The Gold Report

Expert Comments:

	Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/18) "Golden Arrow Resources Corp. and SSR Mining have declared commercial production on the Chinchillas silver-zinc-lead mine. . .Golden Arrow holds a 25% interest in Puna Operations. . .Puna expects to increase throughput from 3 Ktpd to 4 Ktpd during December as the plant transitions to Chinchillas ore. The project has eight years of forecast production and has exploration upside."
Clive Maund, CliveMaund.com (10/29/18) "We went for Golden Arrow Resources Corp. in the middle of this month, and the purpose of this brief update is to point out that the technical arguments for buying this stock remain the same. It continues to be viewed as a Strong Speculative Buy, with the advantage now that you can pick it up $0.02 cheaper, assuming that it opens unchanged."
	Brien Lundin, Gold Newsletter (Jefferson Financial) (8/1/18) "Golden Arrow Resources Corp. has received a $10M loan from SSR Mining to help the company meet its funding requirements in Puna Operations; SSR owns 75% of Puna, and Golden Arrow owns the remaining 25%. The joint company is focused on developing the Chinchillas property in Argentina as a source of ore for the nearby mill at Pirquitas."
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."

More Expert Comments

	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."
	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."

Experts Following This Company

The Critical Investor – The Critical Investor
	Thibaut Lepouttre, Editor – Caesars Report
	Brien Lundin, Author – Gold Newsletter (Jefferson Financial)
Clive Maund – gold, silver & oil shares

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