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.
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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.
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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.
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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.
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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 Gold||Outperform||22.09.2016||0,50 CAD||Carsten Ringler|
|GoGold Resources Inc.||Outperform||19.09.2016||2,25 CAD||Carsten Ringler|
|Timmins Gold Corp.||Underperform||20.11.2015||0,40 CAD||Carsten Ringler|
|Caledonia Mining Corp.||Outperform||30.10.2015||1,55 CAD||Carsten Ringler|
|Endeavour Silver Corp.||Outperform||29.10.2015||3,00 CAD||Carsten Ringler|
|Klondex Mines Ltd.||Sector Perform||07.10.2015||3,80 CAD||Carsten Ringler|
|Altona Mining||Outperform||05.08.2015||0,23 AUD||Carsten Ringler|
|Timmins Gold Corp.||Outperform||03.08.2015||1,40 CAD||Carsten Ringler|
|Alphamin Resources Corp.||Outperform||16.07.2015||0,61 CAD||Carsten Ringler|
|Timmins Gold Corp.||Outperform||14.04.2015||1,95 CAD||Carsten Ringler|
|Klondex Mines Ltd.||Outperform||27.02.2015||3,10 CAD||Carsten Ringler|
|Altona Mining||Outperform||09.02.2015||0,23 AUD||Carsten 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.