firesteel resources inc. (tsxv: ftr / fse: 2fn ...€¦ · market data (as of february 8, 2018)...

Siddharth Rajeev, B.Tech, MBA, CFA

Anthony de Ruijter, BA

February 8, 2018

2018 Fundamental Research Corp. “10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com

PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT

Firesteel Resources Inc. (TSXV: FTR / FSE: 2FN) – Advancing the Laiva Gold Mine in Finland Back to

Production - Initiating Coverage

Sector/Industry: Junior Resource www.firesteelresources.com

Market Data (as of February 8, 2018)

Current Price C$0.10

Fair Value C$0.25

Rating* BUY

Risk* 4

52 Week Range C$0.04 – C$0.16

Shares O/S 87,625,773

Market Cap C$8.76 M

Current Yield N/A

P/E (forward) N/A

P/B 2.9x

YoY Return 100.0%

YoY TSX -0.1% *see back of report for rating and risk definitions.

Investment Highlights

Firesteel Resources Inc. (“Firesteel” / “company”) is focused on advancing the Laiva gold mine in Finland back into production within the next six months.

In December 2017, Firesteel acquired a 60% interest in the mine for $20 million through funds received from a forward gold purchase agreement. The remaining 40% was acquired in February 2018 for $5.65 million in shares.

According to the 2016 Fraser Institute Annual Survey of Mining Companies, Finland was ranked the best mining jurisdiction in Europe.

The Laiva mine was in production from January 2012 to March 2014. The total gold production was 71,700 oz from 2.8 million tons of ore processed at an average grade of 0.9 gpt gold, and an average recovery rate of 79% - 85%.

Firesteel’s management believes that the mine can be operated profitably using selective mining, improved recovery and plant utilization, and better mining practices.

A 2017 NI 43-101 compliant resource estimate on the project showed a measured and indicated resource of 151 Koz at an average grade of 1.24 gpt, and an inferred resource of 0.45 Moz at an average grade of 1.53 gpt.

The estimated CAPEX to bring the mine back into production is $5 million.

We are initiating coverage with a BUY rating and a fair value

estimate of $0.25 per share.

Risks

The value of the company is highly dependent on gold prices. Share dilution through future financings. The company is advancing Laiva to production without a feasibility study. Actual operating parameters may be significantly different from our estimates. Exchange rate risks.



Overview

Agreement to

acquire the

Laiva Mine

Finland

Firesteel, formed in 1992, and based out of Vancouver, BC, Canada, is focused on bringing the Laiva gold mine back into production within the next 6 months. Prior to entering into an agreement to acquire the mine in 2017, the company had been focused on resource projects in B.C. The company is headed by Michael Hepworth, who was appointed CEO in 2012. In addition to the Laiva mine, the company holds a 49% interest in the pre-resource stage Star property, located near Dease Lake in B.C. Prosper Gold (TSXV: PGX) owns the remaining 51% interest. In 2017, the company entered into an agreement with Nordic Mines (OB: NOM) to acquire up to a 100% interest in the Laiva Mine. In December 2017, the company acquired a 60% interest through a $20 million investment in the project. The remaining 40% was acquired in February 2018, for a payment of $5.65 million in shares (58.42 million shares at $0.0966 per share) to Nordic. In November 2017, the company entered into a definitive prepaid forward gold purchase agreement with New York based Pondion Mine Finance for US$20.6 million. The first $20 million of these funds were used by Firesteel to acquire a 60% interest in Laiva. The company is fully funded to production. Pondion has the right to purchase up to 67,155 oz of gold at market price, less an undisclosed discount, from months 18 to 60 from the date of advancement of the funds (December 2017). Pondion also has the option to receive up to 24,000 oz of gold in Firesteel’s shares at a rate of 11,125 share per oz. At the current share price of $0.08, this implies a price of $900 per oz. Approximately 270 million shares of Firesteel will be issued, if Pondion decides to exercise its option in full. The project is subject to a 0.15% landowner royalty, with no government royalties. The corporate tax rate in Finland is 20%. With a population of 5.5 million, and a 2016 GDP per capita of $43,403, Finland ranks as the seventh richest state in the European Union, according to the World Bank. According to the

2016 Fraser Institute Annual Survey of Mining Companies, Finland was ranked the

fifth best country (from a total list of 104) in terms of Investment Attractiveness. It ranked as the best mining jurisdiction in Europe for 2016.



Source: Fraser Institute, FRC

In 2016, Finland had merchandise exports of $59.86 billion, with 4.63% of these exports being ores and metals, according to the World Bank. The graph below outlines the historic contribution of mining products to merchandise exports (note that the Y axis is measured in percentage terms):

Finland: Metals and Ores as a % of Merchandise Exports

Source: World Bank

Finland is not a major producer of precious metals relative to other economies, with the World Gold Council reporting that in 2016, Finland was ranked 39th in terms of gold production. Finland, however, does have a history of precious metal production. The charts below outline gold and silver production from Finland’s mines over the past decade.



Source: Geological Survey of Finland

Source: Geological Survey of Finland

The majority of the above gold production comes from Finland’s actively producing mines. The below map outlines the location of producing mines in Finland, and denotes each project by main mineral contained/ produced. Note that brown indicates a predominantly precious metal mine.



Map of Active Mine Projects in Finland

Source: Mining Finland

The producing precious metal properties in Finland are predominantly gold mines. This includes Kittila, the largest producing gold mine in Europe, which is owned by Agnico Eagle Mines Ltd. (TSX: AEM). The table below outlines the producing gold projects in Finland. Note that the Jokisivu and Orivesi gold projects together make up Dragon Mining Ltd.’s (ASX: DRA) Vammala production centre.

Producing Gold Mines in Finland

Property Name Company Resource CategoryGold Grade

(g/T)Au Oz

2016 Au Oz

Production

Cash Cost

(US$/ Oz)

Jokisivu Gold Mine Dragon Mining Measured 4.4 71,000

Indicated 4.0 164,000

Inferred 3.0 72,000

Orivesi Gold Mine Dragon Mining Measured 6.1 7,000


Inferred 7.7 8,000

Kittila Gold Mine Agnico Eagle Measured 2.5 127,000 202,508 699$

Indicated 3.0 1,819,000

Inferred 4.1 1,442,000

Pampalo Gold Mine Endomines AB Measured 10,449 1,195$


Inferred 2.7 39,005

30,487 788$

Source: Company Disclosures, FRC

As shown in the map below, including Laiva, there are eight gold mines located in Finland and Sweden.



Source: Company

In addition to existing producers, Finland also possesses a strong pipeline of development projects, a number of which are precious metal plays. We believe these will be necessary, since the table above demonstrates that Finland’s gold mines, apart from Kittila, are running low on resources. The below map outlines the location of development mine projects in Finland, and denotes each project by main mineral contained/ produced. Note that brown indicates a predominantly precious metal mine.

Map of Development Projects in Finland

Source: Mining Finland



Laiva Mine

The table below outlines development precious metal projects in Finland. Property Name Company Resource Category

Gold Grade

(g/T)Au Oz

Platinum

Grade (g/T)

Platinum

Oz

Palladium

Grade (g/T)

Palladium

Oz

Copper

Grade (% )

Copper

(Mlbs)

Nickel

Grade (% )

Nickel

(Mlbs)

Kaapelinkulma Gold Project Dragon Mining Measured


Inferred 3.0 3,000

Laiva Gold Project Firesteel Resources Measured 1.1 13,000


Inferred 1.5 445,000

Arctic Platinum Project Goldfields Measured 0.2 237,000 0.41 624,000 1.68 2,527,000 0.24% 245 0.10% 106

Indicated 0.1 254,000 0.31 686,000 1.28 2,886,000 0.22% 340 0.09% 139

Inferred 0.1 295,000 0.38 1,107,000 1.5 4,429,000 0.22% 450 0.10% 194 Source: Company Disclosures, FRC

Location

The 1,694 ha / 17 sq. km Laiva project is located in Northern Ostrobothnia, western Finland, and 20 km southeast of Raahe (closest town), and 70 km south of Oulu (closest regional center). Raahe is located 600 km north of Helsinki, the capital of Finland. From Raahe, the project is reached via public paved roads to the village of Kopsa, and then via paved/gravel roads.

Location Map

Source: Company

The project area is comprised of two licenses - Laiva and Oltava.

Laiva consists of the gold mine, and numerous exploration projects at Mussuneva and Kaukainen



Oltava, located 12 km south of Laiva, is an early stage exploration property The mining license was originally granted in 2008, and is currently valid until 2023, which can be extended for another 10 years. The project includes a 6,000 tpd processing plant, and tailings storage facility. The project area is generally flat. The mine has good access to local infrastructure, including grid power, paved all weather roads, and is located within 20 km of a port. The project also has a permit for toll milling, offering the company flexibility to generate additional cash flows from third party mines. According to management, there are two projects in the area that could potentially use the company’s facilities.

Aerial View

Fully built 6,000 tpd Plant

Source: Company



History

Mineralization on Laiva was discovered in the early 1980s. The property was explored during 1981 to 1986 by Outokumpu, and during 1999 - 2005 by Endomines (OM: ENDO). Nordic acquired the property in 2005. A total of 623 diamond holes, and 2,866 RC drill holes, totaling 152,385 m were drilled from 1981 to 2012, including 14,687 m by Nordic. Mineralization potential at Oltava was first recognized in the 1950s through regional exploration and drilling by the Geological Survey of Finland (GTK). The areas were briefly explored in 1984, and between 1994 and 2002. A total of 99 diamond drill holes totaling 7,725 m were drilled from 1950 to 2011, including 12 holes totaling 1,840 m by Nordic. Production at Laiva commenced in January 2012, and mining ceased in December 2013. Processing of low-grade stockpile continued until March 2014. Mining was conducted from two open pits: North Pit and South Pit – both pits are currently flooded. Pumping of these pits started in January 2018.

The North Pit is approximately 500 m by 280 m, and is 60 m deep.

The South Pit is approximately 320 m by 240 m, and is up to10 m deep. The total gold production was 71,700 oz from 2.8 million tons of ore processed (strip ratio of 1: 2.8) at an average grade of 0.9 gpt gold, and an average recovery rate of 79% - 85%. The plant (6,000 tpd crush / grind / CIL facility) availability averaged approximately 80%. The average all-in sustaining cost was high, at approximately $1,760 per oz.

Production Data

Source: Company

Declining grades and production, as shown in the charts above, low recovery rates, and

a high cost of operations, prompted Nordic to suspend operations. Firesteel’s management believes that Nordic was blasting ore and waste at the same time, and was using large scale open pit bulk methods, which led to significant dilution, and significantly lower than expected grade. Firesteel’s due diligence, prior to the acquisition, showed that the mine can be operated profitably using selective mining, improved recovery and plant utilization,



and better mining practices. In total, previous operators have spent approximately $300 million on the project. The infrastructure on the project alone is estimated to be valued at $70 million, according to management. In addition, the project has approximately US$90 million in available tax losses for future deduction. All of these, we believe, makes Firesteel’s acquisition price of $25.5

million very reasonable.

Geology and Mineralization

The project is located in the Finish mining belt, which stretches from Raahe to Lake Ladoga in Russia. The Laiva gold deposit is located in the Raahe-Haapajärvi district.

Major Gold Districts

Source: Company

Laiva is an orogenic gold deposit, and mineralization comprises sheeted quartz-sulphide vein arrays within shear zones, hosted in intermediary to basalt volcanic rock and quartz diorites. As mentioned earlier, mineralization occurs in the North Pit and the South Pit, as shown below.



Mineralized Shear Zones

Source: Company

Resource Estimate

Nordic completed a resource estimate and a preliminary economic assessment in 2016.

2016 Historic Resource Estimate (cut-off grade of 0.3 gpt)

Source: Nordic Mines

The PEA results are shown below (all figures in US$).



Source: Nordic Mines

Firesteel completed a NI 43-101 compliant resource estimate on the project in 2017, which showed a measured and indicated resource of 151 Koz at an average grade of 1.24 gpt, and an inferred resource of 0.45 Moz at an average grade of 1.53 gpt. The 2017 resource was lower primarily because of a higher cut-off grade.

2017 Resource Estimate (cut-off grade of 0.4 gpt)

Source: Company

The resource was based on an average recovery rate of 90.3% and a gold price of US$1,250 per oz. The estimate used results of 398 diamond holes (totaling 62,908 m), and 3,129 reverse circulation holes (totaling 82,596 m) – all drilled since 2005. Mineralization has been defined over an area of 1,300 m by 600 m, and to a depth of 250 m. The resource at both pits remains open at depth. In addition, exploration upside is expected to come from the Mussuneva-Kaukainen prospects (1.3 km by 0.3 km), located 3 km south of the Laiva mine, and Oltava (1 km by 0.8 km).



Exploration Potential

Source: Company

Advancing to Production

Instead of completing a feasibility study, management is using available historical data to fast-track the mine back into production within the next six months. A 20,000 m in-fill drilling program is expected to commence this month.



Development Plan

Source: Company

Management is focused on improving in-pit grade controls, blasting controls, and process and milling practices. The following image shows management’s operational plan.

Recovery Optimization

Source: Company

The estimated CAPEX for plant improvements, and new equipment, is $5 million.



Star Property

Management

In 2013, the company entered into an option agreement with Prosper Gold for Prosper to earn up to 80% interest in the Star property by spending $5 million on exploration, and payment of $1 million in cash and 1 million shares. Prosper has so far acquired a 51% interest and is the project’s operator.

Terms

(i) – compliant

Source: Company

The 6,700 ha property is an alkalic porphyry copper-gold prospect, located approximately 105 km west-southwest of Dease Lake, BC. The area has well known deposits including, Imperial Metals’ (TSX: III) Red Chris deposit, and Novagold’s (TSX: NG) Galore Creek deposit. The project has been subject to considerable historical exploration since the 1950s. The project does not have a NI 43-101 compliant resource, but copper-gold mineralization is visible on surface on the key focus area (Dick Creek zone), intermittently over an area of approximately 450 m x 450 m. Prosper has not announced any immediate plans for the project. Management and board members hold 2.62 million shares, or 3% of the total outstanding shares.

Source: Management Information Circular and Company

Brief biographies of the management team and board members, as provided by the company, follow:

Michael Hepworth – President, CEO and Director

Mr. Hepworth is an accomplished entrepreneur and business leader with more than 35 years



diverse international business experience. Mr. Hepworth has started and built 5 successful businesses from the ground up. He also consulted and advised businesses, in many sectors including professional and financial services, high tech, engineering and manufacturing. Mr. Hepworth has over 8 years of corporate development experience in the resources industry. He is experienced negotiator of technology agreements, corporate acquisitions and divestitures. At the moment Mr. Hepworth is President of Firesteel Resources Inc. and director of Condor Precious Metals, Canadian Iron Metallics and Alpha Resource Management. Basil Botha - Chairman and Director Mr. Botha brings more than 30 years international mining and marketing experience to Firesteel Resources Inc. Mr. Botha has extensive knowledge of the metals markets in Asia, North America, and Africa and brings significant company building experience. Mr. Botha is currently Chairman and CEO of Latin American Minerals and Chairman of Lithium Energy Products. He is past Chairman of Lithium America’s (“LAC”) and Past President and Chief Executive Officer of G4G Resources Ltd. All of which are listed on the TSX or TSXV. Mr. Botha holds an MBA from the University of the Witwatersrand, South Africa. Peter Finnäs - Exploration Manager

Peter Finnäs has many years’ of experience in mining and holds a degree of BSc in geology and mineralogy. He has previously worked as exploration geologist for Endomines Oy and Kalvinit Oy as well as both mining and exploration geologist for Terra Mining AB. Peter Finnäs lives in Finland. Grant T. Smith - Chief Financial Officer

Extensive experience working with exploration & mining companies throughout North and South America; Extensive audit experience with public mining companies reporting to the Toronto Stock Exchange; Over 20 years with diverse operations and organizations, including Johnsen Archer and PriceWaterhouse Coopers; Worked in the public sector as Chief Financial Officer of Premium Exploration Inc., El Tigre Silver Corp. and previously as the Chief Financial Officer for Aurcana Mining Corporation, a silver producer in Mexico.

Paul Sarjeant, P.Geo - Director

Mr. Sarjeant is a professional geologist with mineral exploration and development experience in North and South America and throughout Africa, Asia and Europe. Mr. Sarjeant’s career in mineral exploration spans 25 years. He has extensive experience having served as President & CEO roles for several small cap exploration and development companies and is currently a director and consultant to a number of private and public mining companies. He is also the President, CEO and founder of Doublewood Consulting Inc. that provides technical and management services to the mineral exploration industry. Mr. Sarjeant holds a BSc (honors) in geological sciences from Queen's University in Kingston, Ontario and is a member of the Association of Professional Geoscientists of Ontario. Mr. Sarjeant is the Qualified Person for Lithium Energy Products Inc. under NI 43-101. David Forest - Director

Mr. Forest is founder and COO - Sunward Resources, COO - Condoto Platinum and VP Exploration – Asia Pacific Mining. Formerly – Investment analyst with Casey Research.



Board of

Directors

Ernest M. Cleave - Director

Mr. Cleave is financial executive with extensive capital markets experience; Goldcorp, Falconbridge, Grandview Gold, Cline Mining. Currently Mr. Cleave is CFO of Largo Resources Peter Pollard, PhD, BSc Hons Geology - Director

Dr Pollard is a geologist with global experience in mineral exploration and development. He holds a PhD from James Cook University and is a Chartered Professional Member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Society of Economic Geologists. Dr Pollard is a non-executive director of Asiamet Resources Limited.

Our net rating on the company’s management team is 3.8 out of 5.0 (see below).

Source: FRC

The company’s board has six members, of which, four are independent. We believe that the Board of Directors of a company should include independent or unrelated directors who are free of any relationships or business that could materially interfere with the director’s ability to act in the best interest of the company. An unrelated/independent director can be a shareholder. The following table shows our analysis on the strength of the company’s board.



Financials

Strength of Board

Source: FRC

At the end of Q3-FY2017 (ended October 31, 2017), the company had cash and working capital of $0.17 million and -$0.58 million, respectively. The negative working capital

position was primarily due to a $0.47 million loan, which was subsequently paid off in

full in December 2017.

We estimate the company had a burn rate (cash spent on operating and exploration / development) of $0.11 million per month in the first nine months of FY2017. The following table summarizes the company’s liquidity position:

Liquidity Position

Source: Company

At the end of Q3-FY2017, the company also had $0.42 million in convertible debentures outstanding (9% p.a. maturing in June 2020; conversion price of $0.10 per share)

We estimate the company currently has 6.45 million options outstanding (weighted average exercise price of $0.08 per share) and 14.14 million warrants (weighted average exercise price of $0.15 per share) outstanding. Approximately 4.80 million options and nil warrants are currently in the money.



Valuation &

Rating

Our Discounted Cash Flow (DCF) valuation @10%, on the company, is $0.23 per share. Our model was based on a mine life of 6 years. The model accounts for all of the future payments to Pondion (gold and shares).

Source: FRC



Risks

The sensitivity of our valuation to key inputs are shown below:

Source: FRC

We are initiating coverage with a BUY rating and a fair value estimate of $0.25 per

share.

We believe the company is exposed to the following key risks (not exhaustive):

The value of the company is highly dependent on gold prices. Share dilution through future financings. The company is advancing Laiva to production without a feasibility study. Actual operating parameters may be significantly different from our estimates. Exchange rate risks.

We rate Firesteel’s shares a risk of 4 (Speculative).



Fundamental Research Corp. Equity Rating Scale:

Buy – Annual expected rate of return exceeds 12% or the expected return is commensurate with risk Hold – Annual expected rate of return is between 5% and 12% Sell – Annual expected rate of return is below 5% or the expected return is not commensurate with risk Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events. Fundamental Research Corp. Risk Rating Scale:

1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt. 2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt. 3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient. 4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative. 5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues, and may rely on external funding. These stocks are considered highly speculative.

Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. FRC does not own shares of the subject company. Fees were paid by Firesteel to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, Firesteel has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (73%), HOLD (7%), SELL / SUSPEND (20%). To subscribe for real-time access to research, visit http://www.researchfrc.com/subscribe.php for subscription options. This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

firesteel resources inc. (tsxv: ftr / fse: 2fn ...€¦ · market data (as of february 8, 2018)...

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