Every Economic Cloud Has a Silver Lining

Notable Quotes

"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More�>

"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More�>

"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More�>

"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More�>

"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More�>

Every Economic Cloud Has a Silver Lining

ANTHONA CURIC, Versant Partners (04/06/2009)
Investment Highlights

Small-cap silver producer with strong production growth profile

2008 silver production at Caylloma is up ~77% YoY relative to 2007 and expected to increase by another 86% in 2009 to 1.6M opa
Targeting production of 5.5M oz silver equivalent by 2011; driven largely by mill expansion at Caylloma and start-up of the San Jose mine

Operations located in attractive jurisdictions

Peru and Mexico provide low geopolitical risk
Active mining region with well-established infrastructure

Experienced operating and management team with proven track record

Fortuna senior and technical management are located in Lima, Peru, have a strong track record of doing business in Latin America and have excellent government and community relations

Healthy balance sheet with no net debt and a strong cash balance

Strong cash flow driven by low cash cost operations

Unhedged silver production

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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.

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The Gold Report

Notable Quotes

Every Economic Cloud Has a Silver Lining

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