IMPORTANT NOTES / DISCLAIMER

Ringler Consulting and Research GmbH operates the websites www.mining-research.de and www.mining-research.com called „web pages“ below.

The contents of the „web pages“, the newsletter and the Ringler Research Reports are prepared with the utmost care. Despite all care in the preparation, Ringler Consulting and Research GmbH assumes no liability or responsibility for the correctness, completeness and timeliness of the information contained in the content provided. Furthermore, the relevance of any price forecasts / price targets is not guaranteed in any way whatsoever. The use of the content of the „web pages“, the newsletter and the Ringler Research Reports is at the user’s own risk. The web offer is intended for users resident in the Federal Republic of Germany, Switzerland and Austria. The web page is not intended for users who are resident in countries other than those mentioned above, have been or are otherwise subject to the regulations of other countries. Ringler Consulting and Research GmbH does not assume any liability or guarantee that the information contained in this web page is in accordance with the laws of other states than the Federal Republic of Germany, Switzerland and Austria.

The object of the published Ringler Research Reports are stocks, that are associated with major price risks and are therefore unsuitable for inexperienced or risk-averse investors. This is especially true for all Over The Counter (OTC), i.e. the so-called outside of a monitored stock exchange or regulated market. The same applies to shares that are traded on the Australian Stock Exchange (ASX), on Canadian stock exchanges (i.e. Toronto or Vancouver) or on the Alternative Investment Market (AIM), a segment of the London Stock Exchange. The shares we analyzed are frequently traded on any of these markets in which they are segments of the highest risk category. Instruments which are traded, are threatened at any time by the possibility of a total loss, high volatility and the possibility of reduced liquidity and marketability in particular due to low trading volumes. High price opportunities are faced with enormous risks.

All of the information contained in the „web pages“, the newsletter and the Ringler Research Reports neither constitutes a solicitation nor an offer to sell or purchase any investment or for making other transactions. It is also not a recommendation in the context of investment advice.

Any forecasts or opinions expressed reflect our own, subjective and current views of the publisher and are for guidance and information only. The „web pages“ do not consider specific investment objectives, financial situation or particular needs of individual users. The securities and financial instruments presented on these „web pages“ may not be suitable as an investment instrument for every user.

Published financial analyzes include only a non-binding expression to the investment instruments and market conditions at the time of publication of the document. An assessment of the company, in particular to share price targets may change without notice. All data and information obtained are from sources the publisher believes to be trustworthy and reliable at the time of the preparation. Despite all care in the preparation of research papers / reports from the publisher / the author assumes no liability or responsibility whatsoever for the correctness, completeness and accuracy of the information contained in the reports and for losses that may arise from any errors, omissions or inaccuracies. Liability claims against Ringler Consulting and Research GmbH or the author which refer to damages of a material or immaterial nature caused by use or disuse of information are generally excluded, unless it is intentional or is due to grossly negligent behavior by the author or Ringler Consulting and Research GmbH. In particular, Ringler Consulting and Research GmbH does not guarantee that said projections prove to be accurate, or that price targets / possible future company values will be reached. Furthermore, neither this document nor the information contained in it form the basis for any contract or obligation of any kind.

Ringler Consulting and Research GmbH assumes no liability for trade ideas, market forecasts and other information made available. This is in no way a call for individual or general reproduction. The background information, trade ideas, market forecasts and securities analyzes Ringler Consulting and Research GmbH publishes on its „web pages“, does not constitute an offer for sale of the listings handled nor a solicitation to buy or sell shares, but also not of commodities, currencies, other securities or structured and derivative financial products. The versions are based on sources the editor believes to be trustworthy.

Although the conclusions and statements contained in the analyzes, publications and market assessments have been drawn with reasonable diligence, we assume no responsibility or liability for errors, omissions or incorrect information. This is also true for all of the opinions expressed by our interlocutors in the interviews, figures and expressions. Before a customer makes investment decisions, he should have carefully gathered information about the opportunities and risks of the investment. A positive performance of a financial product in the past can in no way be an indication of a future performance. The reader is urged to check all information and allegations himself. An investment in the featured, sometimes highly speculative shares should not be made without analyzing and reading the latest balance sheets, assets reports and press releases of the company.

Disclosure of Interest:

Information pursuant to Section § 34b of the German Securities Trading Act [WpHG] and to Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014, on market abuse (market abuse regulation)

Ringler Consulting and Research GmbH or employees of the Company may at any time conduct buy or sell transactions in the shares of the featured companies (i.e. long or short positions). This also applies to options and derivatives, based on these securities. Those transactions may affect the respective company’s stock price under certain circumstances. Published information on the „web pages“, the newsletter or the Ringler research reports, recommendations, interviews and company presentations are paid by the respective company or third party (so-called „third parties“). The „third parties“ include, for example, Investor Relations, Public Relations, Brokers and Investors. Ringler Consulting and Research GmbH may partly directly or indirectly be compensated for the preparation and electronic distribution and other services of the company mentioned or might be compensated with an allowance by a so-called „third party”. Even if we create each analysis to the best of knowledge and belief and professional standards, we advise you to involve further external sources, such as your local bank or a consultant you trust regarding your investment decisions.

No guarantee of price data

Ringler Consulting and Research GmbH does not assume any liability for the accuracy of the charts and data of commodities, currency and equity markets presented in the „web pages“, in the newsletter and in the Ringler Research Reports.

Imprint:

Ringler Consulting and Research GmbH
Schwalbacher Straße 14
65307 Bad Schwalbach

Authorized Representative (Managing Director): Carsten Ringler

Telephone: +49 172 6918274

E-Mail: ringler_research@gmx.de or kontakt@mining-research.de

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Registered Office / Register court: Wiesbaden District Court

Register number: HRB 27983

Regulatory Authority:

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) [German Federal Financial Supervisory Authority], Marie-Curie-Straße 24-28, 60439 Frankfurt / Website: www.bafin.de

 

Limitation of liability of web page content:

The contents of the „web pages“, the newsletter and the Ringler Research Reports are prepared with the utmost care. The provider accepts no responsibility for the accuracy, completeness or timeliness of the content. The use of the content of the „web pages“ is at the user’s own risk. Contributions mentioned by name reflect the opinion of the author and not necessarily the opinion of the provider.
As a service provider we are responsible according to § 7 paragraph 1 of TMG for our own contents on these pages under the general law. According to §§ 8 to 10 TMG, we are not obligated as a service provider to monitor transmitted or stored information, or to investigate circumstances that indicate illegal activity. Obligations to remove or block access to information under the general laws remain unaffected. However, a relevant liability is only possible from the date of knowledge of a specific infringement. Upon notification of such violations, we will remove the content immediately.

Limitation of liability for links:

The „web pages“ and the newsletter contain links to third-party websites („external links“). These web pages are the responsibility of the respective operators. Ringler Consulting and Research GmbH has no influence over the current and future design and content of linked pages. The inclusion of external links does not imply that Ringler Consulting and Research GmbH adopts the content behind the reference or link as its own. Constant monitoring of these external links is unreasonable for Ringler Consulting and Research GmbH without concrete evidence of violations. With knowledge of violation of rights, such external links will be deleted immediately. If you come across a page whose content (in whatever form) violates applicable law or its contents (topics), and persons or groups or discriminated against you in any manner, please inform Ringler Consulting and Research GmbH immediately.

 „In a judgment of 12 May 1998, the District Court of Hamburg decided that one has also to account for the inclusion of the contents of a link on the linked pages. This can only be avoided by expressly distancing oneself from this content. For all links on this homepage: We hereby disassociate ourselves expressly from all contents of all linked pages on our „web pages“ and in the newsletter, and we do not adopt them.“

Limitation of Liability for availability of the website

Ringler Consulting and Research GmbH endeavors to provide the service without disruption to the schedule to the extent possible. However, even with great care, we cannot exclude any interruptions. Ringler Consulting and Research GmbH reserves the right to change this information at any time or to discontinue it.

Liability for transmission errors

Ringler Consulting and Research GmbH is not responsible for the timely, complete and accurate transmission of the information and data provided.

Limitation of Liability for advertisements

Solely the author or the advertizing company is responsible for the content of advertisements on the „web pages“ or in the newsletter, as well as the content of the advertized website and the products and services advertized. The presentation of the advertisement does not constitute any acceptance by Ringler Consulting and Research GmbH.
No contractual relationship

Using the „web pages“, the newsletter or the Ringler Research Reports does not result in the establishment of a contractual relationship between the user and Ringler Consulting and Research GmbH. To that extent also no contractual or quasi-contractual claims are asserted against the provider.


Liability for Acts of God

Ringler Consulting and Research GmbH is not liable for damages caused by acts of God, riots, war, natural disasters or other events for which it is not responsible for (e.g. strikes, lock-outs, traffic disruptions, orders from higher authorities at home or abroad) or can be attributed to technical problems that are not caused culpably (such as the computerized system). Force majeure also includes computer viruses or intentional attacks on computer systems and telecommunications means by „hackers“, provided that appropriate measures have been taken against them.

Copyright and intellectual property rights:

The information published on the „web pages“ in the newsletter and in the Ringler Research Reports is subject to German copyright and intellectual property law. Any use not permitted by German copyright and ancillary copyright law requires the prior written consent of the provider or their respective owners. This is especially true for copying, editing, translating, storing, processing and reproducting contents in databases or other electronic media and systems. Content and rights of third parties are marked as such. The unauthorized reproduction or distribution of individual contents or complete pages is prohibited and punishable by law. Only the production of copies and downloads for personal, private and non-commercial use only.

Links to the „web pages“ of Ringler Consulting and Research GmbH are always welcome and do not require approval of the provider’s web page. The presentation of this web page in other frames is only allowed with written permission of Ringler Consulting and Research GmbH.
Privacy of personal data:

The personal information that you have supplied to Ringler Consulting and Research GmbH in individual cases (e.g. name and email address on contact/newsletter) will be treated by Ringler Consulting and Research GmbH especially carefully. By visiting the „web pages“ of Ringler Consulting and Research GmbH, information about access (date, time, page viewed) are stored on a server. Disclosure to third parties for commercial or noncommercial purposes, does not take place.

Ringler Consulting and Research GmbH expressly points out that data transmission over the Internet may be vulnerable (e.g. communication by e-mail) and cannot be completely protected against unauthorized access by third parties.

 

The use of the contact information for commercial purposes is not permitted unless the provider has given his written consent or there is already a business relationship. Ringler Consulting and Research GmbH and all persons named on this web page hereby object to any commercial use and disclosure of their data.

 

Applicable law

Only the relevant laws of the Federal Republic of Germany are applied. Place of performance and jurisdiction for all disputes between the parties is Wiesbaden (Hesse).

 

List of all recommendations of the previous 12 months or since 1 January 2015 pursuant to Article 4 (1) (i) and (h) of the DelVO:

Financial instrument:Assessment:Day of distribution:Analytical price target:Name of analyst:
Galane GoldOutperform22.09.20160,50 CADCarsten Ringler
GoGold Resources Inc.Outperform19.09.20162,25 CADCarsten Ringler
Timmins Gold Corp.Underperform20.11.20150,40 CADCarsten Ringler
Caledonia Mining Corp.Outperform30.10.20151,55 CADCarsten Ringler
Endeavour Silver Corp.Outperform29.10.20153,00 CADCarsten Ringler
Klondex Mines Ltd.Sector Perform07.10.20153,80 CADCarsten Ringler
Altona MiningOutperform05.08.20150,23 AUDCarsten Ringler
Timmins Gold Corp.Outperform03.08.20151,40 CADCarsten Ringler
Alphamin Resources Corp.Outperform16.07.20150,61 CADCarsten Ringler
Timmins Gold Corp.Outperform14.04.20151,95 CADCarsten Ringler
Klondex Mines Ltd.Outperform27.02.20153,10 CADCarsten Ringler
Altona MiningOutperform09.02.20150,23 AUDCarsten Ringler


Summary of key principles and value judgments, methods of the valuations contained in the document in accordance with Article 4 (1) (b) of the DelVO:

The assessments and analyzes in this document are the result of different evaluation approaches (e.g. DCF model, peer-group comparisons, valuation of in-situ values of contained metals in the ground, operating cash flow multiples of estimated production figures, historic valuation approaches) and refer to a possible „Fair Value Pricing“, if certain milestones and company goals are achieved. All evaluation results depend on market conditions and can be faster, slower or perhaps not be achieved. This can occur, in particular, due to a series of unforeseeable risk factors and events. The evaluations are carried out with the greatest possible care and taking into account all relevant factors which are recognizable at the respective time of the preparation of the document.

Ringler Consulting and Research GmbH tries to determine the fair value of a share by using the fundamental stock analysis and, where appropriate, identify a sub- or overvaluation. The analysis is based on business data as well as on the fundamental environment of the company. The equity analysts at Ringler Consulting and Research GmbH use only sources of information that are reliable. However, they can not verify all the facts and other information that have been collected. Should, however, in a specific case, arise some doubts about the reliability of a source or the correctness of facts or other information, we will make some notes in related own publications. Accordingly, Ringler Consulting and Research GmbH does not guarantee the completeness, correctness, or assurances of the information or opinions contained in our publications. The analysts use freely accessible data and information, e.g. on sedar.com, www.asx.com.au, the company website, interviews and external data sources.

The valuation approach DCF (discounted cash flow method) calculates an absolute value of a company from the discounting of the expected future cash flows, which are estimated by Ringler Consulting and Research GmbH. The basis is usually information from the management or from the published feasibility studies of a project. (Scoping study, PEA, PFS, FS, BFS / DFS). The discount rate is based on the project status and the country risk in which the project is located.

Comparison of key figures: For the applied peer group comparative analysis, relative valuation figures are compared among each other. For example, the valuation of the in-situ metal resources of a mining company in relation to the market capitalization / enterprise value and then compared to a defined peer group. A typical key figure for applied multiplier models is the price-operating cash flow ratio (OCF).

From the analytical combination of these approaches (method mix) or by selecting a valuation approach that is relevant in the given situation, a theoretical value of a company (fair value) results at the time the publication is produced. In the case of analyzed mining companies, future prices for mined commodities have a major influence on cash flows and correlating potential analytical price targets.

In addition to fundamental analysis, Ringler Consulting and Research also uses technical chart analysis and sentiment analysis in its publications, mainly in the newsletter. The chart analysis deals with the price trend of commodities, indices and capital market products, etc. and attempts to draw conclusions about future developments from patterns in the past of an price chart. The sentiment analysis, on the other hand, deals with the moods and trends of capital market participants and tries to identify exaggerations and tries to predict possible price developments based on sentiment.

Information about sensitivity analysis and statement of the Ringler Research stock rating system (in accordance with Article 4 (1) (e) of the DelVO):

Outperform:        The stock is expected to significantly outperform the sector average over the next 12-24 months.
Sector Perform:  The stock performance is expected to be in line with the sector average over the next 12-24 months.
Underperform:   The stock is expected to perform significantly below the sector average over the next 12-24 months.
Watchlist:  We take the stock on our watchlist and wait for further news releases.

The valuations are influenced by macroeconomic and other factors for example interest rates, exchange rates, taxes, commodity prices, financing risks, economic assessments and changes in the supply and demand situation of commodities. In the case of analyzed mining companies, sector-specific risks such as lower ore grades, higher production costs due to „dilution“, lower recovery rates, flooding, fire, etc.