MDRPF - Midas Gold: A Look At The Valuation After The Advance

• Midas Gold has massively outperformed the Gold Juniors Index in 2020, with a 95% return year to date.
• The company continues to work on permitting its massive Stibnite Gold Project in Idaho, where the company holds a 6.57 million-ounce open-pit resource.
• However, while Midas' Stibnite Project has exceptional economics, the upfront capex is quite high relative to other undeveloped projects and large-scale gold projects.
• Given the massive upfront capex to move into production and the fact that Stibnite is a previously impacted site, I see the stock as higher risk than its peers.

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