Couloir Capital

ALB ALB CYP

• Cypress Development Corp. (TSX-V: CYP) (“CYP”, or “Company”) has seen impressive gains in its share price since our initiating report and has leveraged this into a recent equity financing with a bought deal raise. The company raised gross proceeds of almost $20 million, and with a significantly stronger balance sheet, the company is advancing key strategic objectives that could advance its Clayton Valley Project further. • Building Out Pilot Plant Operations: The company's main objective is to complete its pilot plant and begin small-scale, preliminary lithium production. The pilot plant is expected to test key assumptions from the Prefeasibility Study (“PFS”), and eventually advance the project to a Feasibility Study (“FS”). • Testing Chloride Leaching for Lithium Extraction: Leveraging positive metallurgical results in late 2020, CYP is looking to test the feasibility of chloride leaching as a viable alternative to the sulfuric leaching assumed in the PFS. This could significantl

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Wheaton Precious Metals Corp

Report Highlights • In this report, we look at the gold royalty industry in relation to traditional gold mining companies and the commodity itself. As specialty financiers, royalty companies provide project financing to miners via various contracts, purchase third-party royalties, and even accumulate properties or property options of their own (with the intention of selling or optioning them to miners in the future for profit and/ or royalty agreements). • Outperformance vs. Gold Miners: In terms of share price performance and valuation multiples, the major gold royalty companies have largely outperformed the major precious metals miners. We believe that this is in large part due to differences in operating models and the relative strengths of the royalty model that minimize operating cost and CAPEX intensity, as well as risk and operating complexity. • Valuation Multiples Expansion and Returns to Scale: A phenomenon that has been well recognized in the mining royalty industry is the positive value accretion with scale. As royalty companies accumulate royalties and other holdings, they benefit from organic asset growth on royalties that comes at no additional cost, combined with de-risking benefits related to portfolio diversification. As a result, we have seen major royalty companies exhibit higher multiples as they grow their portfolios. • Small-Scale Gold Royalty Companies Poised for Growth: Due to the aforementioned effect, smaller royalty companies with the right equation and catalyst to drive royalty portfolio growth can see dramatic increases to their valuations. In this report, we will be examining Ely Gold Royalties Inc. (TSXV: ELY) as a benchmark example of this.

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Agnico Eagle Mines Limited (AEM:NYS)Maple Gold Mines Ltd (MGM:TSX)

• Maple Gold Mines Ltd. (TSX-V: MGM) (“MGM”, or “Company”) is a junior mining company with a focus on precious metals, specifically gold. The Company owns a large-scale property package comprising two gold-prospective projects located in Quebec, Canada. • Partnership with Agnico Eagle Mines: The company has a Joint Venture (“JV”) agreement in place with major gold miner Agnico Eagle Mines Limited (TSX: AEM). The JV agreement is structured to provide AEM ownership interest in return for shouldering exploration and development costs, giving MGM the potential to realize significant asset valuation growth at low near-term cost. In addition, AEM is contributing its past-producing, high-grade Joutel Gold Project to the JV which adjoins MGM's Douay Gold Project. • Existing Gold Resource with Significant Expansion Potential: the Douay Gold Project is favourably positioned in the world-class Abitibi greenstone belt, and MGM has explored the property since 2010. The company completed a resourc

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Melkior Resources Inc.

• Melkior Resources Inc. (TSX-V: MKR) (“MKR”, or “Company”) is a junior mining company with a focus on precious metals, specifically gold. The Company owns four exploration-stage projects in its mineral portfolio, all of which are located in premier jurisdictions Ontario and Quebec. • Strong Partnerships Provide Significant Valuation Leverage: The company has two option agreements in place with world-class miners Barrick Gold Corp. (TSX: ABX) and Kirkland Lake Gold Ltd. (TSX: KL), with room for the agreements to transition to conditional joint venture (“JV”) agreements. The agreements are structured to provide the partners ownership interest in return for shouldering exploration and development costs, giving MKR the potential to realize significant asset valuation growth at lower near-term cost. • Favorable Asset Positioning: MKR's assets are all positioned in strong mining jurisdictions, and in close proximity to the holdings of other mining companies. We believe there is a positive

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Braveheart Resources Inc

Investment Highlights • Braveheart Resources Inc. (“BHT”, “the company”) is a base metals explorer with a focus on projects in British Columbia (“BC”) and Ontario. It has two polymetallic-copper mines at the development stage and is targeting near-term production. • BC Copper Mine with Near-Term Production Restart: At BHT’s Bull River Mine, the company are looking to restart copper production from the existing mining infrastructure, with low-cost cash flow generation being targeted within the calendar year. • Developed Copper Asset in Pickle Lake: At the Thierry Mine, a historical producer with currently flooded underground workings, BHT has recently announced a positive Preliminary Economic Assessment (“PEA”), further shoring up its development portfolio. • Flexibility on Debt Servicing: Despite the large debt held by the company, we believe the weak solvency picture is offset by the willingness of creditors to reach agreements with the company and support its mine development. • Based on our analysis and valuation models, we are initiating coverage on BHT with a BUY rating and a fair value per share estimate of $0.21 per share.

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Ion Energy Ltd

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