ACF Rubicon Initiation Note 16072018

Rubicon (RMX:TSX) is a Canadian high-grade gold exploration company in the prolific Red Lake District with significant infrastructure and experienced leadership. Potential economics are exceedingly strong, especially in a weak C$ environment, milling is in place, bulk underground extraction looks possible. Key milestones include a feasibility study decision 2H18, bulk sampling results improving the project’s scope and reducing costs, and further 2018E drilling and exploration updates. RMX should undergo an upward re-rating. Further exploration programs could improve both the estimated mineable resources and the probability of full-scale production starting within the next 2-3 years. Our valuation model assumes full-scale production starts within the next 2-3 years.

Rubicon Minerals Corp.

Rubicon Minerals is engaged in the acquisition, exploration and development of gold and base-metal exploration properties in Canada and the United States. The ability of Co. to recover the costs it has incurred on its properties, is dependent upon profitable extraction of gold or other minerals from its properties, the ability of Co. to resolve any environmental, regulatory, or other constraints which may hinder the successful development of its properties, obtaining, if required, financing to complete exploration and development, and upon future profitable production or proceeds from disposition of mineral properties.

ACF Equity Research
ACF Equity Research

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