The Maven Letter: September 11, 2021

Doubling Down On Uranium – After Sprott Went WAY Bigger. Outlook & Portfolio Review Part 1. Full Portfolio Table & Portfolio Updates from Banyan, Heliostar, IsoEnergy, Kodiak, Libero, Montage, Outcrop, Revival, Reyna, Silver X.

I feel bad that this letter is late out once again but this time the reason is very good (for all of you): I’m just on my way back from the Precious Metals Summer in Beaver Creek, Colorado, where I did 15 meetings a day trying to find new investment opportunities.

Beaver Creek is definitely one of my favourite conferences of the year. It’s not a conference as much as a one-on-one meeting event. On one side of the table are potential investors, in the form of fund managers, analysts, bankers, and letter writers. On the other side are companies giving investment pitches or updates.

Both attendees and companies must be invited to attend. The result is an In Crowd event, which means the people I run into walking from meeting to meeting are as likely to give me an investment idea as the teams on my official meeting schedule.

I wrote a lot of the letter during my Tuesday travel day and hoped to wrap it up before bed on Wednesday…but the other exciting part of being here is seeing industry friends in person for the first time in 18 months! I like the people in my industry, for the most part, and I love chatting on macro thoughts, deals being incubated, and thoughts on everything from investor sentiment and fund flows to new discoveries and M&A possibilities. And so each day turned into a dinner that turned into drinks (on outdoor patios) late into the evening.

All those meetings and conversations certainly uncovered some interesting opportunities. I’ll need to dive deeper into the ones I like best; of course if any pass muster I will outline my investment thesis before making a move.

At events like this we all spend almost as much time talking about the markets and what might happen and valuations and such as about stocks. The summer was a slog for everyone. I touch on that and where it leaves our portfolio in today’s main article, which is the start of a series in which I’ll revisit the investment thesis for every stock in the portfolio to ensure they all still make sense.

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I am jotting down a list of Beaver Creek thoughts that I’ll share next week, alongside the second installment of the portfolio review series.

Today’s letter as usual includes the Full Portfolio Table and Portfolio Updates, this time from Banyan, Heliostar, IsoEnergy, Kodiak, Libero, Montage, Outcrop, Revival, Reyna, Silver X.

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Doubling Down On Uranium – After Sprott Went WAY Bigger

Before anything else, I have to touch base on uranium again.

Let me start with the conclusion: buy.

If you are not positioned, consider that uranium has gone from US$30 per lb. three weeks ago to US$42.50 per lb. today. The gains are happening because the Sprott Physical Uranium Trust is buying uranium in the spot market.

I talked about this two weeks ago. At that point the new Sprott fund had been active for a week and the uranium price was up a few dollars.

Two weeks later, two important things have happened. First, we’ve been able to watch Sprott deploy its capital and deploy it has. No one knew how quickly it would raise funds and buy physical but, using the chart below borrowed from Katusa Research (thanks to Marin and his team) we can see they are going big.

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If you recall, the trust is raising funds through an At The Market financing, which is a mechanism that lets the company sell new shares into the market at market price. So it’s like a normal financing, but one that stays open and can raise as much as the company wants, up to the max stipulated in the ATM filing, and at whatever pace the company and the market choose.

That’s the first thing we learned. Then today we learned a second, very important thing: the Sprott Physical Uranium Trust managed to get rapid approval to increase its ATM max from US$300 million to US$1.3 billion.

If US$230 million of buying in the spot market pushed the uranium spot price from US$30 to US$42.50 per lb., where is US$1.3 billion of buying going to push it?!?

I don’t know the answer, but I am pretty sure we are in for a crazy uranium ride over the next while. It might last a few months, just as long as it takes Sprott to deploy its now massive pool of capital. Or it might last a few years if a rapidly rising spot price has the effect Sprott is aiming for: spurring utilities into signing long-term supply contracts at prices above spot, for fear of getting left out.

If that happens – and I think odds are pretty high, boosted by $1.3 billion in buying – then we will have a true uranium bull market. And uranium bull markets put gold bull markets to shame.

They lift uranium stocks tenfold at a minimum, hundreds of fold (is that how to say that?!?) for the best.

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Utilities get scared and pile into the market, jacking the price. Then stocks go wild. The reason is that there are so few uranium stocks out there. When investors get interested, they have only a few places to place their bets and that focused attention lifts equities through the roof.

It’s not going to hurt that WallStreetBets are also leaning into uranium.

I have uranium exposure through Uranium Energy, IsoEnergy, and NexGen. I will add to those positions on Monday morning. I will also buy positions in ValOre (TSXV: VO; their primary project in PGEs in Brazil but they also have a forgotten uranium project of scale in Nunavut that I bet they will spin out; I think it’s a uranium entry point that hasn’t gotten attention yet), Denison Mines (TSX: DML, NYSE: DNN), and Fission Uranium (TSX: FCU, OTCQX: FCUUF).

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Outlook and Portfolio Review Part I

It’s been a slog of a summer for metals and mining investors. There have been a few rays of light – gold showing some renewed strength in recent weeks, uranium taking off, metallurgical coal going crazy – but aside from those rays it’s been dim.

Through May, June, and July, each time I updated the Full Portfolio Table, most stocks were down. Just a bit, but down. Add up a bunch of small slips and you have a portfolio where metals stocks across the spectrum – explorers to miners, gold to copper – are down 20 to 30%.

I’ve written at length about my thoughts for the fall. Last week’s weak jobs report likely pushed tightening off the 2021 table, especially tightening in the form of a full-blown rate hike. The Fed might still consider some bond-based tightening – buying fewer bonds or buying more near-dated bonds and few long-dated ones to steepen the curve – but a rate hike could require solid evidence that the economy is well on track. A major miss with the August jobs report doesn’t jive with that.

That means that, for better or worse, gold remains a bit in limbo. Traders usually move decisively to gold when a tightening cycle starts. In the period prior, inflation exists but isn’t official confirmed as a problem, so the inflation hedge argument isn’t strong. And there’s all manner of support for other asset classes, like debt that’s essentially free to encourage economic and market growth and a central bank buying bonds left and right, which keeps investors interested in other asset classes.

Tightening changes that, which is why gold like to gain with the start of a new rate hike cycle. For that reason, I’d rather just get on with it! Turns out it’s not up to me ;) The European

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Central Bank did move towards a touch of tightening earlier this week and gold gained on the news, but it’s the US Fed that really matters.

And any tightening move there is up to COVID and vaccination rates and consumer confidence and supply chain problems and all the things that have hampered growth and jobs while prompting the Fed to slam rates to zero and support the economy six ways form Sunday, which together have ironically carried the stock market to new highs while traders nonetheless obsess over if and when the Fed’s support might end.

That’s been the story for some time. And with a weak jobs report likely pushing tightening of any sort back to 2022, the clear spark that will lift gold is also pushed back.

That doesn’t mean gold is doomed. Gold has seasonal strength at its back. I think more and more traders are also seeing the inevitability that gold will perform and so are getting in ahead. Not in droves, but even dribbles help. And dribbles of support during gold’s strong fall season could work out well.

Ironically, things are pretty similar for the other metals. Base metals perform best when inflation is present, if not running, fueled by growth. And a turn to tightening by the Fed is considered official validation of growth and inflation, so it would encourage investors to back metals.

And just like gold can also work, if not fly, in the current environment, so too can base metals work. We’ve seen as much with copper in the last year, for example, and continue to see it with uranium and met coal and (nickel?).

So there’s potential in the near term and strong promise beyond that (because tightening will happen, sooner or later). But portfolio performance of late leaves something to be desired. And so I think it’s time to run through the portfolio, checking to see how each investment thesis jives.

I will go through the list over the next two or three letters (depending how long it takes to get through!). I’ll follow the order in the Full Portfolio Table but if I skip some over it’s because I have meetings with several of our holdings at the Beaver Creek conference over the next few days and so it will make more sense to update on those holdings after those conversations.

Northern Vertex Mining (TSXV: NEE; USOTC: NHVCF)

My/our entry price for NEE is tough. The stock is down a whopping 61% versus our entry price of $0.75.

By way of reminder, we bought Northern Vertex when it was Eclipse, a newly debuted explorer with strong and experienced Nevada technical team focused on the Hercules project.

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The business plan was chugging along the way explorers do, with the ups and downs that sampling and drill results create, when Eclipse merged with Northern Vertex.

I’ve had this statement in the Full Portfolio Table for some time now: “The merger took the market by surprise but it does make sense.” And I stand by that. The team leading Eclipse, and the groups that helped incubate the stock, have deep Nevada exploration expertise and operational experience and networks. They really were the perfect group to turn the always-just-scraping-by Moss mine into something bigger and better.

And that effort is well underway. They have been drilling for months and the work is showing clear potential to grow the resource right around the mine, plus good odds they will outline ounces at nearby targets. At the same time, new management has improved operations at the mine notably by doing the optimizations that every mine needs: crush size, throughput, leach times, and so on.

It’s likely that NEE shareholders are happy with the changes. I don’t know since I’m of Eclipse origin – and Eclipse shareholders really were taken aback at the merger. It’s understandable: Eclipse was a new explorer built around a clear plan to explore Hercules and its investors had come into the stock based on that plan. Then, less than a year in, the plan seemingly got tossed in favour of merging with a struggling junior producer at close to Eclipse’s all-time share price low.

When you do something that takes a large portion of your shareholders by surprise in a bad way, there are consequences. The main one is selling, and I think it was selling by surprised-to-pissed off Eclipse shareholders that drove Northern Vertex down so much over the last year.

Should I have seen the writing on the wall? I don’t know. Everything is obvious in hindsight. And I can’t go back in time anyway. So the question that matters is: what will happen from here?

I had a good chat with president Michael Allen in Beaver Creek. I know now that a rebranding is pending (gotta get away from the old name and its associated baggage) as are an undated resource and a new mine plan. I know they’re feeling pretty comfortable with the geology at Moss and their ability to expand both output and mine life notably. The mine is making pretty good money, enough to cover exploration at current rates. And I know they are also exploring at Hercules, where they similarly think they’ve got a handle on the structure and are excited about the potential to make some discoveries in the next while.

It’s pretty hard to sell anything right now. Gold stocks have been hammered. Exiting anything feels like selling at the bottom. That feeling is amplified for NEE because I think the chart suggests that most dissatisfied Eclipse shareholders have already sold. The vacuous gold equity market meant there weren’t a lot of buyers for that selling, hence the serious slide.

When the gold equity market comes back, NEE will be even more undervalued than most. Does that mean it will attract more buying? I think that will depend on NEE’s success rebranding the stock and telling a convincing story about the potential at Moss. And it will

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have to be a very convincing story to stand out from all the gold explorers, developers, and miners that will be trying to attract the same investors.

I will hold NEE to see how hard they lean into rebranding the stock and reshaping the story. I hate to sell when gold stocks are generally so low and before this effort. Then I’ll reassess.

Orezone Gold (TSX: ORE, USOTC: ORZCF)

Orezone is a bet that a team that has successfully built many mines before will do so again, this time in Burkina Faso, an area where many major miners already operate. I say that upfront because, while Burkina may seem a risky jurisdiction, it is well within the comfort zone for many of the miners that might be interested in owning the Bombore mine.

And Bombore is undoubtedly attracting attention. It’s under construction. As planned, it will produce 134,00 oz. a year from a simple CIL operation.

But Bombore will be bigger than that. Plans are already well developed to add a sulphide component to the operation, larger than the oxide side, and there are ample resources to support it. And after years of drilling to support the initial mine plan, drill are now focused on exploration and keep finding more.

The build is going well. It is on time and budget, which is easy to say but hard to do. The photos show some of the groundwork that’s done. Process plant construction is getting underway now and, with this groundwork done, it will go up quickly.

It will start producing in Q3 next year. That may seem like a long time yet but one year out from production is just about the perfect time to own a company building a good new gold

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mine because it is when the market re-rates the stock from one spending money to develop a mine to one making money by operating a mine.

Orezone is one of the most advanced stocks in the Maven Letter portfolio, but it is one in which I have strong conviction on its potential to outperform. I think that whether ORE builds Bombore and puts it into production or gets bought out along the way. The Golden Runway re-rating is very real, and could be quite dramatic for a company with a mine this economic (see summary of economics below).

Altaley Mining (TSXV: ATLY)

Altaley is another high conviction stock for me. The stock has already enjoyed a nice re-rating in the last year after a new finance package and management changes turned the bankrupt operator around. The new money allowed ATLY to renegotiate its debts and get the stalled Taheuheuto gold mine project back into construction. The new management got the operating Campo Morado mine back on track, after a series of labour and metallurgical issues had left it struggling.

Now Campo is working well, with recoveries as much as doubled for base and precious metals. In response, the stock is now working as well, with ATLY valued in line with small-scale base metal peers. But there is much ahead for Altaley.

The next few milestones are all aligned for the end of the year. One of those is getting Tahuehueto into production, which is on track and below budget. It is being built as a 1,000-tpd operation that should produce 25,000 oz. gold and 400,000 oz. silver annually and is being built such that an expansion to double to triple output in the near term should be easy. So a small operation but one with good economics, easy expansion opportunity, and great exploration potential once ATLY has some time and money to explore again.

The other milestones involve Altaley’s operating mine, Campo Morado. ATLY is almost done building a new flotation circuit that is boosting daily throughput from 2,000 to 3,000 tonnes.

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They are also going through a two-step process plant modification assessment that could have major impact.

The first step is figuring out if pneumatic flotation will (1) improve base metal reocveries and (2) allow the creation of a gold-rich pyrite concentrate. O say ‘if’ but the process should work; the next question is which pneumatic flotation system works best. One brand currently has a pilot-scale plant built at Campo that needs a few months testing. A pilot plant of the other system is on its way to site.

Those tests should be done by year end, at which point ATLY will know which pneumatic flotation system it will install and whether such a system will pull a bunch of the gold from the rocks into a pyrite con. The latter answer will inform whether Altaley should also work to bio-oxidize its tailings to extract the gold that flotation could not recover. If the pyrite concentrate angle doesn’t work, then bio-ox will be key; if the gold-rich pyrite con does work, then perhaps bio-ox won’t be important.

However it works out, the end result should be boosting gold recoveries from 20% to 40% or perhaps better, and lifting silver even more. That would boost revenues from the mine significantly, for modest capital input.

So getting Tahuehueto into production and understanding the path to doubling or tripling precious metal recoveries at Campo (while also improving base metal recoveries) are milestones in sight by year end. After that it’s ramping up Tahuehueto, implementing the flowsheet changes at Campo, and getting back to exploration. Both assets have great exploration potential that has not been tested in years.

So this turnaround story has turned around and is now heading in the right direction but I think it has yet to really pick up speed. I like it as a base and precious metal bet over the next year.

Uranium Energy (NYSE: UEC)

Uranium is on a tear, supported by the new Sprott Physical Uranium Trust and its $1.3-billion wallet all aimed at buying and stockpiling physical uranium.

A handful of companies have been preparing for this opportunity for years. UEC is my pick among those companies for its suite of US projects that have been permitted, and in some cases developed, to the brink of production. It means that UEC is primed to leverage a uranium bull market because, within about six months of a production decision, it could start producing. It has its own fully functional process plant and its assets could, with limited investment and time, produce as much as 2 million lbs. uranium a year.

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The first of those would be Palangana, which could be in production in six months with an investment of US$10 million. It should be able to produce uranium at a cash cost of less than US$22 per lb.

Two other South Texas projects are similar. None are splashy – these are low grade deposits that UEC will mine via in-situ leaching, which involves pumping a leach solution down into the deposit and then pumping the leach solution back to surface once its pregnant with uranium – but, in a uranium bull, producing into a supply gap is far splashier than even high-grade exploration drilling.

Adding to the leverage, UEC recently established a 2.3-million lb. uranium stockpile. UEC bought those pounds at an average price of US$30 per, so it’s in the money already given uranium is trading at US$42.50 spot today. The stockpile adds immediate leverage to a story that already has significant near-term leverage.

For leveraged exposure to a uranium bull market, UEC is my top producer pick. As I outlined earlier, I am buying several other uranium stocks on Monday to increase ym exposure to this uranium craze, but UEC remains my top producer pick.

Erdene Resource Development (TSX: ERD)

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Erdene is building a gold mine. COVID delayed construction but it’s now underway and the Bayan Khundii gold mine should spit out its first ounces in early 2023.

It’s a good size mine, producing some 65,000 oz. a year from an open pit wherein the ore averages 3.7 g/t gold. It has a high strip ratio but metallurgy is simple and recoveries are good. And the operation is inexpensive to build, with capital estimated at US$60 million.

Low capex and moderate costs translate into a strong return on investment. At the base case gold price of US$1,400 per oz. the mine is expected to kick out a 42% IRR. At US$1,800 per oz., the IRR rises to 77%

Sixteen months is still a relatively long time until production but ERD not doing just one thing. And exploration is returning exciting opportunities for ERD these days. The company started drilling the Ulaan target, which started just 300 metres west of the BK deposit, a few months ago and immediately hit into a discovery. They are also drilling into discoveries at Dark Horse, a corridor of targets north of BK. And then there’s Altan Nar, northwest of Dark Horse, which has also returned high grade hits.

Without getting into the details of each target, what matters here is that Erdene is turning a decade of work in the BK area into a wealth of discoveries. And in doing so, it is a true one-two

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punch: it is a development story that should enter the Golden Runway re-rating over the next year and it is an exciting explorer, finding new gold proximal to its under-construction mine.

ERD will always be a Mongolia story first. To that, my comment is that this team has been exploring and developing relationships in Mongolia for over two decades. I also note that, while none of the mainstream gold miners in the world are currently operating in Mongolia, that doesn’t mean there will be no interest in ERD. For one, major miners will consider entering a new jurisdiction if there is clear and expansive regional potential and the target company has shown that the area works for mining. This angle I think requires Erdene to outline a fairly clear path to something like 4 million ounces, but that’s not a far-fetched goal. For another, there is another whole list of potential suitors, from private Russian miners to Chinese operators to private equity groups, that could well be interested.

ERD is a developer that is also generating major splash with its new discoveries at Ulaan and Dark Horse. As the gold market warms up over the next six months, I think that combination of foundation and splash will attract a re-rating.

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Full Portfolio Table

Buys this week will be focused on uranium: Uranium Energy and IsoEnergy as bolded in the table, NexGen that I own in my low risk portfolio, and Val Ore, Denison, and Fission, which I am adding.

Company Ticker Entry Date

Entry price

Cost base %

position Price today

Change

Mine Developers

Northern Vertex

NEE.V, NHVCF.OTC

18-Feb-20 $0.75 100 $0.28 -63%

Strong Nevada exploration team merged with Northern Vertex to bring exploration prowess to underexplored Moss mine. Move took market by surprise but it does make sense

Orezone Gold

ORE.V, ORZCF.OTC

13-Jun-18 $0.81 100 $1.26 56%

Under construction gold project with scale and strong economics, and a team that has successfully built many mines. Value gains ahead whether ORE builds or gets bought

Telson --> Altaley Mining

ATLY.V 24-Feb-21 $0.30 100 $0.52 73%

New finance package and people will allow ATLY (which market had written off bcs of debts) to finish building gold mine, turn zinc mine around, and make $. Should re-rate significantly.

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Uranium Energy *

UEC.NYSE 21-Jun-15 $1.72 100 $3.21 87%

Ready to ramp up low-cost output into developing uranium bull market that will likely offer a premium for US output. One of few clear bets for uranium

Feasibility-Stage Projects

Erdene Resources

ERD.T, ERDCF.OCT

08-Jan-17 $0.86 $0.36 (add @ $0.24, COVID)

200 $0.41 13%

Advancing dual tracks: develop BK mine and keep exploring. Exploration keeps returning new high-grade zones. Re-rating ahead once ERD can start buildling (COVID delayed)

Advanced Assets (PEA or Pre-feasibility)

Adventus Mining

ADZN.V, ADVZF.OCT

07-Apr-21 $1.00 100 $0.94 -6%

Pushing El Domo deposit into production ASAP so that this high grade, open pit copper project can feed the copper bull market. Also exploration upside around El Domo and at two other projects (Piliji and Santiago). Lots of cash.

Fireweed Zinc

FWZ.V 01-Jun-17 $0.80 -$0.57 (sold half $1.67; COVID)

25 $0.85

Mac Pass is a standout zinc project. 2020 drilling returned long intercepts from Boundary zone, which is now dramatically increasing the scale of any Mac Pass mine. 2021 will see Boundary fleshed out (good odds of major resource boost plus testing new targets)

Generation Mining

GENM.V 20-Nov-19 $0.19 $0.10 50 $0.79 690%

Unique PGM + Cu asset: large resource in great location with grade and scale upside. Feasibility returned robust numbers. Permitting decision Q2 2022; high likelihood.

Goldshore Resources

GSHR.V 04-Jun-21 $0.80 100 $0.69 -14%

New gold explorer/developer advancing Moss project in Ontario. 2.4M oz at 1 g/t but major expansion potential (below, along strike) and chance of boosting grade (high grade never modeled). Insanely strong team

Integra Resources

ITR.V; ITGR.NYSE

06-Nov-17 $0.90 $2.58 (COVID;

rollback) 100 $3.61 40%

PEA outlined good, large mine already. Favoured jurisdiction, strong treasury, exploring for high grade, updating PEA with much bigger mine plan

Kuya Silver

KUYA.C 08-Oct-20 $1.42 33 $1.33 -6%

Pushing the Bethania mine in Peru back into production, with plans to expand. Low cost, near term silver producer; strong team; tight stock. Also exploring similar geology in Ontario

Montage Gold

MAU.T 27-Jan-21 $0.97 100 $0.67 -31%

3M oz open pit deposit in Cote d'Ivoire being advanced rapidly to development by high caliber team. New deal, undervalued, catalyst rich 2021.

Newcore Gold

NCAU.V 27-May-20 $0.36 $0.61 (tranches) 100 $0.55 -10%

Advancing the PEA-level Enchi gold project in Ghana: resource growth, testing new targets, updating economics and mine plan. Neglected asset getting focused attention for first time. Top tier management.

Revival Gold

RVG.V, RVLGF.OTC

30-Oct-19 $0.51 100 $0.75 47%

Strong team advancing historic asset to production in Idaho. Drilling for scale and for high-grade UG potential

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Rokmaster Resources

RKR.V 29-Dec-20 $0.45 100 $0.44 -2%

2M oz resource in east-central BC. High grade, growing, and metallurgical issues now addressed. Market hesitant on balloon payment but drilling is dramatically expanding the resource

Troilus Gold

TLG.T; CHXMF.OTC

19-Jun-19 $0.69 $0.765 (COVDI) 100 $0.82 7%

Large open pittable gold resource at historic mine. PEA captured value; pending PFS will be much better (scale, strip). Also testing regionally for additional discoveries. Clear Leverage-Plus stock in this bull market

Vangold --> Guanajuato Silver

GSVR.V, GSVRF.OCT

17-Dec-20 $0.28 100 $0.46 65%

Uber high-grade El Pinguico mine was abandoned 70 years ago; no exploration since. Opportunity to chase known shoots to depth, find additional shoots, test other structures. Also significant stockpiled ore ; Vangold dealt to buy neighouring El Cubo mine and mill so will start producing in 2021.

Exploration

Banyan Gold

BYN.V 17-Dec-20 $0.25 100 $0.30 20%

1M oz resource growing steadily at AurMac, a road-accessible project between two operating mines in Yukon. Inexpensive entry on expectation this team will double this open pittable resource by 2022.

Blue Lagoon

BLLG.CSE; BLAGF.OTC

17-Dec-20 $0.69 100 $0.59 -14%

Small scale production imminent from previous operator's work and focus. High potential to find high-grade mineralization on multiple veins on very underexplored, road accessible project in BC.

Edgemont Gold

EDGM.CSE 20-Jan-21 $0.25 100 $0.18 -30%

Exploring the Dungate project in central BC for a porphyry. Two good targets (via one historic hole with no assays but promising drill logs, geophysics, sampling, soils) on property that's road accessible, workable year round, gentle terrain. Low market cap at entry

GGL Resources

GGL.V 08-Oct-20 $0.18 100 $0.12 -33%

Getting set to start drilling the high-grade oxide gold zone at Gold Point in Nevada. Opportunity to extend known high-grade shoots, explore around old stopes,and test other veins/areas. Strong technical team, tight share structure.

Gold Basin Resources

GXX.CSE 07-Apr-21 $0.33 100 $0.40 21%

Under the radar company drilling with Gold Basin project in Arizona to confirm JORC resource and grow it. Good odds to define at least 1M at surface oxide gold ounces in short order.

Great Bear Resources

GBR.V, GTBAF.OCT

11-Dec-17 $0.29 $0.48 (sold half to

$0, COVID) 50 $14.18 2854%

GBR doing 300-hole program to define first resource at LP Fault as fast as possible. 10M oz. is likely. Race to resource before getting taken out

HWG.V 08-Jun-21 $0.45 100 $0.22 -51%

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Headwater Gold

Searching for high-grade gold thru focus on LSE gold systems in western US. Portfolio approach. Strong team, newly trading

Heliostar Metals

HSTR.V 30-Jul-20 $0.09 $1.35 (rollback) 100 $0.84 -38%

Unga project in Alaska has four strong targets (high-grade vein with expansion potential, high-grade structure ignored for 40 years because bad drilling gave bad results, drill-tested high-grade beneath old gold mine left behind bcs polymetallic, and flat-lying surface oxide gold zone). New management advancing with focus & funding; also brought in 3 promising Mexican projects

HighGold Mining

HIGH.V; HGGOF.OTC

Spinout or $0.45

$0.45 $0.41 (COVID) 100 $1.29 215%

JT has high-grade deposit open for expansion (now that HIGH has figured it out) plus multiple related targets never before tested. Market wasn't excited about 2020 results after splash of 2019 but much improved geologic model means 2021 program has strong potential

IsoEnergy *

ISO.V, ISENF.OTC

12-Dec-18 $0.40 $0.44 (COVID) 100 $4.74 977%

Only junior with a high grade U discovery as uranium bull market gathers momentum. Winter drill program cancelled because of COVID restrictions. Summer drilling should start soon, leading to maiden resource

Kodiak Copper

KDK.V 18-Dec-19 $0.35 $0 50 $1.34

Major gold-copper porphyry discovery in second drill program at MPD. Follow-up drilling started in March aimed at expanding high-grade core south and testing other very similar targets on property.

Libero Copper & Gold

LBC.V, LBCMF.OTC

26-May-21 $0.60 100 $0.38 -37%

Copper explorer will drill test a porphyry in BC discovered late last year and a porphyry in Argentina discovered in 2018 but never followed up. Two good kicks at copper porphyry discovery. Also permitting to drill a sizeable porphyry is Colombia with clear room to grow.

Nevada Exploration

NGE.V, NVDEF.OTC

11-Oct-17 $0.33 $0.30 (COVID) 100 $0.15 -50%

Stalking big gold under cover in Nevada. Have found what looks like a massive system; need to find the hot spot therein. Drilling now underway

Newrange Gold

NRG.V 21-Apr-21 $0.13 100 $0.12 -8%

New approach and IP data outlined 3 new targets at Pamlico project that are not hard-to-find veins (oxide gold at surface, skarn area, and intrusion-related gold). All three will see drilling, as will the new North Birth project in Ontatio that offers good evidence for iron formation gold.

Oro X --> now Silver X

AGX.V 08-Oct-20 $0.80 100 $0.43 -47%

Merging with Latitude Silver to become Silver X, focused on Nueva Recuperada mine in Peru. Operating zinc-silver mine with exploration upside and expansion potential. Corporate goal: add more silver assets. Paul Matysek involved.

Osino Resources

OSI.V 13-Apr-20 $0.69 -0.03 50 $1.13

Gold discovery in Namibia under till. Strong team has rapidly delineated large open-pittable deposit of good grade. PEA pending and exploraiton keeps expanding.

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Outcrop

OCG.V, MRDDF.OTC

12-Feb-20 $0.11 0 75 $0.21 110%

Hammering the vein system at Santa Ana with holes; great success thus far hitting repeating high-grade shoots along 14 km vein extent.

Pan Global Resources

PGZ.V, PGNRF.OTC

18-Feb-21 $0.48 100 $0.65 35%

advancing a strong and potentially large VMS discovery at the Escacena project in Spain. Lots of room to grow, multiple similar untested targets (and VMS's occur in clusters), and surrounded by operating mines. Standout copper explorer

Reyna Silver

RSLV.V 23-Sep-20 $1.05 100 $0.69 -34%

Top tier technical and markets team with portfolio of Mexican silver assets. Two projects will be drilled 2021; potential for big success

Ridgeline Minerals

RDG.V 17-Aug-20 $0.55 100 $0.50 -9%

New company with three high potential Nevada gold projects. Selena developing into significant surface oxide silver-gold zone; Swift and Carlin East are deep, high-grade targets. Well funded, strong backers, tight structure, cheap drill contract

Riley Gold

RLYG.V 09-Jun-21 $0.45 100 $0.38 -16%

First results from Tokop project in Nevada pending. Granite-hosted gold offers potential for both high-grade and disseminated gold (via sheeted veins), over significant scale

Sassy Resources

SASY.C 08-Oct-20 $1.08 100 $0.54 -50%

Foremore project in BC has multiple strong targets. New Newfoundland land position gives exposure to another hot district.

Silver Tiger

SLVR.V, SLVTF.OTC

29-Dec-20 $0.51 100 $0.54 6%

Serially successful team in finding / developing deposits in Mexico. El Tigre mine was rich; remnant halo hosts 1M leachable gold eq. ounces. This will grow and PEA pending. Splash from exploring the rest of the vein system. 5 rigs turning, strong shareholder group

Tarachi Gold

TRG.V 08-Oct-20 $0.40 100 $0.23 -44%

Mexico gold-silver explorer bought the Magistral tailings and process plant - path to near term production, to create cash flow. Also exploring series of early-stge proejcts

Visionary Gold

VIZ.V 20-Jan-21 $0.18 25 $0.17 -6%

Well structured company diving into gold potential of Wyoming, which is littered with historic gold mines but has been ignored by modern explorers. Dipped a toe into this stock for its potential to become much bigger

Vizsla Resources

VZLA.V 09-Oct-19 $0.41 100 $2.51 512%

Exciting high-grade silver discovery underway at Panuco project in Mexico. Multiple veins to test. Strong team, cashed up, momentum, 8 drills means constant news.

Royalty Companies

Empress Royalty

EMPR.V; EMPYF.OTC

30-Dec-20 $0.54 0.13 66 $0.35 165%

New royalty co with strategy focused on buying new royalties, in deals engineered by three strategic partners. Impressive management.

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EMX Royalty

EMX.V, NYSE

14-Nov-14 $0.86 $0.98 100 $3.47 254%

Using cash to constantly build the portfolio: royalties, properties to prep and option out, strategic investments. Cash flows cover operations. Tight shareholder registry.

Portfolio Updates

Banyan Gold (TSXV: BYN; USOTC: BYAGF)

Now complete, this year’s 18,700-metre, Phase 1 drill program on AurMac’s Powerline target was as ambitious as it was consistent in terms of the long widths of mineable grade gold it produced.

BYN reported the last batch of 15 holes from this program today and the “highlights” were more of the same (e.g., 144.8 metres of 0.74 g/t, including 47.5 metres of 1.4 g/t and 89.5 metres of 0.50 g/t). As the green dots in the drill hole map below indicate, BYN tested the eastern and western extents of the mineralization at Powerline.

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With results pending from the ~4,400 metres BYN has drilled at Aurex Hill (the magenta dots to the east of Powerline, which is a very exciting target) and Phase 2 drilling ongoing at Powerline, we should see more releases of this variety through the rest of 2021 and into 2022.

Given the success drilling has had expanding and confirming the continuity of the mineralization at AurMac, I think odds remain good that Banyan can push the ounce count at AurMac past 2 million by the end of the year. The expansion at Powerline alone will go a long ways towards that mark. The wild card, for better or worse (though short percussion drill holes suggest better), is what they drill into at Aurex Hill.

Heliostar Metals (TSXV: HSTR; USOTC: HSTXF)

RC drilling on Unga’s Aquila target is continuing to highlight that zone’s potential to host a significant area of near-surface gold. This week HSTR released assays from the first seven of 13 holes drilled on Aquila this year.

All 13 holes targeted the Amethyst vein encountered last year by Hole AQ20-01 (4.46 g/t over 3.6 metres and 2.2 g/t gold over 17.4 metres). Holes AQRC21-01 through 05 tested around that hit. Those holes produced a mixed bag of results that included 1.5 metres of 9.9 g/t, 1.5 metres of 0.66 g/t, and 1.5 metres of 5.6 g/t. At an area 220 metres southwest of this target zone, Hole AQRC21-09 cut 3.1 metres of 6.1 g/t.

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As you can see from the cross-section, the Amethyst vein remains open at depth. It’s 220 metres of strike remain open as well. A follow-on diamond drilling program will test Aquila’s (and Amethyst’s) depth potential.

I chose HSTR as one of my Top Picks for 2021 because there are so many high potential opportunities at Unga. As these results demonstrate, Aquila is most definitely one of those opportunities.

IsoEnergy (TSXV: ISO; USOTC: ISENF)

ISO has seen its share nearly price double since mid-August, a reflection of a recent spike in uranium prices. Of course, the company’s official re-start of drilling last week at Larocque East and Hurricane no doubt played a role as well.

As that program progresses, we should see assays from the 4,400-metre program ISO just completed on its Geiger project. It’s the first work ISO has done outside of Larocque East and Hurricane since 2018. Because the holes drilled followed up on anomalous results from historical drilling at Geiger, some assays of note aren’t out of the question.

Short of a huge surprise though, the company’s focus will remain squarely on getting the drilling done to produce a resource estimate for Hurricane and test other targets at Larocque East.

You gotta love the start of a uranium bull market! Remember, one of the key things about a uranium bull market is that there are very few stocks in the game. So when investors decide they want exposure, they all get funneled into a small selection of stocks. There are a few

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producers, led by Cameco; there are near-term producers or developers, like NexGen and UEC, and there are a few explorers, like ISO.

It doesn’t hurt that ISO also announced it just moved its drill rig back to Hurricane – its high-grade uranium discovery that needs just one more program of drill holes to likely define a maiden resource. ISO went through a quiet spell when COVID really meant they could not do a winter drill program, but while that was annoying at the time it might work out better in the long run as ISO now has the opportunity to announce exploration results into a strong uranium market, instead of a quiet one.

Kodiak Copper (TSXV: KDK; USOTC: KDKCF)

KDK used an exploration update to remind the market of the scale of the Gate target within its MPD copper-gold project. Drilling has currently outlined the key host rock at Gate for 950 metres along strike, for 350 metres in width and down to 800 metres depth.

The current, 30,000-metre drilling program at MPD is geared, first and foremost, toward infilling that large area of alteration at Gate. KDK also plans to test the Dillard zone later this year as part of this program, which is pretty exciting as Dillard is very similar to Gate but carries a larger and stronger soil anomaly.

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The hope is that Gate ends up being one of several porphyritic centres at MPD. If so, the project would add a new chapter to BC’s long track record of hosting these sort of district-scale deposit areas.

Like pretty much everyone else, KDK’s ability to generate consistent news from this program at MPD has been hampered by slow labs, which don’t seem to be doing any better this year than they did last year. Sigh.

Libero Copper & Gold (TSXV: LBC; USOTC: LBCMF)

In a Tuesday update on exploration at Big Red’s Terry target, LBC reported visible chalcopyrite within the core drilled so far. The entire length of the first hole from this program, which was drilled to 510 metres depth, looks to be mineralized.

Libero has supplemented the ongoing, 5,000-metre program at Terry (five holes have been drilled so far) with soil sampling and ground geophysics to identify additional targets. So far, this work has outlined four areas worthy of follow up.

It’s definitely good news that the core appears mineralized throughout. Of course, nothing is certain until we have assays, and the fact that the price didn’t move on this descriptive news suggests the market is getting more savvy to that fact. But this still bodes well. Ideally

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investors will get more excited – and bid LBC stock up – in a stronger fall market as results approach.

Montage Gold (TSXV: MAU; USOTC: MAUTF)

As MAU looks to plug Kone’s newly defined, 4.27-million-ounce indicated resource into a feasibility study due out in early 2022, the company announced this morning that it had received an exploration license that will double Kone’s land package.

The southern end of the new, Faradougou license lies just 30 kilometres north of the deposit area at Kone and provides some longer-term blue sky to go with the development story that, rightfully, will remain front and centre for Montage.

Recent follow-up drilling on the Petite Yao target at Kone hit a few instances of minable-grade gold, including 8 metres of 3.2 g/t gold. Based on the results from this program, Petite Yao still has the potential to host the sort of satellite resources that could help feed a mill at Kone, and the project has several of untested targets that could also provide supplemental ounces to the main deposit. This new exploration license only adds to that “satellite resource” potential.

Outcrop Silver & Gold (TSXV: OCG; USOTC: OCGSF)

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The sampling results OCG released on Tuesday from Santa Ana really underscore this project’s district-scale potential. Those samples have highlighted new vein areas 1,000 metres north of Santa Ana’s El Dorado target and 1,100 metres south of its San Antonio vein.

Highlights from the area north of El Dorado include samples grading up to 3,086 g/t silver equivalent. The best sample from the newly defined Maras target, located south of San Antonio and west of the Espiritu Santo target, returned 2,087 g/t silver equivalent. Considering that OCG has only drilled a fraction of the surface vein expression at Santa Ana, it’s clear that further drilling will very likely yield more high-grade results.

There really is a lot of potential at Santa Ana. The market has lost interest in this stock, though I’m not sure why. The shoots they have already outlined are promising in terms of scale, grade, and mine-ability. They keep showing additional potential with news like this and keep following it up with drill results (a 12,000-metre, Phase 3 program is ongoing at Santa Ana).

Revival Gold (TSXV: RVG; USOTC: RVLGF)

RVG’s share price gained nicely on another set of result from the deeper drilling RVG has been doing on the Joss target within the Beartrack portion of its Beartrack-Arnett project.

Let me set the stage here. RVG has lots of sulphide gold grading about 1.5 g/t around the old Beartrack pits. It might make sense to put those into a mine plan already but the grade is not high and the resources require dewatering of old pits and pit wall pushbacks and the like, so it’s not obviously economic at this point.

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You can see the defined ounces under the pit. If your eyes are good, you might also be able to see that grades improve moving south, towards the old Joss pit. Still, the average grade is marginal given the setup and the capital cost of building a milling operation.

The way to make those sulphide ounces make sense is to find some high-grade to add to the mix. Grades increase going south as do geologic reasons to believe in high-grade potential. So Revival focused its Beartrack work on searching for high grade south of Joss.

And it’s working.

The hits are deep but that was the idea. They did not expect to find near surface high grade mineralization. They were searching for gold of enough grade and scale that it would make sense to mine underground, ideally in a larger-scale operation.

It’s like the rocks were listening. Revival has results from 16 holes into the target to date. They outline a zone with 1 km strike that carries 4 to 11 g/t gold across 1 to 5 metres true width, surrounded by a halo of lower grade mineralization that is tens of metres thick.

Rough math: that could easily represent 2-3 million tonnes of high-grade mineralization, plus 10 to 20 million tonnes of lower-grade gold.

For context, the sulphide resource at Beartrack currently stands at 22.2 million indicated tonnes averaging 1.5 g/t gold plus 22.2 million inferred tonnes at 1.2 g/t gold. If it pans out the way it might, the Joss target would be a significant addition.

I mention all of this now for two reasons. The first is that I just met with Revival here at Beaver Creek and the big takeaway for me was this chart:

This chart shows NPV (the value of the project) on the y-axis and ounces of gold in the mine plan on the x-axis. Look only at the left side first. Growing the leach operation, where RVG already has a positive PEA, will create some additional value, but the improvements are fairly small and so too is the value gain.

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Then look at the right side of the chart. That’s what adding the sulphide resource could do to the value proposition. The ounce count in the mine plan would jump dramatically and the value gain is therefore also dramatic.

The second reason I’m running through all this right now is that Revival did just release another set of results from Joss. If you recall, last month Hole 237D generated a high-grade hit of 11.8 g/t gold over 2.5 metres and 5.4 g/t gold over 5.8 metres. This week’s release included similarly nice grades from Hole 238B, drilled 180 metres north of Hole 237D: it returned 6.8 g/t gold over 6 metres and 12.6 g/t over 1.2 metres within 50 metres of 2.8 g/t.

That latter intercept capture the high-grade core and the lower-grade halo nicely.

Assays for the final hole from Joss, which was drilled 400 metres south of the southernmost hole drilled there previously, should hit the newswires shortly.

In the interim, RVG has moved on to a 2,500-metre program at the oxide gold Haidee deposit. As the value chart above suggests, success increasing the ounces available for the heap-leach mine plan would also add value to RVG, if more modestly.

Revival keeps doing exactly what it says it will. It is now delineating a high-grade addition to the moderate-grade sulphide resource at Beartrack, which has then potential to leapfrog the project’s valuation argument relative to the oxide mine plan. That said, there’s no downside to

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advancing the oxide plan and so RVG is drilling to expand the deposit while doing the environmental and tradeoff studies needed.

Demonstrating that Beartrack-Arnett has potential to become an asset of scale is exciting, especially as I think Idaho (where there’s a huge amount of exploration happening) will attract attention in the next year from major miners looking for assets of scale in safe jurisdictions.

Reyna Silver (TSXV: RSLV; USOTC: RSNVF)

This week brought the first results from Reyna’s 10,000-metre drilling program at Batopilas. Of the seven holes for which assays were released, two hit significant mineralization, one from drilling on 2020 trenches cut along native-silver-hosting veins and one drilled along the Teodoro vein, which returned high-grade gold in trenching last year.

Hole 30 tagged into whopper native silver as well as gold (3.0 g/t gold and 703 g/t silver over 3.2 metres, including 8.7 g/t gold and 10,565 silver over 0.85 metres). Hole 34 hit mineralization below an outcrop of the Teodoro vein, returning 1.5 metres of 4.9 g/t gold and 10.7 g/t silver, including 0.25 metres of 28.7 g/t gold and 59 g/t silver.

The uber-high-grade silver hit from Hole 30 is a reminder that Batopilas has a long history of prolific silver production (200-300 million ounces) from exactly these sorts of native-silver-

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hosting veins. The high-grade gold hit from Teodoro is a nice bonus within this first batch of results from Batopilas.

This news provided context to an update earlier this week from RSLV on all its projects. In addition to the work underway on Batopilas, the company is also on the verge of releasing all the results from the 12,000 metres of drilling it recently completed on its Guigui project. A Stage 2 program, comprised of at least 10,000 metres, has already begun there. Reyna is also preparing for drilling on its Medicine Springs project (7,000 metres in Q2 2022) and its La Reyna project (5,000 metres this fall, pending permitting).

All the action that we’ve been very patiently awaiting is now at hand. And heck – issuing news into a stronger fall market is arguably better than doing so in a weak summer market anyway! So here’s hoping for at least smoke, if not fire, at Guigui and some more immediate fire (splash) at Batopilas.

Silver X Mining (TSXV: AGX; USOTC: WRPSF)

The headline grades were quite good in a recent update from Silver X on underground channel sampling on the Tangana 1 vein within the larger Tangana deposit area at Nueva Recuperada.

One sample from Tangana on returned a gold-heavy, 0.95-metre sample grading 70.9 g/t gold and 1,675 g/t silver. Other samples of note included 7.4% lead over 0.6 metres and 6.8% zinc over 0.8 metres. Added to other recent work, these samples have helped extend the mineralization at Tangana 1 by 200 metres vertically and defined a total strike length of more than 220 metres.

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The strong grades from sampling effort underline the story I told last week of how Tangana seems to be serving up better grades than history suggested. Sampling grades never generate as much interest as drilling, which shouldn’t necessarily be the case when sampling is along new development in an operating underground mine being driven forward by a new team. That said, the scale of what they have outlined to date with this sampling still feels small so I can understand that also reduces the impact.

But at the end of the day: high grades help mines make money. AGX is mining at Tangana to make money, so that they can explore the rest of the exploration opportunity at the Nueva Recuperada property without having to raise money and dilute shareholders. So these results do matter. And AGX’s share price shows that the market is starting to give AGX some credit for Tangana that it did not originally give.

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