Tuesday, April 04, 2017 Derek Macpherson

Radisson Continues to Deliver Drill Joy

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Radisson Mining Resources (TSXV:RDS) announced positive drill results from two additional holes at its O'Brien gold project in Quebec. Exploration results from the volcanics, in our view, are likely to expand the existing resource, along the western edge. As well, the company announced plans to start a second drill later this week, testing recently identified targets in the Pontiac sediments. We view the progress positively, as the company continues to expand resources in the volcanics and exploration success in the Pontiac sediments have the potential to be game changing for the company. Radisson currently trades at a discount to peers, C$48/oz vs. peers at C$64/oz, which we believe fails to reflect the exploration potential at O’Brien. read more

Monday, April 03, 2017 Derek Macpherson

Marlin Continues to Deliver at La Trinidad

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Marlin Gold Mining Ltd. (TSXV:MLN) announced strong Q1 2017 production results, near-mine exploration success at La Trinidad and a further debt repayment, all of which we view positively. The company shipped, 18,875 ounces of gold, primarily as a result of the high-grades stacked in Q4 2016. We expect Q2 2017 gold shipments to also benefit from Q4 2016. The company continues to have exploration success near the existing pit, and with continued success may be able to extend the current ~2 year mine-life of La Trinidad. Finally, continued operating success, has provided the company the ability (C$6.7 in cash and refined gold) to repay another US$2 million on its unsecured credit facility, reducing the outstanding principal to US$30 million. We view the results to date positively and continue to expect the company to generate between US$17-19 million per quarter from La Trinidad over the next two years. The company is planning to release a detailed operating plan with Q4 2016 financials in April, at which time we expect to refine our estimates. Additional catalysts include continued near-mine drilling at La Trinidad, ongoing exploration results from Commonwealth and a permitting update from San Albino on which the company has a gold stream - all of which we expect to be positive for the share price.  read more

Monday, April 03, 2017 Derek Macpherson

IDM Continues to Advance Permitting at Red Mountain

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IDM Mining Ltd. (TSXV:IDM) announced it has finalized the Application Information Request (AIR) for its Red Mountain project. This is an important step in the permitting process as the AIR document determines the required contents of the Environmental Impact Statement (EIS). IDM expects to submit the completed EIS in Q2 2017. IDM continues to trade at a discount to peers on a P/NAV basis (0.52x vs. peers at 0.59x) and on a per ounce basis (C$47/oz vs. peers at C$56/oz). We expect the pending drill results and feasibility study for Red Mountain (Q2 2017), coupled with the project’s ongoing de-risking (engineering and permitting), should help close the valuation gap to peers.  read more


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