Friday, July 9, 2021

Allegiant Gold (AUXXF)(AUAU:CA)
Allegiant Picks Up Additional Claims on Western Edge of the Original Pit Zone

Allegiant Gold Ltd is a gold exploration company. Its project profile consists of Bolo, Browns Canyon, Clara Moro, Four Metals, Monitor Hills, Red Hills, Silver Dome, West Goldfield, White Horse Flats, Mogollon, Eastside, Dutch Flat, and others.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Eastside project area enlarged. Allegiant Gold executed an option agreement to purchase 84 claims adjacent to and west of the Original Pit Zone at the company’s Eastside project. Eastside now consists of 973 claims encompassing 80 square kilometers in Nevada’s Walker Lane Trend. Management thinks the western edge of the Original Pit Zone is host to higher-grade zones. During the last drill campaign ending in April 2021, the company drilled 49 holes, 47 of which encountered shallow mineralization, in the Castle Area. In the Original Pit Zone, 9 holes were drilled, including Hole 243 which returned 2.55 grams of gold per tonne over 147.8 meters. Strong gold intercepts were encountered in several holes on the western edge.


Near-term drilling plan.  Follow-up drilling at the original pit zone will utilize up to two diamond drill rigs and entail drilling 8 to 10 holes, or roughly 1 core hole per rig per month. The drilling will focus on…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Friday, July 9, 2021

Endeavour Silver (EXK)(EDR:CA)
Strong 2Q Production Results; On Track to Meet or Exceed Guidance

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation. The company is organized into four operating mining segments, Guanacevi, Bolanitos, El Cubo, and El Compas, which are located in Mexico as well as Exploration and Corporate segments. Its Exploration segment consists of projects in the exploration and evaluation phases in Mexico and Chile.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Production surpasses our estimates. Compared to the prior year period, second quarter silver and gold production increased 80% and 92%, respectively, to 1,073,724 ounces and 11,166 ounces, versus our estimates of 1,054,376 ounces and 7,943 ounces. Year-over-year comparisons reflect 2020 COVID-related production impacts. During the quarter, Endeavour sold 1,120,266 ounces of silver and 9,810 ounces of gold. Payable silver and gold ounces produced during the quarter amounted to 1,062,267 and 10,955 ounces, respectively. Gold production exceeded our estimates at all three mines due to higher throughput, grades, and recoveries. Silver production also surpassed our estimate driven by strong performance at Guanacevi. Compared to the first quarter of 2021, second quarter silver and gold production increased 2.4% and 0.5%, respectively.


Full year 2021 and 2022 estimates.  We forecast 2021 EPS of $0.06 and EBITDA of $52.5 million, largely unchanged from our prior forecast. The wildcard for the second half is El Compas where reserves are only sufficient to…

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Thursday, July 08, 2021

Palladium One Mining Inc. (NKORF)(PDM:CA)
Recent IP Surveys Yield Positive Implications for LK Project Resource Potential

Palladium One Mining Inc is a palladium dominant, PGE, nickel, copper exploration and development company. Its assets consist of the Lantinen Koillismaa and Kostonjarvi PGE-Cu-Ni projects, located in north-central Finland and the Tyko Ni-Cu-PGE and Disraeli PGE-Ni-Cu properties in Ontario, Canada. LK is targeting disseminated sulphide along 38 kilometers of favorable basal contact. The KS project is targeting massive sulphide within a 20,000-hectare land package covering a regional scale gravity and magnetic geophysical anomaly. Tyko is a 13,000-hectare project targeting disseminated and massive sulphide in a highly metamorphosed Archean terrain. Disraeli is a 2,500-hectare project targeting PGE-rich disseminated and massive sulphide in a highly productive Proterozoic mid-continent rift.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

IP surveys underscore Kaukua South resource potential. Results from two recent induced polarization (IP) surveys confirmed an increase in the Kaukua South IP chargeability anomaly to over 7 kilometers in strike length from the initial 4 kilometer area where drilling has returned impressive drill results and confirmed mineralization. The anomaly has been extended northwest and to the south of the Kaukua pit-constrained resource offering the potential for an expanded Kaukua open pit.


Putting it into perspective.  An existing NI 43-101 compliant Kaukua pit constrained resource of 635,600 ounces of indicated palladium equivalent resources and 525,800 inferred palladium equivalent resources only covers a strike length of 1 kilometer. The western grid survey indicated there may be an opportunity to significantly widen the existing Kaukua Pit, and the detection of a significant …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

 

Endeavour Silver Produces 1,073,724 Oz Silver And 11,166 Oz Gold For 2.0 Million Oz Silver Equivalents In Q2, 2021

 

VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports production of 1,073,724 silver ounces (oz) and 11,166 gold oz in Q2, 2021, for silver equivalent (“AgEq”) production of 2.0 million oz at an 80:1 silver:gold ratio. Production continues to outpace the 2021 production guidance of 6.1-7.1 million silver equivalent ounces, totaling 3.9 million AgEq oz for the 6 months ended June 30, 2021.

Quarterly production increased significantly compared to Q2, 2020, when mining operations were temporarily suspended as mandated by the Mexican government to halt the spread of the COVID-19 pandemic from April 2020 to late May 2020.

2021 Second Quarter Highlights

• Consolidated Production Ahead of Plan: Silver equivalent production at each mine is on track to meet or exceed 2021 production plans.
  
  
• Guanacevi Production Ahead of Plan: Higher throughput and higher grades resulted in production exceeding plan during the quarter and ahead of the annual plan.
  
  
• Bolanitos Production on Plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  
  
• El Compas Production on Plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  
  
• Metal Sales and Inventories: Sold 1,120,266 oz silver and 9,810 oz gold, held 459,659 oz silver and 1,891 oz gold of bullion inventory and 12,159 oz silver and 944 oz gold in concentrate inventory. Management withheld metal from sale during the price correction over last two weeks of June and plans to sell the withheld metal inventory in anticipation of a precious metal prices rebound in 2021.
  
  
• Sold the El Cubo Assets: Completed the sale of the El Cubo mine in Guanajuato, Mexico to Guanajuato Silver (Formerly named VanGold Mining Corp) for $15 million in cash and share payments, with up to $3 million in contingent payments.
  
  
• Seamless Management Succession Plan: Bradford Cooke stepped down as CEO and assumed the role of Executive Chair of the Company following the AGM on May 12, 2021. Dan Dickson assumed the role of CEO and Christine West was promoted to CFO.
  
  
• Delivered Positive Brownfields Exploration Results at Guanacevi and Bolanitos: Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanacevi, and in the Medallito and Belen veins at Bolanitos.
  
  
• Delivered Positive Regional Exploration Result at the Terronera Development Project: Intercepted high-grade silver-gold mineralization in a number of structures near the Terronera vein. The Project Management Team continues to advance the feasibility study, which is expected to be completed during the third quarter of 2021.

Dan Dickson, Endeavour CEO, commented, “I am excited to lead the Endeavour team into the Company’s next chapter. I want to commend our management and employees who have professionally navigated the global pandemic with care and understanding for our fellow workers, business partners and communities. As an organization, our goal is to be a leader in our communities while delivering safe, sustainable production.”

In Q2, Endeavour delivered positive results in operations and exploration and is pushing to advance the Terronera project to a development decision with the completion of the Terronera Feasibility Study in Q3, 2021.”

Mine Operations

Consolidated silver and gold production in Q2, 2021 were both higher than Q2, 2020 due to the suspension of the Guanacevi, Bolanitos and El Compas mines as a result of the COVID-19 pandemic in Q2, 2020. Q2, 2021 production slightly exceeded plan as higher throughput at each operation contributed to the higher production.

Guanacevi throughput exceeded plan and was the highest quarterly throughput since 2014 as operations continued to outperform. Mining the new higher grade El Curse orebodies has led to significantly improved grades and mine plan flexibility. Additionally, supplies of local third-party ores continued to supplement mine production, amounting to 10% of quarterly throughput, and contributed to the higher ore grades.  

Bolanitos and El Compas processed tonnes, were all higher compared to plan, partly offset by slightly lower grades due to normal variations in the ore body. It is expected that grades will align with planned grades over the course of the year. As previously disclosed by the Company (see EDR news release dated January 7, 2021), the existing reserve at El Compas is limited and sufficient to continue mining until mid-2021. Management is currently assessing alternatives, including temporary closure.

COVID-19 pandemic remains relevant in Mexico, and at the Company’s business locations, process and protocols remain in place to ensure staff and workers as well as our communities remain as safe as possible. Vaccination programs are advancing in Mexico to allow a return of a new normal in the second half of this year.

Production Highlights for Three Months and Six Months Ended June 30, 2021

⁽¹⁾    Silver equivalent ounces calculated using 80 :1 ratio .

 

Production Tables for Second Quarter, 2021 by Mine ^( 
1 
)

⁽¹⁾  gpt = grams per tonne

 

Production Tables for Six Months Ended June 30, 2021 by Mine ^( 
1 
)

⁽²⁾   gpt = grams per tonne

 

Paloma Drill Results

Endeavour drilling has confirmed widespread alteration and low grade gold mineralization at its Paloma project. The Paloma project is a high-sulphidation, epithermal-style hydrothermal system located in the Chilean Miocene deposit belt, 180 kilometers southeast of the city of Calama, 5,000 metres above sea level. Endeavour has an option to acquire up to 70% ownership of 5,100 hectares from Compañía Minera del Pacifico.

To date, Endeavour completed 5,945 metres of diamond drilling in 13 drill holes. Highlights include 0.4 grams per tonne of gold over 46 metres true width, however it is interpreted that the drilling did not reach the core of the system. The exploration team is currently analyzing the drill results to develop the next phase drill program to test for the possibility of higher grade mineralization.

Management Appointment

Endeavour Silver is pleased to announce that Galina Meleger has been promoted to the position of Vice President of Investor Relations effective July 15^th, 2021. Galina has been with Endeavour Silver since 2017 and brings extensive knowledge and leadership to her role with a strong understanding of business goals and a global investor network. Galina Meleger has over 15 years’ experience in the resource sector, in the capacity of investor relations, corporate communications and more recently ESG. During 2021, Galina was the recipient of several industry awards including the “Belle Mulligan Award for Leadership in Investor Relations” from CIRI (Canadian Investor Relations Institute) and the “30 under 40” which honors the most talented individuals in the investor relations community from NIRI (National Investor Relations Institute). Galina’s career history includes successful and highly regarded companies, with international listings, including, Newmarket Gold and then subsequently Kirkland Lake Gold, KGHM, and Copper Mountain Mining Corporation.

Release of Second Quarter, 2021 Financial Results and Conference Call

The 2021 Second Quarter Financial Results will be released before market on Tuesday, August 10, 2021 and a telephone conference call will be held the same day at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass code is 7318#. The audio replay and a written transcript will be available on the Company’s website at www.edrsilver.com under the Investor Relations, Events section.

Qualified Person and QA/QC – Dale Mah, P.Geo., Vice President Corporate Development of Endeavour Silver, is the Qualified Person who reviewed and approved the technical information contained in this news release. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to SGS Labs, where they are dried, crushed, split and 250 gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption (AAS) finish and silver by aqua regia digestion with ICP finish, over-limits by fire assay and gravimetric finish.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information:
Galina Meleger, Director, Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the impact of suspension of mining operations, Endeavour’s anticipated performance in 2021, including production forecasts, cost estimates and metal price estimates, and the timing and results of mine expansion and development and receipt of various permits. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, uncertainty of the ultimate impact of the COVID 19 pandemic on operations, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; metal prices; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, the impact of the COVID 19 pandemic on mining operations in Mexico generally, and the Company’s operations specifically, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, resource and reserve estimates, metal prices, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Source: Endeavour Silver Corporation

 

Endeavour Silver Produces 1,073,724 Oz Silver And 11,166 Oz Gold For 2.0 Million Oz Silver Equivalents In Q2, 2021

 

VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) — Endeavour Silver Corp. (TSX: EDR, NYSE: EXK) reports production of 1,073,724 silver ounces (oz) and 11,166 gold oz in Q2, 2021, for silver equivalent (“AgEq”) production of 2.0 million oz at an 80:1 silver:gold ratio. Production continues to outpace the 2021 production guidance of 6.1-7.1 million silver equivalent ounces, totaling 3.9 million AgEq oz for the 6 months ended June 30, 2021.

Quarterly production increased significantly compared to Q2, 2020, when mining operations were temporarily suspended as mandated by the Mexican government to halt the spread of the COVID-19 pandemic from April 2020 to late May 2020.

2021 Second Quarter Highlights

• Consolidated Production Ahead of Plan: Silver equivalent production at each mine is on track to meet or exceed 2021 production plans.
  
  
• Guanacevi Production Ahead of Plan: Higher throughput and higher grades resulted in production exceeding plan during the quarter and ahead of the annual plan.
  
  
• Bolanitos Production on Plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  
  
• El Compas Production on Plan: Processed tonnes were ahead of plan, offset by slightly lower ore grades than planned during the quarter.
  
  
• Metal Sales and Inventories: Sold 1,120,266 oz silver and 9,810 oz gold, held 459,659 oz silver and 1,891 oz gold of bullion inventory and 12,159 oz silver and 944 oz gold in concentrate inventory. Management withheld metal from sale during the price correction over last two weeks of June and plans to sell the withheld metal inventory in anticipation of a precious metal prices rebound in 2021.
  
  
• Sold the El Cubo Assets: Completed the sale of the El Cubo mine in Guanajuato, Mexico to Guanajuato Silver (Formerly named VanGold Mining Corp) for $15 million in cash and share payments, with up to $3 million in contingent payments.
  
  
• Seamless Management Succession Plan: Bradford Cooke stepped down as CEO and assumed the role of Executive Chair of the Company following the AGM on May 12, 2021. Dan Dickson assumed the role of CEO and Christine West was promoted to CFO.
  
  
• Delivered Positive Brownfields Exploration Results at Guanacevi and Bolanitos: Drilling continued to intersect high-grade silver-gold mineralization in the Santa Cruz vein at Guanacevi, and in the Medallito and Belen veins at Bolanitos.
  
  
• Delivered Positive Regional Exploration Result at the Terronera Development Project: Intercepted high-grade silver-gold mineralization in a number of structures near the Terronera vein. The Project Management Team continues to advance the feasibility study, which is expected to be completed during the third quarter of 2021.

Dan Dickson, Endeavour CEO, commented, “I am excited to lead the Endeavour team into the Company’s next chapter. I want to commend our management and employees who have professionally navigated the global pandemic with care and understanding for our fellow workers, business partners and communities. As an organization, our goal is to be a leader in our communities while delivering safe, sustainable production.”

In Q2, Endeavour delivered positive results in operations and exploration and is pushing to advance the Terronera project to a development decision with the completion of the Terronera Feasibility Study in Q3, 2021.”

Mine Operations

Consolidated silver and gold production in Q2, 2021 were both higher than Q2, 2020 due to the suspension of the Guanacevi, Bolanitos and El Compas mines as a result of the COVID-19 pandemic in Q2, 2020. Q2, 2021 production slightly exceeded plan as higher throughput at each operation contributed to the higher production.

Guanacevi throughput exceeded plan and was the highest quarterly throughput since 2014 as operations continued to outperform. Mining the new higher grade El Curse orebodies has led to significantly improved grades and mine plan flexibility. Additionally, supplies of local third-party ores continued to supplement mine production, amounting to 10% of quarterly throughput, and contributed to the higher ore grades.  

Bolanitos and El Compas processed tonnes, were all higher compared to plan, partly offset by slightly lower grades due to normal variations in the ore body. It is expected that grades will align with planned grades over the course of the year. As previously disclosed by the Company (see EDR news release dated January 7, 2021), the existing reserve at El Compas is limited and sufficient to continue mining until mid-2021. Management is currently assessing alternatives, including temporary closure.

COVID-19 pandemic remains relevant in Mexico, and at the Company’s business locations, process and protocols remain in place to ensure staff and workers as well as our communities remain as safe as possible. Vaccination programs are advancing in Mexico to allow a return of a new normal in the second half of this year.

Production Highlights for Three Months and Six Months Ended June 30, 2021

⁽¹⁾    Silver equivalent ounces calculated using 80 :1 ratio .

 

Production Tables for Second Quarter, 2021 by Mine ^( 
1 
)

⁽¹⁾  gpt = grams per tonne

 

Production Tables for Six Months Ended June 30, 2021 by Mine ^( 
1 
)

⁽²⁾   gpt = grams per tonne

 

Paloma Drill Results

Endeavour drilling has confirmed widespread alteration and low grade gold mineralization at its Paloma project. The Paloma project is a high-sulphidation, epithermal-style hydrothermal system located in the Chilean Miocene deposit belt, 180 kilometers southeast of the city of Calama, 5,000 metres above sea level. Endeavour has an option to acquire up to 70% ownership of 5,100 hectares from Compañía Minera del Pacifico.

To date, Endeavour completed 5,945 metres of diamond drilling in 13 drill holes. Highlights include 0.4 grams per tonne of gold over 46 metres true width, however it is interpreted that the drilling did not reach the core of the system. The exploration team is currently analyzing the drill results to develop the next phase drill program to test for the possibility of higher grade mineralization.

Management Appointment

Endeavour Silver is pleased to announce that Galina Meleger has been promoted to the position of Vice President of Investor Relations effective July 15^th, 2021. Galina has been with Endeavour Silver since 2017 and brings extensive knowledge and leadership to her role with a strong understanding of business goals and a global investor network. Galina Meleger has over 15 years’ experience in the resource sector, in the capacity of investor relations, corporate communications and more recently ESG. During 2021, Galina was the recipient of several industry awards including the “Belle Mulligan Award for Leadership in Investor Relations” from CIRI (Canadian Investor Relations Institute) and the “30 under 40” which honors the most talented individuals in the investor relations community from NIRI (National Investor Relations Institute). Galina’s career history includes successful and highly regarded companies, with international listings, including, Newmarket Gold and then subsequently Kirkland Lake Gold, KGHM, and Copper Mountain Mining Corporation.

Release of Second Quarter, 2021 Financial Results and Conference Call

The 2021 Second Quarter Financial Results will be released before market on Tuesday, August 10, 2021 and a telephone conference call will be held the same day at 10:00am PT (1:00pm ET). To participate in the conference call, please dial the numbers below. No pass code is necessary.

Toll-free in Canada and the US: 1-800-319-4610
Local Vancouver: 604-638-5340
Outside of Canada and the US: +604-638-5340

A replay of the conference call will be available by dialing 1-800-319-6413 in Canada and the US (toll-free) or +604-638-9010 outside of Canada and the US. The required pass code is 7318#. The audio replay and a written transcript will be available on the Company’s website at www.edrsilver.com under the Investor Relations, Events section.

Qualified Person and QA/QC – Dale Mah, P.Geo., Vice President Corporate Development of Endeavour Silver, is the Qualified Person who reviewed and approved the technical information contained in this news release. A Quality Control sampling program of reference standards, blanks and duplicates has been instituted to monitor the integrity of all assay results. All samples are split at the local field office and shipped to SGS Labs, where they are dried, crushed, split and 250 gram pulp samples are prepared for analysis. Gold is determined by fire assay with an atomic absorption (AAS) finish and silver by aqua regia digestion with ICP finish, over-limits by fire assay and gravimetric finish.

About Endeavour Silver – Endeavour Silver Corp. is a mid-tier precious metals mining company that owns and operates three high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision and exploring its portfolio of exploration and development projects in Mexico and Chile to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.

Contact Information:
Galina Meleger, Director, Investor Relations
Toll free: (877) 685-9775
Tel: (604) 640-4804
Email: gmeleger@edrsilver.com
Website: www.edrsilver.com

Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn

Cautionary Note Regarding Forward-Looking Statements

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States private securities litigation reform act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the impact of suspension of mining operations, Endeavour’s anticipated performance in 2021, including production forecasts, cost estimates and metal price estimates, and the timing and results of mine expansion and development and receipt of various permits. The Company does not intend to and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Endeavour and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, uncertainty of the ultimate impact of the COVID 19 pandemic on operations, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and Mexico; operating or technical difficulties in mineral exploration, development and mining activities; risks and hazards of mineral exploration, development and mining; metal prices; the speculative nature of mineral exploration and development, risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties; as well as those factors described in the section “risk factors” contained in the Company’s most recent form 40F/Annual Information Form filed with the S.E.C. and Canadian securities regulatory authorities.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the Company’s mining operations, the impact of the COVID 19 pandemic on mining operations in Mexico generally, and the Company’s operations specifically, no material adverse change in the market price of commodities, mining operations will operate and the mining products will be completed in accordance with management’s expectations and achieve their stated production outcomes, resource and reserve estimates, metal prices, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Source: Endeavour Silver Corporation

Wednesday, July 07, 2021

Aurania Resources (AUIAF)(ARU:CA)
Virtual Roadshow Highlights

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Virtual Roadshow. Noble and Channelchek recently hosted a well-attended virtual roadshow featuring Dr. Keith Barron, Chairman and CEO, and Dr. Richard Spencer, President and Director, of Aurania Resources Ltd. Both provided an update on the company’s progress to date and plans going forward. To date, 28 holes have been drilled, representing 12,018 meters of drilling, among several targets, including the Crunchy Hill and Kuri-Yawi epithermal gold-silver targets, the Tsenken N2/N3 porphyry copper targets, and Tsenken N1 sedimentary-hosted copper-silver target.


Drilling Program.  The company has three drill rigs in the field with two currently active. Drilling will continue at the Tsenken N1 target, with a second rig currently drilling the first hole at the Tiria-Shimpia silver-zinc target. Management believes that Tsenken and Tiria-Shimpia may be part of the same mineralized system, extending over 45 kilometers, that gradually changes from copper-dominant …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Wednesday, July 07, 2021

Newrange Gold (NRGOF)(NRG:CA)
Drilling Reveals Potential High-Grade Extension

As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Follow-up drilling. Newrange Gold completed four follow-up diamond core holes representing 800.6 meters of drilling around Hole P21-115, a reverse circulation hole that discovered shallow, high-grade oxide gold mineralization 85 meters east of the Merritt Zone. All four core holes, P21-122 to 125, intersected near surface oxide mineralization resembling that seen in Hole P21-115, the Merritt Zone, and stopes on the 5428 level of the Pamlico Mine. The intercept in Hole P21-122 is lower in elevation than the 5428 level, indicating this new zone could be a down-dropped extension of high-grade mineralization in the Pamlico Mine.


Assays results from the four follow-up holes are pending.  The four holes appear to have discovered a previously unknown extension of the historic, high-grade Pamlico Mine. Management will have a better interpretation once assay results are received and analyzed and the results will help inform future drilling …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Palladium One IP Anomaly Increased over 75%, to more than 7 km at Kaukua South, Finland

Highlights

• Kaukua South IP anomaly expanded to over 7 kilometers in length, from ~4 kilometers.

• IP has proven to be a reliable tool for targeting high-grade mineralization.

• A new and, the largest and strongest
  anomaly in the Kaukua area has been discovered immediately west of the NI43-101 Kaukua pit-constrained Resource.

• Additionally, a new large IP anomaly has been discovered on the far east side of Kaukua South. This may represent a new high-grade core zone of mineralization.

• The Kaukua South IP anomaly has been extended northwest and to the south of the Kaukua pit-constrained Resource, thereby potentially allowing for a significant expansion of the envisioned Kaukua open-pit.

• First release of a detailed Kaukua South long section.

July 07, 2021 – Toronto,
Ontario – Two additional Induced Polarization (“IP’) surveys were carried out in the Greater Kaukua Area to expand the known 4-kilometer long Kaukua South IP anomaly on both it’s eastern and western ends (see news release 
March
11, 2021). The results of the new surveys confirm an over 75% increase in the Kaukua South IP chargeability anomaly, which is now greater than 
7 kilometers in strike length, said Palladium One Mining Inc. (“Palladium One” or the “Company”) (TSXV: PDM, FRA: 7N11, OTC: NKORF) today. Drilling to date has confirmed extensive mineralization over the initial 4-kilometer Kaukua South anomaly, the 3-kilometer expansion suggests a much large resource endowment is possible (see Long Section – Figure 3)

Derrick Weyrauch, President and CEO of Palladium One said, “These new IP survey results highlight how robust the mineralized system is in the greater Kaukua area. In 2019, the Kaukua zone was only 1.2 kilometers long, we have now outlined a zone of over 7 kilometers in length, drilled and proven mineralization over 4 kilometers of strike length and are nearing completion of infill drilling in advance of a maiden NI43-101 resource for a 2-kilometer portion of the Kaukua South zone.”

IP has proven to be a reliable technique for discovering and outlining shallow higher grade PGE-Ni-Cu mineralization at Kaukua and elsewhere on the LK project. The
NI43-101 Kaukua pit constrained Resource and the Kaukua South zone were both
discovered as a result of testing IP chargeability anomalies. The Kaukua Resource only covers a strike length of 1 kilometer, whereas the LK project includes approximately 38 kilometers of strike length of the favourable basal unit in the Koillismaa mafic ultramafic complex.

Kaukua National Instrument
43-101 pit constrained Resource Estimate (see news release September
9, 2019)

Class	Tonne (kt)	Pd g/t	Pt g/t	Au g/t	PGE (Pd+Pt+A) g/t	Ni  %	Cu %	Pd_Eq*		Spot Au_Eq** g/t	Spot Cu_Eq** %
								g/t	Oz
Indicated	10,985	0.81	0.27	0.09	1.17	0.09	0.15	1.80	635,600	2.02	1.32
Inferred	10,875	0.64	0.20	0.08	0.92	0.08	0.13	1.50	525,800	1.64	1.08

Selection of previously
released Kaukua South drill results:

• 63 meters grading 3.5 g/t Palladium
  equivalent* (4.1 g/t Gold equivalent**, 2.5% Copper equivalent**) in hole LK20-016 (see news release October 22, 2020)
• 53 meters grading 2.1 g/t Palladium
  equivalent* (2.3 g/t Gold equivalent**, 1.4% Copper equivalent**) in hole LK20-028 (see news release January 18, 2021)
  • 
  47 meters grading 2.6 g/t
  Palladium equivalent* (2.9 g/t
  Gold equivalent**, 1.8% Copper equivalent** ) in hole LK20-045 (see news release March 18, 2021)

Hole	From (m)	To (m)	Width (m)	Pd g/t	Pt g/t	Au g/t	Cu %	Ni %
LK20-016	23.5	86.2	62.7	1.84	0.64	0.14	0.18	0.15
LK20-028	42.6	95.5	52.9	1.00	0.36	0.08	0.11	0.11
LK20-045	122.8	170.2	47.4	1.20	0.42	0.11	0.17	0.14

Including the recent surveys, the Company completed a total of 143 kilometers of IP on the LK Project. The 2021 IP surveys were a follow up to the highly successful 2020 survey which resulted in the discovery of Kaukua South. The current surveys consisted of two grids (Figure 1 and 2.).

Kaukua West IP Survey Grid
The objective of this survey was to extend the Kaukua South anomaly further to the west (Figure 1).

The survey indicates Kaukua South swings northwest and possibly parallel the Kaukua Resource Pit. This is an important drill target as little drilling has been done in this area, and if mineralization is found it could substantially widen the existing Kaukua Pit.

Additionally, this survey detected a significant IP anomaly to the west of a fault that was thought to cut off the Kaukua Resource Pit. This is the strongest
IP response within the whole Greater Kaukua Area and could represent the chance
to discover high-grade mineralization that could support an underground
PGE-Ni-Cu mine.

Figure 1. Western half of > 7 kilometer Long IP chargeability anomaly. Showing the new Kaukua West survey area.

Kaukua East IP Survey Grid
The objective of this survey was to extend the Kaukua South anomaly at least two kilometers to the east (Figure 2).

Regional airborne magnetic data strongly suggested that favourable Kaukua-style mafic-ultramafic hosts rocks extend into this area. This hypothesis appears to be correct with a strong chargeability anomaly located on the far eastern side of the grid. This anomaly is a significant drill target and may represent another higher-grade core zone similar to the western portion of Kaukua South.

Figure 2. Eastern half of the > 7 kilometer IP chargeability anomaly showing the Kaukua East survey area

Figure 3. Kaukua South Long Section having a drill data cut-off date of February 16, 2021 (hole LK20-066). This section covers only the western portion of Kaukua South for which the Company plans to report an initial NI43-101 resource estimate in Q1 2022. The section is a vertical slice representing only the ~55° south dipping Lower Zone of Kaukua South. Intercepts are represented in both width (meters) and palladium equivalent (Pd_Eq*) grade as well as gram*meters (grade*width).

*Palladium
Equivalent (Pd_Eq)
Palladium equivalent is calculated using US$1,100 per ounce for palladium, US$950 per ounce for platinum, US$1,300 per ounce for gold, US$6,614 per tonne for copper, and US$15,4332 per tonne for nickel. This calculation is consistent with the calculation in the Company’s September 2019 NI 43-101 Kaukua resource estimate. Additionally, US$1,100 per ounce for palladium is consistent with the UBS January 2021 long-term consensus price forecast even though the current price of palladium is approximately US$2,800 per ounce.

**Spot Palladium, Copper and
Gold Equivalent
Spot palladium and gold equivalents are calculated using recent spot prices for comparison purposes using US$2,730 per ounce for palladium, US$1,090 per ounce for platinum, US$1,790 per ounce for gold, US$9,259 per tonne for copper, and US$18,298 per tonne for nickel

Qualified
Person
The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Vice President of Exploration and a director of the Company and the Qualified Person as defined by National Instrument 43-101.

About Palladium One
Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.

ON
BEHALF OF THE BOARD
“Derrick Weyrauch”
President & CEO,
Director

For
further information contact: Derrick Weyrauch, President & CEO
Email: info@palladiumoneinc.com

Neither
the TSX Venture Exchange nor its Market Regulator (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.

This
press release includes “forward-looking information” that is subject
to a few assumptions, risks and uncertainties, many of which are beyond the
control of the Company. Statements regarding listing of the Company’s common
shares on the TSXV are subject to all of the risks and uncertainties normally
incident to such events. Investors are cautioned that any such statements are
not guarantees of future events and that actual events or developments may
differ materially from those projected in the forward-looking statements. Such
forward-looking statements represent management’s best judgment based on
information currently available. Factors that could cause the actual results to
differ materially from those in forward-looking statements include regulatory
actions and general business conditions. Such forward-looking information
reflects the Company’s views with respect to future events and is subject to
risks, uncertainties and assumptions, including those set out in the Company’s
annual information form dated April 29, 2020 and filed under the Company’s
profile on SEDAR at www.sedar.com.
The Company does not undertake to update forward?looking statements or forward?looking information, except as
required by law. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements.

Allegiant to Acquire Land Adjacent to Recent High-Grade Gold Discovery at Eastside

RENO, Nev., July 07, 2021 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“Allegiant” or the
“Company”) (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to have entered into a lease with option to purchase agreement (“Agreement”) to acquire 84 claims located to the west of the Original Pit Zone at Eastside (see map below), nearby the recent high-grade discovery announced by Allegiant on May 26, 2021. Highlights included:

• Hole 243 — 148 metres (486
  feet) of 2.6 grams per tonne gold:
• Including 14 metres (45 feet)
  of 21.9 grams per tonne gold;
• Including 20 metres (65 feet)
  of 173.8 grams per tonne silver;
• Hole 239 — three metres (10
  feet) of 39.0 grams per tonne gold.

Peter Gianulis, CEO of
Allegiant Gold, commented: “We are very pleased to have reached an agreement with a private individual to acquire these additional claims that are adjacent to our current claims. With this addition, Eastside now consists of 973 claims or approximately 80 km² in one of the most prolific areas of Nevada, the Walker Lane Trend. Our most recent drilling campaign has given us more confidence that the western edge of the Original Pit Zone at Eastside is host to the higher-grade zones.”

Map 1: 84 Additional Claims Location

The closing of the transaction may be subject to final TSXV approval.

QUALIFIED PERSON

Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is the Qualified Person under NI 43-101, Standards of Disclosure for Mineral Projects, who has reviewed and approved the scientific and technical content of this press release.

ABOUT ALLEGIANT

Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Four of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD

Peter Gianulis
CEO

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.

Certain statements and
information contained in this press release constitute “forward-looking
statements” within the meaning of applicable U.S. securities laws and
“forward-looking information” within the meaning of applicable Canadian
securities laws, which are referred to collectively as “forward-looking
statements”. The United States Private Securities Litigation Reform Act of
1995 provides a “safe harbor” for certain forward-looking statements. Allegiant Gold Ltd.’s (“Allegiant”)
exploration plans for its gold exploration properties, the drill program at
Allegiant’s Eastside project, the preparation and publication of an updated
resource estimate in respect of the Original Zone at the Eastside project,
Allegiant’s future exploration and development plans, including anticipated
costs and timing thereof; Allegiant’s plans for growth through exploration
activities, acquisitions or otherwise; and expectations regarding future
maintenance and capital expenditures, and working capital requirements. 
Forward-looking statements are statements and information regarding possible
events, conditions or results of operations that are based upon assumptions
about future economic conditions and courses of action. All statements and
information other than statements of historical fact may be forward-looking
statements. In some cases, forward-looking statements can be identified by the
use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”,
“estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”,
“potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar
words or phrases (including negative variations) suggesting future outcomes or
statements regarding an outlook. Such forward-looking statements are based on a
number of material factors and assumptions and involve known and unknown risks,
uncertainties and other factors which may cause actual results, performance or
achievements, or industry results, to differ materially from those anticipated
in such forward-looking information. You are cautioned not to place undue
reliance on forward-looking statements contained in this press release. Some of
the known risks and other factors which could cause actual results to differ
materially from those expressed in the forward-looking statements are described
in the sections entitled “Risk Factors” in Allegiant’s Listing Application,
dated January 24, 2018, as filed with the TSX Venture Exchange and available on
SEDAR under Allegiant’s profile at www.sedar.com. Actual results and future
events could differ materially from those anticipated in such statements.
Allegiant undertakes no obligation to update or revise any forward-looking
statements included in this press release if these beliefs, estimates and
opinions or other circumstances should change, except as otherwise required by
applicable law.

 

Aurania Resources President Richard Spencer makes a formal corporate presentation. Afterwards, he is joined by Aurania CEO Keith Barron and Noble Capital Markets Senior Research Analyst Mark Reichman for a Q & A session featuring questions asked by the live audience throughout the event. Research, News, and Advanced Market Data on AUIAF Information on upcoming live virtual roadshows About Aurania Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Friday, July 2, 2021

Minerals Industry Report

Metals & Mining Second Quarter 2021 Review and Outlook

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to end of report for Analyst Certification & Disclosures

• Mining companies modestly trailed the broader market. During the second quarter of 2021, mining companies (as measured by the XME) gained 7.9% compared to 8.2% for the broader market as measured by the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 4.6% and 3.9%, respectively. During the second quarter, gold, silver, copper, lead, and zinc futures prices were up 3.2%, 6.4%, 7.4%, 3.5%, and 9.5%, respectively. While gold and silver recovered some of their first quarter losses, prices were still down year-to-date through June 30, while copper, lead and zinc prices were up 21.8%, 13.7%, and 12.0%, respectively. While the U.S. Dollar Index rose 2.7% year-to-date through June 30, it was down under 1% during the second quarter.
• Reading the Fed’s tea leaves. The Federal Reserve threw some cold water on the reflation trade during their Federal Open Market Committee (FOMC) meeting in June with economic projections that led investors to worry that the Fed could increase rates sooner than previously expected. While the FOMC will meet again in July, investors will have to wait until the FOMC meeting in September for the next set of economic projections. In the interim, commentary at the Jackson Hole Economic Policy Symposium in August may provide more clues about the Fed’s direction.
• We remain constructive on the sector. We think gold and silver could remain somewhat range-bound for the remainder of 2021 with silver offering modestly higher upside due to growing industrial demand and where it trades relative to gold. Much will depend on inflation expectations, U.S. dollar strength, and other uncertainties. This is not a bad thing, in our view, given that precious metals prices should be profitable for producers at current levels. Demand for base metals will likely benefit from global economic growth and infrastructure spending and we think prices could go higher. Additionally, secular themes, including trends toward electrification, favor metals used in electric vehicle batteries, infrastructure, and solar and renewable power technologies.
• Taking the long view. Investors should consider gaining exposure to precious and base metals through mining stocks. Real interest rates are likely to remain low for the foreseeable future, despite potential increases in nominal rates, and gold could remain attractive as a store of value. Presently, we do not view volatile cryptocurrencies as a credible substitute for this function. Importantly, metals prices could have an upward bias given relatively modest levels of reinvestment in new reserves and resources in recent years.

GENERAL DISCLAIMERS

All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES

This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. (“Noble”). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst’s judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.
The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures

The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE

Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis.
Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.”
FINRA licenses 7, 24, 63, 87

WARNING

This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc.

RESEARCH ANALYST CERTIFICATION

Independence Of View
All views expressed in this report accurately reflect my personal views about the subject securities or issuers.

Receipt of Compensation
No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.

Ownership and Material Conflicts of Interest
Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.

NOBLE RATINGS DEFINITIONS	% OF SECURITIES COVERED	% IB CLIENTS
Outperform: potential return is >15% above the current price	78%	31%
Market Perform: potential return is -15% to 15% of the current price	8%	3%
Underperform: potential return is >15% below the current price	0%	0%

NOTE: On August 20, 2018, Noble Capital Markets, Inc. changed the terminology of its ratings (as shown above) from “Buy” to “Outperform”, from “Hold” to “Market Perform” and from “Sell” to “Underperform.” The percentage relationships, as compared to current price (definitions), have remained the same. Additional information is available upon request. Any recipient of this report that wishes further information regarding the subject company or the disclosure information mentioned herein, should contact Noble Capital Markets, Inc. by mail or phone.

Noble Capital Markets, Inc.
225 NE Mizner Blvd. Suite 150
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Noble Capital Markets, Inc. is a FINRA (Financial Industry Regulatory Authority) registered broker/dealer.
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Member – SIPC (Securities Investor Protection Corporation)

Tuesday, June 29, 2021

Golden Predator Mining (NTGSF)(GPY:CA)
Arizona Gold Corp. + Golden Predator = Sabre Gold Corp.

Golden Predator Mining Corp is a Canada based exploration stage company engaged in the business of acquiring and exploring mineral properties. It owns properties primarily in Yukon, Canada. Some of the company’s projects located in Yukon are the 3 Aces, Sprogge, Reef, Brewery Creek, Marg, Sonora Gulch, Grew Creek, Upper Hyland and others.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Arizona Gold Corp. to acquire Golden Predator. Arizona Gold Corp. (TSX: AZG, OTCQB: AGAUF) and Golden Predator announced an agreement to merge and create a new North American focused near-term gold producer in an all-stock transaction. The deal, expected to close in September 2021, combines the fully permitted past producing Copperstone gold mine in Arizona and the past producing Brewery Creek gold mine in the Yukon. Shareholders of Golden Predator will receive 1.65 common shares of Arizona Gold Corp. for each share of Golden Predator. Upon closing, Arizona Gold is expected to change its name to Sabre Gold Corp. The companies will host an investor webinar on June 29 at 1:00 pm ET.


Transaction benefits.  Benefits include: 1) greater size and diversification, 2) a combined 175 thousand ounces of proven and probable gold reserves, measured and indicated resources of 1.1 million ounces of gold, 1.5 million ounces of gold in the inferred category, along with significant exploration potential, 3) a strong balance sheet with combined cash and investments amounting to C$23.0 million …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Arizona Gold and Golden Predator Announce Consolidation of Near-Term Gold Production in North America

 

VANCOUVER, British Columbia, June 28, 2021 (GLOBE NEWSWIRE) — Arizona Gold Corp. (“Arizona”) (TSX: AZG, OTCQB: AGAUF) and Golden Predator Mining Corp. (“Golden Predator”) are pleased to announce that they have entered into a definitive arrangement agreement (the “Agreement”) pursuant to which Arizona and Golden Predator have agreed to merge to create a new North American focused near-term gold producer (the “Transaction”). The Transaction combines the fully permitted past-producing Copperstone gold mine in Arizona and the historic past-producing Brewery Creek gold mine in the Yukon.

Under the terms of the Agreement, all of the issued and outstanding common shares of Golden Predator will be exchanged for common shares of Arizona on the basis of 1.65 common shares of Arizona per common share of Golden Predator (the “Exchange Ratio”). Upon completion of the Transaction, existing Arizona and Golden Predator shareholders will own approximately 55% and 45% of the combined company common shares, respectively, on an outstanding basis.

Transaction Highlights

• Creates a diversified near-term gold producer in North America through sequential development of the fully permitted Copperstone mine in Arizona followed by the Brewery Creek mine in the Yukon;
• Combined resource base¹ of approximately 1.1 million oz gold in the Measured & Indicated categories, plus an additional approximate 1.5 million oz gold in the Inferred category, paired with considerable exploration upside at each project;
• Experienced leadership team including Giulio Bonifacio as President & CEO and William Sheriff as Non-Executive Chairman, to be supported by a technical team with backgrounds in both mine-building and operations;
• Improved capital markets scale to enhance investor visibility and positioning amongst peers, plus a broadened shareholder base; and
• Combined cash and investments of $23M², including shareholdings in Seabridge Gold Inc., C2C Gold Corp. and Group 11 Technologies Inc.
  

_________________________________

¹ For Copperstone, please reference the independent technical report titled “National Instrument 43-101 Technical Report: Preliminary Feasibility Study for the Copperstone Project, La Paz County, Arizona, USA” completed by Hard Rock Consulting, LLC, effective date April 1, 2018. For Brewery Creek, please reference the Independent technical report titled “NI 43-101 Technical Report on Resources – Brewery Creek Project, Yukon, Canada” completed by Gustavson Associates LLC, effective date May 31, 2020.

² Includes pro forma cash of $9.6M as at March 31, 2021 and pro forma equity investments calculated as at June 25, 2021, excluding transaction costs.

Giulio Bonifacio, CEO & Director of Arizona, commented: “We view this as a great opportunity to bring together the advanced-stage Copperstone Mine and the Brewery Creek Mine, both former producing gold mines in superior jurisdictions, under the same umbrella to leverage a shared technical team and corporate infrastructure. The combined company will provide for stronger peer positioning amongst gold producers as we advance Copperstone to production in the very near term, and continue to advance Brewery Creek towards a re-start decision.”

William Sheriff, Executive Chair of Golden Predator, further added: “I have long been aware of and admired the Copperstone project, from its days as an open pit mine to its current incarnation as an underground operation. Golden Predator shareholders shall benefit from this rational consolidation and increased scale. Creating a more robust combined company, we believe that stakeholders in the Brewery Creek project, including the Tr’ondëk Hwëch’in First Nation, will benefit from the Transaction.”

Transaction Details

Pursuant to the terms of the Agreement, all of the issued and outstanding common shares of Golden Predator will be exchanged for common shares of Arizona at the Exchange Ratio. Outstanding and unexercised warrants and options to purchase common shares of Golden Predator will be adjusted in accordance with their terms based on the Exchange Ratio.

The Agreement includes standard deal protection provisions, including non-solicitation, right-to-match, and fiduciary out provisions, as well as certain representations, covenants and conditions that are customary for a transaction of this nature, along with a reciprocal termination fee of $1.5 million payable in certain circumstances.

The proposed business combination will be effected by way of a plan of arrangement completed under the Business Corporations Act (British Columbia). The Transaction will require approval by (i) two-thirds of the votes cast by Golden Predator shareholders at a special meeting of the shareholders of Golden Predator to be called in connection with the Transaction; (ii) a simple majority of the votes cast by Arizona shareholders at a special meeting of the shareholders of Arizona to be called in connection with the Transaction; and (iii) if required, a simple majority of the votes cast by Arizona and Golden Predator shareholders at their respective shareholder meetings, excluding the votes held by certain persons as required my Multilateral Instrument 61-101.

The shareholder meetings of Arizona and Golden Predator are expected to be held in August 2021. An information circular detailing the terms and conditions of the Transaction will be mailed to the shareholders of both companies in connection with the special shareholder meetings. All shareholders are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.

Closing of the Transaction is subject to the receipt of applicable regulatory approvals and the satisfactions of certain other closing conditions customary in transactions of this nature, including, without limitation, court and exchange approval. Closing of the Transaction is anticipated to occur in September 2021.

Corporate Matters

The combined company will be managed by the current Arizona executive team, led by Mr. Bonifacio as President & CEO, John Galassini as COO, Dale Found as CFO and Michael Maslowski as VP Technical Services & Exploration. Janet Lee-Sheriff, current CEO of Golden Predator, will continue in an advisory role with the combined company with a particular focus on community engagement.

Each company will select three board of director nominees, including Mr. Sheriff as Non-Executive Chair (Golden Predator), Stefan Spears (Golden Predator), Tony Lesiak (Golden Predator), Fahad Al Tamimi (Arizona Gold), Claudio Ciavarella (Arizona Gold), and Mr. Bonifacio (Arizona Gold).

Upon closing of the Transaction, Arizona will change its name to Sabre Gold Corp., subject to the receipt of all necessary approvals.

Board Recommendations & Voting Support

The Agreement has been unanimously approved by the boards of directors of Arizona and Golden Predator, and each board recommends that its respective shareholders vote in favour of the Transaction.

All of the directors and officers of Golden Predator have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

Similarly, all of the directors and officers of Arizona have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

Certain shareholders have also indicated support to vote in favour of the Transaction, including Eric Sprott who is a shareholder of both Golden Predator and Arizona.

Advisors and Counsel

Haywood Securities Inc. acted as financial advisor to Arizona. Peterson McVicar LLP acted as legal counsel to Arizona.

Morton Law LLP acted as legal counsel to Golden Predator.

Conference Call & Webcast

Arizona and Golden Predator will be hosting a joint online investor webinar on Tuesday, June 29, 2021 at 1:00 PM EDT / 10:00 AM PDT to discuss the Transaction.

To register and attend the webinar please visit:

https://attendee.gotowebinar.com/register/1749026547624844301?source=cl

Registration will also give you access to the on-demand replay.

Qualified Persons

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and reviewed and approved on behalf of Arizona by Michael R. Smith, SME Registered Member (Geology), and on behalf of Golden Predator by Mike Maslowski, CPG, both of whom are each individually a “Qualified Person” as defined by NI 43-101.

About Arizona

Arizona Gold is an emerging American gold producer advancing the restart of production at its 100% owned, fully permitted, past-producing Copperstone mine project, located in mining-friendly Arizona. The Copperstone mine project demonstrates significant upside exploration potential that has yet to be drilled within a 50 km² land package that includes past production of over 500,000 oz gold by way of an open-pit operation.

The company’s current focus is on maximizing Copperstone’s potential by defining and expanding current resources and further optimizing the mine’s economics for purposes of the restart of gold production in the near-term as a result of the recent project funding transaction with Star Royalties Ltd.

For further information please visit the Arizona website at www.arizona-gold.com.

About Golden Predator

Golden Predator is advancing the past-producing Brewery Creek mine towards a timely resumption of mining activities in Canada’s Yukon. The project has established resources grading over 1.0 g/t gold and both a technical report and Bankable Feasibility Study underway to define the economics of a restart of heap leach operations at the Brewery Creek mine. The 180 km² brownfield property is located 55 km by road from Dawson City, Yukon and operates under a Socio-Economic Accord with the Tr’ondëk Hwëch’in First Nation. The Company also holds the Marg project, with a NI 43-101 compliant resource, the Gold Dome project and the Grew Creek project.

For additional information on Golden Predator and the Brewery Creek mine, please visit the website at www.goldenpredator.com.

Contact Information

Cautionary Statements

Certain information contained herein constitutes forward-looking information or statements under applicable securities legislation and rules. Such statements include, but are not limited to, statements with respect to the anticipated completion of the Transaction. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Arizona and/or Golden Predator to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: (i) any inability of the parties to satisfy the conditions to the completion of the Transaction on acceptable terms or at all; and (ii) receipt of necessary stock exchange, court and shareholder approvals. Although management of each of Arizona and Golden Predator has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Neither party will update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. The parties caution readers not to place undue reliance on these forward-looking statements and it does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

This press release is not and is not to be construed in any way as, an offer to buy or sell securities in the United States. The distribution of the Arizona common shares in connection with the transactions described herein will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) and the Arizona common shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Arizona common shares, nor shall there be any offer or sale of the Arizona common shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX and TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.