$PGLC / $T.PGLC Heiko Ihle, a mining analyst at Rodman & Renshaw in his June 6th report noted, "The economics of the Relief Canyon Mine have improved. Compared to the 2016 Preliminary Economic Assessment (PEA) for Relief Canyon, the current PFS calls for an increase of average LOM production to 93,900 ounces of gold per year from 88,500 ounces of gold

per year. This is achieved through an increase in average recoveries to 83% from 80%. The firm has also increased initial and sustaining capex by $11.4 million and $6.2 million, respectively. We note that estimated cash costs and all-in sustaining costs both remained approximately the

same from the PEA. Taking everything into account, both the after-tax NPV and after-tax net cash flow have improved by approximately $5 million and $10 million, respectively. We attribute the improvement in average recoveries and production to the additional metallurgical testing

incorporated into the PFS. We note that the PFS recommends that the company crush and agglomerate the entire ore body."

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