quarterly commodity update - cantor fitzgerald...

April 27, 2017 Sector Update

Rob Chang, MBA Mike Kozak Associate: Michael Wichterle, MBA,CAIA [email protected] [email protected] [email protected] (416) 849-5008 (416) 350-8152 (416) 849-5005 Sales/Trading — Toronto: (416) 363-5757, (800) 442-4485

See disclosure and a description of our recommendation structure at the end of this report.

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QUARTERLY COMMODITY UPDATE Our latest gold, silver, uranium, and copper price forecasts; Target price updates

Source: Cantor Fitzgerald Research, Bloomberg

STATUS QUO VIEW While our forecasts for Q1 were slightly high (save for copper), we remain bullish on precious metals and uranium. We continue to hold similar views to what we published earlier for precious metals (Precious Metals & Mining Macro) and uranium (Bottom is in for Uranium).

New Previous

Commodity Company Ticker Rating Target Rating Target Target Change Analyst

Precious Metals Alexco Resource Corp. AXR-TSX; AXU-NYSE Buy $3.00 Buy $3.00 0% Kozak

Precious Metals Avino Silver & Gold Mines ASM-TSXV; ASM-NYSEMKT Buy $4.35 Buy $4.35 0% Chang

Precious Metals GoldMining Inc. GOLD-TSXV Buy $4.35 Buy $4.30 1% Chang

Precious Metals Harte Gold HRT-TSX Buy $1.10 Buy $1.10 0% Kozak

Precious Metals Oceanus Resources OCN-TSXV Buy $0.45 Buy $0.45 0% Kozak

Precious Metals Pershing Gold PGLC-NASDAQ; PGLC-TSX Buy US$4.60 Buy US$4.70 -2% Chang

Precious Metals Premier Gold Mines PG-TSX Buy $4.50 Buy $4.75 -5% Chang

Precious Metals Seabridge Gold SEA-TSX; SA-NYSE Restricted Buy $20.00 N/A Kozak

Uranium Azarga Uranium AZZ-TSX Buy $1.15 Buy $1.10 5% Chang

Uranium Cameco Corp. CCO-TSX; CCJ-NYSE Buy $16.90 Buy $16.90 0% Chang

Uranium Denison Mines DML-TSX; DNN-NYSE Buy $1.75 Buy $1.80 -3% Chang

Uranium Energy Fuels EFR-TSX; UUUU-NYSE Buy $5.00 Buy $5.05 -1% Chang

Uranium Fission Uranium Corp. FCU-TSX Buy $1.20 Buy $1.20 0% Chang

Uranium Kivalliq Energy KIV-TSXV Buy $0.15 Hold $0.15 0% Chang

Uranium NexGen Energy NXE-TSX Buy $5.20 Buy $5.15 1% Chang

Uranium Ur-Energy URE-TSX; URG-NYSE Buy $2.40 Buy $2.40 0% Chang

Uranium Uranium Energy Corp UEC-NYSE Buy US$1.90 Buy US$1.95 -3% Chang

Uranium Uranium Participation Corp. U-TSX Buy $5.80 Buy $4.90 18% Chang

Lithium Lithium X LIX-TSX Buy $2.80 Buy $3.00 -7% Chang

Variance Change Change Change

Q2/16 Q3/16 Q4/16 Actual Est. % New Old % New Old % New Old %

Gold US$/oz 1,258 1,335 1,219 1,220 1,250 -2.4% 1,250 1,300 -3.8% 1,250 1,300 -3.8% 1,250 1,300 -3.8%

Silver US$/oz 16.79 19.60 17.14 17.48 18.50 -5.5% 18.00 19.00 -5.3% 18.00 19.00 -5.3% 18.00 19.00 -5.3%

Uranium Spot US$/lb 27.55 25.54 19.76 23.76 25.00 -5.0% 27.00 27.00 0.0% 30.00 30.00 0.0% 32.50 32.50 0.0%

Copper US$/lb 2.15 2.17 2.39 2.65 2.45 8.2% 2.65 2.45 8.2% 2.65 2.50 6.0% 2.65 2.50 6.0%

Change Change Change Change Change

New Old % New Old % New Old % New Old % New Old %

Gold US$/oz 1,243 1,288 -3.5% 1,298 1,300 -0.2% 1,350 1,300 3.8% 1,400 1,350 3.7% 1,300 1,300 0.0%

Silver US$/oz 17.87 18.88 -5.3% 18.56 19.75 -6.0% 19.88 20.00 -0.6% 20.00 20.00 0.0% 20.00 20.00 0.0%

Uranium Spot US$/lb 28.32 28.63 -1.1% 45.00 45.00 0.0% 66.25 66.25 0.0% 80.00 80.00 0.0% 80.00 80.00 0.0%

Copper US$/lb 2.65 2.48 6.9% 2.75 2.58 6.6% 2.75 2.75 0.0% 3.00 3.00 0.0% 2.90 2.80 3.6%

FY2017 FY2018 FY2019 FY2020 LT

Actual Q1/17 Q2/17 Q3/17 Q4/17

Change Change Change Change Change Change

New Old % New Old % New Old % New Old % New Old % New Old %

USD/CAD 0.75 0.74 1.4% 0.77 0.76 1.3% 0.80 0.77 3.9% 0.83 0.79 5.1% 0.86 0.83 3.6% 0.90 0.83 8.4%

2017E 2018E 2019E 2020E Long Term2021E

http://www.cantorcanada.com/sites/default/files/20170123GoldMacro.pdf

http://www.cantorcanada.com/sites/default/files/20170123GoldMacro.pdf

http://www.cantorcanada.com/sites/default/files/20170206CommodityPriceUpdate.pdf

Sector Update April 27, 2017

Rob Chang, MBA, (416) 849-5008 2 of 42

ALEXCO RESOURCES (AXR-TSX, AXU-NYSE): BUY, $3.00 (UNCHANGED)

We launched coverage of Alexco on March 24th, and our Buy rating and target price are unchanged. On March 30th, the company reported its Q4/16 financials, filed an updated PEA for Keno Hill, and successfully amended the terms of the Silver Wheaton (SLW-TSX, Not Covered) production purchase agreement. The PEA outlined materially higher production rates at similar operating costs over a significantly longer mine life relative to the previous economic study. We note that the SLW agreement protects Alexco to a greater degree on the downside, and should support a production restart in the current silver price environment. We believe production could restart as early as H2/18.

Alexco’s valuation continues to be extremely compelling, with the stock trading at 60-75% below its nearest comparables on virtually every metric (EV/M&I AgEq, EV/total resource AgEq, EV/Production AgEq, etc.)

Exhibit 1. Alexco Resource Keno Hill Updated Project Economics

Source: Alexco Resource

Metric Dec-14 Mar-17 %ge change

LOM Ore Mined (000t) 813 1,021 26%

Avg Head Grade (g/T Ag) 754 843 12%

(% Zn) 2.7% 3.3% 22%

(% Pb) 4.5% 4.6% 2%

Avg Recoveries (% Ag) 93.7% 97.0% 4%

(% Zn) 60.3% 88.0% 46%

(% Pb) 83.6% 94.7% 13%

Mine Life (years) 5.75 8.00 39%

LOM Production (MMoz Ag) 17.1 25.1 47%

(MMlb Zn) 35.2 77.3 120%

(MMlb Pb) 38.2 67.0 75%

Production Cost (C$/T) $255 $325 27%

Site AISC net Zn, Pb ($/oz Ag) $10.78 $10.36 -4%

Initial CAPEX (MM C$) $22.6 $27.0 19%

Total CAPEX (MM C$) $73.6 $102.5 39%

After Tax IRR (%) 22% 75% 241%

After Tax NPV 5% (MM C$) $23.3 $79.4 241%


Rob Chang, MBA, (416) 849-5008 3 of 42

AVINO SILVER & GOLD MINES (ASM-TSXV; ASM-NYSE): BUY, $4.35 (UNCHANGED)

We are maintaining a BUY recommendation and target price of $4.35 per share. Our target price is based on a 1.0x multiple to our NAV5% valuation of $4.33 per share. Avino currently trades at 0.45x NAVPS, a discount to intrinsic value.

Earlier in April Avino Silver & Gold Mines announced that it had completed an updated Preliminary Economic Assessment (“PEA”) on the oxide tailings at its Avino property. In short, the PEA confirmed our positive view of the tailings project as the net impact of the study is in line with our estimates.

Exhibit 2. PEA Highlights compared to estimates

Source: Avino Silver & Gold Mines, Cantor Fitzgerald estimates

The focus of the PEA was on the oxide tailings retreatment of the Avino mine as a standalone project with an initial seven year LOM. The sulphides are to be considered during the pre-feasibility stage, as such the highlights demonstrate positive economic returns at lower initial capital costs. Incorporating a base case with metal prices of US$18.50/oz. Ag and US$1,250/oz. Au resulted in a pre-tax NPV5% of US$48.9M, a two year payback, and an IRR of 48.4%. Note that all figures in this report are in $USD unless otherwise noted.

Over the seven year LOM, the average annual production is expected to amount to 4,660 Au ounces (at a grade of 0.43 g/t) along with 881,920 Ag ounces (at a grade of 87.75 g/t). Initial and sustaining capital costs ($24.36M and $4.35M respectively) as well as working capital have been incorporated on a year-by-year basis over the mine life. The annual operating costs include power, staffing reagent consumption rates, and maintenance costs. Note that the operating cost summary for the processing facility and the G&A costs are based on a processing design rate of 1,370 t/d (500,000 tonnes annually) with an availability of 90% and 365 operating days per year. This results in an effective annual production rate of 450,000 tonnes. The total operating cost (mining, process, and G&A) is estimated to total $15.06/tonne of tailings treated or $7.07/oz. Ag.

$USD CFCC Estimate (Prev) PEA CFCC Estimate (New)

Life of mine (years) 4.5 7.0 7.0

Mill Capacity (annual tonnes) 500,000 500,000 500,000

Total Au production (oz.) 34,000 33,000 33,000

Total Ag production (oz.) 5M 6.2M 6.2M

Au Grade (g/t) 0.54 0.43 0.43

Ag Grade (g/t) 91.00 87.75 87.75

Au Recovery 80% 76% 76%

Ag Recovery 70% 70% 70%

Initial Capital Expenditures $29M $24.4M $25M

Sustaining Capital $4M $4.4M $5M

Reclamation $5.5M $0.6M $1.0M

Mining cost per tonne $1.75 $1.13 $1.25

Processing cost per tonne $13.00 $12.53 $12.75

Administrative cost per tonne $1.75 $1.41 $1.50

Cash cost per Ag oz. net of byproduct credits* -$0.53 $2.21 $0.69

AISC per Ag oz. net of byproduct credits* $1.77 $7.07 $5.28

Long term gold price per oz $1,300 $1,250 $1,300

Long term silver price per oz $20.00 $18.50 $20.00

NPV 5% $48.2 $48.9 $55.2

* CFCC uses a LT gold price of $1,300/oz vs. PEA of $1,250/oz


Rob Chang, MBA, (416) 849-5008 4 of 42

Post-tax financial results were prepared by PricewaterhouseCoopers in Mexico and incorporated the currently enacted corporate tax rate of 30%, along with a special mining duty of 7.5% applied to net profits. After deductions, the effective rate amounted to 5.25%. Using base case pricing, the LOM estimated taxes payable amounted to $26.32M.

Otherwise, on April 13, Avino announced Q1/17 production results. On a consolidated basis, Avino produced 320,082 oz. of silver, 1,837 oz. of gold, and 1M lbs of copper. These results generally missed our forecasts of 395,000 oz. silver (-10.5%), 1,787 oz. gold (+2.8%), and 1M lbs copper (0%). The driver of the lower than expected production is attributed to the mining of lower grade material.

At San Gonzalo grades were 1.19 g/t Au and 229 g/t Ag (CFCC estimated 1.30 g/t Au and 275 g/t Ag). Management noted that the type of mineralization at San Gonzalo is highly variable. At the Avino Mine grades were lower than expected due to higher grade lower levels being unavailable due to water issues. These items have since been controlled. Q1 mining from Avino focused primarily in the lower grade upper levels as a result with average gold grades of 0.50 g/t and silver grades of 61 g/t (CFCC estimates were 0.42 g/t Au and 67 g/t Ag).

Management noted that 2017 production is still expected to meet their internal expectations as grades are expected to improve as mining at San Gonzalo is expected to enter a high grade zone that is currently under development. We forecast 2.7M oz. of silver-equivalent production in 2017, which is similar to what was produced in 2016.

Exhibit 3: Avino Silver & Gold Mines NAV

Source: Cantor Fitzgerald Canada Estimates, Company Reports

Mining Assets

C$ 000s Per share

San Gonzalo (100%) $66,344 $1.24

Avino Mine (100%) $102,124 $1.90

Tailings Heap Leach - Oxide only (100%) $54,685 $1.02

Bralorne (100%) $35,479 $0.66

Total Mining Assets $258,633 $4.82

Financial Assets

C$ 000s Per share

Cash $15,817 $0.29

Working Capital net of cash $15,476 $0.29

LT Liabilities ($27,546) ($0.51)

NPV of corporate costs @ 5% ($31,902) ($0.59)

Proceeds from ITM Instruments $2,238 $0.04

Total Financial Assets ($25,918) ($0.48)

Net Asset Value $ $232,716 $4.33

Shares Outstanding ('000s) 52,431

NAV/sh $4.44

Diluted shares outstanding 53,687

NAV per diluted share (C$/share) $4.33

Current share price (C$/share) $1.97

Price / NAV 0.45x

(1) Corporate adjustments are as of last reported Financial Statements Dec 31, 2016


Rob Chang, MBA, (416) 849-5008 5 of 42

GOLDMINING INC. (GOLD-TSXV): BUY, $4.35 (+1%)

We are maintaining a BUY recommendation and are raising our target price to $4.35 per share, or by 1%, for GoldMining Inc. The change is due to the upward revision to our 2019 and 2020 gold price forecast. Our target price is based on a 1.0x multiple to our NAV8% valuation of $4.37 per share. Goldmining Inc. currently trades at 0.41x NAVPS, a discount to intrinsic value.

On April 12th, GoldMining Inc. and Bellhaven Copper and Gold Inc. announced that they have entered into an agreement in which GoldMining Inc. will acquire all the outstanding common shares of Bellhaven by way of plan of arrangement. Upon completion of the arrangement, GoldMining Inc. will own 100% of Bellhaven Copper & Gold (TSXV-BHV, Not Rated), whose key asset is the La Mina Gold Project located in Colombia. Management believes that La Mina possesses several excellent underexplored porphyry targets which offer opportunities for gold discovery, near existing infrastructure. This acquisition further advances GoldMining’s strategy to acquire significant gold/copper projects in the Americas. La Mina is located 6 km from GoldMining’s Titiribi project (6.21M AuEq ounces M&I along with 3.33M AuEq ounces Inferred) which was acquired last August from NovaCopper. Once completed, this transaction would create one of the largest gold-copper resource portfolios in Colombia’s Mid Cauca Belt.

The Mid Cauca Belt has seen increased activity in recent years with companies such as Cordoba Minerals (TSXV-CDB, Not rated) and HPX Exploration (San Matias), Continental Gold (Buritica, TSX-CNL, Not rated), IAMGOLD (TSX-IMG, NYSE-IAG, Not rated), Gran Colombia (Zancudo, TSX-GCM, Not rated), AngloGold Ashanti (JSE-ANG, NYSE-AU, ASX-AGG, Not rated), and B2Gold (Nuevo Chaquiro, TSX-CNL, Not rated), active in the area.

With an Indicated grade of 1.12 g/t AuEq along with an Inferred grade of 1.07 g/t AuEq, La Mina is also considered to be one of the highest grade porphyry Au/Cu project in the Americas.


Rob Chang, MBA, (416) 849-5008 6 of 42

Exhibit 4. La Mina: 6Km proximity to Titiribi

Source: GoldMining Inc.

The La Mina Project is located approximately 41 km southwest of the city of Medellin in the Department of Antioquia, in central Colombia and approximately 6 km southeast of GoldMining’s Titiribi Project. La Mina is comprised of two concessions that cover an area of 32km2. The project includes the Middle Zone and La Cantera gold-copper porphyry deposits as well as the highly prospective La Garrucha prospect located approximately 800m to the east.

A Preliminary Economic Assessment (“PEA”) on the project conducted in 2012 concluded that La Mina could be one of the lower cost gold development projects in the Americas, with costs estimated to total US$408/oz. (net of by-product credits). Further PEA highlights include an NPV8% of US262M/$171M (before/after tax) along with an IRR of 33.5%/27.2% (before/after tax). This was calculated when using a gold price of $1,400/oz. along with $3.25/lb copper and $20.00/oz. silver, and assuming a nearly 10 year life of mine, producing 93,400 Au ounces along with 20.6M lbs of copper.


Rob Chang, MBA, (416) 849-5008 7 of 42

Exhibit 5: GoldMining NAV


Mining Assets

CDN$ 000s Per share Comment

Sao Jorge (100%) $150,395 $1.06 8% NPV

La Mina (100%) $40,720 $0.29 8% NPV

Boa Vista (100%) $5,040 $0.04 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Cachoeira (100%) $32,275 $0.23 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Island Mountain (100%) $35,705 $0.25 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Raintree West (100%) $23,100 $0.16 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Surubim (100%) $7,545 $0.05 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Titiribi (100%) $210,800 $1.49 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Whistler (100%) $72,550 $0.51 In-Situ Valuation ($35/oz Indicated, $15/oz Inferred)

Rea Uranium Project (100%) $10,000 $0.07 Exploration spend


Financial Assets

CDN$ 000s Per share

Cash $21,338 $0.15

Working Capital net of cash ($1,944) ($0.01)

LT Liabilities ($298) ($0.00)


$30,088 $0.21

Net Asset Value CDN$ $618,218 $4.37

Shares Outstanding (000s) 127,215

NAV/sh $4.86


NAV per Diluted share (C$/share) $4.37


Price / NAV 0.41x

(1) Corporate adjustments are as of last reported Financial Statements


Rob Chang, MBA, (416) 849-5008 8 of 42

HARTE GOLD (HRT-TSX): BUY, $1.10 (UNCHANGED)

We maintain our Buy recommendation on Harte Gold and 12-month target price of $1.10/share. Our DCF-based NAVPS is driven via a long term gold price deck of $1300/oz. (unchanged). Six drill rigs are currently active on the property, two at Middle Zone, three at Sugar, and one to the north at the sparsely tested Wolf Zone. Step-out drilling has expanded the Middle Zone dimensions to 400m laterally along strike and 700m down dip (previously ~300m x ~400m). We note that Middle Zone remains open to the south, and at depth, where it is likely to converge with the Sugar Zone. Our resource target remains at ~3 MMoz at +9g/T Au.

We continue to believe Harte represents an attractive takeover candidate by companies with significant operating and exploration stage assets within short trucking distance of Sugar Zone (which enjoys superior grades). The company has a strong balance sheet with cash on hand amounting to over $29M. Exhibit 6. Sugar/Middle/Wolf Long Section

Source: Harte Gold


Rob Chang, MBA, (416) 849-5008 9 of 42

OCEANUS RESOURCES (OCN-TSXV): BUY, $0.45 (UNCHANGED)

Our Buy rating and 52-week target price of $0.45 are unchanged for Oceanus given that there are no adjustments to our long term gold or silver price deck. Our target price is based on a 1.0x P/NAV target multiple (rounded) driven via a maiden resource of just over 1.0 MMoz AuEq valued at $30/oz. in-situ, at the low end of the Mexican Au-Ag exploration stage peer group. There is considerable upside bias to our target price given our longer-term view of the multi-million ounce potential at El Tigre, and the likelihood that the EV/oz. valuation should re-rate higher upon de-risking the resource through more drilling and metallurgical test work.

Two rigs are active at the property, one testing the southern extension and the other extending El Tigre to the north towards the historic mining camp.

Exhibit 7. Significant “Low Hanging Fruit” Resource Upside

Source: Oceanus Resources Corp.

The most significant catalyst will be the initial 43-101 compliant resource, which we estimate at +1.0 MMoz AuEq, scheduled for release in Q2/17. Beyond this, El Tigre has multi-million ounce potential, but drilling across the entire 5.3 km strike length, and potentially at other satellite targets is a longer term effort.


Rob Chang, MBA, (416) 849-5008 10 of 42

PERSHING GOLD (PGLC-NASDAQ; PGLC-TSX): BUY, US$4.60 (-2%)

We are maintaining a BUY recommendation and are moderately lowering our target price to US$4.60 per share. The slight adjustment to our target price is based on the ~-US$7.5M change in the company’s financial assets from the prior quarter, which was partially offset by a ~+US$4M increase in the value of Relief Canyon due to the upward change in our gold price forecasts. Our target price is based on a 1.0x multiple to our NAV valuation of US$4.58 per share. Pershing Gold currently trades at 0.62x NAVPS, a discount to intrinsic value.

On February 28th Pershing Gold Corporation announced that it has successfully completed the environmental permitting process and has secured all the necessary permits to restart and expand the Relief Canyon Mine. Given that announcement, the major permits now in hand include the Plan of Operations approved by the Bureau of Land Management (“BLM”), the Reclamation and Water Pollution Control Permits issued by the Nevada Division of Environmental Protection (“NDEP”)/Bureau of Mining Regulation, and three air quality permits issued by the NDEP/Bureau of Air Pollution Control.

The permits will allow for the expansion and deepening of the open pit mine, the construction of a new waste rock storage area, an increase to the exploration drilling area to test for high priority targets, the operation of mercury emission control equipment and lastly for the operation of the crusher and other equipment in the heap leach processing facilities. Prior to the start of mining activities, the company must still provide the BLM and NDEP with additional financial assurance to guarantee reclamation of the mine site. It is estimated that the cash collateral to secure this bond will approximate US$1.4M.

This was followed up with an announcement in early April that the company entered into a mining sublease which further consolidates the Antelope Springs mining district located in the Pershing Pass area south of the Relief Canyon Mine. The sublease agreement with Newmont USA Ltd. (NEM-NYSE; Not rated) is for the last seven land parcels needed for Pershing Gold to consolidate the Blackjack Project area. The Project itself is comprised of seven historic mercury and antimony mines. Note that gold mineralization in the Pershing Pass area is spatially associated with mercury and antimony mineralization in the Northwest trending ridges. The land consolidation is key to Pershing’s district wide exploration efforts which may extend the current life of the project through the discovery of satellite deposits.

Under terms of the sublease, Pershing Gold will have the exclusive right to prospect, explore for, develop, and mine minerals on these areas. The initial term is for ten years and may be extended by Pershing Gold until December 3, 2034 and so long thereafter as any mining, development, or processing operations are being conducted continuously. Pershing Gold will have to make minimum work expenditures on the property for the first four years of the sublease. This will be followed up with annual Advanced Minimum Royalty Payments to Newmont to maintain the Sublease in good standing.


Rob Chang, MBA, (416) 849-5008 11 of 42

Exhibit 8: Areas covered by the sublease

Source: Pershing Gold Corp.

The current resource estimate for Relief Canyon consists of a 778,000 Au ounces in the Measured & Indicated category, along with 47,500 Au ounces in the inferred category. Further successful exploration may extend the life of mine.


Rob Chang, MBA, (416) 849-5008 12 of 42

Exhibit 9: Pershing Gold NAV


Mining Assets

USD$ 000s Per share

Relief Canyon (100%) $120,183 $4.23


Financial Assets

USD$ 000s Per share

Cash $11,722 $0.41


LT Liabilities ($3,058) ($0.11)

Proceeds from ITM Instruments $0 $0.00

$9,897 $0.35

Net Asset Value $130,079 $4.58

Shares Outstanding (000's) 28,389

NAV/sh $4.58


NAV per Diluted share (US$/share) $4.58

Current share price (US$/share) $2.85

Price / NAV 0.62x

(1) Corporate adjustments are as of last reported Financial Statements dated December 31, 2016


Rob Chang, MBA, (416) 849-5008 13 of 42

PREMIER GOLD (PG-TSX): BUY, $4.50 (-5%)

We are maintaining a BUY recommendation and our adjusting our target price on Premier Gold to $4.50 per share, or by -5%. The change in our target price is based on the downward revisions to our near-term gold price forecasts. Our target price is based on a 1.0x multiple to our NAV valuation of $4.52 per share. Premier Gold currently trades at 0.62x NAVPS, a discount to intrinsic value.

On March 27-28, 2017, Premier Gold hosted an analyst mine site visit to the Mercedes Mine located in Sonora State, Northern Mexico. Since acquisition, we saw clear signs of optimization work as management has increased the number of working faces to increase production, modified the mining method to reduce dilution, improved recoveries with oxygen and reduced costs with a reduction in contractors and the use of consumables.

Moreover, the cost reduction plans has also included the implementation of a modified cut and fill method which has narrowed the mining width. Dilution from the change in mining method form long hole stoping has decreased to 45-50% from 60-70%. Other optimization work includes ensuring cement content consistency and enhanced ground control support.

We saw plenty of exploration upside as well as the Marianas deposit (102,000 oz. AuEq at ~5.0 g/t) in the northwest end of the exhibit below shows potential as management noted that although the average grade there established by Yamana is similar to the reserve grade for the overall mine, Premier has noted that several reported intercepts for the deposit are dramatically higher and suspects that the methodology used to calculate the resource/reserve was too conservative.

Exhibit 10. Long Section of Mercedes Mine

Source: Premier Gold


Rob Chang, MBA, (416) 849-5008 14 of 42

Exhibit 11. Marianas historic intercepts show high grade

Source: Premier Gold

At Diluvio, the deposit currently has a 104,000 oz. Au reserve but a revised resource estimate is expected imminently. The 2017 program will focus on upgrading resources to Reserve status. Exploration and definition drilling will remain a focus for the year, six drill rigs are currently active on the property.

As for production, Q1/17 production results from the South Arturo and Mercedes mine were announced on April 18. Consolidated production results (attributable to Premier Gold) amounted to 50,979 Au ounces split between 28,815 ounces from South Arturo (we were forecasting 40,000 ounces in total for 1H17, before the potential to go underground) and 22,164 ounces from Mercedes (in line with our forecast). Sales during the quarter amounted to 51,593 ounces at an average realized price of $1,224/ounce. Premier Gold is well on its way to meet FY/17 guidance which calls for between 125,000-135,000 Au ounces.


Rob Chang, MBA, (416) 849-5008 15 of 42

Exhibit 12: Premier Gold Mines NAV


Mining Assets

CDN$ 000s Per share

Mercedes (100%) $221,991 $1.08

South Arturo (40%) $61,362 $0.30

TransCanada Project (50%) $203,479 $0.99

Rahill-Bonanza (44%) $185,421 $0.90

Hasaga (100%) $121,470 $0.59

McCoy-Cove (100%) $84,340 $0.41

Other Assets $20,663 $0.10


Financial Assets

CDN$ 000s Per share

Cash $119,704 $0.58


LT Liabilities ($149,847) ($0.73)


$30,231 $0.15

Net Asset Value CDN$ $928,957 $4.52

Shares Outstanding (M) 200,406

NAV/sh $4.64




Price / NAV 0.62x

(1) Corporate adjustments are as of last reported Financial Statements dated December 31, 2016


Rob Chang, MBA, (416) 849-5008 16 of 42

SEABRIDGE GOLD INC. (SEA-TSX, SA-NYSE)

We are currently research restricted on Seabridge Gold. On March 29th, Cantor Fitzgerald co-led a $34.3 MM bought deal financing.


Rob Chang, MBA, (416) 849-5008 17 of 42

AZARGA URANIUM (AZZ-TSX): BUY, $1.15 (+5%)

We are maintaining our BUY recommendation on Azarga Uranium and increasing our target price to $1.15 per share, or by 5%. The positive price change is a result of the company’s improved financial position quarter over quarter. Our target price reflects a 1.0x multiple to our NAV estimate of $1.17/share. Azarga currently trades at 0.25x NAVPS a material discount to intrinsic value.

In early March it was announced that Azarga Uranium Corp.’s wholly owned subsidiary, Powertech (USA) Inc. has received notice that the United States Environmental Protection Agency ("EPA") has issued two draft permits for the Dewey Burdock Uranium Project. The EPA’s issuance of the draft Class III and Class V UIC permits further de-risks and validates the project and represent a major step on the development path.

Additionally, the South Dakota Department of Environment and Natural Resources staff has recommended approval of the major state permits; however, the hearings to finalize the state permitting process have been put on hold until the federal permits (namely those pertaining to the NRC and EPA), are issued. Once Azarga receives its final Class III and Class V UIC permits, it will be able to resume the formal hearings to complete the state permitting process. According to the EPA's public notice, the draft permits will be made available for public review and comment until 19 May 2017. The EPA's final permit decision will evaluate all public comments pertaining to the draft permits.

We continue to highlight the near term (we expect sometime in 2018) production potential out of the Dewey Burdock project which happens to be the highest grade ISR project in the U.S. and is currently in development. Located in South Dakota’s Edgemont uranium district, the Dewey Burdock project boasts an NI 43-101 compliant M&I resource of over 8.5M lbs U3O8 at 0.25%. We note as well that the project has been fully permitted by the NRC since April 2014.

Exhibit 13: Azarga Uranium NAV


Azarga Uranium

Projects NAV Per Share Comment

Dewey Burdock $74.8 $1.00 2016 DCF @ 10% Discount Rate

Centennial $15.3 $0.21 2016 DCF @ 10% Discount Rate

Aladdin $2.1 $0.01 100% interest; $0.50/lb In-Situ Value

Kyzyl Ompul $1.5 $0.02 80% interest; $0.25/lb In-Situ Value

Debt ($24.4) ($0.33) PV of LT Debt and assumed debt @ 10% Discount Rate

Cash $0.9 $0.01 Q4/16 Financials + Cash Proceeds from ITM Options

Net working capital (less cash) ($2.9) ($0.04) Q4/16 Financials

Total in USD $67.4 $0.88

Total in CAD $89.2 $1.17


Rob Chang, MBA, (416) 849-5008 18 of 42

Exhibit 14: Production and Cost Forecast


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200,000

400,000

600,000

800,000

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1,800,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033U

3O8

(lb

s)Dewey Burdock Centennial Weighted average Cash Cost ($US/Lb) Weighted Average All-In Sustaining Cost U3O8 Price


Rob Chang, MBA, (416) 849-5008 19 of 42

CAMECO CORPORATION (CCO-TSX, CCJ-NYSE): BUY, $16.90 (UNCHANGED)

We are maintaining our BUY recommendation and target price of $16.90 per share. Our target price is based on the application of a 13.0x multiple to our forward cash flow estimate of $1.30/share. This valuation is inline relative to historical trends as Cameco has traded at an average 12.5x multiple over the last three years, 13.3x post-Fukushima, and 13.5x since the beginning of 2010. It is currently trading at an 11.4x multiple to our forward cash flow estimate while paying a 2.7% yield.

Exhibit 15: Cameco historical forward P/CF trading multiple

Source: Cantor Fitzgerald Canada Research

On February 9th Cameco released its Q4/16 financial results, 2017 outlook, and detailed guidance on several previously opaque aspects of the business. While the 2017 outlook included production guidance, average costs, and realized prices that were worse than our expectations, these were more than offset by lower than expected guidance on several other cost items.

Quarterly production from the uranium segment of 7.1M lbs. was above our forecast calling for 6.3M lbs. Sales volume for the quarter of 11.7M lbs. was in-line with our forecast. The company’s average realized pricing of US$38.07/lb. for the quarter was higher than our forecast of $37.87/lb. Sales volumes from the NUKEM division (3.2M lbs.) was below our forecast calling for 3.6M lbs. while volumes from the Fuel Services division (4.0M kgU) were below our forecasts that called for 4.2M kgU.

Q4/16 Earnings came in at $0.23/share versus consensus average of $0.26/share and Cantor Fitzgerald Canada Research’s estimate of $0.24/share. Average unit cost of sales came in at $38.29/lb., which was lower than our estimate of $39.30/lb.

Cameco’s 2017 outlook came in weaker than expected on several metrics as guided production, realized price, and costs were on the negative side of our post-TEPCO revisions. Note that prior to the TEPCO announcement, Cameco’s FY/17 revenue guidance was for $2.1B-$2.2B. It has since been lowered to $1.9B-$2.08B.

12.5x

13.3x13.5x

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$5

$10

$15

$20

$25

$30

$35

$40

7x

9x

11x

13x

15x

17x

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/11

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/15

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Q1

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Q4

/16

Fwd OCF/Share CCO Price P/CF 3-Yr Avg Post-Fukushima Avg Since 2010


Rob Chang, MBA, (416) 849-5008 20 of 42

Exhibit 16. Quarterly Uranium Production & guidance (CCO’s share)

Source: Cameco Corporation, Cantor Fitzgerald Canada estimates

The lower production forecast (25.2M lbs versus our initial estimate of 25.8m lbs) is likely attributable to a company decision to not produce the pounds that were earmarked for TEPCO as well as reduced production from JV-Inkai, which is the company’s Kazakh uranium mine co-owned by Kazatomprom (who earlier announced production reductions of 10%). The reduction in production from 2016 levels of 1.8M lbs. is positive to the overall uranium market as it contributes less to the near-term oversupplied market. This is good news for other uranium companies in the sector.

Cameco will report Q1/17 earnings on Friday April 28 before markets open. We expect a top line of $381M resulting in an EPS estimate of -$0.02. Consensus estimates calls for revenues of $370M and EPS of -$0.01. A conference call will take place later that day at 1:00 pm ET. To join the call, dial 800-316-4610. A recorded version of the proceedings will be available on Cameco’s website or by calling (800) 319-6413 (Canada and US) or (604) 638-9010 (Passcode 1249).

CF Guidance CF

(M lbs) Q4/16a Q4/16e Q4/15a FY 2017e FY 2017e

McArthur River/Key Lake 3.8 3.8 3.8 12.6 12.6

Cigar Lake 2.5 1.9 2.3 8.0 8.0

Inkai 0.7 0.5 1.1 3.0 3.0

Rabbit Lake 0.0 0.0 2.0 1.1 1.1

Smith Ranch-Highland 0.1 0.1 0.3 0.9 0.9

Crow Butte 0.0 0.0 0.1 0.2 0.2

Total 7.1 6.3 9.6 25.8 25.8


Rob Chang, MBA, (416) 849-5008 21 of 42

Exhibit 17: Cameco Q1/17 Earnings Expectations


CF Estimates Reported Reported

Q1/ 17E Q4/ 16A Q1/ 16A

INCOME STATEMENT (in C$ 000's)

Total revenue 381,250.0 887,102.0 408,251.0

Operating costs 255,929.4 632,304.0 245,826.0

Gross margin 125,320.6 254,798.0 162,425.0

Gross margin % 32.9% 28.7% 39.8%

Depreciation and amortization 70,961.2 98,262.0 44,310.0

General and administrative 40,000.0 55,190.0 52,177.0

Exploration 7,500.0 6,036.0 15,351.0

Research and development 1,238.0 844.0 963.0

Gain on sale of assets - 14,135.0 3,382.0

Other expenses (10,000.0) 209,865.0 -

Operating earnings 15,621.5 (129,534.0) 46,242.0

Net Finance Expenses (16,226.7) (25,298.0) (25,781.0)

Other expense (8,116.9) (18,306.0) 65,755.0

Net earnings before tax (8,722.2) (173,138.0) 86,216.0

Income tax (reversal) expense 535.7 (28,053.0) 8,651.0

Tax rate -6.1% 16.2% 10.0%

Non-controlling Interest - (672.0) (460.0)

Net earnings (as reported) (9,257.9) (144,413.0) (135,049.0)

Adjustments - 234,000.0 (85,000.0)

Adjusted earnings (9,257.9) 89,587.0 (6,975.0)

Operating EPS $0.04 -$0.33 $0.12

Earnings Per Share - Basic -$0.02 -$0.36 $0.20

Adjusted Earnings Per Share - Basic -$0.02 $0.23 -$0.02

Adjusted Earnings Per Share - Fully Diluted -$0.02 $0.22 -$0.02

Source: Cameco and Cantor Fitzgerald Canada Estimates


Rob Chang, MBA, (416) 849-5008 22 of 42

Exhibit 18: Cameco Production, Cost, and Realized Price Forecast.


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McArthur River/Key Lake (69.8%) Rabbit Lake (100%) US ISR

Inkai (50%) Cigar Lake (50%) Average Realized Price

Cost per pound


Rob Chang, MBA, (416) 849-5008 23 of 42

DENISON MINES (DML-TSX, DNN-NYSE): BUY, $1.75, (-3%)

We are maintaining a BUY recommendation and are adjusting our target price to $1.75 per share, or by -3%, for Denison Mines. The change in our valuation was driven by the quarter over quarter change in the value of the company’s “other assets”, namely a market value decline in GoviEx Uranium (GXU-TSXV, Not Covered) and Skyharbour Resources (SYH-TSXV, Not Covered), and lower working capital. Our target price is based on a 1.0x multiple to our NAV valuation of $1.75 per share. Denison currently trades at 0.46x NAVPS, a material discount to intrinsic value.

On April 20th Denison mines announced that its winter 2017 drilling has been completed with a batch of radiometric equivalent grade results announced from both infill drilling in Series A, B, and C lenses along with exploration drilling in the Series D lenses as well. The results continue to intersect high grade mineralization within the currently defined resource area (including Series A, B, and C) as well showing growth with solid results outside of it (Series D).

Highlights from the Series D lenses include:

Hole WR-633D3: 1.90% eU3O8 over 18.7m (including 2.5% eU3O8 over 13.2m)

This mineralized interval occurs approximately 26m down-dip of the 11.0m interval grading 5.3% U3O8 previously reported in drill hole WR-641.

Note as well that the mineralized intervals in WR-633D3 are also located approximately 43m down-dip of the 1.2m interval grading 7.50% eU3O8 and 1.7m interval grading 2.90% eU3O8 in drill hole WR-689.

The objective of drill holes WR-633D3 and WR-690 was to test the continuity of the D Series lenses which fall outside of the current NI43-101 resource area. Infill drilling within the series A, B, and C lenses also occurred, with highlights being:

3.9% eU3O8 over 7.1m (including 6.1% eU3O8 over 4.4m) in drill hole WR-567D1



The premise of the winter drilling campaign was for infill and delineation drilling within the Series A, B, and C lenses in order to upgrade the resource from Inferred to Indicated. Currently, the Gryphon deposit totals 43.0M lbs at 2.3% U3O8 in the inferred category.


Rob Chang, MBA, (416) 849-5008 24 of 42

Exhibit 19: Series D Plan Map

Source: Denison Mines

Exhibit 20. Denison NAV


Asset

Attributable

M Lbs U3O8 EV/Lb Value US($M) Per share Ownership Notes

Revenue Generating Assets

Wheeler River Project $230.2 $0.42 60% NPV @ 10%. Cameco 30% & JCU 10%

McClean Lake Mill $199.5 $0.37 22.5% 7% DCF for processing expected Wheeler River feed; C$1B Residual value

UPC Contract Value $33.2 $0.06 Minimum annual fee at a 5% Discount Rate

In-Situ ValuationMcClean Lake Deposits 5.9 $7.00 $41.6 $0.08 22.5% McLean Lake, McLean Lake North, & Sue D; Areva 70% & OURD 7.5%Midwest 13.4 $7.00 $94.1 $0.17 25.17% Areva 69.16% & OURD 5.67%; Development on hold reviewed every 6 monthsWaterbury Lake 7.8 $7.00 $54.7 $0.10 60% 40% KEPCO

Other Assets

25% stake in GoviEx Uranium $6.8 $0.012 80% of the market value for conservatism

18.7% stake in Skyharbour Resources $4.7 $0.009 80% of the market value for conservatism

Working Capital Net of Cash ($2.6) ($0.00) As of Q4/16 Financials

Cash + proceeds from options and warrants $57.3 $0.11 As of Q4/16 Financials + Anglo Pacific Financing

Valuation $719.5 $1.32

Valuation in CAD $952.7 $1.75 in CAD


Rob Chang, MBA, (416) 849-5008 25 of 42

ENERGY FUELS (EFR-TSX, UUUU-NYSE): BUY, $5.00 (-1%)

We are maintaining a BUY recommendation and are adjusting our target price to $5.00 per share, or by -1%, for Energy Fuels. The change was driven by the adjustment of our USD/CAD exchange rate assumption for 2017 to 0.75 from 0.74. Our target price is based on a 1.0x multiple to our NAV valuation of $5.02 per share. Energy Fuels currently trades at 0.52x NAVPS, a material discount to intrinsic value.

On March 23rd Energy Fuels announced that it had received the final amendment to the Source Material Licence from the U.S. Nuclear Regulatory Commission (“NRC”) allowing for the expansion of the Nichols Ranch ISR project in Northeast Wyoming. Receiving the final license amendment will allow for the expansion of Nichols Ranch into the adjacent Jane Dough wellfields at some point in the future when uranium markets recover. Nichols Ranch itself has been in production since 2014 and with nine header houses expected to be operational this year, 350,000 lbs are expected to be produced. The expansion into Jane Dough allows for future long run production or upside optionality - note that the total licensed capacity at the Nichols Ranch plant is for 2.0M lbs per year.

There will be nine header houses expected to be in operation at Nichols Ranch for FY/17, with an additional four expected to be built in the future. Once the thirteen are operating, Energy Fuels expects to advance production into the Jane Dough wellfield, which contains twenty-two header houses which can be connected to the Nichols Ranch plant. Currently, Nichols Ranch has a NI43-101 resource of approximately 2.8M lbs (Measured & Indicated) while Jane Dough has a NI43-101 compliant resource totaling approximately 3.6M lbs (Indicated).

Exhibit 21. Nichols Ranch Property Location

Source: Energy Fuels


Rob Chang, MBA, (416) 849-5008 26 of 42

Exhibit 22. Energy Fuels NAV


Energy Fuels

Projects NAV $000s Per Share Comment

White Mesa Mill and EFR's

Uranium Mines/Projects242,942 $3.67 2017 DCF @ 10% Discount Rate

Virginia Energy (VUI-TSXV)

16.5%254 $0.004 80% of the market value for conservatism

Mega Uranium (MGA-TSX) 167 $0.003 80% of the market value for conservatism

enCore Energy (EU-TSXV) 213 $0.003 80% of the market value for conservatism

Cash 16,901 $0.26 Q4/16 Cash

Working Capital (Net of Cash) -12,107 -$0.18 As of most recent quarter

USD Total 248,370 $3.75

CAD Total 332,421 $5.02 USD/CAD 0.75


Rob Chang, MBA, (416) 849-5008 27 of 42

FISSION URANIUM (FCU-TSX): BUY, $1.20 (UNCHANGED)

Our recommendation for Fission Uranium remains a BUY at a target price of $1.20 per share. Our target price is based on a 1.0x multiple to our NAV valuation of $1.20 per share. Fission Uranium currently trades at 0.58x NAVPS, a discount to intrinsic value.

April was a busy month in terms of news-flow in which Fission Uranium successfully announced the expansion of the R780E Zone, the R840W Zone and the R1620E Zone. The expansion of the eastern side of R780E is positive as it points to the potential of additional mineable pounds on the eastern edge of the best zone at Patterson Lake South. Moreover, of the sixteen reported assay results announced on April 24th, all assay results were variably mineralized while select drill holes confirmed the high grade nature of both the R840W and R1620E Zones. These two zones will have the potential to be included in an updated resource estimate for the Triple R deposit, expected sometime later this year.

The highlight assay result was located on the R840W zone. Drill hole PLS17-517 (line 765W) contained 7.5m at 7.31% U3O8 within a larger interval of 51.0m at 1.89% U3O8 (104.5m to 155.5m). We estimate that this particular drill hole represents 1.4M lbs. U3O8.

Additional highlights included:

PLS17-515 (line 765W) which contained 6.0m at 9.04% U3O8 within a larger interval of 25.5m at 2.39% U3O8 (165.0m to 190.5m).

PLS-17-518 (line 1485E) which contained 3.5m at 2.52% U3O8 within a larger interval of 20.0m at 0.91% U3O8 (72.0m to 92.0m).

These positive results have concluded the winter 2017 drilling campaign in which 17,602m drilled over 57 holes (48 core and 9 RC). Recall that the current Triple R global resource amounts to 108M lbs. and consists of the R00E and R780E Zones only. An updated resource estimate is expected for some time in 2017.


Rob Chang, MBA, (416) 849-5008 28 of 42

Exhibit 23. PLS Zones & Drilling Locations

Source: Fission Uranium

Exhibit 24. Fission Uranium NAV


Mining Assets

C$ 000s Per sharePatterson Lake South (100%) 527,765 1.09

Total Mining Assets 527,765 1.09

Financial Assets

C$ 000s Per share

Cash 50,248 0.10

Working Capital net of cash (161) (0.00)

LT Liabilities 2 0.00

Proceeds from ITM Instruments 324 0.00

12% Stake in Fission 3.0 1,870 0.00

52,283 0.11

Net Asset Value 580,048 1.20

Shares Outstanding (000's) 484,188

NAV/sh $1.20




Price / NAV 0.58x



Rob Chang, MBA, (416) 849-5008 29 of 42

KIVALLIQ ENERGY (KIV-TSXV): BUY, $0.15 (UNCHANGED)

We are maintaining our BUY rating and target price of $0.15 per share on Kivalliq Energy. Our target price is based on the application of a 1.0x multiple to our NAVPS of $0.16 that is based on a weighted average of three resource scenarios: 43M lbs. (current resource size), 60M lbs. and finally 80M lbs. The lowering of our rating reflects the strong price performance for Kivalliq. Kivalliq Energy currently trades at 0.63x NAVPS.

The company's flagship project, the 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3M lbs. U3O8. Kivalliq's comprehensive exploration programs continue to demonstrate the "District Scale" potential of the Angilak Property.

In mid-November the company announced results from the 2016 summer exploration program at the Yat and Dipole targets located on the Angilak property. Though still very early stage, the trenching program at Yat has confirmed high grade precious metal and uranium values from earlier exploration programs. Additionally, soil sampling around the recent Dipole uranium discovery extended uranium anomalies to over 3.5 km, thereby giving high grade zones drilled at Dipole significant strike potential.

Highlights from channel assay samples included:

2.50% U3O8, 16.2% Cu, 417 g/t Ag & 1.3 g/t Au across 0.5 m in Trench Kiv-16-T03

0.32% U3O8, 373 g/t Ag, 2.9 g/t Au & 6.4 g/t Pd across 0.65 m in Trench Kiv-PO-T05

Highlight frost heaved boulder sample assays included:

23.6% U3O8, 22.7% Cu, 879 g/t Ag & 5.3 g/t Au at Trench Kiv-16-T03

3.0% U3O8, 1.3% Cu, 3200 g/t Ag, 43.3 g/t Au, 7.8 g/t Pt & 56.3 g/t Pd at Trench Kiv-PO-T05


Rob Chang, MBA, (416) 849-5008 30 of 42

Exhibit 25: Yat Trenching Program

Source: Kivalliq Energy

Exhibit 26: Valuation based on three resource size scenarios at Angilak


Resource Size Weight ValuationBlended

Vaulation

43 M lbs (current) 60% $0.13 $0.08

60 M lbs 30% $0.18 $0.05

80 M lbs 10% $0.24 $0.02

100% $0.16

Cash ($M) $0.22 $0.00

Working Capital (less cash in $M) $0.18 $0.00

Valuation $0.16


Rob Chang, MBA, (416) 849-5008 31 of 42

NEXGEN ENERGY (NXE-TSX): BUY, $5.20 (+1%)

We are maintaining a BUY recommendation and are modestly increasing our target price to $5.20/share from $5.15/share on NexGen Energy. The change in our estimate is a result of quarter over quarter change in the company’s cash and working capital position, which was net positive. Our target price is based on a 1.0x multiple to our NAV10% of $5.18/share. NexGen Energy currently trades at 0.60x NAVPS, a material discount to intrinsic value.

On March 6th NexGen announced an updated resource estimate for the Arrow Deposit. The revised resource estimate now stands at an impressive 179M lbs Indicated (6.88% U3O8) along with 122M lbs Inferred (1.30% U3O8). Of note was that 89% of last years inferred maiden resource of 201.9M lbs was converted into the indicated resource category. We believe that Arrow has clearly shown itself to be a world class asset that will eventually become a mine in the future.

Exhibit 27: Arrow Mineral Resource Estimate

Source: NexGen Energy

A Preliminary Economic Assessment is expected for some time later this year. Moreover, the company is currently assessing whether to commence a drill program underground in order to better understand the deposit when designing a mine plan. NexGen Energy currently has $58M cash on hand which will likely be able to sustain over two full years of exploration drilling.

Exhibit 28: Net Asset Value Estimate


Asset Value C($M) Per share Ownership Notes

Development Projects

Rook I $1,720.1 $4.98 100% NPV @ 10%, US$80/lb, US$0.90/CAD

Other

Present Value of Debenture ($45.7) ($0.13) 10% discount rate

Working Capital Net of Cash $47.1 $0.14 As of Q4/16 Financials

Cash + Proceeds from In-the-Money

Options and Warrants$68.3 $0.20 As of Q4/16 Financials

Valuation in CAD $1,789.7 $5.18 in CAD


Rob Chang, MBA, (416) 849-5008 32 of 42

UR-ENERGY (URE-TSX, URG-NYSE): BUY, $2.40 (UNCHANGED)

We are maintaining our BUY rating and target price of $2.40 per share for Ur-Energy. Our valuation is based on a 1.0x multiple to our NAV valuation of $2.42 per share. Ur-Energy currently trades at 0.34x NAVPS, a material discount to intrinsic value.

Ur-Energy announced a Q1/17 operational update on April 13. During the quarter, 79,340 lbs. of U3O8 captured from Lost Creek as contracted sales amounted to 250,000 lbs. during the quarter. Though our initial production estimate was higher, a substantial amount was purchased during the quarter in order to meet contractual obligations, which we applaud as it helps remove some of the excess inventory in the market.

A total of 250,000 lbs. were sold into contracts at an average realized price of US$59.28/lb. Of this amount, 50,000 lbs. was sourced from Lost Creek production while the balance was purchased during the quarter at an average price of US$20.08/lb. We are supportive of the move to satisfy contracts through open market purchases as it removes some of the supply overhang in the market while saving Ur-Energy’s mineral resource inventory for production at a later time when prices are expected to be higher. Given that Lost Creek is beyond its third year of continuous production, grades have declined to 32 PPM, below our estimate of 39 PPM. Though lower than our forecast, flow rates however at 2,403 GPM have remained consistent over the last three quarters.

Exhibit 29. Q1/17 Operating Highlights

Source: Ur-Energy, Cantor Fitzgerald Canada Research

Ur-Energy remains on track to achieve FY/17 production guidance of between 250,000-350,000 lbs. Guidance for Q2/17 amounts to contracted sales of 241,000 lbs. at an average price of US$49/lb., while the dried and drummed figure is expected to total between 60,000-75,000 lbs. For FY/17, a total of 600,000 lbs. has been contractually committed at an approximate price of US$51/lb.

CF Estimates Quarterly

Units Q1/17a Q1/17e Difference Q4/16a

U3O8 Captured (‘000 lbs) 79.3 166.7 -23% 103.6

U3O8 Dried & Drummed (‘000 lbs) 74.4 150.0 -33% 111.1

U3O8 Sold (from production) (‘000 lbs) 50.0 150.0 -50% 100.0

U3O8 Head Grade (ppm) 32.0 39.0 -18% 39.0

Total Inventory (‘000 lbs) 114 35% 84

Average Realized Price ($/lb) $59.28 $51.00 81% $32.70


Rob Chang, MBA, (416) 849-5008 33 of 42

Exhibit 30. Ur-Energy Net Asset Value



Lost Creek $94.5 $0.62 2016 DCF @ 8% Discount Rate

Shirley Basin $100.8 $0.66 2016 DCF @ 10% Discount Rate

Lost Soldier $133.3 $0.88 2016 DCF @ 10% Discount Rate

Disposal Revenue $5.8 $0.04 2016 DCF @ 8% Discount Rate

Debt ($14.0) ($0.09) PV of LT Debt @ 10% Discount Rate

NPV of Corporate Costs ($45.7) ($0.30) PV of Corp Costs @ 10% Discount Rate

Working Capital $3.2 $0.02 Q4/16 Financials + Cash Proceeds from ITM Options

Total in USD 277.9 $1.83

Total in CAD 368.0 $2.42


Rob Chang, MBA, (416) 849-5008 34 of 42

URANIUM ENERGY CORP. (UEC-NYSE): BUY, US$1.90 (-3%)

We are maintaining our BUY rating and adjusting our target price to US$1.90 per share, or by -3%. Our minor revision was primarily based on the increased share count as a result of the recent equity financing. Our valuation is based on a 1.0x multiple to our NAV valuation of US$1.89 per share. Uranium Energy Corp currently trades at 0.44x NAVPS, a material discount to intrinsic value.

On April 5th, Uranium Energy Corp. announced that the Environmental Protection Agency (“EPA”) has approved the 5,384-acre aquifer exemption request for the company's Burke Hollow Project located in South Texas. This approval follows the project’s Mine Area Permit approval in December 2016 by the Texas Commission on Environmental Quality (“TCEQ”). The final major approval still outstanding is the Radioactive Material License which is currently under review by the TCEQ. Burke Hollow represents the company’s third project to be developed under the hub and spoke strategy around the fully licensed Hobson plant.

2017 drilling at Burke Hollow began earlier in April with two contracted drill rigs and plans to drill up to 100 delineation and exploration holes. The main goal of the drilling campaign is to complete the exploration and delineation drilling phase of two closely-related Goliad Lower B trends which will constitute Burke Hollow Production Area 1. The two lower B trends have been proven to extend over a distance of 1.7 miles. The northwestern side of the orebody remains open with little previous drilling. Management sees good potential for expansion for up to an additional 3,000 feet. Note that exploration drilling at Burke Hollow began in 2012. To date, the project has expanded to encompass 20,000 acres and contain an inferred mineral resource of 5.12M lbs grading 0.09% U3O8.

Exhibit 31. Current Texas Based U3O8 Resource

Source: Uranium Energy Corp.

In accordance to the corporate strategy to develop projects at the near periphery of the Hobson processing facility, Burke Hollow represents the third project to be developed under the so called “Hub & Spoke” strategy. The property itself is located 45 miles from Hobson.

M&I Inferred Total Resource

Palangana 1,057,000 1,154,000 2,211,000

Goliad 5,475,200 1,501,400 6,976,600

Burke Hollow 5,120,000 5,120,000

Salvo 2,839,000 2,839,000

Nichols 1,307,000 1,307,000

6,532,200 11,921,400 18,453,600

NI 43-101 compliant resource (lbs)


Rob Chang, MBA, (416) 849-5008 35 of 42

Exhibit X. Burke Hollow in relation to Hobson and other company assets

Source: Uranium Energy Corp.

Exhibit 32. UEC Net Asset Value


Uranium Energy Corp.


Palangana 40,728,685 $0.29 10% NPV

Goliad 115,466,527 $0.83 10% NPV

Burke Hollow 52,716,695 $0.38 10% NPV

Salvo 2,839,000 $0.02 $1.0/lb In-situ Valuation

Nichols 1,307,000 $0.01 $1.0/lb In-situ Valuation

Yuty 5,570,000 $0.04 $0.50/lb In-situ Valuation

Anderson 29,000,000 $0.21 $1.0/lb In-situ Valuation

Workman Creek 5,542,000 $0.04 $1.0/lb In-situ Valuation

NPV of Debt (18,356,396) ($0.13) Fiscal Q4/16

Working Capital (net of cash) (1,174,599) ($0.01) Fiscal Q4/16

Cash 29,857,146 $0.21 Fiscal Q4/16 plus financing

Total 263,496,058 $1.89


Rob Chang, MBA, (416) 849-5008 36 of 42

URANIUM PARTICIPATION (U-TSX): BUY $5.80 (+18%)

We are maintaining our recommendation at BUY and are increasing our target price to $5.80 per share, or by 18%. The catalyst for the increase is the rolling forward of our one-year uranium price estimate to include Q1/18 after the completion of Q1/17. We continue to believe that the rolling off of long-term contracts at utilities will increase spot and term market demand for uranium, which will push prices higher. Our target price is based on a 1.0x multiple to our forecasted portfolio NAV of $5.79/share. The portfolio NAV is derived from the application of a U3O8 price of US$32.38/lb. and a UF6 price of US$97.13/kg to the portfolio, which is our rolling forward four quarter average estimate. UPC currently trades at 0.69x NAVPS, a discount to intrinsic value. Note that in periods of uranium market bullishness, UPC has historically traded at a premia to its NAV.

Exhibit 33. Uranium Participation Corp. Valuation


Note that on April 5th, UPC announced the NAV value for March 31, 2017 that totaled $507.1M or $4.20/share. We note that the current premium to this most recent published NAV is 4%. However, relative to the latest spot price of US$22.50/lb for U3O8 and US$63.50/Kg for UF6, the premium stands at 1.6% on an NAVPS of $3.95/share.

Exhibit 34. Market price Premium / Discount to NAV analysis


With the compelling supply and demand backdrop for uranium continuing, we believe Uranium Participation provides investors with exposure to the pending rise in uranium price without operational risks. We remind our readers that the

Valuation ForecastCantor Forecast Cantor Forecast Market Value

Units Quantity USD CAD CAD

U3O8 lb 10,080,024 $32.38 $44.10 444,535

UF6 kg 1,903,471 $97.13 $132.30 251,833

696,367

Net Working Capital 3,582

NAV 699,949

Shares O/S 120,848,713 NAVPS $5.79

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

Reported NAV Market Price

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%


Rob Chang, MBA, (416) 849-5008 37 of 42

current low price environment is unsustainable. The current US$22.50/lb. spot price is below the global marginal cost of production and we believe the only reason most of the producers are still in business is due to long term contracts at prices north of US$40/lb. However, as noted earlier these contracts are rolling off over the next few years leading to a growing uncovered uranium requirement scenario for utilities around the world.


Rob Chang, MBA, (416) 849-5008 38 of 42

LITHIUM X ENERGY CORP. (LIX-TSXV): BUY, $2.80 (-7%)

We are maintaining our recommendation on Lithium X Energy with a BUY and are lowering the target price to $2.80, or by -7%. The target price change was driven by our project financing estimate that assumes a portion be raised via an equity financing at an 8% discount to market. LIX shares are currently trading at a lower price relative to our last update and as such, a greater amount of shares are needed to satisfy the financing assumption, which in turn increases dilution. Our target price reflects a 1.0x multiple to our $2.81 per share net asset value for the company. LIX currently trades at 0.65x NAVPS, a discount to intrinsic value.

Located in Argentina, Sal de los Angeles is an advanced stage brine project located within 350km of four other lithium projects. The site itself has proven

successful operation of pilot ponds for three years already. The brine at Sal de los Angeles is amenable to conventional low cost processing methods. The company also has an option to become the largest claims holder in Nevada’s Clayton Valley with a combined 15,020 acres. The Clayton Valley North and South Expansion sandwich Albemarle’s (ALB-NYSE; Not Rated) Silver Peak mine, North America’s only lithium producer and is located within 200 miles from Tesla’s Gigafactory.

Executive Chairman Paul Matysek is a proven company builder who has a long history of successful company sales. Among these include Lithium One in 2012 and Goldrock Mines in 2016, both of which contained assets in the Salta Province, which is where Lithium X’s Sal de los Angeles is located. The operational team is led by Eduardo Morales, who is a chemical engineer with 36 years of experience that previously built and operated Salar de Atacama, which is one of the world’s largest lithium brine operations. This was a key asset for Rockwood Lithium when it was sold to Albemarle for US$6.2B in 2014.

We forecast production in 2020 with average annual production of 20,000 tonnes of Li2CO3 at an all-in sustaining cost of US$3,800/tonne for at least 27 years - yielding a project NPV10% of US$472M.

Exhibit 35. Sal de Los Angeles Property Location

Source: Lithium X Energy Corp.


Rob Chang, MBA, (416) 849-5008 39 of 42

Exhibit 36. LIX NAV


Mining Assets

C$ 000s Per share

Sal de los Angeles (80%) $331,532 $2.96

Clayton Valley (100%) $4,800 $0.04


Financial Assets

C$ 000s Per share

Cash $14,564 $0.13

Working Capital net of cash $233 $0.00

LT Liabilities $0 $0.00

NPV of corporate costs @ 10% ($41,838) ($0.37)


Total Financial Assets ($21,669) ($0.19)

Net Asset Value $ $314,663 $2.81

Shares Outstanding ('000s) 70,200

NAV/sh (C$/share) $4.48


NAV per diluted share (C$/share) $4.13

Post Financing shares outstanding 111,847

NAV per post financing share $2.81


Price / NAV 0.65x



Rob Chang, MBA, (416) 849-5008 40 of 42

APPENDIX

Exhibit 37. Comparable Valuations (as of April 26, 2017)

Source: Cantor Fitzgerald Canada Estimates, Company Reports, Bloomberg

Uranium Producer Stock Price Market Enterprise Est. 2016 Cash

Company Name Stage (Local $) Cap ($'000) Value ($'000) NI43-101 Resources/JORC (M lbs) MKT / LB EV / LB Cost / LB

Avg Grade P&P M&I Inferred Total

Cameco Corporation (TSX:CCO) Production 14.82 5,865,645.2 7,038,851.2 6.089% 416.7 471.2 243.4 1,131.3 $5.18 $6.22 $17.69

Energy Fuels Inc. (TSX:EFR) Production 2.63 175,261.4 145,121.7 0.076% 0.0 110.3 61.9 172.2 $1.02 $0.84 $17.65

Paladin Energy Ltd (ASX:PDN)* Production 0.11 191,097.7 476,341.7 0.080% 130.0 226.3 150.4 506.6 $0.38 $0.94 $25.88

Peninsula Energy Ltd. (ASX:PEN)* Production 0.37 85,945.1 118,474.5 0.050% 0.0 17.2 30.2 47.4 $1.81 $2.50 $88.00

Uranium Energy Corp. (NYSE:UEC)* Production 1.35 252,547.2 241,767.2 0.062% 0.0 32.4 36.3 68.7 $3.67 $3.52 $24.01

UR-Energy Inc. (TSX:URE) Production 0.81 118,157.9 109,170.1 0.080% 0.0 34.5 10.3 44.9 $2.63 $2.43 $21.23

Producer Average $1,114,775.8 $1,354,954.4 91.1 148.6 88.8 328.5 $2.45 $2.74 $32.41

*Market Cap and Enterprise value for PDN, PEN and UEC. has been converted to $CAD at the prevailing $AUD/$CAD or $USD/$CAD market exchange rates, P/NAV for PDN & PEN is from Bloomberg

**Performance in local currency

Uranium Explorer/Developer Stock Price Market Enterprise

Company Name Stage ($Local) Cap (C$'000) Value (C$'000) NI43-101/JORC Resources (M lbs) MKT / LB EV / LB

Avg Grade M&I Inferred Total

Hathor Exploration (Acquired) Exploration 4.70 654,240.0 581,240.0 8.63% 17.2 40.7 57.9 $11.29 $10.03

Denison Mines (TSX:DML) Exploration 0.80 447,256.7 316,940.9 2.29% 102.0 97.6 199.7 $2.24 $1.59

Fission Uranium Corp. (TSX:FCU) Exploration 0.70 338,931.6 288,683.2 1.51% 79.6 25.9 105.5 $3.21 $2.74

NexGen Energy (TSX:NXE) Exploration 3.11 953,055.2 954,330.3 2.54% 179.5 122.1 301.6 $3.16 $3.16

Kivalliq Energy Corp. (TSXV:KIV) Exploration 0.10 24,674.7 24,323.3 0.69% 0.0 43.3 43.3 $0.57 $0.56

UEX Corp. (TSX:UEX) Exploration 0.27 86,194.5 82,057.7 0.84% 68.2 16.5 84.7 $1.02 $0.97

Azarga Uranium (TSX:AZZ) Development 0.30 22,153.0 18,514.6 0.17% 18.1 5.7 23.8 $0.93 $0.78

Average $360,929.4 $323,727.1 $66.4 $50.3 $116.7 $3.20 $2.83

Stock Price Market EnterpriseCompany Name Stage ($Local) Cap (C$'000) Value (C$'000) $/lb C$

U3O8 Spot NAV

Uranium Participation Corp. (TSX:U) Holding Co. $4.01 484,603.3 479,494.3 22.50 3.95

Lithium Stock Price Market EnterpriseCompany Name Stage ($Local) Cap (C$'000) Value (C$'000) NI43-101 Resources ('000 Tonnes) MKT / Tonne EV / Tonne

Avg Grade

Li (mg/l) M&I Inferred Total

Lithium X (TSXV:LIX) Development $1.82 $143,883.6 $129,319.7 456.2 194.9 189.1 384.0 $374.7 $336.8

* Performance in local currency

** UEX is not under official CF Coverage

Premium/Discount

1.6%

Gold Stock Price Market Enterprise

Company Name Stage (Local $) Cap (C$'000)

Value

(C$'000) NI43-101 Resource (M oz AuEq) MKT / OZ EV / OZ

Avg Grade

Au g/t P&P M&I Inferred Total

Avino Silver & Gold Mines (TSXV:ASM)* Production $2.22 $116,419.0 $106,393.0 0.86 0.0 0.3 0.5 0.8 $145.11 $132.62

Premier Gold (TSX:PG) Production $2.97 $598,546.1 $534,650.5 1.51 2.9 3.1 2.6 8.6 $69.84 $62.39

Pershing Gold (NASDAQ:PGLC) Development $2.82 $80,048.0 $78,068.1 0.57 0.0 0.7 0.1 0.8 $98.93 $96.49

GoldMining (TSXV:GOLD) Exploration $1.92 $227,741.4 $206,388.0 0.60 0.0 11.5 13.0 24.6 $9.27 $8.40

Harte Gold (TSX:HRT) Exploration $0.71 $310,794.0 $285,764.8 8.16 0.0 0.3 0.1 0.4 $758.03 $696.99

Oceanus Resources (TSXV:OCN) Exploration $0.21 $25,679.9 $22,805.3 n/a n/a n/a n/a n/a n/a n/a

Seabridge Gold (TSX:SEA) Development $15.68 $869,013.8 $862,706.8 0.47 38.80 11.00 30.80 80.60 10.78 10.70

Alexco Resource Corp. (TSX: AXR)** Development $1.95 $182,602.1 $160,529.1 363 0.00 1.04 0.26 1.30 140.96 123.92

Average $301,355.5 $282,163.2 $3.99 $6.77 $16.72 $176.13 $161.64

* AuEq is ca lculated for ASM given an Au price of $1,300/oz and a Ag price of $20/oz as per Cantor Fi tzgera ld Canada LT forecasts , cash costs are given as AgEq/oz

** Average Ag grade given for Alexco Resource Corp.


Rob Chang, MBA, (416) 849-5008 41 of 42

Exhibit 38. Comparable Valuation (as of April 26, 2017)


$6.22

$3.52

$2.74 $2.50 $2.43

$0.94 $0.84

$0.00

$2.00

$4.00

$6.00

$8.00

CCO UEC Average PEN URE PDN EFR

Uranium Producer EV/Resource

0.80 0.780.71

0.63 0.60 0.59 0.57 0.520.46

0.330.25

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

U CCO UEC KIV NXE FCU Average EFR DML URE AZZ

Uranium Coverage P/NAV

$696.99

$161.64$132.62 $123.92 $96.49

$62.39 $10.70 $8.40

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

$800.00

HRT Average ASM AXR PGLC PG SEA GOLD

AuEq EV/Resource

0.81

0.65 0.63 0.620.58

0.45 0.450.41

Restricted0.00

0.20

0.40

0.60

0.80

1.00

PGLC HRT AXR PG Average ASM OCN GOLD SEA

Precious Metals Coverage P/NAV


Rob Chang, MBA, (416) 849-5008 42 of 42

DISCLAIMERS AND DISCLOSURES Disclaimers

The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, CFCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein.

This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, CFCC, a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald USA., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald USA.

Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald Canada Corp. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.

Potential conflicts of interest

The author of this report is compensated based in part on the overall revenues of CFCC, a portion of which are generated by investment banking activities. CFCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. CFCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although CFCC makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of April 27, 2017

CFCC has provided investment banking services or received investment banking related compensation from Avino, Azarga, Energy Fuels, Uranium Energy Corp., Ur-Energy, Denison Mines, Pershing Gold, Premier Gold Mines, NexGen Energy, Oceanus, Harte, Seabridge and Brazil Resources, within the past 12 months.

The analysts responsible for this research report have, either directly or indirectly, a long or short position in the shares or options of Ur-Energy, Fission Uranium, Energy Fuels, Denison Mines, and Cameco. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of the other covered companies.

The analyst responsible for this report has visited the material operations of all companies except for GoldMining Inc. and Seabridge Gold. No payment or reimbursement was received for the related travel costs.

Analyst certification

The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.

Definitions of recommendations

BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months.

BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk.

HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized.

SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months.

TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer.

UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed.

Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor

Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request

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