3.50 218% BUY $2.62 ($0.00) ($0.02) Gold 0.3x 1.0x - - - -

Bluestone Resources Inc. TSXV:BSR BSR-V KS $1.92 77 $147 $3.00 56% BUY $2.46 ($0.18) ($0.07) Gold 0.6x 0.9x - - - -

Calibre Mining Corp. TSX:CXB CXB-T GM $0.85 328 $279 $1.80 112% BUY $1.25 $0.02 $0.21 Gold 34 161 $866 $883 $959 $1,100 0.5x 1.1x 26.8x 2.6x 66.9x 6.4x

Equinox Gold Corp. TSX:EQX EQX-T KS $12.59 113 $1,428 $14.50 15% BUY $10.90 $0.83 $1.53 Gold 201 270 $760 $785 $975 $1,005 0.9x 1.0x 13.7x 7.5x 13.2x 7.1x

Falco Resources Ltd. TSXV:FPC FPC-V PV $0.30 208 $61 $0.40 36% HOLD $1.26 ($0.01) ($0.05) Gold - - - - - - 0.2x 0.2x - - - -

Filo Mining Corp. TSXV:FIL FIL-V GM $1.96 88 $173 $4.60 135% BUY $3.90 ($0.20) ($0.27) Gold - - - - - - 0.4x 0.9x - - - -

Gold Road Resources Limited ASX:GOR GOR-AU GM $1.49 879 $1,310 $0.85 (43%) HOLD $0.72 ($0.02) $0.09 Gold 2 216 $3,285 $731 $5,222 $754 1.6x 0.9x - 14.2x - 7.5x

Goldquest Mining Corp. TSXV:GQC GQC-V PV $0.14 257 $36 $0.08 (43%) Sell $0.06 ($0.01) ($0.01) Gold - - - - - - 1.8x 1.0x - - - -

Harte Gold Corp. TSX:HRT HRT-T PV $0.13 677 $88 $0.25 92% Restricted $0.25 ($0.01) $0.03 Gold 27 45 $1,316 $995 $1,834 $1,320 0.4x 0.8x - 6.9x - 6.4x

K92 Mining Inc. TSXV:KNT KNT-V MC $4.40 213 $937 $4.75 8% BUY $3.60 $0.14 $0.30 Gold 81 113 $535 $652 $844 $795 0.9x 1.0x 23.9x 10.9x 25.8x 11.8x

Liberty Gold Corp. TSX:LGD LGD-T MC $1.34 239 $321 $1.60 19% BUY $1.28 ($0.04) ($0.06) Gold 0.8x 0.9x - - - -

Lumina Gold Corp. TSXV:LUM LUM-V GM $0.75 331 $248 $1.50 100% BUY $1.60 ($0.07) ($0.07) Gold - - - - - - 0.4x 0.7x - - - -

Lundin Gold Inc. TSX:LUG LUG-T KS $11.11 224 $2,491 $10.00 (10%) BUY $7.60 ($0.15) C$0.86 Gold - 290 - $450 - $565 1.1x 1.0x - 13.1x - 8.8x

Marathon Gold Corporation TSX:MOZ MOZ-T MC $1.54 179 $276 $2.50 62% BUY $1.91 $0.00 ($0.01) Gold 0.6x 1.0x 3,019.4x - 5,589.1x -

Metalla Royalty & Streaming Ltd. TSXV:MTA MTA-V KS $7.85 34 $268 $7.50 (4%) HOLD $3.77 C$0.00 C$0.01 Silver - - 1.6x 1.5x - 1,049.8x - 1,014.2x

Midas Gold Corp. TSX:MAX MAX-T GM $0.56 271 $152 $1.80 221% BUY $1.49 ($0.08) ($0.03) Gold - - - - - -

Minera Alamos Inc. TSXV:MAI MAI-V KS $0.31 406 $126 $0.50 61% BUY $0.49 $0.00 $0.03 Gold - 17 - 825 - 940 0.5x 0.8x - 7.1x - 11.5x

Nighthawk Gold Corp. TSX:NHK NHK-T MC $2.44 45 $110 $4.50 84% BUY $3.42 ($0.02) ($0.35) Gold 0.5x 1.0x - - - -

Osisko Mining Inc. TSX:OSK OSK-T MC $3.89 291 $1,132 $4.50 16% BUY $3.42 ($0.09) ($0.01) Gold 0.9x 1.0x - - - -

Pure Gold Mining Inc. TSXV:PGM PGM-V MC $0.76 359 $273 $1.30 71% BUY $0.97 ($0.04) ($0.04) Gold 0.6x 1.0x - - - -

Royal Nickel Corporation TSX:RNX RNX-T PV $0.45 608 $270 $0.70 57% BUY $0.43 $0.02 $0.07 Gold 64 100 $983 $963 $1,076 $1,023 0.8x 1.2x 21.6x 4.7x 32.7x 7.1x

Roxgold Inc. TSX:ROXG ROXG-T GM $0.98 372 $362 $1.70 74% BUY $1.10 $0.21 $0.24 Gold 142 127 $575 $593 $826 $950 0.7x 1.2x 3.8x 3.2x 6.2x 5.2x

Sabina Gold & Silver Corp. TSX:SBB SBB-T GM $1.70 297 $504 $2.00 18% HOLD $1.65 ($0.01) ($0.01) Gold - - - - - - 0.8x 0.9x - - - -

Steppe Gold Ltd. TSX:STGO STGO-T PV $0.90 48 $43 $1.75 94% BUY $1.28 ($0.12) $0.71 Gold - 60 - $579 - $696 0.5x 1.0x - 1.9x - 1.9x

Superior Gold Inc. TSXV:SGI SGI-V PV $0.76 97 $74 $1.15 51% BUY $1.23 $0.02 $0.42 Gold 83 100 $1 $990 $1 $1,095 0.5x 0.7x 20.0x 1.2x 34.9x 2.1x

Treasury Metals Inc. TSX:TML TML-T GM $0.24 170 $41 $1.00 317% BUY $1.16 ($0.02) ($0.01) Gold - - - - - -

Troilus Gold Corp. TSX:TLG TLG-T PV $0.77 71 $55 $2.00 160% BUY $2.27 ($0.28) ($0.16) Gold - - - - - - 0.3x 0.7x - - - -


* Production & cost figures presented on a gold-equivalent basis C$/US$ = 1.33x 1.326

Ticker Analyst Company RatingTCC, US$/ozCFPS (US$) Production, ounces 000's AISC, US$/oz EV / CFPS Target /

NAV

Price /

NAV

The Weekly Dig



20

February 21, 2020

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


Shares Market Working Enterprise P/NAV

Company O/S Capitalization Capital Value

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

Senior Precious Metals Producers*

Agnico Eagle Mines Limited NYSE:AEM C$ 68.15 239.3 US$ 12,299 US$ 414 US$ 418 US$ 1,364 US$ 13,725 US$ 3.67 US$ 4.34 13 14.0x 11.9x 15.6x 13.2x 12.9x 10.9x 1.6x 1.61

AngloGold Ashanti Limited JSE:ANG C$ 27.75 415.0 US$ 8,684 US$ 349 (US$ 144) US$ 1,324 US$ 10,485 US$ 2.93 US$ 3.63 3 7.1x 5.8x 8.6x 7.0x 6.9x 4.7x 1.4x 0.33

B2Gold Corp. TSX:BTO C$ 6.02 1030.4 US$ 4,677 US$ 146 US$ 327 US$ 333 US$ 4,954 US$ 0.49 US$ 0.67 11 9.4x 6.8x 9.9x 7.2x 7.6x 5.4x 1.5x 0.67

Barrick Gold Corporation TSX:ABX C$ 27.54 1777.8 US$ 36,919 US$ 3,314 US$ 4,608 US$ 5,161 US$ 47,303 US$ 1.73 US$ 2.39 11 12.0x 8.7x 15.4x 11.2x 11.3x 9.3x 1.6x 0.95

Compañía de Minas Buenaventura S.A.A.NYSE:BVN C$ 16.52 254.0 US$ 3,165 US$ 280 US$ 274 US$ 453 US$ 3,707 US$ 0.97 US$ 0.73 2 12.8x 17.0x 15.0x 19.9x 18.8x 14.3x 0.9x 0.97

Evolution Mining Limited ASX:EVN C$ 3.95 1704.4 US$ 5,072 US$ 120 US$ 175 - US$ 4,979 US$ 0.27 US$ 0.32 6 11.1x 9.4x 10.9x 9.2x 10.3x 8.1x 1.5x 2.88

Fresnillo Plc LSE:FRES C$ 11.81 736.9 US$ 6,560 US$ 362 US$ 996 US$ 801 US$ 7,112 US$ 0.84 US$ 0.95 5 10.6x 9.4x 11.5x 10.1x 9.6x 7.8x 1.3x 3.02

Gold Fields Limited JSE:GFI C$ 9.34 870.1 US$ 6,126 US$ 515 (US$ 267) US$ 1,161 US$ 7,783 US$ 1.14 US$ 1.33 3 6.2x 5.3x 7.8x 6.7x 6.6x 4.4x 1.3x 1.89

IAMGOLD Corporation TSX:IMG C$ 3.88 470.3 US$ 1,376 US$ 837 US$ 997 US$ 404 US$ 1,086 US$ 0.52 US$ 0.81 12 5.6x 3.6x 4.4x 2.8x 4.4x 2.5x 0.6x -

Kinross Gold Corporation TSX:K C$ 7.42 1253.9 US$ 7,016 US$ 586 US$ 1,209 US$ 1,837 US$ 8,307 US$ 0.89 US$ 1.07 14 6.3x 5.2x 7.5x 6.2x 6.2x 5.3x 1.1x -

Newcrest Mining Limited ASX:NCM C$ 24.83 767.2 US$ 14,361 US$ 666 US$ 881 US$ 1,995 US$ 15,696 US$ 1.67 US$ 1.62 5 11.2x 11.6x 12.2x 12.6x 9.3x 8.6x 1.2x 1.17

Newmont Corporation NYSE:NEM C$ 48.10 808.2 US$ 29,312 US$ 2,480 US$ 3,887 US$ 6,138 US$ 44,224 US$ 3.88 US$ 4.66 12 12.4x 10.3x 14.1x 11.7x 12.3x 9.1x 1.4x 2.17

Northern Star Resources Limited ASX:NST C$ 12.70 740.0 US$ 7,086 US$ 959 US$ 895 US$ 330 US$ 6,582 US$ 0.47 US$ 0.65 5 20.2x 14.8x 18.7x 13.8x 20.0x 11.0x 1.6x 1.05

Yamana Gold Inc. TSX:YRI C$ 5.89 950.6 US$ 4,222 US$ 167 (US$ 7) US$ 992 US$ 5,194 US$ 0.53 US$ 0.66 14 8.4x 6.7x 10.3x 8.3x 7.3x 6.8x 1.5x 1.13

Group Average - Senior Producers 10.5x 9.0x 11.6x 10.0x 10.2x 7.7x 1.3x 1.49

Group Average - Senior Producers (excluding high/low) 10.1x 8.8x 11.6x 9.8x 9.9x 7.6x 1.4x 1.45

Intermediate Precious Metals Producers **

Alamos Gold Inc. TSX:AGI C$ 9.01 391.1 US$ 2,657 US$ 206 US$ 267 - US$ 2,456 US$ 0.72 US$ 0.72 11 9.5x 9.5x 8.8x 8.7x 8.5x 8.0x 0.8x 0.61

Centerra Gold Inc. TSX:CG C$ 10.11 293.7 US$ 2,239 US$ 80 US$ 671 US$ 69 US$ 2,283 US$ 1.48 US$ 2.04 10 5.2x 3.7x 5.3x 3.8x 4.0x 3.6x 0.8x -

Dundee Precious Metals Inc. TSX:DPM C$ 5.76 180.6 US$ 784 US$ 23 (US$ 5) US$ 10 US$ 795 US$ 0.74 US$ 1.03 7 5.9x 4.2x 6.0x 4.3x 5.3x 3.4x 0.7x 1.87

Eldorado Gold Corporation TSX:ELD C$ 10.00 164.6 US$ 1,241 US$ 138 US$ 212 US$ 450 US$ 1,671 US$ 0.99 US$ 2.17 12 7.7x 3.5x 10.3x 4.7x 7.3x 3.9x 0.6x -

Endeavour Mining Corporation TSX:EDV C$ 26.46 109.9 US$ 2,193 US$ 122 US$ 133 US$ 637 US$ 2,901 US$ 2.85 US$ 3.69 9 7.0x 5.4x 9.3x 7.1x 7.7x 5.9x 1.1x -

Golden Star Resources Ltd. TSX:GSC C$ 3.99 109.6 US$ 330 US$ 53 (US$ 17) US$ 91 US$ 301 US$ 0.35 US$ 0.57 3 8.5x 5.3x 7.8x 4.8x 5.2x 3.4x 0.7x -

Hecla Mining Company NYSE:HL C$ 4.31 522.9 US$ 1,699 US$ 62 US$ 62 US$ 505 US$ 2,171 US$ 0.24 US$ 0.33 7 13.8x 9.7x 17.6x 12.4x 12.5x 11.8x 1.4x 0.30

Highland Gold Mining Limited AIM:HGM C$ 3.72 363.9 US$ 1,019 US$ 8 (US$ 26) US$ 114 US$ 1,242 US$ 0.44 US$ 0.49 2 6.4x 5.7x 7.8x 7.0x 6.1x 5.8x 1.0x 5.83

Kirkland Lake Gold Ltd. TSX:KL C$ 46.22 286.6 US$ 9,990 US$ 616 US$ 359 - US$ 9,405 US$ 4.41 US$ 4.36 9 7.9x 8.0x 7.4x 7.5x 9.6x 6.8x 1.3x 1.33

Leagold Mining Corporation TSX:LMC C$ 4.16 285.0 US$ 894 US$ 56 US$ 128 US$ 290 US$ 1,140 US$ 0.46 US$ 0.63 5 6.8x 5.0x 8.6x 6.3x 7.5x 5.1x 0.8x -

New Gold Inc. TSX:NGD C$ 1.07 676.0 US$ 545 US$ 83 US$ 57 US$ 715 US$ 1,195 US$ 0.36 US$ 0.38 11 2.2x 2.1x 4.9x 4.7x 4.8x 4.1x 0.8x -

OceanaGold Corporation TSX:OGC C$ 2.44 622.3 US$ 1,145 US$ 49 US$ 14 US$ 150 US$ 1,320 US$ 0.33 US$ 0.39 12 5.6x 4.8x 6.4x 5.5x 6.2x 4.4x 0.7x -Perseus Mining Limited ASX:PRU C$ 1.11 1168.0 US$ 977 US$ 47 US$ 89 US$ 50 US$ 987 US$ 0.09 US$ 0.09 1 9.2x 9.0x 9.3x 9.1x 10.7x 6.0x 1.1x -

Pretium Resources Inc. TSX:PVG C$ 9.74 185.4 US$ 1,362 US$ 23 (US$ 67) US$ 397 US$ 1,806 US$ 1.16 US$ 1.10 7 6.3x 6.7x 8.4x 8.9x 8.8x 7.8x 0.8x -Regis Resources Limited ASX:RRL C$ 4.03 508.2 US$ 1,546 US$ 112 US$ 91 - US$ 1,464 US$ 0.35 US$ 0.40 4 8.7x 7.6x 8.2x 7.2x 7.1x 5.8x 1.0x 3.65

Resolute Mining Limited ASX:RSG C$ 1.05 1035.9 US$ 819 US$ 24 US$ 34 US$ 123 US$ 957 US$ 0.10 US$ 0.18 6 7.8x 4.5x 9.2x 5.2x 10.5x 4.1x 0.9x 1.76

Saracen Mineral Holdings Limited ASX:SAR C$ 3.69 1102.9 US$ 3,070 US$ 183 US$ 184 US$ 212 US$ 3,203 US$ 0.20 US$ 0.23 6 14.3x 12.4x 14.9x 12.9x 20.7x 9.6x 1.3x -

SEMAFO Inc. TSX:SMF C$ 3.17 334.5 US$ 800 US$ 78 US$ 109 US$ 14 US$ 881 US$ 0.72 US$ 0.64 5 3.3x 3.7x 3.7x 4.1x 3.3x 3.7x 0.8x -

St Barbara Limited ASX:SBM C$ 2.60 699.2 US$ 1,368 US$ 56 US$ 75 US$ 75 US$ 1,407 US$ 0.26 US$ 0.22 2 7.5x 8.7x 7.8x 9.0x 7.2x 6.0x 1.0x 2.90

Teranga Gold Corporation TSX:TGZ C$ 8.48 107.7 US$ 689 US$ 28 (US$ 54) US$ 140 US$ 863 US$ 0.74 US$ 1.17 3 8.7x 5.5x 10.9x 6.9x 6.2x 3.7x 0.7x -

Torex Gold Resources Inc. TSX:TXG C$ 21.06 85.4 US$ 1,356 US$ 162 US$ 97 US$ 92 US$ 1,369 US$ 3.25 US$ 3.02 7 4.9x 5.3x 4.9x 5.3x 4.1x 3.8x 0.9x -

Group Average - Intermediate Producers 7.5x 6.2x 8.4x 6.9x 7.8x 5.6x 0.9x 2.28

Group Average - Intermediate Producers (excluding high/low) 7.4x 6.1x 8.2x 6.8x 7.3x 5.4x 0.9x 2.02

Junior Precious Metals Producers ***

Alacer Gold Corp. TSX:ASR C$ 6.53 294.8 US$ 1,452 US$ 195 US$ 202 US$ 205 US$ 1,856 US$ 0.73 US$ 0.85 8 6.7x 5.8x 8.6x 7.4x 7.9x 6.3x 1.1x -Alio Gold Inc. TSX:ALO C$ 1.04 86.1 US$ 67 US$ 13 US$ 45 US$ 4 US$ 62 (US$ 0.02) US$ 0.17 3 - 4.6x - 4.2x - 2.7x 0.5x -

Argonaut Gold Inc. TSX:AR C$ 1.56 179.5 US$ 210 US$ 36 US$ 90 US$ 14 US$ 189 US$ 0.40 US$ 0.55 7 3.0x 2.1x 2.7x 1.9x 2.4x 1.4x 0.4x -Asanko Gold Inc. TSX:AKG C$ 1.21 224.4 US$ 205 US$ 31 US$ 33 - US$ 175 US$ 0.09 US$ 0.21 2 10.1x 4.5x 8.7x 3.8x 4.5x 2.8x 0.5x -

Calibre Mining Corp. TSX:CXB C$ 0.85 328.0 US$ 210 US$ 33 US$ 31 - US$ 178 US$ 0.12 US$ 0.21 1 5.2x 3.1x 4.4x 2.6x 8.7x 1.8x 0.4x -Equinox Gold Corp. TSX:EQX C$ 12.59 113.5 US$ 1,077 US$ 47 US$ 65 US$ 242 US$ 1,293 US$ 0.79 US$ 1.24 6 12.1x 7.7x 14.5x 9.2x 13.3x 9.4x 1.0x -

Guyana Goldfields Inc. TSX:GUY C$ 0.74 174.6 US$ 97 US$ 25 US$ 37 - US$ 76 US$ 0.09 US$ 0.37 3 6.4x 1.5x 5.0x 1.2x 2.9x 1.2x 0.2x -Jaguar Mining Inc. TSX:JAG C$ 0.22 723.9 US$ 120 US$ 12 US$ 6 - US$ 119 US$ 0.05 US$ 0.08 3 3.1x 2.2x 3.1x 2.2x 4.2x 3.4x 0.7x -

K92 Mining Inc. TSXV:KNT C$ 4.40 213.0 US$ 707 US$ 18 US$ 18 US$ 7 US$ 705 US$ 0.23 US$ 0.31 6 14.6x 10.7x 14.6x 10.7x 14.1x 7.1x 0.8x -Premier Gold Mines Limited TSX:PG C$ 1.54 212.0 US$ 246 US$ 33 US$ 27 US$ 19 US$ 241 (US$ 0.05) US$ 0.01 3 - 115.5x - 113.0x - 20.0x 0.5x -

Roxgold Inc. TSX:ROXG C$ 0.98 371.6 US$ 273 US$ 29 (US$ 3) US$ 14 US$ 294 US$ 0.21 US$ 0.19 4 3.5x 3.9x 3.8x 4.2x 3.3x 3.4x 0.6x -Royal Nickel Corporation TSX:RNX C$ 0.45 607.8 US$ 204 US$ 19 US$ 9 US$ 18 US$ 212 US$ 0.00 US$ 0.09 3 130.6x 3.9x 135.6x 4.1x 14.4x 3.5x 0.4x -

Superior Gold Inc. TSXV:SGI C$ 0.76 97.0 US$ 56 US$ 14 (US$ 2) - US$ 48 US$ 0.01 US$ 0.22 5 47.8x 2.5x 41.5x 2.2x 13.1x 1.5x 0.5x -TMAC Resources Inc. TSX:TMR C$ 2.26 115.3 US$ 196 US$ 36 US$ 77 US$ 107 US$ 275 US$ 0.64 US$ 0.88 7 2.7x 1.9x 3.7x 2.7x 3.6x 2.5x 0.3x -

Wesdome Gold Mines Ltd. TSX:WDO C$ 10.36 138.0 US$ 1,078 US$ 29 US$ 21 - US$ 1,058 US$ 0.45 US$ 0.47 10 17.2x 16.7x 16.9x 16.4x 16.7x 15.3x 1.3x -Westgold Resources Limited ASX:WGX C$ 1.96 399.7 US$ 592 US$ 47 US$ 9 - US$ 572 US$ 0.14 US$ 0.24 1 10.6x 6.2x 10.2x 6.0x 8.2x 4.9x 0.8x -

Group Average - Junior Producers 19.5x 12.1x 19.5x 12.0x 8.4x 5.5x 0.6x -

Group Average - Junior Producers (excluding high/low) 8.6x 5.4x 8.3x 5.5x 7.1x 4.7x 0.6x -

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

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

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

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

Symbol PriceNumber of

Estimates

2020E2019EDebtCash

The Weekly Dig



21

February 21, 2020

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


Shares Market Working Enterprise

Company Symbol Price O/S Capitalization Capital Value

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

PGM Producers

Anglo American Platinum Limited JSE:AMS C$ 118.99 262.5 US$ 23,557 US$ 1,325 US$ 1,309 US$ 20 US$ 22,405 US$ 6.18 US$ 9.70 3 14.5x 9.3x 13.8x 8.8x 10.6x 6.0x 1.9x 2.38Impala Platinum Holdings Limited JSE:IMP C$ 14.44 782.8 US$ 8,522 US$ 600 US$ 989 US$ 390 US$ 8,656 US$ 0.63 US$ 1.43 2 17.3x 7.6x 17.6x 7.7x 13.0x 5.4x 2.5x -Northam Platinum Limited JSE:NHM C$ 12.83 349.9 US$ 3,385 US$ 68 US$ 193 US$ 1,034 US$ 4,304 US$ 0.48 US$ 1.58 2 20.2x 6.1x 25.7x 7.8x 21.3x 8.9x 1.5x -

Group Average - PGM Producers 17.4x 7.7x 19.0x 8.1x 15.0x 6.8x 2.0x 2.38

Silver Producers

Americas Gold and Silver CorporationTSX:USA C$ 4.01 86.6 US$ 262 US$ 6 US$ 4 US$ 11 US$ 279 US$ 0.03 US$ 0.46 2 118.9x 6.6x 126.5x 7.0x - 8.5x 0.6x -Coeur Mining, Inc. NYSE:CDE C$ 8.35 243.1 US$ 1,531 US$ 56 US$ 20 US$ 227 US$ 1,825 US$ 0.48 US$ 0.86 5 13.2x 7.3x 15.8x 8.7x 11.6x 6.7x 1.1x -Endeavour Silver Corp. TSX:EDR C$ 2.63 139.9 US$ 277 US$ 22 US$ 49 US$ 5 US$ 264 (US$ 0.02) US$ 0.18 6 - 10.8x - 10.3x - 10.1x 1.0x -Excellon Resources Inc. TSX:EXN C$ 0.84 112.5 US$ 71 US$ 9 US$ 9 - US$ 64 (US$ 0.02) US$ 0.06 2 - 9.9x - 8.9x - - 0.7x -First Majestic Silver Corp. TSX:FR C$ 12.89 209.8 US$ 2,039 US$ 176 US$ 171 US$ 155 US$ 2,041 US$ 0.54 US$ 0.49 5 18.0x 19.8x 18.0x 19.8x 19.6x 17.7x 2.5x -Fortuna Silver Mines Inc. TSX:FVI C$ 4.95 160.3 US$ 598 US$ 72 US$ 46 US$ 109 US$ 662 US$ 0.37 US$ 0.83 4 10.2x 4.5x 11.2x 5.0x 7.1x 4.0x 1.0x -Fresnillo Plc LSE:FRES C$ 11.81 736.9 US$ 6,560 US$ 362 US$ 996 US$ 801 US$ 7,112 US$ 0.84 US$ 0.95 5 10.6x 9.4x 11.5x 10.1x 9.6x 7.8x 1.3x 3.02Hecla Mining Company NYSE:HL C$ 4.31 522.9 US$ 1,699 US$ 62 US$ 62 US$ 505 US$ 2,171 US$ 0.24 US$ 0.33 7 13.8x 9.7x 17.6x 12.4x 12.5x 11.8x 1.4x 0.30Mandalay Resources Corporation TSX:MND C$ 1.06 91.1 US$ 73 US$ 23 (US$ 32) US$ 0 US$ 118 US$ 0.22 US$ 0.66 1 3.6x 1.2x 5.9x 2.0x 11.8x 1.7x 0.3x -Pan American Silver Corp. TSX:PAAS C$ 33.03 209.6 US$ 5,221 US$ 238 US$ 517 US$ 275 US$ 5,425 US$ 1.51 US$ 2.36 9 16.4x 10.5x 17.1x 11.0x 12.8x 9.0x 1.6x 0.81SSR Mining Inc. TSX:SSRM C$ 24.79 123.1 US$ 2,301 US$ 526 US$ 636 US$ 168 US$ 2,059 US$ 1.66 US$ 2.02 7 11.3x 9.3x 10.1x 8.3x 8.9x 7.2x 1.2x -Silvercorp Metals Inc. TSX:SVM C$ 5.37 173.2 US$ 701 US$ 155 US$ 134 - US$ 621 US$ 0.43 US$ 0.48 3 9.4x 8.5x 8.3x 7.6x 8.0x 8.4x 1.0x 0.59

Group Average - Silver Producers 22.5x 9.0x 24.2x 9.2x 11.3x 8.4x 1.2x 1.18

Group Average - Silver Producers (excluding high/low) 7.7x 8.6x 8.9x 8.9x 3.6x 7.5x 1.1x 0.70

Diamond Producers

Lucara Diamond Corp. TSX:LUC C$ 0.85 396.9 US$ 254 US$ 5 US$ 52 - US$ 250 US$ 0.13 US$ 0.16 4 4.9x 3.9x 4.8x 3.8x 3.5x 3.3x 0.5x -Mountain Province Diamonds Inc. TSX:MPVD C$ 1.14 210.4 US$ 181 US$ 21 US$ 70 US$ 292 US$ 452 US$ 0.32 US$ 0.43 3 2.7x 2.0x 6.8x 5.0x 6.4x 4.3x 0.7x 3.54Petra Diamonds Limited LSE:PDL C$ 0.11 865.4 US$ 71 US$ 40 US$ 97 US$ 733 US$ 810 US$ 0.11 US$ 0.09 4 0.8x 0.9x 8.7x 10.4x 4.9x 6.1x 0.3x -

Group Average - Diamond Producers 2.8x 2.3x 6.8x 6.4x 4.9x 4.6x 0.5x 3.54

Royalty Companies

Anglo Pacific Group plc LSE:APF C$ 2.65 180.9 US$ 361 US$ 18 US$ 17 - US$ 342 US$ 0.30 US$ 0.28 4 6.6x 7.0x 6.2x 6.7x 5.1x 5.3x 0.7x 5.16Altius Minerals Corporation TSX:ALS C$ 10.79 42.1 US$ 342 US$ 24 US$ 15 US$ 71 US$ 458 US$ 0.70 US$ 0.72 5 11.7x 11.4x 15.6x 15.2x 9.7x 10.3x 0.9x 1.85Franco-Nevada Corporation TSX:FNV C$ 154.08 189.4 US$ 22,003 US$ 92 US$ 220 US$ 242 US$ 22,156 US$ 3.24 US$ 3.90 14 35.8x 29.8x 36.1x 30.0x 33.8x 27.3x 2.4x 0.85Osisko Gold Royalties Ltd TSX:OR C$ 13.91 157.5 US$ 1,652 US$ 99 US$ 87 US$ 269 US$ 1,818 US$ 0.50 US$ 0.60 14 20.9x 17.6x 23.0x 19.3x 22.7x 21.6x 1.1x 1.42Royal Gold, Inc. US:RGLD C$ 142.39 65.6 US$ 7,041 US$ 81 US$ 92 US$ 130 US$ 7,128 US$ 4.30 US$ 5.01 11 25.0x 21.4x 25.3x 21.7x 22.9x 18.7x 2.0x 1.06Sandstorm Gold Ltd. TSX:SSL C$ 9.53 178.8 US$ 1,285 US$ 18 US$ 24 US$ 45 US$ 1,315 US$ 0.32 US$ 0.37 9 22.3x 19.5x 22.8x 20.0x 21.8x 17.9x 1.4x -Wheaton Precious Metals Corp. TSX:WPM C$ 43.03 447.2 US$ 14,511 US$ 152 US$ 124 US$ 1,014 US$ 15,375 US$ 1.19 US$ 1.50 15 27.4x 21.6x 29.0x 22.9x 28.0x 20.8x 1.8x 1.12

Group Average - Royalty Companies 21.4x 18.3x 22.6x 19.4x 20.6x 17.4x 1.5x 1.91

Group Average - Royalty Companies (excluding high/low) 21.4x 18.3x 23.1x 19.8x 21.0x 17.9x 1.5x 1.36

All data sourced from Capital IQ

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

Estmates

Yield

The Weekly Dig



22

February 21, 2020

Senior Gold Producers* – Reserves and Resources


Reserves

Agnico Eagle Mines Limited NYSE:AEM US $12,299 US $418 US $13,362 60.1 2.07 64.7 2.23 93% 22.1 2.70 23.0 2.82 96% US $606 37.9 1.82 41.6 2.00 91% 53% US $222 US $206

AngloGold Ashanti Limited JSE:ANG US $8,684 US ($144) US $10,346 187.2 1.62 203.9 1.76 92% 44.9 1.21 50.0 1.35 90% US $231 141.9 1.90 153.4 2.05 92% 34% US $55 US $51

B2Gold Corp. TSX:BTO US $4,677 US $327 US $4,694 23.4 0.79 27.2 0.92 86% 4.8 0.74 5.1 0.78 95% US $972 18.6 0.80 22.2 0.95 84% 40% US $201 US $172

Barrick Gold Corporation TSX:ABX US $36,919 US $4,608 US $37,472 232.4 0.81 326.6 1.14 71% 94.2 1.32 114.1 1.59 83% US $398 138.3 0.64 212.6 0.99 65% 35% US $161 US $115

Evolution Mining Limited ASX:EVN US $5,072 US $165 US $4,928 13.9 0.88 14.1 0.88 99% 6.9 0.85 7.1 0.86 98% US $709 7.0 0.90 7.0 0.90 100% 40% US $353 US $350

Fresnillo Plc LSE:FRES US $6,560 US $996 US $6,376 39.1 0.85 75.1 1.63 52% 11.0 0.77 19.1 1.34 58% US $579 28.1 0.88 56.0 1.75 50% 33% US $163 US $85

Gold Fields Limited JSE:GFI US $6,126 US ($267) US $8,571 104.3 2.11 115.6 2.34 90% 50.2 2.62 51.8 2.70 97% US $171 54.0 1.78 63.9 2.11 85% 45% US $82 US $74

Harmony Gold Mining Company Limited JSE:HAR US $1,978 US $92 US $2,286 94.2 1.10 116.7 1.36 81% 23.7 0.85 32.6 1.16 73% US $96 70.4 1.26 84.1 1.50 84% 41% US $24 US $20

IAMGOLD Corporation TSX:IMG US $1,376 US $997 US $842 39.6 1.19 40.1 1.20 99% 17.2 1.09 17.2 1.09 100% US $49 22.4 1.27 22.9 1.30 98% 55% US $21 US $21

Kinross Gold Corporation TSX:K US $7,016 US $1,209 US $7,699 64.9 0.72 66.0 0.74 98% 25.3 0.66 25.9 0.68 98% US $304 39.0 0.76 39.5 0.77 99% 18% US $119 US $117

Newcrest Mining Limited ASX:NCM US $14,361 US $881 US $15,536 127.3 0.63 211.2 1.04 60% 56.0 0.90 84.2 1.36 66% US $277 71.3 0.51 127.0 0.90 56% 21% US $122 US $74

Newmont Corporation NYSE:NEM US $38,873 US $3,887 US $41,820 212.7 0.62 287.8 0.83 74% 110.4 0.74 148.0 0.99 75% US $379 102.3 0.52 139.9 0.71 73% 34% US $197 US $145

Yamana Gold Inc. TSX:YRI US $4,222 US ($7) US $5,299 39.7 0.59 69.8 1.03 57% 15.2 0.47 35.1 1.09 43% US $350 24.5 0.69 34.7 0.97 71% 48% US $133 US $76

Group Average - Total # Companies: 13 US $394 US $143 US $116

Equivalency assumptions (US$ / 02-20-20): $1,619/oz Au, $18.37/oz Ag, $980/oz Pt, $2,703/oz Pd, $2.59/lb Cu, $0.95/lb Zn, $0.88/lb Pb, $5.71/lb Ni, $15.12/lb Co, $0/t Sb, $24.60/lb U3O8, $7.52/lb Sn, $93.00/t HCC, $86.15/t 62% Fe

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

Source: SNL Financial retrieved on February 20, 2020

Company EV/oz

Au

Global

EV/oz

AuEq

AuEq

(Moz)

Resources (M&I and Inferred)

AuEq

(g/t)% Au

% Au

Inferred

Reserves

Au

(Moz)

Au

(g/t)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

EV/oz

Au

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

Global Reserves & Resources

AuEq

(g/t)% Au

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

The Weekly Dig



23

February 21, 2020

Intermediate Gold Producers* – Reserves and Resources


Reserves

Alamos Gold Inc. TSX:AGI US $2,657 US $254 US $2,404 23.7 1.34 24.4 1.38 97% 10.5 1.55 10.9 1.61 97% US $229 13.2 1.20 13.5 1.23 98% 43% US $102 US $99

Centerra Gold Inc. TSX:CG US $2,239 US $671 US $1,666 32.6 0.42 47.8 0.62 68% 14.4 0.62 18.6 0.79 78% US $115 18.2 0.34 29.2 0.55 62% 36% US $51 US $35

China Gold International Resources Corp. Ltd. TSX:CGG US $302 US ($390) US $1,338 10.2 0.15 41.7 0.62 24% 4.0 0.25 15.8 0.99 25% US $336 6.2 0.12 25.7 0.50 24% 41% US $131 US $32

Dundee Precious Metals Inc. TSX:DPM US $784 US ($5) US $817 9.9 0.39 15.6 0.62 63% 2.6 3.32 3.2 4.11 81% US $317 7.3 0.30 12.4 0.51 59% 54% US $82 US $52

Eldorado Gold Corporation TSX:ELD US $1,241 US $212 US $1,506 45.8 0.83 59.2 1.07 77% 15.6 1.30 20.5 1.71 76% US $97 30.3 0.70 38.8 0.89 78% 61% US $33 US $25

Endeavour Mining Corporation TSX:EDV US $2,193 US $133 US $2,796 15.2 1.82 15.2 1.82 100% 7.4 1.75 7.4 1.75 100% US $376 7.6 1.85 7.6 1.85 100% 31% US $184 US $184

Golden Star Resources Ltd. TSX:GSC US $330 US ($17) US $437 11.9 3.28 11.9 3.28 100% 1.6 2.86 1.6 2.86 100% US $271 10.3 3.35 10.3 3.35 100% 63% US $37 US $37

Highland Gold Mining Limited AIM:HGM US $1,019 US ($26) US $1,164 19.6 2.88 19.6 2.88 100% 5.8 3.08 5.8 3.08 100% US $201 13.8 3.04 13.8 3.04 100% 25% US $59 US $59

Kirkland Lake Gold Ltd. TSX:KL US $9,990 US $0 US $10,008 19.7 4.59 19.7 4.59 100% 5.9 15.34 5.9 15.34 100% US $1,692 13.8 3.53 13.8 3.53 100% 46% US $508 US $508

Leagold Mining Corporation TSX:LMC US $894 US $128 US $1,069 20.9 1.14 22.0 1.20 95% 7.0 1.29 7.0 1.29 100% US $152 13.8 1.07 15.0 1.16 92% 44% US $51 US $49

New Gold Inc. TSX:NGD US $545 US $57 US $1,236 19.7 0.76 24.4 0.95 81% 13.4 0.80 15.7 0.94 85% US $92 6.2 0.70 8.7 0.97 72% 21% US $63 US $51

OceanaGold Corporation TSX:OGC US $1,145 US $14 US $1,360 13.0 1.58 13.7 1.66 95% 5.5 1.37 6.0 1.49 92% US $249 7.6 1.78 7.8 1.83 97% 56% US $104 US $99

Perseus Mining Limited ASX:PRU US $977 US $83 US $945 6.5 0.79 6.5 0.79 100% 2.9 0.99 2.9 0.99 100% US $322 3.5 0.68 3.5 0.68 100% 48% US $146 US $146

Pretium Resources Inc. TSX:PVG US $1,362 US ($67) US $1,840 46.4 0.65 55.1 0.77 84% 6.4 12.44 6.7 13.11 95% US $287 40.0 0.56 48.4 0.68 83% 30% US $40 US $33

Regis Resources Limited ASX:RRL US $1,546 US $86 US $1,484 11.0 1.03 11.0 1.03 100% 5.0 1.19 5.0 1.19 100% US $300 6.1 0.93 6.1 0.93 100% 27% US $134 US $134

SEMAFO Inc. TSX:SMF US $800 US $109 US $742 7.4 2.75 7.4 2.75 100% 2.7 3.43 2.7 3.43 100% US $275 4.7 2.47 4.7 2.47 100% 40% US $101 US $101

Torex Gold Resources Inc. TSX:TXG US $1,356 US $97 US $1,355 8.2 2.69 10.4 3.39 79% 2.6 3.07 2.6 3.13 98% US $528 5.7 2.54 7.8 3.49 73% 59% US $165 US $130



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


% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

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

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

Global

EV/oz

Au

Enterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

The Weekly Dig



24

February 21, 2020

Junior Gold Producers* – Reserves and Resources


Reserves

Alacer Gold Corp. TSX:ASR US $1,452 US $202 US $1,558 6.7 1.68 7.1 1.76 95% 2.9 1.92 3.0 1.98 97% US $531 3.8 1.65 4.0 1.76 94% 42% US $231 US $220

Alio Gold Inc. TSX:ALO US $67 US $45 US $27 5.3 0.59 5.4 0.60 98% 2.9 0.58 2.9 0.59 99% US $9 2.4 0.60 2.5 0.62 97% 8% US $5 US $5

Argonaut Gold Inc. TSX:AR US $210 US $90 US $135 11.9 0.58 13.9 0.68 86% 5.1 0.82 6.1 0.99 83% US $27 6.8 0.47 7.8 0.54 88% 16% US $11 US $10

Asanko Gold Inc. TSX:AKG US $205 US $33 US $172 3.1 1.46 3.1 1.46 100% 2.3 1.57 2.3 1.57 100% US $74 0.8 1.22 0.8 1.22 100% 15% US $55 US $55

Calibre Mining Corp. TSX:CXB US $210 US $31 US $180 4.7 2.60 5.3 2.90 89% 0.3 - 0.3 - 100% US $581 4.4 2.43 5.0 2.73 89% 79% US $38 US $34

Continental Gold Inc. TSX:CNL US $880 US $32 US $1,225 11.7 9.40 12.3 9.83 96% 3.7 8.41 3.8 8.69 97% US $330 8.0 9.94 8.5 10.46 95% 75% US $104 US $100

Equinox Gold Corp. TSX:EQX US $1,077 US $65 US $1,254 12.3 0.50 14.8 0.60 83% 5.5 0.63 5.5 0.63 100% US $226 6.8 0.43 9.3 0.58 74% 51% US $102 US $85

Fiore Gold Ltd. TSXV:F US $44 US $23 US $24 3.2 0.98 3.2 0.98 100% 0.3 0.51 0.3 0.51 100% US $86 2.9 1.07 2.9 1.07 100% 20% US $7 US $7

Gold Road Resources Limited ASX:GOR US $988 US $25 US $1,094 3.6 1.19 3.7 1.23 98% 2.0 1.26 2.0 1.26 100% US $557 1.6 1.13 1.7 1.19 95% 64% US $304 US $296

Goldgroup Mining Inc. TSX:GGA US $3 US ($3) US $7 0.6 1.44 0.9 2.19 66% - - - - - - 0.6 1.44 0.9 2.19 66% 47% US $13 US $8

Guyana Goldfields Inc. TSX:GUY US $97 US $37 US $64 6.6 2.48 6.6 2.48 100% 2.3 2.63 2.3 2.63 100% US $28 4.3 2.41 4.3 2.41 100% 53% US $10 US $10

Hummingbird Resources PLC AIM:HUM US $123 US ($58) US $245 4.3 1.32 4.3 1.32 100% 0.5 2.99 0.5 2.99 100% US $454 3.8 1.22 3.8 1.22 100% 52% US $56 US $56

K92 Mining Inc. TSXV:KNT US $707 US $18 US $697 2.5 9.28 2.9 11.16 83% - - - - - - 2.5 9.28 2.9 11.16 83% 76% US $284 US $236

Lundin Gold Inc. TSX:LUG US $1,878 US $125 US $2,526 9.5 8.33 9.6 8.47 98% 5.0 8.77 5.1 8.91 98% US $503 4.5 7.88 4.5 8.02 98% 48% US $266 US $262

McEwen Mining Inc. NYSE:MUX US $508 US $16 US $545 13.6 0.11 63.8 0.52 21% 0.7 1.32 0.8 1.51 88% US $736 12.9 0.11 63.0 0.52 20% 47% US $40 US $9

Medusa Mining Limited ASX:MML US $100 US $15 US $85 1.4 3.89 1.4 3.89 100% 0.4 6.87 0.4 6.87 100% US $243 1.1 3.41 1.1 3.41 100% 42% US $60 US $60

Metals Exploration plc AIM:MTL US $33 US ($94) US $149 1.7 1.62 1.7 1.62 100% 0.9 1.86 0.9 1.86 100% US $167 0.8 1.43 0.8 1.43 100% 82% US $86 US $86

Minera IRL Limited BVL:MIRL US $28 US ($97) US $133 2.5 2.17 2.5 2.17 100% 1.1 1.87 1.1 1.87 100% US $124 1.4 2.43 1.4 2.43 100% 76% US $53 US $53

Orosur Mining Inc. TSX:OMI US $6 US ($17) US $23 0.6 0.67 1.3 1.50 45% 0.1 1.42 0.1 1.42 100% US $244 0.5 0.61 1.2 1.51 40% 17% US $39 US $18

Orvana Minerals Corp. TSX:ORV US $21 US ($14) US $44 2.0 3.72 2.5 4.59 81% 0.4 2.37 0.6 3.79 63% US $120 1.7 4.31 1.9 4.95 87% 50% US $22 US $18

Premier Gold Mines Limited TSX:PG US $246 US $27 US $238 11.2 1.60 11.4 1.62 99% 3.0 1.21 3.0 1.22 99% US $80 8.2 1.81 8.3 1.83 99% 53% US $21 US $21

Roxgold Inc. TSX:ROXG US $273 US ($3) US $299 1.4 5.16 1.4 5.16 100% 0.6 - 0.6 - 100% US $505 0.9 3.75 0.9 3.75 100% 24% US $207 US $207

Shanta Gold Limited AIM:SHG US $125 US $9 US $124 2.7 2.34 2.7 2.34 100% 0.4 4.79 0.4 4.79 100% US $338 2.3 2.16 2.3 2.17 100% 55% US $46 US $46

TMAC Resources Inc. TSX:TMR US $196 US $77 US $227 6.4 7.88 6.4 7.88 100% 3.6 6.77 3.6 6.77 100% US $63 2.8 9.95 2.8 9.95 100% 57% US $35 US $35

Vast Resources plc AIM:VAST US $38 US ($3) US $43 1.0 0.96 1.7 1.60 60% 0.2 1.08 0.5 2.78 39% US $222 0.8 0.94 1.2 1.36 69% 44% US $43 US $26



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


% AuAu

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)

EV/oz

Au

EV/oz

AuEq

Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

% Au

Inferred

EV/oz

Au


Au

(Moz)

Au

(g/t)

AuEq

(Moz)

AuEq

(g/t)% Au

GlobalEnterprise

Value

(millions)

Company Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)



The Weekly Dig

25

February 21, 2020

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


Reserves

% AuEq

Almaden Minerals Ltd. TSX:AMM US $48 US $2 US $48 2.4 0.44 4.3 0.79 56% 1.4 0.59 2.4 1.00 59% US $35 1.0 0.33 1.9 0.63 53% 40% 54% US $20 US $11

Amarillo Gold Corporation TSXV:AGC US $30 US $6 US $23 1.8 1.10 1.8 1.10 100% 1.1 - 1.1 - 100% US $22 0.7 0.42 0.7 0.42 100% 51% 51% US $13 US $13

ATAC Resources Ltd. TSXV:ATC US $25 US $8 US $17 2.4 3.45 2.4 3.46 100% - - - - - - 2.4 3.45 2.4 3.46 100% 79% 79% US $7 US $7

Belo Sun Mining Corp TSX:BSX US $170 US $27 US $143 6.8 1.04 6.8 1.04 100% 3.8 1.02 3.8 1.02 100% US $38 3.0 1.07 3.0 1.07 100% 52% 52% US $21 US $21

Bluestone Resources Inc. TSXV:BSR US $119 US $6 US $113 5.1 1.88 5.3 1.97 95% - - - - - - 5.1 1.96 5.3 2.06 95% 14% 14% US $22 US $21

Cardinal Resources Limited ASX:CDV US $126 US $13 US $139 7.0 1.12 7.0 1.12 100% 5.1 1.14 5.1 1.14 100% US $27 1.9 1.06 1.9 1.06 100% 24% 24% US $20 US $20

Chaarat Gold Holdings Limited AIM:CGH US $215 US ($32) US $279 9.4 2.20 10.5 2.47 89% 0.8 1.00 1.0 1.22 82% US $340 8.6 2.48 9.5 2.77 90% 18% 22% US $30 US $26

Columbus Gold Corp. TSX:CGT US $25 US $2 US $23 2.2 1.42 2.2 1.42 100% 1.2 1.58 1.2 1.58 100% US $18 0.9 1.25 0.9 1.25 100% 47% 47% US $10 US $10

Corvus Gold Inc. TSX:KOR US $217 US $17 US $200 3.6 0.38 3.7 0.39 97% - - - - - - 3.6 0.38 3.7 0.39 97% 19% 18% US $56 US $54

Eastmain Resources Inc. TSX:ER US $20 US $1 US $19 1.4 5.16 1.4 5.16 100% - - - - - - 1.4 5.16 1.4 5.16 100% 37% 37% US $14 US $14

Falco Resources Ltd. TSXV:FPC US $46 US ($9) US $63 5.9 1.60 8.6 2.33 68% 3.7 1.44 5.5 2.10 69% US $17 2.1 1.97 3.2 2.90 68% 47% 50% US $11 US $7

First Mining Gold Corp. TSX:FF US $107 US $6 US $101 11.0 1.46 11.3 1.50 97% - - - - - - 11.0 1.46 11.3 1.50 97% 34% 33% US $9 US $9

Gabriel Resources Ltd. TSXV:GBU US $225 US $25 US $259 16.4 1.05 17.3 1.11 95% 8.1 1.46 8.6 1.54 95% US $32 8.3 0.83 8.7 0.87 96% 27% 26% US $16 US $15

Gold Standard Ventures Corp TSX:GSV US $203 US $9 US $195 2.8 0.62 2.8 0.63 98% 1.2 - 1.3 - 98% US $156 1.5 0.34 1.5 0.34 98% 80% 79% US $71 US $69

Goldquest Mining Corp. TSXV:GQC US $27 US $13 US $14 2.2 2.60 3.0 3.55 73% 0.8 3.72 1.1 4.73 79% US $17 1.4 2.19 1.8 2.97 74% 16% 19% US $6 US $5

Integra Resources Corp. TSXV:ITR US $113 US $4 US $109 2.7 0.42 4.2 0.65 65% - - - - - - 2.7 0.42 4.2 0.65 65% 13% 12% US $40 US $26

International Tower Hill Mines Ltd. TSX:ITH US $99 US $7 US $92 12.6 0.68 12.6 0.68 100% 9.0 0.71 9.0 0.71 100% US $10 3.6 0.60 3.6 0.60 100% 31% 31% US $7 US $7

INV Metals Inc. TSX:INV US $34 US ($1) US $35 3.0 3.37 3.7 4.05 83% 2.2 4.92 2.5 5.57 88% US $16 0.8 1.84 1.2 2.55 72% 39% 49% US $12 US $10

KEFI Minerals Plc AIM:KEFI US $28 US ($5) US $35 1.6 1.86 1.6 1.86 100% 0.8 2.12 0.8 2.12 100% US $44 0.8 1.65 0.8 1.65 100% 21% 21% US $22 US $22

Liberty Gold Corp. TSX:LGD US $242 US $12 US $231 2.8 0.35 4.4 0.55 64% - - - - - - 2.8 0.35 4.4 0.54 63% 32% 37% US $82 US $52

Lumina Gold Corp. TSXV:LUM US $187 US $3 US $185 16.6 1.27 20.4 1.55 82% - - - - - - 16.6 1.27 20.4 1.55 82% 37% 37% US $11 US $9

Marathon Gold Corporation TSX:MOZ US $208 US $23 US $185 4.1 1.77 4.1 1.77 100% - - - - - - 4.1 1.77 4.1 1.77 100% 23% 23% US $45 US $45

Midas Gold Corp. TSX:MAX US $114 US $22 US $119 6.6 1.60 6.7 1.62 98% - - - - - - 6.6 1.60 6.7 1.62 98% 15% 15% US $18 US $18

Moneta Porcupine Mines Inc. TSX:ME US $26 US $3 US $23 1.7 5.88 1.8 6.09 97% - - - - - - 1.7 5.88 1.8 6.09 97% 68% 66% US $13 US $13

NovaGold Resources Inc. TSX:NG US $3,049 US $147 US $3,005 22.7 2.23 23.0 2.26 99% 16.9 2.09 16.9 2.09 100% US $178 5.8 2.81 6.1 2.96 95% 56% 58% US $132 US $130

Orca Gold Inc. TSXV:ORG US $53 US $11 US $42 3.4 1.02 3.4 1.03 99% 2.0 1.11 2.0 1.11 100% US $21 1.4 0.91 1.4 0.94 97% 75% 74% US $12 US $12

Orezone Gold Corporation TSXV:ORE US $87 US $16 US $71 5.5 0.68 5.5 0.68 100% 1.7 0.81 1.7 0.81 100% US $43 3.9 0.63 3.9 0.63 100% 26% 26% US $13 US $13

Orla Mining Ltd. TSX:OLA US $333 US $2 US $339 12.1 0.83 14.8 1.03 81% 1.5 0.74 1.8 0.87 86% US $223 10.6 0.85 13.1 1.05 81% 18% 17% US $28 US $23

Osisko Mining Inc. TSX:OSK US $854 US $79 US $778 4.2 1.09 4.2 1.09 100% - - - - - - 4.2 1.09 4.2 1.09 100% 78% 78% US $184 US $184

Pure Gold Mining Inc. TSXV:PGM US $206 US $64 US $150 2.5 8.67 2.5 8.67 100% 1.0 8.97 1.0 8.97 100% US $148 1.5 8.48 1.5 8.48 100% 31% 31% US $59 US $59

RTG Mining Inc. TSX:RTG US $30 US $10 US $20 0.8 3.55 1.4 5.93 60% 0.2 2.04 0.4 4.28 48% US $99 0.6 4.73 0.9 7.22 66% 96% 94% US $25 US $15

Rubicon Minerals Corporation TSX:RMX US $73 US $3 US $80 1.3 7.21 1.3 7.21 100% - - - - - - 1.3 7.21 1.3 7.21 100% 36% 36% US $63 US $63

Sabina Gold & Silver Corp. TSX:SBB US $380 US $15 US $365 7.2 6.21 7.2 6.21 100% 2.5 6.30 2.5 6.30 100% US $146 4.7 6.16 4.7 6.16 100% 40% 40% US $51 US $51

Gold X Mining Corp. TSXV:GLDX US $51 US $5 US $45 10.5 0.86 11.5 0.93 92% - - - - - - 10.5 0.86 11.5 0.93 92% 30% 29% US $4 US $4

Sihayo Gold Limited ASX:SIH US $25 US ($3) US $31 1.2 2.11 1.2 2.11 100% 0.6 2.08 0.6 2.08 100% US $54 0.6 2.13 0.6 2.13 100% 60% 60% US $26 US $26

Spanish Mountain Gold Ltd. TSXV:SPA US $19 US $1 US $18 4.7 0.32 4.8 0.33 98% - - - - - - 4.7 0.32 4.8 0.33 98% 13% 13% US $4 US $4

Treasury Metals Inc. TSX:TML US $31 US ($2) US $36 1.5 2.37 1.7 2.71 88% - - - - - - 1.5 2.37 1.7 2.71 88% 17% 18% US $24 US $21

West Kirkland Mining Inc. TSXV:WKM US $16 US $0 US $16 0.8 0.46 0.9 0.54 85% 0.6 0.58 0.7 0.67 86% US $28 0.2 0.30 0.3 0.37 82% 45% 44% US $20 US $17

Victoria Gold Corp. TSX:VGCX US $363 US ($13) US $567 5.4 0.73 5.4 0.73 99% 3.3 0.82 3.3 0.82 100% US $174 2.1 0.61 2.2 0.63 98% 30% 30% US $105 US $104


Group Average - 0 - 20 million ounces # Companies: 38 US $31 US $30

Group Average - 20 - 50 million ounces # Companies: 1 US $132 US $70



*Includes only Liberty's Goldstrike and Kinsley Mountain Projects

Global Reserves & Resources

AuEq

(g/t)

Au

(Moz)

% Au

Inferred

Company EV/oz

Au

Reserves

Au

(Moz)

Au

(g/t)

AuEq

(Moz)% Au

AuEq

(g/t)

Symbol

Market

Capitalization

(millions)

Working

Capital

(millions)

Enterprise

Value

(millions)

AuEq

(g/t)% Au% Au

Au

(g/t)

AuEq

(Moz)

Global

EV/oz

Au

EV/oz

AuEq

Resources (M&I and Inferred)

Au

(Moz)

Au

(g/t)

AuEq

(Moz)



The Weekly Dig

26

February 21, 2020

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


Auryn Resources Inc. TSX:AUG US $140 US ($0) US $140 2.3 5.56 2.6 6.24 89% - - - - - 2.3 5.56 2.6 6.24 89% 72% US $61 US $54

Balmoral Resources Ltd TSX:BAR US $63 US $2 US $62 1.2 1.20 1.7 1.67 72% - - - - - 1.2 1.20 1.7 1.67 72% 36% US $52 US $37

Condor Gold Plc AIM:CNR US $27 US $5 US $22 2.4 3.87 2.4 3.93 98% 0.7 3.04 0.7 3.10 98% 1.7 4.32 1.8 4.39 98% 73% US $9 US $9

Granada Gold Mine Inc. TSXV:GGM US $9 US ($5) US $10 2.8 2.05 2.8 2.08 98% - - - - - 2.8 2.05 2.8 2.08 98% 71% US $4 US $4

Kasbah Resources Limited ASX:KAS US $1 US ($3) US $4 0.2 0.55 1.2 2.91 19% - - 0.4 2.64 - 0.2 0.93 0.8 3.10 30% - US $15 US $3

Lincoln Gold Mining Inc. TSXV:LMG US $1 US ($2) US $2 0.1 3.14 0.1 3.14 100% - - - - - 0.1 3.14 0.1 3.14 100% 1% US $14 US $14

Nighthawk Gold Corp. TSX:NHK US $83 US $9 US $74 2.9 1.70 2.9 1.70 100% - - - - - 2.9 1.70 2.9 1.70 100% 90% US $25 US $25

Orex Minerals Inc. TSXV:REX US $8 US $0 US $8 0.1 0.21 0.6 1.94 11% - - - - - 0.1 0.21 0.6 1.94 11% 47% US $127 US $14

Osprey Gold Development Ltd. TSXV:OS US $3 US $1 US $3 0.4 3.25 0.4 3.25 100% - - - - - 0.4 3.25 0.4 3.25 100% 100% US $8 US $8

Puma Exploration Inc. TSXV:PUMA US $2 US ($1) US $2 0.1 0.30 1.3 3.25 9% - - - - - 0.1 0.30 1.3 3.25 9% 4% US $17 US $2

Red Pine Exploration Inc. TSXV:RPX US $13 US ($0) US $13 0.5 5.76 0.5 5.76 100% - - - - - 0.5 5.76 0.5 5.76 100% 63% US $26 US $26

Redstar Gold Corp. TSXV:RGC US $7 US $1 US $5 0.5 2.89 0.7 3.56 81% - - - - - 0.1 2.94 0.2 5.88 50% 409% US $10 US $8

Reunion Gold Corporation TSXV:RGD US $41 US $3 US $36 1.2 1.07 1.2 1.07 100% - - - - - 1.2 1.07 1.2 1.07 100% 57% US $31 US $31

Revival Gold Inc. TSXV:RVG US $32 US $1 US $31 2.0 0.62 2.0 0.62 100% - - - - - 2.0 0.62 2.0 0.62 100% 39% US $15 US $15

Rupert Resources Ltd. TSXV:RUP US $110 US $3 US $106 1.0 2.19 1.0 2.19 100% - - - - - 1.0 2.19 1.0 2.19 100% 85% US $108 US $108

Sarama Resources Ltd TSXV:SWA US $11 US $3 US $8 2.7 1.59 2.7 1.59 100% - - - - - 2.7 1.59 2.7 1.59 100% 90% US $3 US $3

SolGold plc TSX:SOLG US $483 US $27 US $462 20.0 0.25 52.7 0.65 38% - - - - - 20.0 0.25 52.7 0.65 38% 17% US $23 US $9

Teras Resources Inc. TSXV:TRA US $7 US ($0) US $7 1.1 0.48 1.3 0.55 89% - - - - - 1.1 0.48 1.3 0.55 89% 10% US $6 US $5

Gold Springs Resource Corp. TSX:GRC US $24 US $5 US $8 0.8 0.03 0.9 0.04 84% - - - - - 0.8 0.03 0.9 0.04 84% 20% US $11 US $9

Group Average - Total # Companies: 19 US $30 US $20



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

February 21, 2020

Silver – Enterprise Value per Ounce of Silver


Reserves

Alexco Resource Corp. TSX:AXU US $243 US $10 US $235 108 418 159 617 68% 30 805 41 1,079 75% US $7.72 77 351 118 537 65% 31% US $2.18 US $1.48

Americas Gold and Silver Corporation TSX:USA US $262 US $4 US $269 117 58 310 154 38% 32 29 109 98 30% US $8.37 85 95 201 224 42% 43% US $2.30 US $0.87

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

Bear Creek Mining Corporation TSXV:BCM US $177 US $25 US $153 360 41 695 78 52% 225 50 450 101 50% US $0.68 135 31 245 56 55% 36% US $0.43 US $0.22

Coeur Mining, Inc. NYSE:CDE US $1,531 US $20 US $1,861 686 23 1,636 55 42% 171 20 444 53 39% US $10.86 514 24 1,192 57 43% 34% US $2.71 US $1.14

Defiance Silver Corp. TSXV:DEF US $20 US $0 US $21 28 4 336 46 8% - - - - - - 28 4 336 46 8% 67% US $0.75 US $0.06

Dolly Varden Silver Corporation TSXV:DV US $18 US $3 US $14 44 294 44 294 100% - - - - - - 44 294 44 294 100% 26% US $0.33 US $0.33

Endeavour Silver Corp. TSX:EDR US $277 US $49 US $234 176 214 324 395 54% 47 209 89 396 53% US $5.00 129 217 235 395 55% 70% US $1.33 US $0.72

Excellon Resources Inc. TSX:EXN US $71 US $9 US $63 24 226 45 424 53% 9 137 19 303 45% US $7.36 15 354 26 598 59% 45% US $2.63 US $1.40

First Majestic Silver Corp. TSX:FR US $2,039 US $171 US $2,044 356 155 629 274 57% 108 185 197 334 55% US $18.85 239 144 415 250 58% 70% US $5.73 US $3.25

Fortuna Silver Mines Inc. TSX:FVI US $598 US $46 US $687 85 14 489 81 17% 46 15 266 90 17% US $15.09 39 13 222 72 18% 84% US $8.12 US $1.41

Golden Minerals Company AMEX:AUMN US $32 US $0 US $32 65 345 93 495 70% - - - - - - 65 345 93 495 70% 6% US $0.50 US $0.35

Hecla Mining Company NYSE:HL US $1,699 US $62 US $2,171 866 56 3,013 193 29% 191 168 613 539 31% US $11.36 675 47 2,401 166 28% 69% US $2.51 US $0.72

Investigator Resources Limited ASX:IVR US $12 US $1 US $12 42 140 48 160 88% - - - - - - 42 140 48 160 88% 45% US $0.28 US $0.24

Kootenay Silver Inc TSXV:KTN US $65 US $7 US $58 116 43 239 89 48% - - - - - - 116 43 239 89 48% 21% US $0.50 US $0.24

MAG Silver Corp. TSX:MAG US $922 US $95 US $828 171 74 498 216 34% - - - - - - 171 74 498 216 34% 56% US $4.85 US $1.66

Mandalay Resources Corporation TSX:MND US $73 US ($32) US $110 51 27 326 172 16% - - 67 175 - - 51 39 259 197 20% 16% US $2.16 US $0.34

Minco Silver Corporation TSX:MSV US $31 US $34 US ($3) 162 158 256 250 63% 50 189 60 228 83% - 112 148 196 258 57% 52% - -

Mineworx Technologies Ltd. TSXV:MWX US $29 US $2 US $28 22 9 401 159 6% - - - - - - 22 9 401 159 6% - US $1.26 US $0.07

Pan American Silver Corp. TSX:PAAS US $5,221 US $517 US $5,020 1,852 31 6,104 103 30% 557 59 1,229 129 45% US $9.01 1,297 26 4,879 98 27% 30% US $2.71 US $0.82

Silver Bear Resources Plc TSX:SBR US $61 US $18 US $170 60 704 61 710 99% 22 809 22 809 100% US $7.61 38 655 39 663 99% 63% US $2.81 US $2.79

Silver Bull Resources, Inc. OTCPK:SVBL US $13 US $1 US $11 26 39 119 175 22% - - - - - - 26 39 119 175 22% 0% US $0.44 US $0.10

SilverCrest Metals Inc. TSX:SIL US $824 US $28 US $797 67 361 122 657 55% - - - - - - 67 361 122 657 55% 60% US $11.93 US $6.56

Silvercorp Metals Inc. TSX:SVM US $701 US $134 US $570 213 130 488 298 44% 85 204 157 378 54% US $6.73 128 105 331 271 39% 62% US $2.68 US $1.17

Group Average - Total # Companies: 24 US $9.05 US $2.57 US $1.13



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

February 21, 2020

Precious Metals Sensitivity

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

PRODUCERS

Alamos Gold Inc. $10.25 NAVPS Gold $14.89 $10.58 $12.35 $13.52 $14.14 $14.89 $15.31 $15.64 $16.02 $16.47

Asanko Gold Inc. $1.15 NAVPS Gold $1.67 $0.48 $0.92 $1.30 $1.48 $1.67 $1.84 $2.02 $2.42 $2.84

B2Gold Corp. $7.50 NAVPS Gold $4.66 $2.94 $3.54 $4.11 $4.38 $4.66 $4.94 $5.24 $5.82 $6.41

Barrick Gold Corporation $28.00 NAVPS Gold $14.20 $9.98 $11.39 $12.79 $13.49 $14.20 $14.91 $15.62 $17.01 $18.49

Calibre Mining Corp. $1.80 NAVPS Gold $1.73 $0.55 $0.94 $1.34 $1.53 $1.73 $1.92 $2.12 $2.51 $2.91

Eldorado Gold Corporation $18.00 NAVPS Gold $15.80 ($1.75) $3.10 $7.94 $10.41 $12.87 $15.33 $17.80 $22.72 $27.64

Endeavour Mining Corporation $32.00 NAVPS Gold $25.43 $13.71 $17.59 $21.35 $23.23 $25.43 $27.78 $30.12 $34.86 $39.64

K92 Mining Inc. $4.75 NAVPS Gold $4.78 $1.91 $2.76 $4.23 $4.23 $4.78 $5.33 $5.88 $6.97 $8.07

Metalla Royalty & Streaming $7.50 NAVPS Gold $5.00 $3.75 $4.16 $4.58 $4.79 $5.00 $5.21 $5.42 $5.83 $6.25

OceanaGold Corporation $2.75 NAVPS Gold $2.28 ($0.19) $0.72 $1.51 $1.90 $2.28 $2.66 $3.04 $3.78 $4.53

Osisko Gold Royalties Ltd $19.50 NAVPS Gold $16.60 $13.85 $14.73 $15.60 $16.04 $16.47 $16.91 $17.35 $18.22 $19.09

RNC Minerals $0.70 NAVPS Gold $0.57 ($0.15) $0.11 $0.35 $0.46 $0.57 $0.69 $0.79 $0.99 $1.17

Roxgold Inc. $1.70 NAVPS Gold $1.46 $0.41 $0.78 $1.12 $1.29 $1.46 $1.63 $1.80 $2.14 $2.48

SEMAFO Inc. $2.75 NAVPS Gold $3.75 $0.72 $2.13 $3.03 $3.40 $3.75 $4.04 $4.28 $4.78 $5.20

Superior Gold Inc. $1.15 NAVPS Gold $1.62 $0.40 $0.81 $1.21 $1.42 $1.62 $1.82 $2.03 $2.43 $2.84

DEVELOPERS / EXPLORERS

Aurion Resources Ltd. $3.50 NAVPS Gold $3.48 $1.53 $2.18 $2.83 $3.16 $3.48 $3.80 $4.13 $4.78 $5.42

Bluestone Resources Inc. $3.00 NAVPS Gold $2.95 $1.30 $1.85 $2.40 $2.70 $2.95 $3.25 $3.50 $4.05 $4.60

Equinox Gold Corp. $14.50 NAVPS Gold $14.46 $2.58 $6.56 $10.49 $12.48 $14.46 $16.44 $18.42 $22.38 $26.34

Falco Resources Ltd. $0.40 NAVPS Gold $1.68 $0.01 $0.58 $1.14 $1.41 $1.68 $1.95 $2.22 $2.76 $3.30

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

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

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

Harte Gold Corp. $0.25 NAVPS Restricted $0.35 ($0.15) ($0.07) $0.27 $0.31 $0.35 $0.40 $0.44 $0.52 $0.60

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

Lumina Gold Corp. $1.50 NAVPS Gold $2.13 $0.69 $1.18 $1.65 $1.89 $2.13 $2.36 $2.60 $3.08 $3.55

Lundin Gold Inc. $10.00 NAVPS Gold $10.10 $3.20 $5.25 $7.20 $8.10 $9.05 $9.95 $10.85 $12.70 $14.55

Marathon Gold Corporation $2.50 NAVPS Gold $2.08 $0.87 $1.26 $1.66 $1.87 $2.08 $2.29 $2.51 $2.94 $3.38

Midas Gold Corp. $1.80 NAVPS Gold $1.97 $1.00 $1.35 $1.67 $1.82 $1.97 $2.12 $2.27 $2.57 $2.86

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

Nighthawk Gold Corp. $4.50 NAVPS Gold $4.53 ($0.84) $0.56 $2.41 $3.43 $4.53 $5.73 $7.04 $9.72 $12.27

Osisko Mining Inc. $4.50 NAVPS Gold $4.53 $2.88 $3.40 $3.95 $4.23 $4.53 $4.83 $5.14 $5.75 $6.37

Pure Gold Mining Inc. $1.30 NAVPS Gold $1.28 $0.62 $0.83 $1.06 $1.17 $1.28 $1.39 $1.51 $1.73 $1.96

Sabina Gold & Silver Corp. $2.00 NAVPS Gold $2.24 $1.11 $1.49 $1.87 $2.05 $2.24 $2.43 $2.62 $3.00 $3.38

Steppe Gold Ltd. $1.75 NAVPS Gold $1.71 $0.75 $1.07 $1.39 $1.55 $1.71 $1.87 $2.02 $2.34 $2.66

Treasury Metals Corp. $1.00 NAVPS Gold $1.54 $0.63 $0.93 $1.24 $1.39 $1.54 $1.69 $1.85 $2.15 $2.46

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

PRODUCERS

Alamos Gold Inc. $10.25 2019 CFPS Gold $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75 $0.75

Asanko Gold Inc. $1.15 2019 CFPS Gold ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02) ($0.02)

B2Gold Corp. $7.50 2019 CFPS Gold $0.54 $0.57 $0.56 $0.55 $0.55 $0.54 $0.52 $0.52 $0.51 $0.50

Barrick Gold Corporation $28.00 2019 CFPS Gold $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85

Calibre Mining Corp. $1.80 2019 CFPS Gold - - - - - - - - - -

Eldorado Gold Corporation $18.00 2019 CFPS Gold $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05 $1.05

Endeavour Mining Corporation $32.00 2019 CFPS Gold $2.79 $2.35 $2.50 $2.64 $2.72 $2.79 $2.86 $2.93 $3.06 $3.20

K92 Mining Inc. $4.75 2019 CFPS Gold $0.18 $0.14 $0.15 $0.17 $0.18 $0.18 $0.19 $0.20 $0.21 $0.23

OceanaGold Corporation $2.75 2019 CFPS Gold $0.43 $0.13 $0.22 $0.33 $0.38 $0.43 $0.48 $0.53 $0.63 $0.73

Osisko Gold Royalties Ltd $19.50 2019 CFPS Gold $0.39 $0.45 $0.52 $0.57 $0.61 $0.66 $0.71 $0.82 $0.94 $0.86

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

Roxgold Inc. $1.70 2019 CFPS Gold $0.24 $0.16 $0.19 $0.22 $0.23 $0.24 $0.26 $0.27 $0.30 $0.33

SEMAFO Inc. $2.75 2019 CFPS Gold $0.72 $0.50 $0.57 $0.65 $0.68 $0.72 $0.77 $0.79 $0.82 $0.86

Superior Gold Inc. $1.15 2019 CFPS Gold $0.03 ($0.08) ($0.04) ($0.00) $0.01 $0.03 $0.05 $0.07 $0.11 $0.15

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

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

PRODUCERS

Alamos Gold Inc. $10.25 2020 CFPS Gold $1.07 $0.62 $0.77 $0.92 $0.99 $1.07 $1.14 $1.21 $1.36 $1.51

Asanko Gold Inc. $1.15 2020 CFPS Gold $0.24 $0.05 $0.12 $0.18 $0.21 $0.24 $0.28 $0.28 $0.31 $0.35

B2Gold Corp. $7.50 2020 CFPS Gold $0.66 $0.38 $0.48 $0.59 $0.63 $0.66 $0.71 $0.76 $0.85 $0.94

Barrick Gold Corporation $28.00 2020 CFPS Gold $2.50 $1.25 $1.65 $2.05 $2.30 $2.50 $2.70 $2.90 $3.35 $3.75

Calibre Mining Corp. $1.80 2020 CFPS Gold $0.21 $0.06 $0.11 $0.16 $0.19 $0.21 $0.24 $0.26 $0.31 $0.36

Eldorado Gold Corporation $18.00 2020 CFPS Gold $2.40 $1.00 $1.35 $1.65 $1.85 $2.00 $2.20 $2.35 $2.70 $3.05

Endeavour Mining Corporation $32.00 2020 CFPS Gold $3.82 $1.92 $2.57 $3.21 $3.52 $3.82 $4.10 $4.39 $5.01 $5.63

K92 Mining Inc. $4.75 2020 CFPS Gold $0.40 $0.19 $0.26 $0.33 $0.36 $0.40 $0.43 $0.46 $0.53 $0.60

OceanaGold Corporation $2.75 2020 CFPS Gold $0.43 $0.13 $0.22 $0.33 $0.38 $0.43 $0.48 $0.53 $0.63 $0.73

Osisko Gold Royalties Ltd $19.50 2020 CFPS Gold $0.86 $0.61 $0.69 $0.77 $0.82 $0.86 $0.90 $0.94 $1.03 $1.11

RNC Minerals $0.70 2020 CFPS Gold $0.10 $0.03 $0.05 $0.07 $0.09 $0.10 $0.11 $0.12 $0.14 $0.16

Roxgold Inc. $1.70 2020 CFPS Gold $0.24 $0.16 $0.19 $0.22 $0.23 $0.24 $0.26 $0.27 $0.30 $0.33

SEMAFO Inc. $2.75 2020 CFPS Gold $0.62 $0.30 $0.41 $0.52 $0.57 $0.62 $0.67 $0.73 $0.83 $0.94

Superior Gold Inc. $1.15 2020 CFPS Gold $0.55 ($0.03) $0.16 $0.35 $0.45 $0.55 $0.64 $0.74 $0.93 $1.12


Company Target MetricPrimary

Commodity

Base

Case

Percentage Change Relative to Haywood Forecasted Commodity Prices


Company Target MetricPercentage Change Relative to Haywood Forecasted Commodity PricesBase

Case

Primary

Commodity

Company Target MetricPrimary

Commodity

Base

Case



The Weekly Dig


Comparables Tables – Base Metals

Base Metal Companies – Haywood Estimates

Source: Haywood Securities

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


Last Shares MC Target Return NAVPS Primary

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

Adventus Mining Corporation TSXV:ADZN ADZN-V MC $0.86 101 $87 $1.90 121% BUY $1.46 ($0.02) ($0.02) Copper

Capstone Mining TSX:CS CS-T PV $0.69 400 $276 $1.00 45% BUY $1.51 $0.20 $0.23 Copper 153 136 $1.93 $1.91 0.3x 0.5x 6.0x 5.21 3.8x 3.27

Copper Mountain Mining TSX:CMMC CMMC-T PV $0.62 191 $119 $1.20 94% BUY $3.98 $0.56 $0.60 Copper 82 87 $1.50 $1.51 0.1x 0.2x 2.8x 2.7x 1.6x 1.5x

Fireweed Zinc Ltd TSXV:FWZ FWZ-V PV $0.61 38 $23 $1.00 64% BUY $1.05 ($0.04) ($0.05) Zinc - - - - 0.4x 0.7x - - - -

HudBay Minerals TSX:HBM HBM-T PV $4.31 261 $1,126 $7.00 62% BUY $6.41 $1.24 $1.16 Copper 303 247 $0.71 $0.24 0.5x 0.8x 4.7x 5.0x 4.3x 4.6x

Lundin Mining TSX:LUN LUN-T PV $7.16 734 $5,259 $9.50 33% BUY $9.43 $0.70 $1.22 Copper 39 36 - - 0.6x 0.8x 9.0x 5.19 10.2x 5.85

Nevada Copper Corp. TSX:NCU NCU-T PV $0.31 762 $236 $0.60 94% BUY $0.90 $0.05 $0.05 Copper - 49 - $1.87 0.3x 0.5x 8.0x 7.8x 9.4x 9.2x

Osisko Metals Inc. TSXV:OM OM-V PV $0.49 167 $82 $0.90 84% BUY $1.81 ($0.02) ($0.02) Zinc - - - - 0.2x 0.4x - - - -

Trevali Mining TSX:TV TV-T PV $0.19 807 $153 $0.35 84% HOLD $0.35 $0.09 $0.14 Zinc 418 395 $0.90 $0.88 0.4x 0.8x 2.1x 1.3x 3.1x 1.9x

Xanadu Mines Limited ASX:XAM XAM-AU MC $0.03 791 $24 $0.10 226% BUY $0.08 ($0.00) ($0.01) Copper 0.3x 0.9x - - - -


C$/US$ = 1.326

C$/AUD$= 0.877

Price /

NAV

Target /

NAV

Total Cash Costs, US$/lb EV / CFPS Target / CFPSProduction, million pounds Company Ticker Analyst Rating

CFPS (US$)

As of February 20, 2020 Shares Market Working Enterprise

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

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

Large-Cap Base Metals Producers

ANGLO AMERICAN PLC LSE:AAL GBp 2122.5 1.7 (0.4) (2.3) 1253 $34,259 $6,345 $6,847 $10,734 $45,237 $5.90 $5.78 $6.54 4.7x 4.2x 6.2x 5.5x 4.5x 4.5x

ANTOFAGASTA PLC LSE:ANTO GBp 856.2 0.2 (0.9) (6.6) 986 $10,870 $1,034 $2,132 $2,494 $13,334 $1.37 $1.88 $1.64 5.9x 6.7x 7.2x 8.2x 5.5x 5.6x

BHP GROUP LTD ASX:BHP AUD 38.52 0.1 (0.1) (1.0) 2946 $120,737 $15,613 $11,034 $24,828 $137,464 $3.45 $3.48 $3.24 7.3x 7.9x 13.4x 14.4x 5.8x 5.8x

FIRST QUANTUM MINERALS LTD TSX:FM CAD 12.04 0.9 1.9 (8.6) 689 $6,260 $1,138 $629 $8,813 $15,148 $1.29 $1.46 $2.48 6.2x 3.7x 15.0x 8.9x 9.5x 6.1x

FREEPORT-MCMORAN INC NYSE:FCX USD 12.08 (0.2) (4.7) (7.9) 1451 $17,528 $2,020 $4,706 $10,074 $33,732 $1.02 $1.12 $1.64 10.8x 7.4x 20.7x 14.1x 13.7x 9.9x

GLENCORE PLC LSE:GLEN GBp 228.95 (1.3) (3.7) (2.7) 13324 $39,286 $1,899 $2,390 $37,043 $73,390 $0.71 $0.57 $0.67 5.2x 4.4x 9.6x 8.3x 6.6x 6.2x

KGHM POLSKA MIEDZ SA WSE:KGH PLN 92.26 (1.6) (2.6) (3.5) 200 $4,651 $256 $533 $2,122 $6,654 $5.14 $5.29 $5.32 4.5x 4.4x 6.3x 6.3x 4.9x 4.9x

MMG LTD SEHK:1208 HKD 1.78 0.0 (4.8) (23.9) 8055 $1,842 $602 ($153) $8,131 $11,275 $0.12 $0.18 $0.17 1.3x 1.4x 7.9x 8.5x 8.5x 7.1x

RIO TINTO PLC LSE:RIO GBp 4209.5 0.2 (0.2) (6.5) 1247 $91,682 $10,773 $10,331 $12,752 $102,117 $6.88 $8.81 $8.41 6.2x 6.4x 9.3x 9.7x 4.9x 5.5x

TECK RESOURCES LTD-CLS B TSX:TCK.B CAD 17.09 (3.2) (8.7) (24.1) 540 $7,071 $1,273 $2,056 $4,051 $10,186 $5.42 $4.93 $4.50 2.6x 2.9x 3.8x 4.2x 3.0x 3.4x

VALE SA-SP ADR NYSE:VALE USD 11.85 (1.7) (2.2) (10.2) 5284 $62,621 $5,773 $6,115 $15,437 $71,335 - $1.89 $2.06 6.4x 5.9x 7.1x 6.6x 4.5x 4.5x

BOLIDEN AB SSE:BOL SEK 230.9 (0.5) 2.9 (7.1) 274 $6,431 $147 $657 $617 $6,910 $3.65 $3.75 $4.40 6.4x 5.4x 6.7x 5.7x 5.3x 4.9x

SOUTHERN COPPER CORP NYXE:SCCO USD 38.3 (1.4) (3.1) (9.8) 773 $29,608 $845 $1,964 $5,960 $35,722 $2.89 $2.61 $2.73 14.7x 14.0x 17.7x 16.9x 9.6x 9.1x

Group Average - Large-Cap Producers 5.6x 5.1x 9.5x 8.4x 6.4x 5.7x

Group Average - Large-Cap Producers (excluding high/low) 5.5x 5.1x 8.9x 8.2x 6.0x 5.5x

Mid Tier Base Metals Producers

ERO COPPER CORP TSX:ERO CAD 17.6 (2.7) (4.8) (25.5) 86 $1,138 $19 ($9) $152 $1,277 $0.85 $1.48 $1.72 9.0x 7.7x 10.1x 8.7x 9.5x 7.5x

HUDBAY MINERALS INC TSX:HBM CAD 4.31 2.6 0.7 (19.9) 261 $849 $515 $445 $1,055 $1,514 $1.58 $1.13 $1.18 2.9x 2.7x 5.1x 4.9x 4.3x 4.1x

KAZ MINERALS PLC LSE:KAZ GBp 515.4 1.3 3.6 (3.0) 472 $3,136 $541 $544 $3,300 $5,954 $1.13 $1.26 $1.48 5.3x 4.5x 10.0x 8.5x 4.8x 5.1x

LUNDIN MINING CORP TSX: LUN CAD 7.16 (1.0) (3.9) (7.7) 734 $3,965 $815 $949 $11 $4,694 $0.62 $0.73 $1.10 7.4x 4.9x 8.8x 5.8x 7.0x 4.6x

OZ MINERALS LTD ASX:OZL AUD 10.02 0.6 (1.4) (5.0) 324 $2,150 $94 $134 $129 $2,184 $1.10 $0.90 $0.77 7.4x 8.8x 7.5x 8.8x 7.0x 7.7x

TURQUOISE HILL RESOURCES LTD TSX:TRQ CAD 0.8 (1.2) (11.1) (15.8) 2012 $1,214 $1,603 $2,992 $4,187 $2,652 $0.09 $0.03 $0.00 20.8x - 45.4x - 8.1x 11.4x

Group Average - Mid Tier Producers 8.8x 5.7x 14.5x 7.3x 6.8x 6.7x

Group Average - Mid Tier Producers (excluding high/low) 7.3x 5.7x 9.1x 7.7x 6.7x 6.2x

Small Cap Base Metals Producers

AMERIGO RESOURCES LTD TSX:ARG CAD 0.42 (9.7) (14.3) (28.8) 181 $57 $7 ($15) $63 $113 $0.05 $0.04 $0.19 7.9x 1.7x 15.6x 3.3x - -

ATALAYA MINING PLC TSX:AYM CAD 3.28 0.0 0.0 (4.4) 137 $340 $38 $10 $0 $330 - $0.14 $0.61 17.5x 4.1x 16.8x 3.9x 5.4x 3.2x

CAPSTONE MINING CORP TSX:CS CAD 0.69 (2.8) (6.8) (9.2) 400 $208 $40 $68 $213 $487 $0.20 $0.22 $0.23 2.4x 2.3x 5.6x 5.3x 4.7x 4.7x

COPPER MOUNTAIN MINING CORP TSX:CMMC CAD 0.62 (1.6) (4.6) (13.9) 191 $89 $25 ($86) $191 $308 $0.15 $0.18 $0.44 2.6x 1.1x 8.9x 3.6x 11.3x 3.4x

IMPERIAL METALS CORP TSX:III CAD 1.84 0.5 (10.5) (10.7) 128 $178 $14 ($579) $668 $107 $0.49 ($0.12) $0.05 - 29.2x - 17.4x - 13.9x

WESTERN AREAS LTD AU:WSA AUD 2.66 3.5 6.0 (12.2) 274 $482 $101 $96 $1 $355 $0.26 $0.22 $0.35 8.2x 5.1x 5.9x 3.7x 6.7x 3.5x

SHERRITT INTERNATIONAL CORP TSX:S CAD 0.17 (2.9) (5.6) (10.5) 397 $51 $152 $195 $518 $459 ($0.00) ($0.10) ($0.01) - - - - 12.0x 9.6x

TASEKO MINES LTD TSX:TKO CAD 0.565 (0.9) (5.8) (10.3) 246 $105 $34 $34 $261 $362 $0.22 $0.11 $0.22 3.8x 2.0x 13.0x 6.8x 9.0x 5.3x

TREVALI MINING CORP TSX:TV CAD 0.19 5.6 11.8 (17.4) 807 $116 $65 $17 $132 $153 $0.13 $0.10 $0.09 1.5x 1.6x 2.0x 2.2x 1.6x 2.0x

Group Average - Small Cap Producers 6.3x 5.9x 5.5x - 7.2x 5.7x

Group Average - Small Cap Producers (excluding high/low) 5.0x 2.8x 6.3x 4.1x 7.4x 4.9x

. C$/US$ FX Rate: $1.33

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



The Weekly Dig


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$ 0.11 62.7 US$ 5 US$ (0.1) US$ 12.9 US$ 18 Cu / Au 66% 806 1,008 $0.023 $0.018

Adventus Mining Corporation TSXV:ADZN C$ 0.86 100.6 US$ 65 US$ 14.1 US$ 0.0 US$ 51 Cu / Au 34% - 863 - $0.059

Candente Copper Corp. TSX:DNT C$ 0.05 216.0 US$ 8 US$ (1.1) US$ 0.0 US$ 9 Cu / Au 87% - 10,286 - $0.001

Copper Fox Metals Inc. TSXV:CUU C$ 0.08 461.3 US$ 28 US$ 0.2 US$ 0.0 US$ 28 Cu / Au 69% - 5,067 - $0.005

Coro Mining Corp. TSX:COP C$ 0.07 1608.9 US$ 79 US$ (7.4) US$ 0.0 US$ 86 Cu / - 100% 325 817 $0.265 $0.106

Excelsior Mining Corp. TSX:MIN C$ 0.91 239.6 US$ 164 US$ 24.7 US$ 0.0 US$ 140 Cu / - 100% 5,129 8,016 $0.027 $0.017

Filo Mining Corp. TSXV:FIL C$ 1.96 88.2 US$ 130 US$ 14.4 US$ 0.0 US$ 116 Cu / Au 49% 4,380 8,409 $0.026 $0.014

Foran Mining Corporation TSXV:FOM C$ 0.24 132.5 US$ 24 US$ 0.6 US$ 0.0 US$ 23 Cu / Zn 43% - 1,878 - $0.012

Getty Copper Inc. TSXV:GTC C$ 0.03 108.4 US$ 2 US$ (1.1) US$ 0.8 US$ 4 Cu / Mo 97% 781 1,225 $0.005 $0.003

Highland Copper Company Inc. TSXV:HI C$ 0.03 472.9 US$ 11 US$ (19.3) US$ 0.0 US$ 30 Cu / Ag 99% 2,501 4,823 $0.012 $0.006

Indico Resources Ltd. TSXV:IDI C$ 0.01 147.0 US$ 1 US$ (4.3) US$ 0.0 US$ 5 Cu / - 100% - 122 - $0.039

Los Andes Copper Ltd. TSXV:LA C$ 0.34 271.7 US$ 70 US$ 0.5 US$ 0.0 US$ 69 Cu / Mo 90% - 12,145 - $0.006

Nevada Copper Corp. TSX:NCU C$ 0.31 761.9 US$ 178 US$ (24.3) US$ 103.1 US$ 305 Cu / Au 89% 4,975 8,222 $0.061 $0.037

Northern Dynasty Minerals Ltd. TSX:NDM C$ 0.81 436.6 US$ 267 US$ (3.6) US$ 0.0 US$ 270 Cu / Au 52% - 156,013 - $0.002

NorthIsle Copper and Gold Inc. TSXV:NCX C$ 0.06 120.1 US$ 5 US$ 0.1 US$ 0.0 US$ 5 Cu / Au 50% - 5,252 - $0.001

Panoro Minerals Ltd. TSXV:PML C$ 0.11 263.8 US$ 21 US$ (6.7) US$ 2.0 US$ 30 Cu / Au 74% - 10,759 - $0.003

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

PolyMet Mining Corp. TSX:POM C$ 0.40 1005.2 US$ 303 US$ 8.5 US$ 15.2 US$ 310 Cu / Ni 40% 3,668 14,199 $0.084 $0.022

Quaterra Resources Inc. TSXV:QTA C$ 0.06 217.6 US$ 10 US$ 2.3 US$ 0.0 US$ 8 Cu / - 100% - 3,894 - $0.002

Regulus Resources Inc. TSXV:REG C$ 1.10 101.8 US$ 84 US$ 1.7 US$ 0.0 US$ 83 Cu / Au 59% - 8,438 - $0.010

Serengeti Resources Inc. TSXV:SIR C$ 0.23 109.2 US$ 19 US$ 0.4 US$ 0.0 US$ 19 Cu / Au 59% - 2,045 - $0.009

St. Augustine Gold and Copper Limited TSX:SAU C$ 0.02 726.8 US$ 8 US$ (6.2) US$ 0.0 US$ 14 Cu / Au 51% 4,817 7,423 $0.003 $0.002

Western Copper and Gold Corporation TSX:WRN C$ 0.86 107.6 US$ 70 US$ 1.8 US$ 0.0 US$ 68 Cu / Au 41% 10,860 10,860 $0.006 $0.006

Group Average - Total $0.051 $0.017

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

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

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

Primary /

Secondary

Metal

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



The Weekly Dig


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

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

Shares Market Working LTD Enterprise Nickel


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

CaNickel Mining Limited TSXV:CML C$ 0.07 37.5 US$ 2 US$ (71.7) US$ 0.0 US$ 74 Ni / - 100% 83 397 $0.893 $0.185

FPX Nickel Corp. TSXV:FPX C$ 0.20 154.7 US$ 23 US$ 1.4 US$ 5.9 US$ 28 Ni / - 100% - 5,995 - $0.005

Giga Metals Corporation TSXV:GIGA C$ 0.28 55.5 US$ 12 US$ 2.5 US$ 0.0 US$ 9 Ni / Co 73% - 8,039 - $0.001

Gossan Resources Limited TSXV:GSS C$ 0.06 33.8 US$ 1 US$ (0.1) US$ 0.0 US$ 1 Ni / Cu 52% - 76 - $0.019

Hannan Metals Ltd. TSXV:HAN C$ 0.23 74.1 US$ 13 US$ 0.0 US$ 0.3 US$ 13 Ni / Cu 80% - 2,456 - $0.005

New Era Minerals Inc. TSXV:NEM C$ 0.04 106.9 US$ 3 US$ (1.1) US$ 0.2 US$ 5 Ni / - 100% - 454 - $0.010

Royal Nickel Corporation TSX:RNX C$ 0.45 607.8 US$ 204 US$ 9.2 US$ 18.2 US$ 213 Ni / Co 69% 2,550 5,161 $0.084 $0.041

Sama Resources Inc. TSXV:SME C$ 0.20 216.5 US$ 33 US$ 3.2 US$ 0.0 US$ 29 Ni / Co 48% - 1,051 - $0.028

Strongbow Exploration Inc. TSXV:SBW C$ 0.05 133.8 US$ 5 US$ 1.0 US$ 3.8 US$ 8 Ni / Sn 50% - 723 - $0.011

Talon Metals Corp. TSX:TLO C$ 0.13 494.3 US$ 47 US$ 6.0 US$ 0.0 US$ 41 Ni / Cu 63% - 287 - $0.142



**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$ 0.32 77.7 US$ 18 US$ (17.4) US$ 0.0 US$ 36 Zn / Pb 72% 848 1,883 $0.042 $0.019

Commander Resources Ltd. TSXV:CMD C$ 0.07 35.7 US$ 2 US$ 1.6 US$ 0.0 US$ 0 Zn / Cu 56% - 25 - $0.012

El Nino Ventures Inc. TSXV:ELN C$ 0.05 61.6 US$ 2 US$ 0.9 US$ 0.0 US$ 1 Zn / Cu 59% - 532 - $0.002

Firestone Ventures Inc. TSXV:FV C$ 0.05 53.7 US$ 2 US$ (0.3) US$ 0.0 US$ 2 Zn / Pb 77% - 429 - $0.005

Fireweed Zinc Ltd. TSXV:FWZ C$ 0.61 37.8 US$ 17 US$ 1.0 US$ 0.0 US$ 16 Zn / Pb 67% - 9,981 - $0.002

InZinc Mining Ltd. TSXV:IZN C$ 0.03 114.7 US$ 2 US$ 0.2 US$ 0.0 US$ 2 Zn / Cu 75% - 3,884 - $0.000

Karmin Exploration Inc. TSXV:KAR C$ 1.01 89.9 US$ 69 US$ (1.4) US$ 1.0 US$ 71 Zn / Pb 53% 1,109 2,507 $0.064 $0.028

Osisko Metals Incorporated TSXV:OM C$ 0.49 167.1 US$ 62 US$ 5.3 US$ 0.0 US$ 56 Zn / Pb 74% - 6,538 - $0.009

Rathdowney Resources Ltd. TSXV:RTH C$ 0.07 161.7 US$ 9 US$ (5.3) US$ 1.5 US$ 15 Zn / Pb 83% - 3,590 - $0.004

ScoZinc Mining Ltd. TSXV:SZM C$ 0.55 10.1 US$ 4 US$ 0.6 US$ 0.0 US$ 4 Zn / Pb 68% - 1,485 - $0.002

Titan Mining Corporation TSX:TI C$ 0.24 123.0 US$ 22 US$ 0.8 US$ 30.5 US$ 52 Zn / - 100% - 1,930 - $0.027

Trevali Mining Corporation TSX:TV C$ 0.19 806.8 US$ 116 US$ 62.9 US$ 66.4 US$ 119 Zn / Pb 71% 3,169 17,446 $0.038 $0.007

Wolfden Resources Corporation TSXV:WLF C$ 0.15 129.5 US$ 14 US$ 1.2 US$ 0.0 US$ 13 Zn / Au 41% - 5,175 - $0.003



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

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

Primary /

Secondary

Metal

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



The Weekly Dig

32

February 21, 2020

Base Metals Sensitivity

Company

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

PRODUCERS

Capstone Mining Corp. $1.00 NAVPS Copper $1.98 ($2.43) ($0.90) $0.48 $1.25 $1.98 $2.71 $3.37 $4.76 $5.58

Copper Mountain Mining Corp. $1.20 NAVPS Copper $6.28 $0.58 $2.58 $4.51 $5.40 $6.28 $7.16 $8.04 $9.79 $11.55

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

Lundin Mining Corporation $9.50 NAVPS Copper $12.32 $9.90 $10.76 $11.55 $11.95 $12.34 $12.71 $13.09 $13.85 $14.57

Trevali Mining Corporation $0.35 NAVPS Zinc $0.47 ($0.44) ($0.11) $0.19 $0.34 $0.47 $0.61 $0.76 $1.00 $1.25

DEVELOPERS / EXPLORERS

Adventus Mining Corporation $1.90 NAVPS Copper $1.93 $1.26 $1.49 $1.71 $1.81 $1.93 $2.03 $2.15 $2.37 $2.58

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

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

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

Xanadu Mines Limited $0.10 NAVPS Copper $0.11 ($0.02) $0.02 $0.06 $0.08 $0.11 $0.13 $0.15 $0.20 $0.24

Company

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

PRODUCERS

Capstone Mining Corp. $1.00 2019 CFPS Copper $0.34 $0.23 $0.27 $0.30 $0.32 $0.34 $0.36 $0.38 $0.41 $0.45

Copper Mountain Mining Corp. $1.20 2019 CFPS Copper $0.21 $0.08 $0.12 $0.17 $0.19 $0.21 $0.23 $0.25 $0.29 $0.33

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

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

Trevali Mining Corporation $0.35 2019 CFPS Zinc $0.14 $0.06 $0.09 $0.11 $0.13 $0.14 $0.16 $0.17 $0.21 $0.25


Company

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

PRODUCERS

Capstone Mining Corp. $1.00 2020 CFPS Copper $0.29 ($0.08) $0.05 $0.17 $0.23 $0.29 $0.35 $0.42 $0.54 $0.66

Copper Mountain Mining Corp. $1.20 2020 CFPS Copper $0.82 $0.24 $0.45 $0.66 $0.75 $0.82 $0.89 $0.96 $1.10 $1.24

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

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

Trevali Mining Corporation $0.35 2020 CFPS Zinc $0.17 ($0.03) $0.03 $0.09 $0.13 $0.17 $0.21 $0.26 $0.36 $0.47



Base

Case


Primary

Commodity

Base

Case


Primary

Commodity

Base

Case

Target MetricPrimary

Commodity

MetricTarget

Target Metric

The Weekly Dig



33

February 21, 2020

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

Uranium/Lithium Companies – Haywood Estimates


Diamond Companies – Haywood Estimates


Last Shares MC Target Return NAVPS Primary

Price O/S (C$M) (C$) (%) (US$) 2020E 2021E Commodity 2020E 2021E 2020E 2021E 2020E 2021E 2020E 2021E

Denison Mines DML-T CH $0.51 597 $305 $1.60 214% BUY C$1.62 ($0.03) ($0.02) Uranium - - -

Energy Fuels UUUU-US CH $1.39 115 US$159 US$3.50 152% BUY $3.50 ($0.22) ($0.10) Uranium 0.3 2.9 0.4x 1.0x - - - -

NexGen Energy NXE-T CH $1.45 360 $522 $6.00 314% BUY C$5.97 ($0.05) ($0.05) Uranium - - - 0.2x 1.0x - - - -

Uranium Energy UEC-US CH $0.87 184 US$160 US$2.60 199% BUY $2.62 ($0.04) $0.07 Uranium 0.2 1.6 0.3x 1.0x - 13.0x - 37.1x

Uranium Participation U-T CH $3.92 138 $541 $5.90 51% BUY C$5.88 Uranium - - - 0.7x 1.0x - - - -

Plateau Energy PLU-V CH $0.27 86 $23 N/A Under Review Uranium - - -

Azarga Uranium AZZ-T CH $0.17 186 $32 $0.50 194% BUY C$0.50 Uranium 0.3x 1.0x

Group Average 0.4x 1.0x - 13.0x - 37.1x

C$/US$ = 1.33

A$/US$ = 1.51

₤/US$ = 0.78

Target / CFPSPrice /

NAV

Target /

NAV Company

EV / CFPS RatingTicker Analyst

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



Mountain Province Diamonds Inc. TSX:MPVD MPVD-T GM $1.14 210 $240 $3.50 207% BUY $3.23 $0.32 $0.36 Diamonds 6,821 7,159 $87 $82 $99 $91 0.3x 0.8x 6.8x 6.1x 8.4x 7.4x

Lucara Diamond Corp. TSX:LUC LUC-T GM $0.85 397 $337 $2.10 147% BUY $1.85 $0.15 $0.25 Diamonds 446 390 $209 $291 $432 $589 0.3x 0.9x 4.3x 2.5x 7.6x 6.2x


C$/US$ = 1.3x 1.326

EV / CFPS Target /

NAV Company Ticker Analyst Rating

Price /

NAV

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



The Weekly Dig

34

February 21, 2020

Uranium Comparables – Consensus Estimates

IBES Shares Market Enterprise Total Reserves IBES

Company (T icker)

Haywood Covered Names bold Share Price

Consensus

Target

Implied

Return

Outst.

(millions)

Capitalization

(millions)

Value (USD)

(millions)

& Resources

(M lb)

USD EV/lb

Resource

Consensus

NAV

Price /

Nav 2018 2019 2020 2018 2019 2020

Cameco Corporation (CCO-T) $12.03 $15.03 25% 396 $4,761 $3,551 $13.68 0.88x $1.19 $0.86 $0.76 10.1x 14.0x 15.9x

Uranium Energy (UEC-US) $0.87 $2.60 199% 184 $159.8 $167.5 $2.65 0.33x ($0.10) ($0.06) ($0.24)

Energy Fuels (UUUU-US) $1.39 $3.25 134% 115 $159.2 $159.6 $2.89 0.48x ($0.16) ($0.20) ($0.22)

Ur-Energy Inc. (URE-T) $0.51 $1.01 97% 160 $82.3 $91.1 $1.20 0.43x ($0.01) $0.04 ($0.04) 12.8x

Peninsula Energy (PEN-AU) $0.11 $0.26 142% 308 $33.6 $42.6 $0.40 0.27x ($0.01) ($0.02)

Energy Resources (ERA-AU) $0.16 518 $82.8 ($176.0) $0.21 0.76x $0.07 $0.17 ($0.03) 2.3x 0.9x

Group Average - Producers 0.53x 6.2x 9.2x 15.9x

NexGen Energy (NXE-T) $1.45 $4.76 228% 360 $522.4 $442.8 $5.28 0.27x ($0.02) ($0.04) ($0.04)

Denison Mines (DML-T) $0.51 $1.30 156% 597 $304.6 $222.5 $1.35 0.38x ($0.04) ($0.04) ($0.02)

Fission Uranium (FCU-T) $0.23 $1.60 611% 486 $109.4 $77.5 $1.54 0.15x ($0.01) ($0.01) ($0.01)

GoviEx Uranium (GXU-V) $0.10 439 $43.0 $54.5

Global Atomic (GLO-T) $0.45 145 $65.4 $45.4 113.2 $0.40

Boss Resources (BOE-AU) $0.06 1,587 $90.5 $55.5 ($0.00)

Deep Yellow (DYL-AU) $0.21 $0.40 95% 245 $50.2 $23.3

Laramide Resources (LAM-T) $0.21 165 $33.9 $32.6

UEX Corporation (UEX-T) $0.12 $0.45 275% 394 $47.3 $32.8 ($0.02)

Azarga Uranium (AZZ-T) $0.13 $0.36 180% 186 $23.8 $23.1 $0.51 0.25x ($0.03) ($0.02)

Toro Energy (TOE-AU) $0.01 2,490 $18.7 $19.5

Bannerman Resources (BMN-AU) $0.03 1,059 $32.8 $17.4

Plateau Energy (PLU-V) $0.27 86 $23.1 $16.5 ($0.06)

Vimy Resources (VMY-AU) $0.04 $0.34 710% 614 $25.8 $16.4 $0.32 0.13x ($0.02) ($0.01) ($0.01)

Western Uranium (WUC-L) $0.60 30 $18.1 $15.8

Forsys Metals (FSY-T) $0.11 167 $18.4 $13.1

A-Cap Energy (ACB-AU) $0.01 872 $9.6 $10.1

Energy Metals (EME-AU) $0.10 210 $21.0 $2.4

U3O8 Corp. (UWE-T) $0.05 23 $1.2 $1.4

Berkeley Energia (BKY-AU) $0.19 $1.09 492% 259 $47.8 ($8.4) ($0.09) ($0.05) ($0.05)

Group Average - Developers $0.40 0.24x

Aurania Resources (ARU-V) $3.23 $4.50 39% 38 $123.9 $94.5

Azimut Exploration (AZM-V) $1.56 61 $94.6 $70.5

IsoEnergy Ltd. (ISO-V) $0.48 91 $43.2 $32.0

ValOre Metals (VO-V) $0.33 90 $29.8 $20.6

Mega Uranium (MGA-T) $0.09 326 $29.4 $19.0

Globex Mining (GMX-T) $0.37 54 $20.1 $13.0

enCore Energy (:EU-V) $0.13 168 $21.0 $13.6

Blue Sky (BSK-V) $0.08 120 $9.6 $7.3

Skyharbour Resources (SYH-V) $0.17 $1.01 512% 75 $12.4 $9.0

Forum Energy (FMC-V) $0.09 109 $9.8 $7.3

Purepoint Uranium (PTU-V) $0.05 223 $11.2 $8.1

CanAlaska Uranium (CVV-V) $0.23 58 $13.2 $8.7

Marenica Energy (MEY-AU) $0.06 117 $7.1 $4.4

Fission 3.0 (FUU-V) $0.05 142 $7.1 $3.9

Anfield Energy (AEC-V) $0.07 $0.30 329% 75 $5.2 $3.7 $0.40 0.18x

X-Terra Resources (XTT-V) $0.10 59 $5.6 $3.6

Cauldron Energy (CXU-AU) $0.02 343 $5.1 $2.2

Eros Resources (ERC-V) $0.12 48 $5.6 $4.0

Avrupa Minerals (AVU-V) $0.03 114 $3.4 $2.6

Zadar Ventures (ZAD-V) $0.20 20 $3.9 $2.8

Uravan Minerals (UVN-V) $0.02 42 $0.6 $0.4

Vanadian Energy (VEC-V) $0.03 42 $1.3 $1.0

Tarku Resources (TKU-V) $0.12 12 $1.4 $1.0

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

Group Average - Explorers

INVENTORY FUNDS

Uranium Participation (U-T) $3.92 $5.49 40% 138 $541.2 $404.5 17.8 $22.70 $5.17 0.76x

Yellow Cake (YCA-LN) £2.55 £3.48 36% 88 £224.9 $215.7 9.6 $22.43

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

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

DE

VE

LO

PE

RS

EX

PL

OR

ER

S

CFPS (LoC) P/CFPS

PR

OD

UC

ER

S



The Weekly Dig


Diamond Sensitivity

Uranium Sensitivity

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

DEVELOPER / PRODUCER

Mountain Province Diamonds Inc. $3.50 NAVPS Diamonds $4.28 $2.29 $2.93 $3.59 $3.94 $4.28 $4.64 $4.99 $5.74 $6.51

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

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


Mountain Province Diamonds Inc. $3.50 2019 CFPS Diamonds $0.31 $0.37 $0.35 $0.33 $0.32 $0.31 $0.30 $0.29 $0.28 $0.27

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

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


Mountain Province Diamonds Inc. $3.50 2020 CFPS Diamonds $0.36 $0.23 $0.30 $0.32 $0.34 $0.36 $0.37 $0.38 $0.41 $0.43

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

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


Percentage Change Relative to Haywood Forecasted Exchange RateCompany Target Metric

Primary

Commodity

Base

Case


Primary

Commodity

Base

Case


Primary

Commodity

Base

Case



The Weekly Dig

36

February 21, 2020

Performance of Companies from the last Junior Exploration Report

Source: Haywood Securities

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

Auryn Resources Inc. TSX:AUG 1.83 185.83 13.21 (2.1)% (2.4)% (3.1)%

BeMetals Corp. TSXV:BMET 0.22 22.56 2.68 (6.5)% (4.44)% (5.2)%

GT Gold Corp. TSXV:GTT 1.39 171.34 18.40 0.0% 31.1% 30.4%HighGold Mining Inc. TSXV:HIGH 1.20 48.25 14.00 9.1% (7.7)% (8.4)%

IsoEnergy Ltd. TSXV:ISO 0.48 43.17 7.00 8.0% 18.8% 18.0%

Luminex Resources Corp. TSXV:LR 0.78 56.32 11.16 25.8% (2.5)% (3.2)%

Moneta Porcupine Mines Inc. TSX:ME 0.11 34.25 5.50 (4.3)% (12.0)% (12.7)%

Osino Resources Corp. TSXV:OSI 0.74 60.60 15.00 (17.8)% 13.8% 13.1%

Red Pine Exploration Inc. TSXV:RPX 0.04 16.70 3.00 0.0% (30.0)% (30.7)%

Rupert Resources Ltd. TSXV:RUP 0.94 146.14 17.10 14.6% 38.2% 37.5%

Sun Metals Corp. TSXV:SUNM 0.10 14.80 4.30 0.0% (55.6)% (56.3)%

Talisker Resources Ltd. CNSX:TSK 0.55 87.36 20.00 44.7% 66.7% 65.9%

QTD Performance

vs. TSXV Index

New

s TickerJunior Exploration Names QTD

Performance

Weekly

Performance

Cash as of February

Junior X Report

Market

Capitalization

Close

Price



The Weekly Dig

37

February 21, 2020

Haywood Metals and Currencies Performance and Forecasts

Source: Bloomberg, Haywood Securities



The Weekly Dig

38

February 21, 2020

Important Information and Legal Disclosures

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

Analyst Certification

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

Important Disclosures

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

Ticker Company 1 2 3 4 5 6 7 8

TSXV:ADZN Adventus Zinc Corp. X X X X

TSX:AGI Alamos Gold Inc. X

TSX:AKG Asanko Gold Inc. X

TSXV:AU Aurion Resources Ltd. X X X X

TSX:AZZ Azarga Uranium Corp. X X X

TSX:BTO B2Gold Corp. X X

TSX:ABX Barrick Gold Corporation X

TSXV:BSR Bluestone Resources Inc. X X

TSX:CXB Calibre Mining Corp. X X X X X

TSX:CS Capstone Mining Corp. X

TSX:CMMC Copper Mountain Mining Corp. X X

TSX:DML Denison Mines Corp. X X

TSX:ELD Eldorado Gold Corporation X X

TSX:EDV Endeavour Mining Corp. X X

TSX:EFR Energy Fuels Inc. X X

TSXV:EQX Equinox Gold Corp. X X X

TSXV:FPC Falco Resources Ltd. X

TSXV:FIL Filo Mining Corp. X X X

TSXV:FWZ Fireweed Zinc Ltd. X X X X

TSXV:GQC GoldQuest Mining Corp. X

ASX:GOR Gold Road Resources Limited X

TSX:HRT Harte Gold Corp. X X X

TSX:HBM Hudbay Minerals, Inc. X

TSXV:ISO IsoEnergy ltd. X X

TSXV:KNT K92 Mining Inc. X X

TSX:LGD Liberty Gold Corp. X X X

TSX:LUC Lucara Diamond Corp. X X

TSXV:LUM Lumina Gold Corp. X X X X

TSX:LUG Lundin Gold Inc. X

TSX:LUN Lundin Mining Corporation X

TSX:MOZ Marathon Gold Corp. X X X

TSXV:MTA Metalla Royalty & Streaming

TSX:MAX Midas Gold Corp. X X X

TSXV:MAI Minera Alamos Inc. X

TSX:MPVD Mountain Province Diamonds Inc. X X

TSX:NXE NexGen Energy Ltd. X



The Weekly Dig

39

February 21, 2020

TSX:NCU Nevada Copper Corp. X X

TSX:NHK Nighthawk Gold Corp. X X X

TSX:OGC OceanaGold Corporation X

TSX:OR Osisko Gold Royalties Ltd. X

TSXV:OM Osisko Metals Inc. X X X

TSX:OSK Osisko Mining Corp. X X

TSXV:OSI Osino Resources Corp. X X X X

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

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

TSXV:ROG Roxgold Inc. X X

TSX:RNX RNC Minerals X X X X

TSX:SBB Sabina Gold and Silver Corp. X

TSXV:SGI Superior Gold Inc.

TSX:SMF SEMAFO Inc. X

TSX:STGO Steppe Gold Ltd. X X

TSX:TML Treasury Metals Inc. X X

TSX:TV Trevali Mining Corp. X X

TSXV:TLG Trolius Gold Corp. X X

AMEX:UEC Uranium Energy Corp. X

TSX:U Uranium Participation Corporation X

TSX:XAM Xanadu Mines Ltd. X

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

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

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

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

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

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

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

8 Haywood Securities, Inc. or one of its subsidiaries expects to receive or intends to seek compensation for investment banking services from this company in the next three months

Distribution of Ratings (as of February 21, 2020)

IB Clients

% # (TTM)

Buy 76.2% 80 93.5%

Hold 14.3% 15 3.2%

Sell 1.0% 1 0.0%

Tender 1.0% 1 0.0%

UR (Buy) 1.0% 1 0.0%

UR (Hold) 0.0% 0 0.0%

UR (Sell) 0.0% 0 0.0%

Dropped (TTM) 6.7% 7 3.2%



The Weekly Dig

40

February 21, 2020

Price Chart, Rating and Target Price History (as of February 21, 2020)

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

Initiated Coverage: 2/7/2019

0

0.5

1

1.5

2

2.5

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19

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

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

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

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

Initiated Coverage 10/03/03

0

2

4

6

8

10

12

14

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


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

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

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


0

1

2

3

4

5

6

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Aurion Resources Ltd. (AU-V) Date Target(C$) Rating1/23/20 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


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


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


B2Gold Corp. (BTO-T) Date Target(C$) Rating1/22/20 $7.50 Buy7/25/19 $6.50 Buy7/20/17 $5.00 Buy1/25/17 $5.50 Buy

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

0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

41

February 21, 2020

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

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

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

0

5

10

15

20

25

30

35

40

45

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Bluestone Resources Inc. (BSR-V) Date Target(C$) Rating1/22/20 $3.00 Buy6/26/18 $2.75 Buy


0

0.5

1

1.5

2

2.5

3

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19

Dec19


Copper Mountain Mining Corporation (CMMC-T) Date Target(C$) Rating2/19/20 $1.20 Buy1/14/20 $1.40 Buy7/23/19 $1.00 Hold2/22/19 $1.50 Buy1/10/19 $1.75 Buy

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

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

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

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Denison Mines Corp. (DML-T) Date Target(C$) Rating1/29/20 $1.60 Buy

10/30/18 $2.10 Buy9/26/18 $2.00 Buy

Transferred & Re-initiated Coverage 08/20/12

0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Energy Fuels Inc. (AMEX:UUUU) Date Target(US$) Rating1/29/20 $3.50 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

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19

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

Eldorado Gold Corporation (ELD-T) Date Target(C$) Rating1/22/20 $18.00 Buy7/25/19 $15.00 Buy7/11/19 $10.00 Buy5/6/19 $6.25 Buy2/1/19 $7.00 Buy1/9/19 $6.50 Buy

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

December 31, 2018: 5:1 Share Consolidation

0

5

10

15

20

25

30

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

42

February 21, 2020

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

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

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

0

5

10

15

20

25

30

35

40

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Equinox Gold Corp. (EQX-T) Date Target(C$) Rating1/22/20 $14.50 Buy8/20/19 $13.75 Buy7/25/19 $2.75 Buy

10/19/18 $3.00 Buy10/17/17 $2.80 Buy

4/4/17 $3.00 Buy

Initiated Coverage: 4/4/2017; August 2019 - 5:1 Share

Consolidation

0

2

4

6

8

10

12

14

16

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Falco Resources Ltd. (FPC-V) Date Target(C$) Rating1/28/19 $0.40 Hold10/2/18 $0.75 Buy6/22/18 $1.25 Buy5/11/17 $2.00 Buy


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Filo Mining Corp. (FIL-V) Date Target(C$) Rating4/18/18 $4.60 Buy


0

1

2

3

4

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Fireweed Zinc Ltd. (FWZ-V) Date Target(C$) Rating7/15/19 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jun17

Sep17

Dec17

Mar18

Jun18

Sep18

Dec18

Mar19

Jun19

Sep19

Dec19


Gold Road Resources Limited (GOR-A) Date Target(C$) Rating1/22/20 $0.85 Hold7/25/19 $0.85 Sell6/21/19 $0.75 Sell8/7/18 $0.75 Hold

10/17/17 $0.90 Buy

Initiated Coverage 9/13/2016; Transfer of Coverage 10/20/16

0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Goldquest Mining Corp. (GQC-V) Date Target(C$) Rating1/25/19 $0.08 Sell3/29/18 $0.20 Hold

10/11/17 $0.60 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Harte Gold Corp. (HRT-T) Date Target(C$) Rating11/19/19 $0.25 Hold11/4/19 $0.50 Buy5/8/19 $0.70 Buy

6/22/18 $0.80 Buy12/13/17 $0.90 Buy4/12/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

43

February 21, 2020

Hudbay Minerals Inc. (HBM-T) Date Target(C$) Rating11/13/19 $7.00 Buy

8/6/19 $8.00 Buy7/23/19 $9.00 Buy2/25/19 $11.00 Buy

12/20/18 $8.00 Buy8/1/18 $9.00 Buy

7/10/18 $11.50 Buy5/3/18 $12.50 Buy

1/12/18 $13.50 Buy10/19/17 $12.50 Buy

8/4/17 $12.00 Buy7/20/17 $11.00 Buy6/20/17 $9.00 Buy


0

2

4

6

8

10

12

14

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


K92 Mining Inc. (KNT-V) Date Target(C$) Rating11/28/19 $4.75 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Liberty Gold Corp. (LGD-T) Date Target(C$) Rating10/17/19 $1.60 Buy

Initiated Coverage 10/09/12; Transfer of Coverage 10/20/2016

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lucara Diamond Corp. (LUC-T) Date Target(C$) Rating2/22/19 $2.10 Buy1/8/19 $2.60 Buy

11/3/17 $3.20 Buy1/25/17 $3.50 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lumina Gold Corp. (LUM-V) Date Target(C$) Rating7/3/18 $1.50 Buy

3/15/18 $1.20 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lundin Mining Corporation (LUN-T) Date Target(C$) Rating11/27/19 $9.50 Buy

9/9/19 $8.50 Buy7/26/19 $9.50 Buy4/29/19 $10.00 Buy2/19/19 $9.00 Buy

10/25/18 $8.00 Buy9/14/18 $9.00 Buy1/12/18 $9.50 Hold12/1/17 $9.00 Buy

10/19/17 $11.50 Buy7/27/17 $11.00 Buy6/20/17 $10.00 Buy

Transferred Coverage: 11/02/15; Transferred Coverage

6/20/2017

0

2

4

6

8

10

12

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Lundin Gold Inc. (LUG-T) Date Target(C$) Rating1/22/20 $10.00 Buy7/25/19 $9.25 Buy3/4/19 $7.50 Buy

10/17/17 $7.75 Buy1/25/17 $8.25 Buy


0

2

4

6

8

10

12

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Marathon Gold Corporation (MOZ-T) Date Target(C$) Rating1/21/20 $2.50 Buy5/15/19 $2.00 Buy2/22/19 $1.90 Buy1/11/18 $1.80 Buy2/27/17 $1.50 Buy


0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

44

February 21, 2020

Minera Alamos Inc. (MAI-V) Date Target(C$) Rating7/25/19 $0.50 Buy4/30/19 $0.40 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Metalla Royalty & Streaming Ltd. (MTA-V) Date Target(C$) Rating1/27/20 $7.50 Hold1/22/20 $8.50 Hold

12/17/19 $8.00 Buy11/27/19 $2.00 Buy

Initiated Coverage: 11/27/2019; 1:4 Consolidation - Dec 17, 2019

0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Midas Gold Corp. (MAX-T) Date Target(C$) Rating7/25/19 $1.80 Buy5/9/18 $1.90 Buy

7/20/17 $1.50 Buy1/25/17 $1.75 Buy

Transferred and Re-initiated Coverage 11/05/13

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Mountain Province Diamonds Inc. (MPVD-T) Date Target(C$) Rating10/21/19 $3.50 Buy

8/8/19 $3.80 Buy7/18/19 $4.30 Buy4/26/19 $4.80 Buy

11/27/18 $5.20 Buy11/13/18 $5.60 Buy4/26/17 $6.30 Buy3/30/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


NexGen Energy Ltd. (NXE-T) Date Target(C$) Rating2/27/17 $6.00 Buy1/25/17 $4.50 Buy


0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Nevada Copper Corp. (NCU-T) Date Target(C$) Rating12/17/19 $0.60 Buy10/10/19 $0.50 Buy8/29/18 $0.90 Buy6/19/18 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Nighthawk Gold Corp. (NHK-T) Date Target(C$) Rating1/21/20 $4.50 Buy9/10/18 $0.90 Buy

10/20/17 $1.30 Buy

Initiated Coverage: 10/20/2017; January 2020 - 1:5 Share

Consolidation

0

1

2

3

4

5

6

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Osisko Metals Incorporated (OM-V) Date Target(C$) Rating4/25/19 $0.90 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

45

February 21, 2020

Osisko Mining Inc. (OSK-T) Date Target(C$) Rating2/21/20 $5.50 Buy5/24/18 $4.50 Buy3/19/18 $6.00 Buy4/6/17 $6.50 Buy

3/17/17 $5.00 Buy

Initiated Coverage 12/10/2016; Transfer of Coverage

10/20/2016

0

1

2

3

4

5

6

7

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Osisko Gold Royalties Ltd (OR-T) Date Target(C$) Rating9/4/19 $19.50 Buy

7/25/19 $17.00 Buy10/2/18 $16.50 Buy2/21/18 $18.00 Buy

10/17/17 $19.00 Buy7/20/17 $19.50 Buy1/25/17 $18.25 Buy

Initiated Coverage 12/16/2015; Transfer of Coverage

10/20/2016

0

5

10

15

20

25

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


OceanaGold Corporation (OGC-T) Date Target(C$) Rating2/11/20 $2.75 Hold1/22/20 $3.00 Hold

10/16/19 $3.50 Hold3/15/19 $4.00 Hold2/5/19 $4.00 Sell

10/17/17 $4.20 Hold7/20/17 $4.40 Hold6/28/17 $5.10 Buy


0

1

2

3

4

5

6

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Plateau Energy Metals Inc. (PLU-V) Date Target(C$) Rating8/1/19 UR UR9/4/18 $3.00 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Pure Gold Mining Inc. (PGM-V) Date Target(C$) Rating2/6/19 $1.30 Buy

6/28/17 $1.00 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Roxgold Inc. (ROXG-T) Date Target(C$) Rating1/14/20 $1.70 Buy1/3/18 $1.90 Buy

11/1/17 $1.70 Buy7/20/17 $1.80 Buy1/25/17 $2.00 Buy

Initiated Coverage

0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


RNC Minerals (RNX-T) Date Target(C$) Rating12/20/19 $0.70 Buy10/16/19 $0.60 Buy6/28/19 $0.80 Buy1/23/19 $0.75 Buy9/25/18 $0.75 Hold9/20/18 $0.50 Buy9/12/18 $0.40 Buy7/24/18 $0.15 Hold5/15/18 $0.25 Hold3/23/18 $0.30 Hold9/25/17 $0.25 Hold

Initiated Coverage: 07/05/11; Name Change to RNC Minerals

9/13/2016; Transferred Coverage 9/26/2017

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Sabina Gold & Silver Corp. (SBB-T) Date Target(C$) Rating7/25/19 $2.00 Hold4/19/18 $2.35 Hold

12/20/17 $2.60 Hold10/19/17 $2.50 Hold10/17/17 $2.70 Buy

9/5/17 $2.75 Buy7/19/17 $2.50 Buy1/25/17 $1.70 Buy

Initiated Coverage 12-15-15

0

0.5

1

1.5

2

2.5

3

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19




The Weekly Dig

46

February 21, 2020

SEMAFO Inc. (SMF-T) Date Target(C$) Rating1/22/20 $2.75 Hold

11/13/19 $3.50 Sell7/25/19 $8.50 Buy10/2/18 $6.00 Buy2/20/18 $5.50 Buy4/25/17 $4.50 Buy3/9/17 $5.50 Buy

1/25/17 $7.00 Buy


0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


0

1

2

3

4

5

6

7

8

9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Steppe Gold Ltd. (STGO-T) Date Target(C$) Rating9/5/18 $1.75 Buy


0

0.5

1

1.5

2

2.5

3

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19


Superior Gold Inc. (SGI-V) Date Target(C$) Rating1/16/20 $1.15 Buy

11/20/19 $1.00 Buy10/28/19 $1.15 Buy5/15/19 $1.25 Buy

11/13/18 $1.50 Buy4/3/18 $2.00 Buy

12/12/17 $1.50 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

Feb17

May17

Aug17

Nov17

Feb18

May18

Aug18

Nov18

Feb19

May19

Aug19

Nov19


Treasury Metals Inc. (TML-T) Date Target(C$) Rating6/17/19 $1.00 Buy10/2/18 $1.10 Buy7/20/17 $1.20 Buy2/23/17 $1.10 Buy


0

0.2

0.4

0.6

0.8

1

1.2

1.4

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Trevali Mining Corporation (TV-T) Date Target(C$) Rating7/23/19 $0.35 Hold1/21/19 $0.80 Buy11/9/18 $1.00 Buy

10/23/18 $1.50 Buy7/10/18 $1.75 Buy

10/19/17 $2.30 Buy7/20/17 $2.00 Buy6/20/17 $1.75 Buy


0

0.5

1

1.5

2

2.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Troilus Gold Corp. (TLG-T) Date Target(C$) Rating11/1/18 $2.00 Buy9/13/18 $2.50 Buy2/20/18 $3.25 Buy


0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

Jan18

Mar18

May18

Jul18

Sep18

Nov18

Jan19

Mar19

May19

Jul19

Sep19

Nov19

Jan20


Uranium Participation Corporation (U-T) Date Target(C$) Rating10/12/18 $5.90 Buy1/25/17 $5.10 Buy


0

1

2

3

4

5

6

7

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19


Uranium Energy Corp. (UEC-AMEX) Date Target(US$) Rating1/29/20 $2.60 Buy5/11/17 $2.90 Buy2/3/17 $2.40 Buy


0

0.5

1

1.5

2

2.5

3

3.5

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19

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



The Weekly Dig

47

February 21, 2020

B: Buy; H: Hold; S: Sell; T: Tender; UR: Under Review


Xanadu Mines Limited (XAM-V) Date Target(C$) Rating7/5/19 $0.10 Buy

2/13/19 $0.30 Buy


0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

Jan17

Apr17

Jul17

Oct17

Jan18

Apr18

Jul18

Oct18

Jan19

Apr19

Jul19

Oct19

Jan20


Documents

1. The Weekly Diguraniumequities.com/uranium-reports/2020/03/Haywood-Weekly-Dig … · Silver 4.1% WoW $18.34/oz Gold 2.7% WoW $1,622/oz 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00