RCKS Talk

23-Apr-2018

Monarques Gold Corp.

Solid Quarter FQ3; Production Expected to Improve

Impact: Mildly Positive

Monarques FQ3 2018 production was minimally affected by equipment challenges and planned maintenance, operations continue as usual for a stronger FQ4 2018.

  • Solid quarter at 4,932 oz produced, planned maintenance and unexpected equipment failure impacted production
  • Custom milling revenue increases 17% in FQ3 2018, should benefit overall financial performance
  • A solid quarter from Beaufor underpins efforts at other key assets.
Monarques currently trades at a discount to peers (C$14/oz vs. peers at C$32/oz) and we believe the upcoming resource expansion drilling and technical studies including conceptual study should help close the valuation gap to peers.

23-Apr-2018

RCKS Charts

Overall Market Hinders Breakouts; Time Will Tell

In this edition of RCKS Charts, Keith has evaluated Anaconda Mining Inc. (TSX:ANX), Monarques Gold Corp. (TSXV:MQR), GoviEx Uranium Inc. (TSXV:GXU) and Bunker Hill Mining Corp. (CSE:BNKR).

22-Apr-2018

Metanor Resources Inc.

Metanor Extends Barry Deposit to the East and at Depth

Impact: Mildly Positive

Drill results from its Barry project highlight the project’s potential and continuity, returning 15.8 g/t Au over 1.5m (MB-17-54) and 12.3 g/t Au over 1.3m (MB-18-156).

  • Results extend Barry 100m to east and 75 m at depth
  • Drilling continues at Barry with 3 diamond drill rigs in operation, ramp development for bulk sample continues (40m complete)
  • On an EV basis, MTO is trading roughly in line with small Canadian producing peers, but a steep discount to its development stage peers in the Urban-Barry camp
With the only permitted mill and an expectation for meaningful resource growth, Metanor’s $54M market cap (EV$ 43M) suggests it is undervalued, relative to other Urban-Barry camp peers, which are development stage.

19-Apr-2018

Anaconda Mining Inc.

Thicker High-Grade Intercepts from Goldboro

Impact: Positive

Anaconda intersected thick higher-grade zone near newly identified fault structure, expanding the gold mineralization down-dip of the existing resource.  

  • Gold mineralization extended down dip with high-grade assays
  • Impressive widths and grades as drilling intersects a new fault structure
  • Results point to resource growth – 10% increase in both grade and tonnes at Goldboro increases our NAVPS estimate by 9%
  • Drilling at Maritime’s Hammerdown intersects near-surface high-grade gold 
After recently incorporating Anaconda’s potential acquisition of Maritime Resources (TSXV: MAE), our NAVPS estimate increased to C$1.12/sh results in Anaconda trading at a steep discount to peers (0.33x NAV, peers 0.65x).

19-Apr-2018

Adventus Zinc Corp.

Initial 2018 Drilling at El Domo Encouraging

Impact: Mildly Positive

Adventus Zinc Corp. (TSXV:ADZN) and Salazar Resources Ltd. (TSXV:SRL) reported positive initial results from El Domo.

  • Initial results a good start to 2018 program
  • 2,100m of infill drilling complete, more results pending in support of resource expansion and upcoming metallurgical work.
  • Recent site visit supports our view that exploration upside exists
Adventus continues to trade at C$0.012/lb ZnEq (75%), a slight discount to peers at C$0.014/lb ZnEq. Ongoing exploration results and news regarding the monetization of its non-core assets are key.

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