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Morning Coffee on Twitter At Follow the Morning Coffee on Twitter at: http://twitter.com/CGWM_MrngCoffee Wednesday March 29, 2017 S&P/TSX Composite 92.35 15598.57 CANADA Dow Jones 150.73 20701.71 S&P 500 16.99 2358.58 The S&P/TSX rose on Tuesday despite a pullback in precious metal NASDAQ 39.16 5879.53 names. Barrick Gold (ABX) has reached an agreement with Goldcorp S&P/TSX Venture -0.02 804.12 (G) to form a new joint venture (JV) partnership at the Cerro Casale Crude Oil (US$/brrl) 0.63 48.36 Project in Chile, one of the world's largest undeveloped gold and copper Gas (US$/mmbtu) 0.03 3.16 deposits. As part of Goldcorp’s JV in Chile, the company also announced Copper (US$/lb) 0.04 2.67 the acquisition of Exeter Resource (XRC) for roughly C$247M in an all Gold (US$/oz) -5.70 1253.10 share transaction. Nickel (US$/lb) -0.05 4.50 Barkerville Gold Mines (BGM) announced that it entered into agreement Palladium (US$/oz) -3.85 794.60 with Osisko Gold Royalties (OR), whereby Osisko has agreed to purchase Platinum (US$/oz) -11.50 956.90 an additional 0.75% net smelter return (NSR) royalty on BGM’s Cariboo Silver (US$/oz) 0.05 18.16 gold project for cash consideration of ~$12.5M. Uranium (US$/lb) 0.00 24.65 Canadian Dollar -0.0003 0.7471 Home Capital Group (HCG) plummeted on Tuesday after saying that it 10-Year Canada 1.40 had terminated the employment of its CEO, Martin Reid, immediately and 10-Year U.S. 2.42 will no longer serve on any of the boards of directors of the firm or its Volatility Index (VIX) -1.02 11.48 subsidiaries. According to The Wall Street Journal, former Valeant Pharmaceuticals (VRX) Chief Executive Michael Pearson has filed a A Diamond In The… Egg? lawsuit against the company, alleging it refused to pay him more than 3M shares he is owed. Finding a pearl in an oyster is one thing, but what about a Grande West Transportation (BUS), the Canadian maker of heavy-duty diamond in a hard-boiled egg? mid-sized transit buses, announced it has secured a manufacturing A woman in the U.K. was agreement to produce Vicinity buses in Atlanta, Georgia that meets FTA having some boiled eggs for Buy America requirements. breakfast when she says she felt something funny in her mouth. UNITED STATES “I took one, peeled it and bit into it when I feel U.S. equities rose on Tuesday as investors digested strong consumer something like gristle in my mouth. It fell on confidence data, with financials and energy leading. Olive Garden owner to the plate and I couldn’t understand where it Darden Restaurants (DRI) said it would buy Cheddar's Scratch Kitchen had come from.” for $780M in an all-cash transaction. She went searching for answer and went to a Carnival (CCL), the world's largest cruise operator, reported a better- nearby chicken farm and was told it’s possible than-expected quarterly profit on Tuesday, helped by higher ticket prices the diamond could have passed through the and on-board spending. Snap (SNAP) was under pressure on Tuesday bird. “Basically the shell coating goes on last after Facebook (FB) announced it was beefing up its camera features, making its app more like Snapchat. and doesn’t harden until it hits the air ... In this case it could be chicken swallows diamond, Tesla (TSLA) saw a much needed cash injection after Chinese tech giant diamond gets stuck at intestine exit, egg picks Tencent Holdings acquired a 5% stake in the company for $1.78B. Shares up diamond on way out.” of shipping stocks were floating higher yesterday after a major Wall Street Analyst issued bullish commentary on several dry bulk shipping names, notably Safe Bulkers (SB) and Star Bulk Carriers (SBLK). This publication is a general market commentary and does not constitute a research report. Any reference to a research report or a recommendation is not intended to represent the whole report and is not itself a research report or recommendation. This commentary is for informational purposes only and does not contain investment advice. This publication may be wholly or partially based on industry rumour, gossip and innuendo and as such is not to be relied upon as investment advice. Not authorized for distribution into the United States or to U.S. persons. Canaccord Genuity Wealth Management is a division of Canaccord Corp. Member – Canadian Investor Protection Fund. Wednesday March 29, 2017 2 ECON 101 CANADIAN Data Today: No scheduled releases. U.S. Data Today: This morning, Pending Home Sales for the month of February are expected to increase to 2.5%, better than the -2.8% drop seen in the month prior. CANADIAN EQUITIES OF INTEREST Listed Alphabetically by Symbol Marijuana Aurora Cannabis Inc* (ACB : $2.60), Net Change: 0.07, % Change: 2.77%, Volume: 6,993,255 Canopy Growth Corp* (WEED : $10.92), Net Change: -0.06, % Change: -0.55%, Volume: 4,988,064 Aphria Inc* (APH : $6.54), Net Change: -0.18, % Change: -2.68%, Volume: 2,112,421 Emblem Corp* (EMC : $2.44), Net Change: -0.05, % Change: -2.01%, Volume: 631,398 Organigram Holdings Inc* (OGI : $2.57), Net Change: 0.10, % Change: 4.05%, Volume: 1,822,153 Supreme Pharmaceuticals Inc* (SL : $1.55), Net Change: -0.04, % Change: -2.52%, Volume: 811,613 Ianthus Capital Holdings Inc* (IAN : $2.93), Net Change: -0.05, % Change: -1.68%, Volume: 44,650 MARIJUANA TAXES, GST AND THE CRA. The Canadian Press reports that the Liberal government is still grappling with how to tax recreational cannabis. Canadian Finance Minister Bill Morneau said Monday that the government “ha[sn]’t made enough progress” in terms of taxing marijuana and several other issues related to its legalization. Recall, the Task Force on Cannabis Legalization and Regulation recommended that after a proper economic analysis is performed, a tax and pricing structure should be put in place that balances health protection with the ultimate goal of eliminating the illicit market. In the view of Canaccord Genuity Life Science Analysts Neil Maruoka and Matt Bottomley, the government could influence usage patterns through differential taxation; for example, by imposing maximums on THC levels in recreational cannabis and taxing potent marijuana at higher levels. Canaccord Genuity believes it is critical that retail prices (inclusive of all mark-ups and taxation) remain below the price of the illicit market in order to pressure illegal producers out of the market; this would disproportionately affect those illegal producers that are unlikely or unable to compete with the quality of regulated production from licenced producers. Moreover, Canaccord Genuity believes that cannabis may not be taxed right out of the gate, in order to shift users away from the illicit market with competitive pricing. Barrick Gold Corp* (ABX : $25.55), Net Change: -0.65, % Change: -2.48%, Volume: 3,040,632 Barrick Gold Corp* (ABX : US$19.08), Net Change: -0.52, % Change: -2.65%, Volume: 11,265,157 Goldcorp Inc* (G : $19.98), Net Change: -1.48, % Change: -6.90%, Volume: 5,675,143 Goldcorp Inc* (GG : US$14.94), Net Change: -1.11, % Change: -6.92%, Volume: 20,551,772 Kinross Gold Corp* (K : $4.53), Net Change: -0.12, % Change: -2.58%, Volume: 4,951,242 Kinross Gold Corp* (KGC : US$3.40), Net Change: -0.08, % Change: -2.30%, Volume: 13,175,040 COME TOGETHER RIGHT NOW OVER ME. Two senior gold producers are partnering to move one of the world's largest undeveloped gold and copper deposits forward. Barrick Gold has reached an agreement with Goldcorp to form a new joint venture (JV) partnership at the Cerro Casale Project in Chile. Under the terms of the agreement, Goldcorp has agreed to purchase a 25% interest in Cerro Casale from Barrick. This transaction, coupled with the concurrent purchase by Goldcorp of Kinross Gold's 25% interest in Cerro Casale, will result in a 50/50 JV between Barrick and Goldcorp. As consideration for the 25% interest acquired from Barrick, Goldcorp will fund Barrick's first US$260M of expenditures on the project following the formation of the JV, and will spend an equivalent amount on its own behalf for a total project investment commitment of US$520M. Under the agreement, Goldcorp must spend a minimum of US$60M in the two-year period following closing, and then US$80M in each successive two-year period. Goldcorp will also fund the Cerro Casale JV's acquisition of a 100% interest in the adjacent Quebrada Seca property from Kinross upon closing. Goldcorp has granted Barrick a 1.25% royalty interest on 25% of gross revenues derived from metal production from both Cerro Casale and Quebrada Seca. The transaction is expected to close in Q2. Goldcorp has entered into a separate agreement for the acquisition of Exeter Resource (XRC), whose sole asset is the Caspiche Project, located ~10 km north of Cerro Casale. Following closing of this acquisition, Goldcorp will contribute the Caspiche Project into the Cerro Casale JV. Fifty percent of the acquisition costs incurred by Goldcorp will be deducted from the US$260M expenditure commitment. Cerro Casale is one of the world's largest undeveloped gold and This publication is a general market commentary and does not constitute a research report. Any reference to a research report or a recommendation is not intended to represent the whole report and is not itself a research report or recommendation. This commentary is for informational purposes only and does not contain investment advice.
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