Resource World Magazine

D E C E M B E R / J A N U A R Y 2 0 2 0 www.resourceworld.com 35 TOP 10 STOCKS 2019 STOCK MARKET WINNERS Alamos Gold Inc. [AGI-TSX, NYSE], based in Toronto, is an inter- mediate gold producer with four operating mines in North America. Employing over 1,700 people, its mines include the Young-Davidson and Island Gold mines in Northern Ontario as well as Mulatos and El Chanate in Sonora, Mexico with a 2019 production guidance of 480-520 k/year. The company has a number of development-stage projects in Canada, Mexico, Turkey and the US. John McCluskey, President and CEO, said its Turkish licence renewals are pending and are expected to be received in due time. Over $30 million has been spent on the Kirazli Project and it is at the construc- tion stage. McCluskey noted that the company has had excellent exploration success at its Island Gold Mine 83 km northeast of Wawa, Ontario. A Phase II expansion permit to 1,200 tpd was received in May. A Phase III expansion study is expected in H1 2020. There was record free cash flow of $55 million in Q3 YTD 2019, reflecting higher throughput and grades. The Young-Davidson Mine is being set up to produce for another 15-20 years. The company is debt-free with $186 million in cash and has paid a dividend for 10 years. Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] has produced 276,376 ounces of gold this year to date. The company owns and operates gold and base-metal mining, development and exploration operations in Turkey (Kışladaş and Efemçukuru mines), Canada (Lamaque Mine), Greece (Olympias and Stratoni mines; Skouries – advanced; Perma Hill – exploration), Romania (Certej – development), Serbia and Brazil (Tocantinzinho – advanced) plus other exploration projects. Shares of Eldorado Gold rose from about $3.60 to $10.49 per share on November 13. First Majestic Silver Corp. [FR-TSX; AG-NYSE, Mexico; FMV-FSE] has six producing silver mines in Mexico, three advanced-stage silver projects and one exploration-stage project. The company's goal is to become the world's largest primary silver producer through develop- ment and acquisitions. First Majestic has US $94.5 million in cash and cash equivalents. Silver equivalent production has grown from about 9 million ounces in 2009 to a 2019 expected guidance of about 25 million ounces. Cash costs range from $5.62 to $6.18/oz. Top shareholders include Van Eck (GDXJ & GDX) owning 11.4% and Wheaton Precious Metals with a 9.9% interest. First Majestic shares were under $7.00 last January and rose to $14.07 on November 13. Integra Resources Corp. [ITR-TSXV; IRRZF-OTCQX] has been advancing its flagship DeLamar Project, consisting of the neighbouring DeLamar and Florida Mountain gold and silver deposits in southwest- ern Idaho. The first exploration program in over 25 years began in 2018 with more than 30,000 metres drilled to date. The company recently filed a positive NI 43-101 compliant PEA. Shares of Integra Resources have risen from about $0.60 in May to $1.23 on November 13. Leagold Mining Corp. [LMC-TSX; LMCNF-OTCQX] is a mid-tier gold producer with four operating gold mines in Mexico and Brazil, as well as a near-term gold mine restart project in Brazil and an expansion project at the Los Filos Mine complex in Mexico where the company recently commenced a multi-phase exploration program on the south- ern portion of the Bermejal intrusive at Los Filos. Shares of Leagold Mining rose from $1.40 in May to $1.995 on November 13. Teranga Gold Corp. [TGZ-TSX, ASX; TGCDF-OTCQX] has produced more than 1.8 million ounces of gold at its Sabodala operation in Senegal, West Africa. The company is preparing for the first gold pour at its second gold mine, Wahgnion, located in Burkina Faso. It is also conducting exploration programs in three West African countries: Burkina Faso, Côte d'Ivoire and Senegal. Shares of Teranga were trad- ing at $3.00 in May and have risen to $5.29 by November 13. Torex Gold Resources Inc.'s [TXG-TSX; TORXF-OTC] assets include the El Limon Guajes mining complex ELG, comprising the El Limon, Guajes and El Limon Sur open pits, the El Limon Guajes underground mine, including zones referred to as Subsill and El Limon Deep (ELD), and the processing plant and related infrastructure and the Media Luna deposit, an early-stage development project, all 100%-owned in southwest Mexico. Torex shares rose from under $10 in December 2018 to $19.19 by November 13. two commercial-scale wells within the Phoenix uranium deposit, as part of the successful in-situ recovery (ISR) field test program at its 90%-owned Wheeler River uranium project in the Athabasca Basin of northern Saskatchewan, Canada. Wheeler River is the largest unde- veloped uranium project in the eastern portion of the Athabasca Basin. Combined Indicated Resources total 132.1 million lbs U 3 O 8 (1,809,000 tonnes averaging 3.3% U 3 O 8 ), plus combined Inferred Resources of 3.0 million pounds U 3 O 8 (82,000 tonnes averaging 1.7% U 3 O 8 ). The project is host to the high-grade Phoenix and Gryphon uranium deposits and is a joint venture between Denison (90% and operator) and JCU (Canada) Exploration Company Limited (10%). A Wheeler River PFS was completed in late 2018 that contemplated the potential economic merit of developing the Phoenix deposit as an ISR operation and the Gryphon deposit as a conventional under- ground mine. Taken together, the project is estimated to have mine production of 109.4 million lbs U 3 O 8 over a 14-year mine

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