Impact: Positive
SolGold has exceeded expectations with its recent resource update for its Alpala deposit in Ecuador. The expansion of the high-grade core has exceeded our previous estimates, resulting in an increase to our NAVPS estimate. This resource update paves the way for company to publish initial economics on this world class project in early 2019E. We continue to view Alpala and the wider Cascabel project as a world-class deposit with scale potential that separates it from the pack.
