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Newsletter 03 /2020

This newsletter contains news on the following topics:
Skeena Resources + EnWave + Auryn Resources + Panel Discussion + Osisko Metals + Millennial Lithium + Share of the Week: Bluestone Resources + Gold ETFs report record levels and high inflows + Fiore Gold + Palamina + Tectonic Metals + Ximen Mining + RNC Minerals + Endeavour Silver + First Majestic Silver + Silvercorp + Maple Gold Mines + Caledonia Mining + GoldMining + TerraX Minerals + Aurania Resources + White Gold + IsoEnergy + Stephen Moore on the US uranium status + Denison Mines + Skyharbour Resources + Uranium Royalty

In recent weeks we have been able to meet and interview many company representatives, including at the Vancouver Resource Investment Conference. In the following and in the further course of this newsletter you will find the most interesting interviews and company presentations from the past three weeks:

Share of the week: Bluestone Resources

Bluestone Resources receives $30 million and Jack Lundin as new CEO
Bluestone Resources recently announced that it has entered into a US$30 million credit facility with Natixis. Natixis is a French multinational financial services company and one of the lending banks in connection with a potential senior debt package for project financing. The proceeds from the credit facility will be used for detailed design and engineering, early development work on the Cerro Blanco Gold Project and for general corporate purposes.
In addition, no less than Jack Lundin was appointed to the management team and the Board of Directors of Bluestone Resources. Lundin will assume the role of Chief Executive Officer, with the current President and CEO, Darren Klinck, retaining the role of President.
This now looks like a radical change at Bluestone Resources. With Lundin and many millions of dollars behind it, the Cerro Blanco gold project is likely to be pushed forward with big steps towards a gold mine.
News: Bluestone Enters into a US$30 Million Credit Facility with Natixis & Announces Appointment of Jack Lundin as CEO and to the Board of Directors
Interview: Bluestone Resources: Drilling New Veins - Project Financing Coming Soon

Top drill news from ISOEnergy

IsoEnergy reported two new intersections of strong radioactivity in initial drill holes of the winter drilling program at the Hurricane zone. Drill hole LE20-34 intersected 8.5m of uranium mineralization (>500CPS on the RS-125 hand-held spectrometer, the “RS-125”), including 2.0m of massive to semi-massive pitchblende measuring >65,000CPS (off-scale on the RS-125). This is the most significant and strongest mineralization drilled to date on the property. Drill hole LE20-32A also intersected 8.5m of uranium mineralization (>500CPS RS-125), including 1.5m of massive to semi-massive pitchblende measuring >65,000CPS (off-scale on the RS-125). The two drill holes are located on the west end of the Hurricane zone, approximately 75m apart. Geochemical assays are expected within four weeks and we expect good news flow too. The Company remains well-funded with over C$6 million in the treasury. The Uranium markets are getting back on the radar of investors which will support ISOEnergy´s stock too.
Video interview: IsoEnergy: Well Financed for Further Uranium Exploration at Hurricane Zone Discovery

Market overview:

Gold ETFs report record levels and high inflows

Around US$ 3 billion flowed into gold ETFs in January 2020 alone, which caused stocks to rise to a new record level of 2,947 tonnes. In Europe, gold ETF holdings increased by US$1.7 billion or 33 tonnes, in the USA by US$1.4 billion or 29 tonnes. Most of the European inflows came from the UK, where US$ 1.1 billion in gold ETFs in January alone. The main reason for this rather high rise is probably of geopolitical origin, such as BREXIT, but also the corona virus, which, however, especially in Asia itself did not cause a boost for gold ETFs. There was even a smaller decline in stocks of around 1.2 tonnes or US$ 57 million, but this is probably related to the Chinese New Year. By the way, in the USA gold ETF holdings increased in 19 of the last 20 months. All in all, global gold ETF holdings are now only just below the record level of 2012, but at that time the gold price was about 10% higher. So, we are heading in the right direction.


Further interviews (Gold thematic block):
Fiore Gold: Small Gold Producer Now - Working Towards Second Gold Mine in Nevada
Palamina: Early Stage Gold Exploration at Multiple Projects in Peru
Tectonic Metals: Early Stage Gold Exploration in Alaska - Repeating the Kaminak Gold Success?
Ximen Mining: Waiting for Permit to Start Gold Production at the Newly Acquired Kenville Mine

Further company news:

RNC Minerals celebrates significant exploration success
RNC Minerals was able to announce the results of a recently completed gravity survey program in Higginsville a few days ago. The program has identified a newly interpreted structure extending 5 kilometres north of the previously mined high grade 1-million-ounce Trident gold deposit. The new structure is considered highly mineralizable at depth and will be the focus of a new round of drilling by RNC as part of its 2020 exploration program.
It can now be expected that the extended life of Baloo will provide the additional production and mining flexibility that will result from operating two open pits later this year.
News: RNC Minerals Announces New 5km Structure Identified at Higginsville and Approval Received for Baloo Stage 2 Mining

Endeavour Silver announces updated resource estimate
Endeavour Silver announced updated mineral reserve and resource estimates a few days ago for its three active silver-gold mines in Mexico, Guanaceví in Durango State, Bolañitos in Guanajuato State and El Compás in Zacatecas State, as well as two major exploration and development projects, Terronera in Jalisco State and Parral in Chihuahua State.
Proved and probable silver mineral reserves decreased by 7% to 43.9 million ounces (oz), while proven and probable gold mineral reserves remain unchanged at 477,000 oz. As a result, the Company has proven and probable silver equivalent mineral reserves of 82.0 million ounces. Measured and indicated silver mineral resources increased by 6% to 29.0 million oz, while measured and indicated gold mineral resources decreased by 22% to 226,500 oz. The Company thus has measured and indicated silver equivalent mineral resources of 47.1 million oz. Inferred silver mineral resources increased by 4% to 60.7 million oz, while inferred gold mineral resources decreased by 11% to 287,000 oz. In total Endeavour Silver has inferred silver equivalent mineral resources of 83.7 million oz.
News: Endeavour Silver Updates 2019 Mineral Reserve and Resource Estimates
Interview: Endeavour Silver: Optimizing Existing Silver Mines and Looking for Terronera Financing

Endeavour Silver publishes production and cost forecast
Endeavour Silver has also announced production and cost projections for 2020 for its three silver-gold mines in Mexico. Silver production in 2020 is expected to be between 3.0 and 3.5 million ounces, gold production between 38,000 and 44,000 ounces. Silver equivalent production should be approximately 6.0 and 7.0 million ounces at a silver to gold ratio of 80:1. The consolidated cash cost and sustainable total cost (AISC) are both expected to be significantly lower in 2020 than in 2019, at around $6.00 to $7.00 per ounce of silver and $17.00 to $18.00 per ounce of silver respectively. Both figures do not take into account the earnings for gold as a by-product.
These should noticeably improve the result.
News: Endeavour Silver Provides 2020 Production and Cost Guidance, Forecasting 3.0-3.5 Million oz Silver and 38,000-44,000 oz Gold, or 6.0-7.0 Million oz Silver Equivalent

Further interviews (silver thematic block):
First Majestic Silver: Reducing Costs by Implementing New Technology
Silvercorp Metals: Highly Profitable Silver Producer, Looking for Acquisitions

Maple Gold Mines starts IP work
Maple Gold Mines recently announced that induced polarization ("IP") work has recently commenced at Douay with the goal of establishing new high-grade discovery targets in the first quarter. An area that is prospective for new high-grade discoveries is located approximately 6 kilometres northeast of the 531 zone of the Douay deposit. Several chargeability anomalies were defined during an IP survey in 2019, including a broad northern anomaly approximately 3 kilometres long within the same rock package as the recently closed Vezza Mine (only 12 kilometres east of the Douay property boundary).
The discovery of new high-grade mineralization lenses within the Company's larger property package has the potential to make a significant contribution to conceptual mining scenarios and the Company has therefore set aside funds for initial exploratory drilling.
News: Maple Gold commences Induced Polarization work to test for potential higher-grade gold lenses

Caledonia Mining raises profit forecast
Caledonia Mining was able to announce a few days ago that due to the combined effects, profits for 2019 will be significantly higher than market expectations. Adjusted earnings per share (before realized and unrealized net foreign exchange gains) for 2019 are expected to be in the range of $1.55 to $1.75 per share, compared to the Company's guidance of $0.86 to $1.17 per share at the beginning of 2019. Earnings per share on an IFRS basis, which includes realized and unrealized net foreign exchange gains, are expected to be approximately $3.80 to $4.00 per share.
Caledonia expects to publish its results for the year to 31 December 2019 on or about 20 March 2020.
News: Caledonia Mining Corporation Plc Increased earnings guidance for 2019

GoldMining receives US$5.5 million
GoldMining recently announced that all outstanding warrants that expired in January 2020 have been exercised.  The total proceeds from the exercise of such warrants amounted to US$ 5,549,902.50. Currently, the company has 144,806,560 shares outstanding, no warrants, approximately $8.7 million in cash and no debt.
With the exercise of all outstanding warrants, the Company has further strengthened its balance sheet and is in a position to continue to evaluate additional acquisition opportunities in the Americas and to advance several of its key projects in 2020.
News: GoldMining announces exercise of all January 2020 warrants

TerraX Minerals acquires further exploration claims
TerraX Minerals announced a few days ago the acquisition of two large claims, Aurora 1 and 2, which are easily accessible via a paved road from Yellowknife. The Aurora claims link to properties containing strike extensions from the Ptarmigan and Tom mines (together 120,000 ounces of gold at an average grade of 10 g/t Au) acquired by TerraX in 2018.
News: TerraX Acquires Strike Extensions of Past Producing Gold Mines, Ptarmigan and Tom in the Yellowknife gold camp, Canada

Aurania Resources releases drill results
Aurania Resources recently released an interim report on its reconnaissance drilling on its Yawi target at its Lost Cities - Cutucu project in southeastern Ecuador. Six drill holes were completed on Targets A, B and C on the Yawi epithermal gold-silver target area. Assay results from the first four holes were received and no significant gold-silver mineralization was intersected. However, vectors of alteration minerals and pathfinder elements are being used to refine the target while drilling continues at Yawi. In addition, the results at Yawi have refined Aurania's understanding of its Crunchy Hill target, and a target concept has been better defined in the area of the last hole drilled there.
News: Aurania Reports on Scout Drilling at Yawi Gold-Silver Target

White Gold: Target price 2.65 CA$!
The renowned analyst firm Eight Capital recently published a research report on White Gold. The analysts set a price target of CA$ 2.65.
Research Report: Eight Capital Research with buy recommendation for White Gold - Target price: CAD 2.65
Interview: White Gold: Prospect Generator with Multiple Discoveries in the White Gold District

IsoEnergy encounters strong radioactivity
IsoEnergy was recently able to report a high radioactivity interval in the first drill hole of the winter program in the Hurricane Zone. The Hurricane Zone is a new discovery of high-grade uranium mineralization on the 100% owned Larocque East property. Drill hole LE20-30, located 25 meters west of the extent of the 2019 hurricane zone, intersected 5.5 meters of strong radioactivity.
This creates an appetite for more results from the current exploration program.
News: IsoEnergy Intersects Strong Radioactivity at the Hurricane Uranium Zone

Further interviews (thematic block on uranium):

Stephen Moore: Trumps Decision on US Uranium Probably Until End of 2020
Denison Mines: Derisking Uranium Project by Getting Permits and Technical Work
Skyharbour Resources: Using New Technology for 2020 Drill Program at Moore
Uranium Royalty: First Uranium Royalty Company in the World

Swiss Resource Capital AG and the authors of Swiss Resource Capital AG currently hold or intend to hold shares in the following securities mentioned in this issue: Skeena Resources + EnWave + Auryn Resources + Osisko Metals + Millennial Lithium + Bluestone Resources + Fiore Gold + Palamina + Tectonic Metals + Ximen Mining + RNC Minerals + Endeavour Silver + First Majestic Silver + Silvercorp + Maple Gold Mines + Caledonia Mining + GoldMining + TerraX Minerals + Aurania Resources + White Gold + IsoEnergy + Denison Mines + Skyharbour Resources + Uranium Royalty.

Swiss Resource Capital AG has entered into IR advisory agreements with the following companies mentioned in this issue: Skeena Resources + EnWave + Auryn Resources + Millennial Lithium + Bluestone Resources + RNC Minerals + Endeavour Silver + Maple Gold Mines + Caledonia Mining + GoldMining + TerraX Minerals + Aurania Resources + White Gold + IsoEnergy.

This publication is based on the detailed risk information, limitations of liability and disclaimers of Swiss Resource Capital AG, which can be viewed here: risk information and disclaimer

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