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Tag: Marimaca Copper 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

Endangered Species List – How Has COVID-19 Changed Takeover Targets?

We are updating our Endangered Species List, first published in mid January, which is a list of mining companies that we consider most likely to go extinct (be acquired) in the next 12-18 months. Now that we are past the halfway point of this unprecedented year, we are updating our list of companies we feel are more likely than others to disappear. In our first edition, we outlined the specific criteria used for our selections and a brief rational for the companies we chose. The list of criteria has not changed, but has been tweaked to reflect recent trends. We have decided to subtract three companies from our original list and are adding three in their place.

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Red Cloud | redcloudfs.com

Coro Mining Corp. (TSX:COP) – Coro Delivers Exploration Success Around Marimaca

Coro Mining released the results from a scout drilling program close to its Marimaca copper deposit in Chile. The program targeted oxide areas to the north and south of Marimaca that have the potential to rapidly add ore to the mine plan (PEA expected H1/20). We note that Coro has defined what we strongly believe is the best copper oxide project in the public domain, which will likely be highly sought after.

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Red Cloud | redcloudfs.com

Endangered Species List – Move Over Pandas, These Names are Going the Way of the Dodo

We are publishing our first “Endangered Species List”, which is a list of mining investment assets we consider most likely to go extinct (be acquired) in 2020. In addition, we plan to update this list of names throughout the year. In this note, we outline the criteria used for being selected to our list and a brief rationale of the specific catalyst that we believe could lead to the takeout occurring.

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Red Cloud | redcloudfs.com

Coro Mining Corp. (TSX: COP) – Moving from Explorer to Near-term Copper Producer

Coro announced an updated mineral resource estimate and strategy for its Marimaca copper project located near Antofagasta in northern Chile. The company has increased its total measured and indicated resources by 45% and its inferred resources by 585%. We note that the company has defined what we strongly believe is the best copper oxide project in the public domain, which will likely be highly sought after.

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Red Cloud | redcloudfs.com

Coro Mining (TSX:COP) – Ownership Consolidated; Endorsement at a Premium

Impact: Positive

Coro Mining Corp has announced that it plans to acquire the final 49% interest in Marimaca 1-23 claim giving the company 100% control of the entire Marimaca Project near Antofagasta, Chile. Coro has also announced a C$16.7M financing with its largest shareholders. We continue to believe that this growing Cu oxide project is undervalued by the market and this shift to full control should therefore be seen as a further positive.

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Red Cloud | redcloudfs.com

Coro Mining Corp. (TSX:COP) – Phase II Doesn’t Disappoint

Impact: Positive

Coro released a final batch of results from its Phase II drilling program which continued to deliver oxide-copper mineralization as the company tests the northeastern limits of its Marimaca deposit. These results validate our view that a 175Mt oxide resource is potentially in hand – we expect Coro’s upcoming resource update (Q3/19) should move the share price towards our estimate.

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Red Cloud | redcloudfs.com

H2/19 Explorer Preview – Looking for Winners in the Upcoming Drill Season

Introducing our inaugural Exploration Preview, which focuses on names within our coverage universe with drill bit torque. We review the exploration potential and try and quantify the potential impact on the share price should the company be successful in delivering results. We believe that exceptional drill results can create value regardless of where we are in the commodity cycle. Our top ideas are highlighted in Figure 1 below and will be presented in a similar alphabetical order within this document, bifurcated for precious and base metals focus.

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Red Cloud | redcloudfs.com

Coro Mining Corp. (TSX:COP) – Marimaca Exceeding Expectations

Impact: Mildly Positive

Recent news confirms that Coro’s ongoing drill campaign has defined high-grade copper oxide zones within a broader oxide footprint that has more than doubled in size. In addition, the company continues to intersect intervals of primary copper which bodes well for a larger sulphide deposit beneath the oxides. We are increasing our fair market value estimate for Coro from C$0.21/sh to C$0.30/sh, based on a larger 175Mt oxide resource, driving a 40Ktpd mining operation averaging ~116Mlbs of copper annually. We believe Marimaca is a compelling copper heap leach story that keeps getting better with the drill bit.

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