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Sumatra Copper and Gold plc

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Sumatra continues to make excellent progress on its epithermal gold-silver Tembang Project in Indonesia, with practical completion and commissioning completed 8 weeks ahead of schedule and on budget, and with processing at above nameplate capacity.

In addition ongoing resource and near mine drilling has confirmed the upside potential of the project, with this reinforced by positive results from the reevaluation of historic exploration data, which confirms the longer term potential. Delays in explosives permitting however have necessitated the raising of an additional US$5 million in working capital.

We see upside potential in our base case valuation of $0.10/share (calculated on a NAV of $0.067/share, with a premium of 50%), and thus continue to rate Sumatra as a SPECULATIVE BUY. Short to medium term price movers will include demonstrating stable production, ongoing improvements in gold price and general market sentiment.

Sumatra is an ASX-listed, UK registered company concentrating efforts on epithermal gold and silver mineralisation in the highly prospective Sumatra Island Arc of Indonesia. The key project is the epithermal gold-silver Tembang Project in southern Sumatra, with the Company also holding areas of highly prospective exploration ground. Tembang has been mined by previous operators from 1997 to 2000, until production was halted due to low gold prices.

The Company’s strategy has been to initially fund and develop a relatively small scale, short mine life start-up operation, with plans to then increase resources and mine life through funding drilling and other exploration activities from operational cash flow.

Sumatra Gold and Copper (“Sumatra” or “the Company”) has made substantial progress on its key Tembang Project (“Tembang” or “the Project”) since our February 2015 initiation note, with the key milestone of practical completion of the plant being reached in early September (announced September 7, 2015), some eight weeks early, followed by the first gold pour as announced to the market on September 29, 2015...

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Markets: Copper, Gold, Silver