Couloir Capital, in a research report published on June 29, 2024, provided an update on Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) following the company's announcement of its maiden NI 43-101 mineral resource estimate (MRE) at the Keno Silver project and the initiation of its 2024 drilling program.
Metallic Minerals announced its first NI 43-101 MRE at the Keno Silver project, comprising four separate deposits (Formo, Fox, Caribou, and Homestake).
"The resource comprises an inferred resource of 2.5 Mt at 223 [grams per tonne silver equivalent] g/t AgEq, equating to 18.16 Moz of contained AgEq," Couloir Capital noted. "These deposits remain open to lateral and depth expansion. We expect further drilling to add more resources, which should lead to an increase in the valuation."
The analysts highlighted the company's 2024 drilling program, which has been initiated at both the La Plata and Keno Silver projects. "This drilling initiative seeks to expand existing resources and evaluate the potential for new discoveries at the highest-priority, drill-ready targets," they stated. At Keno Silver, the focus will be on resource expansion at the Formo target, while at La Plata, the initial focus is on extending higher-grade mineralization at the Allard resource area.
Couloir Capital also noted the recent top-up financing from Newmont Corp. (NEM:NYSE), viewing it as a positive development.
"We are encouraged to see additional share purchases from Newmont Corp. Newmont exercised its 'top-up right' to buy additional shares of MMG to maintain its 9.5% stake in the company," the analysts commented. "We see this as a vote of confidence by a tier-1 miner in MMG's resource potential."
Couloir Capital's fair value per share estimate of Blackwolf was updated to CA$0.47, representing a projected upside of 61.08% from the price at the time of the report of CA$0.29.
Metallic Minerals' strategic plans include continuing exploration and resource expansion at both the Keno Silver and La Plata projects, as well as earning royalty monies on alluvial gold claims at its Australia Creek property near Dawson City, Yukon.
With a Buy rating and a fair value estimate of CA$0.47, Couloir Capital sees significant potential in Metallic Minerals as the company advances its exploration projects and continues to expand its resource base. The analysts expect the 2024 drilling program to "add significant ounces to the existing resources," potentially driving further value for shareholders.
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Disclosures for Couloir Capital, Metallic Minerals Corp., June 29, 2024
This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations.
Couloir Capital Ltd. is affiliated with Couloir Securities Ltd., an Exempt Market Dealer. They shall be referred to interchangeably as Couloir Capital herein. Part of Couloir Capital’s business is to connect mining compa- nies with suitable investors that qualify under available regulatory exemptions. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Ad- ditionally, Couloir Capital 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.
Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g. prohibitions to investments due to law, jurisdiction issues, etc.) which may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document.
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- In the last 24 months, Couloir Capital Ltd. HAS been retained under a service agreement by the sub- ject This service agreement includes analyst research coverage.
- The views of the Analyst are
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- The Analyst DOES NOT maintain a financial interest in the securities or options of the
- Couloir Capital DOES NOT maintain a financial interest in the securities or options of the
- The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.
