External broker reports(aggregated public sources), Argonaut

Argonaut

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Updated met results exceed our expectations and granting of mining leases is another tick towards development.</li><li>On our modelling we bump up our assumed average project metallurgical recovery from 92% to 93%, retaining plenty of conservatism.</li><li>We still assume processing through Dalga. Our valuation improves slightly to $0.40 per share, prior $0.38.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Updated met results exceed our expectations and granting of mining leases is another tick towards development.On our modelling we bump up our assumed average project metallurgical recovery from 92% to 93%, retaining plenty of conservatism.We still assume processing through Dalga. Our valuation improves slightly to $0.40 per share, prior $0.38.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Musgrave Minerals

Musgrave Minerals (MGV) - Good Met