May 19, 2020
Report #1 Gold, Silver and Copper in British Columbia and Arizona
Company Details
IMC International Mining Corp. #2710 – 200 Granville Street Vancouver, BC, V6C 1S4 Canada Phone: +1 604 588 2110 Email: ir@imcxmining.com www.imcxmining.com
Initiating Coverage
IN THE HEART OF MAJOR GOLD-COPPER MINING & DEVELOPMENT PROJECTS
ISIN: CA45250W1014 / CUSIP: 45250W101 Shares Issued & Outstanding: 42,318,550
ADVANCING A GOLD-COPPER PROJECT IN CANADA‘S PORPHYRY HOTSPOT: BC‘S QUESNEL TERRANE With today‘s spot price of $1,730 USD, gold has appreciated by 19% since December and needs to rise another 12% to break above its previous all-time high of $1,923 USD, which was marked 9 years ago in 2011. Even more impressively, the gold price in Canadian dollars (CAD) has appreciated by about 25% since December and has been trading above its 2011-high for 9 months already. Last at $2,405 CAD, an ounce of gold in Canada is now worth 33% more than at its peak in 2011. As such, some senior and junior gold stocks have been performing well recently, especially those with active projects in Canada. One of them is IMC International Mining Corp., whose share price has increased by about 160% since December. Having closed a $1.76 million CAD private placement financing on Thursday last week, and having announced a ZimtuAdvantage contract with Zimtu Capital Corp. a day later on Friday, I am looking forward to cover IMC International Mining Corp. with its aggressive plans of advancing its flagship Thane Gold-Copper Project in British Columbia, Canada. When taking a look at the Thane Property, its location in one of Canada‘s hottest exploration districts strikes the eye: The prolific Quesnel Terrane in British Columbia – home to about 16 producing and development projects, hosting an estimated 28 million ounces gold and 50 billion pounds copper of past production and resources.
It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Thane Property and should not be understood or interpreted to mean that similar results will be obtained from the Thane Property.
Chart Canada (CSE)
Canada Symbol (CSE): IMCX Current Price: $0.64 CAD (05/15/2020) Market Capitalization: $27 Million CAD
The northern part of the Quesnel Terrane extends from south of the Mount Milligan Mine northward to the past producing Kemess Mine, with the Thane Property located midway between these two major copper-gold porphyries. The Thane Property includes several highly prospective mineralized areas identified to date, including the “Cathedral Area“ on which the company’s exploration is currently focused.
Chart Germany (Frankfurt)
Germany Symbol / WKN: 3MX / A2PPAQ Current Price: €0.432 EUR (05/19/2020) Market Capitalization: €18 Million EUR
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Report #1 | IMC International Mining Corp.
Today, IMC announced “significant gold and copper results from rock sampling“ at Thane‘s Cathedral Area. The company targets drilling this fall, but plans to be busy until then with sampling as well as detailed geophysics and mapping.
• IMC’s Thane Property covers 206 km2 (50,904 acres) and is located in a relatively unexplored portion of the northern Quesnel Terrane in British Columbia. • The project offers blue-sky potential as numerous geophysical anomalies were identified with a 2015 survey, along with anomalous copper-in-silt samples outside key areas. • To date, 6 areas with significant copper mineralization have been identified on the Thane Property, including areas with high-grade silver and gold mineralization. At Cathedral Area, a copper-gold alkalic porphyry has been identified. • The Thane Property is located north of the Mount Milligan Mine, a worldclass copper-gold porphyry deposit, which was acquired by Centerra Gold Inc. (TSX: CG; current market capitalization: $4 billion CAD) from Thompson Creek Metals Company Inc. for $1.1 billion USD in 2016. • Centerra reports Mount Milligan to have a 9-year mine life, based on
Style of mineralization at the Thane Property includes stockwork and disseminated porphyry-type mineralization, vein-hosted high-grade mineralization, and late-stage magnetite-chalcopyrite veins. (Source: IMC International Mining Corp.)
191 million t of proven and probable reserves containing 2.4 million ounces gold (average grade: 0.39 g/t) and 959 million pounds copper (average grade: 0.23%). • The Mount Milligan Mine is a conventional truck-shovel openpit copper and gold mine and concentrator with a 60,000 tpd capacity copper flotation processing plant. • In January 2018, Centerra completed the acquisition of AuRico Metals Inc. in a deal valued $310 million CAD. In 2016, AuRico published an Updated Feasibility Study on the Kemess Underground Project, part of a worldclass copper-gold-silver porphyry, located north of the Thane Property. • Centerra reports Kemess Underground
to have 107 million t of proven and probable reserves containing 1.9 million ounces gold (average grade: 0.5 g/t), 6.9 million ounces silver (average grade: 1.99 g/t), and 630 million pounds copper (average grade: 0.266%). • The proposed Kemess Underground Mine has now received all regulatory approvals and is just waiting on the Centerra board of directors to approve starting construction for the 11-year life of the mine, Prince George Citizen reported in February 2020. It is noted that the results of nearby or adjacent properties are not necessarily indicative of the potential of the Thane Property and should not be understood or interpreted to mean that similar results will be obtained from the Thane Property.
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Report #1 | IMC International Mining Corp.
PORPHYRY EXPLORATION VETERAN JEFFREY REEDER JOINS IMC On April 15, 2020, IMC announced that Jeffrey Reeder (B.Sc., P.Geo., a qualified person as defined in NI 43-101) has been appointed to the company’s Technical Advisory Board, specifically in relation to the company’s Thane Property. Mr. Reeder worked 5 years as an exploration geologist for the HunterDickenson Group (1989-1993). He worked almost exclusively throughout BC and the Yukon on copper-gold porphyry deposits such as Mount Milligan, South Kemess, Fish Lake and Casino. This experience aided Mr. Reeder in the discovery of two porphyry deposits in Peru that resulted in NI43-101 resources, the Aguila Copper-Molybdenite Porphyry Deposit and the Pinaya Copper-Gold Porphyry Deposit. Of particular interest to IMC is Mr. Reeder’s experience working at Mount Milligan and South Kemess. The Thane Property owned by IMC is located within the Quesnel Terrane along the northeast contact of the Hogem Batholith, an alkalic suite of rocks hosting porphyry copper-gold deposits. At Mount Milligan, Mr. Reeder was a drill site geologist and logged a significant amount of core from both the MBX and Southern Star zones. In 1991, Mr. Reeder’s focus was mainly on the delineation of the South Kemess zone where he logged the majority of the core drilled. IMC’s President and CEO, Brian Thurston, commented: “I am pleased to have Mr. Reeder join IMC’s Technical Advisory Board. I worked with Jeff on the Casino copper-gold porphyry deposit in the Yukon early in my career, and later in Peru on several properties. Mr. Reeder’s technical strength as a geologist is his understanding of copper-gold porphyry systems. I look forward to seeing what value his extensive experience will add to the advancement and development of our Thane Property.”
Cautionary Statement: Note that the mineralogical qualities and indications of properties in the Quesnel Terrane, and nearby to the Thane Property, are not necessarily indicative of the qualities or potential of the Thane Property, and that such disclosure should not be relied upon by investors. (Source: IMC International Mining Corp.)
TODAY’S NEWS
According to the news:
Brian Thurston, CEO and President of IMC, commented in today’s news:
“IMC began an extensive compilation and synthesis of available data from the Property, which includes 359 rock samples collected by CME Consultants Inc. (“CME”), 1,098 rock samples collected by Thane Minerals Inc. (“TMI”), and soil sampling and Induced Polarization (“IP”) surveys completed by TMI. The Company is also pleased to announce that it has extended its investor relations agreement with Media Relations Publishing (“MRP”).
“Exploration results to date have shown the potential for a significant copper-gold alkalic porphyry system within the Cathedral Area. We are currently preparing to follow-up these exciting results with a detailed IP survey, geological mapping, and geochemical sampling as a Phase-1 summer program. Our goal is to determine the best targets for diamond drilling this fall. We look forward to compiling information from other mineralized Areas identified on our Thane Property and making all results public once completed.”
Work on the Property has identified six areas of significant gold ± copper ± silver mineralization. The results from IMC’s compilation work presented in this news release are for the Cathedral Area only.
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As compilation continues, future news releases will disclose results from the Gail, Cirque, CJL, Lake, and Mat Areas of the Property. Cathedral Area At the Cathedral Area, rock sampling identified five copper-gold showings that include the Pinnacle, Cathedral, Cathedral South, Arc, and Gully Showings. Select results from these showings include:
Rock samples from the Cathedral Area have revealed copper and gold mineralization in a variety of styles over a 2 km long by 1.5 km wide zone, all consistent with alkali porphyry systems. Geological studies undertaken in 2017 indicate the geological model for this area might best be represented as a post emplacement, westward tilted, alkalic porphyry. The high levels of gold mineralization sampled are considered significant, with samples returning values of up to 20.1g/t Au from the Pinnacle Showing, and 6.85g/t Au from the Cathedral Showing. The Pinnacle Showing, located north of the Cathedral Showing, contains the highest gold grades on the Property and has been interpreted as a hydrothermal system of the alkalic porphyry. At the Pinnacle Showing, the gold bearing quartz veins contain arsenopyrite. Soil samples located approximately 750 meters along the inferred strike extension of the south-southeast gold-bearing structures contained anomalous levels of arsenic. Further along this inferred structural trend, silt samples have returned anomalous levels of gold suggesting arsenic can be used as a pathfinder element for gold exploration in this area.
Figures [on this page and the following pages] illustrating results of work completed in the Cathedral Area include geophysical and geochemical results from CME and TMI, as well as airborne magnetic results from Geoscience BC’s Quest program. (Source: May 19, 2020 Press-Release from IMC International Mining Corp.)
In 2019, a reconnaissance 5-line, poledipole, IP geophysical survey was undertaken within the Cathedral Area using an electrode spacing of 100 meters. This survey identified three areas of interest that include a broad 600-meter wide anomaly extending to depth east of the Cathedral Showing, as well as areas representing potential narrow structures at surface at the Gully and Cathedral Showings. Rock samples from the areas of the narrow, near surface IP anomalies have exhibited copper and gold mineralization with values of up to 0.42 g/t Au and 3.13% Cu at the Gully Showing, and 0.32 g/t Au and 0.67% Cu at the Cathedral Showing. North and approximately 175 meters along the inferred strike of the anomaly at the Cathedral Showing, samples returned values of up to 1.71 g/t Au and
3.70% Cu. Although no rock samples occur around the broad, 600-meter IP anomaly, a contour soil line covering this area returned copper-in-soil anomalies at both the eastern and western edges of this anomaly. The soil-sampling program was completed to explore regions inside the Cathedral Area with little to no outcrop. Results from this program identified four broad in-line copper anomalies, and are described in the Company’s press release from May 6, 2020.“ The scientific and technical information disclosed in this news release was reviewed, verified and approved by Christopher O. Naas, P. Geo., of CME who is a “Qualified Person” as defined in NI 43-101. Mr. Naas is a shareholder of the Company and owner of CME.
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Report #1 | IMC International Mining Corp.
FINANCIAL BACKING On May 14, 2020, IMC announced the closing of a brokered private placements of units and flow-through shares led by Gravitas Securities Inc. for total gross proceeds of $1,768,719.68 CAD. On April 16, 2020, IMC announced to have entered into a draw-down equity financing of up to $8 million CAD with New York based private equity firm Alumina Partners LLC. It was noted that, “The purpose of the agreement is to allow IMC to continue its growth strategy through exploration and acquisition with complete financial flexibility and freedom. The financing is at the sole discretion of IMC, allowing for the ability to access funds when necessary. This strategy allows IMC to protect shareholder value while growing to meet demands of exploration expenditures.“ IMC‘s President and CEO, Brian Thurston, commented: “We are very enthusiastic to be entering into such a major agreement, allowing us to better plan for future exploration programs. This agreement will allow IMC major financial flexibility in its operations. Such major investments are not common in the early stages of exploration properties such as we have on the Thane Property and we are excited to receive such a significant commitment from Alumina Partners, LLC. This serves as meaningful validation of our business plan and growth strategy.” Alumina’s Managing Member, Adi Nahmani, commented: “We are pleased to support IMC as they prepare to accelerate their exploration pipeline. We are very confident in management’s extensive experience and impressive collective track record, and look forward to getting more upside exposure to this early metals super cycle.”
MANAGEMENT / DIRECTORS GREG HAWKINS (Chairman to the Board of Directors) Mr. Hawkins holds a BSc in Geology from the University of Alberta and an MSc in Mineral Economics from McGill
University. He has been involved in the Mining Exploration and Investment industries since 1969 and has been variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zaire. Mr. Hawkins is currently a Director of New Pacific Metals Corp. and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures and has participated in or been responsible for the definition of at least one resource/reserve in every case, with six of those cases resulting in production in the USA, Chile, Ghana, Mali and DRC, collectively accounting for over $2.1 billion in market cap at the companies’ respective peaks. In 1990 Mr. Hawkins started CME, an international full service consultancy and contracting firm with 100+ clients in 25 countries and 3000 employees. He has authored a number of papers on exploration, exploration philosophy and mineral economics since 1979.
BRIAN THURSTON (President, CEO, Corporate Secretary, Director) Mr. Thurston is a professional geologist and holds an Honours Bachelor of Science degree in Geology from the University of Western Ontario. Mr. Thurston has over 26 years’ experience working as a geologist around the globe including North, Central and South America, Africa and India. He has experience working on projects from grass roots to feasibility level. Mr. Thurston was instrumental in the initial exploration, land acquisition and development of Aurelian Resources Inc.’s Ecuador grass roots exploration and held the position of Country Manager in Ecuador from 2004-2006. In 2008, Kinross Gold Corp. acquired Aurelian in a $1.2 billion friendly deal. Mr. Thurston transitioned from geologist to corporate positions in
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2004 and has founded several public companies and held positions of director and officer, as well as served on multiple committees including audit, disclosure and corporate governance. In addition, he has been a director of Chemesis International Inc. since March 2017.
FAIZAAN LALANI (Director) Mr. Lalani is an Accounting/Finance professional with over 10 years of experience covering auditing, financial reporting, corporate finance, and operations management. Mr. Lalani also founded his own apparel company, successfully selling the brand across North America over the last four years. Recently, Mr. Lalani was instrumental in a multi-million dollar raise for a privately held company through various US offerings. Prior to this, he worked in the audit and assurance group at PwC, where he obtained his CA,CPA designation, gaining experience in both the public and private sectors. Mr. Lalani currently is on several board positions for both private and public companies.
MIKE AUJLA (Director) Mr. Aujla brings over 16 years of experience acting as a lawyer, director and officer for both public and private companies. He holds a Bachelor of Arts degree from the University of British Columbia and a Juris doctor from the University of Victoria. Mr. Aujla was previously a corporate lawyer who worked with international law firms. He has experience advising companies in financial services, corporate mergers and acquisitions and commercial real estate in various jurisdictions. Mr. Aujla is currently the Founding Partner of Hunter West Legal Recruitment since Sept 2017. Previously, Mr. Aujla worked for a private Legal Recruitment firm in Vancouver from 2011-2016. In addition, since July 2018, he has been a director of Chemesis International Inc.
“With the world economy heading into a recession amid the covid-19 crisis, gold prices are soaring to new heights every day... The metal has also emerged as one of the best performing asset classes for investors... No wonder the investment demand for gold has gone up substantially... There is a rush towards investing in gold globally.� (Source)
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Thane Property Acquisition On April 2, 2020, IMC announced that it has completed the acquisition of 100% of the issued and outstanding share capital of Thane Minerals Inc., a company that holds a 100% interest in the Thane Property. As consideration for the Acquisition, IMC has issued to the former shareholders of Thane (the “Vendors“) an aggregate of $2 million CAD worth of common shares in the capital of IMC, at a deemed price of $0.38 per common share, for a total of 5,263,158 IMC shares, which will be escrowed and released over a 36-month period. In addition to the foregoing, if, through additional exploration programs, a resource calculation of at least 800 million pounds of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (“NI 43-101“) compliant resource estimate, is determined to be indicated within the Cathedral prospect area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu, at IMC’s option) to the Vendors. As per IMC‘s news-release of March 19, 2020: “Mineralization at the Cathedral Project area occurs within a structurally controlled, moderately west-dipping (tilted) alkalic porphyry system. The system is dominated by stockwork, disseminated and vein hosted porphyry-type mineralization within a propylitic and sodic-calcic altered quartz monzonite (Cathedral and Cathedral South Showings) that has been thrusted onto shallower high-grade vein systems (Gully and Pinnacle Showings) located to the east and northeast. “As a result of the post-emplacement tilt, thrusting and subsequent erosion, an almost 2 km extent of the hydrothermal, alteration and mineralization system has been exposed. Styles of mineralization include stockwork and disseminated porphyry-type mineralization, vein-hosted, high-grade mineralization, late stage magnetite-chalcopyrite veins, and late stage quartz-chalcopyrite veins.“
“Copper prices climbed on Monday [May 11, 2020], following global equities higher as economies reopened after coronavirus lockdowns, although demand from top consumer China is seen slowing this month. Summer weather is enticing much of the world to emerge from lockdowns as centers of the outbreak from New York to Italy and Spain gradually lift restrictions that have kept millions cooped up for months.” (Source)
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DISCLAIMER AND INFORMATION ON FORWARD LOOKING STATEMENTS THIS REPORT IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION OR DISSEMINATION IN THE USA. Rockstone Research, Zimtu Capital Corp. (“Zimtu“) and IMC International Mining Corp. (“IMC“) caution investors that any forward-looking information provided herein is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the IMC´s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through IMC‘s documents filed on SEDAR at www. sedar.com. All statements in this report, other than statements of historical fact, should be considered forward-looking statements. Statements in this report that are forward looking include that the gold prices will continue its current upward trend; that the author will continue to report on IMC; that IMC has aggressive plans of advancing its flagship Thane Gold-Copper Project in British Columbia, Canada; that the Thane Property mineralization could benefit as an area play because of other properties in the Quesnel Terrane, including Mount Milligan and other producing or close to producing properties with commercial qualities and quantities of mineralization; that IMC will continue to focus its exploration efforts at the Cathedral Area; that IMC targets drilling this fall, but plans to be busy until then with sampling as well as detailed geophysics and mapping; that Mr. Reeder‘s extensive experience will add to the advancement and development of our Thane Property; that IMC will conduct more detailed IP surveying, geological mapping, and geochemical sampling as a Phase-1 summer program; that IMC will determine the best targets for diamond drilling this fall; that IMC will be compiling information from other mineralized Areas identified on the Thane Property and making all results public once completed; that future news releases from IMC will disclose results from the Gail, Cirque, CJL, Lake, and Mat Areas of the Property; that arsenic can be used as a pathfinder element for gold exploration in this area; that IMC will continue its growth strategy through exploration and acquisition with complete financial flexibility as described in the news announcing a draw-down equity financing of up to $8 million CAD with Alumina Partners LLC, allowing for the ability to access funds when necessary; that IMC prepares to accelerate their exploration pipeline; that the gold prices will continue soaring to new heights every day; and that gold will continue to be one of the best performing asset classes for investors. Such forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the financing opportunity with Alumina Partners, or others, will not be completed as contemplated; that IMC and/ or its partner will not find adequate financing to proceed with its plans; that Jeffrey Reeder will not continue to serve on the Advisory Board of IMC, or that other management members, directors or partners will leave the company; that the Thane Property acquisition agreement will not be completed and that the property returns back to the vendors; that IMC will not fulfill its contractual obligations; there may be no or little geological or mineralization similarities between the Thane Property and other properties in the Quesnel Terrane; that uneconomic mineralization will be encountered with sampling or drilling; that the targeted prospects can not be reached; that exploration programs, such as mapping, sampling or drilling
Report #1 | IMC International Mining Corp.
will not be completed; that uneconomic mineralization will be encountered with drilling, if any at all; changing costs for exploration and other matters; increased capital costs; interpretations based on current data that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits may prove with further test work not to be comparable; gold mineralization may be much less than anticipated or targeted; intended methods and planned procedures may not be feasible because of cost or other reasons; the availability of labour, equipment and markets for the products produced; world and local prices for metals and minerals; that advisory terms may be changed or no positive results from the advisory are reached; and even if there are considerable resources and assets on any of the mentioned companies‘ properties or on those under control of IMC, these may not be minable or operational profitably. The writer assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
DISCLOSURE OF INTEREST AND ADVISORY CAUTIONS Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Rockstone, its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including Rockstone’s report, especially if the investment involves a small, thinly-traded company that isn’t well known. The author of this report, Stephan Bogner, is not a registered financial advisor and is paid by Zimtu Capital Corp. (“Zimtu”), a TSX Venture Exchange listed investment company. Part of the author’s responsibilities at Zimtu is to research and report on companies in which Zimtu has an investment or is being paid to conduct shareholder communications. So while the author of this report may not be paid directly by IMC, the author’s employer Zimtu is being paid and will benefit from appreciation of IMC’s stock price. The author currently does not own any equity of IMC, however he owns equity of Zimtu Capital Corp., and thus would also benefit from volume and price appreciation of its stock. IMC pays Zimtu to provide this report and other investor awareness services. Overall, multiple conflicts of interests exist. Therefore, the information provided should not be construed as a financial analysis but as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable but may not be. Rockstone and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned will perform as expected, and any comparisons made to other companies may not be valid or come into effect. Please read the entire Disclaimer carefully. If you do not agree to all of the Disclaimer, do not access this website or any of its pages including this report in form of a PDF. By using this website and/or report, and whether or not you actually read the Disclaimer, you are deemed to have accepted it. Information provided is for entertainment and general in nature. Data, tables, figures and pictures, if not labeled or hyperlinked otherwise, have been obtained from Stockwatch.com, Comdirect.de, IMC International Mining Corp., Stockcharts.com and the public domain. The cover picture (amended) has been obtained and licenced from Fransys.
Author Contact & Profile Stephan Bogner (Dipl. Kfm., FH) Rockstone Research 8260 Stein am Rhein, Switzerland Phone: +41 44 5862323 Email: sb@rockstone-research.com Stephan Bogner studied Economics, with specialization in Finance & Asset Management, Production & Operations, and Entrepreneurship & International Law, at the International School of Management (Dortmund, Germany), the European Business School (London, UK) and the University of Queensland (Brisbane, Australia). Under Prof. Dr. Hans J. Bocker, Stephan completed his diploma thesis (“Gold In A Macroeconomic Context With Special Consideration Of The Price Formation Process”) in 2002. A year later, he marketed and translated into German Ferdinand Lips‘ bestseller “Gold Wars“. After working in Dubai’s commodity markets for 5 years, he now lives in Switzerland and is the CEO of Elementum International AG specialized in the storage of gold and silver bullion in a high-security vaulting facility within the St. Gotthard Mountain in central Switzerland. Rockstone Research is specialized in capital markets and publicly listed companies. The focus is set on exploration, development, and production of resource deposits, as well as technology ventures. Through the publication of basic geological, technological, and stock market knowledge, the individual company and sector reports receive a background in order for the reader to be inspired to conduct further due diligence and to consult with a financial advisor. All Rockstone reports are being made accessible free of charge, whereas it is always to be construed as non-binding research addressed solely to a readership that is knowledgeable about the risks, experienced with stock markets, and acting on one’s own responsibility. For more information and sign-up for free email newsletter, please visit: www.rockstone-research.com