RBC Dominion Securities Inc.

EQUITY RESEARCH
Mark Mihaljevic, CFA
(Analyst)
(416) 842-3804
mark.mihaljevic@rbccm.com
Sam Crittenden, P.Eng.,
CFA (Analyst)
(416) 842-7886
sam.crittenden@rbccm.com
September 9, 2019
Wayne Lam, CFA (Analyst)
(416) 842-7840
wayne.lam@rbccm.com
Stephen D. Walker
(Head of Global Mining Research)
(416) 842-4120
stephen.walker@rbccm.com

Tracking the Junior Miners – Valuations,

Transactions, and Catalysts
Nearing an inflection point amongst the gold exploreco’s
We believe we may be a nearing an inflection point for the junior precious metals companies if the recent
rally in gold prices can be sustained. As we have seen in previous cycles, investor interest typically trickles
towards the smaller end of the spectrum after initial fund flows benefit the largest companies with the
greatest trading liquidity. With increased investor interest, we would expect the juniors to benefit from
increased valuations as well as better access to capital markets, which should allow projects to start
being advanced once again. In the base metals sector, we expect activity to remain relatively muted
given the current tepid market and overhanging economic and geopolitical headwinds, noting select
high-quality projects are likely to continue to advance.

While the larger producers have been cautious around M&A through the downturn, we believe there
is still an attractive opportunity for companies to take advantage of the relative valuation differentials,
increased free cash flow, and available financing options to fund potential transactions and restock
project pipelines. We expect management teams at the juniors could also be receptive to transactions
given the financing market remains relatively tight, fatigue following a number of challenging years,
and recent uptick in valuations. Overall, we expect transactions to focus on high-quality assets with
significant exploration potential in established mining jurisdictions, including we believe Continental
Gold, Ivanhoe Mines, Osisko Mining, Sabina, and SilverCrest.

M&A activity and capital markets have been quiet

We have seen limited activity this year on the junior M&A front in both the precious and base metals
sectors, with the most notable transactions being Kinross' acquisition of the Chulbatkan project from
N-Mining for $283M and Sandfire purchasing MOD Resources for A$167M. Capital raises have also
remained limited with a total of ~$900M raised through the first 8 months of the year, compared to
~$2.0B raised by this point in 2018. Relative to 2018, we have primarily seen a decline in strategic
investments, likely due to the senior precious metals companies focusing on integration of recent large
M&A transactions and the Intermediates more focused on potential non-core asset sales. We have also
seen less debt and streaming financings, reflecting fewer projects being advanced into full construction.

Highlighting our recent Mining's Rising Stars Forum

Over the past 2 years, we have highlighted 19 companies at our annual Mining Rising Stars Forum
and many of these have continued to successfully advance their projects. This includes several assets
that have been brought into production as well as corporates that have attracted large strategic equity
investments or been acquired. During this year's Forum we featured 11 promising junior precious
and base metals companies in various stages of exploration/development. Companies that attended
include: BeMetals, Cordoba, Excelsior Mining, GT Gold, Luminex Mining, New Pacific Metals, O3
Mining, Reunion Gold, Sun Metals, Wallbridge Mining, and Wolfden Resources. For a brief summary
of company profiles, please see page 2.

Valuations have rebounded, but still attractive, in our view

Valuations for gold exploration companies now sit at an average of $56/oz (3.7% of the gold price), up
from the 2018 average of $42/oz (3.3%). Valuations have risen 44% since early May, coinciding with the
18% increase in the gold price, and have risen 71% since the recent low of $33/oz observed in late 2018.
That being said, valuations are still below the 2017 average of $59/oz (4.7%) and peak of $74/oz (5.5%)
seen in Aug/16. The valuations are also at a discount to the average takeover valuation of $65/oz since
2013 (Exhibits 1-4).

Priced as of prior trading day's market close, EST (unless otherwise noted).
Disseminated: Sep 9, 2019 03:20ET; Produced: Sep 9, 2019 03:20ET All values in USD unless otherwise noted.
For Required Non-U.S. Analyst and Conflicts Disclosures, see page 14.
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Company summaries from our Rising Stars Conference

BeMetals (TSX-V: BMET)
John Wilton (President & CEO)
 Projects: South Mountain Zinc Project – Idaho, USA; Pangeni Copper Project – Zambia
 Company was created out of B2Gold given the number of promising projects that they
came across within the base metals space
 Advancing the high grade zinc focused South Mountain project (17.6% ZnEq M&I) with
strong silver by-product credits and most permits in place given past production
 Expect to fast track the project through to PEA with potential for production with limited
capital investment
 Will be advanced with $2.3M budgeted for the first stage of drilling in 2019 to expand
the resource, followed by a PEA targeted in 2020/21
 Also advancing the Pangeni Copper Project in Zambia – adjacent to AAL with one of the
biggest exploration properties in the country. $700K exploration budget in 2019.
 Upcoming Events: Exploration results from South Mountain; initial assay results from
Pangeni in fall 2019
 Key shareholders: Insiders & Advisors (25%)

Cordoba Minerals (TSX-V: CDB)

Evan Young (Director, Investor Relations)
 Projects: San Matias – Cordoba, Colombia; Perseverance – Arizona, USA
 Majority ownership by High Power Exploration (HPX), founded by Robert Friedland
 Run by Eric Finlayson, who had previously spent 24 years with Rio Tinto including 5 years
as Global Head of Exploration
 Established mining district, with San Matias sitting ~30 km from South 32’s Cerro Matoso
mine
 Have established 4 Cu-Au-Ag deposits with Alacran being the most prospective, with
mineralization over a 1.3 km strike length and potential for opening pit mining with a
low strip ratio
 Recent PEA at San Matias includes a higher grade starter pit over the first 5 years with a
23-year mine life and average annual production of ~18 Kt Cu at initial capex of $161M
 Upcoming Events: Restart of exploration activities at San Matias
 Key shareholders: High Power Exploration (HPX) ~70%

Excelsior Mining (TSX: MIN)

Stephen Twyerould (President & CEO)
 Project: Gunnison Copper Project – Arizona, US
 Construction ~90% complete with first production expected by year-end 2019
 Fully permitted and financed, with an accelerated permitting process driven by in-situ
recovery method
 In-situ recovery results in reduced operating and capital costs and is more
environmentally friendly; is made possible at Gunnison as the ore is naturally
fragmented, with the deposit sitting below the water table
 Upcoming Events: First production in Q4/19
 Key shareholders: Greenstone (~48%), Triple Flag (~6%), Management (~4.4%)

September 9, 2019 2
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

GT Gold (TSX-V: GTT)

Amandip Singh (Director, Corporate Development)
 Project: Tatogga Project – British Columbia, Canada
 Large scale Cu-Au project located within the Golden Triangle; focus currently is on the
Saddle North deposit
 Project sits ~15 km west of the Red Chris mine, with access to infrastructure including a
paved highway and the provincial power grid
 Expect to complete a total of 25,000 m of drilling in 2019 with mineralization
encountered in 100% of holes to date; have recently mobilized a third drill on the project
 Drilling has shown near-surface porphyry mineralization with potential for an increase in
grades at depth
 Newmont partnership was driven by a focus on porphyry opportunities and GT Gold’s
desire to find a partner that could provide technical bench strength
 Upcoming Events: Exploration update in early-September
 Key shareholders: Management & Directors (12.6%), Newmont Goldcorp (9.9%), Ross
Beaty (8.0%)

Luminex Resources (TSX-V: LR)

Scott Hicks (VP, Corporate Development & Communications)
 Project: Condor Project – Ecuador; Tarqui (BHP earn-in), Pegasus A&B (AAL earn-in),
Cascas (FM earn-in)
 Condor sits ~30 km south of Lundin Gold’s Fruta del Norte project
 Camp Zone Phase 1 drilling (1,200 m) at Condor has returned high grade gold/silver
mineralization; Drilling ~2,300 m Phase 2 program
 Investment climate has improved significantly in Ecuador over the past year with the
elimination of the 70% windfall tax, along with reduction in NSR royalty; significant pick-
up in investment in Ecuador including Lundin Gold, Fortescue, Newcrest, and SolGold
 Upcoming Events: Start of drilling by BHP in 2020; PEA at Condor
 Key shareholders: Management and Insiders (24%)

New Pacific Metals (TSX-V: NUAG)

Gordon Neal (President)
 Project: Silver Sand Project – Bolivia
 Fully funded with 55,000 m of drilling planned through March 2020 and expected ending
cash balance of ~$19M at June 2020
 High grade silver project sitting ~25 km away from Cerro Rico – the longest operating
silver mine in the world
 Have signed a partnership with COMIBOL (state owned) for 45 years to explore the
regional exploration land package
 Metallurgical testing has shown potential for high silver recoveries of up to 97% with
bottle roll leaching test with cyanide solution.
 Upcoming events: Initial resource by 2019 year-end
 Key shareholders: Silvercorp (27.8%), Pan American Silver (16.2%), and Rui Feng (7.6%)

September 9, 2019 3
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

O3 Mining (TSX-V: OIII)

Jose Vizquerra-Benavides (President & CEO)
 Projects: Garrison, Marban, Cadillac East, Alexandria – Quebec / Ontario
 Have 4 resource stage projects positioned in Ontario and Quebec – intend to focus on
resource expansion via ~50,000 m of drilling
 Have half of the camp within Val-d’Or and is a potential consolidator given current land
package
 Upcoming events: Exploration results
 Key shareholders: Osisko Mining (54%)

Reunion Gold (TSX-V: RGD)

Réjean Gourde (President & CEO)
 Projects: 3 projects in French Guiana (Dorlin, Boulanger, and Haute Mana) and 4 in
Guyana (Waiamu, Aremu, Arawini, and Oko)
 Confirmed the resource of 1.5 Moz at Dorlin, released in Q1/19 with IP surveys
conducted, identifying additional targets
 Substantial amount of artisanal mining had been conducted at the Boulanger Project in
French Guiana with 47 artisanal shafts; these have been cleared and recent sampling
from mineralized stockpiles has returned an average of 17.3 g/t from 42 samples
 Recent drill results at Boulanger have also returned high grade mineralization including
8.3 g/t Au over 11.1 m and 2.5 g/t Au over 23.0 m with follow-up drilling planned
 Upcoming events: Additional exploration updates in Q3/19
 Key shareholders: Barrick (19.4%); Dundee Corp. (15.1%), Management & Directors
(6.0%)

Sun Metals Corp. (TSX-V: SUNM)

Steve Robertson (President & CEO)
 Project: Stardust Project – British Columbia, Canada
 Road accessible property located ~250 km northwest of Prince George
 Drilling at Stardust began in late-May with two drills, encountering significant copper-
gold mineralization with a total budget of $5.4M
 Recently released drilling demonstrating continuity of copper-gold mineralization on the
421 zone including include hole 429, 50 m to the south, returning 90 m of 2.24% CuEq
(1.08% Cu, 1.4 g/t Au, 21.6 g/t Ag, and 0.22% Zn)
 Teck continues to be a supportive shareholder, but is not on the technical committee
 Upcoming events: Drill results H2/19
 Key shareholders: Teck Resources (10%)

September 9, 2019 4
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Wallbridge Mining (TSX: WM)

Marz Kord (President & CEO)
 Projects: Fenelon & Beschefer Gold Projects – Quebec, Canada
 Company had looked at over 200 projects near production with surrounding
infrastructure; goal of at least 100% return on investment
 Targeting free cash flow generation with goal of becoming a 60 Koz+ Au producer in 3
years and 100 Koz+ producer within 5 years
 Have completed 32,000 m of drilling from the 2019 program with a total of 60-70,000 m
planned, primarily focused on expanding the boundaries of Fenelon mineralization
 Continue to advance the permitting process with First Nations communities and
stakeholders
 Upcoming events: Demonstration of 1 Moz+ potential via underground scenario by
year-end; identification of additional exploration targets for 2020 drill program including
drilling on Area 51 and Main Gabbro/Tabasco
 Key shareholders: Eric Sprott (25.5%)

Wolfden Resources Corporation (TSX-V: WLF)

Ron Little (President & CEO)
 Projects: Pickett Mountain – Maine, USA
 Growing, high grade resource with 4 Mt at 20% ZnEq or 1 Moz AuE at 13 g/t AuE
 Privately owned land with no federal involvement; strong community support given
decline in jobs within the forestry sector
 Mining code in Maine was enacted in 2017, creating a regulatory framework for mining;
Maine currently has a ban on open pit mining with mandated dry stack tailings
 Maine has been underexplored, with Pickett Mountain sitting along the Ganderia Terrain
belt from the Bathurst and Buchans camps
 Upcoming events: Ongoing exploration and metallurgy results in H2/19 along with PEA
in H1/20
 Key shareholders: Altius (10.9%), Kinross (9.7%), Management (8.5%)

September 9, 2019 5
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Upcoming potential catalysts for Emerging producers under RBC coverage

Company Ticker Upcoming potential catalysts

 Late-2019/Early-2020: Optimized life-of-mine plan with updated reserves and optimizations
 H1/20: First gold pour
Continental Gold CNL
 Ongoing: In-fill drilling on broad mineralized zones and further definition drilling ahead of
production
 2019: Definitive feasibility study at Kipushi
Ivanhoe Mines IVN  2019: Feasibility study at Kakula
 Ongoing: Drill results
 Q4/19: First production from Pumpkin Hollow Underground
Nevada Copper NCU
 2020: Underground ramp up
 H2/19: Ongoing bulk sample results at Windfall along with a full resource update
 2020: Feasibility study
Osisko Mining OSK
 Ongoing: Drill results from Windfall, with an additional 200,000 m recently added to the
exploration program
Sabina Gold &  Ongoing: Additional drill results and potential for resource optimization/expansion
SBB
Silver  Ongoing: Potential financing for construction of Back River
 H1/20: Resource update and Feasibility Study
SilverCrest Metals SIL
 Ongoing: Exploration results from 50,000 m drill program

September 9, 2019 6
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

RBC Capital Markets Junior Mining Watch List

Completed Resource
Ticker - Price YTD Shares O/S Mkt. Cap EV Contained (Koz) - AuE Grade (g/t) Valuation (EV/oz) Wkg Cap Area of
Company Exch ($/sh) Perf. (MM) US$M US$M M&I M&I+I AuE - M&I+I M&I M&I+I (US$M) Major Exploration
Ascot Resources AOT-V C$0.63 (52%) 231.8 $110 $116 1,425 2,935 7.67 $82 $40 $15 British Columbia
Auryn Resources AUG-T C$1.71 37% 94.5 $122 $121 661 2,573 6.22 $184 $47 $2 Nunavut / British Columbia / Peru
Barsele Minerals BME-V C$0.66 65% 122.5 $61 $60 146 1,085 2.41 $411 $55 $1 Sweden
Bellevue Gold BGL-AU A$0.60 45% 516.1 $209 $175 - 1,784 11.10 n.a. $98 $34 Western Australia
Bonterra Resources BTR-V C$2.82 9% 74.8 $160 $127 698 2,103 6.77 $182 $60 $34 Canada
Breaker Resources BRB-AU A$0.34 5% 208.3 $48 $44 624 1,084 1.37 $71 $41 $3 Western Australia
Candelaria Mining CAND-V C$0.25 (58%) 131.4 $25 $23 579 752 0.58 $40 $31 $1 Mexico
Gold Standard Ventures GSV-T C$1.34 (22%) 277.3 $281 $263 986 3,588 0.80 $267 $73 $17 Nevada
Integra Resources ITR-V C$1.21 44% 91.8 $84 $102 3,808 4,301 0.67 $27 $24 $9 Idaho
Luminex Resources LR-V C$0.84 31% 52.4 $33 $28 1,415 4,160 0.69 $20 $7 $7 Ecuador
Nighthawk Gold NHK-T C$0.60 36% 222.0 $101 $86 - 2,613 1.62 n.a. $33 $14 NWT
O3 Mining OIII-V C$2.43 35% 45.4 $83 $67 3,670 4,861 1.38 $18 $14 $19 Ontario/Quebec
Probe Metals PRB-V C$1.50 14% 110.7 $125 $107 866 3,160 1.97 $123 $34 $19 Quebec
Reunion Gold RGD-V C$0.30 64% 426.8 $95 $88 532 1,238 1.07 $165 $71 $7 French Guiana / Guyana
Revival Gold RVG-V C$0.71 (11%) 49.5 $27 $23 1,214 1,979 1.22 $19 $11 $4 Idaho
Skeena (Eskay Creek only) SKE-V C$0.42 38% 115.3 $36 $32 2,619 3,908 4.44 $12 $8 $6 British Columbia
Troilus Gold TLG-T C$0.68 (9%) 60.7 $31 $23 3,796 4,929 0.97 $6 $5 $10 Quebec
White Gold WGO-V C$1.06 (34%) 112.0 $90 $84 1,040 1,778 1.88 $81 $48 $11 Yukon
Median $76 $37

Completed PEA/Pre-Feasibility Study

Ticker - Price YTD Shares O/S Mkt. Cap EV Contained (Koz) - AuE Grade (g/t) Valuation (EV/oz) Wkg Cap Area of
Company Exch ($/sh) Perf. (MM) US$M US$M M&I M&I+I AuE - M&I+I M&I M&I+I (US$M) Major Exploration
Barkerville Gold BGM-V C$0.41 1% 562.5 $172 $173 2,443 4,365 5.34 $71 $40 $10 British Columbia
Calidus Resources CAI-AU A$0.03 7% 1,701.0 $35 $13 795 1,248 1.83 $17 $11 $10 Western Australia
Cardinal Resources CDV-AU A$0.50 17% 382.9 $132 $145 5,877 6,291 1.12 $25 $23 $11 Ghana
Corvus Gold KOR-T C$2.57 (2%) 112.5 $219 $215 4,114 5,439 0.56 $52 $39 $4 Nevada
First Mining Gold FF-T C$0.28 14% 584.2 $124 $115 7,585 11,282 1.57 $15 $10 $8 Ontario / Quebec / Newfoundland
Kin Mining KIN-AU A$0.04 (49%) 483.4 $14 $10 553 842 1.43 $17 $11 $6 Western Australia
Liberty Gold (US only) LGD-T C$0.61 100% 231.2 $107 $79 1,245 1,638 0.60 $63 $48 $35 Utah / Idaho / Nevada
Lion One Metals LIO-V C$0.66 63% 103.1 $51 $42 300 817 9.75 $141 $52 $7 Fiji
Lumina Gold (Cangrejos only) LUM-V C$0.65 12% 309.5 $152 $146 - 10,359 0.79 n.a. $14 $6 Ecuador
Marathon Gold MOZ-T C$1.31 R R R R R R R R R R Newfoundland
Midas Gold MAX-T C$0.68 (29%) 270.5 $139 $148 6,246 7,277 1.77 $24 $20 $30 Idaho
Minera Alamos MAI-V C$0.18 100% 374.0 $51 $49 819 1,028 2.34 $60 $48 $2 Mexico
Osisko Mining OSK-T C$3.50 14% 273.2 $723 $542 754 3,630 7.14 $719 $149 $137 Quebec
SilverCrest Metals SIL-V C$7.67 92% 90.9 $527 $484 506 1,373 9.20 $957 $353 $39 Mexico
Treasury Metals TML-T C$0.35 17% 159.6 $42 $46 1,244 1,473 2.52 $37 $31 ($0) Ontario
Median $52 $35

Note: Gold equivalent estimates based on spot metals prices; Working capital as of most recent reported quarter adjusted for subsequent capital raises
Source: Company Reports, ThomsonOne, SNL Financial, Bloomberg, RBC Capital Markets

September 9, 2019 7
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

RBC Capital Markets Junior Mining Watch List

Completed Feasibility/In Construction
Ticker - Price YTD Shares O/S Mkt. Cap EV Contained (Koz) - AuE Grade (g/t) Valuation (EV/oz) Wkg Cap Area of
Company Exch ($/sh) Perf. (MM) US$M US$M M&I M&I+I AuE - M&I+I M&I M&I+I (US$M) Major Exploration
Almaden Minerals AMM-T C$0.89 (2%) 111.7 $75 $74 3,352 4,033 0.76 $22 $18 $3 Mexico
Belo Sun Mining BSX-T C$0.51 34% 442.6 $171 $141 4,956 6,107 0.97 $28 $23 $28 Brazil
Bluestone Resources BSR-V C$1.31 9% 81.9 $81 $75 1,257 1,627 9.94 $60 $46 $12 Guatemala
Capricorn Metals CMM-AU A$0.25 282% 1,730.8 $295 $221 1,375 1,525 0.93 $161 $145 $74 Western Australia
Continental Gold CNL-T C$4.01 78% 203.1 $616 $902 5,578 11,920 9.78 $162 $76 $128 Colombia
Falco Resources FPC-V C$0.22 (26%) 207.9 $34 $40 6,924 8,518 2.35 $6 $5 ($7) Quebec
Gold Road Resources GOR-AU A$1.37 110% 877.5 $816 $788 2,326 3,254 1.29 $339 $242 $30 Western Australia
Lundin Gold LUG-T C$8.07 62% 222.8 $1,359 $1,718 7,472 9,651 8.48 $230 $178 $222 Ecuador
Lydian International LYD-T C$0.11 (31%) 760.0 $63 $348 3,685 5,058 0.73 $94 $69 ($265) Armenia
NovaGold NG-T C$9.41 74% 325.3 $2,314 $2,167 19,503 22,500 2.21 $111 $96 $157 Alaska
Orca Gold ORG-V C$0.37 (31%) 211.0 $58 $54 2,377 4,089 1.23 $23 $13 $4 Sudan
Orla Mining OLA-T C$1.56 49% 180.1 $212 $216 6,267 7,006 0.95 $35 $31 $2 Mexico / Panama
Orezone Gold ORE-V C$0.81 42% 213.3 $131 $109 4,550 5,546 0.68 $24 $20 $22 Burkina Faso
Pure Gold PGM-V C$0.56 (14%) 353.6 $150 $22 2,063 2,530 8.67 $11 $9 $129 Ontario
Sabina Gold & Silver SBB-T C$1.92 56% 292.1 $424 $400 5,333 7,184 6.21 $75 $56 $19 Nunavut
Victoria Gold Corp VIT-V C$0.61 65% 777.9 $359 $529 4,083 4,287 0.63 $130 $123 $10 Yukon
West African Resources WAF-AU A$0.47 88% 870.5 $279 $225 2,165 2,780 1.75 $104 $81 $54 Burkina Faso
Median $75 $56

Selected Base Metal Companies

Ticker - Price YTD Shares O/S Mkt. Cap EV Contained (MM lbs) - CuEq Grade (%) Valuation (EV/lb) Wkg Cap Area of
Company Exch ($/sh) Perf. (MM) US$M US$M M&I M&I+I M&I+I - CuEq M&I M&I+I (US$M) Major Exploration
Aston Bay Holdings BAY-V C$0.06 0% 118 $5 $5 - 84 3.8% n.a. 5.5¢ $0 Nunavut / Virginia
Aquila Resources AQA-T C$0.19 (5%) 338 $49 $75 1,050 1,133 2.9% 7.1¢ 6.6¢ $6 Michigan
Adventus Zinc Corporation ADZN-V C$0.99 32% 100 $75 $63 1,410 1,661 1.9% 4.5¢ 3.8¢ $12 Ecuador
BeMetals BMET-V C$0.26 13% 105 $20 $15 25 75 7.0% 61.9¢ 20.4¢ $3 Idaho / Zambia
Copper Fox CUU-V C$0.08 (11%) 461 $28 $27 2,679 5,249 0.3% 1.0¢ 0.5¢ $1 BC / Arizona
Cordoba Minerals CDB-V C$0.07 (39%) 300 $16 $15 1,513 1,547 0.7% 1.0¢ 1.0¢ $0 Colombia
Excelsior Mining Corp MIN-T C$0.91 7% 239 $164 $127 4,990 5,620 0.3% 2.5¢ 2.3¢ $23 Arizona
Filo Mining FIL-V C$2.60 18% 74 $145 $119 5,885 7,937 0.6% 2.0¢ 1.5¢ $22 Chile / Argentina
Foran Mining Corporation FOM-V C$0.24 (31%) 130 $24 $21 1,355 1,958 2.6% 1.6¢ 1.1¢ $2 Saskatchewan
Highland Copper HI-V C$0.04 (53%) 473 $14 $20 1,822 3,183 1.4% 1.1¢ 0.6¢ ($1) Michigan
Ivanhoe Mines IVN-T C$3.69 56% 1,191 $3,324 $2,446 55,413 80,072 2.7% 4.4¢ 3.1¢ $835 DRC / South Africa
Los Andes Copper LA-V C$0.42 110% 272 $86 $84 12,777 19,490 0.4% 0.7¢ 0.4¢ $2 Chile
Josemaria Resources JOSE-T C$0.65 (35%) 250 $123 $122 20,117 26,193 0.4% 0.6¢ 0.5¢ ($5) Chile / Argentina
Nevada Copper NCU-T C$0.29 (25%) 762 $167 $257 6,985 7,758 0.6% 3.7¢ 3.3¢ $17 Nevada
Panoro Minerals PML-V C$0.13 (45%) 264 $26 $24 3,432 8,488 0.3% 0.7¢ 0.3¢ ($5) Peru
Polymet POM-T C$0.48 (57%) 1,005 $365 $359 11,284 17,284 0.6% 3.2¢ 2.1¢ ($3) Minnesota
SolGold SOLG-T C$0.43 (28%) 1,846 $600 $559 7,671 16,794 0.7% 7.3¢ 3.3¢ $37 Ecuador
Tinka Resources TK-V C$0.18 (45%) 265 $36 $28 - 2,078 2.1% n.a. 1.3¢ $8 Peru
Trilogy Metals TMQ-T C$2.34 (1%) 139 $245 $220 5,279 11,494 1.3% 4.2¢ 1.9¢ $26 Alaska
Western Copper and Gold WRN-T C$0.94 52% 105 $74 $68 8,969 18,503 0.3% 0.8¢ 0.4¢ $6 Yukon
Wolfden Resources WLF-V C$0.13 (46%) 129 $13 $10 330 56,223 7.7% 3.1¢ 0.0¢ $2 Maine
ZincX Resources ZNX-V C$0.13 (35%) 169 $17 $14 223 285 0.4% 6.2¢ 4.9¢ $3 British Columbia
Median 2.8¢ 1.7¢

Note: Gold and copper equivalent estimates based on spot metals prices; Working capital as of most recent reported quarter adjusted for subsequent capital raises
Source: Company Reports, ThomsonOne, SNL Financial, Bloomberg, RBC Capital Markets

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 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Current EV/oz valuations

Exhibit 1: Valuations stand at $56/oz, up from the average of $42/oz in 2018 and $38/oz at the start of the year

$80 $2,000

$70 $1,800
$1,600
$60
$1,400

Gold Pirce ($/oz)

Valuation (EV/oz)

$50 $1,200
$40 $1,000

$30 $800
$600
$20
$400
$10 $200
$0 $0
Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19
Jan-10
Jan-07

Jan-08

Jan-09

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19
EV/oz (LHS) Gold Price (RHS)

EV/oz = Enterprise Value per total resource ounce (M&I+I)

Source: Company reports, RBC Capital Markets

Exhibit 2: Junior golds we track currently trade below the average takeover multiple of $65/oz since 2013

$200

Current Multiples
$175 Precedent Valuations LUG
EGO (Integra)

SSL (Mariana)
$150
CMM OSK
Valuation (EV/oz AuE) - M&I+I

$125
CDE (Northern Empire) TRY (Azimuth)

$100 GG (Probe) BTO (Papillon)

BGL
OGC (Romarco) NG
RIO (Sulliden) GSV GG (Kaminak) CNL
$75 Average takeover EV/oz
since 2013 = $65/oz LYD RGD
BTR
USA (Pershing) TMM (Newstrike) BME Orion (Dalradian)
$50 LGD SMF (Orbis) SBB EGO LIO
Current peer CDE (Paramount) MAI AUG
BRB IAG (Merrex) (Glory) BSR
average = $56/oz KOR EDV (Avnel) AOT AOT (IDM)
NGD (RR) PRB BGM
CAND OLA NHK
$25 ITR BSX CDV MAX
FVI (Goldrock) ORE OIII
AMM CG (Aurico) KIN AKG (PMI)
LUM ORG RVG FF INV
LR PGM
CAI FPC
$0
0.25 0.50 1.00 2.00 4.00 8.00 16.00
Gold equivalent grade (g/t) - M&I+I
Log Scale (base 2)

Source: Company reports, RBC Capital Markets

September 9, 2019 9
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Historical M&A Activity in the junior gold and base metal space
Exhibit 3: Gold deals – Junior gold M&A has seen a modest pick-up in activity over the past few months (top chart shows
corporate transactions and bottom chart shows asset sales)

PG (Goldstone) AEM (Grayd) EGO (European Goldfields)

$2,000 PRU (Amara) EDV (True Gold)
$45/oz $213/oz $98/oz RIO (Sulliden)
HOC (Andina) $9/oz $38/oz TREK SAR (Bligh Resources)
GCM (Medoro) BTO (Auryx) $73/oz
AUY (Extorre) $9/oz (NewCasle) $40/oz
$21/oz $51/oz GG (Kaminak)
$190/oz $25/oz
$1,800 OSK (Queenston) $73/oz OIII (Alexandria)
NGD (Richfield) $101/oz GG (Probe) SMF (Orbis) CG (AuRico Metals) $24/oz
$124/oz $96/oz $53/oz TGZ (Gryphon) $17/oz
PPP (Cerro) $16/oz
$1,600 NEM (Fronteer) $45/oz TMM (Newstrike) Orion (Dalradian)
$375/oz JDL (Luna Gold)
Gold Price ($/oz)

$53/oz $50/oz
EGO (Glory)
EGO (Brazauro) AR (Prodigy) $103/oz AOT (IDM Mining)
DGC (Trade Winds) $49/oz
$42/oz $47/oz OGC (Romarco) EGO (Integra) $42/oz
$1,400 $51/oz
$94/oz $172/oz
OSK (Brett) EBX (Ventana)
$39/oz IAG (Trelawney)
$351/oz
$81/oz SMF (Savary Gold)
$1,200 AR (Pediment) $30/oz
EDV (Avnel)
$48/oz NGD (Rainy River) BTO (Papillon) USA (Pershing)
FVI (Goldrock) $42/oz
$32/oz $98/oz $61/oz
GG (Andean) $23/oz SSL (Mariana)
$1,000 AEM (Comaplex) $895/oz AKG (PMI Gold) Virtus (Aldridge)
AGI (Esperanza) $154/oz
$130/oz BTO (Volta) $19/oz
KGC (Underworld) FRG ( AuEx) $17/oz OBM (NioGold) IAG (Merrex) MUX (Lexam) CDE (Northern Empire)
$22/oz $11/oz CDE (Paramount)
$81/oz $436/oz $46/oz $20/oz $48/oz $22/oz $109/oz
$800
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

$2,000 LUG (Fruta del Norte) AEM (Santa Gertrudis) KGC

GG (Cerro Casale
$24/oz $75/oz (Chulbatkan)
AR (San Agustin) 25% + 25%)
CG (Trans-Canada - 50%) $71/oz
$8/oz $20/oz
CDH (Eastern $41/oz
$1,800 AEM (Canadian
PVG (Brucejack) Dragon - 20%) Sumitomo Exploration Assets - 50%)
Waterton (Mt. Hamilton)
$5/oz $166/oz (Cote Gold - 30%) $35/oz OIII
$32/oz
$76/oz (Quebec assets)
$1,600 POLY (Kyzyl) $46/oz
GG Waterton
Gold Price ($/oz)

$59/oz ROXG
(El Morro - 70%) (Spring Valley)
$21/oz $31/oz (Seguela)
$1,400 WGO $47/oz
(QV Gold) Cengiz
$9/oz (Halilaga)
$8/oz
$1,200 Bayshore
ABX (Cerro Casale - 25%) (Elk Gold)
$33/oz KDX (Hollister) $24/oz
$117/oz OLA (Camino Rojo)
$1,000 KGC (Dvoinoye) Sumeru (Kyzyl - 50%) WKM (Hasbrouck) $4/oz OZD
$252/oz $45/oz $17/oz
BDR (Amapari) TMM (Caballo Blanco) GG (El Morro - 30%) PAAS (Joaquin) (Mongolian Business Unit)
$17/oz $28/oz $7/oz $31/oz $17/oz
$800
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

Source: Company reports, RBC Capital Markets; Note deal value presented on EV/oz AuE M&I+I basis

Exhibit 4: Base Metals – Junior base metal M&A activity has seen incremental transactions on pre-producing assets/companies
including Resource Capital (11.9% Kohemacau) and Sandfire (MOD Resources)

$5.00 First Quantum (Antares)

$0.03/lb Copper Mountain (Altona) $0.01/lb Newmont (Galore KAZ (Baimskaya)
Hudbay (Norsemont) $0.07/lb Creek 50%) $0.03/lb
​​ Xstrata (Cloncurry) $0.14/lb $0.03/lb Taseko (Yellowhead Mining)
$4.50
​ ​ ​ ​​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​
​​ ​​ ​​ First Quantum (Lumina
Barrick (Cerro ​ ​ ​ China Nonferrous
​​ ​​ ​​ ​​ ​ ​​ ​ ​ ​ ​​​ ​ ​​ ​ ​​ ​​ ​​ ​​ ​ ​ ​ ​​ ​ ​​ Cupric Canyon (Hana) $0.02/lb
Copper) $0.01/lb $0.002/lb
Casale) $0.07/lb
​ ​​
​​ ​​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​​ ​ ​​ ​ ​ ​​ ​ ​ ​ ​​ NovaGold (Copper Canyon) $0.03/lb (Koksay 19.4%)
$4.00 ​ ​​ ​ ​ ​ ​​ ​​ ​ ​ ​​ ​ ​ $0.05/lb Hudbay (Rosemont 7.95%)
​ ​ ​ ​​ ​ ​ ​ ​ ​ ​​ ​ ​​ ​​ ​ ​​ ​ ​ ​​ ​​ ​ ​ ​ ​​ ​​ ​ ​​ ​ ​ ​​ ​
​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​​​ ​ ​ ​ ​ ​​​ ​​
​​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ Aquila (Back Forty) $0.01/lb Teck (San Nicolas 21%) $0.04/lb $0.08/lb
​​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​
​ ​​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​ ​ ​​
$3.50 ​​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​​ ​ ​​ ​​ ​ ​ ​ ​ ​
​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Taseko (Curis) $0.03/lb Appian (Serrote de Laje) $0.02/lb Resource Capital
​​ ​ ​​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Copper Price ($/lb)

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​​ ​ ​​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​​ ​​​​ ​ ​ ​ ​
​​​ (Khoemacau 11.9%)
​​ ​ ​ ​ ​
​​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​​
​​ ​ TCM (Terrane) ​​ ​ ​ ​​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​
$3.00 ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $0.13/lb
​ ​ ​ ​ ​​ ​ ​ ​ ​​ ​ ​ $0.04/lb ​ ​​ ​ ​​​ ​ ​ ​ ​ ​ ​ Intrepid (Blackthorn) $0.01/lb ​ ​
​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​​ ​​
​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​​ ​ ​ ​ ​ ​ ​​
​​ ​ ​ ​​ ​ ​​ ​​ ​ ​ ​ ​
Marubeni (Antucoya) $0.13/lb ​ ​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
​ ​ ​​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​
​ ​ ​ ​ ​ ​ ​​ ​
$2.50 ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ Goldcorp (El Morro 30%) $0.03/lb ​​ ​ ​ ​ ​ ​ ​
​ ​ ​​​​ ​​ South32 (Arizona)
Minsur SA (Minta Justa) $0.10/lb ​ ​​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ First Quantum Sandfire (MOD resources)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ $0.15/lb
Kores/LGI ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Cobre Panama $0.07/lb
(Rosemont) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
$2.00 Stillwater (Peregrine) $0.04/lb ​ ​ ​​ ​ ​ 10%) $0.15/lb Hudbay Minerals
$0.09/lb Teck (AQM) $0.02/lb
(Mason Resources) $0.001/lb
$1.50 Desert Star
Capstone (Far Hudbay (Augusta) $0.06/lb Nevsun
SRBM (Asmara) (Kutcho) Mitsubishi Sumitomo (QB2 30%)
China Sci-Tech West) $0.07/lb (Timok)
Antofagasta $0.03/lb $0.02/lb (Quellaveco 21.9%)
$1.00 (Chariot) $0.04/lb $0.18/lb $0.04/lb
Sandfire (Tintina) $0.06/lb (Duluth) $0.01/lb $0.07/lb

$0.50 Zijin (Kolwezi) $0.05/lb Grupo Mexico (Stingray Copper) $0.04/lb Teck Resources (QB2 -
Goldcorp (El Morro) $0.06/lb 13.5%)
Zijin (Kamoa) $0.02/lb
$0.04/lb
$0.00
Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

Source: Company reports, RBC Capital Markets; Note deal value presented on EV/oz CuEq M&I+I basis

September 9, 2019 10
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Exhibit 5: Total capital raised by precious metals exploration/development stage companies so far in 2019 down by over 50%
year-over-year

Royalty/Streams
3 deals
16%

Traditional Equity
32 deals
42%
Non-traditional Debt
5 deals
24%

Non-traditional Equity Strategic Equity

9 deals 13 deals
9% 10%
Note: Strategic equity represents equity investments (>5% stake) by precious metals producers; Non-traditional equity includes private equity funds and royalty/streaming companies
Source: Company reports, RBC Capital Markets

Exhibit 6: Recent noteworthy M&A Activity Exhibit 7: Key financing deals

Announced Acquiror Target Total ($M) Date Issuer Name Deal Value ($M)
31-Jul-2019 Kinross Chulbatkan (N-Mining) $283 06-Sep-2019 Marathon Gold C$20
31-Jul-2019 Resolute Toro Gold $274 19-Aug-2019 Liberty Gold C$13
30-Jul-2019 Silver Lake Egan Street C$42 16-Aug-2019 OreCorp A$13
22-Jul-2019 SSR Mining Puna - 25% (Golden Arrow) $34 08-Aug-2019 New Gold Inc. C$150
19-Jul-2019 Barrick Acacia $428 01-Aug-2019 Great Panther Mining $17
12-Jul-2019 Cengiz Halilaga (Teck/Liberty) $55 01-Aug-2019 Wallbridge Mining C$10
02-Jul-2019 Calibre Nicaraguan assets (B2Gold) A$130 23-Jul-2019 Rio2 C$25
27-Jun-2019 O3 Mining Alexandria $28 23-Jul-2019 SilverCrest Metals C$25
13-Jun-2019 Saracen Bligh Resources $26 15-Jul-2019 Pure Gold Mining Inc. C$13
14-May-2019 St. Barbara Ltd. Atlantic Gold $578
11-Jul-2019 Gold Standard Ventures C$21
15-Apr-2019 Lundin Mining Chapada $951
24-Jun-2019 Osisko Gold Royalties Ltd C$111
21-Jun-2019 Pure Gold Mining Inc. C$34
20-Jun-2019 Luminex Resources C$7
10-Jun-2019 Midas Gold Corp. C$20
14-May-2019 St. Barbara $341
09-May-2019 Nevada Copper Corp. C$40
09-May-2019 GT Gold C$18
17-Apr-2019 Reunion Gold C$6
04-Apr-2019 North American Palladium Ltd. C$75
04-Apr-2019 BeMetals C$6

Source: Company reports, RBC Capital Markets

September 9, 2019 11
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Exhibit 8: Recent gold equity financings include New Gold (C$150M), Rio2 (C$23M), and Osisko Gold Royalties (C$111M)

$3,500

$3,000
Equity Financings ($M)

$2,500

$2,000

$1,500

$1,000

$500

$0
Sep-10

Sep-11

Sep-12

Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18
May-10

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19
Jan-10

Jan-19
Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18
Source: Company reports, RBC Capital Markets

Exhibit 9: Very limited activity over the past 12 months in terms of non gold/royalty financings

$1,600

$1,400

$1,200
Equity Financings ($M)

$1,000

$800

$600

$400

$200

$0
Sep-10

Sep-11

Sep-12

Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18
May-10

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19
Jan-10

Jan-16
Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-17

Jan-18

Jan-19

Source: Company reports, RBC Capital Markets

September 9, 2019 12
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Exhibit 10: Relative performance – Gold vs. indices

125%

100%
S&P
75%

50%
Indexed Performance

25% TSX

0%
Gold
-25%
GDX
-50% GDXJ

-75%

-100%
Apr-13

Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19
Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Oct-18
Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19
Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19
S&P TSX Gold GDX GDXJ

Source: Bloomberg

Exhibit 11: Relative performance – Gold vs. other commodities

150%

125%
Palladium
100%

75%
Indexed Performance

50%

25%
Zinc
0%
Gold
-25% Copper
Platinum
-50% Silver

-75%

-100%
Apr-13

Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Apr-19
Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Oct-18
Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jul-19
Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Pd Zn Cu Gold Pt Ag

Source: Bloomberg

September 9, 2019 13
 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

Companies mentioned
Continental Gold Inc. (TSX: CNL CN; C$3.85; Outperform; Speculative Risk)
Ivanhoe Mines Ltd. (TSX: IVN CN; C$3.52; Outperform; Speculative Risk)
Nevada Copper Corp. (TSX: NCU CN; C$0.29; Outperform; Speculative Risk)
Osisko Mining Inc. (TSX: OSK CN; C$3.40; Outperform; Speculative Risk)
Sabina Gold & Silver Corp. (TSX: SBB CN; C$1.96; Sector Perform; Speculative Risk)
SilverCrest Metals Inc. (TSXV: SIL CN; C$7.32; Outperform; Speculative Risk)

Required disclosures
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 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

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 Tracking the Junior Miners – Valuations, Transactions, and Catalysts

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