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DING - DONG! THE WITCH IS GONE !! MAY CALLS IT A DAY... DEVELOPING... TEARS, VOICE CRACKING... 'I'VE DONE MY BEST'... VIDEO... WHO WILL REPLACE?

ROXG is getting a Bid! It is finally Moving off support levels now ROXG ... All-Log : 10-yr : 5-yr : 1-yr ... Last: $0.96, +0.03 (H: $0.99), vol. 2.76M - Look at the Rising Volume! RECENT HEADLINES Date ET Symbol Price Type Headline 2019-05-14 17:10 C:ROXG 0.90 News Release Roxgold earns $1.9-million (U.S.) in Q1 2019-05-14 17:06 C:ROXG 0.90 SEDAR Interim Financial Statements SEDAR Interim Financial Statements 2019-05-14 17:06 C:ROXG 0.90 SEDAR MD & A SEDAR MD & A 2019-04-29 17:09 C:ROXG 0.90 News Release Roxgold produces 33,652 oz Au in Q1 2019 === Operations: Achieved solid production results of 33,652 ounces (Q1 2018 -- 40,452 ounces); Sold 32,798 ounces of gold (1) for a total of $42.8-million in gold sales (1) (40,050 ounces and $53.2-million, respectively, in Q1 2018); Cash operating cost (2) of $468 per ounce produced and all-in sustaining cost (2) of $775 per ounce sold were in line with guidance; Operating costs (2) of $147 per tonne processed were 32 per cent lower than Q1 2018 as a result of increased throughput and improved efficiencies; Mined 98,140 tonnes and achieved a record quarterly throughput of 106,816 tonnes, which exceeded increased nameplate capacity of 1,100 tonnes per day by approximately 8 per cent. Financial: Achieved EBITDA (2) (earnings before interest, taxes, depreciation and amortization) of $16.2-million and EBITDA margin (2) of 38 per cent in Q1 2019, compared with $28.8-million and 54 per cent, respectively, in Q1 2018; Generated cash flow from mining operations (2) totalling $23.4-million for cash flow from mining operations per share (2) of six cents (eight Canadian cents per share); Maintained a strong balance sheet with a net cash position (2) of $13-million; Generated a strong return on equity (2) of 16 per cent; Repurchased and cancelled 4,949,000 shares at an average price of 84 Canadian cents per share for a total cost of $3.1-million ($4.2-million (Canadian)). Growth: Announced the completion of the Seguela gold project acquisition from Newcrest Mining in April, 2019, and commenced RC (reverse circulation) drilling on the Antenna deposit on April 24; First stoping ore mined at Bagassi South mine at the end of April, 2019.

SOXX Did precede this Stock drop! SOXX ... update / Last: $180.15 -$2.85, -1.56% / SPX: $2,822.24 - $34.03, -1.18% ==== Meantime, HW of the Astrologers Fund says: Henry Weingarten <afund@earthlink.net> 23 May at 08:39 If you attended any of our talks in last eight months, you knew this was going to be a RED ALERT MAY with May 1/2 & May 22-26, 2019 highlighted. 1. MAY MARKETS 2. UP STARS/DOWN STARS 3. GOLDEN OPPORTUNITIES 4. QUOTES 5. ON THE WEB 6. LETTERS 1. YOU BET YOUR LIFE (SAVINGS) EPISODE TWO: DOES THE FAT LADY SINGS BEFORE JUNE? OUR RECOMMENDATION HAS BEEN TO RAISE CASH LEVELS, SELL INTO STRENGTH & LOCK IN PROFITS! Specifically, we recommended selling at 2954 May 1 [Tops 2954.13] and ,if covered, reselling 2945 SPX Friday May 3. P1 2869 ACHIEVED P2 2812 ACHIEVED P3 2750? Perhaps we will see this upcoming test this May?? WHY MAY? In addition to astro indicators, five more potential EARTHLY reasons beyond the FOMC May meeting & subpar UBER IPO: Future disappointing corporate earnings & forecasts (within a bifurcated stock market) US/China Trade Negotiations may not come soon, and that would mean more market volatility A classic “Sell in May and Go Away” (unlike last year) Assorted geopolitical swan events e.g. China, [Iran, UK, Turkey, N Korea, etc.] THE BIGGEST REASON IS THAT GIVEN MARKETS WERE AT RECORD LEVELS, WE STILL DON’T SEE ANY STRONG EARTHLY (OR HEAVENLY) REASON FOR MARKETS TO MOVE MUCH HIGHER AT THIS POINT IN TIME! Proper Valuations: DJIA > 25000 SP > 2750 US$ ~ 98 UBER < 42

"Retracing that gap up? " , Jerpy. Yes, I think so too GCM.t / Gran Columbia Gold .... update :

DING DONG SOON ? - The wicked witch... almost gone END OF MAY HOURS AWAY

OFFICE SUPPLY CRUNCH SEEN Mostly for PEZA spaces. The number of Offshoring & Outsourcing cos’ looking to come to PHP Is rising faster than PEZA approved office spaces. This is “not good for industry,” says Mr Andaya of Colliers Int’l. + Very low vacancy rates in Makati and Manila Bay are constricting expansion by tenants. + Office take-up in Q1-2019 was only 72.2k sqm, versus 417k sqm in Q1-2018 + Colliers expects higher take-up in q2-Q4, based on anticipated office completions - Business Insight, 5/23

Video: Massive Cavity Found Growing Beneath Antarctica

May faces a new coup... Developing... THERESA May faces a new coup today after a gamble to force through her Brexit deal by offering Remainers a second referendum backfired spectacularly. The offer was blasted by MPs on all sides — and left Brexiteers seething at her “betrayal”. Senior Tory backbenchers will now try to force a confidence vote in the PM when the party’s grandees meet at 4pm on Wednesday. Brexiteer Nigel Evans said: “She has U-turned on absolutely everything. We cannot put up with this any longer. “I will be asking my colleagues tomorrow to agree to a rule change so we can hold an immediate confidence vote if Theresa is not prepared to stand down now.” The new revolt comes after Mrs May offered Remainers in Parliament the chance of a “confirmatory vote” if they agree to pass her EU divorce “new deal” in two weeks’ time. Mrs May said it gave MPs “one last chance” to deliver on the 2016 referendum result. She said failing to take it would lead to a “nightmare future of permanently polarised politics”. The PM added that if they refused they risked Brexit “slipping away from us”. But No10 was shaken by the overwhelmingly negative reaction by MPs on all sides. CONFIDENCE VOTE BID The executive of the Tories’ 1922 Committee will be urged Wednesday afternoon to change party rules to enable a new confidence vote on Mrs May. She won a previous vote in December and current rules say she cannot be challenged again for 12 months. Labour and Tory MPs have queued up to dismiss the deal. By 8pm, at least 21 Conservatives who had previously backed the PM’s deal announced they would switch their vote and oppose it.

There are some rumors of One or more Bulk buyers, aiming to hover up the cheap Local units. Possible sellers may contact me

PHP is now Attracting Europeans? REAL REASON why we are moving to the PHILIPPINES > WHERE? Here's where (& guess where I live- haha!) FOREIGNERS reacting to MANILA APARTMENT - Philippines is home now

Another SOUTHPOINT AD, focused on the appeal to "young professionals" Makati Southpoint draws young professionals By The Manila Times/ May 21, 2019 Ayala Land Corp. has remained on top of other mid-range developers because for one of the many reasons, it is keeping a close eye and ear to the needs of a changing market. Its recent projects are designed specifically in response to the demands of a market that is younger, more mobile and more value-conscious. Avida Towers (AT) Makati Southpoint, its fifth residential high-rise in Makati, is one of them. For young professionals seeking a more compact living area but with enough breathable spaces, this three-tower development may be the best choice. Makati Southpoint is located on Don Chino Roces Ave. in Barangay Bangkal, Makati, less than 2 kilometers from the Makati central business district (CBD). . . . According to property research firm Colliers Philippines, office supply in the outskirts of the Makati CBD will be surging as much as 68 percent over the next few years. Housing demand is expected to rise further in the area. Professional workers regularly taking a beating from traffic, safety and security issues and bad weather have preferred to find smaller homes closer to their workplaces. Makati Southpoint will offer this market right-sized residences, or units ranging from 23.30 square meters to 38.20 sqm for the first tower. These are studio units, junior 1bedroom (BR) and 1BR units. “The market is a mix of Filipino millennials, single professionals and early nesters. This is a group seeking the adult experience of owning, living and investing in their own homes,” explained Jojo Fabricante, Avida Land head of Innovation and Design Group. “The units were created around the idea of people who have a round-the-clock lifestyle, who are always on the go but want a restful home to sleep and unwind. Makati Southpoint has included a multifunction area and usable, open spaces to function as an extension of their living spaces,” he added. The collab space can let residents work on their own devices, meet up or read or do hobbies in a comfortable indoor space. The lounge areas on the amenity deck allow them to meet guests or just enjoy the outdoors. A retail area will occupy the ground floor, where a grand central lobby will also be located.

NEWBIES OPTION Calculation rotax1 wrote: last warrant price was 1.95 so 2.21 + 1.95 4.16$ last share price was 3.69$ : 0.47$ is the extra to pay for this option so now the warrant it is cheap or not? ==== BACK TO KINDERGARDEN, are we? Don’t want to talk implied volatility? Okay. Can do. Then consider this: The warrant gives you finance of that $2.21 exercise price. 47 cents / $2.21 = 21.3%. Warrant expiry is 2024, or about 5 years. 21.3% / 5= 4.25% before compounding. And (also) this ignores the fact the with the wts, the $2.21 is NOT AT RISK. So now, knowing a bit more, Are the Options cheap or not? Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=29760126#1WOfyeiyXyEaxug8.99

Moving UP In Sympathy? SSP: $0.195 +0.035, +21.9%, on 240,100 shares, so far GCM had +10% day yesterday. Down 1% at C$3.65 now

Wallbridge Announces Closing of $7M Private Placement with Eric Sprott T.WM | 1 day ago / Sprott at 24.9% TORONTO, May 15, 2019 /CNW/ - Wallbridge Mining Company Limited (TSX:WM), (FWB: WC7) (the "Company" or "Wallbridge") is pleased to announce the closing of the previously-announced non-brokered private placement financing (the "Offering") of 29,166,667 common shares (the "Common Shares") at a price of $0.24 per Common Share for gross proceeds of $7,000,000 to Eric Sprott ("Sprott"), through 2176423 Ontario Ltd., a company beneficially owned by Sprott. image: https://mma.prnewswire.com/media/887978/logo.jpg The closing of the Offering was conditional on Sprott exercising 1,666,667 Common Share purchase warrants at an exercise price of $0.15 and 15,000,000 Common Share purchase warrants at an exercise price of $0.20 for aggregate gross proceeds to the Company of $3,250,000 (collectively the "Warrants"). The Warrants were exercised in February 2019. The closing of the Offering was also conditional on receipt of approval from the Company's shareholders at Wallbridge's Annual and Special meeting of shareholders held on May 8, 2019 (the "ASM"), as, according to the rules and policies of the Toronto Stock Exchange ("TSX") the completion of the Offering will result in Sprott being able to materially affect control of the Company. A total of 231,265,771 votes, or 96%, were cast by ballot at the ASM in favour of the resolution to confirm, approve and ratify the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period expiring four months and one day following issuance of the securities in accordance with applicable securities legislation. The gross proceeds of the Offering will be used for general corporate purposes. The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101") as Sprott, a reporting insider of the Company subscribed for 29,166,667 Common Shares pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the Offering by Sprott does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101. Sprott, through 2176423 Ontario Ltd., acquired 29,166,667 Common Shares pursuant to the Offering. Prior to the Offering, Sprott beneficially owned or controlled 87,220,396 Common Shares of the Company representing approximately 19.9% of the issued and outstanding Common Shares of the Company on a non-diluted basis. As a result of the Offering, Sprott beneficially owns or controls 116,387,063 Common Shares of the Company representing approximately 24.9% of the issued and outstanding Common Shares of the Company on a non-diluted basis. The Common Shares were acquired by Sprott for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open marke Read more at https://stockhouse.com/news/press-releases/2019/05/15/wallbridge-announces-closing-of-7m-private-placement-with-eric-sprott#703yAUWShAz8bRKd.99

McEwen Mining Gold Bar Accident Update TORONTO, May 16, 2019 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) provides an update on the fatal accident involving a contractor's employee that occurred on Monday, May 13, 2019 at the Gold Bar Mine in Nevada. The formal investigation by local authorities is not complete, but preliminary analysis by McEwen Mining suggests that the truck driver, Mr. Dean V. Pilcher, may have suffered a medical emergency while operating the haul truck prior to losing control, running up an embankment and overturning. Mr. Pilcher was found within minutes by another truck driver who immediately called for assistance. The section of haul road immediately around the accident site remains closed to allow for the investigation. Mine operations such as crushing and stacking on the heap leach pad resumed on Tuesday, drawing on available stockpiles of ore, and we expect that mining activities will restart today. The Gold Bar team continues to ramp-up operations to achieve our goal of commercial production during Q2. We convey our deep sympathy to Mr. Pilcher’s family, friends and colleagues for their sudden and tragic loss. Grief counselling and support is being offered to all employees and contractors at the mine. ABOUT MCEWEN MINING McEwen has the goal to qualify for inclusion in the S&P 500 Index by creating a profitable gold and silver producer focused in the Americas. McEwen's principal assets consist of: the San José mine in Santa Cruz, Argentina (49% interest); the Black Fox mine in Timmins, Canada; the Fenix Project in Mexico; the Gold Bar mine in Nevada; and the large Los Azules copper project in Argentina, advancing towards development. McEwen has approximately 360 million shares outstanding. Rob McEwen, Chairman and Chief Owner, owns 22% of the shares

McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c) McEwen Mining is pleased to report its first quarter results for the period ended March 31. "Production during the quarter was 36,315 gold equivalent ounces. The operational challenges we experienced in the first two months of the quarter have largely been resolved. We made progress implementing better mining practices at the Black Fox mine and advanced towards commercial production at the Gold Bar mine. Nevertheless, the temporary production delays at Black Fox and a slower start-up at Gold Bar did lower our revenue in the first quarter, contributing to our consolidated net loss of $10.1M, or 3c per share. Our consolidated production rebounded during the month of April with approximately 16,500 GEOs, and we are back on track to deliver our guidance for 2019. The company closed a registered direct offering of shares for gross proceeds of $25M on March 29 and had cash, investments and precious metals of $40.3M and $50M in debt as of March 31," said McEwen management. MUX 04/30 McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c) » McEwen Mining is pleased… Read more at: https://thefly.com/landingPageNews.php?id=29004McEwen Mining reports Q1 EPS (3c), two-estimate consensus (3c) McEwen Mining is pleased to report its first quarter results for the period ended March 31."Production during the quarter was 36,315 gold equivalent ounces. The operational challenges we experienced in the first two months of the quarter have largely been resolved. We made progress implementing better mining practices at the Black Fox mine and advanced towards commercial production at the Gold Bar mine. Nevertheless, the temporary production delays at Black Fox and a slower start-up at Gold Bar did lower our revenue in the first quarter, contributing to our consolidated net loss of $10.1M, or 3c per share. Our consolidated production rebounded during the month of April with approximately 16,500 GEOs, and we are back on track to deliver our guidance for 2019. The company closed a registered direct offering of shares for gross proceeds of $25M on March 29 and had cash, investments and precious metals of $40.3M and $50M in debt as of March 31," said McEwen management. Read more at: https://thefly.com/landingPageNews.php?id=2900436 / 2 / xx

SSP may be set for a rally (& get pulled up by GCM's strength) SSP / Sandspring Resources ... since Jan.2015 / Last: $0.16

Here's what GCM said in its Q1- Press Release yesterday In February 2019, the Company increased its equity investment in Sandspring Resources Ltd. to approximately 18% and continues to assist Sandspring as it moves toward a feasibility study for its Toroparu Project in the western Guyana gold district and prepares for the eventual commencement of mining operations at the Chicharron Project located within the Company's mining title at Segovia which it acquired in 2018. > source: https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aGCM-2760199&amp;symbol=GCM&amp;region=C GCM paid $0.28 for the last shares it bought back in Feb. No doubt, they think they can help zero in on the Deposit, very near to GCM's own "within the Company's mining title at Segovia" The market would not have paid GCM for a small deposit - Maybe investors in SSP will value that asset more fully. So far, they are not

Gold-X: GLDX.t (ex.SSP) - 18% owned by GCM.t GLDX.t -vs-GCM.t/ .... update / Last: $4.14, vs. $6.88 : Ratio- 60.2% @7.01.20  == OLD: SSP/ Sandspring $0.16, UNCH., vs. $3.72 + 0.36 RATIOS : SSP is just 4.34% pf GCM's price DATE=C$: GCM.t Wt.B : Vol. : Ratio: ITM-$: TimeV: %IV : %442/ SSP.v : %Gcm 09/06/18: $2.16: 0.710, 00.0k : 32.9%: 0.000: 0.710 : 0.00%, 48.9/ $0.240, 11.1% 09/28/18: $2.25: 0.970, 00.0k : 43.1%: 0.040: 0.930 : 4.12%, 50.9/ $0.240, 10.7% 10/31/18: $2.32: 0.910, 66.8k : 39.2%: 0.110: 0.820 : 12.1%, 52.2/ $0.215, 9.27% 11/30/18: $2.53: 1.280, 22.1k : 50.6%: 0.320: 0.960 : 25.0%, 57.2/ $0.180, 7.11% 12/31/18: $2.82: 1.400, 00.8k : 49.6%: 0.610: 0.790 : 43.5%, 63.8/ $0.245, 8.69% 01/28/19: $3.36: 1.630, 26.7k : 48.5% : 1.150: 0.480 : 70.6%, 76.1/ $0.290, 8.63% 02/19/19: $4.42: $2.42, 69.4k : 56.8% : 2.210: 0.210 : 91.3%, 100./ $0.295, 6.67%: wt.High Close ! 02/28/19: $4.40: $2.41, 15.9k : 54.7% : 2.200: 0.210 : 91.3%, 99.6/ $0.265, 6.02% 03/29/19: $3.67: $1.80, 30.5k : 49.0% : 1.440: 0.360 : 80.0%, 83.0/ $0.230, 6.27% 04/30/19: $3.34: $1.70, 12.3k : 50.9% : 1.130: 0.570 : 66.5%, 75.6/ $0.170, 5.09% 05/13/19: $3.31: $1.67, 08.5k : 50.5% : 1.100: 0.570 : 65.8%, 74.9/ $0.160, 4.83% 05/16/19: $3.69: $1.95, 08.1k : 52.8% : 1.480: 0.470 : 75.9%, 83.5/ $0.160, 4.34% =================== SSP.v : All: 10yr : fr.1/2014 : 1/2015 : 5yr : Last: $0.16 : fr.1/2014 : : 1/2015 : 2015-nonLog :  Balance Sheet xx

Chart & Bullboard Comments if GCM can get thru C$4 and C$4.25, should be "off to the races" RE: Q1 the enterprise value (fully diluted market cap + debt - cash) to EBITDA (x4) ratio is less than 1.5x's. such market valuation isn't merely irrational, it's utterly insane. in fact, it's so unheard of in today's market, i don't even know what it can be compared to. / 2 / yes, a lot of taxes paid in Q1 ...very good .. without these payments the cash-balance would be some million USD higher ... + inventory up (more stockpiles) ... very good numbers at all ... investment in the segovia mine will come down soon with mill upgrade completed in 4-6 weeks , tailings will be complete soon, filter press-installation will be completed soon, the same for ventilation-improvements... so the free cashflow likely will rise sooner or later even with a bit higher cash-costs... appr. 7million spent on drilling and mine improvements in Q1 ... this will pay out over time... modernisation will be completed soon and more free cashflow is likely.... / 3 / net debt already is below 38 million USD because inventory up (some unsold gold and more ore at stockpiles) , most of 2019 taxes already paid , about 3 million at the gold trust + VAT recovery ... net debt is below 30 million USD now ... Book value now is near 6 CAD..... GCM is the strongest / 4 / from the CC: - 16 million USD taxes already paid in Q1 (less in the next quarters) - 40-45 million USD in the mines this year (mine upgrades/studies/drilling) - mining at Sandsprings project near Segovia very soon -mining a higher-grade Zone at Marmato later this year (possibly lower AISC) -Capex Marmato expansion less/near 200 million USD (very cheap for such a big project) (PEA later this year) ..very intersting...Q2 will be very good again... Read more at https://stockhouse.com/companies/bullboard?symbol=t.gcm&postid=29753375#c5tecIjBtqgvY16W.99

Excellent Results! GCM is still very cheap US$ Mkt Cap : 48.28M x US$2.72 (+9.6%) = US$131.3 M / 12mos EBITDA ($110.2M) = 1.19 times EBITDA ! / x4 Q1s EBITDA ($141.2M) = just 93% times EBITDA !! GCM.t (C$3.69 +0.36) = TPRFF, us quote ... update: US$2.72 +0.25, +9.61% Adjusted EBITDA (1) of $35.3 million for the first quarter of 2019, up 29% over the first quarter last year, bringing the trailing 12-months' adjusted EBITDA at the end of March 2019 to a total of $110.2 million, up 8% over 2018. CASH : Rose from: $35.6 M > $40.2 M (3/19) > ?? Now?? +13.6M = $53.8 M? DEBT: Gold Notes fell from: $88.3 > $78.5 M (now) Conv. Debs, rose from $0M > $14.9 M (C$20M, now) Total Debt : $88.3M > $93.4 M (now) The Company's balance sheet benefitted from the first quarter of 2019's operating and financial performance, increasing its cash and cash equivalents to $40.2 million at March 31, 2019 from $35.6 million at the end of 2018. As of May 15, 2019, the aggregate principal amount of Gold Notes issued and outstanding has been reduced through two quarterly repayments in 2019 to $78.5 million, down from $88.3 million at the end of 2018. On April 4, 2019, the Company closed its bought deal private placement of CA$20.0 million of Convertible Debentures due 2024, adding approximately $13.6 million (after costs and expenses) to its cash position and $14.9 million to its long-term debt. The net proceeds will be used to fund an acceleration of the drilling program at the Segovia Operations over the next two years focused on mineral reserve and resource additions for further production growth and mine life extension.

Gran Colombia earns $7.9-million (U.S.) in Q1 GRAN COLOMBIA GOLD REPORTS FIRST QUARTER 2019 RESULTS; RECORD QUARTERLY GOLD PRODUCTION LEADS TO NEW HIGHS FOR REVENUE AND ADJUSTED EBITDA Gran Colombia Gold Corp. has released its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2019. All financial figures contained herein are expressed in U.S. dollars ("USD") unless otherwise noted. Serafino Iacono, Executive Chairman of Gran Colombia, commenting on the Company's latest results, said, "Our previously reported record quarterly production has translated into some solid first quarter financial results which have started us off well in 2019. New quarterly highs were achieved in revenue and adjusted EBITDA while Segovia's quarterly cash costs reached a historical low of $570 per ounce sold. Our cash position at the end of March 2019 was $40.2 million, up $4.6 million since the end of 2018, and we continued to pay down our Gold Notes which currently have $78.5 million aggregate principal amount outstanding. Our 2019 drilling campaign at Segovia is moving along well and will be given the intended boost in the second half of this year with the net proceeds of the private placement of convertible debentures completed in April. Our technical studies at the Marmato Project are gaining momentum and we remain on track to complete a preliminary economic assessment later this year. With another 20,472 ounces of gold produced in April, our second quarter is picking up right where we left off in March." First Quarter 2019 Highlights The Company set a new record in the first quarter of 2019 with total gold production of 60,601 ounces, up 15% over the first quarter of 2018. Buoyed by head grades improving to an average of 18.8 g/t and a 19% year-over-year improvement in tonnes processed, gold production from the Segovia Operations increased to 54,386 ounces in the first quarter of 2019, up 17% over the first quarter last year. With another 20,472 ounces produced in April, the Company's trailing 12-months' gold production at the end of April 2019 now stands at 230,283 ounces, above the top end of the Company's total gold production guidance range for 2019 of 210,000 to 225,000 ounces. Revenue reached $77.5 million in the first quarter of 2019, up 20% over the first quarter last year, largely driven by the production growth and a modest improvement in realized gold prices to an average of $1,298 per ounce in the first quarter this year despite a 2% year-over-year decline in spot gold prices. Revenue benefitted in the first quarter of 2019 from lower charges in a new refining contract that the Company entered into in January 2019 with an international refinery, saving $20 per ounce sold compared with its previous arrangement. The Company is also being paid faster under the new refining contract, a benefit to operating cash flow and reducing its credit exposure on trade receivables. Production growth and the increase in head grades were key factors reducing Segovia's total cash costs (1) to a historical low of $570 per ounce, bringing the Company's total cash costs per ounce down to $621 per ounce in the first quarter of 2019 from $670 per ounce in the first quarter last year. All-in sustaining costs ("AISC") (1) and All-in costs (1) in the first quarter of 2019 were $832 per ounce and $843 per ounce, respectively, both down from $920 per ounce in the first quarter last year. For 2019, the Company continues to expect that its total cash costs and AISC averages for the full year will remain below $720 per ounce and $950 per ounce, respectively. The Company reported adjusted EBITDA (1) of $35.3 million for the first quarter of 2019, up 29% over the first quarter last year, bringing the trailing 12-months' adjusted EBITDA at the end of March 2019 to a total of $110.2 million, up 8% over 2018, driven by production growth and the reduction in total cash costs per ounce sold. Net cash provided by operating activities in the first quarter of 2019 of $19.8 million, up 56% over the first quarter last year, improved the Company's Free Cash Flow (1) in the first quarter of 2019 to $11.3 million compared with $4.5 million in the first quarter last year. The Company's balance sheet benefitted from the first quarter of 2019's operating and financial performance, increasing its cash and cash equivalents to $40.2 million at March 31, 2019 from $35.6 million at the end of 2018. As of May 15, 2019, the aggregate principal amount of Gold Notes issued and outstanding has been reduced through two quarterly repayments in 2019 to $78.5 million, down from $88.3 million at the end of 2018. On April 4, 2019, the Company closed its bought deal private placement of CA$20.0 million of Convertible Debentures due 2024, adding approximately $13.6 million (after costs and expenses) to its cash position and $14.9 million to its long-term debt. The net proceeds will be used to fund an acceleration of the drilling program at the Segovia Operations over the next two years focused on mineral reserve and resource additions for further production growth and mine life extension.

Hang Lung: The Price GAP narrows, as higher yielding HK101 outperforms HK10 HK101/ HLP vs HK10 / HLG ... update : 10d. w/Hk2823 : $17.66 +0.44 > $21.50 +0.15, Gap: $2.84 / Ratio: 82.1% Date-- — : Hk10-: HK101: $Gap : Ratio- / Dv.80: Dv.75: gap-: R.Yields: BookVal. : $63.49: $30.58: NMF-: r48.2%/ 80cts. 75cts. 5cents: R-div. : Earns/sh.: $03.88: $01.80: $2.08: r46.4%/ Dividends: $0.80 : $0.75 : $0.05: r93.8%/ 05/16/19: $21.50: $17.66: $2.84 : r82.1%/ 3.72% 4.25%: 0.53%: r87.5%: 12/31/18: $19.94: $14.92: $5.02 : r74.8%/ 4.01% 5.03%: 1.02%: r79.7%: 06/29/18: $22.00: $16.18: $5.82 : r73.5%/ 12/29/17: $28.75: $19.10: $9.65 : r66.4%/ 06/30/17: $32.30: $19.50: 12.80 : r60.4%/ 12/31/16: $26.50: $16.02: 10.48 : r60.5%/ 3.02% 4.68%: 1.66%: r64.5%: ————— HK10 is earning way more than its dividend, and using the excess to increase its holding of HK101. So the backing of HK10 has gotten stronger and stronger & its dividend "safer" possibly

FY 2018 Annual Report Key Points of Letter to Shareholders in Hang Lung Group's FY 2018 Annual Report For the 12 years between 2000 and 2011, private consumption (in mainland China) on average increased at almost 13% per year…In the ensuing six years of 2012 to 2017, the average annual growth slowed to a still respectable 10.4%. However, luxury goods sales were much more affected. The anti-corruption campaign in the past few years was certainly a major factor. The increase in overseas sales of such items was another. This trend only began to turn around towards the end of 2017. By 2013 at the latest, most if not all of these top brands froze further advancement. A good number had to cut back the number of stores in many cities. The head office grip was so tight that moving a shop from one location to a much better location at comparable rents was rejected. This condition lasted through the end of 2017 and the beginning of 2018. Sentiments now have definitely turned and they are all opening new stores again. Their sales growth in China has been brisk of late. Gifting involving government officials is long gone. The market has shifted into a healthier one where demand mainly comes from end users. The slow growth of the past five to six years has created pent-up demand. Since the salary rise of the target customers, especially younger professionals, has never stopped, this clientele that bought less when market sentiments were weak has now returned, and with more money to spend. Many top brands have told us that the average age of their shoppers in the world, including China, is getting younger. This means that they now have even more fans and potential fans. The fashion name owners are also expecting that Beijing's efforts to bring overseas sales domestic will soon bear fruit. All these factors are once again fueling the expansion plans of luxury brands. Expanding into tier-two cities in the mid-2000's was a necessary step for the long-term growth of the Company. We have been the "Home to Luxury" in Shanghai since the 2000's, and were expecting the same in other cities in the 2010's. In the next two years, we will have completed more world-class commercial space on the Mainland than at any comparable period in our history -- a total of approximately 1.1 million square meters of luxury malls and office skyscrapers. While being quite pleased with our business and its short- to medium-term prospects, we are also taking defensive measures. This is one reason why we have decided to soon build out our not inconsequential Mainland land bank of high-end serviced apartments. These are located in Heartland 66 in Wuhan, Center 66 in Wuxi, Forum 66 in Shenyang, and Spring City 66 in Kunming. I expect a healthy cash flow as well as profits therefrom. In this sea of instability, China may in fact be a haven of relative tranquility. If so, then private consumption will rise and our business will benefit therefrom. Looking around the world, I consider myself fortunate to be engaged in our business on the Mainland. In the more immediate term, I see gradual growth in our business for the rest of this year. The Hong Kong rental market performance should be similar to that of 2018. On the Mainland, it is quite possible that all our investment properties will do better than last year. The leap in the top line will begin next year, and the trend may last for several years. With a lag of say one to three years, the rental net profit should rise. Key Points of Letter to Shareholders in Hang Lung Properties' FY 2018 Annual Report Statistics show that private consumption in China is indeed slowing. The growth rate last year was probably not much more than 8%, the most sluggish in 15 years. There are many reasons for this, including the present trade war with the U.S. and the resulting slowdown in China's GDP growth. While this is in no way detrimental to the economy, it may temporarily blunt job growth. Lack of consumer confidence will likely result. Our malls have performed satisfactorily, not only in Shanghai but also elsewhere. In the past few months, we have signed many leases with top luxury brands and more are forthcoming. Of the total of 30-some new contracts, about two-thirds are outside Shanghai… Forum 66 is expected to gain a few more top brands, while Center 66 will very soon become the "Plaza 66 of Wuxi". Spring City 66 in Kunming will be the city's "Home to Luxury" from the day it opens its doors later this year. This development tells us several things. First, top fashion brands are expanding again in mainland China. Second, we are one of their preferred landlords in Shanghai as well as in other key cities. Third, Beijing's recent policies to stimulate private consumption are working, even for high-end goods -- perhaps particularly well for high-end goods. These prestigious fashion groups must have conducted careful research before deciding to expand in China. Many of them have been operating in the country for two decades or more and are therefore experienced. Most of them over-expanded in the 2000's and suffered the consequences during the bear market of 2012 to 2017…They know well the statistics that showed a weakening in personal consumption growth but are undeterred. There seems to be a divergence in the market place between ordinary spending and that for luxury items. While the former may be weakening, we have seen the opposite in the latter. This view is confirmed by the experience of selective high-end facilities owned by others. Like us, they are also faring well. The recent results of certain European fashion houses spoke to the same. While enjoying an advantageous industry environment, we do not forget that there are many worrying developments in the geopolitical and geo-economic spheres. Consequently, we constantly take precautionary measures to mitigate any possible negative effect. We should all be prepared for a prolonged period of uncertainties and difficulties. I believe that the trade war is not only not detrimental to our industry; it may in fact help, at least in the near term. Concerned that the country's GDP growth will be adversely affected, Beijing has been taking measures to stimulate its slowing economy…All these measures will help boost consumer spending. This should be music to our ears. > https://finance.yahoo.com/news/hang-lung-publishes-2018-annual-095600841.html

Solving for the "Plug Figure" ... then, Replacing it w/100% > $13.00 Valuation for RZZ.v FINANCIAL MODEL, for RZZ - suggests that RZZ is undervalued at under $10 Malarctic Area------- : NSR: P&P.Oz : Q4./'17 : Q2./18 : Q3./18 : Q4./'18 : use 100% & $1300 Barnet-E, Jeffrey----- : 3% : 0,128.K : Ody.,E.Malar., B&J -- : 3% : 2,314.K : ---------> SubT: ========= : 2,442.K : ==================== : Gold Pr. : $1,309 : $1,255: $1,196 : $1,281 : $1,300 : ==================== : Gr.Value: $3.20B : $3.06B: $2.92B : $3.13B : -------------------> Royalty------ : 3.00 % : $96.0M: $91.8M: $87.6M: $93.8M: $93.8M : -------------------> Guess Pct. : 66.5%? : 54.6% : 67.3% : 82.1% : 62.3% -> Plug Figure ! ---------------------> Royalty.V. : rising? : $52.4M: $61.8M: $72.0M : $58.4M: $93.8M @ 100% Share Investments: Yamana -AUY, Price: ==== : ======= : $03.12 : $02.90 : $02.49 : $02.36 : AUY shs outstanding === : ======= : 3350.M: 3350.M : 3350.M: 3350.M: ==================== : Mkt.Cap : $10.5M : $09.7M : $08.3M : $07.9M: AgnicoE.-AEM, Price === : ======= : $46.18 : $45.83 : $34.20 : $40.40 : AEM shs outstanding == : ======= : 379.0M : 379.0M : 379.0M : 379.0M: ==================== : Mkt.Cap : $17.5M : $17.4M : $13.0M : $15.3M: ==================== :Sh.MktCp $28.0M : $27.1M: $21.3M : $23.2M: $23.2M ==================== :US$.MkCp $80.4M : $88.9M: $93.3M : $81.6M: $117.M ==================== :USD.CAD- : x1.257 : x1.314 : x1.291 : x1.364 : x1.364: ==================== :CAD.MCp : 101.1M: 116.8M : 120.5M: 111.3M: 159.6M: ==================== :C$-Cash- : $ 04.5M : $05.3M : $03.2M: $03.0E : $03.0E : ==================== :CAD.MCp.: 105.6M: 122.1M : 123.7M : 114.3M: $163.M: Abitibi-RZZ, Price: ===== :======== : $ 09.26: $ 09.85: $09.89 : $ 9.14 : $13.00 : RZZ shs outstanding == : ======== : 11.40M: 12.40M: 12.51M: 12.51M: =================== : Mkt.Cap. $105.6M: 122.1M: 123.7M: 114.3M: $163.M: Gold Estimated Production 3% NSR (2018-2020) Year Area* Tons Mined (g/t):Oz: M/mined Proc'd Recovered Stockp. Mx1300: /Qtr : Cum'l $ : x$1.300 2018-Q4 JF 907,662 0.70 20,304 12,123 10,826 8,181: $26.4 M: 26.4 : $26.4M: C$34.3M 2019 JF 1,637,121 0.87 45,833 27,339 24,414 18,494: $59.6 M: 14.9 : $86.0M: C$112.M 2020 BA 362,582 0.89 10,327 8,797 7,855 1,530: $11.4 M: 26.4 : $97.4M: C$127.M ==== Solving for the "Plug Figure" in the above model shows... A "plug" of 62.3% of the Expected future Royalty income yields the $9.14 year-end price for RZZ. If you push the percentage up from 62.3% > 100%, then the expected market cap of RZZ + At 100% and $1300 Gold price -> $13.00 per share RESULT: I bought more GZZ shares, as they own 44.8% of RZZ at a low price