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RECENT REPORTS

Adyton Resources Corp. (TSXV:ADY) – Drill Results Suggest Potential for Discovery at Kabang

Adyton Resources reported five assay results (1,982m) from its maiden drilling program at its its 100%-owned Feni Island Cu/Au project, within Papua New Guinea’s renowned “Rim of Fire”. The five holes were drilled to test a geophysical target along the highly prospective Kabang mineralized corridor to test continuity and extensions of what is believed to be a shallow, large scale, epithermal Au zone and deeper porphyry Cu-Au target. In our view, Adyton is still not yet getting the recognition it deserves from investors. It trades at a ridiculously low EV/oz of US$5 despite high potential to increase its resource base from 1.15M oz to 2M oz quickly at Gameta, Wapulo and Feni Island.

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Westhaven Gold Corp. (TSXV:WHN) – Finding Gold, Right Under Your Shovelnose

We are initiating coverage on Westhaven Gold Corp. (TSXV:WHN) with a BUY rating and a target price of C$1.15/sh representing 180% upside from the current share price. Westhaven is a first mover into the Spences Bridge Gold Belt (SBGB) in southern BC, where it is advancing four 100%-owned Au-Ag projects. Recent focus has been at its flagship Shovelnose project, where an ongoing 40,000m drill program is taking place with the goal of defining a resource at the South Zone and testing several nearby targets. We believe the upcoming maiden resource is just the start of what could eventually become a multimillion-ounce gold camp.

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West Mining Corp. (CSE:WEST) – High-Grade Au Results from Drilling at Daylight Property

GCM continues to make progress towards expanding its plant throughput to 2,000 tpd by the end of 2021. Given the results to date, we revised our estimates slightly downward, yet still expect 2,000 tpd to be reached by EOY (read more). In our view, Gran Colombia posted another solid quarter for production at Segovia and remains on-track to meet its 2021 guidance (200-220k oz Au). We continue to model an increase in throughput to 2,000 tpd by the end of Q4/21 and now expect the company to produce ~206k oz Au at total cash costs of $781/oz Au in 2021.

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Gran Colombia Gold Corp. (TSX:GCM) – Q3/21 Production In-Line; Expecting Improved FCF in H2/21

GCM continues to make progress towards expanding its plant throughput to 2,000 tpd by the end of 2021. Given the results to date, we revised our estimates slightly downward, yet still expect 2,000 tpd to be reached by EOY (read more). In our view, Gran Colombia posted another solid quarter for production at Segovia and remains on-track to meet its 2021 guidance (200-220k oz Au). We continue to model an increase in throughput to 2,000 tpd by the end of Q4/21 and now expect the company to produce ~206k oz Au at total cash costs of $781/oz Au in 2021.

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