New Risk • Jun 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$264k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$264k free cash flow). Share price has been highly volatile over the past 3 months (43% average weekly change). Negative equity (-CA$35k). Revenue is less than US$1m (CA$24k revenue, or US$17k). Market cap is less than US$10m (CA$7.00m market cap, or US$5.01m). Reported Earnings • May 05
Full year 2025 earnings released: CA$0.007 loss per share (vs CA$0.005 loss in FY 2024) Full year 2025 results: CA$0.007 loss per share (further deteriorated from CA$0.005 loss in FY 2024). Revenue: CA$24.6k (down 5.6% from FY 2024). Net loss: CA$381.7k (loss widened 21% from FY 2024). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 30
Third quarter 2025 earnings released: CA$0.003 loss per share (vs CA$0.002 loss in 3Q 2024) Third quarter 2025 results: CA$0.003 loss per share (further deteriorated from CA$0.002 loss in 3Q 2024). Revenue: CA$4.9k (down 28% from 3Q 2024). Net loss: CA$171.1k (loss widened 97% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Sep 25
Stroud Resources Ltd Announces Appointment of Conor O’Brien to the Board of Directors as an Independent Non-Executive Director Stroud Resources Ltd. announce the appointment of Mr. Conor O’Brien to the Board of Directors (the "Board") as an independent non-executive director. Mr. O’Brien is a seasoned financial professional in global capital markets. With over 20 years of experience in equities, derivatives, fixed income and credit default swaps, he has consistently demonstrated an ability to navigate complicated financial instruments and environments. Prior to joining the Eric Sprott Family Office he worked for prominent Canadian brokerages GMP Securities and more recently, Paradigm Capital. Previously, he worked in New York for Cantor Fitzgerald in equity derivatives. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CA$0.001 loss per share (vs CA$0.002 loss in 2Q 2024) Second quarter 2025 results: CA$0.001 loss per share (improved from CA$0.002 loss in 2Q 2024). Revenue: CA$7.1k (up 6.9% from 2Q 2024). Net loss: CA$65.6k (loss narrowed 19% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • May 31
First quarter 2025 earnings released: CA$0.001 loss per share (vs CA$0.002 loss in 1Q 2024) First quarter 2025 results: CA$0.001 loss per share (improved from CA$0.002 loss in 1Q 2024). Revenue: CA$7.4k (up 12% from 1Q 2024). Net loss: CA$56.6k (loss narrowed 30% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Board Change • May 14
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director Jeff Kennedy was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 07
Full year 2024 earnings released: CA$0.005 loss per share (vs CA$0.005 loss in FY 2023) Full year 2024 results: CA$0.005 loss per share (in line with FY 2023). Revenue: CA$26.1k (down 27% from FY 2023). Net loss: CA$315.7k (loss widened 13% from FY 2023). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 03
Third quarter 2024 earnings released: CA$0.002 loss per share (vs CA$0.001 loss in 3Q 2023) Third quarter 2024 results: CA$0.002 loss per share (further deteriorated from CA$0.001 loss in 3Q 2023). Revenue: CA$6.9k (up 24% from 3Q 2023). Net loss: CA$87.0k (loss widened 27% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • Aug 08
Stroud Resources Ltd., Annual General Meeting, Oct 15, 2024 Stroud Resources Ltd., Annual General Meeting, Oct 15, 2024. New Risk • May 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$323k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$323k free cash flow). Share price has been highly volatile over the past 3 months (36% average weekly change). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (CA$36k revenue, or US$26k). Market cap is less than US$10m (CA$5.09m market cap, or US$3.70m). Minor Risk Shareholders have been diluted in the past year (23% increase in shares outstanding). Reported Earnings • Dec 02
Third quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.004 loss in 3Q 2022) Third quarter 2023 results: CA$0.001 loss per share (improved from CA$0.004 loss in 3Q 2022). Revenue: CA$5.6k (down 67% from 3Q 2022). Net loss: CA$68.3k (loss narrowed 65% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 05
Second quarter 2023 earnings released: CA$0.001 loss per share (vs CA$0.011 loss in 2Q 2022) Second quarter 2023 results: CA$0.001 loss per share (improved from CA$0.011 loss in 2Q 2022). Revenue: CA$8.8k (down 52% from 2Q 2022). Net loss: CA$72.5k (loss narrowed 87% from 2Q 2022). Reported Earnings • Jun 02
First quarter 2023 earnings released: CA$0.93 loss per share (vs CA$0.009 loss in 1Q 2022) First quarter 2023 results: CA$0.93 loss per share. Revenue: CA$11.8k (down 21% from 1Q 2022). Net loss: CA$48.2k (loss narrowed 90% from 1Q 2022). Announcement • May 11
Stroud Resources Ltd. announced that it expects to receive CAD 1.5 million in funding Stroud Resources Ltd. announced a non-brokered private placement of convertible debentures to raise up to CAD 1,500,000 on May 10, 2023. The convertible debentures bear interest of 14% and mature 90 days from issue. On maturity, the convertible debentures convert to units at CAD 0.10 per unit. Each unit will comprise one common share and one common share purchase warrant, with each warrant exercisable into one common share at a price of CAD 0.10 for a period of three years from closing. All securities will be subject to a four-month hold period from the closing date. The private placement is subject to the approval of the TSXV. Reported Earnings • May 03
Full year 2022 earnings released: CA$0.028 loss per share (vs CA$0.069 loss in FY 2021) Full year 2022 results: CA$0.028 loss per share (improved from CA$0.069 loss in FY 2021). Revenue: CA$63.7k (up 43% from FY 2021). Net loss: CA$1.43m (loss narrowed 59% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: CA$0.004 loss per share. Revenue: CA$16.7k (up 23% from 3Q 2021). Net loss: CA$193.1k (loss narrowed 81% from 3Q 2021). Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Jeff Kennedy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Jeff Kennedy was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 30
Second quarter 2022 earnings released: CA$0.011 loss per share (vs CA$0.013 loss in 2Q 2021) Second quarter 2022 results: CA$0.011 loss per share (up from CA$0.013 loss in 2Q 2021). Revenue: CA$18.5k (up 112% from 2Q 2021). Net loss: CA$562.6k (loss narrowed 12% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • Aug 20
Stroud Resources Ltd., Annual General Meeting, Oct 28, 2022 Stroud Resources Ltd., Annual General Meeting, Oct 28, 2022. Reported Earnings • Jun 01
First quarter 2022 earnings released: CA$0.009 loss per share (vs CA$0.007 loss in 1Q 2021) First quarter 2022 results: CA$0.009 loss per share (down from CA$0.007 loss in 1Q 2021). Net loss: CA$456.9k (loss widened 37% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Reported Earnings • May 03
Full year 2021 earnings released: CA$0.069 loss per share (vs CA$0.011 loss in FY 2020) Full year 2021 results: CA$0.069 loss per share (down from CA$0.011 loss in FY 2020). Net loss: CA$3.45m (loss widened CA$3.00m from FY 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Interim CEO & Independent Director Laurence Jobin-Bevans was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. Interim CEO & Independent Director Laurence Jobin-Bevans was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 25
Stroud Resources Ltd. Commences Phase 2 Drilling Program, Santo Domingo Project, Mexico Stroud Resources Ltd. (“Stroud” or the “Company”) announced that it has begun its Phase 2 diamond drilling program on its Santo Domingo Silver Property (“Santo Domingo” or the “Property”), located in Hostotipaquillo Region of Jalisco, Mexico. A 3,500 m program is planned for this phase of drilling, targeting the newly discovered Zopilote Vein (previously “New Vein”), the Guadalupe Vein and the La Raya Vein on which there is a current National Instrument 43-101 mineral resource estimate. In its 2021 Phase 1 diamond drilling program, the Company completed 7,702.55 metres in 21 completed diamond drill holes and 383 metres in 5 abandoned holes. Assay results received to date are summarized in Table 2, with the results from 6 drill holes pending. The Phase 1 drilling program was successful in exploring the extent of known vein system-hosted silver mineralization on the Property and identified additional silver mineralized zones and vein systems such as Zopilote, which appear to strike parallel to the existing La Raya and Guadalupe silver vein systems. The Company’s current Drilling Permit covers 13 drill pads (drill setups) located across the Property. A second drilling permit will be submitted seeking additional drill pad locations to facilitate further delineation of the three known mineralized vein systems and other exploration targets. Dr. Scott Jobin-Bevans (P.Geo.), President and a Director of Stroud, is the Qualified Person as defined by National Instrument 43-101 and is responsible for the technical information contained in this news release. Announcement • Feb 18
Stroud Resources Ltd. Continues to Cut Multiple Intersections of High-Grade Silver, Santo Domingo Project, Mexico Stroud Resources Ltd. reported the latest round of core assay results from the drilling program at its Santo Domingo Silver Project ("Santo Domingo" or the "Property" or the "Project"), located in Hostotipaquillo, State of Jalisco, Mexico. The Property, consisting of two concessions that cover approximately 135 ha, is located within the area same area of concessions held by GoGold Resources Inc., who recently announced a planned 2022 drilling program to be located about 500 m south of Stroud's Project. Phase 1 drilling at Santo Domingo returned several drill holes that intersected silver grades exceeding 100 g/t Ag and silver equivalent ("AgEq"), including: SD-21-49: 625 g/t AgEq over 1.55 m (103.45-105.00 m); SD-21-52: 240 g/t AgEq over 10.5 m (10.80-21.30 m); SD-21-57: 276 g/t AgEq over 6.10 m (14.60-20.70 m), including 514 g/t AgEq over 3.05 m (14.60-17.65 m). Stroud's 2021 Phase 1 exploration drilling program totalled 7,703 m in 21 diamond drill holes with results from the initial 9 holes released earlier this year and results from another 7 drill holes summarized in Table 1. Parameters for the 21 diamond drill holes completed in 2021 are available on the Company website. The Phase 1 drilling program was designed to explore the extent of known vein system-hosted silver mineralization on the Property and identify additional silver mineralized zones and vein systems which appear to strike parallel to the well defined La Raya and Guadalupe silver vein systems, including the westernmost Zopilote vein system. Based on positive results and exploration data/information to date, the Company is currently updating its planned Phase 2 drilling program and will refine the program as the balance of assay results are received. Remaining assays from the 2021 drilling program will be reported as they continue to be released from the laboratory. Phase 2 drilling is expected to start soon, with initial assay results expected by the end of First Quarter 2022. Announcement • Feb 11
Stroud Resources Ltd. to Report the Latest Round of Core Assay Results from the Drilling Program at its Santo Domingo Silver Project Stroud Resources Ltd. (‘Stroud’ or the ‘Company’) to report the latest round of core assay results from the drilling program at its Santo Domingo Silver Project (‘Santo Domingo’ or the ‘Property’ or the ‘Project’), located in Hostotipaquillo, State of Jalisco, Mexico. The Property, consisting of two concessions that cover approximately 135 ha, is located within the area same area of concessions held by GoGold Resources Inc., who recently announced a planned 2022 drilling program to be located about 500 m south of Stroud’s Project. Phase 1 drilling at Santo Domingo returned several drill holes that intersected silver grades exceeding 100 g/t Ag and silver equivalent (‘AgEq’), including: SD-21-49: 625 g/t AgEq over 1.55 m (103.45-105.00 m); SD-21-52: 240 g/t AgEq over 10.5 m (10.80-21.30 m); and SD-21-57: 276 g/t AgEq over 6.10 m (14.60-20.70 m), including 514 g/t AgEq over 3.05 m (14.60-17.65 m). Stroud’s 2021 Phase 1 exploration drilling program totalled 7,703 m in 21 diamond drill holes with results from the initial 9 holes released earlier this year. Parameters for the 21 diamond drill holes completed in 2021 are available on the Company website. The Phase 1 drilling program was designed to explore the extent of known vein system-hosted silver mineralization on the Property and identify additional silver mineralized zones and vein systems which appear to strike parallel to the well defined La Raya and Guadalupe silver vein systems, including the westernmost Zopilote vein system. Based on positive results and exploration data/information to date, the Company is currently updating its planned Phase 2 drilling program and will refine the program as the balance of assay results are received. Remaining assays from the 2021 drilling program will be reported as they continue to be released from the laboratory. Phase 2 drilling is expected to start soon, with initial assay results expected by the end of first quarter of 2022. Announcement • Jan 13
Stroud Resources Ltd. Cuts Multiple Intersections of High-Grade Silver Including 9.95 M of 371.6 G/T Ageq and 1.0 M of 1,187 G/T Ageq, Santo Domingo Project, Mexico Stroud Resources Ltd. reported on results from 9 of 21 holes completed at its Santo Domingo Silver Property, located in Hostotipaquillo, State of Jalisco, Mexico. Several drill holes intersected silver grades exceeding 100 g/t Ag including drill hole SD-21-81 which returned 1.0 metres grading 1,187 g/t silver equivalent (“AgEq”) within an intersection of 9.95 metres grading 371.60 g/t AgEq. In its 2021 exploration drilling program, the Company completed 7,703 metres in 21 diamond drill holes with results of core assays. Parameters for the 21 drill holes completed in 2021 are available on the Company website. Highlights: Discovery of a third mineralized trend located about 400 metres west of the Guadalupe Vein System. The “New Vein System” appears to run N-S and is about 500 metres east of the historical Santa Fe adits. Initial results from the New Vein System suggest it is about 10 metres wide with grades exceeding 300 g/t AgEq at the top end of the vein. The New Vein System was intersected by hole SD-21-81 at the top end and continues for over 80 metres to hole SD-21-58, the last hole drilled in 2021. Mineralization in Hole SD-21-58 is visible over 25 metres and the Company is eagerly awaiting the assay results from this hole. Hole SD-21-81: returned 372 g/t AgEq over 9.95 m, including 1,187 g/t AgEq over 1.0 metre. Hole SD-21-71: drilled into the La Raya Vein System, returned strong mineralization over 20.0 m with two intercepts of 618 g/t AgEq over 1.05 metres and 575 g/t AgEq over 1.10 metres. Several intercepts, at the south extension of La Raya Vein System, of high-grade base metals accompanied high-grade silver including hole SD-21-50 which returned 1.40 m grading 336 g/t Ag, 6.57% Zn and 2.01% Pb. Fe-poor sphalerite and galena occur within the quartz veining. The 2021 drilling program was designed to explore the extent of known vein system-hosted silver mineralization on the Property and identify additional silver mineralized zones and vein systems which appear to strike parallel to the existing La Raya and Guadalupe silver vein systems. The Company’s current Drilling Permit covers 13 drill pads (drill setups) located across the Property and from which 50 diamond drill holes were planned. A second drilling permit will be submitted seeking additional drill pad locations to facilitate further delineation of the three mineralized vein systems. In addition to the 21 drill holes completed in the 2021 program, another five holes were abandoned due to poor ground conditions or after encountering historical mine workings. The Company is currently updating its planned drilling program for 2022 and will refine the program as the balance of assay results are received. Remaining assays from the 2021 drilling program will be reported as they continue to be released from the laboratory. Drilling is expected to start before the end of January 2022, with at least 3,500 metres planned to be completed by the end of First Quarter 2022. Reported Earnings • Nov 14
Third quarter 2021 earnings released: CA$0.02 loss per share (vs CA$0.003 loss in 3Q 2020) Third quarter 2021 results: Net loss: CA$988.2k (loss widened CA$877.1k from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 98% per year, which means it is well ahead of earnings. Reported Earnings • Sep 01
Second quarter 2021 earnings released: CA$0.013 loss per share (vs CA$0.003 loss in 2Q 2020) Second quarter 2021 results: Net loss: CA$638.5k (loss widened 460% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 79% per year, which means it is well ahead of earnings. Reported Earnings • Jun 03
First quarter 2021 earnings released: CA$0.007 loss per share (vs CA$0.005 loss in 1Q 2020) First quarter 2021 results: Net loss: CA$334.2k (loss widened 172% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 73% per year, which means it is well ahead of earnings. Reported Earnings • May 05
Full year 2020 earnings released: CA$0.011 loss per share (vs CA$0.007 profit in FY 2019) Full year 2020 results: Net loss: CA$448.3k (down 377% from profit in FY 2019). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 74% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 19
New 90-day high: CA$0.82 The company is up 19% from its price of CA$0.69 on 20 November 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. Announcement • Feb 19
Stroud Resources Ltd. Announces Commencement of Drill Program Stroud Resources Ltd. announced that its drilling permit application has been approved by the Mexican Mining Authority for its Santo Domingo Silver Property, located in Hostotipaquillo Region of Jalisco, Mexico. The Company expects to start drilling the week of March 1, 2021. The Drilling Permit covers 13 drill pad locations encompassing 50 planned drill holes across the Property. The first phase of the drilling program will see 12 drill holes completed on three of the drill sites. These are expected to confirm its geological and mineral resource modelling of the Property. Geological modelling of Santo Domingo had identified additional mineralized zones running parallel to the previously announced Mineral Resource Estimate. The current planned drilling program will also reach deeper into the hillside to sample the vein mineralization beyond where historical Spanish miners were active. It is its expectation that the grades of silver and gold in these zones should be higher as they have never been accessed. A second phase of drilling is also planned which will use the remaining drill sites to expand the mineral resources by drilling an additional 38 holes. The Company expects to prepare a new National Instrument 43-101 ("NI 43-101") Technical Report and a Preliminary Economic Assessment ("PEA") following the drill programs. Should the initial Phase 1drill holes confirm the expected mineralization on the Property, the Company anticipates starting the second drill program in second quarter 2021. The Santo Domingo Property is located in the Hostotipaquillo region of Jalisco, which is steeped in a rich mining history. The Property falls directly along structure at the Santo Domingo Vein system and is representative of a host of old mining operations that are spread throughout the region. Announcement • Jan 13
Stroud Resources Ltd. Announces Changes to the Board of Directors Stroud Resources Ltd. announced the appointment of Mr. Jeff Kennedy to the Board of Directors (the "Board") as an independent non-executive director and Chairman of the Audit Committee. The Company also announced the acceptance of Mr. Grant Walsh's resignation as an independent director. Prior to joining the board, Mr. Jeff Kennedy served as the Managing Director Equity Capital Markets and Operations at Cormark Securities Inc. With over 30 years of experience, Mr. Kennedy also served as the CFO of Cormark Securities Inc. where he was responsible for financial oversight, controls and governance of operations. Is New 90 Day High Low • Jan 12
New 90-day low: CA$0.51 The company is down 24% from its price of CA$0.67 on 13 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 1.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: CA$0.58 The company is down 11% from its price of CA$0.65 on 24 September 2020. The Canadian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: CA$0.003 loss per share Third quarter 2020 results: Net loss: CA$111.1k (loss narrowed 63% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
Stroud Resources Ltd. Outlines Drilling Program for its Santo Domingo Silver Property, Mexico Stroud Resources Ltd. announced that its drilling permit application is in the final approval stage with the Mexican mining authority for its Santo Domingo Silver Property (the “Property”), located in Hostotipaquillo region of Jalisco, Mexico. Stroud submitted its drilling permit application in respect of its Santo Domingo Property in mid July when the Mexican government office in Guadalajara re-opened from a COVID-19 shutdown. Company has been tracking the progress of the application and are pleased to note it has reached the final post-review stage. Company anticipate receiving the drilling permit by the end of this year. The drilling permit covers 13 drill sites encompassing 50 drill holes across the Property, which incorporates both drilling programs that the Company has planned for early 2021. The first drilling program will use at least three of the sites and is designed to confirm the geological and mineral resource modelling of the Property which Stroud has developed. Modelling of the Santo Domingo Property had identified additional mineralized zones running parallel to the previously announced mineral resource estimate. The current planned drilling program will also reach deeper into the ground to sample the silver-rich vein mineralization beyond where Spanish miners were active. It is expectation that the grades of silver and gold in these zones would be higher as they have never been accessed. The second phase of the drilling program will use the remaining 10 drill sites to expand and in-fill drill the resources in order to produce a new National Instrument 43-101 (“NI 43-101”) Technical Report and a Preliminary Economic Assessment (“PEA”). The Company has been readying the camp at Santo Domingo in anticipation of the granting of the drilling permit for the drilling program. Company expects to be mobilized within 10 days of receiving the permits. 
