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  • Red Mountain Mining Looks To Early Gold Development At Lobo, Philippines 0 comments
    Jun 25, 2014 7:59 PM

    - Red Mountain Mining (ASX:RMX) has completed an initial Scoping Study at its Batangas Gold Project in the Philippines that projects a total capital pay back of 14 months, and generates $40 million in free cash flow to the Company over the first 4.5 years of operation.

    - That equates to an annualised free cash flow of $8.9 million, and values the project at >$26.7 million at a conservative 3 times cash flow.

    - The project generates a high Internal Rate of Return of 70% on a light CAPEX of $16.7 million, and highlights the benefit of operating in a low cost and mine friendly jurisdiction.

    - Red Mountain has identified JORC Resources of 408,000 ounces of gold at 2.2 g/t gold within the Batangas Gold Project. The development of high grade lodes along the South West Breccia Zone (Lobo Project) includes 45,000 ounces of gold at a grade of 7.2 g/t gold, and only constitutes ~3.3% of total strike lines that cover 15 kilometres.

    - Recent drilling at the South West Breccia has delivered high grade gold, which importantly provides the company with an understanding at depth and indicate that it may be able to deepen the proposed pit design for the DFS.

    - A resource upgrade is expected shortly.

    - The Company is developing additional multiple high grade targets along the South West Breccia trend that have conceptual potential that is measured in the multi-hundreds of thousands of tonnes and are located along a 1.6 kilometre strike line.

    - Sampling, trenching and drilling are currently underway at Japanese Tunnel, Trench 13 and Signal, with high grade assays developing at all targets.

    - Additional gold potential has been identified at Pica and Ulupong that are located on parallel strike lines.

    - Red Mountain has commenced a Preliminary Feasibility Study and lodged mining plans for a 10 year mine life.

    - Proactive Investors rates Red Mountain as a Speculative Buy with a 6-9 month price target of $0.017 - $0.025 per share (see Analysis and Valuation Guide) on currently defined resources. We believe that the gold potential at Lobo is significant and that gold resources will increase further in the near term and provide additional upside to our price forecast.

    Recommendation: Speculative Buy
    Share price target: $0.017 to $0.025
    ASX Code: RMX

    Share Price: $0.011
    52 Week High: $0.075, Low: $0.003
    Ordinary Shares: 685.2M
    Options: 278.3M

    Cash (end of March): $3.1M
    Market Cap: $7.5M
    Enterprise Value: $4.4M

    BACKGROUND

    Red Mountain Mining Ltd listed on the ASX in September of 2011 as a gold explorer, developer and project acquisition company that is focused on the introduction of Australian mining methods and efficiencies to under-developed Asian gold and polymetallic resources.

    BATANGAS AND TAPIAN SAN FRANCISCO PROJECTS

    On October 2012 Red Mountain completed the acquisition of its 100% interest in the Batangas Gold Project and 75% interest in the Tapian San Francisco copper and gold project (both located in the Philippines) from Mindoro (ASX: MDO) for a consideration of 100 million Red Mountain shares that were valued at a total of $10 million at the time of acquisition.

    The Company maintains a strong board and highly skilled exploration and development team that has a track record of discovery and is currently focused on the fast track development of the flagship Batangas Project.

    BATANGAS FLAGSHIP PROJECT

    The Batangas Project covers an area of 270 square kilometres that is located 120 kilometres south of Manila on the south coast of Luzon Island, and is within a regional province that is strongly endowed with major gold and copper and gold resources and mining projects.

    Mineralisation within Batangas consists of gold and copper-gold mineralised and pervasively altered andesitic volcanics, intruded by diorite and dacite intrusives, which are overlain in places by younger volcanic sequences.

    (click to enlarge)

    BATANGAS GOLD PROJECT

    The project area includes two key gold Mining Resource areas located on Mineral Production Sharing Agreements (Philippine equivalent of Mining Leases) at Archangel and Lobo, and copper and gold exploration areas on granted Exploration Permits at El Paso and Talahib.

    Gold mineralisation at Archangel is associated with extensive quartz stockwork veining and hydrothermal breccia's hosted by shallow dipping andesitic volcanics, and gold mineralisation at Lobo is associated with a series of five parallel epithermal lode structures and breccias that have been mapped over a combined strike length of 15 kilometres.

    Total Resources at Batangas (both Lobo and Kay Tanda) include:

    - Inferred Resource of 3,020,000 tonnes at 2.1 g/t gold, for 200,000 ounces of gold, and 1.3 g/t silver for 125,000 ounces of silver.

    - Indicated Resources of 2,760,000 tonnes at 2.3 g/t gold, for 208,000 ounces of gold, and 5.4 g/t silver for 481,000 ounces of silver.

    - For a total of 5,780,000 tonnes at 2.2 g/t gold for 408,000 ounces of gold, and 3.3 g/t silver for 606,000 ounces of silver (at a cut-off grade of 0.85 g/t gold).

    RECENT HIGH GRADE DRILLING RESULTS LIKELY TO INCREASE RESOURCE

    Red Mountain has recently been enjoying some high grade drilling success at South West Breccia, which included diamond drilling intersecting: (LB115) 5.35 metres at 8.18g/t gold from surface, including 1 metre at 18.5g/t gold.

    The significance of hole LB115 is that it tested immediately below the recent Trench 27 intersection, which last month delivered: 19.4 metres at 8.24g/t gold, including 5.05 metres at 15.7g/t gold.

    A deeper drill hole known as LB114 tested the southwest plunging depth extension to the SWB resource, delivering: 3.05 metres at 4.51g/t gold from a 69.6 metre downhole, including 1 metre at 9.5g/t gold.

    These results earlier in June followed on from drilling success in May, which included: 6.7 metres at 11.6 g/t gold; and 18 metres at 6.85 g/t gold, including 6 metres at 11.5g/t gold.

    These results are likely to increase the resource.

    LOBO MPSA / MINING LEASE FOR HIGH GRADE OPEN PIT GOLD MINING

    The Lobo MPSA contains five parallel high grade epithermal gold structures that extend across the lease and include the Pica Trend, Calumpang-Balisong vein system, West Drift Trend, South West Breccia Trend and the Ulupong Trend.

    These high grade structures extend for a total of 15 kilometres, of which only a small part of this has been drilled along the South West Breccia Trend.

    This 500 metre section of the South West Breccia Trend known as Lobo constitutes only 3.3% of the entire target area and currently hosts a JORC compliant:

    - Inferred Resource of 16,000 tonnes at 5.3 g/t gold for 3,000 ounces of gold, and 1.7 g/t silver for 1,000 ounces of silver.

    - Indicated Resource of 178,000 tonnes at 7.4 g/t gold for 42,000 ounces of gold, and 1.8 g/t silver for 10,000 ounces of silver.

    - For a total of 194,000 tonnes at 7.2 g/t gold for 45,000 ounces of gold, and 1.8 g/t silver for 11,000 ounces of silver (at 0.85 g/t gold cut-off).

    Gold at Lobo is associated with a linear, steeply dipping epithermal lode with high grade shoots of mineralisation. Mineralisation remains open.

    ARCHANGEL MPSA FOR ADDITIONAL RESOURCES OF OPEN PIT GOLD

    JORC Compliant Resources at Archangel (Kay Tanda) include:

    - Inferred Resource of 3,004,000 tonnes at a grade of 2.0 g/t gold for 197,000 ounces of gold, and 1.3 g/t silver for 124,000 ounces of silver.

    - Indicated Resource of 2,582,000 tonnes at 2.0 g/t gold for 165,000 ounces of gold, and 5.7 g/t silver for 471,000 ounces of silver.

    - For a total of 5,586,000 tonnes at 2.0 g/t gold for 363,000 ounces of gold and 3.3 g/t silver for 595,000 ounces of silver (at 0.85 g/t gold cut-off).

    Gold at Kay Tanda is associated with a low to moderate grade stockwork gold deposit in andesitic volcanics.

    SCOPING STUDY CONFIRMS LOW COST AND FAST PAYBACK OF CAPITAL

    Red Mountain completed a Scoping Study in March of 2014 that confirmed resources at Lobo and Archangel could support an open pit mine life of 4.5 years to produce a total of 90,000 ounces of gold, and generate a free cash flow of $40 million to the Company at a gold price of A$1,500 per ounce.

    The Study estimates a low cash cost of A$769 / US$690 per ounce, and a capital cost of A$16.7 million / US$15 million over a mine life of 4.5 years. Capital payback is estimated to take 1.2 years from commencement of mining operations.

    The process plant will be established 2 kilometres east of the seaside town of Lobo (population 37,000) and process open pit ore via a carbon in leach process.

    Average annualised production is estimated at 20,000 ounces of gold and 46,000 ounces of silver over the initial mine life of 4.5 years, and cash operating costs of A$769 per ounce include royalties, site taxes, refining charges and by-product silver credits.

    The 4.5 year process rate is estimated at 880,000 tonnes of ore with a head grade of 3.4 g/t gold, and 9.2 g/t silver for a gold equivalent grade of 3.6 g/t gold. This will produce o total of 90,000 ounces of gold and generate total Net Revenue of A$135 million / US$120 million for an Internal Rate of Return of 70%.

    Pre-production capital (with contingencies) is estimated at A$16.7 / US$15 million, and sustaining capital for 4.5 years is estimated at A$4.1 / US$3.7 million.

    Total free cash flow sensitivity to the gold price over 4.5 years is estimated at A$27 million at a gold price of A$1,350 per ounce, A$40 million at A$1,500 per ounce, A$53 million at A$1,650 per ounce, and A$74 million at A$1,800 per ounce.

    SOURCES OF FEEDSTOCK FOR THE INITIAL SCOPING STUDY

    An open pit mining feedstock inventory was independently derived from the JORC Compliant Mineral Resource estimates by Dallas Cox of Crystal Sun Consulting, a Chartered Professional mining engineer contracted by the Company.

    The mining inventory for the initial Scoping Study included 150,000 tonnes grading 6.4 g/t gold from the upper 80 metres of the South West Breccia Mineral Resource at Lobo This very high grade ore will be mined and processed within the first 18 months of production, and presents an opportunity for rapid pay back of capital.

    A further 730,000 tonnes grading 2.8 g/t gold and 11 g/t silver, for a gold equivalent grade of 3 g/t gold will be extracted via shallow open pit from Kay Tanda West at Archangel. This ore will be mined and transported to Lobo by road then processed over the subsequent three years.

    Over 90% of the mining inventory for the Study is in the Indicated Mineral Resource category.

    Average mining cost is estimated at A$3.40 per tonne of mining feedstock and $2.60 per tonne of waste. Transportation of mining inventory from Kay Tanda West to the Lobo processing plant is estimated at A$7.20 per tonne. The total mining cost is estimated at A$37 per tonne of feedstock delivered to the process plant and includes all costs associated with mining all high grade, low grade feedstock and waste mining and transportation costs.

    Red Mountain is evaluating opportunities to extend high grade production through identifying further high grade resources at Lobo. There is also an opportunity to mine and process further lower grade resources from the Archangel project at higher gold prices, or based on lower on-site process costs.

    METALLURGICAL RECOVERY AND PROCESS COSTS

    The initial feedstock from the South West Breccia lode at Lobo will be processed at a rate of 12.5 tonnes per hour, for an estimated annualised rate of 100,000 tonnes, and average gold recovery rate of 95%.

    Ore from Kay Tanda West will be processed at a rate of 32.3 tonnes per hour for an estimated annualised rate of 258,000 tonnes, and average gold recovery rate of 90%.

    This translates into an average life of mine annualised process rate of 196,000 tonnes for both ore types with average gold recovery of 92%, and silver recovery of 80%.

    The proposed process plant includes a preliminary circuit design that was produced by Sedgman Ltd a leading provider of mineral process plant. The design includes a two stage crushing circuit, ball mine, cyanide leach and carbon adsorption, carbon elution and regeneration.

    The design includes a gold room along with electrowinning, cyanide detoxification, reagent mixing and distribution, power distribution and associated infrastructure.

    Process plant residues will be gravity fed to residue storage facility located close to the process plant.

    South West Breccia process cost for transition ore is estimated at A$44 per tonne, and at Kay Tanda West is A$22 per tonne for oxide ore, A$24 per tonne for transition ore, and A$23 per tonne for fresh ore. Average process cost across all ore types is A427 per tonne.

    The estimated capital cost of the process plant is A$10.7 million, made up of direct costs of A$8.6 million, and indirect costs of A$2.1 million for plant commissioning and contingencies.

    Capital and operating costs are within + / - 30% which is typical for an initial Scoping Study.

    INFRASTRUCTURE AND ADMINISTRATION

    Batangas will employ 232 personnel to handle mining, processing and other functions necessary to maintain the mine. This will include 144 local area personnel, 86 from other parts of the Philippines, and 2 senior expatriates.

    The workforce will be housed in the nearby Lobo town-ship and transported by bus to the two mine sites at Lobo (3 kilometres), Archangel (12 kilometres) and process plant outside of Lobo (2 kilometres).

    Site office and administration facilities will be maintained at the Lobo process plant.

    Permanent access roads to the Lobo and Archangel sites require 9 kilometres of newly laid road, and an additional 15 kilometres of existing road will be upgraded for access to all facilities.

    Power generation for all facilities will be generated via a leased diesel generating plant capable of outputting 1.3 megawatts at a cost of US$0.24 / A$0.27 per kilowatt hour. Red Mountain is also evaluating a hock-up to grid power that is available within 30 kilometres of the process plant site.

    A residue storage facility will be established close to the process plant and will initially handle 4.5 years of process waste. The facility will be lined and built to comply with required environmental and seismic standards. The facility will be capped and rehabilitated with vegetation on completion.

    PRE- PRODUCTION AND SUSTAINING CAPITAL EXPENDITURE

    Pre-production capital expenditure is estimated at a total of A$16.7 million, and include land access $0.59 million, process plant with contingency $10.6 million, residue storage facility $1.0 million, earthworks $2.6 million, buildings with fit-out $0.37 million, vehicles and mobile equipment $0.67 million, power connection to diesel electric power plant $0.08 million, and Value Added Taxes and duties of $0.7 million.

    Sustaining capital required during and on completion of mining is estimated at a total of A$4.124 million, and include land access A$0.468 million, residue storage facility $1.706 million, site earthworks $0.39 million, mine rehabilitation on completion of mining $1.519 million, and Value Added Taxes and duties of $0.041 million.

    OPERATING EXPENDITURE OVER THE LIFE OF THE MINE

    Total operating costs over the life of the mine are estimated on an Australian dollar basis and on a per tonne of feedstock ore processed, and include mining of ore and re-handling $37 per tonne, process plant costs $27 per tonne, and technical and administrative costs of $14 per tonne, for a total of $78 per tonne.

    The same costs expressed on an Australian dollar basis per ounce of gold produced include mining of ore and re-handling $365 per ounce, process plant costs $365 per ounce, and technical and administrative costs of $139 per ounce for a total of $766 per ounce.

    Refining costs including royalties, refining and net silver credits add an additional $3 per ounce to a total production cost of A$769/ US$690 per ounce.
    A financial cash-flow model for Batangas was prepared by consultants on behalf of Red Mountain and then independently verified and audited by Michael Conan-Davis FausIMM(NYSE:CP), and adopts World Gold Council (C1-C3) guidance on cost reporting measures.

    Total revenues from 4.5 year life of mine gold sales were estimated at A$1,500 per ounce for a total of A$133.707 million. Brake down of costs included on-site operating costs of $68.3 million, refining and smelting $0.295 million, by-product silver credits $5.021 million, and royalties and taxes of $4.989 million for a total C1 (World Gold Council) site operating cost of $68.564 million. This produced a C1 operating cash-flow of $65.143 million or A$731 / US$658 of free cash-flow per ounce of gold produced.

    Additional costs include corporate tax $3.318 million, corporate administration $2.044 million, sustaining capital costs $4.124 million for a C2 sustaining cost of $78.049 million to produce a C2 sustaining cash-flow of $55.658 million or A$624 / US$562 per ounce.

    Additional pre-production capital costs include $16.717 million, other payments and credits of -$0.935 million for a total C3 all in cost cash flow of $39.875 million to produce a C3 cash-flow of A$447 / US$403 per ounce of gold produced.

    All estimates were completed at A$1,500 / US$1,350 per pounce of gold, A$24 /US$22 per ounce of silver, and A$ / US$ ratio of 0.90.

    POSITIVE SCOPING STUDY LEADS TO COMMISSIONING OF DEFINITIVE FEASIBILITY STUDY

    Red Mountain has now commissioned a Definitive Feasibility Study that will be completed in parallel with a recently submitted and expanded 10 year mining plan. This meets the requirements for Declaration of Mining Project Feasibility and related permit applications that have been submitted to the Philippines Government Mines and Geosciences Bureau of the Department of Environment and Natural Resources.

    The estimate cost of the Definitive Study is estimated at $1.1 million and forecast completion date is December of 2014. The Scoping Study contemplates commencement of construction (subject to financing) in the June quarter of 2015, and gold production to commence in the March quarter of 2016.

    EXTENSION OF MINEABLE HIGH GRADE GOLD RESOURCES WITHIN LOBO MINING PERMIT

    LOBO HIGH GRADE LODE SYSTEM - DEVELOPMENT IS NOW EXTENDING ACROSS MULTIPLE PARALLEL LODES

    Red Mountain continues to advance sampling, trenching and drilling programs across the Lobo Mining Permit with particular emphasis on five areas known as South West Breccia shoot and its extension, Pica, Japanese Tunnel, West Drift and Ulupong.

    FOCUS ON EXTENSION OF SOUTH WEST BRECCIA ZONE AND TARGETS WITHIN 500 METRES

    Near term resource development focus is centered within exploration targets that extend for a distance of 500 metres to the southwest of the currently defined JORC Resource at the South West Breccia Zone.

    Proactive Investors believes that the three exploration targets defined by the Company within this 500 metre strike line adds a conceptual tonnage target of at least 100,000 - 300,000 tonnes for evaluation and include:

    - The extension of the South West Breccia Zone at depth, and small surface extension at surface;

    - Exploration target along surface and at depth at the Japanese Tunnel; and

    - A large target area that was identified by Trench 13 that extends under a shallow limestone cap.

    Red Mountain Mining collected surface float samples at the Signal Prospect which reported highlights of 72.6 g/t gold and 42.6 g/t gold and potentially extends the entire strike line from the south West Breccia to Signal by over 1,600 metres to the south west. Proactive Investors believes that this adds an additional conceptual tonnage target that is in the multi-hundreds of thousands of tonnes range.

    Our conceptual tonnage estimates are attempting to define tonnages of rock for evaluation, and not gold resources. These estimates are meant to be indicative of the fact that the prospectivity of the entire 1.6 kilometre South West Breccia strike line has been significantly enhanced. This prospectivity will soon be defined by additional sampling, trenching and drilling.

    (click to enlarge)

    SURFACE TRENCHING OF THE "WEDGE" AT THE SOUTH WEST BRECCIA ZONE CONTINUES TO REPORT BONANZA GOLD GRADES AT TRENCHES 19 AND 21

    Surface Trenching of the "wedge" at the southwest extension of the South West Breccia Zone continues to impress with Trench 21 reporting 6 metres at 31.2 g/t gold (including a bonanza grade of 1 metre at 122.6 g/t gold), and to the southwest at Trench 19 reporting 8.35 metres at 18.3 g/t au (including a bonanza grade of 0.5 metres at 136.9 g/t gold).

    Drill-hole LB 92-14 completed within the same "wedge" intersected 1.5 metres at 8.1 g/t gold (including 0.5 metres at 12 g/t gold), and LB 98-14 intersected 1.2 metres at 4.65 g/t gold from surface to a depth of 1.2 metres, and 0.6 metres at 1.27 g/t gold at a depth of 23.65 metres.

    Proactive Investors believes that Red Mountain will define additional mineralised tonnage at depth and at surface of the South West Breccia Zone.

    The Japanese Tunnel prospect contains the Trench 21 vein with 6 metres at 31.2 g/t gold, and includes 1 metre at 122.6 g/t gold, and 3 metres at 59.5 g/t gold.

    Drill hole LB 93 reported 3.9 metres at 4.6 g/t gold, and includes 0.75 metres at 15.7 g/t gold, and 0.5 metres at 7.16 g/t gold. An additional 8 holes are planned to test near surface gold values within the Japanese Tunnel.

    (click to enlarge)

    JAPANESE TUNNEL PROSPECT

    Trench 7 is located at the southwestern end of the Japanese Tunnel prospect and reported 3 metres at 21.6 g/t gold. At least 8 additional holes are planned in this area to evaluate near surface gold values.

    Trench 13 reported 2.6 metres at 28.6 g/t gold within a third target zone, and opens up a third mineralised area that will be evaluated with four drill-holes. This third target zone is mostly covered with a shallow layer of limestone that may extend to the Signal prospect that will initially be evaluated with additional trenching and sampling.

    The Pica prospect is located on a parallel lode system to the north of the South West Breccia zone, where early stage sampling at PC07 reported 2.5 metres at 9.2 g/t gold and included 1 metre at 14 g/t gold.

    The Ulupong prospect is located on a parallel lode system to the south of the South West Breccia zone, where early stage sampling reported 19 metres at 9.77 g/t gold, and includes 7 metres at 23.6 g/t gold.

    PHILIPPINES ECONOMIC BACKGROUND

    The Philippines operates under a U.S. based system of democratic form of government that incorporates legislative, executive and judicial branches. The current President and head of state is Benigno Aquino III who was elected in June of 2010 for a six year term.

    The islands of the Philippines were ceded to the United States in 1898 following the Spanish - American. In 1935 the country became a self-governing Commonwealth.

    The Philippines reported a high GDP growth rate of 6.8% in 2013, population of 107.7 million, and per capita GDP of US$4,400 for 2012. The International Monetary Fund projects an annualised GDP growth rate of 7% for the next five years.

    The Mining sector is governed by the new Mining Policy Executive Order 79 of 2012 that demonstrates a commitment to the sector that includes a fast track for mining approvals and lifting of the moratorium for exploration permits, and is supported by a well-educated and English speaking workforce.

    The country has world class prospectivity for gold and copper gold resources that are being mined by Australian operators that include Medusa Mining (ASX: MML) at the Co-O mine, OceanaGold Corp (ASX: OGC) at the Didipio mine and the CGA Mining/B2Gold at the Masbate mine.

    CATALYSTS FOR 2014 - 2016

    - Resource upgrade at Lobo pending.
    - Results from sampling, trenching and drilling programs at Lobo released on an ongoing basis.
    - Permits to mine at Batangas submitted to Philippines Government and grant of approval expected in late 2014.
    - Definitive Feasibility Study for Batangas completed in December of 2014.
    - Construction (subject to finance) to commence in June quarter of 2015.
    - Gold production to commence in March quarter of 2016

    ANALYSIS & VALUATION GUIDE

    Red Mountain Mining is currently capitalised at $7.5 million, holds cash of $3.1 million and JORC resources of 408,000 ounces of gold at a grade of 2.2 g/t. This equates to an Enterprise Valuation of just $10.80 per gold resource ounce.

    A similar per ounce valuation range should be assigned to additional resource ounces that are developed during the current calendar year for additional upside.

    Red Mountain is focussed on increasing mine life and high grade gold ounces within the Batangas project area, especially along the South west Breccia trend. Proactive Investors notes that potential for additional resources on new targets along this trend is conceptually at multi-hundreds of thousands of tonnes on targets that cover a 1.6 kilometre strike line.

    Capital costs for initial mine operations are low at $16.7 million, and generate a high Internal Rate Return of 70%, and confirm the low cost nature of operating in the Philippines.

    Based on the above, we find Red Mountain Mining to be undervalued. Completion of the Definitive Feasibility Study should see a significant increase in resource ounces and total grades, along with an extension of mine life to at least 10 years.

    We rate Red Mountain as a Speculative Buy and assign a 6-9 month price target of $0.017 - $0.025 per share.

    Disclaimer

    You understand and agree that no content published constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

    You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made.

    However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

    From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

    The contributors make every effort to ensure that the information and material contained in this report is accurate and correct and has been obtained from reliable sources. However, no representation is made about the accuracy or completeness of the information and material and it should not be relied upon as a substitute for the exercise of independent judgment. Proactive Investors does not accept any liability, including negligence, for any loss or damage arising from the use of, or reliance on, the material contained in this report. There are general risks associated with any investment in securities. Investors should be aware that these risks might result in loss of income and capital invested. Proactive Investors received a fee for this report.
    WARNING: No recipients should rely on any recommendation (whether express or implied) contained in this document without obtaining specific advice from their advisers. All investors should therefore consider the appropriateness, in light of their own objectives, financial situation and/or needs, before acting on the advice.

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