The Gold Report

Expert Comments:

GoldLetter International (5/15/18) "First ore delivery to Golden Arrow Resources Corp.'s Pirquitas mill is expected in H2/18, with sequential ramp-up through the remaining months of 2018. Once Chinchillas ore is being processed, Puna operations will produce lead, silver and zinc concentrates, eventually reaching planned life of mine annual average production of 8.4 Moz silver equivalent."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "Golden Arrow Resources Corp. has embarked on a maiden drilling program on its Antofalla silver-gold-base metal project in Argentina. Slated at up to 3,000m, the program will focus on the Dome zone. . .the program is a reminder that this company has exploration upside to go with the development-stage play at Chinchillas."
Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/18) "Golden Arrow Resources Corp.'s management team currently plans to spin out its 200,000 ha of exploration properties into a separate company, retaining about 40% of the company post spinout. The move should be a good deal for current shareholders, as it will clarify the story building at Chinchillas and allow the market to assign a value to Golden Arrow's substantial property position in Argentina."
	Thibaut Lepouttre, Caesars Report (1/19/18) "Golden Arrow Resources Corp. and SSR Mining, the 25/75 joint venture partners on the Pirquitas and Chinchillas projects, have now received approval of the environmental impact assessment for the Chinchillas project. This means the final 'hurdle' has now been overcome, and development is already underway."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "Golden Arrow Resources Corp. plans to use the funds from operations at Pirquitas and Chinchillas to make additional property acquisitions in Argentina. It also plans to spin out its large exploration portfolio into a separate company in early 2018, so shareholders who buy in before this event will get to participate in that portfolio's considerable upside. . .now is a good time to build a position in this well-managed company."
Steven Goldman, Seeking Alpha (12/4/17) "Golden Arrow Resources Corp.'s Puna Operations Inc. joint venture with SSR Mining will likely obtain its necessary permits this month. . .Golden Arrow itself has progressed considerably and has a number of positive upcoming catalysts. . .the company presents a very attractive investment opportunity with a substantial upside."

More Expert Comments

	Byron King, Gold Speculator (6/27/17) "Golden Arrow Resources Corp. is now firmly allied in a joint venture with Silver Standard Resources; the new entity is owned on a 75%/25% basis by Silver Standard and Golden Arrow, respectively. . .at current silver prices, the operation is profitable for Golden Arrow. At higher silver prices, which we expect to see, this deal is a 'gold mine' (so to speak)."
Salma Tarikh, The Northern Miner (5/15/17) "Golden Arrow Resources Corp. has jumped from an explorer to a silver producer in Argentina in a fairy tale-esque way. It will receive a 25% stake in Silver Standard Resources' producing Pirquitas mine, take home a $15M check and fast track production of its flagship Chinchillas project in a joint venture deal, expected to close shortly."
	Christopher Ecclestone, Hallgarten & Co. (5/1/17) "The combination of the assets of Golden Arrow Resources Corp. and Silver Standard is a classic 'win-win' situation with the synergies accruing to both sides from substantially extending the life of Pirquitas and maximizing the value of its infrastructure by adding Chinchillas to the mix and shortcutting the time frame to production while massively reducing the capex involved. In one transaction Golden Arrow has leapfrogged into producer status overnight and secured itself a substantial part of the residual production value (and immediate share of the revenues) at Pirquitas."
	Byron King, Gold Speculator (4/11/17) "Golden Arrow Resources Corp.'s share price is down considerably from our entry point, but I believe that we're about to see a major turnaround. . .there's upside built into the company, and I'd hate to miss out on it. . .maintain Buy on Golden Arrow."
baystreet.ca (4/4/17) "Golden Arrow Resources Corp.'s impressive history of discovery, identifying quality JV partners and structuring favourable royalty deals seems a simple yet compelling delivery system for consistent shareholder value. . .investors aren’t buying GRG for the gold. It should be bought primarily based on Grosso and his team—a who’s who of international mining experience, all of whom have impressive experience in South America. . .there are lots of ways to own precious metals. For investors who want a silver bias, but with all sorts of other potential growth aspects, Golden Arrow looks unique, compelling and for those patient, likely very profitable."
Haywood Securities (3/31/17) "Earlier this afternoon, Golden Arrow Resources Corp. announced that it has received the required notice from Silver Standard to exercise its option on the Chinchillas project and form a joint venture (JV) to combine the Chinchillas project with the producing Pirquitas mine into a single new operation. . .upon Silver Standard executing its option, a JV is formed comprised of the Pirquitas operation and the Chinchillas property with Silver Standard and Golden Arrow holding 75%/25% interest, respectively."
	The Gold Report Article by Matt Geiger (2/28/17) "Golden Arrow Resources Corp. was one of our top performers last year. The company benefitted from a revival in the silver price twinned with renewed optimism for the Argentinean mining industry. Thanks to near term catalysts at both Chinchillas and Antofalla, Golden Arrow looks poised to carry this outperformance into 2017. Golden Arrow's flagship asset is the Chinchillas project located in northern Argentina. Since acquiring the project in 2011, the company has successfully discovered 250 million silver-equivalent ounces. This makes Chinchillas one of the largest silver development stories in the world. In October 2015, Golden Arrow (which at the time had a sub-CA$10M market cap) signed a JV deal with precious metals heavyweight Silver Standard. . .to form the joint venture, Silver Standard must pay Golden Arrow an amount equal to 25% of the Pirquitas Mine's cash equivalent earnings starting October 2015 (minus certain expenditures for exploration, capital investment and closure costs). The 25% exercise payment must be sent to Golden Arrow by March 31, 2017. Given the improvement in silver prices and Silver Standard's aggressive expenditures on predevelopment activities, I am nearly certain that this deal will go ahead this quarter. In October 2016, Golden Arrow announced a CA$2M work program at Antofalla including "remote sensing, IP/Resistivity geophysics, and geochemical sampling to delineate targets that will be tested with an estimated 3000-meter drill program." I anticipate that first drill results from Antofalla will be announced in Q2 of this year. This prospect has a legitimate chance of becoming the Grosso Group's fourth major mineral discovery in Argentina and could generate significant value beyond Chinchillas. There are very few silver plays with such significant milestones expected over the coming months. Additionally, the nature of the Chinchillas deposit (bulk tonnage and relatively low-grade) gives Golden Arrow shareholders substantial leverage to further increases in the silver price. The next couple of quarters will be transformational for Golden Arrow, and investors interested in the story should get involved while the share price is below CA$1." read more >
	Christopher Ecclestone, Hallgarten & Co. (2/7/17) "The Chinchillas deposit is shaping up to be the largest silver/zinc project likely to come to production in Argentina in the near future [and] the Golden Arrow Resources deal with Silver Standard lays the ground for a potential combination of the Pirquitas mine with Chinchillas, making a new silver major in Latin America. . .a Newco, to be managed by Silver Standard, [shall] be owned 75% by Silver Standard and 25% by a new entity to be owned by the existing shareholders of Golden Arrow. . .if the combination goes through then Golden Arrow will become THE silver major in Argentina."
	Byron King, Gold Speculator (1/31/17) "Golden Arrow Resources Corp. shares traded up last week. . .there’s no operational news, but we’re beginning to see more share buying, as we approach a deadline for Silver Standard to make a decision that will affect Golden Arrow’s fate in Argentina. . .according to company management, Golden Arrow continues to develop its Chinchillas project, in northern Argentina, “as investors await Silver Standard Resources' business combination decision, which is due by March.” Golden Arrow offers significant upside in a rising environment for gold-silver. . .maintain buy on GARWF, up to $0.85 per share."
Byron King, Gold Speculator (1/10/17) "Golden Arrow Resources Corp. shares traded up strongly last week, reflecting positive silver sentiment. . .we're now on the countdown to March, by which time Silver Standard will have to announce a decision on its smelter in northern Argentina; If the smelter is to remain open, Silver Standard will need ore, and that ore will most likely come from a nearby site owned by Golden Arrow. . .Golden Arrow offers significant upside in a rising environment for gold and silver."
Byron King, Gold Speculator (12/20/16) "When precious metal prices begin to turn around and head back upward, Golden Arrow Resources Corp. offers significant upside in a rising environment for gold-silver. Maintain current Buy on GARWF, up to $0.85."
Gecko Research (11/28/16) "We love the Golden Arrow story and we are just a few months away from finding out what the deal on Chinchillas will look like." read more >
	The Gold Report Article by Matt Geiger (11/17/16) "Golden Arrow Resources Corp. is a buy below CA$1. As a quick refresher, Golden Arrow signed a JV deal with precious metals heavyweight Silver Standard Resources in October 2015. Silver Standard's rationale for doing the deal was simple—its Pirquitas Mill runs out of feed in 2017 and it saw an opportunity to use Chinchillas, located only 30km from the mill, as a satellite pit to extend Pirquitas' production life by multiple decades. The agreement stipulated that Silver Standard would "spend a minimum of $4 million for pre-development activities. Expenditures may total up to $12.6 million based on the success of the pre-development activities" and that a decision needs to be made by March 31, 2017. Silver Standard confirmed last week on its Q3 conference call that all technical work will be completed at Chinchillas by the March 3 deadline. Additionally the company has spent $10.5M at Chinchillas, including $3M in Q3/16 alone. This implies that the $12.6M in expenditures mentioned above will be reached before Christmas. Given the above points and the drastic improvement in precious metal prices since this deal was signed in October 2015, I am nearly certain that this deal will go ahead. I think Golden Arrow shareholders will be rewarded with a generous offer in short order. Between now and Christmas is a good time to accumulate Golden Arrow shares on the open market, though I would wait until November 29 when the share lock up from Golden Arrow's most recent placement ends." read more >
Gecko Research (11/15/16) "Silver Standard stated that a final decision on the [Golden Arrow Resources Corp. JV] Chinchillas project will come around New Years, possibly shortly after (our personal guess Jan-Feb). A lot of technical work is being done with great results and both EIA and mining permits have been applied for." read more >
Gecko Research (10/9/16) "We started buying this gem in the low 40s and today we have a double on our hands. . .if Silver Standard decides to take Golden Arrow out, we could easily see a $2 bid. If that doesn't happen something else will, and buying GRG at today's levels around 80c must be considered a fire-sale opportunity.
Presmont Group (10/5/16) "Golden Arrow Resources Corporation's has a strategic partnership and business combination with Silver Standard for Chinchillas silver project . . .jurisdiction has improved since the last election in Argentina: After the Q4/15 Presidential election, the new government has been working on improving economic and mining policies. GRG has well developed connections both in local and federal level. . .great property with huge potential: Located in mining friendly Jujuy province of NW Argentina, the properties have good potential for new resources and are still relatively underexplored. . .GRG is the place to be for any investor and will become a prime takeover candidate."
	Byron King, Gold Speculator (9/20/16) "I suspect that we'll see a strong snapback in share price for Golden Arrow Resources Corp. . .I've seen several recent analyst reports that all reach a similar conclusion about a potential tie-up with Silver Standard, which owns a smelter near a major Golden Arrow asset. . .within the next few months, I expect to see some sort of news about a deal between these two companies. It'll happen when it happens, and I suggest you own some shares when that news breaks."
	The Gold Report Article by Matt Geiger (8/23/16) "Golden Arrow Resources Corp. has been a strong performer in 2016. The company, founded by the experienced Joe Grosso, has been exploring and developing precious metal projects in Argentina for over two decades. Golden Arrow's flagship asset, the Chinchillas project in Jujuy Province, looks increasingly likely to reach production by the end of 2017 thanks to a joint venture with silver heavyweight Silver Standard Resources. Once the Chinchillas joint venture begins generating cash flow (or conversely is bought outright by Silver Standard), the company will return to its roots as a prospect generator focused solely on Argentina. . . Golden Arrow's Chinchillas project is a textbook optionality play—a relatively low-grade deposit that contains over 200 million silver-equivalent ounces. One key takeaway is that this is a massive project, particularly when you consider that at least 50% of the land package has yet to be explored. An ultimate resource of 500 million silver-equivalent ounces is optimistic but not impossible." read more >
Matt Geiger, MJG Capital (8/1/16) "Of our 17 current holdings, Golden Arrow Resources Corp. has been the single strongest performer in 2016. . .GRG's flagship asset, the Chinchillas Project in Jujuy Province, looks increasingly likely to reach production by the end of 2017 thanks to a JV with silver heavyweight Silver Standard. . .Golden Arrow is moderately undervalued, provides excellent leverage to continued outperformance in the price of silver, and offers exposure to an Argentinean mining boom that is just in its infancy. . .there is plenty of room for the stock to run over the coming few years."
"What Experts Predict for the New Silver Bull Market" Gold Report Article (7/27/16) "One company positioned to benefit from an uptick in silver price is Golden Arrow Resources Corp., which recently released an updated resource estimate for its Chinchillas project in Argentina. "The updated resource estimate now also contains a maiden measured resource estimate of 17 million silver-equivalent ounces, bringing the total M&I resources to 155 million [silver-equivalent ounces]," expert Thibaut Lepouttre noted in Caesars Report in June. Lepouttre expects Chinchillas may contain "half a billion silver-equivalent ounces." read more >

Experts Following This Company

	Thibaut Lepouttre, Editor – Caesars Report
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)

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