Clarus Securities Inc.

Asanko Gold Mine Site Visit

Nana Sangmuah

We return from last week’s site visit very encouraged and with furthered confidence in the project’s operational performance and management’s staged development approach to doubling production by 2022.  The plant performance to date, grade reconciliation, qualified personnel and ramp up in production to steady state by Q2/16 provide us with optimism.  Our flyover of the mine revealed the extent of artisanal activity, indicative of a highly prospective belt.  In our opinion, AKG is well positioned to boost production by 50% to 280 koz by 2018 and to doubling production to ~480 koz by 2022 supported by internally generated cash flows.

Article Highlights:

Mining Ramp-up on Track
  • Nkran can be effectively mined at a rate of 3Mtpa without requiring significant push backs that could be detrimental to the project economics...
Grade control drilling
  • In the western and eastern portions of the pit where the ore body daylights, positive reconciliation on grade has been seen and is currently being encountered in the main ore body...
Plant and Metallurgy
  • TSF has a capacity for 120 Mt, more than sufficient for the combined capacity of Phase 1 and Phase 2 of 95 Mt.  In addition, the Nkran extension which was picked up as a result of condemnation drilling and is contiguous to the TSF is planned to be mined out soon and that could provide room for additional capacity, if needed...

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Field of Greens

Brock Winterton

Clarus was active in Q4/16 as it was involved in seven transactions raising a total of $444 million.  We maintained our marquee position in the emerging marijuana space having participated in four transactions (two as lead) raising a total of $105 million.  Other major transactions were completed raising $288 million in the oil and gas sector, and $51 million in the technology and diversified spaces.

  Issuing Company
Capital Raised
Lead
Co-Managed
  MEDICAL MARIJUANA
  Aphria Inc.
$40.3
  CannaMed
$50.0
  Cannabo
$8.4
  Kalytera Therapeutics
$7.0
  OTHER SECTORS
  Spartan Energy
$287.6
  Park Lawn
$46.0
  Breaking Data
$5.0

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New Ideas at Clarus

Brock Winterton

At Clarus, we’re dedicated to staying at the forefront of emerging trends. Take a look at some of the new ideas we’ve been involved within the past few months:

Park Lawn Corp. PLC – As Canada's only publicly listed cemetery and funeral home provider, Park Lawn is well suited for the demographic trend of an aging population. 


Kalytera Therapeutics
 – A biotech company that is focused on developing proprietary CBD formulations from cannabis plants in the medical marijuana space. 

Buriticá Site Visit Confirms Highly Attractive Project

Jamie Spratt

We were on site this week at CNL's Buriticá project in Columbia.  Overall, we come away from the visit encouraged by the positive trial mining results to date and the approach of the team on the ground in Columbia.

Article Highlights:

Next Steps Post-Permitting
  • With all environmental permits now in hand, management is now focused on detailed engineering of the Buriticá project....
Mining Scenario
  • Our underground tour allowed us to visit underground test stopes and cross cuts in the San Antonio (Yaragua) and Murciealagos (Yaragua) vein packages.  Results from significantly wider and higher grade results that suggest potential for upside to feasibility study assumptions...
CSR Program
  • Our meeting with local community leaders highlighted the strong support for the project and company in Buriticá and the quality of its CSR program locally...

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