Sun Summit Minerals Corp. (TSXV:SMN) – More Bang for Your Buck

We are initiating coverage on Sun Summit Minerals Corp., with a BUY rating and C$0.20/sh target price. Sun Summit is focused on advancing its 100%-controlled, Buck Au-Ag-Zn project located in British Columbia. Since optioning Buck in 2019, over ~34,500m of drilling has been completed, confirming the high-grade and bulk tonnage potential of the project. In our view, the Buck Main zone could host at least ~470k oz AuEq and presents investors with an opportunity to get in before a maiden mineral resource estimate (MRE) is delineated in Q1/24. In addition to the MRE, continued exploration success, as demonstrated by the company over the past three years, could lead to a warranted re-rating of the stock. We believe an investment in Sun Summit provides exposure to a new, potentially significant Au and Ag discovery, in a tier 1 mining jurisdiction.