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Source: Streetwise Reports   07/06/2020

A potential mining scenario for Troilus Gold’s gold-copper project is presented in a PI Financial report.

In an April 22 research note, analyst Philip Ker reported that PI Financial updated its model on Troilus Gold Corp. (TLG:TSX; CHXMF:OTCQB) to account for the envisioned operating scenario and upcoming preliminary economic assessment (PEA) on its Troilus gold project.

Ker first recapped results of all drilling done on the project. The most recent drill results, he noted, from the Southwest zone suggest potential to expand the Troilus project resource beyond the current estimates of 4.71 million ounces (4.71 Moz) of gold equivalent (Au eq) in the Indicated category and 1.76 Moz of Au eq in the Inferred.

Previous drilling, done in 2018 and 2019, extended the mineralization in the J zone (J4-J5 pits) and the Z87 pit to a vertical depth of about 500 meters. Expansion drilling around the Z87 pit led to the discovery of Z87 South and the delineation of Southwest.

The analyst next delivered the highlights of PI Financial’s newly conceived mining scenario at Troilus. It incorporates an open-pit operation with a 16-year mine life. The project would produce 158,000 ounces of Au eq per year, or 2.5 Moz of Au eq over the life of mine, assuming recovery rates of 93% for gold and 85% for copper and mill throughput of 20,000 tons per day.

Costs are estimated at US$225 million in initial capex and $96 million in sustaining capital. “We highlight current infrastructure lends to derisking efforts and is likely to reduce upfront capex and project development timeline,” Ker commented.

Assuming a gold price of US$1,500 per ounce, the resulting Troilus project economics would be an estimated $200 million net present value at an 8% discount.

Ker also wrote that “given the modest production profile, favorable operating jurisdiction and attractive forex rates, we see the Troilus project emerging as a viable bolt-on asset for a producer as an acquisition target.”

PI Financial has a Buy rating and a CA$1.55 per share target price on Troilus Gold, whose current share price is about CA$1.11.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Troilus Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from PI Financial, Troilus Gold Corp., Corporate Update, April 22, 2020

I, Philip Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures:
1) PI Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each company’s issued and outstanding securities. No

2) The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies. No

3) PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period. Yes

4) PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. Yes

5) PI Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. No

6) The following director(s), officer(s) or employee(s) of PI Financial Corp. is a director of the subject company in which PI provides research coverage. No

7) A member of the research analyst’s household serves as an officer, director or advisory board member of the subject company. No

8) PI Financial Corp. and/or its affiliates make a market in the securities of the subject company. No

9) Company has partially funded previous analyst visits to its projects. Yes

10) Additional disclosure: No

Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by
revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.

( Companies Mentioned: TLG:TSX; CHXMF:OTCQB,
)

Source: Streetwise Reports   07/06/2020

An H.C. Wainwright & Co. report discusses GoldMining’s new royalty company as well as a technical report.

In a June 25 research note, H.C. Wainwright & Co. analyst Heiko Ihle reported two GoldMining Inc. (GOLD:TSX; GLDLF:OTCQX) news events.

The first, most recent development, Ihle relayed, is that the Vancouver, British Columbia-headquartered company created a wholly owned gold-focused royalty subsidiary, called Gold Royalty Corp., that will contain existing and future net smelter royalty returns on its projects and “may unlock future shareholder value.” The company’s “extensive portfolio includes 14 recently created net smelter return (NSR) royalties spread across GoldMining’s current asset portfolio,” the analyst noted.

In the future, GoldMining could expand its new company’s portfolio by buying back project rights held by third parties and add more shareholder value via a possible spinoff, initial public offering, merger or sale of Gold Royalty, Ihle stated.

“GoldMining therefore appears poised to benefit from a future rerating if management can produce tangible value from its new subsidiary,” because royalty and streaming companies tend to trade at higher values than explorers and producers, Ihle commented.

Second, Ihle indicated, GoldMining filed an NI 43-101 technical report, containing an initial Inferred resource estimate, on its Yarumalito gold-copper project in Colombia. The pit-constrained resource, based both on porphyry and epithermal mineralization, consists of 1.23 million ounces (1.3 Moz) of gold and 129.26 million pounds of copper, or 1.50 Moz gold equivalent. Grades average 0.58 grams per ton gold and 0.09% copper.

GoldMining is expected to conduct future exploration and drill programs at Yarumalito, which are needed to “better define the geometry and continuity of the higher-grade epithermal veining” that seems to “overprint the porphyry-style mineralization,” Ihle pointed out. The latter measures about 2,000 meters (2,000m) in an east to west direction, 500–1,000 meters north to south and 650m in vertical depth. Only 55 holes were drilled historically at Yarumalito.

Ihle concluded that GoldMining is expected to overall “continue unlocking shareholder value through advancing its exploration-stage asset base, especially as gold prices continue to remain strong” and “could enter into a transaction that should provide liquidity to GoldMining as well as a more tangible value to Gold Royalty Co.”

H.C. Wainwright has a Buy rating on GoldMining with a CA$6.50 per share target price; the current share price is CA$2.35.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: GoldMining Inc. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from H.C. Wainwright & Co., GoldMining Inc., Company Update, June 25, 2020

I, Heiko F. Ihle, CFA, Tyler Bisset and Marcus Giannini, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.

None of the research analysts or the research analyst’s household has a financial interest in the securities of GoldMining, Inc. (including, without limitation, any option, right, warrant, future, long or short position).

As of May 31, 2020, neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of GoldMining, Inc.

Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.

The firm or its affiliates received compensation from GoldMining, Inc. for non-investment banking services in the previous 12 months.

The Firm or its affiliates did not receive compensation from GoldMining, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.

The Firm does not make a market in GoldMining, Inc. as of the date of this research report.

H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.

( Companies Mentioned: GOLD:TSX; GLDLF:OTCQX,
)