Ironspoke Research estimates a 150% price upside on Antioquia Gold Inc. (TSX.V: AGD)

12-Month Price Target: C$0.15 per share ($150% RoR)

Adjusted NAV estimated at $111M.

All amounts are in Canadian dollars (CAD) unless otherwise noted

Trading symbol: TSX-V: AGD

TORONTO, Oct. 8, 2020 /PRNewswire/ - IRONSPOKE RESEARCH ("Ironspoke") issued an initiation report on ANTIOQUIA GOLD INC. ("Antioquia" or "Company") with a 12-month share price target of C$0.15 and a current adjusted NAV of $0.11 per share.

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Investment Highlights and Catalysts:

• Strategic partnership with Infinita Prosperidad Minera ("Infinita"). Infinita along with Cori Puno SA ("Cori Puno") has invested over $120M into Antioquia as of Q2 2020. Both investors are affiliated with Consorcio Minero Horizonte SA ("CMH"), which is one of the largest mining companies in Peru.
• Plant expansion to 1,200 tpd to drive production x3 year-over-year. The processing plant was recently upgraded to 1,200 tpd - Antioquia intends to reach capacity by the end of this year. We estimate Antioquia to produce ~39,000 oz Au in 2021E at total cash costs of US$781/oz, and ~20,000 oz Au in 2020 @ US$938/oz.
• Located in close proximity to a number of successful high-grade gold exploration projects. Includes AngloGold Ashanti and B2Gold's Gramalote Project with a market cap of US$12.4B and US$7.2B respectively.
• The property offers significant potential for future exploration. Antioquia has identified six targets for exploration on its Cisneros land package. The La Palma area is underway with a surface exploration program with encouraging results. A new high-grade narrow vein called "Los Chachos" was recently found. Highlights from channel sampling averaged 80.2 g/t Au over 0.45m true width alone a 29m strike length. Future programs will focus on a system known as "El Papi".

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About Company

Antioquia is a 40,000+ oz single-asset gold producer located in the central portion of Antioquia, Colombia. The company's focus is the operation of its Cisneros underground operation, consisting of two underground mines and a processing plant. The Cisneros asset includes 17,148 hectares of mineral leases consisting of eleven concessions from the government of Colombia, and commercial production was declared on March 1, 2019. 

Antioquia is a unique junior producer, and would be suitable as a tuck-in asset for a mid-tier operator. Antioquia has flown under the radar as it continues to ramp up operations at Cisneros. There are not many primary gold operations (publicly traded) with total cash costs that are under US$800/oz.

Cisneros is located in close proximity to high-quality infrastructure. Cisneros is located close in proximity to high-voltage power lines and as well as the project's processing plant.

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Disclosure:
Ironspoke Research did not receive payment to initiate research coverage on the Company. For full disclosures, please read full initiation report here.

SOURCE Ironspoke Research