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RECENT RESEARCH

Aurion Resources Ltd. (TSXV:AU) – Christmas Doesn’t Arrive Early; More Results to Come

Aurion reported results from its maiden seven-hole (1,537m) diamond drill program at the Christmas Deformation Zone (CDZ) on its 100%-owned Launi East property in Northern Finland. Following initial positive results from trenching and rock samples at the CDZ (read our comment here) the assays reported today returned low tenors of gold, though intercepts were made of structures thought to be associated with mineralization. Despite these initial results from Launi, we remain of the view that Aurion has the potential to discover multiple significant gold deposits on its large land package in Central Lapland Finland. In our view the 35% sell-off yesterday, has created an attractive entry point for investors.

Gran Colombia Gold Corp. (TSX:GCM) – Production Guidance Suggests 2020 is Going to Be Great

Gran Colombia released 2020 production guidance for 232-257k oz (100% basis) which reflects the positive momentum from 2019. Guidance was effectively in line with our recently increased production estimates for 2020. As we expected, elevated grades are anticipated to continue at Segovia and operating improvements at Marmato should see production increase (Figure 1). We now model attributable production in 2020 of 242koz at US$693/oz total cash costs (was 237koz at TCC of US$695/oz), and 2020E EBITDA of US$170.8M (was US$167.3M) and FCF (CFO+CFI) of US$57.1M (was US$55.8M). We believe that as Gran Colombia demonstrates the high-grade, long-life potential of Segovia, its shares should materially re-rate.

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

Upcoming events

Red Cloud’s 2020
Pre-PDAC Mining Showcase


February 28, 2020
Omni King Edward Hotel
Toronto, ON

Register Now