Paradigm Capital Analyst reportExcerpt from report dated Dec. 12, 2015 "Conclusion NewCastle was a favourite development story in our original Takeover 20 of August 2014. It seemed obvious: a 3Moz resource, former mine that still had its most important California permits, it was a heap-leach project with low capital cost and an attractive IRR. Despite many CAs being signed, it never received the traction we expected. Why? There seemed to be three key reasons: 1) a stronger geological model was needed to back the resource; 2) it lacked sufficient water pumping permits; and 3) some worried if the mine could be repermitted, being in California. Were happy to see the more comprehensive geological model and delighted that the larger resource and lower strip help the economics, which have been hurt by the falling gold price. Indeed, when we run NCA through our Takeover 20 ranking model, it ranks among the top four gold projects (other top scorers are Integra [ICG-V, $1.00 TP, Speculative Buy], Lundin Gold [LUG-T, $7.00 TP, Speculative Buy] and Sabina [SBB-T, $1.50 TP, Speculative Buy]). We are updating our target to C$0.80 (from C$1.45), based on a blend of our unfinanced and financed NAV at $1,200/oz gold. We reiterate our Speculative Buy rating."