Contents
EXECUTIVE SUMMARY ............................................................................................................................ 1
INTRODUCTION ...................................................................................................................................... 4
INVESTMENT THESIS .............................................................................................................................. 4
Metal Price Forecast Provides Traction ...................................................................................................... 4
Market Waves a Yellow Flag ..................................................................................................................... 4
Why We Think You Should Consider Investing in an Emerging Producer ......................................................... 5
Rise to Fame ................................................................................................................................ 5
Ripe for the Picking ......................................................................................................................... 7
Go It Alone .................................................................................................................................... 7
The Road Ahead .................................................................................................................................... 7
Allied Nevada ................................................................................................................................. 8
Minefinders ................................................................................................................................... 8
Gammon Gold ............................................................................................................................... 8
Peer Group Comparison .......................................................................................................................... 9
INVESTMENT RISKS .............................................................................................................................. 13
ALLIED NEVADA: MINING THE TIP OF AN ICEBERG .......................................................................... 15
Executive Summary .............................................................................................................................. 16
Investment Analysis ............................................................................................................................... 17
Profile ................................................................................................................................................ 19
Corporate Overview .............................................................................................................................. 20
Hycroft Mine: Mining the Tip of an Iceberg ................................................................................................. 21
Other Assets ....................................................................................................................................... 26
Capital Structure .................................................................................................................................. 26
Directors and Management .................................................................................................................... 28
MINEFINDERS: WORTH THE WAIT ...................................................................................................... 29
Executive Summary .............................................................................................................................. 29
Investment Analysis ............................................................................................................................... 30
Profile ................................................................................................................................................ 32
Corporate Overview .............................................................................................................................. 33
Dolores Mine: Worth the Wait ................................................................................................................. 34
Other Assets ....................................................................................................................................... 39
Capital Structure .................................................................................................................................. 40
Directors and Management .................................................................................................................... 41
GAMMON GOLD: TURN AROUND AND TAKE A CLOSER LOOK ....................................................... 43
Executive Summary .............................................................................................................................. 43
Investment Analysis ............................................................................................................................... 44
Profile ................................................................................................................................................ 46
Corporate Overview .............................................................................................................................. 47
Ocampo Mine: GAM’s Treasure of the Sierra Madre ................................................................................... 49
El Cubo Mine: Centuries of Silver ............................................................................................................ 55
Guadalupe Y Calvo ............................................................................................................................... 58
Capital Structure .................................................................................................................................. 58
Directors and Management .................................................................................................................... 59