Company ‘Positioning Itself as a Gold-Copper Developer to Watch in a Premier Jurisdiction’

Source: Streetwise Reports   01/10/2019

Discoveries, 2019 exploration plans and financings fill the agenda for this gold explorer/developer that has the attention of numerous analysts.

From new targets at prime locations to major multi-million-dollar financings, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) begins 2019 with many projects in the works.

New Target at Iskut

In late December 2018, the company announced that summer drilling at its 100%-owned Iskut Project in northwestern British Columbia "encountered the hallmarks of a large copper-gold porphyry system."

The company zeroed in on the Quartz Rise lithocap in 2018. Specifically, it focused on testing for high-grade epithermal precious metal occurrences associated with the uppermost portion of a porphyry mineral system. The drill results indicated that most of the Quartz Rise lithocap had eroded. The company noted that hydrothermal breccia (diatreme) discovered in holes QR-18-14 and 17 confirmed that a porphyry source for the lithocap was nearby.

Seabridge Chairman and CEO Rudi Fronk noted, "We acquired Iskut in 2016 because it showed clear evidence of a large porphyry system similar in age and geology to our KSM project 30 kilometers to the east. Our view was that the Iskut porphyry was likely too deep to be our primary target and we therefore focused initially on finding a lithocap-hosted epithermal top of the porphyry system. We have since learned that this target is probably not viable in the Quartz Rise area due to erosion. However, we are very excited to find that this same erosion has given us the opportunity to explore for another KSM-style porphyry system located much closer to surface than we anticipated. This is the target we will now pursue at Iskut."

Iron Cap Extension

Meanwhile, at Seabridge Gold's 100%-owned KSM project in northwestern British Columbia, Seabridge confirmed the down plunge extension of the Iron Cap core zone. "Results include some exceptional widths of gold and copper mineralization with grades exceeding the KSM resource average," the company noted. Hole IC-18-83, in particular, returned 548 meters of 0.63 g/t gold and 0.44% copper.

During the 2018 drilling program, management assessed the impact of post-mineral intrusions on the south end of the Iron Cap deposit and "obtained data for the optimum alignment of the proposed Mitchell-Treaty Tunnel (MTT) which would transfer ore to the proposed mill."

According to Fronk, "Iron Cap has clearly become one of the best deposits in the KSM cluster, not only for its superior grade but also due to its proximity to infrastructure, which we expect will require less capital to develop than the Kerr and Sulphurets deposits, and also its size and orientation which favour efficient, cost-effective underground block cave mining."

Aside from the 10 holes drilled in the northwest plunge projection, Seabridge also has three holes in its southwest plunge projection and one more in its northeast up dip projection.

Collectively, the drill holes were designed to test down plunge and across the Iron Cap deposit.

Multimillion-Dollar Financing

In late November, Seabridge announced the closing of a $14-million non-brokered private placement.

The proceeds from the financing deal will be used to "fund general working capital requirements and the 2019 drill program at the company's 100% owned Snowstorm Project located in Nevada."

A 250,000 share option was exercised in December 2018, with the company receiving an additional $3.5 million in proceeds. The additional funds will go toward the 2019 drill program as well.

Snowstorm has all of its necessary permits. Management says the project is good to go for exploration. "A current Plan of Operations filed with the US Bureau of Land Management covers most of the property and permits a total disturbance of 200 acres."

Seabridge is on the radar screen of numerous industry analysts.

Derek Macpherson, VP of Mining Analysis at Red Cloud Klondike Strike, wrote on December 18, "Seabridge's summer drill program at its Iskut Property has identified another porphyry target close to surface. Iskut is only 30 km east of Seabridge's KSM Project which hosts four porphyry deposits with P&P Reserves of 39Moz of gold + 10Blbs of copper. These latest results support our view that Seabridge is positioning itself as a gold-copper developer to watch in a premier jurisdiction—we believe majors are taking notice."

Analyst Dalton Baretto with Canaccord Genuity, wrote on December 12, "The 2018 drilling at Iron Cap increases the likelihood of improved project economics from a resequenced mine plan. On the back of these positive results, we continue to note that a key potential catalyst for SEA's shares will be a partnership agreement with a major mining company. We reiterate our SPEC BUY rating on SEA, as well as our CA$26.00/sh target; our target remains based on 1.0x NAV, measured at Oct. 1, 2019, and is predicated on a partnership agreement being concluded."

Mike Kozak, an analyst with Cantor Fitzgerald Canada, wrote on December 12, "Iron Cap is shaping up to be the best deposit within the KSM cluster and potentially one of the most economic. . .Iron Cap is seen to require less capital to develop than the Kerr and Sulphurets deposits. Additionally, its size and orientation favours efficient, cost-effective underground block cave mining methods." Cantor has a Buy rating on Seabridge with target prices of US$19.00 and CA$25.00.

In a December 13 report, ROTH Capital Partners analyst Joe Reagor noted, "We view the drill results as impressive and believe they will drive an increased resource estimate next year." ROTH has a Buy rating and US$17 price target on Seabridge.

On the TSX, Seabridge shares currently sit at CA$16.96, while on the NYSE, the stock trades at US$12.84.

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Disclosure:
1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Seabridge Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Red Cloud Klondike Strike Inc., Seabridge Gold, December 18, 2018

Red Cloud Klondike Strike Inc., its affiliates and associates, and their respective officers, directors, representatives, researchers and members of their families (collectively, "Red Cloud KS") may hold positions in the companies mentioned in this publication and may buy or sell, or buy and sell their securities or securities of the same class on the market or otherwise. Additionally, Red Cloud KS may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

Seabridge Gold Company Specific Disclosures
2) In the last 12 months, Red Cloud KS has been retained under a service or advisory agreement by the subject issuer.
4) Red Cloud KS or a member of the Red Cloud KS team or household, has a long position in the shares and/or the options of the subject issuer.

Disclosures from Canaccord Genuity, Seabridge Gold, December 12, 2018

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.

Required Company-Specific Disclosures (as of date of this publication):
Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking services from Seabridge Gold in the next three months.

Up-to-date disclosures may be obtained here.

Disclosures from Cantor Fitzgerald, Seabridge Gold Inc., Company Update, December 12, 2018

Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of February 13, 2018

Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months.

The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc.

The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.

Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Disclosures from ROTH Capital Partners, Seabridge Gold Inc., Company Note, December 13, 2018

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Seabridge Gold Inc. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: SEA:TSX; SA:NYSE.MKT, )

Revised 2018 Model on Gold Producer Reflects ‘Better Costs, Upward Earnings’

Source: Streetwise Reports   01/10/2019

A CIBC report reviewed the miner's recently announced Q4/18 production and cost figures.

In a Jan. 4 research note, CIBC analyst Bryce Adams reported that Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX) met its revised full-year 2018 production guidance of 295–305 Koz with actual production of 302.6 Koz.

Q4/18 production alone, of 93.8 Koz, was consistent with CIBC's estimate of 93.7 Koz.

Specifically, the Los Filos mine outperformed in Q4/18, producing 58.2 Koz versus CIBC's forecasted 55.3 Koz. Fazenda delivered 19 Koz and Pilar, 11.6 Koz, generally in line with CIBC's projections. RDM's production of 4.9 Koz, however, came in lower than the expected 7.4 Koz.

Looking forward, Leagold is expected to announce results of a technical study of a possible carbon-in-leach plant for the underground ore at Los Filos.

As for costs, Leagold reported the all-in sustaining cost (AISC) for full-year 2018 will be around $979 per ounce. Accordingly, CIBC revised its AISC estimates on the company, to $986 per ounce for full-year 2018 and $1,008 per ounce for Q4/18.

Having updated its model to reflect new Q4/18 production and cost figures from Leagold, CIBC now projects for Q4/18 an earnings per share of $0.00 and a cash flow per share of $0.06, both up by $0.05 per share.

CIBC has an Outperformer rating and a CA$3.50 per share price target on Leagold, whose current share price is CA$1.92.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Leagold Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Leagold Mining Corp., January 4, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Leagold Mining Corporation (LMC)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Leagold Mining Corporation in the next 3 months.

( Companies Mentioned: LMC:TSX.V; LMCNF:OTCQX, )

Further Metallurgical Testing on Australian Gold Project Ore Confirms Prior Findings

Source: Streetwise Reports   01/10/2019

The developer noted the new results complement previous ones from fine grinding and leaching tests.

Vista Gold Corp. (VGZ:NYSE.MKT; VGZ:TSX) announced in a news release that metallurgical testing on two 2.5-ton high-grade samples from the Mt. Todd project confirmed previous findings.

Specifically, high-pressure grinding roll crusher testing showed "increased concentration of gold in the fine fraction," the release noted. Ore sorting revealed that sorting of higher-grade ore results in proportionally less gold being lost in the rejected material.

"These tests confirm the value-adding benefit of ore sorting for the Mt. Todd gold project in Australia and demonstrate lower gold losses with higher-grade crusher feed," President and CEO Frederick Earnest said in the release. "We expect that these results will support additional improvements in the economics of the Mt. Todd gold project."

Those economics are expected in an updated preliminary feasibility study in Q2/19, following completion of additional fine grinding and leaching tests in Q1/19.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Vista Gold, a company mentioned in this article.

( Companies Mentioned: VGZ:NYSE.MKT; VGZ:TSX, )

Company ‘Positioning Itself as a Gold-Copper Developer to Watch in a Premier Jurisdiction’

Source: Streetwise Reports 01/10/2019

Discoveries, 2019 exploration plans and financings fill the agenda for this gold explorer/developer that has the attention of numerous analysts.

From new targets at prime locations to major multi-million-dollar financings, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) begins 2019 with many projects in the works.

New Target at Iskut

In late December 2018, the company announced that summer drilling at its 100%-owned Iskut Project in northwestern British Columbia “encountered the hallmarks of a large copper-gold porphyry system.”

The company zeroed in on the Quartz Rise lithocap in 2018. Specifically, it focused on testing for high-grade epithermal precious metal occurrences associated with the uppermost portion of a porphyry mineral system. The drill results indicated that most of the Quartz Rise lithocap had eroded. The company noted that hydrothermal breccia (diatreme) discovered in holes QR-18-14 and 17 confirmed that a porphyry source for the lithocap was nearby.

Seabridge Chairman and CEO Rudi Fronk noted, “We acquired Iskut in 2016 because it showed clear evidence of a large porphyry system similar in age and geology to our KSM project 30 kilometers to the east. Our view was that the Iskut porphyry was likely too deep to be our primary target and we therefore focused initially on finding a lithocap-hosted epithermal top of the porphyry system. We have since learned that this target is probably not viable in the Quartz Rise area due to erosion. However, we are very excited to find that this same erosion has given us the opportunity to explore for another KSM-style porphyry system located much closer to surface than we anticipated. This is the target we will now pursue at Iskut.”

Iron Cap Extension

Meanwhile, at Seabridge Gold’s 100%-owned KSM project in northwestern British Columbia, Seabridge confirmed the down plunge extension of the Iron Cap core zone. “Results include some exceptional widths of gold and copper mineralization with grades exceeding the KSM resource average,” the company noted. Hole IC-18-83, in particular, returned 548 meters of 0.63 g/t gold and 0.44% copper.

During the 2018 drilling program, management assessed the impact of post-mineral intrusions on the south end of the Iron Cap deposit and “obtained data for the optimum alignment of the proposed Mitchell-Treaty Tunnel (MTT) which would transfer ore to the proposed mill.”

According to Fronk, “Iron Cap has clearly become one of the best deposits in the KSM cluster, not only for its superior grade but also due to its proximity to infrastructure, which we expect will require less capital to develop than the Kerr and Sulphurets deposits, and also its size and orientation which favour efficient, cost-effective underground block cave mining.”

Aside from the 10 holes drilled in the northwest plunge projection, Seabridge also has three holes in its southwest plunge projection and one more in its northeast up dip projection.

Collectively, the drill holes were designed to test down plunge and across the Iron Cap deposit.

Multimillion-Dollar Financing

In late November, Seabridge announced the closing of a $14-million non-brokered private placement.

The proceeds from the financing deal will be used to “fund general working capital requirements and the 2019 drill program at the company’s 100% owned Snowstorm Project located in Nevada.”

A 250,000 share option was exercised in December 2018, with the company receiving an additional $3.5 million in proceeds. The additional funds will go toward the 2019 drill program as well.

Snowstorm has all of its necessary permits. Management says the project is good to go for exploration. “A current Plan of Operations filed with the US Bureau of Land Management covers most of the property and permits a total disturbance of 200 acres.”

Seabridge is on the radar screen of numerous industry analysts.

Derek Macpherson, VP of Mining Analysis at Red Cloud Klondike Strike, wrote on December 18, “Seabridge’s summer drill program at its Iskut Property has identified another porphyry target close to surface. Iskut is only 30 km east of Seabridge’s KSM Project which hosts four porphyry deposits with P&P Reserves of 39Moz of gold + 10Blbs of copper. These latest results support our view that Seabridge is positioning itself as a gold-copper developer to watch in a premier jurisdiction—we believe majors are taking notice.”

Analyst Dalton Baretto with Canaccord Genuity, wrote on December 12, “The 2018 drilling at Iron Cap increases the likelihood of improved project economics from a resequenced mine plan. On the back of these positive results, we continue to note that a key potential catalyst for SEA’s shares will be a partnership agreement with a major mining company. We reiterate our SPEC BUY rating on SEA, as well as our CA$26.00/sh target; our target remains based on 1.0x NAV, measured at Oct. 1, 2019, and is predicated on a partnership agreement being concluded.”

Mike Kozak, an analyst with Cantor Fitzgerald Canada, wrote on December 12, “Iron Cap is shaping up to be the best deposit within the KSM cluster and potentially one of the most economic. . .Iron Cap is seen to require less capital to develop than the Kerr and Sulphurets deposits. Additionally, its size and orientation favours efficient, cost-effective underground block cave mining methods.” Cantor has a Buy rating on Seabridge with target prices of US$19.00 and CA$25.00.

In a December 13 report, ROTH Capital Partners analyst Joe Reagor noted, “We view the drill results as impressive and believe they will drive an increased resource estimate next year.” ROTH has a Buy rating and US$17 price target on Seabridge.

On the TSX, Seabridge shares currently sit at CA$16.96, while on the NYSE, the stock trades at US$12.84.

Read what other experts are saying about:

  • Seabridge Gold Inc.

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Disclosure:
1) Nikia Wade compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Seabridge Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Red Cloud Klondike Strike Inc., Seabridge Gold, December 18, 2018

Red Cloud Klondike Strike Inc., its affiliates and associates, and their respective officers, directors, representatives, researchers and members of their families (collectively, “Red Cloud KS”) may hold positions in the companies mentioned in this publication and may buy or sell, or buy and sell their securities or securities of the same class on the market or otherwise. Additionally, Red Cloud KS may have provided in the past, and may provide in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services.

Seabridge Gold Company Specific Disclosures

2) In the last 12 months, Red Cloud KS has been retained under a service or advisory agreement by the subject issuer.

4) Red Cloud KS or a member of the Red Cloud KS team or household, has a long position in the shares and/or the options of
the subject issuer.

Disclosures from Canaccord Genuity, Seabridge Gold, December 12, 2018

Analyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research.

Required Company-Specific Disclosures (as of date of this publication):
Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive compensation for Investment Banking
services from Seabridge Gold in the next three months.

Up-to-date disclosures may be obtained here.

Disclosures from Cantor Fitzgerald, Seabridge Gold Inc., Company Update, December 12, 2018

Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of February 13, 2018

Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months.

The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc.

The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.

Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Disclosures from ROTH Capital Partners, Seabridge Gold Inc., Company Note, December 13, 2018

Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH makes a market in shares of Seabridge Gold Inc. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: SEA:TSX; SA:NYSE.MKT,
)

Further Metallurgical Testing on Australian Gold Project Ore Confirms Prior Findings

Source: Streetwise Reports 01/10/2019

The developer noted the new results complement previous ones from fine grinding and leaching tests.

Vista Gold Corp. (VGZ:NYSE.MKT; VGZ:TSX) announced in a news release that metallurgical testing on two 2.5-ton high-grade samples from the Mt. Todd project confirmed previous findings.

Specifically, high-pressure grinding roll crusher testing showed “increased concentration of gold in the fine fraction,” the release noted. Ore sorting revealed that sorting of higher-grade ore results in proportionally less gold being lost in the rejected material.

“These tests confirm the value-adding benefit of ore sorting for the Mt. Todd gold project in Australia and demonstrate lower gold losses with higher-grade crusher feed,” President and CEO Frederick Earnest said in the release. “We expect that these results will support additional improvements in the economics of the Mt. Todd gold project.”

Those economics are expected in an updated preliminary feasibility study in Q2/19, following completion of additional fine grinding and leaching tests in Q1/19.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Vista Gold, a company mentioned in this article.

( Companies Mentioned: VGZ:NYSE.MKT; VGZ:TSX,
)

Revised 2018 Model on Gold Producer Reflects ‘Better Costs, Upward Earnings’

Source: Streetwise Reports 01/10/2019

A CIBC report reviewed the miner’s recently announced Q4/18 production and cost figures.

In a Jan. 4 research note, CIBC analyst Bryce Adams reported that Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX) met its revised full-year 2018 production guidance of 295–305 Koz with actual production of 302.6 Koz.

Q4/18 production alone, of 93.8 Koz, was consistent with CIBC’s estimate of 93.7 Koz.

Specifically, the Los Filos mine outperformed in Q4/18, producing 58.2 Koz versus CIBC’s forecasted 55.3 Koz. Fazenda delivered 19 Koz and Pilar, 11.6 Koz, generally in line with CIBC’s projections. RDM’s production of 4.9 Koz, however, came in lower than the expected 7.4 Koz.

Looking forward, Leagold is expected to announce results of a technical study of a possible carbon-in-leach plant for the underground ore at Los Filos.

As for costs, Leagold reported the all-in sustaining cost (AISC) for full-year 2018 will be around $979 per ounce. Accordingly, CIBC revised its AISC estimates on the company, to $986 per ounce for full-year 2018 and $1,008 per ounce for Q4/18.

Having updated its model to reflect new Q4/18 production and cost figures from Leagold, CIBC now projects for Q4/18 an earnings per share of $0.00 and a cash flow per share of $0.06, both up by $0.05 per share.

CIBC has an Outperformer rating and a CA$3.50 per share price target on Leagold, whose current share price is CA$1.92.

Read what other experts are saying about:

  • Leagold Mining Corp.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Leagold Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Leagold Mining Corp., January 4, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Leagold Mining Corporation (LMC)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Leagold Mining Corporation in the next 3 months.

( Companies Mentioned: LMC:TSX.V; LMCNF:OTCQX,
)

Trophic Cascade…

Source: Michael J. Ballanger for Streetwise Reports   01/07/2019

Precious metals expert Michael Ballanger discusses the broad markets, Fed action and precious metals.

Unarguably, the finest piece of work that I have ever seen on the state of the global financial world—ever—is the one recently created and presented by Grant Williams of RealVisionTV entitled "Cry Wolf." I was watching it last evening for the fifth time with my better half (who was watching it for the first time) and despite the fact that as bright and insightful as she is, I could and would not expect her to grasp concepts such as "Exter's Inverse Pyramid" or the definition of a "trophic cascade" but when I glanced over to gauge her reaction to what might have been fairly glutinous material, to my delight she was glued to the screen as the history of her favorite form of metal unfolded in Grant's purely brilliant display of 5,000 years of human folly, greed, and insanity.

The coup de grâce was the ending of the piece where Grant draws a phenomenal analogy between the role of the Grey Wolf in controlling the uncontested overpopulation by the deer and elk of Yellowstone National Park and the role of gold in controlling the uncontested overpopulation by the "money-changers" in global economics. The term "apex predator" is wonderfully applied to gold and the Grey Wolf in that there is no natural predator to keep wolves in check just there are no counterparties to the role and control of gold.

See the source image

When you look at Exter's Inverse Pyramid, you are looking at a ranking of all assets from the top to the bottom of the risk slope so it is of interest that in the upper half of risk we find none other than real estate, where the city of Vancouver recently reported a 40% drop in residential home sales for December on the heels of a 42.5% drop in November. Prices are down 8–10% in Vancouver and Toronto as the marginal (foreign) has finally been legislated away as depositories for expatriated Chinese capital. Even New York City has seen a 14% decline in sales with an accompanying 4% drop in prices so the world of asset inflation in the saddle of unbridled money-printing and credit creation has come to a resounding and screeching halt—or has it? After Friday's Federal Reserve Lovefest with Janet Yellen and Jerome Powell all sending out dovish signals, perhaps the December rout has altered policy.

Back to the title of this missive, "Cry Wolf" offers the proposition that a return to the gold standard would create a "trophic cascade" of sorts in the financial world. That is to say, an ecological event in which there exists an "apex predator" at the top of the food chain whose re-introduction (as in the case of the Grey Wolf to Yellowstone) to an ecological system triggers a massive metamorphosis of that system. Just as Grant's video depicts changes occurring after the return of the wolves, which include even the rivers, the re-introduction of the gold standard would initiate a change in the financial system whereby purveyors of credit and paper promises would be penalized, and savers and disciples of sound money and fiscal sanity rewarded.

As a true adherent to the rights of all citizens to have their hard-earned savings protected from the ravages of currency debasement, I would welcome any initiative that would wrest the printing presses away from the bankers and the politicians. To wit, this is exactly the message in Grant William's brilliant presentation and it behooves us all to watch over and over and over again until it sinks deep within our cranial vaults and forever alters our ingrained and flawed attitudes about investing, labor and money.

Stock prices closed out the week with a solid gain, which come as no surprise to those who are privy to my Twitter feeds. The time to be short expired once the RSI for the S&P dipped under 25 and the time to go long (for a "trade") was on Christmas Eve when it plunged in a panic liquidation under 20. Notwithstanding that I elected to pass on the long side despite the obvious massive oversold condition that arrived late during the worst December in a decade (at one point the worst December since 1931), I went into Christmas with all (non-precious metals) shorts covered and all puts sold. Only the Santa Claus rally period, defined as the last five days of December and the first two of January, was able to save the month quarter and year for many stock bulls as it eked out a 1.3% gain for the period. Statistically, it infers that there is a distinct possibility that the Christmas Eve lows at 2,351 for the S&P were THE lows but we still need to see what happens after the Monday/Tuesday closes which, if positive, would further enhance the likelihood of a prolonged recovery rally. Without the benefit of a crystal ball, my gut tells me that we are going into a sideways-trending period for stocks as opposed to the "New Highs" halcyon of the past ten years or "New Lows" below the December 24 nadir.

https://c.stockcharts.com/c-sc/sc?s=%24SPX&p=D&b=5&g=0&i=p8890021383c&a=638532934&r=1546632567671

From the trader's perspective, if the Q4/2018 bloodbath did just one thing of importance and one thing alone, it was to alleviate the terror one has been experiencing when even contemplating short selling since the face-ripping fandango of the past few years. "Don't fight the tape and don't fight the Fed!" screamed the late legendary market maven Marty Zweig and no truer words were ever spoken when you look back to 2009 and especially 2018. The last year was a year in which the Fed was openly hostile to stocks by way of quantitative tightening leading to balance sheet reduction and high short-term lending rates, and it finally registered in early October with the rest being history. In retrospect, it is hilarious how the CNBC cheerleaders totally ignored the words of Master Zweig and instead used the phrase "strong economy" no fewer than 652,947 times in the final quarter of the year as a rationale for buying stocks. Forgotten totally was "the horrid economy" of March 2009 when the Fed embarked on its credit-fueled bailout and intervention campaign when that too was an excuse for "buying the dips," proving once again that CNBC is best watched with the "MUTE" button on and only for live data feeds while away from one's workspace. (I overlay a transparent dart board on my TV for maximum adolescent amusement.)

As a trader, I was terrified in early November when I looked at the Goldman Sachs (GS:US) chart in the days after the Indonesian scandal broke because I did NOT see opportunity; I only saw another potential loss from trying to short a big name U.S. bank. What gave me courage was the knowledge that since the Fed was no longer in "protector mode" and social media starting to viralize the GS story, it appeared as though "conditions" had changed, and when conditions change, I change. I bought the GS December $200 put at $3.40 and sold them at $25, which was actually about $15 too early as GS hit $160 by expiry. Nonetheless, I was a nervous wreck throughout.

The point is that with the severe Q4/2018 breakdown in the long-term charts of the global stock markets including the S&P 500, I am no longer engulfed in abject terror at the thought of shorting one of the FANGS or the index ETFs because despite a blow-out unemployment number last Friday and stock-soothing words from Mr. Powell, this current rally is simply a bear market rally and again as stated last week, this Papa bear is simply sleeping off the engorgement binge upon which he embarked last October resulting in him passing out from excessive gluttony on the Eve of the Noel at S&P 2,351. This bear is simply "napping"; he is NOT back into "hibernation."

That said, I am now of the opinion that the elitists are going to attempt to restore market confidence due to their (rightly founded) fear that recent global market turmoil will see the embodiment of the negative asymmetrical wealth effect of declining assets prices. Stocks, housing and commodities are now trending downward and while stocks alone are enough to sour consumer spending patterns, housing has an infinitely greater impact, as we saw in 2006 when the sub-prime bubble triggered the beginning of that catastrophic foreclosure/liquidation cycle. As the Q4 earnings reports start to arrive, we may see accelerated interventions and abbreviated declines as they try to "soft-land" the stock markets. The first five days of January can give you an inkling as to the month of January just as the Santa Claus rally might be giving us a similar bullish hint.

The time to be short has passed us by and while it might be too early to go long the S&P, I await an RSI north of 70 (currently 46.77) for the S&P 500 before I look to establish any shorts and I would avoid any new longs until I see a successful retest of the December lows OR an RSI back under 25. As for the VIX, it has already crashed from 36 to 21 and if there is ANY ONE indicator that smells of intervention, it is the VIX.

Last point on stocks, what spooked me out of all shorts in the days before Christmas was none other than Stevie Mnuchin (U.S. Treasury Secretary) who came out and actually ANNOUNCED that he had called a meeting of the Working Group on Capital Markets and while it "appeared" to have blown up on Christmas Eve, I have ZERO doubt that the Plunge Protection Team were mobilized in force from Boxing Day onward. The action in the gold and silver markets and the massive move in S&P futures immediately following Friday's NFP report were the "tell" along with my curiosity as to why there is no government-generated COT report while the U.S. government is "closed," but there was a magical arrival of the NFP report from yet another government agency that was somehow supposed to be "closed." I do NOT want to be short with shenanigans like this showing up on our doorstep once again. Ergo, I am not.

https://c.stockcharts.com/c-sc/sc?s=SLV&p=D&yr=3&mn=0&dy=0&i=p4670626018c&a=638363149&r=1546787007534

As to the precious metals and in keeping with my current mistrust of the set-ups from last week, I looked to the RSI on silver as a signal to exit my call option positions, which treated me nicely over the time frame. I did not sell any physical silver nor did I cash the ticket on CDE; all I did was take a little risk off the table last Thursday prior to the NFP Report. While we got a downtick in gold and silver immediately thereafter, they recovered quickly telling me that there is a pretty strong undercurrent of demand for gold and silver here and that pullbacks may be short-lived. I called for a strong Q4 back in August when I wrote "Back up the Truck" and while past luck is no guarantee of future bragging rights, I nevertheless am proud to take the bow just as I did in late 2015 when I called the end of the precious metals bear markets at gold $1,045.

We are undoubtedly entering a period in our lives when "preservation of capital" (AND PROPERTY) is going to replace "return on investment" as the primary objective for a new generation of investors too young to recall a bear market that was ever allowed to go to full maturity without a Fed bailout. Only after they come to the sudden realization that crying into their social media camera phone will not turn back the clock on a margin call will they accept the fact that stocks can and do indeed go down over long periods of time and historically never, EVER get rescued by anyone other than the free market capitalist buying at the lows at the end of the bear market.

Of course, this is where the new generation will flock into the metals because they now recognize that the digital safe haven that they THOUGHT would replace gold and silver as their private, innovative, untouchable store of value—cryptocurrencies—got absolutely annihilated in 2018. They are slowly realizing that as possession is nine-tenths of the law, allowing a massive supercomputer to control your net worth and savings is nothing short of madness. Yet, despite all of this, social media is still rife with all manner of crypto promotions with bagholding converts all citing various "support levels" from which the next big move to Bitcoin $100,000 will occur. Just as latecomers to the massive 2001–2011 precious metals moonrocket were mimicking "$5,000 gold!" for months and months and months after they paid $1,800 then $1,700 then $1,500 after the 2011 peak and were soundly thrashed, so, too, will the crypto-junkies be thrashed and forced kicking and screaming into precious metals ownership. Right behind them will be the weed-o-philes and behind them the FANG-buying stockroaches complete with their "DOW 30,000!" baseball caps and CNBC tee-shirts.

https://c.stockcharts.com/c-sc/sc?s=%24GOLD&p=D&yr=0&mn=6&dy=0&i=p8432471673c&a=638794512&r=1546798259230

Gold prices have had a blistering move since my entry point in late August, albeit we had a few scares along the way before lift-off finally came through. Nevertheless, a $110 move in gold is not to be sneezed at with the GLD April $13 calls recommended in November at $1.00 and then followed up a week later with a strong, table-pounding, screaming "BUY MORE!" when GLD briefly sank back under $114.00. The April calls closed out the week at $1.90 and I have not, as yet, sold them but will be watching eagerly Sunday evening as the Globex opens at 6:00 p.m. EST to see if the PPT shenanigans from Friday carry over into the new week.

To be honest, both my partner and my loyal dog, Fido, both bolted on Friday, off to destinations unknown either the wife to the sister's house and Fido to the cavern below the tool shed (or was it the dog to the sister's and the better half to the…oh never mind) but the karma in my den which has been in total harmonious Nirvana for the month of December has been shattered like an icicle falling from the eaves. I might be a tad paranoid but I am of the belief that the same forces that conspired to screw us in 2013 and which stepped up every time the S&P had more than a 5% dip since 2009 are back "in the room" and whether or not that is why I find myself alone is not important. What IS important is that we hang onto the greater portion of gains in gold, silver and our beloved miners bestowed upon us in Q4/2018. Gold gained 7.53%, silver has gained 15.54%, and the HUI (gold miners) has gained 13.83% in Q4, so I'll be damned if I am going to give back any of those gains. I will know early in the week and if I see something between now and the opening, I will send out an email flash or a tweet.

https://c.stockcharts.com/c-sc/sc?s=%24COPPER&p=D&st=2018-01-01&i=t8655326671c&a=638798222&r=1546799880202

Dr. Copper: Is the good doctor telling us to head for the exits?

As we head into the first real trading week after the low-volume holidays, it will be critical to observe the behaviors of all of the metals, including Dr. Copper, to try to discern the direction of the portfolio. Copper and silver once were strongly correlated and now have diverged, freeing the algobots from pounding silver every time the base metals have a hiccup. The chart shown here is a strongly bearish one, albeit somewhat oversold based upon the MACD/Histograms yet not so for the RSI. The trend is definitely down and until proven otherwise, copper's performance appears to be confirming that which we all suspect to be true—that before too long, the Fed, the PBOC, the ECB and the BOJ will all be in simultaneous and cleverly coordinated EASING and when that happens, the USD is going to get smoked.

The 10-year U.S. Treasury yield has crashed from just under 3.25% in October to 2.67% today which, in the bond world, is a cataclysmic, several-sigma event. As I have written of before, the bond market is infinitely wiser than the stock market in forecasting events and while the Fed can intervene in gold pricing and at the short end of the curve, it has a very tough time with the 10-year. Ergo, my portfolio will be tilted in favor of a watershed-type of event that sees a cessation in rate hikes and a stay in central bank balance sheet reductions. The eardrum-splitting sirens you will then hear are the emergency alert warnings from all FOREX desks across the globe calling all to EXIT the U.S. dollar for the final time, as its reign as the globe's reserve currency comes to a resounding end. With that, gold and silver prices will soar and our gold miners and explorers will flourish.

However, before that happens, remember this: in the animal kingdom, there is nothing more dangerous than a wounded beast. Just as the vast majority of the ecosystem fears man above all as the planet's premier "apex predator" (no natural enemies left), the only creatures that do NOT fear man are insects, sharks, wolves, Komodo dragons and one other—the "wounded" creature of all shapes and sizes. Even a cornered, injured raccoon can be a fearsome and lethal threat if trapped and desperate.

In this manner, I see the world's central bankers in exactly the same venue—trapped and wounded and in desperate need of a solution to a "problem," which they themselves along with their politician cooperatives actually created. That is why I am going to hold on to my physical precious metals as core positions and not available for trading but as call options; they will be the first to go with the miners a close second in the event that we get a gold/silver-hostile series of events next week. If we do, it means that the "invisible hand" has not stopped with the Friday intervention and that they will continue just as they did in 2013 and crush bearish sentiment for stocks and bullish sentiment for gold and in any way they choose.

I close it off with a chart of how throughout history stocks responded to drops of at least 20% in the period immediately thereafter. The one difference is that until 2009, there was no such thing as central bank or government intervention in markets while here in 2019, it is rampant. Keep that in the forefront of your trading and investing psyches and be very, very careful as you do. More to come later in the week. (@MiningJunkie )

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger's adherence to the concept of "Hard Assets" allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

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Disclosure:
1) Statements and opinions expressed are the opinions of Michael Ballanger and not of Streetwise Reports or its officers. Michael Ballanger is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. Michael Ballanger was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
3) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Charts provided by the author.

Michael Ballanger Disclaimer:
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

Gold Producer Reports New Quarterly Production Record at Mexican Mine

Source: Streetwise Reports   01/07/2019

The company provided a breakdown of the year's production by mine.

Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX) announced in a news release it achieved revised 2018 production guidance of 295,000–305,000 ounces by producing at total of 302,550 ounces from its quartet of mines. "2018 was a transformative year for Leagold, as we evolved from a single mine operator into a diversified group with four mines in two countries," CEO Neil Woodyer said in the release.

"In Mexico, the Los Filos mine demonstrated significant production growth with 25,404 oz produced in December as gold recovery rates are normalizing and resulting in a new record quarterly production of 58,201 oz since our acquisition of the mine in April 2017," Woodyer added.

Gold production in 2018 from each mine, from most to least, was: Los Filos, 195,362 ounces; Fazenda, 46,668 ounces; Pilar, 31,122 ounces; and RDM, 29,398 ounces.

Management forecasts the full year 2018 all-in sustaining cost (AISC) will be around $979 per ounce, the level at which it was at the end of Q3/18.

The gold miner will report full 2018 financial and operating results in mid-March. Next week, it will release results of studies concerning a Los Filos mine expansion and subsequently, 2019 gold production and AISC guidance. "Leagold is well positioned to deliver increased production and cash flow in 2019," Woodyer stated.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: Leagold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: LMC:TSX.V; LMCNF:OTCQX, )

Coverage Initiated on ‘Low-Cost, High-Grade, Growing Gold Producer’

Source: Streetwise Reports   01/04/2019

A ROTH Capital Partners report outlined the bullish thesis for this Canada-based mining company.

In a Jan. 3 research note, analyst Jake Sekelsky reported that ROTH Capital Partners initiated coverage on Kirkland Lake Gold Inc. (KL:TSX; KL:NYSE) with a Buy rating and a US$31 per share target price. The stock is currently trading at around US$25.76 per share.

"We view Kirkland Lake as a low cost, high grade, growing gold producer with a strong organic growth profile," Sekelsky commented. "The company is well positioned to deliver strong cash flow while executing on its stated objective to grow production to approximately 1 million ounces (1 Moz) by 2021."

Sekelsky highlighted that "the surface has just been scratched at Fosterville" and high-grade production at that mine should drive growth in 2019 and beyond. Kirkland Lake has expanded the resource there to 1.7 million ounces 23.1 grams per ton (23.1 g/t) grade gold since December 2016. Due to the company's continued successful exploration at Fosterville, ROTH expects the grade in Q4/18 will have averaged about 30 g/t gold.

The analyst also pointed out that Macassa, Kirkland Lake's other cornerstone asset, could hugely benefit from the planned sinking of the #4 shaft, which can hoist about 4,000 tons per day (4 Ktpd), including waste. The shaft should significantly boost throughput at the mine to nearly 2 Ktpd by 2023 and, ultimately, allow for the nearly doubling of production from the current 220–225 Moz per year rate.

Further, Sekelsky indicated Kirkland Lake's other assets should contribute to growth as well.

Also noteworthy, he wrote, is that the company is more concerned with quality than quantity. "Although we expect production to increase from our 2018 production estimate of 669,610 ounces to nearly 1.2 Moz in 2023, we do not expect the approximate 75% increase in production to come at the expense of high operating margins," Sekelsky stated.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from ROTH Capital Partners, Kirkland Lake, Company Note, January 3, 2019

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.

( Companies Mentioned: KL:TSX; KL:NYSE, )

Coverage Resumed on Global Gold Major Facing ‘New Era’

Source: Streetwise Reports   01/04/2019

A CIBC report highlighted why investors should take a new look at this senior mining company with holdings on five continents.

In a Jan. 2 research note, analyst Anita Soni reported CIBC resumed coverage of Barrick Gold Corp. (ABX:TSX; GOLD:NYSE) with an Outperformer rating and a US$17 per share price target as it is "a new era for a new Barrick."

Soni added, "There remains a 26% return to our price target at current multiples and the potential for further upside opportunity with delivery of the strategic plan."

CIBC's current target price and rating compare to its previous US$14.50 target price and Neutral rating on the miner. Barrick's current share price is about US$13.05.

The new Barrick, having merged with Randgold, Soni noted, owns five of the world's Top-10 tier 1 gold assets along with sizable land positions in established gold districts. The senior mining company's portfolio consists of 21 mines and six projects in North America, South America, Africa, Australia and Asia. These assets present "significant opportunities for production growth, asset rationalization, operational improvement and optimization through exploration additions and mineral resources management," Soni indicated. The company's management team is "known for delivering industry-leading returns for investors."

All of the above, along with CEO Mark Bristow's strict method of evaluating new projects, afford investors in the name the chance to yield a premium multiple, Soni concluded.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from CIBC, Barrick Gold Corp., January 2, 2019

Analyst Certification:
Each CIBC World Markets Corp./Inc. research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Analysts employed outside the U.S. are not registered as research analysts with FINRA. These analysts may not be associated persons of CIBC World Markets Corp. and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Potential Conflicts of Interest:
Equity research analysts employed by CIBC World Markets Corp./Inc. are compensated from revenues generated by various CIBC World Markets Corp./Inc. businesses, including the CIBC World Markets Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets Corp./Inc. generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets Corp./Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets Corp./Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

Important Disclosure Footnotes for Barrick Gold Corp. (GOLD)

· CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from Barrick Gold Corporation in the next 3 months.

( Companies Mentioned: ABX:TSX; GOLD:NYSE, )