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Author: RCFS Web

Red Cloud | redcloudfs.com

Libero Copper & Gold Corp. (TSXV:LBC) – Expansion and New Discovery Potential at Mocoa

Libero has identified nine new porphyry targets at its 100%-owned Mocoa porphyry Cu project in Colombia, in the immediate vicinity of the current Mocoa deposit. These targets were identified based on the results of detailed airborne magnetic and radiometric surveys completed at the end of 2021, along with recently compiled geochemical data. We view this announcement positively, as we believe management is improving its understanding of Mocoa’s mineralized system. The geophysical and geochemical data suggest to us that Mocoa could be host to a clustered porphyry system, which could provide good potential for further discoveries and resource expansion – two factors we believe are key to a potential re-rating of Libero’s stock price.

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Red Cloud | redcloudfs.com

Chalice Mining Ltd. (ASX:CHN) – High-Grade Step-Out Drilling Extends Gonneville at Depth

Chalice reported additional infill and step-out drilling results from its 100%-owned Julimar Ni-Cu-PGE project located in Western Australia. We view these results positively, as they have demonstrated the potential to extend the Gonneville resource at depth. We note that these results are likely to lead to an addition to the resource and a deeper pit at Gonneville, which is currently host to 17M oz PdEq or 1.9Mt NiEq in I&I resources. Moving forward, the next important milestones for the project include a scoping study (Q3/22), and an updated resource estimate, anticipated to be released in June.

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Red Cloud | redcloudfs.com

World Copper Ltd. (TSXV:WCU) – Exploration Plans Outlined to Advance Zonia

World Copper provided an exploration and development update for its 100%-owned Zonia Cu oxide project in Arizona. An internal technical review of the project has confirmed three potential growth drivers for the project which include resource expansion from targets adjacent to the existing resource, a new porphyry target to the NE of the existing resource, and an updated PEA which is expected to include additional mineralization not factored previously along with recent market conditions. In our view, World Copper has transformed from an explorer into a developer with a portfolio of high-quality Cu projects in premiere mining jurisdictions. We believe, Zonia has lots of untapped potential as it could either be rapidly developed for nearer-term production or potentially be expanded through exploration to increase the size and scale of the project.

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Red Cloud | redcloudfs.com

Blackrock Silver Corp. (TSXV:BRC) – Maiden MRE for Tonopah West Delineates 42.6M oz AgEq at 446 g/t AgEq

Blackrock reported its maiden mineral resource estimate (MRE) for its 100%-controlled Tonopah West project in Nevada. The company reported inferred resources of ~3Mt at an average grade of 446 g/t AgEq for contained ounces of 42.6M AgEq. While the number of ounces was lower than our Lower Case estimate of ~66M oz AgEq, grades were generally in line with our expectations of 474 g/t AgEq. We highlight that this resource is only from a portion of the property and that the known veins continue well outside the resource area and at depth, thereby still providing upside. As a result of this MRE, we are adjusting our model and target price for Blackrock to C$1.70/sh (was C$2.15/sh). Moreover, the MRE is restrictive, as the block model 1) accounts for gold and silver recoveries, and 2) incorporates optimized underground stopes, atypical of most global resources and thus we view it as an ultraconservative and high-quality estimate.  In our view, this maiden resource marks an important milestone for Blackrock and a major de-risking step for the Tonopah West project.

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Red Cloud | redcloudfs.com

E3 Metals Corp. (TSXV:ETMC) – Move Over Oil, Alberta’s Next Boom is Lithium

We are initiating coverage on E3 Metals Corp. (TSXV:ETMC) with a BUY rating and C$7.50 target price, representing 211% upside from the current share price. E3 is developing its 100%-owned Alberta Li-brine project, which comprises several properties covering the Leduc Aquifer, host to one of the largest Li resources in the world. The most advanced prospect is Clearwater, which E3 is advancing to commercialization, with planned annual production of at least 20,000 t LHM by 2026 using its proprietary Direct Lithium Extraction (DLE) technology. While Clearwater’s economics are compelling as is, we feel that the real prize is scaling-up production and turning Alberta into a major lithium hub.

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