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Thursday, June 01, 2017 Derek Macpherson

MLN Meets Expectations; Reports Strong Q1


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Marlin Gold Mining Ltd. (TSXV:MLN) announced strong Q1 2017 financial results producing 15,556 oz Au and selling 20,401 oz Au. Following a profitable Q4, revenues of C$32.6 million and adjusted EBITDA of C$21.8 million were realized during the quarter. Importantly, cash flow from the high-grade HS Zone has allowed the company to complete the expansion of the leach pad and remove waste to access the southern part of the zone. It is anticipated that Marlin would start mining the HS zone again in June 2017, setting up the company for a strong H2. Based on Q1 production results, the company appears to be well-positioned to meet its guidance expectations of 50-55k oz Au for 2017. However, we do expect Q2 2017 to be weaker because of increased stripping and the processing of lower stockpiled grades. The company noted it’s in the final stages of completing the spin-out of its wholly owned royalty subsidiary Sailfish Royalty Corp., upon receiving permitting news from San Albino or the addition of another cash-flowing royalty. Marlin’s continued exploration success from La Trinidad and Commonwealth as well as anticipated permitting news from its San Albino royalty should be positive catalysts for the company over the near-term. In addition, the company has initiated exploration at San Cristobal, a sizeable regional target near La Trinidad and while early days results have the potential to be game-changing for the company.



Derek Macpherson | VP Mining Analysis
Victoria Ellis Hayes | Associate
 
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Marlin Gold Mining Ltd. - TSXV:MLN - 1,2,3,4
Golden Reign Resources Ltd. - TSXV:GRR - None

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