Author: Gold News Club

Source: Ron Stewart 11/24/2025

Pasofino Gold Ltd. (VEIN:TSX.V; EFRGF:OTCQB; N07:FSE) boasts a feasibility-level, development project, a focused and experienced management team, a committed shareholder base and a strategic plan, which should “translate into a smooth ride to profits,” noted a Red Cloud Securities report.

Pasofino Gold Ltd. (VEIN:TSX.V; EFRGF:OTCQB; N07:FSE) garnered additional research coverage by Red Cloud Securities, when Ron Stewart, managing director and mining analyst, initiated coverage on the mining company with a Buy rating and a CA$2.80 per share (CA$2.80/share) target price, he reported in a November 12 research note.

“Today, Pasofino finds itself well-positioned with a rare breed, Tier 1 gold asset and a committed shareholder base that we expect will translate into a smooth ride to progress and profits for both the company itself and equity investors,” Stewart wrote.

The mining analyst explained that the gold company’s name and the Spanish phrase “paso fino” translate in English to “fine step.” The Paso Fino horse is breed with a smooth, elegant gait and endurance. Stewart went on to describe Pasofino, the company’s efforts between 2019 and 2022 to own 100% of Dugbe, as a “series of fine steps.”

438% Return Implied

At the time of Stewart’s report, Pasofino’s share price was about CA$0.52/share, a discount to a peer group of 10 gold developers and producers on an enterprise value:ounce basis, the analyst noted.

From CA$0.52/share, the return to Red Cloud’s CA$2.80/share target price is 438%.

Pasofino’s 52-week range is CA$0.38–0.64/share

To Fast Track Asset

Pasofino wholly owns the Dugbe gold project spanning 1,600 square kilometers in the western margin of the Birimian gold province in Liberia, West Africa. This jurisdiction boasts a well-established mining industry, supported by a stable, democratic government and a mining code based on Australian regulations.

“Despite the fact that the project ranks as one of the best gold development projects in Africa, it is virtually unknown,” Stewart wrote.

The Toronto, Ontario-based gold explorer intends to accelerate advancement of its flagship project to a construction decision and receive its final Class A mining license, both by year-end 2026. Then, after two years of construction, the mine would be commissioned in early 2029 with commercial production occurring by midyear.

Robust Reserve

Dugbe encompasses two gold deposits, five drill-ready prospects, and 10 additional target areas, noted Stewart. The project boasts a high-grade, open-pit reserve of 2,760,000 ounces (2.76 Moz) of 1.3 grams per ton (1.3 g/t) gold between the Tuzon and Dugbe F deposits. Both remain open at depth and along strike, offering expansion potential.

FS v. Red Cloud Model

The June 2022 feasibility study of Dugbe outlined a conventional open-pit mine and processing plant with an annual throughput of 5,000,000 tons per annum and total production of 2,270,000 ounces (2.27 Moz) of gold over its 14-year life at an all-in sustaining cost (AISC) of US$1,005 per ounce (US$1,005/oz). Initial capex is US$435 million ($435M), and sustaining capital is US$98M. During the first five years, annual production is expected to exceed 200,000 ounces (200 Koz).

In comparison, Red Cloud models Dugbe producing 2.3 Moz over the mine’s 14 years at an average AISC of US$1,426/oz. Over the first six years, production is expected to average 197 Koz at an AISC of US$1,300/oz.

As for the project economics, the feasibility study indicated a US$524M after-tax net present value (NPV), a 23.6% after-tax internal rate of return (IRR), and a payback period of 3.3 years. These figures are based on US$1,700/oz gold.

Based on US$3,000/oz gold, Red Cloud’s model has the project generating a US$1.57 billion (US$1.57B) after-tax NPV5% and a 36.4% IRR with a 1.6-year payback period.

Using gold’s current spot price of US$4,000/oz, the after-tax NPV5% jumps 65% to US$2.6B, the IRR increases to 37.7% from 31% and the payback period decreases to 1.1 years.

Immediate Plan of Action

For Pasofino to obtain a mining license, or mineral development agreement (MDA), for Dugbe, it must submit a feasibility study, an environmental and social impact assessment, an environmental and social management plan, and a permit granted by the Liberian Environmental Protection Agency. In August 2025, the company prepared a comprehensive work program to accomplish all of this and do so by mid-2026.

Tasks include completing a definitive feasibility study. This will encompass 16,000 meters of infill and stepout drilling, the results of which will be incorporated into an updated mineral resource estimate. The feasibility study will include a redesign of the reserve pits, additional metallurgical testing to improve gold recovery to as high as 90% from 83%, a review of the process flowsheet, power generation options, infrastructure needs, a new mining schedule, and cost estimates.

Also on the to-do list are finalizing the environmental and social impact assessment (ESIA) and preparing and submitting a resettlement action plan (RAP).

Higher Cash Balance

As of July 31, 2025, the end of Pasofino’s Q1 of fiscal year 2025 (Q1 FY25), the company had CA$2.06M in assets and CA$26.2M in liabilities. It had CA$1,600 in cash and a CA$24.6M working capital deficit. However, a $12M capital raise in October increased Pasofino’s cash balance to CA$13M.

For Q1 FY25, the junior miner reported a net loss of CA$2M, or CA$0.02/share.

Experienced Leadership

Stewart named and provided bios for Pasofino’s seven members of its management team and its board. The company’s chief executive officer, since December 2024, Brett Richards, has an extensive, 37-year history in the mining and metals industry, specifically in operational management, project development, construction, and corporate business development. Plus, he has significant experience in West Africa. In the past, he was CEO of Goldshore Resources Inc.

Chief Financial Officer (CFO) Lincoln Greenidge has worked in the mining and manufacturing industries for 20-plus years. Previously, he was CFO for LSC Lithium Corp. and LeadFX Inc. and has worked at Enirgi Group Corp., Hudbay Minerals Inc. (HBM:NYSE) and IAMGOLD Corp. (IAG:NYSE).

Upcoming Catalysts

Stewart listed Pasofino’s many potential share price-boosting events expected next year. Investors should watch for results from the 16,000m drill program at Dugbe, and completion of an updated mineral resource estimate and definitive feasibility study, all expected in Q2/26. Pasofino intends to submit the ESIA and revised RAP for approval and start project financing in H2/26. The gold company is aiming to have received a Class A mining license and to have made a final investment decision by YE26.

Ownership and Share Structure

Insiders own 2.74% of Pasofino. Hummingbird Plc, Dugbe’s previous owner, has 50.9%. Institutional shareholders hold about 3.5%. Regent Mercantile Holdings owns 3.1%. Retail investors hold the remaining shares.

The gold explorer has 151 million basic shares outstanding. Its market cap is CA$78.5M, the third lowest in a group of 10 developer and producer peers, each of whose market cap ranges from CA$44M–$1.3B, noted Stewart. This is despite Pasofino having the largest reserve base and the fourth-highest average total grade in the peer group.

“We are of the opinion that as Pasofino advances Dugbe, its value should begin to approach that of these peer issuers,” wrote Stewart.

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Important Disclosures:

1. Pasofino Gold is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pasofino Gold.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
4. This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Disclosures for Red Cloud Securities, Pasofino Gold Ltd., November 12, 2025

Ron Stewart | MD, Mining Analyst Daniel Kozielewicz | Research Associate Shikhar Sarpal | Research Associate Surya Sankarasubramanian, CFA | Research Associate Red Cloud Securities Inc. 120 Adelaide Street West, Suite 1400 Toronto ON, M5H 1T1 research@redcloudsecurities.com www.redcloudresearch.com Disclosure Statement Updated November 12, 2025 Disclosure Requirement Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions. Part of Red Cloud Securities Inc.’s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Red Cloud Securities Inc. may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Red Cloud Securities Inc. has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not take into account the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before investment. Red Cloud Securities Inc. will not treat recipients of this document as clients by virtue of having viewed this document. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Red Cloud Securities Inc. takes no responsibility for any errors or omissions contained herein, and accepts no legal responsibility for any errors or omissions contained herein, and accepts no legal responsibility from any losses resulting from investment decisions based on the content of this report. Company Specific Disclosure Details Company Name Ticker Symbol Disclosures Pasofino Gold Ltd. TSXV:VEIN 3

1. The analyst has visited the head/principal office of the issuer or has viewed its material operations. 2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit. 3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer. 4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration. 5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly. 6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities. 7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer. 8. Red Cloud Securities Inc. is a market maker in the equity of the issuer. 9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is determined by revenues generated from various departments including Investment Banking, based on a system that includes the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and client feedback. Analysts are not directly compensated for specific Investment Banking transactions. Recommendation Terminology Red Cloud Securities Inc. recommendation terminology is as follows: • BUY – expected to outperform its peer group • BUY (S) – expected to perform with its peer group • SELL – expected to underperform its peer group • Tender – clients are advised to tender their shares to a takeover bid • Not Rated or NA – currently restricted from publishing, or we do not yet have a rating • Under Review – our rating and target are under review pending, prior estimates and rating should be disregarded. Companies with BUY, BUY (S) or SELL recommendations may not have target prices associated with a recommendation. Recommendations without a target price are more speculative in nature and may be followed by “(S)” or “(Speculative)” to reflect the higher degree of risk associated with the company. Additionally, our target prices are set based on a 12-month investment horizon. Dissemination Red Cloud Securities Inc. distributes its research products simultaneously, via email, to its authorized client base. All research is then available on www.redcloudsecurities.com via login and password. Analyst Certification Any Red Cloud Securities Inc. research analyst named on this report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the companies and securities that are the subject of this report. In addition, no part of any research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

( Companies Mentioned: VEIN:TSX.V;EFRGF:OTCQB;N07:FSE,
)

Source: Dalton Baretto 11/24/2025

Emerita Resources Corp.’s (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) new drill data from El Cura, one of three deposits at its Iberian Belt West (IBW) project, extend mineralization and show high grades, especially of gold and silver, noted a Canaccord Genuity report.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) released more promising drill results from the El Cura deposit at its flagship Iberian Belt West (IBW) project in Spain, reported Canaccord Genuity Analyst Dalton Baretto in a November 14 research note.

“We reiterate our Speculative Buy rating on Emerita as well as our CA$2.50 per share target price on the company,” Baretto wrote.

92% Potential Upside

At the time of Baretto’s report, the Canadian explorer was trading at about CA$1.30/share, the analyst noted. From this price, the return to target is 92%.

The company has 289.5 million shares outstanding. Its market cap is CA$376.3 million. Its 52-week range is CA$0.56–2.00/share.

Review of the Results

Baretto presented Emerita’s newly announced drill results and highlighted their grades. The data are for five holes (ECO72, ECO76, ECO78, ECO79, and ECO82) drilled at El Cura, one of three deposits comprising the explorer’s IBW project. El Cura, rich in copper, sits between La Romanera to the west and La Infanta to the east, both zinc and lead-rich.

Of the quintet of reported holes, ECO72 was the highlight, having returned 9.6 meters (9.6m) of 2.7% copper, 0.4% lead, 0.5% zinc, 1.85 grams per ton (1.85 g/t) gold, and 27.08 g/t silver. ECO72 was one of three stepout holes, along with EC078 and EC082, aimed at extending the deposit downplunge to the west.

“El Cura continues to prove out downplunge to the west, and we anticipate further extensions in this direction,” Baretto wrote.

The two others, ECO76 and ECO79, were shallow delineation holes placed in El Cura’s central portion, noted the analyst. ECO76 demonstrated 1.2m of 0.5% copper, 0.9% lead, 0.5% zinc, 1.2 g/t gold, and 38 g/t silver. ECO79 showed 6.9m of 1.4% copper, 0.9% lead, 2.4% zinc, 1.32 g/t gold, and 48.22 g/t silver.

“We note high-grade intercepts both in the stepout drilling as well as in the shallow delineation drilling,” Baretto wrote. “We note the elevated precious metal grades in all the intercepts, which appear to be directly correlated to the copper grade.”

True widths were estimated at 90–95% of reported widths, Baretto wrote.

A sixth hole, ECO74, was geotechnical, not an exploration or delineation hole, and did not return a significant assay.

The analyst pointed out that Emerita could revise its mine plan to mine El Cura before La Romanera and, by doing so, reduce the amount of required initial development capex.

Imminent Key Event

Baretto again highlighted that a final court decision regarding the Aznalcollar project tender dispute is expected to be announced soon, and the outcome “could be a major catalyst for EMO shares.”

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Important Disclosures:

1. Emerita Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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Disclosures for Canaccord Genuity, Emerita Resources Corp., November 14, 2025

Analyst Certification Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer. Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Sector Coverage Individuals identified as “Sector Coverage” cover a subject company’s industry in the identified jurisdiction, but are not authoring analysts of the report. Investment Recommendation Date and time of first dissemination: November 14, 2025, 11:02 ET Date and time of production: November 14, 2025, 11:02 ET Target Price / Valuation Methodology: Emerita Resources Corp. – EMO Our target price is based on 0.75x our fully risked NAV, measured as at October 1, 2026. Risks to achieving Target Price / Valuation: Emerita Resources Corp. – EMO Key risks to our thesis and valuation include: • Project development risk – Like all development projects, IBW is subject to several risks as the project progresses towards first production. These include engineering, permitting and construction risks, as well as risks to current capital and operating cost estimates. We note in particular the reliance on the unproven CLEVR technology to achieve the recovery results assumed in our estimates. • Financing risk – EMO currently has no revenue and relies on external sources of funding to move the project forward. We make no assurance that funding options will be available on the terms we currently assume. • Aznalcóllar legal case – Even carried at just 30% of what we estimate its value to be, the Aznalcóllar project represents 39% of our NAV. Should EMO not prevail in its legal pursuit, our valuation could be meaningfully impacted. • Commodity price risk – Our estimates and valuation for EMO are sensitive to the price of zinc, copper and gold. Figure 14 in the initiation of coverage report presents the change in our NAV estimates for a change in the price of each commodity. Distribution of Ratings: Global Stock Ratings (as of 11/14/25) Rating Coverage Universe IB Clients # % % Buy 685 70.04% 25.26% Hold 142 14.52% 7.75% Sell 6 0.61% 0.00% Speculative Buy 138 14.11% 62.32% 978* 100.0% *Total includes stocks that are Under Review Canaccord Genuity Ratings System BUY: The stock is expected to generate returns greater than 10% during the next 12 months. HOLD: The stock is expected to generate returns from -10% to 10% during the next 12 months. SELL: The stock is expected to generate returns less than -10% during the next 12 months. NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.

Given the inherent volatility of some stocks under coverage, price targets for some stocks may imply target returns that vary temporarily from the ratings criteria above. *As of January 1, 2024, the Ratings History Chart will reflect the new Canaccord Genuity Ratings System as defined above. Risk Qualifier SPECULATIVE: The stock bears significantly above-average risk and volatility. Investments in the stock may result in material loss. 12-Month Recommendation History (as of date same as the Global Stock Ratings table) A list of all the recommendations on any issuer under coverage that was disseminated during the preceding 12-month period may be obtained at the following website (provided as a hyperlink if this report is being read electronically) http://disclosuresmar.canaccordgenuity.com/EN/Pages/default.aspx Required Company-Specific Disclosures (as of date of this publication) Emerita Resources Corp. currently is, or in the past 12 months was, a client of Canaccord Genuity or its affiliated companies. During this period, Canaccord Genuity or its affiliated companies provided investment banking services to Emerita Resources Corp.. In the past 12 months, Canaccord Genuity or its affiliated companies have received compensation for Investment Banking services from Emerita Resources Corp. . 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