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Tag: Mako Mining Corp.

Red Cloud | redcloudfs.com

Coverage Update – Discontinuing Coverage

As the result of the reallocation of resources, Red Cloud is discontinuing coverage on the following five
companies:

• Mako Mining Corp. (TSXV:MKO) – now unrated (was BUY, C$0.80/sh target, Derek Macpherson)
• Standard Lithium Ltd. (TSXV:SLL) – now unrated (was BUY, C$1.45/sh target, Derek Macpherson)
• Fission Uranium Corp. (TSX:FCU) – now unrated (was Under Review, Derek Macpherson)
• Marimaca Copper Corp. (TSSX:MARI) – now unrated (was BUY, C$5.25/sh target, Jacob Willoughby)
• Rockcliff Metals Corp. (CNSX:RCLF) – now unrated (was BUY, C$0.40/sh target, Jacob Willoughby)

Our previous estimates should no longer be relied upon.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – San Albino Pit Expanding to SW with More High-Grade Hits

Mako Mining released positive infill and expansion drill results from the San Albino zone within its 100%-owned San Albino Project in Nicaragua. Mako reported assays for 14 holes which in our view, increase confidence in our modelled resource grade and tonnage, while at the same time point to the potential for expanded West Pit limits. In our view, we expect the share price to re-rate as continued exploration success builds momentum towards a first gold pour in Q1/21.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – COVID May Impact First Production BUT Not Drill Results

Mako Mining released more positive drill results from two holes from the Las Conchitas area and announced that as a result of COVID-19 related delays, it expects its first gold pour to be in Q1 2021 (was Q4/20). The exploration results continue to highlight the scale and higher grade of Las Conchitas. We note that while the delay modestly impacts our NAVPS estimate and estimated future financing requirements for Mako, it does not change our view. We continue to believe that Mako’s stock is poised to re-rate with both ongoing exploration success and as first production approaches.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV: MKO) – Bayacun Keeps Adding High-Grade Ounces

Mako Mining released positive drill results from the Las Conchitas area within its 100%-owned San Albino Project in Nicaragua. Mako reported assays for 23 holes, for a total of 65 holes out of its 92 hole, ~6,000m shallow drill program in the Bayacun zone. We believe that these results continue to support our estimates for the scale of the Las Conchitas area and suggest our grade estimates could have room to rise. We continue to believe that Mako’s stock could re-rate with both ongoing exploration success and first production.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – San Albino Infill Drilling Improves Confidence

Mako Mining released drill results from its infill drilling program at the San Albino zone within its 100%-owned San Albino Project in Nicaragua. Mako reported assays for 156 holes which in our view, increase confidence in our modelled resource grade and tonnage, while at the same time point to the potential for higher grades. In our view, we expect the share price to re-rate as continued exploration success builds momentum towards a first gold pour in Q4/20.

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Red Cloud | redcloudfs.com

Getting Ready for Gold to Run – Updating our “Precious Metals Hoarding List” – Time to think Smaller

As we anticipated, the massive liquidity injections and stimulus packages being introduced have started to drive gold and gold equities higher. We believe it is now time for investor to focus on smaller producers and large developers. If you had bought an equal-weighted basket of the larger companies we recommended in our previous note, it would have returned 60% (Top 3), and 68% (Wider Group). Based on history, we believe there are better returns to be made with smaller companies as this bull market matures. We are updating our “Precious Metals Hoarding List” and the junior producers that screened the best based on our criteria (Appendix A) are: Serabi Gold (TSX:SBI, not covered), Argonaut Gold (TSX:AR, not covered) and RNC Minerals (TSX:RNX, BUY, C$1.30 target, Derek Macpherson).

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – Arras Likely to Add Higher Grades Early

Mako Mining released more positive drill results from the Arras zone within its 100%-owned San Albino-Murra property in Nicaragua. Mako reported assays for 28 holes from its 2019-20 program designed to identify shallow mineralization that could be brought forward in the mine plan and improve project economics. These results continue to support our investment thesis that ongoing exploration success coupled with first production in Q4/20 should drive valuation.

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Red Cloud | redcloudfs.com

Q1 Reporting Preview & Commodity Price Update – Gold Miners Poised to Shine: Now & Going Forward

Gold continues to shine, and we expect gold producers to continue to outperform as Q1 operating and financial results are announced in the coming weeks. As we noted in the Building our “Precious Metals Hoarding List” published last month, we believe that we are in a bull market for gold and gold equities. In the upcoming reporting season, we believe producers that report strong Q1 results, along with reasonable outlooks (adjusted for COVID-19), are likely to outperform. Additionally, there are several companies with strong tailwinds for Q2/20 as they are poised to benefit from significantly lower local currencies and decade low energy prices. In this note we are updating our commodity and currency estimates and highlight names from our coverage universe that we believe could outperform when quarterly reporting begins April 22, 2020.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – Making a Splash at Las Conchitas

Mako Mining released another batch of positive drill results from the Las Conchitas area of its 100%-owned San Albino-Murra property in Nicaragua. The company reported assays for six holes (~537m) out of its 81 hole, ~6,000m shallow drill program. We believe that these results continue to support the scope of the Las Conchitas area and suggest our grade and size estimates could have room to grow. We continue to believe that Mako’s stock will re-rate with both ongoing exploration success and first production in Q4/2020.

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Red Cloud | redcloudfs.com

Mako Mining Corp. (TSXV:MKO) – Progressing Towards First Gold Pour in Q4/20

Mako Mining now expects to have its first gold pour at San Albino in Q4/20. While this is in line with previous guidance, H2/20, we had modeled mid-Q3/20 as the likely start date. Although progress was being made at a rapid pace at San Albino, the unexpected impact of COVID-19 around the world has caused the company to slightly push out its timeline – though the project itself is unaffected. The impact is net neutral to our valuation and NAV based target. We continue to believe that Mako’s stock will re-rate with both ongoing exploration success and first production.

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