April 2018

Brixton Metals Corp. (TSXV:BBB) – More High-Grade Ag & Co Results from Hudson Bay

Impact: Mildly Positive Drill results from Hudson Bay are encouraging, intersecting additional high-grade silver and cobalt mineralization. Drilling continues to intersect high grade silver and cobalt mineralization at Hudson Bay. Past producing Hudson Bay leverages both silver and cobalt markets. More results pending, additional high-grade intercepts expected to be key near-term catalyst. Based on peers in the Cobalt Camp, we believe Brixton remains undervalued, for example First Cobalt (TSXV:FCC) trades at C$0.017 EV/ha, while Brixton trades at C$0.004 EV/ha.

Bonterra Resource Ltd. (TSXV:BTR) – 6th Gold Zone Discovered at Gladiator

Impact: Positive Results from additional drilling at Gladiator continue to support our view the deposit is likely to materially grow. Drilling expands Gladiator, intersecting a new gold zone south of Barbeau. Continuity of deposit demonstrated through recent infill results. Assays are pending, follow-up drilling underway to test south of new zone. Given our expectation for meaningful resource growth at its flagship Gladiator deposit, assuming a 2M oz Au resource at Gladiator, Bonterra trades at a discount to peers (C$26/oz vs. peers at C$36/oz).