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Finning International (Ftt-Tsx) INITIATION REPORT October 3, 2019 OSINO RESOURCES CORP. (OSI – TSXV, $0.76) Rating: BUY Target Price: C$2.70 REGIONAL SCALE WITH MULTIMILLION OUNCE POTENTIAL Osino Resources CorP. TSXV:OSI We are initiating coverage on Osino Resources CorP. with a BUY (Currency is C$ unless noted otherwise) rating and A 12-month target price of $2.70 Per share. OSI is a 426% Canadian exploration company with assets in Namibia where it has discovered a broad zone of gold mineralization. OSI was created by the co-founders of 255% Auryx Gold Corp. which sold to B2Gold Corp. (BTO:TSX) after advancing the Otjikoto Gold Project in Namibia to a production decision. OSI is focused on $0.76​ $2.70 $4.00 advancing its regional scale land package which is adjacent to gold producing mines and which has the potential to host an economic deposit. CURRENT 12 MO TARGET BULL Net Asset Value Per Share $2.70 52 Week Low / High $0.22 / $1.07 INVESTMENT HIGHLIGHTS CAPITALIZATION Basic Diluted Shares Outstanding (M) 67.0 67.0 An emerging gold discovery. Osino’s three projects are along major deep- Market Capitalization ($M) $50.9 $50.9 seated regional fault structures known to host gold deposits. Enterprise Value ($M) $48 Reported Cash Balance ($M) $3.0 Proven team of top tier mAnagement. OSI management has a long Reported Debt ($M) $0.0 history of delivering value through discovery, development and M&A. Since FYE: DEC 31 2025E 2026E 2012, management delivered value through two ~$200M exits. Gold Price (US$/oz) $1,400 $1,400 2 Gold Produced (oz) 94,639 94,639 Sizable land OSI has assembled 6,561 km in 3 project areas (22 licenses) Cash Costs (US$ per oz) $540 $540 that encompasses at least 45 exploration targets with the potential to define $603 $608 AISC (US$ per oz) more than one gold deposit. All of Osino’s projects are located in historic Operating CFPS (US$) $0.92 $0.91 gold mining districts and are contiguous to world class gold producing mines Cash At Year End (US$M) $60 $60 PRODUCTION FORECAST and other past producers. Karibib Gold District. Osino’s current focus is on the Twin Hills and 100,0002.5 609 608 1000 Goldkuppe prospects, which are located on a major regional structure 2 607 606 known to host gold deposits. At Twin Hill Central OSI made a discovery of 1.5 750 605 50,000 wide zones of mineralization of up to 189 m grading 0.7 g/t Au, in addition 604 1 500 603 to higher grade shoots that include 17 m at 2.17 g/t and 65m at 1.37 g/t 0.5 250 602 Au.The region, including Goldkuppe, has historic drilling resulting in 7 m at 601 0 - 0 600 9.0 g/t Au, 73 g/t Ag and 4.43% Cu. The Karibib project surrounds the 2026 2027 2028 2029 2030 Navachab Gold Mine, covering 50 km of prospective strike extension. OSI Production#REF! (oz) #REF!AISC (US$/oz)0 0 consolidated the district and discovered significant new gold mineralized systems on strike with Navachab. MAJOR SHAREHOLDERS Management & Insiders (7.7%), Beaty, Ross J. (5.9%), Daun, Otjikoto East Exploration AreA. Otjikoto East is contiguous to B2Gold’s Heye Edmund (0.82%), Friedman, Alan Mark (0.61%), Dr. Otjikoto Mine. B2Gold acquired Otjikoto deposit from the current Osino Kohlhase Vermögensve (0.32%), Grayston Capital Invest management team in 2012 in a US$180M transaction. Osino has identified (0.16%) extensive mineralization in an area that has seen little systematic regional DISCLOSURE CODE: 6 scale modern exploration. (Please refer to the applicable disclosures listed on the back page) Within the highly prosPective Damara Gold Belt OSI’s efforts could Source: M Partners, Company Information, Capital IQ yield shallow bulk tonnage deposits, having gold grades similar to both neighboring mines that have global resource grades ~1.2 g/t but selectively mining about 1.5 g/t Au. Clean Capital Structure. OSI is supported by institutions, insiders and strategic investors that hold, in aggregate, 55% of the Company. It has minimal dilutive securities outstanding. Valuation: We are initiating coverage on OSI with a BUY rating and a 12-month target price of $2.70 per share. Our valuation is based on Osino Resources Corp. is led by a proven team of a top tier managers with a record of success in the exploitation of a conceptual resource of 36 Mt grading 1.20 g/t Au and on discovery, project development, financing and M&A a conservative 0.7x NAV multiple, at conservative discount rate of 10% plus and has assembled a land package of 6,561 km2 in corporate adjustments. Relative to the current steady state production at 3 project areas with 45 exploration targets that are Otjikoto Mine our base case assumptions are conservative. We assume an at different stage of advancement within a historic annualized mill throughput rate of 2.5 Mtpa at an average 1.2 g/t Au (relative gold mining district in Namibia. to 3.5 Mtpa, currently mining 1.54 g/t Au at Otjikoto). Company website: http://osinoresources.com Member of the Investment Industry Regulatory Organization of Canada (IIROC) Analyst: Bereket A. Berhe Participating Organization – Toronto Stock Exchange and TSX Venture Exchange 416.603.7381 x261 Member – Canadian Investor Protection Fund (CIPF) [email protected] INITIATION REPORT October 3, 2019 We are using a 10% discount rate for OSI to account for the current stage of development. We are assuming a long-term gold price of US$1,400 per ounce, relative to the spot price of ~US$1,500 per ounce. Our base case scenario results in a project NPV of US$191M NPV10%, utilizing a conceptual resource target of 1.3 Moz recoverable gold grading 1.2 g/t Au. Applying face value asset/liability adjustments of $25M for regional exploration credits, and corporate and exploration expenses of $20M, we derive a NAV of C$3.80/share at a NAV multiple of 1.0x. Until further exploration success is announced, we value OSI on a 0.7x NAV multiple or a target price of C$2.70 per share. Table 1: Valuation SummAry Ne t A s s e t V A lu A t io n Discount $ Million $/ShAre Target DerivAtion $/ShAre Twin Hill Central (100%) 10.0% $191 $2.86 Project NAV $2.86 Multiple 0.7x Project NAV $191 $2.86 $2.00 Exploration Credit $25 $0.26 Adjustments $0.01 Corporate Expenses 10.0% ($20) ($0.30) Target ($/shr) $2.01 Cash $3.5 $0.05 ITM Warrants $0 $0.00 Adjusted NAV $200 $2.87 USD:CAD exchange 1.32 12-Month TArget C$2.70 Source: M Partners P/NAV 0.20x Implied ROR 255% Conclusion: The Company is transitioning from prospecting and evaluating its large land holding to a more focused, systematic and long-term exploration approach to delineate its discovery at Twin Hills. Recent drilling results from OSI’s Twin Hill Central targets have considerably improved our confidence in the project and the Company’s ability to define a high tonnage and moderate grade gold deposit that is similar to B2Gold Corp’s Otjikoto gold mine. INVESTMENT THESIS Our valuation is based on the Company’s projects’ exploration potential to identify a large tonnage and multimillion-ounce deposit similar to the mines currently operating in and around Osino’s project areas. Like Otjikoto and Navachab, as an example of disseminated orogenic gold deposits, the potential to identify deposits of large tonnage that contain shoots of higher-grade gold in sulphide rich (including pyrrhotite) lenses is suggested by current and historic exploration works in the project areas. We expect management to reproduce their success with Otjikoto and outline at a minimum a 2 Moz Au deposit. Osino’s projects are at various stages of development, as such there is still significant work ahead on some of the targets. However, a discovery has been made on the main targets and additional drilling is underway with many targets drill ready. In the near term, Osino remains well positioned to continue advancing all of its projects. In the near to midterm, we expect Osino to define at least one preliminary maiden resource estimate. As exploration and success progresses in an orderly fashion, we anticipate the Company will emerge as an attractive M&A target. Should Osino define a high tonnage resource with similar grades that are being mined in the already established mines, the nearby operators (and others) could view Osino either for its ability to provide additional feed or its potential as a standalone project. Member of the Investment Industry Regulatory Organization of Canada (IIROC) Participating Organization – Toronto Stock Exchange and TSX Venture Exchange Member – Canadian Investor Protection Fund (CIPF) INITIATION REPORT October 3, 2019 CATALYSTS Additional assay result from diamond drilling – Q3/19 Ongoing percussion and a significant RC/DD drill program – H2/19 New target drilling – H2/19 Extending 2 drill holes that ended in mineralization – H2/19 Step-out and infill drilling – Q4/19 and H1/20 General and continued exploration on other targets – Q4/19 and H1/20 Ongoing consolidation of land position INVESTMENT LANDSCAPE Osino’s projects are located in central Namibia, between 150 km to 300 km north and northwest of the capital city, Windhoek. The projects are road accessible via sealed and secondary gravel road networks. A number of regional towns and settlements are located within the general project area. Electrical power is readily available in most parts of the area.
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