Intchains Group Ltd V.ICG

Expert Comments - November

[Frankyboy]

Expert Comments:

	Joe Reagor, ROTH Capital Partners (11/21/16) "Integra Gold Corp.'s triangle resource update confirms exploration upside potential. . .the revised resource showed an increase in indicated resources from 503,420 ounces to 580,150 ounces of gold and an increase in inferred resource from 676,960 ounces to 1,040,628 ounces.. . .we base our valuation of ICG on a standard 9% DCF. . .we use a 9% discount rate due to the near-term need for capital to begin construction of the project. . .once fully funded a project of this nature would justify a 7-8% discount rate, in our view. we are reiterating our Buy rating and CAD$1.00 price target."
Lauren McConnell, Paradigm Capital (11/17/16) "Integra Gold Corp. released updated resource estimates for the Triangle and No. 4 Plug deposits at its flagship Lamaque project. . .we remind investors that the PEA projections will be dated, making it only a snapshot of where things stood in early 2016. . .the ounces added at Triangle were at an attractive ~US$13/oz. We estimate that discovery costs in a safe, mining friendly jurisdiction are typically closer to US$100/oz+. . .Integra's Lamaque project continues to be our favourite development story. . .we maintain our Speculative Buy rating and C$1.30 target price."
	Thibaut Lepouttre, Caesars Report(11/17/16) "Integra Gold Corp. plans to release an updated Preliminary Economic Assessment in January 2017, and this ‘interim resource’ will be the basis for the new mine plan which will include more than three times as much gold and should have a tremendous impact on the Net Present Value of the project. . .another catalyst for Q1 2017 will be the assay results from the Lamaque Deep exploration program. . .everything is still going according to plan at Integra Gold, and we’re looking forward to see the updated PEA, as well as the Lamaque Deep drill results and yet another resource update in Q1 2017."
Kerry Smith, Haywood Securities (11/16/16) "Integra Gold Corp.'s Triangle deposit remains the bulk of the overall resource. . .at a 5.0 g/t Au cut-off, Indicated resources in the Triangle deposit increased by 15.2% to 580,150 oz of gold. . .our $0.90 target is based on a fully financed, after-tax basis considering a 1.1x multiple to our project net asset value NAV for their 100% owned Lamaque project of $0.80 per share after corporate adjustments. . .integra is trading at US$34 EV/oz of gold and 0.46 NAV, versus peers at US$42 EV/oz of gold and 0.60x NAV."
Phil Russo, Raymond James (11/16/16) "Integra Gold Corp. released an updated resource estimate based on 23,800 m of new drilling ahead of the release of its updated PEA expected in January 2017. . .we view the update promisingly as the company adds potential mine life ahead of its updated PEA. We continue to expect the PEA to exhibit favorable economics given Lamaque is a relatively low-capital, high-grade project with meaningful improvement seen from its last PEA in 2015 (i.e., increased throughput, lower unit costs)."
	Gwen Preston, Resource Maven(11/16/16) "Integra Gold Corp. announced a new resource estimate for Lamaque, though the news is not as exciting as you might think. It's good, as the Triangle deposit now hosts 17% more indicated gold and 15% more inferred gold than before, but the estimate only incorporated 23,800 metres of new drilling. . .Lamaque is now home to 5.4 million indicated tonnes grading 6.78 g/t gold plus 6.2 million inferred tonnes averaging 6.81 g/t gold. Total ounces have grown to 2.5 million."