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Allied Nevada Gold Corp.


Allied Nevada is advancing gold exploration and development projects in Nevada. Its 100%-owned flagship, Hycroft Mine, is currently producing at an annual rate of ~100 Koz. gold and 300 Koz. silver. ANV has begun an oxide-expansion project to increase production to >300 Koz. gold and 1 Moz. silver. The low-risk, high-reward project aims to more than triple production by 2013 and maximize extraction of the current reserve estimate of 2.4 Moz. gold.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Ben Kramer-Miller, Seeking Alpha (11/5/14) "There is an opportunity in Allied Nevada Gold Corp. shares. . .the risk/reward favors the bulls at this point. . .there is simply too much upside potential for investors to ignore, now that the shares trade at just over $1. . .everybody, management included, knows that a big move is coming, and we've seen how such a move can generate enormous value for those who have the courage to step in and buy the shares now."

Resource Investing News (11/2/14) "Allied Nevada Gold Corp. has plans currently in place to expand the Hycroft project. . .a recently updated feasibility study projects that the mine will produce an annual average of 22.9 Moz silver for the first five years following the expansion. . .the expansion plan involves creating a milling and oxidation plant to process sulfide reserves, along with the oxide reserves that the company currently mines at the site."

Trevor Turnbull, Scotia Capital (7/14/14) "Allied Nevada Gold Corp. reported Q2/14 gold and silver production of 56,864 oz and 481,151 oz, respectively (sales were in line with production). The company appears well positioned to meet its annual guidance of 230250 Koz, especially with the crusher now able to deliver a significant portion of material to the leach pad."

Michael Gray, Macquarie Capital Markets (5/6/14) "Upcoming catalysts for Allied Nevada Gold Corp. include filing a prefeasibility study in May 2014, Q2/14 results in August 2014 and feasibility study results in Q3/14."

Morning Coffee (1/10/14) "Shares of Allied Nevada Gold Corp. jumped after the company announced Q4/13 and FY/13 gold and silver production. For the quarter the company produced 61,419 oz gold and 377,314 oz silver. That is an increase of 35% and 61% respectively over the same period last year."

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Jeff Killeen, CIBC World Markets (1/2/14) "Allied Nevada Gold Corp. has announced that it has amended its revolving credit facility with the Bank of Nova Scotia, which reduces the size of the facility from $120M to $40M and eliminates both the leverage and interest coverage ratios. . .the amended agreement should allow the company to draw against its credit facility and provide sufficient liquidity in the near term."

Bob Moriarty, 321 Gold (11/30/13) "Allied Nevada Gold Corp. has put in a number of cost cutting measures at its Hycroft mine and is still making a profit. I like the management, I like the project and if you believe gold will go up, this company is going to lead the pack higher."

The Gold Report Interview with Jay Taylor (11/25/13) "Allied Nevada Gold Corp. will be able to make money with the sulfide portion of its deposit, which is gigantic. It's low grade, but I remain confident. It's been making money with its oxides. . .Allied Nevada is developing its project. The company is fairly well cashed up and continues to improve its oxide production. It scaled back a bit from earlier targets, but it's still on track to move forward on its sulfides. The major driver would be an increase in the gold price, but at less than $4/share, this is a good speculation. . .when the real price of gold rises, you get a huge rise in the profitability of gold mining projects. The opportunity for a $4 stock like Allied Nevada to give you a big percentage gain is better than a $30 stock like Agnico-Eagle." More >

Jay Taylor, Gold, Energy & Tech Stocks (11/22/13) "Allied Nevada Gold Corp. reported earnings of $5M for the quarter ending September 30. From an operations point of view, the company's performance improved during the quarter. . .Allied Nevada expects that the heap leach expansion project will be considered largely complete by the end of 2013, which should result in increased production in 2014."

Henry Lazenby, Mining Weekly (11/6/13) "Allied Nevada Gold Corp. reported adjusted earnings per share for Q3/13 that beat analyst expectations. Revenue increased by 18% year-over-year to $76.74M, up from $64.82M. The company increased its gold sales by 51% to 52,713 oz compared with 34,851 oz sold in the same period of 2012. Q3/13 total sales were an all-time quarterly record for Allied Nevada and represented an improvement of 27%, or 11,201 oz, up from Q2/13."

Morning Coffee (8/7/13) "Allied Nevada Gold Corp. produced 39,195 oz gold and 132,841 oz silver in Q2/13. Production is expected to ramp up through the second half of 2013, benefiting from additional tons under leach and the increasing capacity of the Merrill-Crowe plant."

Henry Lazenby, Mining Weekly (5/17/13) "Allied Nevada Gold Corp. closed a bought deal equity financing with a syndicate of underwriters for $150.5M. . .the company issued 14M shares at a price of $10.75 apiece. . .it plans to use the proceeds to fund capital expenditures at its Hycroft mine, near Winnemucca in north-west Nevada, and for general corporate purposes. . .Allied Nevada said it might now rather construct a 75 Ktpd plant in 2015. The benefit would be to have more time to optimize the engineering, which could result in reduced capital expenditure when the time was right to construct the second phase."

Morning Coffee (4/10/13) "Allied Nevada Gold Corp. is on the right track. . .the company reiterated its six-month production guidance, highlighting that it was on track to produce 90100 Koz gold. . .Allied Nevada said it had sold 27,256 oz gold and 174,766 oz silver in the first quarter, and plans to sell about 7,200 oz gold and 43,200 oz silver in the second quarter. Management added that ANV would be able to complete the expansion of its Hycroft mine on schedule, and without exceeding the total budget of $1.2B it had originally set for the project."

Henry Lazenby, Mining Weekly (4/10/13) "The Toronto-listed stock of Allied Nevada Gold Corp., which operates the Hycroft silver/gold mine near Winnemucca in north-west Nevada, on Tuesday spiked by more than 30%, after it released preliminary operational results for the first quarter ended March 31. . .gold sales totaled 27,256 oz. . .the company expected to sell about 7,200 oz gold and 43,200 oz silver in the second quarter, which remained in precipitate at the end of the first quarter owing to retort capacity limitations. With the successful commissioning of a second retort during the first quarter, Allied Nevada expected to be able to process all of the precipitate generated from its Merrill-Crowe plant."

Jay Taylor, Hotline (4/5/13) "I continue to find Allied Nevada Gold Corp. stock to be very attractive, especially since it has been taken down to the current levels. In fact, I believe it may be one of the most promising producers out there at this point in time, at least if the company can do what it says it will do over the longer term, which is nothing short of phenomenal."

Morning Coffee (4/1/13) "Allied Nevada Gold Corp. announced that effective immediately, Scott Caldwell has been replaced as president and CEO; Bob Buchan, the company's current executive chairman, will assume the additional duties of president and CEO. Citing the underperformance of the Hycroft mine, in Nevada, Allied Nevada's board of directors replaced Caldwell and believes Buchan's experience and leadership at this critical juncture are necessary to facilitate the timely and efficient expansion of Hycroft."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (3/18/13) "I think Allied Nevada Corp. is a good pick. I am very familiar with the company and have owned shares since its spin-off from Vista Gold Corp. It is trying to build one of the greatest gold/silver mines in Nevada. . .it looks way oversold to me."

Jay Taylor, Hotline (3/15/13) "With gold production scheduled to range between 225250 Koz this year, plus 1.51.8 Moz silver, Allied Nevada Gold Corp. should reach tier-two status this year before it accelerates onward and upward into 'the big leagues' starting in 2015 and continuing in 2016 when it brings its second mine, Hasbrouck, into production. . .as I look around at major mining companies and their growth prospects, at its current price, Allied Nevada looks as promising as anything I can see."

Trevor Turnbull, Scotia Capital (3/8/13) "We met with Allied Nevada Gold Corp.'s CEO, Scott Caldwell, to discuss the new mine plan and latest developments: Our impression was positive that Q1/13 guidance and particularly FY/13 guidance are achievable. . .of greater consequence, in our opinion, the company hopes to have some offtake agreements in place later this year that should demonstrate favorable terms for its concentrates."

Mike Parkin, Merrill Lynch (3/1/13) "We believe Allied Nevada Gold Corp. will reverse its trend of missing sales guidance this year, and if we are correct we expect the stock to rerate to a premium to the peer group, which we feel is warranted given the Hycroft project offers more than a 200% increase in Au eq production by 2016 in a low political risk region at/or below industry average total cash costs. . .we are maintaining our Buy rating."

Trevor Turnbull, Scotia Capital (2/26/13) "We expect Allied Nevada Gold Corp. to reach its target range of 4550 Koz Au in Q1/13. . .we do not see any need for financing this year given the company's $347M cash balance at year-end. . .2013 capex guidance is $399M, $130M of which is to be financed through capital leases. . .the company also has a $120M undrawn line of credit. . .we are maintaining our Sector Perform rating."

Mike Kozak, Cormark Securities (2/26/13) "Allied Nevada Gold Corp.'s expanded Hycroft operation still boasts very attractive economics at very conservative metal prices. . .Hycroft's life-of-mine production profile of +550 Koz/year Au and +25 Moz/year Ag should be achievable without any additional share dilution. . .over the longer term, the company offers the most attractive growth profile among midtiers and projected bottom quartile cash costs. . .we continue to rate the stock Top Pick."

Andrew Mikitchook, GMP Securities (2/25/13) "Allied Nevada Gold Corp.'s financial results released this morning are broadly in line with expectations. . .updated mine plan economics look positive. . .we continue to believe that the Hycroft mill expansion project is fully funded at current metal prices. . .we remain positive on the long-term outlook for the company. . .we continue to view Allied Nevada as a discounted intermediate producer with good long-term rerating potential as it continues to expand its current operations and build a new milling operation, expected to boost production from 150 Koz in 2012 up through 500 Koz in 2015."

Trevor Turnbull, Scotia Capital (2/22/13) "Allied Nevada Gold Corp. summarized its new mine plan. . .the company raised its cutoff grade slightly, resulting in a lower strip ratio. This offset a portion of the higher mining costs the company is now assuming."

Mike Parkin, Merrill Lynch (2/22/13) "This morning, Allied Nevada Gold Corp. released a new life-of-mine (LOM) plan (19 years) for the Hycroft mine, which calls for a lower LOM strip ratio (from 1.26:1 to 1.15:1), which helps to reduce the LOM total cash cost estimate from US$166/oz (net of silver by-products) to US$146/oz. . .through the completion of the expansion of the Hycroft mine, we estimate Hycroft will achieve midtier producer status (500+ Koz annual gold production) by year-end 2014."

Craig West, GMP Securities (1/18/13) "Allied Nevada Gold Corp.'s Q4/12 production of 46.9 Koz is a record quarter for the company. . .we continue to view Allied Nevada as a discounted intermediate producer, with good long-term rerating potential as it continues to expand its current operations and build a new milling operation, expected to boost production from 150 Koz in 2012 up through 500 Koz in 2015."

Brian Quast, BMO Capital Markets (1/16/13) "Allied Nevada Gold Corp. provided an update on the results of ongoing metallurgical test work for the Hycroft mill expansion. Results indicate overall recoveries at the mill of 79.7% for gold and 85.5% for silver, which is an improvement of 1.7% for gold and 0.6% for silver compared to the April 2012 technical report."

Mike Parkin, Bank of America Merrill Lynch (1/16/13) "Allied Nevada Gold Corp. reported the results from a recently completed metallurgical test program, which in our opinion shows to be mildly positive for the mill project at Hycroft (97.3% of our NAV). Overall, the results show that the mill recovery rates for gold and silver could be 1.7% and 0.6% higher than what was originally estimated in the April 2012 feasibility study."

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