February 2018

Auriana Resources Ltd. (TSXV:ARU) – Aurania Grows Latorre; Identifies 3 New Targets

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Aurania Resources Ltd. (TSXV:ARU) has identified 3 additional targets with features typical of the upper parts of epithermal gold-silver systems, Latorre A, Latorre B and Latorre C in the Latorre area. Exploration at Latorre continues to resemble the discovery of Fruta del Norte, as well, now to the Alto Chicama deposit (Lagunas Norte Mine) in northern Peru.

Anaconda Mining Inc (TSX:ANX) – ANX Point Rousse Resource & Reserve Update Highlighted by Conservative Estimates

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Anaconda Mining Inc. (TSX:ANX) has filed an NI 43-101 Technical Report for its Point Rousse Project, which included the maiden resource for Argyle and updated reserves and resources for the Pine Cove and Stog’er Tight deposits. While, the update is neutral to our overall view, the company has applied more conservative assumptions than expected, on the conversion of Stog’er Tight’s resources to reserves. We have partially reflected this in our model, resulting in a slight NAVPS estimate (was C$1.00/sh, now C$0.95). We highlight that, the company has just started mining this deposit, and as initial reconciliation data becomes available, we plan to refine our estimates. As well, we highlight that we only model the current resource for Argyle; however, ongoing drilling success is likely to positively benefit our estimates. As well, we continue to believe that Anaconda trades at a discount to peers and believe that as the ongoing drill programs at Argyle and Goldboro continue, it should close the gap to peers.

First Cobalt Corp (TSXV:FCC) – FCC Shifts Drilling Focus to Cobalt North Targets

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First Cobalt Corp. (TSXV:FCC) has completed its maiden drill program in Cobalt South and has now begun drilling in Cobalt North, near the historic Drummond, Kerr and Conisil mines. The company is planning to drill a total of 16 holes for 3,500m to follow up on previously identified high-grade Co-Ag polymetallic mineralization found in muckpile grab samples.

Adventus Zinc Corp (TSXV:ADZN) – ADZN Monetizes Non-Core Newfoundland Zinc Projects

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Adventus Zinc Corp. (TSXV:ADZN) has announced an agreement to monetize its non-core Newfoundland Zinc projects for ~C$5.2M in shares, generating value from these earlier stage projects. Adventus, Canstar Resources Ltd. (TSXV:ROX) and Altius Minerals Ltd. (TSX:ALS) have announced that they have entered an agreement whereby Canstar will acquire the Newfoundland base metal exploration assets of Adventus and the Daniel's Harbour Zinc Project from Altius in exchange for the issuance of common shares of Canstar to Adventus and Altius, a funding commitment from Altius of $500,000 as part of a $750,000 private placement.

Monarques Gold Corp. (TSXV:MQR) – Monarques to Drill 50,000m in 2018

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Monarques Gold Corp. (TSXV:MQR) is planning to drill 30,000m at Beaufor and 20,000m at Croinor to extend the mine life at Beaufor and increase the size of the deposit at Croinor. Drilling at the Beaufor mine will consist of 14,000m of infill drilling and 16,000m of exploration drilling to expand the projects resource base with the goal of extending the mine life.

Northern Vertex Mining Corp. (TSXV:NEE) – NEE Progressing Towards First Gold Pour

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Northern Vertex Mining Corp. (TSXV:NEE) has announced that it has entered the final stages of commissioning at the Moss Mine. The company has continued to crush and load ore from the mine to the leach pad, which now is covered by 21,775 tonnes of crushed ore. Leaching is underway, and with Merrill Crowe, plant in the last stages of commissioning, first gold pour is still possible in this quarter.

Anaconda Mining Inc (TSX:ANX) – ANX Expands Drilling at Goldboro

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Anaconda Mining Inc. (TSX:ANX) has expanded its drill program at Goldboro to 7,000m and initiated the second stage of the program, 4,500m of drilling targeting the East Goldbrook and Boston Richardson gold systems, underexplored portions of the deposit to increase resources. The company recently announced results from the first five holes, which suggest resource expansion is possible beyond the current resource and recent PEA. We expected continued drill success to support a higher NAVPS. If we were to incorporate a 10% resource increase at Goldboro our NAVPS estimate would increase from C$1.00/share (was C$1.01) to C$1.03/share. Based on our initial estimates, we believe Anaconda is trading at discount to peers (0.47x NAV, peers 0.62x). In our view upcoming catalysts include, ongoing exploration at Goldboro and Point Rousse, improved cash flow in H2 2018 and ongoing development work at Goldboro which all should help close the valuation gap to peers.

First Cobalt Corp (TSXV:FCC) – FCC Hits Near-Surface High-Grade Cobalt

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First Cobalt Corp. (TSXV:FCC) has intersected near-surface high-grade cobalt along the Bellellen Vein system that extends for approximately 300m of strike length. The company highlighted assays from hole FCC-18-0007, which returned 2m of 0.78% Co and 0.83% Ni from a depth of 20m. Since drilling at Bellellen began in January 2018, 13 holes (1,100m) have been drilled with assays pending for the remaining 12 holes.

Lupaka Gold Corp (TSXV:LPK) – Lupaka Secures Funding to put Invicta into Production

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Lupaka Gold Corp. (TSXV:LPK) has reported that it has secured the necessary funding required for the rehabilitation, preparation and development work at the Invicta Gold Development Project, which the company hopes to advance towards production in H2 2018. The company received $2.5M in proceeds from Tranche 3 of the total $7M Pre-Paid Forward Gold Purchase Agreement with PLI Huaura Holdings LP, as well as approximately $3M from the sale of 3.1M shares in GoldMining Inc. (TSXV:GOLD).