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• Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.
• This marks the final approval for the construction and future operation of the project.
• Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected)
• Given the advancement at Spring Valley, increased gold and silver prices, and continued M&A in the sector, we are increasing our target price.
Sailfish Royalty (FISH:TSXV, SROYF:OTC) announced that on July 15th, the United States Bureau of Land Management (BLM) approved Solidus Resources LLC to construct and operate the Spring Valley Gold Mine Project located in Pershing County, Nevada. Solidus, the operator of the project, is approved to construct, operate and maintain an open-pit gold mine, three waste rock facilities, and a heap leach facility. FISH holds up to a 3% NSR on the majority of the proposed mine (Figure 1). The Spring Valley mine holds most of our valuation for FISH, and we are excited as the project continues to advance and derisk. Additionally, we will reiterate that there is future upside as the mine’s size and scale will likely be larger than the currently proposed mine plan (feasibility study uses $1,800/oz). We are maintaining our BUY rating and increasing our target price to C$2.75/share (previously C$2.50/share) on Sailfish Royalty.
Spring Valley Significantly Derisked
Today’s announcement marks one of the final steps for the Spring Valley mine to be derisked to production. One of the last steps is securing a definitive agreement for the financing of the project. We remind readers that on May 13th, Solidus announced it had received an LOI for financing of up to $835M for the project. For other recent updates as well as a detailed breakdown of the Spring Valley mine, find all our research on Sailfish, here.
Sailfish holds the following Spring Valley Royalty Assets:
• Up to a 3% NSR on a majority of the acres included in the proposed open pit at Spring Valley (royalty bounded in blue);
• A 1.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in pink); and
• A 0.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in yellow)
FISH: Spring Valley Approved for Production; Increasing Target
What you need to know:• Sailfish announced that the BLM has approved Solidus Resources (the operator) to construct and operate the Spring Valley Gold Project.
• This marks the final approval for the construction and future operation of the project.
• Mako reported strong production results in Q2, posting 10.9Koz of gold (vs. 11.5Koz expected) and 12.5Koz of silver (vs. 10.5Koz expected)
• Given the advancement at Spring Valley, increased gold and silver prices, and continued M&A in the sector, we are increasing our target price.
Sailfish Royalty (FISH:TSXV, SROYF:OTC) announced that on July 15th, the United States Bureau of Land Management (BLM) approved Solidus Resources LLC to construct and operate the Spring Valley Gold Mine Project located in Pershing County, Nevada. Solidus, the operator of the project, is approved to construct, operate and maintain an open-pit gold mine, three waste rock facilities, and a heap leach facility. FISH holds up to a 3% NSR on the majority of the proposed mine (Figure 1). The Spring Valley mine holds most of our valuation for FISH, and we are excited as the project continues to advance and derisk. Additionally, we will reiterate that there is future upside as the mine’s size and scale will likely be larger than the currently proposed mine plan (feasibility study uses $1,800/oz). We are maintaining our BUY rating and increasing our target price to C$2.75/share (previously C$2.50/share) on Sailfish Royalty.
Spring Valley Significantly Derisked
Today’s announcement marks one of the final steps for the Spring Valley mine to be derisked to production. One of the last steps is securing a definitive agreement for the financing of the project. We remind readers that on May 13th, Solidus announced it had received an LOI for financing of up to $835M for the project. For other recent updates as well as a detailed breakdown of the Spring Valley mine, find all our research on Sailfish, here.
Sailfish holds the following Spring Valley Royalty Assets:
• Up to a 3% NSR on a majority of the acres included in the proposed open pit at Spring Valley (royalty bounded in blue);
• A 1.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in pink); and
• A 0.5% NSR on a portion of the proposed open pit at Spring Valley (royalty boundary in yellow)
Underlying
Sailfish Royalty Corp.
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Atrium Research Corporation
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Ben Pirie
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