Falco Resources Ltd.

Falco Resources Ltd. is one of the largest mineral claim holders in Québec with extensive land holdings in the Abitibi Greenstone Belt. The company owns 74,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold-and base-metal mine sites. Falco's principal property is the Horne mine, which initially operated from 1927–1976 and produced 11.6 Moz gold and 2.5 Blb copper. A maiden 43-101 mineral resource estimate for the Horne 5 deposit delineated an initial inferred resource of 2.8 Moz Au eq at 3.41 g/t Au eq.

Expert Comments:

Mick Carew, Haywood Securities (5/10/16)
"The results of Falco's initial PEA outline a robust, high margin, underground project with significant annual production and low AISC. . .optimization of the mine plane, resource additions through exploration, and further evaluation of the processing circuit could enhance project economics when the Feasibility Study is completed in Q1/17."

Andrew Mikitchook, M Partners (5/10/16)
"Falco Resources Ltd.'s PEA [for Horne 5] delivered a robust project with a respectable 16% IRR and all-in costs (including capex and opex) of US$660/oz. . .the project remains economic even at lower gold prices or stronger C$ F/X rates due to diversified precious and base metal production. . .the main driver which improved our valuation was the increased mineable inventory at 64mmt (from 49mmt). This increased mine life and contributed to reducing unit costs by increasing the number of tonnes to be mined."

Thibaut Lepouttre, Caesars Report (4/28/16)
"Falco Resources Ltd. announced it is mobilizing two drill rigs to start a new surface drill program at the Horne 5 mine in Québec, Canada. The company is planning to drill a total of 20,000m, divided in 10,000m at Horne 5 and 10,000m at Quemont. . .the average grade of the historic production at Quemont was very high at 6.5 g/t gold, 1.3% copper, 30.8 g/t silver and 2.4% zinc. Using today’s spot prices (and not taking the different recovery rates into account) this would be a gold-equivalent grade of just in excess of 9.6 g/t."

Mick Carew, Haywood Securities (4/19/16)
"Falco Resources Ltd. is in the process of completing a PEA (due in Q2/16) evaluating a large-scale underground operation at Horne 5. . .the company will also initiate an environmental impact study and feasibility study in 2016, both of which will contribute to permitting activities in 2017."

Andrew Mikitchook, M Partners (4/8/16)
"We are initiating coverage of Falco Resources Ltd. with a Buy rating and $0.90 per share price target. . .the company's January 2016 resource upgraded the majority (81%) to indicated from inferred to reflect 17,300m of confirmation drilling and increased the level of confidence of the ~4,300 historical holes in Horne 5. With 5.4 Moz AuEq indicated resource and a further 1.3 Moz AuEq inferred, Horne 5 has the scale to deliver ~250,000 oz/yr of gold plus by-products. . .the PEA expected mid-Q2/16 will further de-risk the project."

Thibaut Lepouttre, Caesars Report (3/4/16)
"Falco Resources Ltd. ticks all our boxes as Horne 5 is located in a mining-friendly region, is a past-producing producer and has now reached the critical mass to be developed, as the most recent resource estimate outlined a 6.6 Moz Au eq global resource estimate. . .we are expecting to see a first PEA on the property in the very near future after which we would expect the company to fast track the project toward a full feasibility study."

More Expert Comments

Experts Following This Company

Mick Carew, Analyst – Haywood Securities
Michael Curran, Managing Director, Research Analyst – Beacon Securities Ltd.
Eric Lemieux, Analyst – PearTree Securities
Thibaut Lepouttre, Editor Caesars Report
Andrew Mikitchook, Analyst – M Partners
Florian Siegfried, Senior Portfolio Manager – AgaNola
Jay Turner – Pope & Company
Ryan Walker, Analyst – Euro Pacific Canada

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