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RECENT RESEARCH

Atico Mining Corp. (TSXV:ATY) – Delayed Shipment Impacts Q3 Financials; Strong Q4 Expected

Atico Mining announced Q3 financial results following record quarterly production. However, the strong operating results were not yet reflected in the financials, as a concentrate shipment was delayed until Q4. With two shipments now expected in Q4, we expect a very strong financial performance to be reflected in Q4. Atico remains a low-cost copper-gold producer capable of generating FCF with significant exploration upside at El Roble (Colombia) and La Plata (Ecuador).

One of Four Waiver’s Rescinded – U Price Poised to Move Higher – Uranium Update

This could be the catalyst for the expected uranium rally. After waivers for foreign companies working on Iranian nuclear were extended at the end of October, one of the four waivers were rescinded yesterday, because of the resumption of enrichment at the Fordow facility. Sanctions will come into affect for companies working at this facility on December 15th. It is estimated that the European, Chinese and Russian companies currently engaged in Iran’s nuclear program make up about ~20% of nuclear fuel supply. While companies that discontinue working at this facility would not be subject to sanctions, the potential exists for some impact on the nuclear fuel supply chain which we expect to push prices higher. This is only one of the potential near-term catalysts that we see pushing the uranium price higher in the near-term, as noted in our recent uranium update, in September. While we believe that the implementation of sanctions is likely to push the uranium price higher in the short-term, we continue to have a bullish outlook on the uranium sector and are expecting the tightening long-term supply-demand fundamentals to result in a significant uranium price increase.

RECENT transactions

lion1
C$10.0 million

Pending
Co-Agent

Caldas-Gold-Corp.
C$15.0 million

Pending
Co-Agent

C$7.9 million

October 2019
Lead Agent

C$4.0 million

September 2019
Finder

C$18.0 million

September 2019
Co-Agent

Japan-Gold-Logo1
C$7.1 million

August 2019
Finder
on financing

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February 28, 2020
Omni King Edward Hotel
Toronto, ON

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