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Friday, July 16, 2021 11:51:01 AM

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EQUITY RESEARCH
The Swiss Research Group

this is from Equity Research July 4th, 2021 page 17

Sonoro Gold: As Building its Mine Gets
Closer, Its Shares Move Higher


Ivanhoe’s share price sprint, from less than
US $2 in 2020 to almost US $10 a year later,
is a classic example of what going into
production can do for a company’s share
price. We detailed a few months ago how
the shares of K92 Mining performed similarly
as it began producting gold.

Sonoro Gold Corp (TSX.V: SGO) is in the same sweet
spot as Ivanhoe was before it began its
share price run. In the next few weeks, It is
expected to disclose the economics of its
planned mining operation and though its
planned mine is considerably smaller, the
levitating effect of becoming a cash flowing
metals producer on its share price
should be no different, especially given
that the project’s internal rate of return is
apt to be a multiple of the Kamoa Kakula’s and
the payback on the Cerro Caliche’s capital
costs is likely to be measured in months rather
than years. Another more local example of what we
may expect in terms of share price performance
is Minera Alamos (TSX.V MAI). It has three
projects: its flagship, Santana, which has just
gone into production and two exploration
projects: the Cerro d’Oro, which has to date
outlined a 630,000 oz/Au resource averaging
0.41 g/t Au, and the La Fortuna, which has
a 300,000 ounce resource averaging around
3.5 g/t Au. Minera Alamos has 462 million shares
outstanding fully diluted, so nearly three
times Sonoro’s fully diluted number of shares.
Mineras Alamos fully diluted market capitalization
at $0.70 is CAD $323 million, compared to
Sonoro’s current fully diluted CAD $50 million.
Volume:
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